Key Highlights

  • CVGI reported third-quarter 2026 Revenue of $208.1 million, up 36.5% from $152.5 million a year earlier.
  • Net income was $5.6 million, compared with a net loss of $7.1 million in the third quarter of 2025.
  • Gross profit rose to $28.1 million, lifting gross Margin to 13.5% from 10.5%.
  • Nine-month Operating Cash Flow was $1.7 million, down from $32.4 million a year earlier.
  • Cash stood at $39.8 million, with $83.3 million of borrowing availability at Sep 30, 2026.

Revenue Jumps 36.5% as New Business Wins Ramp Across All Three Segments

Commercial Vehicle Group (NASDAQ:CVGI) reported results for the third quarter ended Sep 30, 2026, in a quarterly filing dated Nov 2, 2026. Revenue was $208.1 million, up from $152.5 million a year earlier. OEM and other sales climbed $53.2 million, or 42.9%, while aftermarket and OES sales rose $2.4 million, or 8.3%.

The company supplies seating, electrical systems, and trim and components to commercial vehicle and electric vehicle makers. It attributed the growth to customer Demand and the ramp of awarded business.

Gross profit rose to $28.1 million from $16.0 million, and gross margin improved to 13.5% from 10.5%. Raw material and purchased component costs increased 45.2%, or $34.3 million.

Property Sale Gain and Warrant Revaluation Add $7.2 Million to the Swing to Profit

Net income was $5.6 million, or $0.14 per diluted share, versus a net loss of $7.1 million a year ago. Two non-operating items helped: a $3.1 million gain on a sale and leaseback transaction and a $4.1 million gain from the change in Fair Value of warrant liabilities. Excluding both, the quarter would have been roughly a $1.6 million loss before tax effects (calculated).

SG&A expense rose to $23.5 million from $17.1 million, or 11.3% of revenue, on higher share-based pay and incentive compensation. Interest expense fell to $3.4 million from $4.1 million on a smaller term Loan balance.

Trim Systems and Components revenue rose 71.9% to $58.9 million and posted Operating Income of $5.8 million including the property gain, against a loss of $0.9 million. Global Seating revenue grew 23.3% to $84.7 million, and Global Electrical Systems grew 30.2% to $64.4 million.

Nine-Month Cash Flow Falls to $1.7 Million as Working Capital Builds

For the nine months, revenue was $574.8 million, up 16.3%, and gross margin was 12.6% versus 10.8%. The net loss narrowed to $3.8 million from $16.2 million, helped by $17.0 million of gains on sale and leaseback transactions.

Operating cash flow dropped to $1.7 million from $32.4 million, which the company attributed mainly to a build in trade working capital. Customer receivables reached $125.5 million at Sep 30, 2026, up from $86.3 million at year-end.

The company sold its Vonore, Tennessee property for $16 million in March 2026 and leased it back for 20 years, using about $14.6 million of net proceeds to prepay debt.

Term Loan Down to $64.0 Million as Leverage, Tariffs and Covenants Stay in Focus

Term loan borrowings fell to $64.0 million from $94.5 million at year-end, while the asset-based revolver rose to $34.2 million from $16.8 million. Cash was $39.8 million, with $83.3 million of availability. No shares were sold under its $25 million at-the-market program during the quarter, and shares outstanding were about 40.6 million at Nov 2, 2026.

Management expects tariffs, Inflation and fuel prices to keep pressuring costs, with pass-through to customers uncertain, and expects to meet its Debt covenants over the next twelve months. The filing contains no numeric outlook, so the next items to watch are working capital, further debt reduction and the cost pass-through.