NASDAQ: STRT

Our vehicle access product portfolio was derived from an acquisition in fiscal 2009 and includes power sliding doors, power tailgates and lift gate systems, as well as power deck lid systems. The products included in these highly-engineered systems include drivetrain mechanisms, complex latching mechanisms and electronic control units. These system offerings work together to provide our customers optimal performance through a deep understanding of mechanical, electrical and software architectures.

We have leveraged our know-how between our lock and key products and our vehicle access solutions to also develop user-interface control products, which include steering wheel switches, controllers, e-shifters and paddle switches.

We also provide door handles through our joint venture. These products leverage our deep manufacturing knowledge and understanding of automotive requirements to deliver high quality components, bringing together world-class injection mold and assembly capability with high quality paint processes.

All of our products are safety critical, powertrain agnostic and are applicable for internal combustion, plug-in/hybrid or electric vehicles. Applications we serve require robust engineering partnership during the vehicle design cycle, which is typically three to five years ahead of start of production. Our engineering team works closely with our customers during the design phase to ensure our products meet specific vehicle platform requirements. Once our products are designed into an application, we are well positioned as the incumbent supplier for the life of the vehicle due to the high degree of customization and vehicle platform certification. We believe this is one of the reasons our products are rarely changed during a platform lifecycle which, in the case of the North American automotive industry, typically lasts five to seven years.

Across our product lines, we have built strong platform and system competencies, including software development. This approach enables us to leverage our software and component technical capabilities to move with speed and agility and provide better package flexibility for easier integration into a variety of platforms for our customers. For example, we have elevated our key fob business with our digital key product which leverages our system and software capability to meet increasing security, software and packaging architecture needs. Our power access solutions products are designed from a core platform approach that allows us to leverage carry-over components within a system to move faster through the design phase and provide optimal package flexibility while meeting increasing vehicle safety and security needs.

We believe we are at the forefront of emerging technology, collaborating with OEM product development and purchasing groups to provide cost-effective innovative solutions to the challenges facing our customers.

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Customers

We are a direct supplier to automotive and light truck OEMs, as well as other transportation industry OEMs. Our product mix varies by customer, with most customers sourcing multiple product categories from us.

Direct sales to various OEMs (including Tier 1 suppliers) represented approximately 90% of our total sales for both fiscal 2025 and 2024. The remainder of our sales are to the OEM service channels, the aftermarket and sales of certain products to non-automotive customers.

A significant portion of our annual sales are to General Motors Company, Ford Motor Company, and Stellantis. The products sold to these customers are model specific, fitting only certain defined applications. As such, we are highly dependent on these customers' ability to produce and sell vehicles which utilize our products.

Sales to our customers are coordinated through direct sales personnel and supported by our program managers, application engineers and other product engineering personnel. In addition, we distribute our components and security products to the automotive aftermarket through authorized wholesale distributors, as well as other marketers and users of component parts. Our sales are generally based upon purchase orders issued by the OEMs and updated for volume adjustments through production releases. As such, we do not have a firm and definitive backlog of orders. Once awarded to supply products for a particular platform, we typically support those products for the life of the vehicle, which is normally five to seven years, though this term is not guaranteed. When we are the incumbent supplier for a given platform, we believe we have a competitive advantage in winning the replacement platform, although, future awards are not guaranteed.

Product Engineering Focus

Our product engineering activities, including research and development, are an essential part of our efforts to develop new or improved innovative products. Our product engineering, including the development of customized customer solutions, is accomplished in both the United States and Mexico. The development of new products, or enhancements to existing products, are the result of collaboration with customers. Our engineers and program managers follow a formalized product development process to streamline development and identify market requirements. Our advanced design and engineering capabilities contribute to the development of innovative and highly engineered products, maintain our technological leadership and enhance our ability to provide customers with unique customized solutions and products. We specialize in system, mechanical, electrical and software engineering and have advanced modeling and testing capabilities that allow us to meet the design and timing requirements from our customers.

Patents, Tradename and Other Intellectual Property

The development of new or improved technologies is critical to the execution of our business strategy. Currently-owned patents and patents obtained for new or improved technologies form an important basis for the Company's success and underpin the success of our research and development efforts. We have a policy of seeking patents on new products and improvements when appropriate.

We also rely upon trade secret protection for our confidential and proprietary information. We maintain confidentiality agreements with our customers and key executives. In addition, we enter into confidentiality agreements with select suppliers, consultants and employees as appropriate to evaluate new products or business relationships relevant to our success.

Intellectual property is of considerable importance to the manufacturing, marketing and sale of our products. However, we do not consider any single patent, trademark or other intellectual property to be material to our business as a whole, except for the Strattec tradename.

Operations

Substantially all of our products are manufactured at the facilities we own in the United States and Mexico. Many of the components used in our products are manufactured in our facility in Milwaukee, Wisconsin, which specializes in die casting, stamping and plating operations. We also operate in three production facilities in Juarez, Mexico. These facilities assemble finished products and have plastic injection molding capabilities, as well as printed circuit board manufacturing capability. Finally, our operations in our Leon, Mexico facility include plastic injection molding operations, a custom paint system and assembly operations.

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Seasonal Nature of the Business

Our principal operations are directly related to the automotive industry. Consequently, we have historically experienced seasonal fluctuations to the extent that automotive vehicle production slows, such as in the summer months when many customer plants close for model year changeovers and in December when many customer plants close for the holidays. Fluctuation has also occurred, in recent years when global light vehicle production, inventory and consumer demand all experienced extreme dislocations from historic norms due to the global COVID-19 pandemic. Post-pandemic, global light vehicle production has continued to be negatively impacted by widespread supply chain disruptions, limiting new vehicle manufacturing. Seasonality of production has normalized since 2023, however total production volume has remained below pre-pandemic levels.

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Served Customer Vehicles

Our product solutions can be found on over 90 different customer vehicles, including electric (EV), plug-in/hybrid, and internal combustion engine platforms. Key vehicle platforms include, but are not limited to, the following:

Acura MDX

Chevrolet Express Van

Hyundai Staria

Acura RDX

Chevrolet S-10

Jeep Commander

Acura ZDX

Chevrolet Silverado & Silverado HD

Jeep Compass

Aston Martin AMR24

Chevrolet Spin

Jeep Gladiator

Aston Martin DB 12

Chevrolet Suburban

Jeep Grand Cherokee

Aston Martin DBS

Chevrolet Tahoe

Jeep Meridian

Aston Martin DBX

Chevrolet Trail Blazer

Jeep Recon

Aston Martin Valhalla

Chevrolet Traverse

Jeep Wagoneer

Aston Martin Valkyrie

Chevrolet Trax

Jeep Wrangler/Wrangler Unlimited

Aston Martin Valour

Chrysler Pacifica

Kia Carnival

Aston Martin Vantage

Dodge Charger

Lincoln Aviator

Audi Q5

Dodge Durango

Lincoln Corsair

BMW X7

Dodge Hornet

Lincoln Navigator

Brightdrop EV400

Ford Bronco Sport

Ram 1500 Classic Pickup

Brightdrop EV600

Ford Escape

Ram 1500 Pickup

Buick Enclave

Ford Expedition

Ram HD Pickup

Buick Envista

Ford Explorer

Ram REV Pickup

Cadillac ATS

Ford F-150 Lightning

Volkswagen Jetta

Cadillac Celestiq

Ford Focus

Volkswagen Tiguan

Cadillac CT4

Ford F-Series Pickup

Volvo EX90

Cadillac CT5

Ford F-Series Super Duty Pickup

Volvo Heavy Truck

Cadillac Escalade

Ford Maverick Pickup

Volvo Polestar 3

Cadillac Escalade IQ

Ford Mustang

Cadillac Lyriq

Ford Mustang Mach-E

Cadillac Optiq

Ford Ranger Pickup

Cadillac Vistiq

GMC Acadia

Cadillac XT4

GMC Canyon

Cadillac XT5

GMC Hummer

Cadillac XT6

GMC Savana

Chevrolet Blazer

GMC Sierra & Sierra HD

Chevrolet Bolt

GMC Sierra Pickup

Chevrolet Cobalt

GMC Terrain

Chevrolet Colorado

GMC Yukon and Yukon XL

Chevrolet Corvette

Honda Odyssey

Chevrolet Corvette E-Ray

Honda Passport

Chevrolet Equinox

Honda Prologue

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Raw Material Costs and Availability

We source materials and components from a network of global suppliers. Our primary raw materials are high-grade zinc, brass, nickel silver, steel, aluminum, plastic resins, semiconductor chips and other electronics. These materials are generally available from a number of suppliers and are subject to price fluctuations. We believe our sources for raw materials are reliable and adequate for our needs. In the normal course of business, we do not carry substantial inventories of these raw materials in excess of levels reasonably required to meet our near-term production requirements.

Competition

We compete with domestic and foreign competitors based on product design, engineering support, quality, delivery and price. While the number of direct competitors in our product markets is currently relatively small, automotive OEMs actively encourage competition between potential suppliers. We compete for business principally based on of quality, technical support, program management, innovation and aftermarket support.

Our competitors include Aisin, Alpha-Tech, Brose, Continental, Edscha, Gecom, Honda Lock, Huf North America, Inteva, JNS Auto Parts, Kiekert, Magna, Marquardt, MinbeaMitsumi, Mitsuba, Novares, Ohi, PHA Automotive, Shin Chang, Stabilus, Tokai-Rika, Ushin, and Valeo.

Human Capital Management

Our employees, coupled with our ability to attract, retain and develop talent, are critical to our business strategy and success. Our human capital strategy is focused on developing a creative and open working environment and developing the right skill sets to advance our culture and unlock innovation and growth. We also strive to develop talent for critical roles and leadership positions, reward and support associates through competitive compensation and benefits, and promote the health and safety of our employees. At June 29, 2025, we had 2,848 associates including 417 in the United States, 2,425 in Mexico and 6 in other countries. We have two facilities with union representation, which covers 9.4% of our employees, including our Milwaukee, Wisconsin location (contract expires November 1, 2025) and Leon, Mexico location (contract expires April 8, 2026). In recent years, we have not experienced any significant work slowdowns, stoppages or other labor disruptions.

Executive Officers of Registrant

Our executive officers as of June 29, 2025, together with their ages, positions, and business experience are below:

Name

Age

Current Position

Jennifer Slater

51

President and Chief Executive Officer

Matthew Pauli

47

Senior Vice President, Chief Financial Officer

Rolando Guillot

57

Senior Vice President, Chief Operating Officer

Richard Messina

58

Senior Vice President, Chief Technology Officer

Chey Varto

55

Senior Vice President, Chief Commercial Officer

Jennifer Slater has served as our President and Chief Executive Officer, and as a Director, since July 2024. Prior to joining Strattec, Ms. Slater was Executive Vice President and General Manager, Performance Sensing, of Sensata Technologies, Inc. (NYSE: ST), a global industrial technology company, from April 2024 through June 2024. She also held the position of Senior Vice President, Automotive & Aftermarket, at Sensata from April 2023 to April 2024; and Vice President and General Manager of Sensata's Heavy Duty and Off-Road business from September 2022 through March 2023. Prior to her time with Sensata, Ms Slater held the position of Group Vice President and General Manager, Global OE and Products, at Clarios, LLC from 2019 to September 2022. Ms. Slater serves as a director of Valvoline Inc. (NYSE: VVV), a retail automotive services company; she was first elected in July 2022.

Matthew Pauli has served as our Senior Vice President, Chief Financial Officer since November 2024. With over 25 years of financial expertise, he previously served as Chief Financial Officer of CentroMotion, a global manufacturer of highly engineered products serving

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the transportation and other industrial markets. Earlier in his career, Mr. Pauli held senior finance roles at Enerpac (NYSE: EPAC), including Corporate Controller/Chief Accounting Officer, and VP of Finance after starting his career at Ernst & Young.

Rolando Guillot has served as our Chief Operating Officer since March 2023. Prior to that he was Senior Vice President - Operations since 2016. Mr. Guillot joined Strattec in September 1996 and will be retiring in September 2025.

Richard Messina has served as our Senior Vice President - Global Engineering since January 2020 and Chief Technology Officer since May 2023. Prior to that, Mr. Messina served as our Vice President - Global Sales and Access Control Products from 2013 until 2023. Mr. Messina began his career with Strattec in August 2008 and has held various management positions overseeing engineering and product development. Prior to joining Strattec, Mr. Messina was a Chief Engineer for Delphi Corporation.

Chey Varto has served as our Senior Vice President, Chief Commercial Officer since November 2024. She previously served as Chief Commercial Officer at Vayan Group, a leading provider of quality assurance solutions for automotive OEMs. Prior to that, she held leadership roles at Clarios, JD Norman Industries, and GST AutoLeather. She began her career at Lear Corporation where she advanced through roles of increasing responsibility.

Available Information

We maintain our corporate website at www.strattec.com and make available, free of charge, our Code of Business Ethics, and reports that we file with the Securities and Exchange Commission. We are not including all the information contained on or made available through our website as a part of, or incorporating such information by reference into, this Annual Report on Form 10-K.

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