NASDAQ: THRM
Gentherm IncCIK 0000903129 · SIC 3714 · Motor Vehicle Parts & Accessories
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Gentherm to acquire Modine's Performance Technologies Business for ~20.8M shares in reverse Morris Trust, diluting existing shareholders by 40%
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Gentherm raises FY2026 guidance, authorizes up to $400M buyback replacing up to $150M program
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revenue $416.2M, net income $4.4M. Gentherm revenue +11% but operating income -55% on Modine M&A costs; warranty accrual triples
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Gentherm enters $550M 5-year revolving credit facility with leverage-based pricing
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Gentherm shareholders approve 1.7M share increase to equity incentive plan
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Latest financial statements
From 10-Q filed Jul 23, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Condensed Statements of Income (Unaudited)
(In thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Product revenues | 416,166 | 375,090 | 809,872 | 728,944 |
| Cost of sales | 319,739 | 285,328 | 616,218 | 552,717 |
| Gross margin | 96,427 | 89,762 | 193,654 | 176,227 |
| Operating expenses: | ||||
| Net research and development expenses | 24,069 | 22,558 | 48,015 | 46,774 |
| Selling, general and administrative expenses | 55,705 | 41,087 | 111,010 | 79,565 |
| Restructuring expenses, net | 5,964 | 2,108 | 12,655 | 6,622 |
| Loss on sale of land and building, net | — | — | — | 2,196 |
| Total operating expenses | 85,738 | 65,753 | 171,680 | 135,157 |
| Operating income | 10,689 | 24,009 | 21,974 | 41,070 |
| Interest expense, net | (3,290) | (4,043) | (5,923) | (7,598) |
| Foreign currency loss | (237) | (17,432) | (1,297) | (27,730) |
| Other income (loss) | 162 | — | 184 | (1,124) |
| Earnings before income tax | 7,324 | 2,534 | 14,938 | 4,618 |
| Income tax expense | 2,904 | 2,057 | 6,300 | 4,269 |
| Net income | 4,420 | 477 | 8,638 | 349 |
| Basic earnings per share | 0.14 | 0.02 | 0.28 | 0.01 |
| Diluted earnings per share | 0.14 | 0.02 | 0.28 | 0.01 |
| Weighted average number of shares basic | 30,650 | 30,600 | 30,584 | 30,687 |
| Weighted average number of shares diluted | 31,054 | 30,652 | 30,947 | 30,781 |
Consolidated Condensed Balance Sheets (Unaudited)
(In thousands, except share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | 213,173 | 160,833 |
| Accounts receivable, net | 338,851 | 281,083 |
| Inventory: | ||
| Raw materials | 116,549 | 128,314 |
| Work in process | 37,913 | 35,429 |
| Finished goods | 90,076 | 88,959 |
| Inventory, net | 244,538 | 252,702 |
| Other current assets | 83,451 | 82,332 |
| Total current assets | 880,013 | 776,950 |
| Property and equipment, net | 268,780 | 270,614 |
| Goodwill | 107,111 | 108,918 |
| Other intangible assets, net | 49,703 | 52,796 |
| Operating lease right-of-use assets | 50,794 | 56,524 |
| Deferred income tax assets | 92,957 | 93,552 |
| Other non-current assets | 43,846 | 37,075 |
| Total assets | 1,493,204 | 1,396,429 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | 270,382 | 260,487 |
| Current lease liabilities | 8,199 | 9,646 |
| Current maturities of long-term debt | 868 | 73 |
| Other current liabilities | 146,832 | 134,104 |
| Total current liabilities | 426,281 | 404,310 |
| Long-term debt, less current maturities | 272,390 | 189,000 |
| Non-current lease liabilities | 43,623 | 48,105 |
| Pension benefit obligation | 3,313 | 3,748 |
| Other non-current liabilities | 24,479 | 30,943 |
| Total liabilities | 770,086 | 676,106 |
| Shareholders’ Equity: | ||
| Common Stock: | ||
| No par value; 55,000,000 shares authorized 30,705,208 and 30,526,231 issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 10,709 | 5,611 |
| Paid-in capital | 1,590 | 1,590 |
| Accumulated other comprehensive loss | (11,905) | (964) |
| Accumulated earnings | 722,724 | 714,086 |
| Total shareholders’ equity | 723,118 | 720,323 |
| Total liabilities and shareholders’ equity | 1,493,204 | 1,396,429 |
Consolidated Condensed Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net income | 8,638 | 349 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 28,744 | 26,089 |
| Deferred income taxes | (8,676) | (12,202) |
| Stock based compensation | 7,446 | 6,604 |
| Loss on disposition of property and equipment | 246 | 2,444 |
| Provisions for inventory | 2,425 | 3,213 |
| Other non-cash items, including unrealized foreign currency (gain) loss | 1,456 | 31,364 |
| Changes in assets and liabilities: | ||
| Accounts receivable, net | (58,121) | (23,690) |
| Inventory | (4,379) | (13,430) |
| Other assets | (3,816) | (23,102) |
| Accounts payable | 16,224 | 20,522 |
| Other liabilities | 12,085 | 13,540 |
| Net cash provided by operating activities | 2,272 | 31,701 |
| Investing Activities: | ||
| Purchases of property and equipment | (14,203) | (23,728) |
| Proceeds from the sale of property and equipment | 70 | 3,745 |
| Proceeds from deferred purchase price of factored receivables | — | 744 |
| Cost of technology investments | (250) | (590) |
| Net cash used in investing activities | (14,383) | (19,829) |
| Financing Activities: | ||
| Borrowings on debt | 142,000 | 52,000 |
| Repayments of debt | (71,072) | (63,076) |
| Cash paid for financing new loans | (2,761) | — |
| Taxes withheld and paid on employees' stock based compensation | (2,302) | (1,238) |
| Cash paid for the repurchase of Common Stock | — | (10,015) |
| Net cash provided by (used in) financing activities | 65,865 | (22,329) |
| Foreign currency effect | (1,414) | 4,620 |
| Net increase (decrease) in cash and cash equivalents | 52,340 | (5,837) |
| Cash and cash equivalents at beginning of period | 160,833 | 134,134 |
| Cash and cash equivalents at end of period | 213,173 | 128,297 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | 5,774 | 6,757 |
| Non-Cash Investing Activities: | ||
| Period-end balance of accounts payable for property and equipment | 3,287 | 6,645 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share data); (In thousands, except share data); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗