What changed in this filing

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Item 1. Business

2026-03-10 compared with 2025-03-17 · 44 added, 49 removed, 165 unchanged (36% of the section changed)

1 unchanged sentence

Commercial Vehicle Group, Inc.

and its subsidiaries, is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle markets.

and its subsidiaries, is a global provider of systems, assemblies and components to global commercial vehicle markets and electric vehicle markets.

We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve.

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Refer to Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.

During the year ended December 31, 2024, the Company sold its cab structures business with operations in Kings Mountain, North Carolina and its First Source Electronics (FSE) business with operations in Elkridge, Maryland.

The FSE business was the Company's Industrial Automation segment.

These divestitures represent a strategic shift in CVG's business and, in accordance with U.S.

GAAP, qualified as discontinued operations.

As a result, the operating results related to the cab structures business and Industrial Automation segment have been reflected as discontinued operations in the Consolidated Statements of Operations.

See Note 17, Discontinued Operations, for additional information on the divestitures.

As a result of classifying the Industrial Automation reporting segment as a discontinued operation, CVG has three reportable segments for 2024:

Vehicle Solutions, Electrical Systems and Aftermarket & Accessories.

The financial information reported for Vehicle Solutions and Aftermarket & Accessories excludes the activity from the Kings Mountain, North Carolina facility as a result of the divestiture.

During the quarter ended March 31, 2025, the Company completed a strategic reorganization of its operations into three segments:

Global Seating, Global Electrical Systems, and Trim Systems and Components.

The reorganization was designed to enhance alignment with its customers and end markets which will allow the Company to better focus on growth opportunities, capital allocation and enhancing shareholder value.

As a result of the strategic reorganization, the prior period amounts have been revised to conform to the Company’s current period presentation.

The Company’s Chief Operating Decision Maker, its President and Chief Executive Officer, reviews financial information for these three reportable segments and makes decisions regarding the allocation of resources based on these segments.

See Note 16, Segment Reporting, for more information.

Our segments offer various products which are sold into many end user markets such as internal combustion commercial vehicles, electric vehicles, construction and agriculture equipment, power sports, and military.

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The products produced by each of our segments are more specifically described below.

The Vehicle Solutions segment designs, manufactures and sells the following products:

The Global Seating segment designs, manufactures and sells the following products:

• Commercial vehicle seats for the global commercial vehicle markets including heavy duty trucks, medium duty trucks, last mile delivery trucks and vans, construction and agriculture equipment in North America, Europe and Asia-Pacific.

This segment includes a portion of the Company’s activities in the electric vehicle market.

• Plastic & Trim components primarily for the North America commercial vehicle market, medium-duty/heavy-duty ("MD/HD") truck market, and power sports markets.

The Electrical Systems segment designs, manufactures and sells the following products:

• Cable and harness assemblies for both high and low voltage applications, control boxes, dashboard assemblies and design and engineering for these applications.

• The end markets for these products are construction, agricultural, industrial, automotive (both internal combustion and electric vehicles), truck, mining, rail, marine, power generation and the military/ defense industries in North America, Europe and Asia-Pacific.

The Aftermarket & Accessories segment designs, manufactures and sells the following products:

• Seats and components sold into the commercial vehicle channels that provide repair and refurbishing.

These channels include Original Equipment Service ("OES") centers and retail distributors, and are spread across North America, Europe, and Asia-Pacific.

• Office seats primarily sold into the commercial and home office furniture distribution channels in Europe and Asia-Pacific.

The Global Electrical Systems segment designs, manufactures and sells the following products:

• Cable and harness assemblies for both high and low voltage applications, control boxes, dashboard assemblies and design and engineering for these applications.

The Trim Systems and Components segment designs, manufactures and sells the following products:

• Plastic components ("Trim") primarily for the North America commercial vehicle market, MD/HD truck market and power sports markets.

• Commercial vehicle accessories including wipers, mirrors, and sensors.

These products are sold both as Original Equipment and as repair products.

• Office seats primarily sold into the commercial and home office furniture distribution channels in Europe and Asia-Pacific.

The charts below display CVG's net sales by segment and geography for the year ended December 31, 2025.

VEHICLE SOLUTIONS SEGMENT OVERVIEW

Vehicle Solutions Segment Products

Set forth below is a brief description of our products manufactured in the Vehicle Solutions Segment and their applications.

GLOBAL SEATING SEGMENT OVERVIEW

Global Seating Segment Products

Set forth below is a brief description of our products manufactured in the Global Seating Segment and their applications.

Seats and Seating Systems .

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Our seats are sold under multiple brands, including KAB Seating ™ , National Seating ™ , Bostrom Seating ® , and Stratos ™ .

GLOBAL ELECTRICAL SYSTEMS SEGMENT OVERVIEW

Electrical Systems Segment Products

Wire Harness Assemblies .

We design, engineer and produce a wide range of high and low voltage electrical wire systems for vehicles and subsystems, which include Ethernet, battery cables and power distribution boxes.

Our electrical wire harness assemblies function as the primary electric current carrying devices used to provide electrical interconnections for gauges, lights, control functions, power circuits, powertrain and transmission sensors, emissions systems and other electronic applications on commercial and other vehicles.

Our wire harnesses are customized to fit specific end-user requirements and can be complex.

Our production capabilities include low and high volume serial production with low and high volume circuitry, RIM (reaction injection molding) and specialized testing.

Our engineering and production capabilities include virtual wiring boards, automatic plug insertion stations, system architecture and schematic development and prototyping.

Our electrical systems segment products are sold into the construction, agriculture, industrial and electric vehicles, traditional automotive, mining, rail, marine, power generation and the military/defense industries in North America, Europe and Asia-Pacific.

TRIM SYSTEMS AND COMPONENTS SEGMENT OVERVIEW

Trim Systems and Components Segment Products

Plastic Assemblies and Components .

We design, engineer and produce plastic components and assemblies for MD/HD, power sports vehicles, specialty vehicle applications, and diversified markets.

We offer thermoformed products, injection molded products, reaction injection molded products (RIM), and decorated / hydrographic finished products.

We design, engineer and produce plastic components and assemblies for MD/HD trucks, power sports vehicles, specialty vehicle applications, and diversified markets.

We offer thermoformed products, injection molded products, and reaction injection molded products (RIM).

We also assemble components and fabrics to these formed plastic parts and deliver complete subassemblies in bulk and in sequence.

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Our molded products include both large and small parts.

Specific components include vinyl or cloth-covered appliqués ranging from a traditional cut and sew approach to a contemporary molded styling theme, armrests, map pocket compartments, and sound-reducing insulation.

Specific components include vinyl or cloth-covered appliques ranging from a traditional cut and sew approach to a contemporary molded styling theme, armrests, map pocket compartments, and sound-reducing insulation.

Instrument Panels.

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The instrument panel is a complex system of coverings and foam, plastic and metal parts designed to house various components and act as a safety device for the vehicle occupant.

Plastics Decorating and Finishing .

We offer customers a wide variety of cost-effective finishes in paint, ultra violet, hard coating and customized industrial hydrographic films (simulated appearance of wood grain, carbon fiber, brushed metal, marbles, camouflage and custom patterns), and other interior and exterior finishes.

Cab Interiors.

We design, manufacture and provide a variety of interior design products including armrests, grab handles, storage systems, floor coverings, floor mats, sleeper bunks, headliners, wall panels, and privacy curtains that can be part of the overall cab structure or standalone assemblies depending on the customer application.

Our plastic products are sold under the AdvancTEK ™ brand name.

ELECTRICAL SYSTEMS SEGMENT OVERVIEW

Electrical Systems Segment Products

Wire Harness Assemblies .

We design, engineer and produce a wide range of high and low voltage electrical wire systems for vehicles and subsystems, which include Ethernet, battery cables and power distribution boxes.

Our wire harnesses are customized to fit specific end-user requirements and can be complex.

Our production capabilities include low and high volume serial production with low and high volume circuitry, RIM (reaction injection molding) and specialized testing.

Our engineering and production capabilities include virtual wiring boards, automatic plug insertion stations, system architecture and schematic development and prototyping.

AFTERMARKET & ACCESSORIES SEGMENT OVERVIEW

Aftermarket & Accessories Segment Products

We design, manufacture, and provide a variety of seats, mirrors, wipers and wiper systems sold into the commercial MD/HD truck, military and specialty power sports vehicles, electric vehicle, office and home office markets.

These products are sold under various brands including, Bostrom ® , National Seating ™ , Moto Mirror ® , KAB Seating ™ (for both vehicles and Office markets), Sprague Devices ® and RoadWatch ® .

Our aftermarket products are primarily sold through the Original Equipment Service (OES) sales channel and direct into the retail aftermarket as replacements for original equipment in North America, Europe and Asia Pacific.

Accessories .

We design, manufacture and provide a variety of mirrors, wipers and wiper systems sold into the commercial MD/HD truck, military and specialty power sports vehicles, electric vehicle, office and home office markets.

Trim Systems and components products are sold under the AdvancTEK ™ , Moto Mirror ® , Sprague Devices ® , and RoadWatch ® brand names.

OUR CONSOLIDATED OPERATIONS

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to 33,000 lbs.

The following describes the major markets within the commercial vehicle market in which the Vehicle Solutions Segment competes:

The following describes the major markets within the commercial vehicle market in which the Global Seating and Trim Systems and Component Segments compete:

Class 8 Truck Market.

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Our supply agreements generally provide for fixed pricing but do not require us to purchase any specified quantities.

Normally we do not carry inventories of raw materials or finished products in excess of what is reasonably required to meet production

and shipping schedules, as well as service requirements.

Normally we do not carry inventories of raw materials or finished products in excess of what is reasonably required to meet production and shipping schedules, as well as service requirements.

Steel, aluminum, petroleum-based products, copper, resin, foam, fabrics, wire and wire components comprise the most significant portion of our raw material costs.

We typically purchase steel, copper and petroleum-based products at market prices that are fixed over varying periods of time.

Due to the volatility in pricing, we use methods such as market index pricing and competitive bidding to assist in reducing our overall cost.

Due to the volatility in

pricing, we use methods such as market index pricing and competitive bidding to assist in reducing our overall cost.

We strive to align our customer pricing and material costs to minimize the impact of price fluctuations.

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and the health and safety of our colleagues.

Stringent fines and penalties may be imposed for noncompliance with these laws.

Stringent fines and penalties may be imposed for noncompliance

with these laws.

In addition, environmental laws could impose liability for costs associated with investigating and remediating contamination at the Company’s facilities or at third-party facilities at which the Company may arrange for the disposal treatment of hazardous materials.

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Diversity of Thought and Inclusive Approach - The Company focuses on the role our culture plays in creating the right environment for diverse thinking and inclusive approaches to work that benefits our employees.

During regular engagements with our global leadership team, we highlight how our organizational evolution benefits from a culture of diversity.

During regular engagements with our global leadership team, we highlight how our organizational evolution benefits from a culture of diversity and belonging.

Among our global workforce, 50% is female, and among our domestic workforce, 32% is racially diverse.

We are also making a concerted effort to connect to the communities where our employees live and work, enabling our teams to grow both professionally and personally.

Safety - The safety of our workforce has always been a top priority and the Company is proud of our safety record, which includes four consecutive years of declining recordable incidents and six consecutive years of declining incident rates.

Our 2024 full year incident rate of 0.34 is below the industry benchmarks and a 9% decrease year over year while working approximately 90,000 fewer hours.

Safety - The safety of our workforce has always been a top priority, and the Company is proud of our safety record, which has seen five years of safety performance well ahead of industry standards.

Our 2025 full year incident rate of 0.34 is below the industry benchmarks and a direct result of our commitment to a safe workplace.

CVG is committed to operating in an ethical and sustainable manner that benefits all our stakeholders including customers, employees, shareholders and the communities we serve.

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Such information is available as soon as such reports are filed with the SEC.

Additionally, our Code of Ethics may be accessed within the Investor Relations section of our website.

Additionally, our Code of Ethics may be accessed within the Investor Relations section of our

Information found on our website is not part of this Annual Report on Form 10-K or any other report filed with the SEC.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business