v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our President and Chief Executive Officer is the Company’s chief operating decision maker (“CODM”). The CODM uses segment operating income compared to historical results, budgets, and forecasted financial information, in order to assess segment performance and allocate operating and capital resources.
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.
•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 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 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.
The following tables present financial information for the Company's reportable segments for the periods indicated:
Three Months Ended June 30, 2026
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsTotal
Revenues$80,014 $62,032 $53,192 $195,238 
Cost of revenues68,881 55,132 46,497 170,510 
Gross profit11,133 6,900 6,695 24,728 
Selling, general & administrative expenses 8,155 5,212 4,472 17,839 
Gain on sale of assets— — — — 
Operating income (loss) 1
$2,978 $1,688 $2,223 $6,889 
Corporate and other unallocated costs 2
5,332 
Other (income) expense893 
Warrant expense3,443 
Loss on early extinguishment of debt1,029 
Interest expense2,947 
Loss before provision for income taxes$(6,755)

Three Months Ended June 30, 2025
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsTotal
Revenues$74,457 $53,585 $43,914 $171,956 
Cost of revenues64,527 47,674 40,226 152,427 
Gross profit9,930 5,911 3,688 19,529 
Selling, general & administrative expenses7,219 5,204 3,583 16,006 
Operating income (loss) 1
$2,711 $707 $105 $3,523 
Corporate and other unallocated costs 2
2,726 
Other (income) expense427 
Interest expense2,291 
Loss on early extinguishment of debt460 
Loss before provision for income taxes$(2,381)
Six Months Ended June 30, 2026
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsTotal
Revenues$154,519 $119,478 $92,736 $366,733 
Cost of revenues132,954 106,809 82,427 322,190 
Gross profit21,565 12,669 10,309 44,543 
Selling, general & administrative expenses 15,521 10,996 8,186 34,703 
Gain on sale of assets(13,716)— — (13,716)
Operating income (loss) 1
$19,760 $1,673 $2,123 $23,556 
Corporate and other unallocated costs 2
7,286 
Other (income) expense1,782 
Warrant expense8,420 
Loss on early extinguishment of debt2,987 
Interest expense7,041 
Loss before provision for income taxes$(3,960)

Six Months Ended June 30, 2025
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsTotal
Revenues$147,866 $104,037 $89,848 $341,751 
Cost of revenues128,843 94,137 81,449 304,429 
Gross profit$19,023 $9,900 $8,399 37,322 
Selling, general & administrative expenses$13,608 $9,511 $6,761 29,880 
Operating income (loss) 1$5,415 $389 $1,638 $7,442 
Corporate and other unallocated costs 25,237 
Other (income) expense355 
Interest expense4,794 
Loss on early extinguishment of debt460 
Loss before provision for income taxes$(3,404)

1.Segment operating income includes allocated corporate operating expenses associated with central services such as procurement, quality, logistics, environmental health and safety, information technology, insurance, finance, credit and collections, treasury and human resources. Operating expenses related to corporate headquarter functions are primarily allocated to each segment based on revenue contribution.
2.Unallocated corporate costs include enterprise and governance stewardship which include listing fees, audit fees, compliance costs, insurance costs, Board of Directors fees, and corporate management stock-based compensation expenses. Finally, interest expense, income taxes, and certain other items included in Other (income) expense, which are managed on a consolidated basis, are not allocated to the operating segments.