Commercial Vehicle Group, Inc.

Consolidated Q2 2026 revenue was $195.2 million versus $172 million a year ago. Adjusted EBITDA was $5.4 million versus $5.2 million, and adjusted EBITDA margin was 2.8%, down 20 basis points year over year. Adjusted gross margin was 12.9%, up 90 basis points year over year and 70 basis points sequentially. Net loss from continuing operations was $8.7 million, or $0.25 per diluted share, versus a net loss of $4.1 million, or $0.12 per diluted share; adjusted net loss was $4.6 million, or $0.13 per diluted share, versus $2.9 million, or $0.09 per diluted share. For 2026, CVG raised revenue guidance to $725 million-$755 million and adjusted EBITDA guidance to $26 million-$31 million, with positive free cash flow still expected for the full year.

James Ray said CVG is seeing year-over-year revenue growth in all 3 segments and believes the company is benefiting from geographic and end-market diversification as new business wins ramp. He emphasized margin expansion from operating leverage, better utilization at low-cost facilities, and the Zoox program moving toward commercial-scale production. His tone was constructive but cautious, repeatedly noting macro uncertainty, tariff/freight/fuel cost volatility, and the need for disciplined execution.

Angela O’Leary said second-quarter revenue of $195.2 million was driven by international demand and new business ramps, while adjusted EBITDA of $5.4 million was held back by higher SG&A and foreign exchange headwinds. She highlighted adjusted gross margin of 12.9%, free cash flow from continuing operations of an outflow of $1.4 million, and net leverage of 3.3x versus 4.1x at year-end 2025. She also noted $11.6 million of net ATM proceeds during the quarter, $14.6 million of total debt paydown since year-end 2025, and said the company expects interest expense to run about $2 million to $2.5 million per quarter in the second half, a bit lower after the Dublin sale-leaseback.

Analysts pressed on why the full-year EBITDA guide increased less than the revenue guide, and management pointed to SG&A pressure from incentive compensation, cautious assumptions around recovery timing, and ongoing cost volatility in freight, tariffs, and fuel surcharges. They also asked how much of the guide change came from each segment; management said all 3 contributed, with the biggest percentage increase in Trim Systems and notable growth in Seating and Electrical. On Zoox, management reaffirmed prior ramp expectations, including the previously disclosed volume plan, and said leading indicators still point to the customer reaching its production targets.