Stoneridge, Inc.

First-quarter sales were $160.8 million, up 9.2% versus the fourth quarter. Adjusted EBITDA was $2 million, above the company’s prior expectation of approximately breakeven. Management said adjusted gross margin expanded by 400 basis points and adjusted operating margin improved by 180 basis points versus Q4. MirrorEye sales were $33 million, up 11% sequentially and 32% year over year. Brazil sales were $18.1 million, up $1.6 million or 9.4% sequentially, with local OEM sales up 54%. Net debt improved by approximately $42 million from the fourth quarter, and inventory was reduced by approximately $16 million year over year. For full-year 2026, revenue guidance is now $645 million to $670 million, adjusted operating margin is approximately breakeven to 0.5%, and adjusted EBITDA guidance remains $20 million to $25 million, or 3.1% to 3.7% of sales. Management expects second-quarter revenue to be slightly above the first quarter and EBITDA to improve in the second half of the year.

Natalia Noblet framed the quarter as an early step in a longer strategy focused on technology-led products, execution and shareholder value creation. She emphasized that Stoneridge’s portfolio is aligned with trends toward automation, connected vehicles, advanced safety and vehicle efficiency, and said the company is seeing positive signals in end markets despite macro and geopolitical headwinds. Her tone was constructive but measured, highlighting margin gains, new awards and the expectation that the business can outperform end markets over time.

Bob Hartman focused on the quarter’s revenue and margin bridge, citing $160.8 million in sales, $2 million of adjusted EBITDA, 400 basis points of adjusted gross margin expansion and 180 basis points of adjusted operating margin improvement versus Q4. He said the margin progress was driven by manufacturing improvements, lower quality-related costs and net tariff recoveries, partially offset by higher SG&A from normalized incentive compensation and higher D&D. He also detailed balance sheet actions: net debt fell by about $42 million thanks to Control Devices sale proceeds, inventory was down about $16 million year over year, the credit facility maturity was extended to July 1, 2027, and refinancing is targeted for completion by November.

There was no analyst Q&A on the call, as the operator noted that there were no questions. As a result, management did not have to address specific investor concerns beyond the prepared remarks, guidance update and commentary on end-market volatility, tariff-related recoveries, refinancing and second-half EBITDA improvement.