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- **Mirai Dominance**: 78% Y/Y revenue growth, new $185M program wins, and 25-30% take rate on new OEM truck platform.
- **Resilient Margins**: 200 bps margin expansion to 5.6% EBITDA, $5.3M quality cost savings, and 250 bps electronics margin improvement.
- **Headwinds Mitigated**: 21% North American CV production decline offset by Mirai growth; control devices +1.9% despite China weakness.
- **Strategic Review**: Control devices strategic alternatives process ongoing; proceeds to reduce debt if sold; refinancing expected by Q4 2025.

**【CEO Summary Section】**
- **Operational Progress**: Third-quarter adjusted EBITDA of $11.7 million (5.6% margin) reflects a 200 basis point improvement from the prior quarter, driven by cost control and quality improvements. Mirai sales grew 78% year-over-year, outpacing market declines in commercial vehicles.
- **New Business Wins**: Secured $185 million in program awards, including a new Mirai OEM program with a 25-30% take rate starting Q1 2028, a second leak detection module (LDM) award in China, and $130 million in Ford park lock actuator extensions.
- **Market Performance**: North American commercial vehicle production fell 21% Q/Q, but Mirai sales offset headwinds with 78% Y/Y growth. Europe saw 9% production decline but strong Mirai take rates as it becomes standard on several truck models.
- **Cost Management**: Year-to-date quality-related cost savings of $5.3 million and 200 basis point material cost improvement.

**【CFO Financial Commentary】**
- **Top-line**: Q3 sales $210 million (-7.8% Q/Q) due to 21% North American and 9% European commercial vehicle production declines. Control devices sales +1.9% to $72.5 million, offset by China passenger vehicle weakness.
- **Profitability**: Adjusted operating income $2.4 million (100 bps margin improvement). Electronics segment margin expanded 250 bps to 5.3% on material cost savings. Brazil sales +23.5% to $18.9 million, operating profit +790 bps.
- **Guidance Update**: Full-year revenue guidance lowered to $860-870 million (midpoint -1.1%), adjusted EBITDA $30-32 million (-$5 million midpoint). Foreign currency expense $2.4 million拖累.
- **Liquidity**: 12-month inventory reduction $31 million, free cash flow +36% Y/Y. Credit facility amendment extends interest coverage ratio relief to Q1 2026. Proceeds from potential control devices sale to reduce debt; refinancing expected by Q4 2025 filing.

Stoneridge Inc (SRI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Disposal of Assets

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Net Income

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SRI

SRI fundamentals

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