Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

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.

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. During the quarter ended March 31, 2025, the Company revised its method for allocating corporate expenses to segment operating income to better align with how the segments utilize corporate support activities. This change provides the CODM meaningful segment profitability information to support operating decisions and the allocation of resources. The prior period amounts have been revised to conform to the Company’s current period presentation.

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:

	For the year ended December 31, 2025
	Global Seating		Global Electrical Systems		Trim Systems and Components		Total
Revenues	$	287,249	$	203,186	$	158,567	$	649,002
Cost of revenues	251,968		181,694		146,955		580,617
Gross profit	35,281		21,492		11,612		68,385
Selling, general & administrative expenses	27,435		19,443		12,402		59,280
Operating income 1	$	7,846	$	2,049	$	(790)	$	9,105
Corporate and other unallocated costs 2							9,761
Other (income) expense							1,593
Interest expense							13,028
Loss on early extinguishment of debt							460
Loss before provision for income taxes							$	(15,737)
Capital expenditures, depreciation and restructuring:
Capital expenditures	$	4,036	$	3,676	$	2,784
Depreciation expense	$	5,407	$	4,847	$	3,262
Restructuring	$	2,585	$	1,727	$	1,037

	For the year ended December 31, 2024
	Global Seating		Global Electrical Systems		Trim Systems and Components		Total
Revenues	$	314,682	$	203,128	$	205,545	$	723,355
Cost of revenues	277,131		189,946		183,001		650,078
Gross profit	37,551		13,182		22,544		73,277
Selling, general & administrative expenses 3	33,521		17,742		10,698		61,961
Operating income 1	$	4,030	$	(4,560)	$	11,846	$	11,316
Corporate and other unallocated costs 2							12,074
Other (income) expense							(2,200)
Interest expense							9,174
Loss on early extinguishment of debt							509
Income before provision for income taxes							$	(8,241)
Capital expenditures, depreciation and restructuring:
Capital expenditures	$	5,082	$	5,421	$	3,446
Depreciation expense	$	5,186	$	4,927	$	3,279
Restructuring	$	1,546	$	3,745	$	5,329

	For the year ended December 31, 2023
	Global Seating		Global Electrical Systems		Trim Systems and Components		Total
Revenues	$	348,690	$	242,390	$	244,389	$	835,469
Cost of revenues	305,539		202,745		205,911		714,195
Gross profit	43,151		39,645		38,478		121,274
Selling, general & administrative expenses	34,026		17,088		17,399		68,513
Operating income 1	$	9,125	$	22,557	$	21,079	$	52,761
Corporate and other unallocated costs 2							12,888
Other (income) expense							1,195
Interest expense							10,248
Income before provision for income taxes							$	28,430
Capital expenditures, depreciation and restructuring:
Capital expenditures	$	8,067	$	8,669	$	1,891
Depreciation expense	$	5,039	$	4,181	$	3,396
Restructuring	$	131	$	8	$	678

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.

3.For the twelve months ended December 31, 2024, a $3.5 million gain on the sale of a building was previously reported on a full year basis in the Recast Segment Information in the selling, general and administrative expenses of the Global Seating segment and has been reclassified to the Trim Systems and Components segment herein. The reclassification is immaterial to the Company's consolidated financial statements and had no effect on the consolidated balance sheet, statement of operations or statement of cash flows as previously reported.

The following table presents revenues and long-lived assets for the geographic areas in which we operate:

	Years Ended December 31,
	2025				2024				2023
	Revenues		Long-lived Assets		Revenues		Long-lived Assets		Revenues		Long-lived Assets
United States	$	404,502	$	60,021	$	504,455	$	65,957	$	596,620	$	67,727
Czech Republic	106,557		6,284		93,106		6,679		102,786		8,583
All other countries	137,943		37,491		125,794		26,253		136,063		23,983
	$	649,002	$	103,796	$	723,355	$	98,889	$	835,469	$	100,293

Sales to two of our customers were individually in excess of 10% of total Company revenues in each of the years ended December 31, 2025, 2024 and 2023, as noted in the table below. The following table presents revenue from the above mentioned customer as a percentage of total revenue:

		Years Ended December 31,
Customer	Primary Segment	2025		2024		2023
Customer A	Global Seats and Trim Systems & Components	13	%	13	%	13	%
Customer B	Trim Systems & Components	11	%	11	%	10	%