XML 31 R21.htm IDEA: XBRL DOCUMENT v3.25.3
Revenue
9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following table shows the Company’s Automotive revenue, Premium Audio revenue and Other revenue disaggregated by geographical location for Automotive and Premium Audio Products for the three and nine months ended September 30, 2025 and 2024 (which did not include VOXX), respectively:
Three Months Ended September 30,Nine Months Ended September 30,
Revenue
2025202420252024
Automotive Products
U.S.
$194,079,001 $170,939,124 $529,664,401 $501,028,383 
Japan94,926,206 100,415,089 289,386,190 271,681,510 
Germany55,762,738 69,610,212 188,443,494 216,815,930 
Korea45,200,046 41,644,963 140,006,326 126,797,525 
Mexico49,303,782 57,803,114 142,655,314 143,380,199 
China39,107,300 55,123,069 115,143,249 153,425,003 
Other95,281,115 100,983,827 310,354,499 320,283,139 
Total Automotive Products$573,660,188 $596,519,398 $1,715,653,473 $1,733,411,689 
Premium Audio Products
U.S.
$20,855,043 $— $50,788,155 $— 
Other
22,137,311 — 36,694,796 — 
Total Premium Audio Products$42,992,354 — $87,482,951 — 
Other38,583,513 12,006,379 86,730,931 38,265,077 
Total Revenue$655,236,055 $608,525,777 $1,889,867,355 $1,771,676,766 

Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political, and labor conditions; global supply chain constraints; unexpected changes in laws, regulations, and trade, monetary, or fiscal policy, including interest rates, foreign currency exchange rates, and changes in the rate of inflation in the U.S. and other foreign countries; labor strikes; armed conflicts and acts of terrorism and war; tariffs, quotas, customs, and other import or export restrictions; and other trade barriers.

The following table disaggregates the Company’s Automotive, Premium Audio, and Other revenue by major source for the three and nine months ended September 30, 2025 and 2024 (which did not include VOXX),
respectively:
Three Months Ended September 30,Nine Months Ended September 30,
Revenue2025202420252024
Automotive Products
Automotive Mirrors & Electronics
$543,621,123 $559,477,924 $1,622,650,500 $1,640,221,054 
HomeLink Modules*
30,039,065 37,041,474 93,002,973 93,190,635 
Total Automotive Products$573,660,188 $596,519,398 $1,715,653,473 $1,733,411,689 
Premium Audio Products
Premium Speaker Products
$30,733,817 $— $63,164,308 $— 
Premium Receiver Products
12,258,537 — 24,318,643 — 
Total Premium Audio Products$42,992,354 $— $87,482,951 $— 
Other
Fire Protection Products$5,380,623 $6,924,748 $20,180,600 $21,114,450 
Windows Products
3,851,412 4,272,033 12,738,913 16,329,426 
Medical Products323,712 809,598 955,968 821,201 
Aftermarket Products18,579,363 — 33,802,443 — 
Consumer Electronic Products7,693,064 — 15,170,103 — 
Biometric Products2,755,339 — 3,882,904 — 
Total Other$38,583,513 $12,006,379 $86,730,931 $38,265,077 
Total Revenue$655,236,055 $608,525,777 $1,889,867,355 $1,771,676,766 
*Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors.

Sales Incentives
In conjunction with the acquisition of VOXX on April 1, 2025, the Company assumed liabilities for sales incentives valued at $13.4 million. Sales incentives are offered to customers in the form of (1) co-operative advertising allowances; (2) market development funds; (3) volume incentive rebates; and (4) other trade allowances. The Company accounts for sales incentives in accordance with ASC 606 "Revenue from Contracts with Customers" ("ASC 606"). These sales incentives represent variable consideration provided to customers. Depending on the specific facts and circumstances, either the most likely amount or expected value methods are utilized to estimate the effect of uncertainty on the amount of variable consideration to which the Company would be entitled. The most likely amount method considers the single most likely amount from a range of possible consideration amounts, while the expected value method is the sum of the probability-weighted amounts in a range of possible consideration amounts. Both methods are based upon the contractual terms of the incentives and historical experience with each customer. Except for other trade allowances, all sales incentives require the customer to purchase the Company's products during a specified period of time. All sales incentives require customers to claim the sales incentive within a certain time period (referred to as the "claim period") and claims are settled either by the customer claiming a deduction against an outstanding account receivable or by the customer requesting a cash payout. All costs associated with sales incentives are classified as a reduction of net sales. Although the Company makes its best estimate of its sales incentive liability, many factors, including significant unanticipated changes in the purchasing volume of its customers and the lack of claims made by customers, could have a significant impact on the sales incentives liability and reported operating results. The balance of accrued sales incentives at September 30, 2025 was $14.9 million and is included within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheet.