Gentherm Inc reported the first quarter ended March 31, 2026 results: revenue $393.7 million, net income $4.2 million, EPS $0.14. Guidance reaffirmed.
“First Quarter Financial Highlights • Secured Automotive New Business Awards totaling $395 million in the quarter. • Product revenues of $393.7 million increased 11.3% from $353.9 million in the prior year. Excluding the impact of foreign currency translation, product revenues increased 7.2%, with Automotive increasing 7.7% and Medical decreasing 6.3%. • Automotive Climate and Comfort Solutions revenue increased 13.6% year over year, or 9.8% excluding the impact of foreign currency translation, outperforming S&P Global’s mid-April light vehicle production report in our relevant markets by 14 percentage points. • Gross margin was 24.7%, compared to 24.4% in the prior year. The increase was primarily driven by operating leverage and net material performance, partially offset by annual price reductions and higher labor costs. • Net income (loss) was $4.2 million, compared to $(0.1) million in the prior year. • Adjusted EBITDA was $49.3 million, or 12.5% of revenue, compared to $39.3 millio”
Material Agreements
Gentherm Inc amended First Amendment.
“the First Amendment filed as Exhibit 10.1 to the Original Report. Other than the correction of the applicable signatory, no other changes have been made to the Original Report or the First Amendment.”
Material Agreements
Gentherm Inc amended First Amendment to Second Amended and Restated Credit Agreement with Bank of America, N.A. valued at Amendment permits up to $400 million additional term indebtedness, releases certain borrower/guarant (effective 2026-02-24).
“Item 1.01 Entry into a Material Definitive Agreement. First Amendment to Second Amended and Restated Credit Agreement On February 24, 2026, Gentherm Incorporated (“Gentherm”), together with the other borrowers and guarantors party thereto, entered into that certain First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”), with the lenders party thereto and Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”), which First Amendment amends that certain Second Amended and Restated Credit Agreement, dated as of June 10, 2022, by and among Gentherm, as a borrower, the other borrowers from time to time party thereto, the lenders from time to time party thereto and the Administrative Agent.”
Material Agreements
Gentherm Inc entered into Separation Agreement with Modine Manufacturing Co., Platinum SpinCo Inc. valued at Separation of SpinCo Business from Modine via transfer of assets and liabilities and distribution of (effective 2026-01-29).
“(ii) a Separation Agreement (the “Separation Agreement”), dated as of January 29, 2026, by and among Modine, Gentherm and SpinCo”
Material Agreements
Gentherm Inc entered into Agreement and Plan of Merger with Modine Manufacturing Co., Platinum SpinCo Inc., Platinum Gold Merger Sub Inc. valued at Merger of Merger Sub with and into SpinCo, with SpinCo surviving as a wholly-owned subsidiary of Gen (effective 2026-01-29).
“(i) an Agreement and Plan of Merger (the “Merger Agreement”), dated as of January 29, 2026, by and among Modine, Gentherm, SpinCo and Merger Sub”
Phillip Eyler departed as President and Chief Executive Officer, and Interim Chief Financial Officer at Gentherm Inc.
“Phillip Eyler, the Company’s President and Chief Executive Officer, and Interim Chief Financial Officer, will depart from the Company effective December 31, 2024”
Jonathan Douyard was appointed as Executive Vice President, Chief Financial Officer and Treasurer at Gentherm Inc.
“Jonathan Douyard has been appointed to be the Executive Vice President, Chief Financial Officer and Treasurer of the Company, effective on January 1, 2025”
William T. Presley was appointed as President and Chief Executive Officer at Gentherm Inc.
“William T. Presley has been hired as the successor President and Chief Executive Officer of the Company, and has been appointed by the Board as a director of the Company, each effective January 1, 2025”
Phillip Eyler was appointed as Interim Chief Financial Officer at Gentherm Inc.
“On September 1, 2024, the board of directors of the Company (the “Board”) appointed Phillip Eyler as Interim Chief Financial Officer of the Company, effective as of September 1, 2024.”
Matteo Anversa resigned as Executive Vice President of Finance, Chief Financial Officer and Treasurer at Gentherm Inc.
“Matteo Anversa, Executive Vice President of Finance, Chief Financial Officer and Treasurer of Gentherm Incorporated (the “Company”), and serving as the Company’s principal financial officer, notified the Company on August 5, 2024 of his decision to resign from such position effective September 1, 2024 to pursue another opportunity.”
Matteo Anversa resigned as Executive Vice President of Finance, Chief Financial Officer and Treasurer at Gentherm Inc.
“On August 5, 2024, Matteo Anversa notified Gentherm Incorporated (the “Company”) of his voluntary resignation as Executive Vice President of Finance, Chief Financial Officer and Treasurer of the Company (collectively, “CFO”), effective September 1, 2024 (the “Separation Date”).”
Earnings Releases
Gentherm Inc reported first quarter ending March 31, 2024 results: revenue $356.0 million, EPS $0.47. Guidance reaffirmed.
“medical patient temperature management systems, today announced its financial results for the first quarter ending March 31, 2024. First Quarter Highlights • Product revenues of $356.0 million decreased 2.1% from $363.6 million in the first quarter of 2023. Excluding the impact of foreign currency translation, product revenues decreased 1.3% year over year • Automotive”
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