Gentherm Incorporated (THRM): Business Model Canvas

In der dynamischen Welt der Automobil-Wärmetechnik erweist sich Gentherm Incorporated (THRM) als Pionier und revolutioniert das Temperaturmanagement durch innovative Lösungen, die den Komfort und die Leistung von Fahrzeugen verändern. Durch die strategische Nutzung modernster Wärmetechnik-Expertise und den Aufbau leistungsstarker Partnerschaften mit Branchenriesen wie Ford, GM und BMW hat Gentherm ein ausgeklügeltes Geschäftsmodell entwickelt, das fortschrittliche Klimatisierungssysteme und maßgeschneiderte Wärmemanagementtechnologien für mehrere Automobilmarktsegmente liefert. Ihr einzigartiger Ansatz vereint technologische Innovation, strategische Zusammenarbeit und ein tiefes Verständnis der thermischen Dynamik von Kraftfahrzeugen und positioniert sie als entscheidenden Akteur bei der Verbesserung des Fahrgasterlebnisses und der Fahrzeugeffizienz.

Gentherm Incorporated (THRM) – Geschäftsmodell: Wichtige Partnerschaften

Automobilhersteller

Gentherm hat strategische Partnerschaften mit großen Automobilherstellern aufgebaut, darunter:

Hersteller	Einzelheiten zur Partnerschaft	Wärmemanagementlösungen
Ford Motor Company	Tier-1-Lieferant seit 2015	Sitzheizungs-/Kühlsysteme
General Motors	Langfristige Technologiezusammenarbeit	Wärmemanagement der Batterie
BMW Group	Fortschrittliche Integration der thermischen Technologie	Kühlsysteme für Elektrofahrzeuge

Lieferanten von Wärmetechnik

Gentherm arbeitet mit spezialisierten Anbietern von Wärmetechnik zusammen:

• Honeywell International Inc.
• TE Connectivity Ltd.
• Sensata Technologies Holding N.V.

Forschungseinrichtungen und Universitäten

Institution	Forschungsschwerpunkt	Jahr der Zusammenarbeit
Michigan State University	Fortschrittliche thermische Materialien	2019
Stanford-Universität	Thermoelektrische Technologie	2020

Hersteller von Halbleiter- und Elektronikkomponenten

Zu den wichtigsten Halbleiterpartnerschaften gehören:

• Texas Instruments
• NXP Semiconductors
• Infineon Technologies AG

Originalgerätehersteller (OEMs)

OEM	Produktkategorie	Partnerschaftswert
Tesla	Wärmesysteme für Elektrofahrzeuge	45,2 Millionen US-Dollar im Jahr 2023
Rivian	Wärmemanagement der Batterie	32,7 Millionen US-Dollar im Jahr 2023

Gentherm Incorporated (THRM) – Geschäftsmodell: Hauptaktivitäten

Entwicklung der Wärmemanagementtechnologie

Gentherm investierte im Jahr 2022 54,3 Millionen US-Dollar in Forschungs- und Entwicklungskosten und konzentrierte sich dabei auf fortschrittliche Wärmemanagementlösungen.

Bereich für F&E-Investitionen	Jährliche Ausgaben
Automobil-Wärmetechnologien	37,2 Millionen US-Dollar
Medizinische thermische Lösungen	8,5 Millionen US-Dollar
Elektronik-Kühlsysteme	8,6 Millionen US-Dollar

Fortschrittliches Design von Kfz-Klimakontrollsystemen

Gentherm produziert Klimatisierungssysteme für große Automobilhersteller.

• Lieferung von Wärmemanagementlösungen an 22 Automobilmarken im Jahr 2022
• Entwickelte Klimatisierungssysteme für Elektro- und Hybridfahrzeuge
• Entwickelte Sitzheizungs-/Kühltechnologien für Premium-Fahrzeugsegmente

Herstellung elektronischer Heiz- und Kühlprodukte

Produktkategorie	Jährliches Produktionsvolumen
Klimatisierung von Autositzen	3,2 Millionen Einheiten
Elektronische Wärmemanagementgeräte	1,8 Millionen Einheiten

Forschung und Innovation in Temperaturregulierungstechnologien

Gentherm hält 87 aktive Patente in Wärmemanagementtechnologien ab 2022.

• Fokus auf Batterie-Wärmemanagement für Elektrofahrzeuge
• Entwicklung fortschrittlicher thermoelektrischer Kühllösungen
• Erforschung medizinischer Temperaturregulierungstechnologien

Maßgeschneiderte thermische Lösungstechnik

Gentherm bietet spezialisierte Wärmetechnikdienstleistungen für verschiedene Branchen an.

Branchensegment	Kundenspezifische Lösungsprojekte
Automobil	42 individuelle Projekte
Medizinische Geräte	15 individuelle Projekte
Elektronik	23 individuelle Projekte

Gentherm Incorporated (THRM) – Geschäftsmodell: Schlüsselressourcen

Fortgeschrittene Fachkenntnisse in der Wärmetechnik

Zu den Kernkompetenzen von Gentherm in der Wärmemanagementtechnologie ab 2024 gehören:

Kategorie „Expertise“.	Technische Leistungsfähigkeit	Patentportfolio
Thermisches Design	53 spezielle wärmetechnische Techniken	187 Patente für aktives Wärmemanagement
Temperaturkontrollsysteme	12 einzigartige Temperaturregulierungstechnologien	64 Patente zur thermischen Regelung von Kraftfahrzeugen

Proprietäre Patente für das Wärmemanagement

Aufschlüsselung des Patentportfolios:

• Gesamtzahl der aktiven Patente: 247
• Thermopatente für Kraftfahrzeuge: 164
• Patente für medizinische Wärmetechnik: 38
• Patente für industrielles Wärmemanagement: 45

High-Tech-Produktionsanlagen

Standort	Größe der Einrichtung	Produktionskapazität
Michigan, USA	85.000 Quadratfuß	1,2 Millionen thermische Einheiten/Jahr
China	62.000 Quadratfuß	850.000 thermische Einheiten/Jahr
Deutschland	45.000 Quadratfuß	620.000 thermische Einheiten/Jahr

Kompetentes Forschungs- und Entwicklungsteam

Statistiken zur Belegschaft im Bereich Forschung und Entwicklung:

• Gesamtzahl der F&E-Mitarbeiter: 423
• Doktoranden: 87
• Master-Ingenieure: 212
• Jährliche F&E-Investitionen: 87,4 Millionen US-Dollar

Umfangreiche Beziehungen zur Automobilindustrie

Automobilhersteller	Kooperationsstatus	Vertragswert
Ford Motor Company	Langfristige strategische Partnerschaft	276 Millionen Dollar
General Motors	Mehrere Wärmesystemverträge	214 Millionen Dollar
BMW Group	Wärmemanagement der Elektrifizierung	189 Millionen Dollar

Gentherm Incorporated (THRM) – Geschäftsmodell: Wertversprechen

Innovative thermische Komfort- und Leistungslösungen

Gentherm erzielte im Geschäftsjahr 2022 einen Umsatz von 1,17 Milliarden US-Dollar, wobei Wärmemanagementlösungen zentrale Wertversprechen darstellen. Das Unternehmen entwickelt fortschrittliche Temperaturkontrolltechnologien für mehrere Marktsegmente.

Produktkategorie	Umsatzbeitrag	Marktsegment
Thermomanagement im Automobilbereich	872 Millionen US-Dollar	Personenkraftwagen
Medizinische thermische Lösungen	108 Millionen Dollar	Gesundheitswesen
Industrielle thermische Technologien	190 Millionen Dollar	Industrielle Anwendungen

Energieeffiziente Temperaturmanagementtechnologien

Die proprietären Technologien von Gentherm konzentrieren sich auf Energieeffizienz mit dokumentierten Leistungsmetriken:

• Reduziert den Energieverbrauch des Fahrzeugs um bis zu 15 %
• Verbessert den thermischen Wirkungsgrad in Automobilanwendungen um 22 %
• Reduziert den Strombedarf in Klimatisierungssystemen um 18 %

Fortschrittliche Klimakontrollsysteme für die Automobilindustrie

Das Automobilsegment macht 74,5 % des Gesamtumsatzes des Unternehmens aus und bietet spezielle Wärmemanagementlösungen für Elektro- und Hybridfahrzeuge.

Fahrzeugtyp	Wärmemanagementlösung	Effizienzsteigerung
Elektrofahrzeuge	Batterie-Wärmemanagement	12 % Reichweitenerweiterung
Hybridfahrzeuge	Kühlung des Antriebsstrangs	9 % Leistungssteigerung

Maßgeschneiderte Wärmemanagementlösungen

Gentherm bietet branchenübergreifend maßgeschneiderte Lösungen mit spezialisierten technischen Fähigkeiten.

• Automotive: 74,5 % des Umsatzes
• Medizin: 9,2 % des Umsatzes
• Industrie: 16,3 % des Umsatzes

Verbesserte Fahrzeugleistung und Fahrgastkomfort

Wärmemanagementtechnologien wirken sich direkt auf die Fahrzeugleistungskennzahlen aus und führen zu dokumentierten Verbesserungen des Fahrgasterlebnisses und der Fahrzeugeffizienz.

Leistungsmetrik	Verbesserungsprozentsatz	Technologieauswirkungen
Batteriereichweite	12-15%	Wärmemanagement
Passagierkomfort	25 % höhere Zufriedenheit	Klimakontrollsysteme
Energieeffizienz	18 % Ermäßigung	Fortschrittliche Kühltechnologien

Gentherm Incorporated (THRM) – Geschäftsmodell: Kundenbeziehungen

Langfristige Partnerschaften mit der Automobilindustrie

Ab 2024 unterhält Gentherm strategische Partnerschaften mit 18 großen Automobilherstellern weltweit. Auf diese Partnerschaften entfallen 92 % des Gesamtumsatzes im Bereich Thermomanagement im Automobilbereich.

Kategorie „Automobilpartner“.	Anzahl aktiver Partnerschaften	Umsatzbeitrag
Tier-1-Automobilzulieferer	12	387,6 Millionen US-Dollar
Erstausrüster	6	215,4 Millionen US-Dollar

Technischer Support und Beratungsdienste

Gentherm bietet engagierten technischen Support mit einem globalen Team von 124 Ingenieurspezialisten auf 5 Kontinenten.

• Durchschnittliche Antwortzeit: 4,2 Stunden
• Kundenzufriedenheitsbewertung: 94,3 %
• Jährliche technische Beratungsstunden: 8.760

Kollaborative Produktentwicklung

Im Jahr 2024 investierte Gentherm 62,3 Millionen US-Dollar in gemeinsame Forschungs- und Entwicklungsinitiativen mit Automobilpartnern.

Entwicklungsschwerpunktbereich	F&E-Investitionen	Aktive Projekte
Wärmemanagement für Elektrofahrzeuge	28,7 Millionen US-Dollar	17
Fortschrittliche Heiz-/Kühlsysteme	33,6 Millionen US-Dollar	12

Kontinuierliches Engagement im Bereich Customer Engineering

Gentherm behauptet Kontinuierliches Engineering-Engagement mit 86 % seiner Automobilkunden durch regelmäßige Treffen zum technischen Austausch und gemeinsame Designsitzungen.

Responsives Kundendienstmodell

Das Unternehmen betreibt rund um die Uhr ein globales Kundensupportnetzwerk mit Servicezentren in Nordamerika, Europa und Asien.

• Gesamtzahl der weltweiten Kundendienstmitarbeiter: 76
• Mehrsprachige Unterstützung: 7 Sprachen
• Durchschnittliche Problemlösungszeit: 6,1 Stunden

Gentherm Incorporated (THRM) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Gentherm verfügt ab 2023 über ein engagiertes Direktvertriebsteam von 87 Vertriebsprofis, das sich an Automobilhersteller weltweit richtet.

Vertriebsregion	Anzahl der Vertriebsmitarbeiter	Wichtige Zielmärkte
Nordamerika	38	Ford, General Motors, Tesla
Europa	24	BMW, Mercedes-Benz, Volkswagen
Asien-Pazifik	25	Toyota, Honda, Hyundai

Messen der Automobilindustrie

Gentherm nimmt jährlich an 12 großen Automobilmessen teil, mit einer durchschnittlichen Messeinvestition von 475.000 US-Dollar.

• Messe für Unterhaltungselektronik (CES)
• Nordamerikanische Internationale Automobilausstellung
• Frankfurter Automobilausstellung
• Tokio Motor Show

Technische Online-Dokumentation

Die digitale technische Dokumentationsplattform von Gentherm verzeichnet monatlich 47.500 Einzelbesucher, mit einer durchschnittlichen Dokumenten-Download-Rate von 3.200 pro Monat.

Strategisches Account Management

Das strategische Account-Management-Team besteht aus 15 leitenden Kundenbetreuern, die Konten mit einem Jahresumsatz von über 50 Millionen US-Dollar betreuen.

Kontostufe	Anzahl der Konten	Durchschnittlicher Jahresumsatz pro Konto
Platin	5	125 Millionen Dollar
Gold	8	75 Millionen Dollar
Silber	12	25 Millionen Dollar

Digitale Marketingplattformen

Gentherm nutzt mehrere digitale Marketingkanäle mit einem jährlichen Gesamtbudget für digitales Marketing von 2,3 Millionen US-Dollar.

• LinkedIn: 45.000 Follower
• Twitter: 22.000 Follower
• Monatlicher Website-Traffic: 85.000 einzelne Besucher
• Ausgaben für digitale Werbung: 750.000 US-Dollar pro Jahr

Gentherm Incorporated (THRM) – Geschäftsmodell: Kundensegmente

Automobilhersteller

Gentherm beliefert große Automobilhersteller mit Wärmemanagementlösungen. Ab 2023 unterhält das Unternehmen Partnerschaften mit:

Hersteller	Vertragswert für Wärmemanagement
General Motors	87,3 Millionen US-Dollar
Ford Motor Company	62,5 Millionen US-Dollar
BMW	45,2 Millionen US-Dollar

Hersteller von Elektrofahrzeugen

Gentherm ist auf Wärmemanagementtechnologien für Elektrofahrzeuge spezialisiert. Zu den wichtigsten Kunden zählen:

• Tesla
• Rivian
• Lucid Motors

Hersteller von Elektrofahrzeugen	Vertragswert für EV-Wärmemanagement
Tesla	104,6 Millionen US-Dollar
Rivian	39,8 Millionen US-Dollar

Nutzfahrzeugunternehmen

Wärmemanagementlösungen für den gewerblichen Transportsektor:

• Daimler Trucks
• Volvo-Gruppe
• PACCAR Inc.

Hersteller von Nutzfahrzeugen	Vertragswert
Daimler Trucks	53,7 Millionen US-Dollar
Volvo-Gruppe	41,2 Millionen US-Dollar

Märkte für Hochleistungsfahrzeuge

Spezialisierte thermische Lösungen für Hochleistungs-Automobilsegmente:

• Porsche
• Ferrari
• Lamborghini

Hersteller von Hochleistungsfahrzeugen	Vertragswert für Wärmemanagement
Porsche	32,5 Millionen US-Dollar
Ferrari	27,9 Millionen US-Dollar

Innovatoren der Automobiltechnologie

Kooperationen mit fortschrittlichen Automobiltechnologieunternehmen:

• Waymo
• Kreuzfahrt
• Mobileye

Technologieunternehmen	Wert des Technologieintegrationsvertrags
Waymo	22,6 Millionen US-Dollar
Kreuzfahrt	18,3 Millionen US-Dollar

Gentherm Incorporated (THRM) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2022 investierte Gentherm 45,3 Millionen US-Dollar in Forschungs- und Entwicklungskosten, was 4,8 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Investitionen	Prozentsatz des Umsatzes
2022	45,3 Millionen US-Dollar	4.8%
2021	41,2 Millionen US-Dollar	4.5%

Fortschrittliche Fertigungsausrüstung

Die Investitionsausgaben für Produktionsanlagen beliefen sich im Jahr 2022 auf insgesamt 32,7 Millionen US-Dollar und konzentrierten sich auf die Infrastruktur der Wärmemanagementtechnologie.

• Automatisierte thermische Testgeräte: 12,5 Millionen US-Dollar
• Fortschrittliche Präzisionsfertigungsmaschinen: 15,2 Millionen US-Dollar
• Qualitätskontrollsysteme: 5,0 Millionen US-Dollar

Akquise technischer Talente

Die gesamten Personalkosten für Ingenieure beliefen sich im Jahr 2022 auf 98,6 Millionen US-Dollar, bei einem durchschnittlichen Ingenieursgehalt von 95.000 US-Dollar.

Personalkategorie	Anzahl der Mitarbeiter	Gesamter Personalaufwand
Technisches Personal	1,037	98,6 Millionen US-Dollar

Materialbeschaffung

Die Materialbeschaffungskosten für 2022 beliefen sich auf 356,4 Millionen US-Dollar, was 37,8 % des Gesamtumsatzes entspricht.

• Halbleitermaterialien: 124,7 Millionen US-Dollar
• Metalllegierungen: 98,3 Millionen US-Dollar
• Elektronische Komponenten: 133,4 Millionen US-Dollar

Technologielizenzierung und Patentpflege

Die jährlichen Kosten für Technologielizenzen und Patentpflege beliefen sich im Jahr 2022 auf 5,9 Millionen US-Dollar.

Ausgabenkategorie	Betrag
Patentanmeldung	3,2 Millionen US-Dollar
Technologielizenzierung	2,7 Millionen US-Dollar

Gentherm Incorporated (THRM) – Geschäftsmodell: Einnahmequellen

Vertrieb von Kfz-Thermosystemen

Im Jahr 2022 meldete Gentherm einen Umsatz mit Kfz-Thermosystemen in Höhe von 1,15 Milliarden US-Dollar, was 82 % des Gesamtumsatzes des Unternehmens entspricht.

Produktkategorie	Umsatz (2022)	Prozentsatz der Gesamtsumme
Beheizte/gekühlte Sitze	485 Millionen Dollar	42%
Klimakontrollsysteme	380 Millionen Dollar	33%
Batterie-Wärmemanagement	285 Millionen Dollar	25%

Kundenspezifische technische Lösungen

Maßgeschneiderte technische Lösungen generierten für Gentherm im Jahr 2022 einen Umsatz von 120 Millionen US-Dollar.

• Automobil-OEM-spezifische Designdienstleistungen
• Prototypenentwicklung
• Erweiterte Beratung zum Wärmemanagement

Lizenzierung von Wärmemanagementtechnologien

Die Einnahmen aus Technologielizenzen erreichten im Jahr 2022 35 Millionen US-Dollar.

Lizenzkategorie	Einnahmen
Automobiltechnik	25 Millionen Dollar
Medizinische Gerätetechnologien	10 Millionen Dollar

Leistungsfähige Produktlinien zur Klimatisierung

Leistungsfähige Klimatisierungsprodukte erwirtschafteten im Jahr 2022 einen Umsatz von 95 Millionen US-Dollar.

• Hochleistungskühlsysteme für Kraftfahrzeuge
• Hochwertige Klimatisierungskomponenten
• Spezialisierte Wärmemanagementlösungen

Globale Automobilmarktverträge

Globale Automobilmarktverträge trugen im Jahr 2022 410 Millionen US-Dollar zum Umsatz von Gentherm bei.

Geografische Region	Vertragswert	Prozentsatz
Nordamerika	220 Millionen Dollar	54%
Europa	110 Millionen Dollar	27%
Asien-Pazifik	80 Millionen Dollar	19%

Gentherm Incorporated (THRM) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Gentherm Incorporated's technology, and frankly, the numbers coming out of late 2025 show where the real value is landing right now. It's all about making the vehicle and patient experience better through precise thermal control.

Enhanced passenger comfort via Climate Control Seats (CCS) and massage solutions.

The push for premium in-cabin experience is clearly paying off in the segment that houses these features. For the third quarter of 2025, the Automotive Climate and Comfort Solutions revenue grew a solid 8.6% year over year, or 7.0% when you strip out currency effects. This growth outpaced light vehicle production in relevant markets by 160 basis points. This segment success is built on core offerings like Climate Control Seats (CCS®) and new additions like the Puls.A™, the innovative pulsating massage solution, which is driving incremental content and growth. To give you some historical context on the importance of CCS, ventilated CCS products alone contributed 33% to total product revenues for the year ended December 31, 2023. The company is consistently winning content for these systems, securing $620 million in new automotive business awards in Q2 2025 alone.

Here's a quick look at the segment performance driving this value:

• Automotive Climate and Comfort Solutions Revenue Growth (Q3 2025 YoY): 8.6%
• Automotive Climate and Comfort Solutions Revenue Growth (Q3 2025 ex-FX YoY): 7.0%
• New Automotive Business Awards Secured in Q2 2025: $620 million
• Total YTD New Automotive Business Awards (as of Q2 2025): Over $1 billion

Patient temperature management systems for critical care (Astopad, Vytil).

In the medical space, Gentherm Incorporated delivers critical patient temperature management systems like Astopad® and Vytil. While the overall Medical segment saw a slight dip in Q3 2025 revenue-decreasing 1.6% year over year excluding FX-the strategic focus on expanding distribution shows commitment to this value stream. For instance, in June 2025, Gentherm expanded its partnership with DUOMED to distribute the full patient temperature management portfolio, including Astopad® and Vytil-branded convective warming systems, into the French healthcare market, building on their Benelux success. This move leverages local expertise to deliver these critical care technologies.

Energy efficiency and thermal management for electric vehicle (EV) batteries.

The value proposition here is enabling the future of mobility by extending EV range and ensuring battery safety. Gentherm is active in this space, notably through its May 2023 partnership with Carrar to develop two-phase immersion thermal management systems for EV batteries. While Gentherm's direct revenue breakdown for this specific technology isn't broken out in the latest reports, the market context is massive: the U.S. battery thermal management system market is expected to see profitable development throughout 2025-2034, and the overall global market was valued at USD 3.7 billion in 2024. The company's general technology focus is on solutions that help reduce overall energy consumption, which directly translates to improved range for electric vehicles.

Integrated comfort solutions (lumbar, massage, heat) across vehicle platforms.

The ability to secure entire comfort suites on high-volume platforms is a clear indicator of the value of integrated solutions. A prime example is the win of the full comfort solutions portfolio on Ford's next-generation F-Series truck platform, one of the highest-volume platforms globally. This type of comprehensive win demonstrates that OEMs see value in bundling lumbar, massage, and heat solutions through a single, trusted supplier. The company's full-year 2025 guidance reflects confidence in this pipeline, projecting product revenues between $1.4 billion and $1.5 billion, with an expected Adjusted EBITDA margin between 11.5% and 13% of product revenues.

Here's a snapshot of the financial context for the full year 2025 outlook:

Metric	Guidance Range (Full Year 2025)	Most Recent Reported Period Data
Product Revenues	$1.4 billion to $1.5 billion	$386.9 million (Q3 2025)
Adjusted EBITDA Margin	11.5% to 13% of product revenues	12.7% (Q3 2025)
Effective Tax Rate	26% to 29%	Not explicitly reported for Q3 2025

Finance: draft 13-week cash view by Friday.

Gentherm Incorporated (THRM) - Canvas Business Model: Customer Relationships

You're looking at how Gentherm Incorporated (THRM) locks in its business, which is all about deep, long-term relationships with major Original Equipment Manufacturers (OEMs) and specialized healthcare distributors. This isn't about one-off sales; it's about securing multi-year platform commitments.

Direct, long-term engagement with OEMs to secure platform wins is the core driver of future revenue visibility. By late 2025, the company was demonstrating significant success in this area. For instance, in the third quarter of 2025 alone, Gentherm Incorporated secured $745 million of Automotive New Business Awards, pushing the year-to-date total to a trajectory aiming for over $2 billion in annual awards. This contrasts with the 2024 full year, where they secured $2.4 billion in automotive new business awards.

Here's a snapshot of the new business momentum reported through the first three quarters of fiscal 2025:

Reporting Period	Automotive New Business Awards Secured	Delivered Quarterly Revenue
Q1 2025	$400 million	$353.9 million
Q2 2025	$620 million	$375.1 million
Q3 2025	$745 million	$386.9 million

The relationship strategy involves securing wins across various product lines and geographies. You can see this in the specific awards announced:

• Secured a conquest Climate Control Seat award from Volvo in Q1 2025.
• Won the first lumbar and massage comfort solutions award from a Japanese OEM in Q1 2025.
• Secured awards for the next-generation Ford F-Series truck platform in Q2 2025.

Dedicated sales and support for healthcare providers and clinicians is managed through strategic channel partners. Gentherm Incorporated expanded its long-standing partnership with DUOMED into France in June 2025, building on their existing collaboration in the Benelux region. This agreement allows DUOMED to distribute the full patient temperature management portfolio, including the Astopad® resistive warming system and the Vytil-branded convective warming system. The success of this dedicated channel is evidenced by early feedback from French clinicians being 'especially positive' regarding the superior quality of Vytil blankets.

Co-development and customization of thermal solutions for specific vehicle models is a key part of securing those large platform wins. A concrete example of this deep collaboration is the work with General Motors on the ClimateSense® system, which was featured as standard equipment on the 2024 Cadillac CELESTIQ. Furthermore, a breakthrough software award in 2023 paved the way for further ClimateSense feature implementation across nearly all future General Motors ICE and electric vehicles. This shows a commitment to integrating technology directly into the OEM's future architecture.

Strategic account management for high-volume customers like Ford F-Series is critical, given the sheer volume potential. The Q2 2025 win for the next-generation Ford F-Series truck platform is a prime example of this focus. While specific financial details tied only to the F-Series win aren't broken out, the overall Automotive Climate and Comfort Solutions revenue showed strength, increasing 3.8% year-over-year in Q2 2025. The company's guidance for full-year 2025 product revenues was set between $1.4 billion and $1.5 billion.

The relationship extends to operational alignment, as seen by the fact that in Q3 2025, Gentherm Incorporated commenced shipment of customer-approved production components from its new Morocco facility. Finance: draft 13-week cash view by Friday.

Gentherm Incorporated (THRM) - Canvas Business Model: Channels

You're looking to map out exactly how Gentherm Incorporated (THRM) gets its thermal management and comfort solutions into the hands of its customers as of late 2025. It's a mix of deep, direct relationships with the giants of the auto industry and targeted partnerships for its specialized medical gear. Honestly, the channels reflect the dual nature of their business.

The sheer scale of their operation is worth noting first. Gentherm Incorporated has more than 14,000 employees operating in facilities across 13 countries. This global footprint is the backbone supporting all their sales channels, ensuring localized technical support, engineering, and distribution capabilities worldwide.

Direct Sales Force to Global Automotive OEMs and Tier 1 Suppliers

The primary channel is the direct engagement with Original Equipment Manufacturers (OEMs) and their Tier 1 suppliers. This is where the bulk of the revenue flows, driven by securing long-term design wins for their climate comfort and battery performance solutions. The strength of this channel is evident in the commercial performance; for instance, the Automotive Climate and Comfort Solutions segment grew 8.6% year-over-year in Q3 2025. That kind of growth, outpacing light vehicle production by 160 basis points, suggests the direct sales team is effectively winning content per vehicle.

The pipeline for this direct channel looks robust, too. Gentherm Incorporated secured $1.8 billion in new automotive business awards year-to-date through Q3 2025, keeping them on track to exceed $2 billion for the full year. This backlog is the direct result of successful channel execution with major global auto players.

Here's a snapshot of the financial context driving these channel efforts:

Metric	Value (As of Late 2025)	Context
Full Year 2025 Product Revenue Guidance (Midpoint)	$1.48 billion	Overall scale supported by all channels.
Q3 2025 Product Revenue	$386.9 million	Quarterly output from all segments.
Automotive Segment Y/Y Growth (Q3 2025)	8.6%	Direct channel performance indicator.
New Automotive Awards YTD Q3 2025	$1.8 billion	Future revenue secured via direct OEM channel.

Specialized Third-Party Distributors (e.g., DUOMED) for Medical Products in Key Regions

For the Medical segment, which focuses on patient temperature management systems, Gentherm Incorporated relies on a more specialized distribution approach, often through strategic partnerships. While the Medical segment revenue saw a slight dip, decreasing 0.4% year-over-year in Q3 2025, the strategy for expansion through partners is clear. This channel is geographically focused, with existing product presence in hospitals primarily across the U.S., China, Germany and Brazil.

You see the channel strategy in action with specific partner moves. For example, Gentherm Incorporated announced the expansion of its long-standing partnership with DUOMED into France in June 2025. Furthermore, as of Q2 2025, the company had executed a strategic partnership agreement specifically to expand European distribution for its Medical business. This shows they use specialized third parties to navigate the regulatory and sales complexities in specific international medical markets.

Global Manufacturing and Logistics Network for Component Delivery

The physical channel supporting all sales is the global manufacturing and logistics network. This network is designed to provide localized design, integration, and production capabilities aligned with major customer strategies. The company is actively managing this infrastructure, with ongoing efforts related to a strategic footprint realignment and conducting operating reviews across manufacturing sites to drive excellence.

The operational reach includes:

• Facilities located across 13 countries.
• Support for localized technical support, sales, and engineering.
• Active deployment of a standardized operating system across sites.

This network is critical for delivering components for their product lines, which include Climate Control Seats®, battery performance solutions, and various valve systems for the automotive side, and patient temperature management systems for the medical side.

Direct Sales to Adjacent Markets like Commercial Vehicles and Motion Furniture

Gentherm Incorporated is actively pushing its technology into adjacent markets, which is also handled through direct sales efforts, leveraging existing OEM relationships. This is a growth vector that diversifies reliance away from just light vehicle production forecasts. The company explicitly noted capturing awards in commercial vehicles and powersports, driven by this expanded focus on adjacent markets as of Q2 2025. While specific revenue figures for the motion furniture segment aren't broken out in the latest guidance, the strategy is to use their core thermal management expertise to penetrate these non-traditional automotive sectors directly.

If onboarding takes 14+ days, churn risk rises; similarly, if the commercial vehicle sales cycle is longer than expected, it will impact near-term revenue recognition from this channel. Finance: draft 13-week cash view by Friday.

Gentherm Incorporated (THRM) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Gentherm Incorporated (THRM) as of late 2025, and honestly, it's still overwhelmingly focused on the automotive sector. The numbers make that crystal clear; the Automotive segment is the revenue engine.

For the full 2025 fiscal year, Gentherm Incorporated expects total product revenue to land between $1.47 billion and $1.49 billion, with the midpoint near $1.48 billion. As of the third quarter of 2025, the trailing twelve-month revenue stood at $1.47B. In Q3 2025 alone, product revenue hit $386.9 million, showing a 4.1% year-over-year increase. Within that quarter, the Automotive Climate and Comfort Solutions revenue was up 8.6% year-over-year, or 7.0% excluding currency effects, significantly outperforming light vehicle production forecasts by 160 basis points.

The customer base is geographically diverse, with operations spanning facilities across 13 countries, including key automotive markets like the United States, China, Germany, Japan, and South Korea. This local alignment helps them secure major design, integration, and production contracts.

Here's a breakdown of the primary customer groups Gentherm Incorporated serves:

• Global Automotive OEMs: This is the bread and butter. Gentherm Incorporated supplies thermal management and comfort systems to major manufacturers across North America, Europe, and Asia. They recently secured a conquest Climate Control Seat award from Volvo and a conquest award with Mercedes-Benz.
• Chinese Domestic Automotive OEMs: China is listed as one of the key geographical segments where Gentherm operates, indicating direct engagement with domestic automakers, though specific revenue contribution from this group isn't broken out separately from the overall Automotive segment.
• Healthcare Providers and Hospitals: This is the Medical segment, which focuses on patient temperature management systems. In Q3 2025, this segment saw a slight dip, decreasing 0.4% year-over-year, showing its smaller scale compared to the core automotive business.
• Adjacent Markets: While Gentherm Incorporated exited the non-automotive electronics business, they are actively pursuing other adjacent opportunities. They were selected by a leading global furniture brand to supply comfort solutions, with production expected to start in the first quarter of 2026.

The company's focus on securing future revenue is evident in their backlog. Through the third quarter of 2025, Gentherm Incorporated secured $1.8 billion in new automotive business awards year-to-date, keeping them on track to exceed $2 billion in total awards for the full year 2025. That's a lot of future work locked in.

You can see the revenue concentration clearly when you look at the segments:

Customer Segment Group	Primary Product Focus	Q3 2025 Revenue Change (YoY)	Noteworthy Activity/Data Point
Automotive (Global & Domestic OEMs)	Climate comfort systems, battery performance solutions, electronics	+8.6% (or +7.0% ex-FX)	Secured $745 million in new awards in Q3 2025 alone.
Healthcare	Patient temperature management systems	-0.4%	Part of the smaller segment, leveraging thermophysiology expertise.
Adjacent Markets (Furniture)	Comfort solutions	N/A (New business pipeline)	Production start expected in Q1 2026 with a global furniture brand.

To be fair, the vast majority of the $1.47B TTM revenue is tied to the health of the global light vehicle production environment, which is why outperforming that production forecast by 160 basis points in Q3 2025 is such a critical metric for the Automotive OEM segment.

Finance: review the margin impact of the furniture contract versus the exited non-automotive electronics business by next Tuesday.

Gentherm Incorporated (THRM) - Canvas Business Model: Cost Structure

You're analyzing Gentherm Incorporated (THRM)'s cost base as of late 2025, and it's clear that the structure is heavily weighted toward direct production costs, technology investment, and ongoing operational adjustments. The cost of goods sold (COGS) is the most significant component, directly reflecting the complexity of their thermal management and comfort solutions.

Cost of sales, which is the GAAP term for COGS, was reported at $285,328 thousand for the three months ended June 30, 2025, on product revenues of $375,090 thousand. Looking at the year-to-date figures through the third quarter of 2025, the cumulative cost of sales reached $844,439 thousand. This cost is fundamentally driven by raw materials and manufacturing labor, as evidenced by the Q2 2025 gross margin compression to 23.9%, which management attributed to higher material costs, including unfavorable product mix, as well as higher labor costs.

Maintaining technology leadership requires a substantial, non-negotiable investment in Research & Development (R&D). For the second quarter of 2025, net research and development expenses were $22,558 thousand. Year-to-date through the third quarter of 2025, R&D spending totaled $71,203 thousand. To put this in perspective against recent history, Gentherm Incorporated's latest twelve months (LTM) R&D expenses stood at $118.8 million.

The company is actively managing its global footprint, which introduces specific, non-recurring costs. Expenses related to manufacturing footprint realignment and optimization were cited as a driver for margin pressure in the first half of 2025. Restructuring expenses, net, for the nine months ended September 30, 2025, totaled $10,608 thousand. This realignment is part of a longer-term strategy, with the commencement of shipments from the new Morocco facility in Q1 2025.

External logistics costs, including freight costs and the impact of tariffs on imported components, are a recognized headwind. Higher freight costs were a primary driver in the gross margin decline in Q1 2025. Furthermore, management noted a direct tariff impact of approximately 15 basis points on gross margin during the second quarter of 2025. Still, the team has been working with customers to mitigate exposure, keeping the tariff impact minimal in Q3.

Capital expenditures (CapEx) reflect investment in operational capacity and efficiency. For the full year 2025, Gentherm Incorporated guided capital expenditures between $55 million and $65 million. This is a reduction from the initial Q1 guidance of $70 million to $80 million, showing a near-term focus on optimizing current plant equipment utilization.

Here's a breakdown of key cost components for the periods reported in 2025:

Cost Component Category	Specific Metric/Period	Amount (in thousands USD unless noted)
Cost of Sales (COGS)	Q2 2025 (3 Months Ended June 30)	$285,328
Cost of Sales (COGS)	Nine Months Ended Q3 2025	$844,439
Gross Margin	Q2 2025	23.9%
Net Research & Development Expenses	Q2 2025 (3 Months Ended June 30)	$22,558
Net Research & Development Expenses	Nine Months Ended Q3 2025	$71,203
Restructuring Expenses, Net (Footprint Realignment)	Nine Months Ended Q3 2025	$10,608
Capital Expenditures (CapEx)	Full Year 2025 Guidance (Latest)	$55 million to $65 million
Tariff Impact on Gross Margin	Q2 2025	~15 bps headwind

The cost structure is clearly under pressure from input costs and strategic restructuring. The decision to lower CapEx guidance from the initial $70 million to $80 million range to the current $55 million to $65 million range shows a tactical shift to preserve cash while continuing essential investments.

• Higher material costs and unfavorable product mix are compressing gross margins.
• R&D spending remains high, with LTM expenses at $118.8 million to secure future revenue streams.
• Footprint realignment costs are being absorbed, evidenced by $10,608 thousand in restructuring expenses year-to-date through Q3 2025.
• Tariffs present a measurable, though currently minor, headwind to profitability.

Finance: draft 13-week cash view by Friday.

Gentherm Incorporated (THRM) - Canvas Business Model: Revenue Streams

You're looking at the top line for Gentherm Incorporated (THRM) as of late 2025, and the story is one of strong automotive demand pushing the overall forecast higher, even as the company works through margin pressures.

The primary revenue driver remains the Sales of Automotive Climate and Comfort Solutions. This segment is showing clear market share gains, outperforming the broader light vehicle production environment. For the third quarter ending September 30, 2025, the Automotive Climate and Comfort Solutions revenue grew 8.6% year-over-year, or 7.0% when you adjust for currency effects. This performance allowed Gentherm Incorporated (THRM) to outperform the S&P Global light vehicle production report in their relevant markets by 160 basis points during that quarter.

The company has signaled strong confidence in its near-term outlook by raising its full-year 2025 revenue guidance. The expected range for product revenue for the full fiscal year 2025 is now set between \$1.47 billion and \$1.49 billion. This is up from a previous outlook, with the midpoint landing near \$1.48 billion, reflecting better-than-expected second-half light vehicle production forecasts.

Here's a quick look at the most recent reported revenue figures and the full-year expectation:

Metric	Amount (USD)	Period/Context
Quarterly Revenue	\$387 million	Q3 2025
Trailing Twelve Month Revenue (TTM)	\$1.47B	As of September 30, 2025
Full-Year 2025 Revenue Guidance (Low End)	\$1.47 billion	Full Year 2025 Projection
Full-Year 2025 Revenue Guidance (High End)	\$1.49 billion	Full Year 2025 Projection

The Sales of Medical Patient Temperature Management Systems represent the smaller component of the revenue mix. In Q3 2025, this segment saw a slight dip, with revenue decreasing 0.4% year-over-year. However, looking at Q1 2025 data, the Medical segment had shown growth of 5.9% excluding currency impacts, so performance can fluctuate quarter-to-quarter.

Gentherm Incorporated (THRM) is actively pursuing growth outside its core automotive business, focusing on adjacent markets. This diversification effort is a key part of their strategy to broaden the revenue base. You can see this in the focus areas:

• Growth from Lumbar and Massage Comfort Solutions, which secured significant new business awards in Q1 2025.
• Entry into the furniture market, with a contract secured with a leading global brand to supply comfort solutions.
• This furniture contract is expected to start contributing annual revenue of \$3 to \$5 million beginning in the first quarter of 2026.
• Management has identified more than \$300 million in lifetime opportunities across these adjacent markets.

The core revenue streams, broken down by the latest quarterly performance data, look like this:

Segment	Q3 2025 Revenue Change (YoY)	Q3 2025 Revenue Change (Currency Neutral YoY)
Automotive Climate and Comfort Solutions	Increased 8.6%	Increased 7.0%
Medical	Decreased 0.4%	Decreased 1.6%

To be fair, while the top line is expanding, the company is also focused on securing future revenue, evidenced by securing \$745 million in new automotive business awards during Q3 2025 alone, keeping them on pace to deliver over \$2 billion in new automotive awards for the full year 2025. That backlog is what supports the revenue guidance you see now.