Miller Industries, Inc. (MLR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del transporte automotriz, Miller Industries, Inc. (MLR) se destaca como una fuerza pionera, transformando el panorama de equipos de remolque y recuperación con su enfoque innovador y soluciones integrales. Desde ingeniería especializada hasta avances tecnológicos de vanguardia, este líder de la industria ha creado meticulosamente un modelo de negocio que ofrece equipos confiables y de alta calidad a diversos segmentos de clientes que van desde servicios de emergencia hasta operadores de flotas comerciales. Al integrar perfectamente asociaciones estratégicas, capacidades de fabricación avanzada y propuestas de valor centradas en el cliente, Miller Industries se ha posicionado como un facilitador crítico de transporte de vehículos eficiente y confiable en múltiples sectores.

Miller Industries, Inc. (MLR) - Modelo de negocios: asociaciones clave

Relaciones estratégicas con fabricantes y concesionarios automotrices

Miller Industries mantiene asociaciones con varios fabricantes y concesionarios automotrices clave, centrándose en la integración de equipos de remolque y recuperación.

Fabricante	Tipo de asociación	Año establecido
Ford Motor Company	Compatibilidad del equipo	2018
General Motors	Integración del chasis	2016
Camiones con carnicero	Soluciones especializadas de remolque	2019

Asociaciones con proveedores y fabricantes de equipos de remolque

Miller Industries colabora con fabricantes de equipos especializados para mejorar las capacidades de productos.

• Jerr -Dan Corporation - Socio de equipo de remolque primario
• Equipo de soldadura de Miller - Componentes estructurales
• Chevron Laboratories - Pruebas y desarrollo de materiales

Colaboraciones con compañías de seguros y proveedores de asistencia en carretera

Proveedor de seguros	Detalles de la asociación	Valor de contrato
Seguro progresivo	Red de remolque preferida	$ 3.2 millones anualmente
Geico	Equipo de respuesta a emergencias	$ 2.7 millones anualmente
Asistencia en carretera AAA	Acuerdo de servicio nacional	$ 4.5 millones anuales

Alianzas con distribuidores de piezas automotrices de posventa

Miller Industries mantiene asociaciones de distribución estratégica para apoyar el ciclo de vida del producto y los componentes de reemplazo.

• Autozone - Distribución de piezas nacionales
• O'Reilly Auto Parts - Red de suministro regional
• Advance Auto Parts: suministro de componentes a nivel nacional

Impacto de los ingresos de la asociación total: aproximadamente $ 12.4 millones anuales

Miller Industries, Inc. (MLR) - Modelo de negocio: actividades clave

Diseño y fabricación de equipos de remolque y recuperación

Miller Industries informó una capacidad de fabricación total de 12,000 unidades de remolque anualmente a partir de 2023. Instalaciones de producción ubicadas en McDonough, Georgia, que abarca 280,000 pies cuadrados.

Categoría de equipo	Volumen de producción anual	Precio unitario promedio
Grúas rotadoras	1.800 unidades	$250,000
Restos de servicio pesado	2.400 unidades	$180,000
Grúas de servicio mediano	4.200 unidades	$95,000

Investigación y desarrollo de productos para soluciones innovadoras de remolque

La inversión en I + D para 2023 totalizó $ 8.2 millones, lo que representa el 4.7% de los ingresos totales de la compañía.

• 3 centros de ingeniería dedicados
• 22 solicitudes de patentes activas
• 6 prototipos de nuevos productos desarrollados en 2023

Marketing y ventas de equipos de transporte automotrices especializados

Distribución de ventas en los segmentos de mercado en 2023:

Segmento de mercado	Porcentaje de ventas	Ganancia
Municipal/gobierno	35%	$ 62.4 millones
Empresas de remolque privadas	45%	$ 80.1 millones
Servicios de seguros/flota	20%	$ 35.6 millones

Servicios de mantenimiento y soporte para equipos de remolque

Ingresos de servicio para 2023: $ 17.3 millones con una tasa de retención de clientes del 98%.

• Equipo de soporte técnico 24/7
• 12 centros de servicio regionales
• Tiempo de respuesta promedio: 4.2 horas
• Cobertura de garantía de hasta 5 años

Miller Industries, Inc. (MLR) - Modelo de negocio: recursos clave

Instalaciones de fabricación avanzada en Georgia

Miller Industries opera una instalación de fabricación primaria ubicada en Chattanooga, Tennessee, que abarca aproximadamente 300,000 pies cuadrados. El valor total de propiedades, plantas y equipos (PP&E) de la instalación al 31 de diciembre de 2022 era de $ 51.4 millones.

Ubicación de la instalación	Pies cuadrados	Valor PP&E
Chattanooga, Tennessee	300,000 pies cuadrados	$ 51.4 millones

Equipos especializados de ingeniería y diseño

Miller Industries emplea a aproximadamente 850 empleados en total, con un estimado de 75-100 dedicados a funciones de ingeniería y diseño. Los gastos de investigación y desarrollo de la compañía para 2022 fueron de $ 3.2 millones.

• Total de empleados: 850
• Tamaño del equipo de ingeniería y diseño: 75-100
• Gastos de I + D en 2022: $ 3.2 millones

Propiedad intelectual y patentes de productos

Miller Industries posee múltiples patentes relacionadas con equipos de remolque y recuperación. Los activos intangibles de la compañía, incluidas las patentes, se valoraron en $ 12.7 millones al 31 de diciembre de 2022.

Tipo de activo	Valor
Activos intangibles	$ 12.7 millones

Reputación de la marca

Miller Industries es el El mayor fabricante de equipos de remolque y recuperación en América del Norte. La cuota de mercado de la compañía en el segmento de equipos de remolque se estima en 45-50%.

Fuerza laboral hábil

La compañía mantiene una fuerza laboral técnica altamente calificada con una tenencia promedio de 8-10 años. Los costos laborales para 2022 totalizaron aproximadamente $ 42.5 millones.

• Promedio de la tenencia del empleado: 8-10 años
• Costos laborales totales en 2022: $ 42.5 millones
• Experiencia técnica en múltiples líneas de productos

Miller Industries, Inc. (MLR) - Modelo de negocio: propuestas de valor

Equipo de recuperación y remolque confiable de alta calidad

Miller Industries, Inc. reportó ingresos totales de $ 198.7 millones en 2022, con equipos de remolque especializados que representan una parte significativa de su línea de productos.

Categoría de equipo	Volumen de ventas anual	Precio unitario promedio
Grúas rotadoras	425 unidades	$285,000
Restos de servicio pesado	612 unidades	$215,000
Grúas de servicio ligero	1.150 unidades	$95,000

Gama integral de soluciones especializadas de transporte de vehículos

Miller Industries ofrece múltiples líneas de productos en diferentes segmentos de transporte de vehículos.

• Equipo de remolque comercial
• Sistemas de recuperación de vehículos militares y gubernamentales
• Soluciones de transporte industrial
• Plataformas de vehículos de respuesta a emergencias

Avances tecnológicos innovadores en equipos de remolque

La inversión en I + D en 2022 totalizó $ 7.2 millones, centrándose en mejoras tecnológicas en el diseño y la funcionalidad de los equipos de remolque.

Área tecnológica	Solicitudes de patentes	Gasto de desarrollo
Sistemas hidráulicos avanzados	6 patentes	$ 2.1 millones
Interfaces de control digital	4 patentes	$ 1.5 millones
Materiales compuestos livianos	3 patentes	$ 1.8 millones

Soluciones personalizables para diversas necesidades de transporte automotriz

Miller Industries ofrece capacidades de ingeniería personalizadas con el 87% de los clientes que reciben configuraciones de equipos personalizados en 2022.

Atención al cliente superior y asistencia técnica

Las métricas de atención al cliente para 2022 demostraron una alta calidad de servicio:

• Tiempo de respuesta de soporte técnico: promedio de 2.3 horas
• Calificación de satisfacción del cliente: 94.6%
• Resolución de reclamos de garantía: 97.2% Resolución de primer contacto

Miller Industries, Inc. (MLR) - Modelo de negocios: relaciones con los clientes

Equipo de ventas directas que proporciona atención al cliente personalizada

Miller Industries mantiene un equipo de ventas dedicado con 27 representantes de ventas directas a partir del año fiscal 2023. El equipo cubre múltiples regiones geográficas, incluidas América del Norte, Europa y los mercados internacionales seleccionados.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	27
Tiempo promedio de interacción con el cliente	2.4 horas por cliente
Calificación de satisfacción del cliente	4.6/5.0

Soporte técnico y servicio postventa

Miller Industries opera una infraestructura integral de soporte técnico con 15 especialistas dedicados de soporte técnico.

• Disponibilidad de soporte técnico 24/7
• Tiempo de respuesta promedio: 37 minutos
• Cobertura de servicio en 12 países

Relaciones a largo plazo con operadores de flota comercial

La empresa ha establecido asociaciones estratégicas con 43 operadores de flotas comerciales A diciembre de 2023, que representa un aumento del 12% respecto al año anterior.

Métricas de relación de operador de flota	2023 datos
Total de socios de flota comercial	43
Duración promedio de la asociación	7.2 años
Repita la tarifa comercial	87%

Información en línea de productos y plataformas de servicio al cliente

Miller Industries ha invertido $ 1.2 millones en infraestructura de servicio al cliente digital en 2023.

• Portal web con acceso 24/7
• Aplicación móvil para el seguimiento de productos
• Base de conocimiento en línea con 672 documentos técnicos

Talleres de capacitación y técnicos para usuarios de equipos

La empresa realizada 37 talleres de capacitación técnica En 2023, llegando a aproximadamente 512 usuarios de equipos profesionales.

Métricas de taller de capacitación	2023 datos
Talleres totales realizados	37
Participantes totales	512
Duración promedio del taller	6.5 horas

Miller Industries, Inc. (MLR) - Modelo de negocios: canales

Ventas directas a través de representantes de ventas de la compañía

Miller Industries emplea a 42 representantes de ventas directas a partir del año fiscal 2023. Ingresos anuales promedio por representante de ventas: $ 1.2 millones.

Tipo de canal de ventas	Número de representantes	Cobertura geográfica
Mercado norteamericano	28	Estados Unidos y Canadá
Mercado internacional	14	Europa y América Latina

Plataforma de comercio electrónico en línea

Canal de ventas digitales que genera $ 7.3 millones en ingresos anuales. Tráfico del sitio web: 164,000 visitantes únicos mensualmente.

• Plataforma lanzada en 2019
• Diseño de respuesta móvil
• Capacidades de transacción B2B y B2C

Ferias y exhibiciones de equipos automotrices

Participación anual en 12 ferias comerciales de la industria. Inversión total de la exhibición: $ 425,000 anuales.

Demostración comercial	Ubicación	Generación de leads anual
Show de SEMA	Las Vegas, NV	387 clientes potenciales calificados
Aapex	Las Vegas, NV	276 clientes potenciales calificados

Redes de distribuidores y distribuidores

Red total de distribuidores: 214 socios en América del Norte y los mercados internacionales.

• Ventas anuales promedio por distribuidor: $ 1.7 millones
• Cobertura de la red: 48 estados y 12 países
• Tasa de retención de asociación del distribuidor: 92%

Marketing digital y publicidad específica de la industria

Presupuesto anual de marketing digital: $ 1.1 millones. Desglose del canal de marketing:

Canal de marketing	Porcentaje de presupuesto	Gasto anual
Ads de Google	35%	$385,000
Publicaciones de la industria	25%	$275,000
Publicidad en las redes sociales	20%	$220,000
Anuncios dirigidos de LinkedIn	15%	$165,000
Otros canales digitales	5%	$55,000

Miller Industries, Inc. (MLR) - Modelo comercial: segmentos de clientes

Empresas de remolque automotriz

Miller Industries atiende a aproximadamente 8.500 empresas de remolque en los Estados Unidos a partir de 2023.

Segmento de mercado	Número de clientes	Contribución anual de ingresos
Negocios de remolque independientes	6,200	$ 42.3 millones
Redes de franquicia de remolque	2,300	$ 28.7 millones

Operadores de flota comercial

Miller Industries suministra equipos a aproximadamente 3.700 operadores de flotas comerciales en todo el país.

• Empresas de transporte: 1.850 clientes
• Empresas de logística: 1.250 clientes
• Empresas de transporte: 600 clientes

Servicios de emergencia y proveedores de asistencia en la carretera

Miller Industries apoya a 2.600 organizaciones de asistencia de emergencia y en la carretera.

Tipo de servicio	Conteo de clientes	Compra promedio de equipos anuales
Patrulla de carreteras estatales	450	$ 1.2 millones
Asistencia privada en la carretera	1,750	$850,000
Servicios de emergencia municipales	400	$ 1.5 millones

Fabricantes de automóviles y concesionarios

Miller Industries atiende a 1.200 fabricantes de automóviles y redes de concesionarios.

• Fabricantes de equipos originales: 350 clientes
• Redes de concesionario automotriz: 850 clientes

Departamentos de transporte de vehículos gubernamentales y municipales

Miller Industries ofrece equipos a 975 departamentos de transporte gubernamental y municipal.

Nivel gubernamental	Conteo de clientes	Ventas de equipos totales
Departamentos a nivel estatal	350	$ 22.6 millones
Departamentos a nivel del condado	425	$ 18.3 millones
Departamentos de nivel municipal	200	$ 12.7 millones

Miller Industries, Inc. (MLR) - Modelo de negocio: Estructura de costos

Gastos de fabricación y producción

Para el año fiscal 2023, Miller Industries informó gastos de fabricación totales de $ 78.4 millones. El desglose de los costos de producción incluye:

Categoría de costos	Monto ($)
Materia prima	42,560,000
Trabajo directo	22,890,000
Sobrecarga de fabricación	12,950,000

Inversiones de investigación y desarrollo

Los gastos de I + D para Miller Industries en 2023 totalizaron $ 6.2 millones, lo que representa el 3.7% de los ingresos totales.

Costos operativos de ventas y marketing

Categoría de gastos de marketing	Monto ($)
Publicidad	3,450,000
Ferias comerciales	1,230,000
Marketing digital	2,180,000

Salarios y beneficios de los empleados

Compensación total de empleados para 2023:

• Salarios base: $ 35,670,000
• Seguro de salud: $ 4,890,000
• Beneficios de jubilación: $ 3,240,000
• Bonos de rendimiento: $ 2,560,000

Gestión de la cadena de suministro y logística

Categoría de gastos logísticos	Monto ($)
Transporte	5,670,000
Almacenamiento	3,450,000
Gestión de inventario	2,340,000

Estructura de costos totales para 2023: $ 105,290,000

Miller Industries, Inc. (MLR) - Modelo de negocios: flujos de ingresos

Ventas de equipos de remolque y recuperación

En el año fiscal 2023, Miller Industries reportó ingresos totales de $ 214.9 millones, con ingresos primarios generados por las ventas de equipos de remolque y recuperación.

Categoría de equipo	Ingresos (2023)	Porcentaje de ventas totales
Grúas rotadoras	$ 78.3 millones	36.4%
Restos de servicio pesado	$ 62.5 millones	29.1%
Grúas de servicio ligero	$ 47.2 millones	22.0%

Piezas de posventa y componentes de reemplazo

Las ventas de piezas del mercado de accesorios contribuyeron con $ 33.6 millones en 2023, lo que representa el 15.6% de los ingresos totales de la compañía.

• Marca promedio de piezas: 42.5%
• Componentes de reemplazo más populares: sistemas hidráulicos, cabrestantes, componentes eléctricos

Soporte técnico y servicios de mantenimiento

Los ingresos por servicio para 2023 alcanzaron $ 15.2 millones, con un valor promedio del contrato de servicio de $ 3,750 por cliente.

Tipo de servicio	Ganancia	Duración promedio del contrato
Soporte técnico en el sitio	$ 7.6 millones	12 meses
Servicios de garantía extendidos	$ 5.4 millones	24 meses
Servicios de reparación de emergencias	$ 2.2 millones	Por incidente

Licencias de innovaciones tecnológicas

La licencia de tecnología generó $ 4.7 millones en 2023, con 5 Acuerdos de transferencia de tecnología activa.

Soluciones de personalización y equipos especializados

Las soluciones de equipos personalizados representaron $ 26.5 millones en 2023, con un valor de proyecto promedio de $ 375,000.

• Customizaciones gubernamentales y militares: $ 12.3 millones
• Equipo especializado del sector industrial: $ 9.7 millones
• Servicios de emergencia Soluciones personalizadas: $ 4.5 millones

Miller Industries, Inc. (MLR) - Canvas Business Model: Value Propositions

Miller Industries, Inc. is the world's largest manufacturer of towing and recovery equipment. This market leadership is a core value proposition, built on decades of brand development and acquisition since 1990.

The product line offers a complete range, from lighter transport solutions to the most extreme recovery units. You can find equipment designed for most customer needs regarding capacity and cost requirements.

• Car carriers offer deck capabilities up to 40,000 pounds.
• Medium- and heavy-duty wreckers range in capacity from 16 to 50 tons.
• The flagship Century M100 rotator offers a true 100-ton lifting capacity, documented to the highest SAE standards.

This high-capacity equipment, like the M100, is engineered for mission-critical recovery. The engineering hours invested, over 10,000 during the M100's development, translate directly into reliability for demanding environments.

Component/Specification	Century M100 Detail	Unit
Lifting Capacity (Structural)	200,000	lbs.
Main Winch Capacity	65,000 (Dual)	lbs.
Turret Auxiliary Winch Capacity	30,000 (Dual)	lbs.
Optional Drag Winch Capacity	30,000	lbs.
Maximum Boom Height	Over 53	feet
Outrigger Stance	Over 25	feet

The commitment to quality is evident in the financial performance metrics, even amidst recent market headwinds. For instance, the gross profit margin for the first quarter of 2025 was 15.0% of net sales, up from 12.6% in the first quarter of 2024, showing product mix strength.

Miller Industries, Inc. supports this product line with an established global footprint. This network ensures aftermarket support and efficient product flow to the end-user.

• Manufacturing presence includes four facilities in the U.S., plus operations in England and France.
• The North American distribution network includes approximately 76 distributor locations serving all 50 states, Canada, and Mexico.
• International reach is supported by approximately 30+ distributors serving foreign markets.
• The company exports to approximately 60+ countries globally.

For the first quarter of 2025, the company declared a quarterly cash dividend of $0.20 per share, marking the fifty-eighth consecutive quarter of dividend payments. The 2024 full-year revenue was a record $1.258 billion, though the adjusted revenue guidance for the full 2025 fiscal year was revised to the range of $750 to $800 million.

Miller Industries, Inc. (MLR) - Canvas Business Model: Customer Relationships

You're looking at how Miller Industries, Inc. (MLR) manages its relationships across its customer base, which is quite layered, spanning independent dealers, large government entities, and individual investors. It's not a simple one-to-one sales model; it's built on channel strength and long-term commitments.

Distributor-centric model requiring inventory management support

The core of Miller Industries, Inc.'s sales structure relies heavily on its independent distributor network. This network is extensive, designed to cover the entire North American market and extend globally. Honestly, managing this channel is a key operational focus, especially when demand shifts.

The network details as of recent filings show significant reach:

• 77 distributor locations across the United States and Canada.
• Distributors in over 17 other countries, with approximately 30+ distributors serving other foreign markets.

A major relationship challenge involves inventory. You've seen reports of elevated field inventory in the distribution channel, which directly impacts new order intake. For instance, in the second quarter of 2025, order intake from distributors decreased by 30%, partly because retail sales activity was down 20% quarter over quarter. So, Miller Industries, Inc. must actively work with these partners to adjust production and accelerate the reduction of channel inventory to keep the relationship healthy and the sales pipeline moving.

Here's a quick look at how the distributor network size compares to recent financial activity:

Metric	Value	Context/Date Reference
North American Distributor Locations	77	As of 2025 investor materials.
Foreign Market Distributors (Approximate)	30+	Serving other foreign markets.
Q2 2025 Order Intake Decrease from Distributors	30%	Quarter over quarter decline.
Q3 2025 Net Sales	$178.7 million	For the quarter ended September 30, 2025.

Investor relations maintained via a quarterly cash dividend of $0.20 per share

For the shareholder segment, Miller Industries, Inc. maintains a consistent commitment through its dividend policy. This is a direct, quantifiable relationship metric. The Board of Directors declared a quarterly cash dividend of $0.20 per share, payable on December 9, 2025, to shareholders of record on December 2, 2025. This marks the sixtieth consecutive quarter the company has paid a dividend.

To give you some context on that commitment:

• The dividend amount of $0.20 per share was also paid in September 2025.
• The annual dividend per share in the past year was $0.79.
• The dividend payout ratio for the past year was 20.10%.
• The current TTM dividend yield is reported around 2.06%.

They returned approximately $3.5 million to shareholders through the combination of dividends and share repurchases in the third quarter of 2025.

Direct, long-term engagement for large government and military contracts

Beyond the commercial distribution channel, Miller Industries, Inc. engages directly with governmental entities, often through prime contractors. These relationships are characterized by long-term commitments and high-specification requirements. You're looking at a different kind of sales cycle here, one focused on mission-critical reliability.

A significant data point here is the Canadian Military contract. This contract has a stated value of $230.0M, with deliveries scheduled to begin in 2027. Management continues to reference the potential upside from pending military contracts as a driver for future revenue and earnings growth.

Dedicated customer service for technical product support

The relationship with the end-user is largely facilitated by the distributor, but the quality of that support is critical to the overall value proposition. Miller Industries, Inc. emphasizes that its authorized distributors are among the most knowledgeable in the industry. They are expected to provide fast access to parts and service for the equipment, which includes wreckers, rotators, and car carriers. This structure means the company's customer service commitment is channeled through ensuring the dealer network has the expertise and inventory to support complex technical products post-sale.

Finance: draft 13-week cash view by Friday.

Miller Industries, Inc. (MLR) - Canvas Business Model: Channels

You're looking at how Miller Industries, Inc. gets its world-leading towing and recovery equipment into the hands of end-users. It's a model heavily reliant on a strong, established dealer base, supplemented by direct government sales.

The core of the sales engine is the independent distributor network. Miller Industries maintains approximately 76 distributor locations across North America, which cover all 50 states, Canada, and Mexico. To be fair, one report from mid-2025 indicated a network spanning 53 distributors in North America. This network is key to providing local sales, parts, and after-the-sale service.

The reach extends well beyond North America. Miller Industries markets its equipment in approximately 60 countries globally through its international distribution arm. This global footprint is being actively reinforced, as seen by the recent acquisition of Omars - S.p.A in December 2025 for an aggregate purchase price of approximately $20.3 million, which expands the footprint in the European market.

For the fiscal year 2025, Miller Industries has a revised revenue guidance range of $750 million to $800 million. For context on recent activity, the third quarter ended September 30, 2025, saw net sales of $178.7 million.

The channels used to move this equipment include:

• Independent distributor network across North America.
• International distribution reaching approximately 60 countries globally.
• Direct sales channel for government and military vehicle procurement.
• Aftermarket parts sales through the distributor network.

Here's a quick look at the scale of the physical network supporting these channels:

Channel Component	Metric	Value
North American Distributor Locations	Count	Approximately 76
International Reach	Countries Served	Approximately 60
International Distributors (Alternative Count)	Count	Over 30+
Global Manufacturing Sites	Total Facilities	6 (4 US, 1 UK, 1 France)
Recent European Expansion Cost	Omars Acquisition Price	Approximately $20.3 million

Direct sales are a specific focus for government and military contracts, which management noted as a key market for growth. The company also emphasizes its aftermarket parts sales, which are handled through the same distributor network, and for which a tariff surcharge was implemented on new orders earlier in 2025.

The company's strategy involves maintaining a five-star distribution network to ensure industry-leading product sales and after-the-sale service.

Miller Industries, Inc. (MLR) - Canvas Business Model: Customer Segments

You're looking at the customer base for Miller Industries, Inc. (MLR) as of late 2025. The business model is heavily reliant on established North American channels, but recent strategic moves clearly signal a pivot toward global expansion, especially in Europe and the military sector.

The core of the business remains the established distribution network serving the towing and recovery industry across the United States. This network is deep, with approximately 53 distributors operating 75 distributor locations, and importantly, 100% of these distributors are exclusive to Miller Industries. While the overall business navigated a tough environment in 2025, with reaffirmed fiscal year revenue guidance between $750 million and $800 million, no single customer accounted for more than 10% of total revenues for the three months ended March 31, 2025.

Here is a breakdown of the key customer segments Miller Industries serves:

• Commercial towing and recovery operators (primary market): This is the bedrock, served through the extensive North American distribution system.
• Government and military entities (focus for 2026/2027 growth): Management noted a 'notable increase in Request For Quote or RFQ activity for our military vehicles'.
• Large transport fleets, including rental and salvage companies (e.g., IAA, Copart): These national accounts represent a key part of the transport fleet segment. As of March 31, 2025, one customer represented 12.5% of the Company's total trade receivable, though no single customer hit 10% of revenue in the quarter.
• European market customers via the new Omars acquisition: This segment was formalized in December 2025 with the acquisition of Omars - S.p.A for approximately $20.3 million.

The strategic importance of these segments can be mapped out with the associated financial and operational data we have:

Customer Segment	Primary Role/Focus	Relevant Financial/Statistical Data
Commercial Towing Operators	Primary market, served via exclusive North American distribution network.	North American distribution is approximately 53 distributors with 75 locations.
Government and Military Entities	Future growth focus; significant RFQ activity noted in late 2025.	Production for military orders is expected to ramp up in 2027. An EUR 8 million expansion in France supports this growth.
Large Transport Fleets (Rental/Salvage)	National accounts segment, including companies like Copart.	No single customer accounted for more than 10% of total revenues for the three months ended March 31, 2025.
European Market Customers (via Omars)	New, immediate global expansion channel following the December 2025 acquisition.	Omars generated approximately $27 million in annual revenue for 2024. The acquisition price was about $20.3 million.

To be fair, the current revenue picture for 2025 is compressed, with Q3 2025 net sales coming in at $178.7 million. However, the focus on military RFQs and the Omars deal shows management is positioning the customer base for a rebound, expecting to enter 2026 from a 'position of strength'. Finance: draft the 2026 budget assumptions based on Omars' 2024 revenue run-rate by next Wednesday.

Miller Industries, Inc. (MLR) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Miller Industries, Inc.'s (MLR) operational expenses as of late 2025. This structure is heavily influenced by raw material costs, overhead, and strategic investments in capacity.

The cost of producing the towing and recovery equipment-the Cost of Goods Sold (COGS)-is the largest component. For the third quarter of 2025, we can see the relationship between sales and gross profit, which directly informs the material and direct labor costs embedded in COGS.

Metric	Q3 2025 Amount	Q3 2024 Amount
Net Sales	$178.7 million	$314.3 million
Gross Profit	$25.3 million	$42.0 million
Cost of Goods Sold (Calculated)	$153.4 million	$272.3 million

The Cost of Goods Sold for manufacturing, which includes steel, components, and direct labor, was calculated at $153.4 million for the third quarter of 2025, based on reported net sales of $178.7 million and gross profit of $25.3 million. The gross margin percentage improved year-over-year to 14.2% in Q3 2025 from 13.4% in Q3 2024, largely due to a favorable product mix shifting toward more units versus chassis shipments.

Selling, General, and Administrative (SG&A) expenses represent a significant fixed and semi-variable cost layer. For the third quarter of 2025, SG&A expenses were reported at $21.2 million. This was an improvement in absolute dollars compared to $22.3 million in the third quarter of 2024, driven by cost-saving initiatives.

Labor costs are a key element within both COGS and SG&A. Miller Industries, Inc. incurred a specific, non-recurring charge related to its workforce management during the quarter.

• One-time expense recognized in Q3 2025 for an enhanced retirement program offered to U.S. employees aged 65 and above: $0.9 million.
• Total expected cost of the retirement program: $2.7 million, with the remainder expected in the fourth quarter of 2025.

Capital expenditures (CapEx) reflect investment in future capacity and efficiency. Miller Industries, Inc. continues to fund growth projects, including a significant international expansion.

• Investment for facility expansion at one of its French manufacturing sites: approximately 8 million euro.
• Year-to-date capital spending through Q2 2025 was approximately $8.6 million.

The company's capital allocation strategy also prioritizes funding for innovation, automation, and human capital alongside capacity expansion.

Miller Industries, Inc. (MLR) - Canvas Business Model: Revenue Streams

You're looking at how Miller Industries, Inc. brings in its money, which is heavily tied to the cyclical nature of the heavy-duty truck and towing market. The revenue streams are quite focused, centering on manufacturing and selling specialized equipment.

The primary source is definitely the Sales of new towing and recovery equipment (bodies and carriers). Miller Industries is The World's Largest Manufacturer of Towing and Recovery Equipment®, building the bodies that go onto truck chassis bought from third parties. This segment is sensitive to the overall health of the commercial vehicle market, which has seen some softness recently.

For the full fiscal year 2025, Miller Industries, Inc. is sticking with its guidance, which you should note was revised downward earlier in the year. The current expectation for the full-year 2025 revenue guidance is between $750 million and $800 million. To give you a sense of the year-to-date performance leading up to this guidance, the third quarter of 2025 saw net sales come in at $178.7 million, a significant drop of 43.1% compared to the third quarter of 2024.

Here's a quick look at the recent revenue performance against the full-year target:

Metric	Amount	Notes
FY 2025 Revenue Guidance (Low)	$750 million	Reaffirmed as of November 2025
FY 2025 Revenue Guidance (High)	$800 million	Reaffirmed as of November 2025
Trailing Twelve Months (TTM) Revenue	$0.84 Billion USD	As of November 2025
Q3 2025 Net Sales	$178.7 million	Represents a 43.1% decrease year-over-year
Q2 2025 Net Sales	$214.0 million	Represents a 42.4% decrease year-over-year

The composition of those sales matters a lot for profitability. The revenue from new equipment is split between the bodies Miller Industries manufactures and the chassis they are mounted on. You've seen the mix shift; for instance, the gross margin percentage improved in Q3 2025 because the product mix shifted toward a higher percentage of bodies relative to chassis shipments, which declined substantially.

Another distinct revenue stream is the Sales of military transport and recovery vehicles. This area is a key focus for future growth. Management has noted strong interest in the global military market and an increase in Request For Quote (RFQ) activity. While they recently signed a contract with the Canadian military, the expectation is that interest will carry into 2026, positioning them for potential production orders in 2027.

Finally, Miller Industries generates Revenue from aftermarket parts, service, and accessories. This stream often provides a steadier, higher-margin component to the overall revenue base, especially when new equipment sales are soft. To counter margin pressures from other areas, the company has introduced price increases specifically on these parts.

You can see the key components of the revenue generation here:

• Sales of new towing and recovery equipment bodies and carriers.
• Revenue from military transport and recovery vehicle contracts.
• Sales of aftermarket parts, service, and accessories, which saw price increases.
• The company is actively managing chassis shipments versus body shipments to optimize gross margin percentage.

Finance: draft 13-week cash view by Friday.