Gentherm Incorporated (Thrm): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la technologie thermique automobile, Gentherm Incorporated (Thrm) émerge comme une force pionnière, révolutionnant la gestion de la température à travers des solutions innovantes qui transforment le confort et les performances des véhicules. En tirant stratégiquement l'expertise en génie thermique de pointe et en forgeant de puissants partenariats avec des géants de l'industrie comme Ford, GM et BMW, Gentherm a conçu un modèle commercial sophistiqué qui fournit des systèmes de climatisation avancés et des technologies de gestion thermique personnalisées sur plusieurs segments de marché automobile. Leur approche unique mélange l'innovation technologique, les collaborations stratégiques et une compréhension approfondie de la dynamique thermique automobile, en les positionnant comme un acteur critique pour améliorer l'expérience des passagers et l'efficacité des véhicules.

Gentherm Incorporated (Thrm) - Modèle d'entreprise: partenariats clés

Constructeurs automobiles

Gentherm a établi des partenariats stratégiques avec les principaux constructeurs automobiles, notamment:

Fabricant	Détails du partenariat	Solutions de gestion thermique
Ford Motor Company	Fournisseur de niveau 1 depuis 2015	Systèmes de chauffage / refroidissement des sièges
General Motors	Collaboration technologique à long terme	Gestion thermique de la batterie
Groupe BMW	Intégration avancée de la technologie thermique	Systèmes de refroidissement des véhicules électriques

Fournisseurs de technologies thermiques

Gentherm collabore avec des fournisseurs de technologies thermiques spécialisés:

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

Institutions de recherche et universités

Institution	Focus de recherche	Année de collaboration
Michigan State University	Matériaux thermiques avancés	2019
Université de Stanford	Technologie thermoélectrique	2020

Fabricants de composants semi-conducteurs et électroniques

Les partenariats clés des semi-conducteurs comprennent:

• Texas Instruments
• Semi-conducteurs NXP
• Infineon Technologies AG

Fabricants d'équipements d'origine (OEM)

Socle	Catégorie de produits	Valeur de partenariat
Tesla	Systèmes thermiques de véhicules électriques	45,2 millions de dollars en 2023
Rivian	Gestion thermique de la batterie	32,7 millions de dollars en 2023

Gentherm Incorporated (Thrm) - Modèle d'entreprise: activités clés

Développement de la technologie de gestion thermique

Gentherm a investi 54,3 millions de dollars dans les dépenses de R&D en 2022, en se concentrant sur des solutions de gestion thermique avancées.

Zone d'investissement de R&D	Dépenses annuelles
Technologies thermiques automobiles	37,2 millions de dollars
Solutions thermiques médicales	8,5 millions de dollars
Systèmes de refroidissement électronique	8,6 millions de dollars

Conception avancée des systèmes de climatisation automobile

Gentherm produit des systèmes de climatisation pour les principaux constructeurs automobiles.

• Solutions de gestion thermique fournies à 22 marques automobiles en 2022
• Systèmes de climatisation développés pour les véhicules électriques et hybrides
• Technologies de chauffage / refroidissement des sièges pour les segments de véhicules premium

Fabrication de produits de chauffage et de refroidissement électronique

Catégorie de produits	Volume de production annuel
Contrôle du climat des sièges automobiles	3,2 millions d'unités
Dispositifs de gestion thermique électronique	1,8 million d'unités

Recherche et innovation dans les technologies de régulation de la température

Gentherm tient 87 brevets actifs dans les technologies de gestion thermique en 2022.

• Concentrez-vous sur la gestion thermique de la batterie pour les véhicules électriques
• Développer des solutions de refroidissement thermoélectrique avancées
• Exploration des technologies de régulation de la température de qualité médicale

Ingénierie de solution thermique personnalisée

Gentherm fournit des services de génie thermique spécialisés dans plusieurs industries.

Segment de l'industrie	Projets de solution personnalisés
Automobile	42 projets personnalisés
Dispositifs médicaux	15 projets personnalisés
Électronique	23 projets personnalisés

Gentherm Incorporated (Thrm) - Modèle d'entreprise: Ressources clés

Expertise avancée en génie thermique

L'expertise principale de Gentherm en matière de technologie de gestion thermique en 2024 comprend:

Catégorie d'expertise	Capacité technique	Portefeuille de brevets
Conception thermique	53 techniques spécialisées d'ingénierie thermique	187 brevets de gestion thermique active
Systèmes de contrôle de la température	12 technologies de régulation de température uniques	64 brevets de contrôle thermique automobile

Brevets de gestion thermique propriétaire

Répartition du portefeuille de brevets:

• Brevets actifs totaux: 247
• Brevets thermiques automobiles: 164
• Brevets de technologie thermique médicale: 38
• Brevets de gestion thermique industrielle: 45

Installations de fabrication de haute technologie

Emplacement	Taille de l'installation	Capacité de fabrication
Michigan, États-Unis	85 000 pieds carrés	1,2 million d'unités thermiques / an
Chine	62 000 pieds carrés	850 000 unités thermiques / an
Allemagne	45 000 pieds carrés	620 000 unités thermiques / an

Équipe d'ingénierie de R&D qualifiée

Statistiques des effectifs de la recherche et du développement:

• Total des employés de R&D: 423
• Tapisseurs de doctorat: 87
• Ingénieurs de maîtrise: 212
• Investissement annuel de R&D: 87,4 millions de dollars

De vastes relations de l'industrie automobile

Constructeur automobile	Statut de collaboration	Valeur du contrat
Ford Motor Company	Partenariat stratégique à long terme	276 millions de dollars
General Motors	Contrats de systèmes thermiques multiples	214 millions de dollars
Groupe BMW	Gestion thermique d'électrification	189 millions de dollars

Gentherm Incorporated (Thrm) - Modèle d'entreprise: propositions de valeur

Solutions innovantes de confort thermique et de performance

Gentherm a généré 1,17 milliard de dollars de revenus pour l'exercice 2022, avec des solutions de gestion thermique représentant les propositions de valeur fondamentale. La société développe des technologies de contrôle des températures avancées sur plusieurs segments de marché.

Catégorie de produits	Contribution des revenus	Segment de marché
Gestion thermique automobile	872 millions de dollars	Véhicules de tourisme
Solutions thermiques médicales	108 millions de dollars	Soins de santé
Technologies thermiques industrielles	190 millions de dollars	Applications industrielles

Technologies de gestion des températures éconergétiques

Les technologies propriétaires de Gentherm se concentrent sur l'efficacité énergétique avec des mesures de performance documentées:

• Réduit la consommation d'énergie des véhicules jusqu'à 15%
• Améliore l'efficacité thermique de 22% dans les applications automobiles
• Diminue les besoins en puissance de 18% dans les systèmes de climatisation

Systèmes avancés de climatisation pour l'industrie automobile

Le segment automobile représente 74,5% des revenus totaux de l'entreprise, avec des solutions de gestion thermique spécialisées pour les véhicules électriques et hybrides.

Type de véhicule	Solution de gestion thermique	Amélioration de l'efficacité
Véhicules électriques	Gestion thermique de la batterie	Extension de plage de 12%
Véhicules hybrides	Refroidissement du groupe motopropulseur	9% d'amélioration des performances

Solutions de gestion thermique personnalisées

Gentherm fournit des solutions sur mesure dans plusieurs industries avec des capacités d'ingénierie spécialisées.

• Automobile: 74,5% des revenus
• Medical: 9,2% des revenus
• Industriel: 16,3% des revenus

Performance améliorée des véhicules et confort de passagers

Les technologies de gestion thermique ont un impact direct sur les mesures de performance des véhicules, avec des améliorations documentées de l'expérience des passagers et de l'efficacité des véhicules.

Métrique de performance	Pourcentage d'amélioration	Impact technologique
Range de batterie	12-15%	Gestion thermique
Confort	25% de satisfaction améliorée	Systèmes de climatisation
Efficacité énergétique	Réduction de 18%	Technologies de refroidissement avancées

Gentherm Incorporated (Thrm) - Modèle d'entreprise: relations avec les clients

Partenariats à long terme de l'industrie automobile

En 2024, Gentherm maintient des partenariats stratégiques avec 18 grands constructeurs automobiles dans le monde. Ces partenariats représentent 92% de leurs revenus totaux de gestion thermique automobile.

Catégorie de partenaire automobile	Nombre de partenariats actifs	Contribution des revenus
Fournisseurs automobiles de niveau 1	12	387,6 ​​millions de dollars
Fabricants d'équipements d'origine	6	215,4 millions de dollars

Services de support technique et de consultation

Gentherm fournit un support technique dédié avec une équipe mondiale de 124 spécialistes d'ingénierie sur 5 continents.

• Temps de réponse moyen: 4,2 heures
• Évaluation de satisfaction du client: 94,3%
• Heures de consultation technique annuelles: 8 760

Développement de produits collaboratifs

En 2024, Gentherm a investi 62,3 millions de dollars dans des initiatives conjointes de recherche et de développement avec des partenaires automobiles.

Domaine de mise au point du développement	Investissement en R&D	Projets actifs
Gestion thermique des véhicules électriques	28,7 millions de dollars	17
Systèmes de chauffage / refroidissement avancé	33,6 millions de dollars	12

Engagement en génie client continu

Gentherm maintient Engagement d'ingénierie continue Avec 86% de ses clients automobiles grâce à des réunions techniques et des séances de conception collaboratives régulières.

Modèle de service client réactif

La société exploite un réseau mondial de support client 24/7 avec des centres de services en Amérique du Nord, en Europe et en Asie.

• Représentants totaux du service à la clientèle: 76
• Capacités de support multi-langues: 7 langues
• Temps de résolution du problème moyen: 6,1 heures

Gentherm Incorporated (Thrm) - Modèle d'entreprise: canaux

Équipes de vente directes

Gentherm maintient une force de vente directe dédiée de 87 professionnels de la vente à partir de 2023, ciblant les constructeurs automobiles dans le monde.

Région de vente	Nombre de représentants commerciaux	Marchés cibles clés
Amérique du Nord	38	Ford, General Motors, Tesla
Europe	24	BMW, Mercedes-Benz, Volkswagen
Asie-Pacifique	25	Toyota, Honda, Hyundai

Salons commerciaux de l'industrie automobile

Gentherm participe à 12 grands salons automobiles chaque année, avec un investissement moyen de 475 000 $.

• Show de l'électronique grand public (CES)
• Salon de l'auto international nord-américain
• Salon de Francfort
• Salon de Tokyo

Documentation technique en ligne

La plate-forme de documentation technique numérique de Gentherm reçoit 47 500 visiteurs uniques mensuels, avec un taux de téléchargement de document moyen de 3 200 par mois.

Gestion de compte stratégique

L'équipe de gestion des comptes stratégiques se compose de 15 cadres supérieurs des relations avec les comptes avec des revenus annuels dépassant 50 millions de dollars.

Niveau de compte	Nombre de comptes	Revenu annuel moyen par compte
Platine	5	125 millions de dollars
Or	8	75 millions de dollars
Argent	12	25 millions de dollars

Plateformes de marketing numérique

Gentherm utilise plusieurs canaux de marketing numérique avec un budget de marketing numérique annuel total de 2,3 millions de dollars.

• LinkedIn: 45 000 abonnés
• Twitter: 22 000 abonnés
• Trafic mensuel du site Web: 85 000 visiteurs uniques
• Dépenses publicitaires numériques: 750 000 $ par an

Gentherm Incorporated (Thrm) - Modèle d'entreprise: segments de clientèle

Constructeurs automobiles

Gentherm sert de grands constructeurs automobiles avec des solutions de gestion thermique. En 2023, la société a des partenariats avec:

Fabricant	Valeur du contrat de gestion thermique
General Motors	87,3 millions de dollars
Ford Motor Company	62,5 millions de dollars
BMW	45,2 millions de dollars

Producteurs de véhicules électriques

Gentherm se spécialise dans les technologies de gestion thermique pour les véhicules électriques, avec des clients clés, notamment:

• Tesla
• Rivian
• Moteurs lucides

Fabricant de véhicules électriques	Valeur du contrat de gestion thermique EV
Tesla	104,6 millions de dollars
Rivian	39,8 millions de dollars

Compagnies de véhicules commerciaux

Solutions de gestion thermique pour le secteur des transports commerciaux:

• Camions de daimler
• Groupe Volvo
• PACCAR Inc.

Fabricant de véhicules commerciaux	Valeur du contrat
Camions de daimler	53,7 millions de dollars
Groupe Volvo	41,2 millions de dollars

Marchés de véhicules de performance

Solutions thermiques spécialisées pour les segments automobiles haute performance:

• Porsche
• Ferrari
• Lamborghini

Fabricant de véhicules de performance	Valeur du contrat de gestion thermique
Porsche	32,5 millions de dollars
Ferrari	27,9 millions de dollars

Innovateurs de technologie automobile

Collaborations avec des sociétés de technologie automobile avancée:

• Waymo
• Croisière
• Mobileye

Entreprise technologique	Valeur du contrat d'intégration technologique
Waymo	22,6 millions de dollars
Croisière	18,3 millions de dollars

Gentherm Incorporated (Thrm) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2022, Gentherm a investi 45,3 millions de dollars dans les dépenses de recherche et développement, ce qui représente 4,8% des revenus totaux.

Exercice fiscal	Investissement en R&D	Pourcentage de revenus
2022	45,3 millions de dollars	4.8%
2021	41,2 millions de dollars	4.5%

Équipement de fabrication avancée

Les dépenses en capital pour les équipements de fabrication en 2022 ont totalisé 32,7 millions de dollars, en se concentrant sur l'infrastructure des technologies de gestion thermique.

• Équipement de test thermique automatisé: 12,5 millions de dollars
• Machines de fabrication de précision avancées: 15,2 millions de dollars
• Systèmes de contrôle de la qualité: 5,0 millions de dollars

Acquisition de talents d'ingénierie

Les dépenses totales du personnel pour les effectifs d'ingénierie en 2022 étaient de 98,6 millions de dollars, avec un salaire d'ingénierie moyen de 95 000 $.

Catégorie de personnel	Nombre d'employés	Total des dépenses du personnel
Personnel d'ingénierie	1,037	98,6 millions de dollars

Achat de matériel

Les coûts d'achat de matériel pour 2022 s'élevaient à 356,4 millions de dollars, ce qui représente 37,8% des revenus totaux.

• Matériaux semi-conducteurs: 124,7 millions de dollars
• Alliages de métaux: 98,3 millions de dollars
• Composants électroniques: 133,4 millions de dollars

Licence technologique et maintenance des brevets

Les frais annuels de licence et d'entretien des brevets ont été de 5,9 millions de dollars en 2022.

Catégorie de dépenses	Montant
Dépôt de brevet	3,2 millions de dollars
Licence de technologie	2,7 millions de dollars

Gentherm Incorporated (Thrm) - Modèle d'entreprise: Strots de revenus

Ventes de systèmes thermiques automobiles

En 2022, Gentherm a déclaré des ventes de systèmes thermiques automobiles de 1,15 milliard de dollars, ce qui représente 82% du total des revenus de l'entreprise.

Catégorie de produits	Revenus (2022)	Pourcentage du total
Sièges chauffés / refroidis	485 millions de dollars	42%
Systèmes de climatisation	380 millions de dollars	33%
Gestion thermique de la batterie	285 millions de dollars	25%

Solutions d'ingénierie personnalisées

Les solutions d'ingénierie personnalisées ont généré 120 millions de dollars de revenus pour Gentherm en 2022.

• Services de conception spécifiques à l'OEM automobile
• Développement de prototypes
• Conseil de gestion thermique avancée

Licence des technologies de gestion thermique

Les revenus des licences technologiques ont atteint 35 millions de dollars en 2022.

Catégorie de licence	Revenu
Technologie automobile	25 millions de dollars
Technologies des dispositifs médicaux	10 millions de dollars

Performance Climate Contrôle des gammes de produits

Les produits de climatisation de performance ont généré 95 millions de dollars de revenus pour 2022.

• Systèmes de refroidissement des performances automobiles
• Composants de climatisation haut de gamme
• Solutions de gestion thermique spécialisées

Contrats du marché automobile mondial

Les contrats du marché automobile mondial ont contribué 410 millions de dollars aux revenus de Gentherm en 2022.

Région géographique	Valeur du contrat	Pourcentage
Amérique du Nord	220 millions de dollars	54%
Europe	110 millions de dollars	27%
Asie-Pacifique	80 millions de dollars	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.