Gentherm Incorporated (THRM): Business Model Canvas [Dec-2025 Updated]

As an analyst who's spent twenty years mapping out how companies create and capture value-including a decade leading teams at a major asset manager-I know you want the real story behind Gentherm Incorporated (THRM)'s performance, not just buzzwords. Their late-2025 strategy shows a dual focus: delivering premium comfort and EV thermal management to global OEMs while maintaining a fortress balance sheet, evidenced by net leverage around 0.2x and $462.2 million in liquidity as of Q3. With full-year revenue guidance landing between $1.47 billion and $1.49 billion after securing over $1 billion in new awards YTD, it's time to break down the nine essential components of their Business Model Canvas to see exactly how they connect their tech to the cash. Keep reading to see the detailed map.

Gentherm Incorporated (THRM) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that power Gentherm Incorporated's operations as of late 2025. These alliances are critical for market access, product validation, and securing future revenue streams, especially given the company's trailing twelve-month revenue of $1.47B as of September 30, 2025.

The partnerships are heavily weighted toward the Automotive segment, which drives the vast majority of the firm's revenue. The company's 2025 full-year guidance projects product revenues between $1.4 billion and $1.5 billion.

Global Automotive Original Equipment Manufacturers (OEMs)

Securing design wins with major global OEMs is the lifeblood of Gentherm Incorporated's business. The company actively reports new business awards, which represent future revenue commitments from these partners. For instance, in the second quarter of 2025, Gentherm secured over $600 million in new automotive business awards, bringing the year-to-date total to over $1 billion. By the third quarter of 2025, the year-to-date total reached $745 million in new awards for that quarter alone.

These partnerships span core comfort and thermal management technologies:

• Secured full comfort solutions portfolio on Ford's next-generation F-Series truck platform.
• Won a conquest Climate Control Seat award from Volvo in Q1 2025.
• Received the company's first lumbar and massage comfort solutions award from a Japanese OEM in Q1 2025.
• General Motors presented Gentherm with a 2024 Supplier of the Year Award, the third time the company has received this recognition.

Here's a look at the recent commercial success with key automotive customers:

Strategic distributors for European medical product market access

Gentherm Incorporated's Medical segment, which includes patient temperature management systems, also relies on strategic alliances for market reach. The company executed a strategic partnership agreement to expand European distribution for the Medical business during the second quarter of 2025. The Medical segment showed growth, with revenue increasing 5.9% in Q1 2025, excluding foreign currency translation.

Tier 1 automotive seat suppliers for component integration

While specific supplier names aren't detailed in recent public filings, Gentherm Incorporated's product portfolio, which includes Climate Control Seats (CCS®) and Lumbar and Massage Comfort Solutions, necessitates deep integration with Tier 1 seat manufacturers. The company's technology is designed for seamless integration into the seat structure, which requires close engineering collaboration.

Chinese domestic OEMs for growth in Asia

Growth in Asia is a focus area, though performance in the region has been a headwind, as Automotive Climate and Comfort Solutions growth in Asia was down -12% in Q2 2025, contrasting with strong performance in North America/Europe (+8%). However, the partnership strategy includes specific efforts in this region, as evidenced by key awards improving mix with Chinese Domestic OEMs reported in Q3 2025.

Technology partners for new product development like ClimateSense

Innovation is formalized through technology partnerships, particularly for proprietary systems like ClimateSense®. This solution, which uses localized heating/cooling and proprietary software algorithms, has won the PACE™ Innovation Partnership Award.

The development and scaling of ClimateSense® involve collaboration with global automakers, as the technology requires significant architectural changes in the vehicle.

• ClimateSense® was featured as standard equipment on the 2024 Cadillac CELESTIQ.
• The technology can deliver between 50 to 69 percent energy savings in cold-weather testing compared to central HVAC alone.
• The system is designed to reduce vehicle energy consumption by up to 85% through localized heating and cooling.

The company, which employs more than 14,000 people across 13 countries, relies on these deep technical relationships to maintain its market leadership. Finance: finalize the Q3 2025 partnership revenue attribution by next Tuesday.

Gentherm Incorporated (THRM) - Canvas Business Model: Key Activities

You're looking at the core engine driving Gentherm Incorporated's value creation right now, focusing on the tangible actions they are taking as of late 2025.

Research and development (R&D) of thermal and pneumatic technologies.

• Gentherm Incorporated is actively developing new technologies and products to create new product applications for existing and new markets.
• The company is focused on scaling technology, which is supported by its capital allocation plan.

The revised full-year 2025 capital expenditure guidance is set between $45 million and $55 million.

Global manufacturing and supply chain management across 13 countries.

Gentherm Incorporated maintains a significant global footprint to support its operations.

The company is executing efforts to optimize its global supply chain and manufacturing footprint, including the ramp-up of shipments from the Morocco facility.

Securing large, multi-year automotive new business awards (over $1 billion YTD 2025).

Commercial momentum remains a key activity, evidenced by significant recent wins.

• Automotive New Business Awards reached over $1 billion year-to-date as of the second quarter of 2025.
• The second quarter of 2025 saw awards totaling $620 million.
• The third quarter of 2025 added another $745 million in Automotive New Business Awards.
• The company is on pace to deliver over $2 billion in awards for the full year 2025.

Operational excellence via standardized operating system deployment.

Driving efficiencies through standardized processes is a stated strategic priority.

• Gentherm Incorporated is engaged in the ongoing deployment of a standardized operating system.
• During the third quarter of 2025, management conducted 5 manufacturing site visits / operating reviews to drive operational excellence and continuous improvement actions.
• The company is deploying the 'plan for every part' methodology to optimize inventory and operations.

Product lifecycle management and new market evaluation.

Managing the lifecycle of existing products while evaluating new market adjacencies is critical for future revenue.

The Lumbar and Massage Comfort Solutions business line shows clear lifecycle growth projections:

New market and product application evaluation includes securing a strategic partnership to expand European distribution for the Medical business.

The company also secured key new automotive programs, such as a conquest lumbar and massage comfort solutions award with Mercedez-Benz and a steering wheel heat with hands-on detection program with Xiaomi.

Gentherm Incorporated (THRM) - Canvas Business Model: Key Resources

You're looking at the core assets Gentherm Incorporated uses to deliver its value proposition in thermal management. Honestly, for a company like this, the real value isn't just in the factories; it's what's inside the engineers' heads and what's locked down on paper.

The intellectual property portfolio is definitely a cornerstone. Gentherm Incorporated has built a moat around its core technologies through patents. As of the latest available data, the company held 177 patents directed to climate control products and thermoelectric technologies.

This IP includes specific, market-differentiating systems:

• ClimateSense: This innovation is rooted in proprietary, physics-based software algorithms that coordinate intelligent heating and cooling hardware to create a personalized microclimate, aiming to reduce vehicle energy consumption by up to 85%. The portfolio specifically included 36 patents directed to ClimateSense®.
• Puls.A Technology: This proprietary pulsating massage solution was key in securing a significant conquest award with Mercedes-Benz in Q3 2025.
• Recent grants in 2025 further bolster this, such as a patent granted on September 2, 2025, related to estimating air stream temperature.

The human capital supporting this IP is specialized engineering and R&D talent, which drives the science-based research behind their comfort solutions.

The physical and human scale of Gentherm Incorporated's operations is substantial, supporting its global customer base across North America, Europe, and Asia.

The company's financial structure provides significant flexibility to invest in these resources and weather market fluctuations. You see this clearly in the balance sheet strength as of Q3 2025.

Here are the key financial figures underpinning that strength:

• Net Leverage: Approximately 0.2x.
• Liquidity: Approximately $462.2 million as of Q3 2025.
• Year-to-Date Operating Cash Flow (YTD CFO): Reached $87.8 million.
• Total Debt (as of 9/30/25): $189.1 million.

This low net leverage ratio of around 0.2x is a clear indicator of a very healthy balance sheet, giving Gentherm Incorporated ample access to capital to execute its strategic priorities. The $462.2 million in liquidity is a solid buffer against near-term margin pressures, like the higher material costs seen in Q3 2025. Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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:

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.