VOXX International Corporation (VOXX): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of VOXX International Corporation (VOXX) right now, likely trying to make sense of their complex pivot, especially with the Gentex acquisition on the horizon. Honestly, looking at their structure-balancing premium audio brands like Klipsch with their automotive electronics and the high-security EyeLock biometrics-it's a lot to track. We see a company that posted $289.3 million in total net sales for the first nine months of fiscal 2025 while actively restructuring, including selling off parts of the accessory business for proceeds like $28 million. To truly grasp where the value is being created and where the near-term risks lie in this transition, you need to see the full picture, so check out the nine building blocks detailed below.

VOXX International Corporation (VOXX) - Canvas Business Model: Key Partnerships

You're looking at the structure of VOXX International Corporation just before and immediately after its major transformation in early 2025. The Key Partnerships block was fundamentally redefined by a significant corporate action.

Gentex Corporation as the strategic acquirer and major shareholder defined the landscape as of April 1, 2025, when the merger officially closed. Prior to this, Gentex held about a 10% stake in VOXX International Corporation. The acquisition was executed at $7.50 per share in an all-cash transaction, representing an enterprise value of approximately $196 million. Gentex projected that integrating VOXX's business would add $350-400 million in annual revenue. Furthermore, the transaction was expected to yield future tax benefits of around $15-20 million.

The core of the former VOXX business relied heavily on its established relationships in the automotive sector. Here's a quick look at the sales contribution from the Automotive Electronics segment for the first half of Fiscal 2025, which ended August 31, 2024:

Partnership Focus Area	Key Metric	Value (6 Months Ended Aug 31, 2024)	Contextual Value
Automotive OEM Supply	OEM Product Sales	$23.9 million	Decline from $36.5 million in prior year period
Aftermarket Distribution	Aftermarket Product Sales	$30.2 million	Decline from $37.3 million in prior year period
Licensing/Distribution (Audio)	Sale of Jamo/Energy Brands (Other Income)	$2.2 million	Part of asset monetization in Q2 Fiscal 2025
Strategic Acquisition	Acquisition Price Per Share	N/A	$7.50
Strategic Acquisition	Expected Annual Revenue Addition to Acquirer	N/A	$350-400 million

The global network for the aftermarket business was extensive, built over decades. This network included key players in the installation space.

• Power retailers
• Mass merchandisers
• 12-volt specialists and aftermarket installers

For the Premium Audio Company, which housed brands like Onkyo and Integra, the partnership structure involved intellectual property and manufacturing agreements. The initial asset acquisition for Onkyo and Integra was a $30.8 million transaction in 2021, with Premium Audio Company owning approximately 75% of the joint venture.

Regarding component suppliers, the business model historically depended on managing global supply chain volatility, a known risk factor. While specific 2025 supplier contracts aren't detailed, the company's operational focus in the first half of Fiscal 2025 included restructuring to lower working capital needs, suggesting a direct effort to manage supplier dependencies and inventory costs.

• Key component suppliers were critical for managing risks like non-availability of product and logistics delays.
• The company's overall net sales for the first half of Fiscal 2025 were $184.1 million, down 18.4% year-over-year.

Finance: calculate the pro-forma revenue split between OEM and Aftermarket for the full Fiscal 2024 year based on the H1 2025 trend by end of next week.

VOXX International Corporation (VOXX) - Canvas Business Model: Key Activities

You're looking at the core things VOXX International Corporation had to do to run the business, especially as it navigated the Gentex Corporation acquisition which closed April 1, 2025. Honestly, the key activities reflect a company in transition, balancing core product delivery with a major balance sheet overhaul.

Design, engineering, and manufacturing of automotive electronics.

This activity centers on developing and producing vehicle systems. For the nine months ended November 30, 2025, total net sales for VOXX International Corporation were $289.3 million, down 19.8% from the prior year period, with declines seen across segments including Automotive Electronics. Looking at the third quarter of Fiscal 2025, total net sales were $105.2 million. The Automotive Electronics segment specifically saw net sales of $26.4 million in the Fiscal 2025 second quarter, which was a decrease of 25.5% year-over-year for that period.

Here's a quick look at the segment sales data we have:

Metric	Fiscal 2025 Q2 Value (USD)	Comparison Period Value (USD)
Automotive Electronics Net Sales	$26.4 million	$35.4 million (Q2 FY2024)
Automotive Electronics Gross Margin	23.4%	22.6% (Q2 FY2024)

The year-over-year improvement in gross margin for the segment in Q2 FY2025 was 80 basis points, driven by factors like transitioning OEM manufacturing to Mexico.

Global distribution and logistics management for consumer products.

Managing the flow of consumer electronics, which includes premium audio and other CE products, is a major undertaking across global markets. While specific distribution revenue isn't broken out separately from the segment total, the Consumer Electronics segment contributed to the overall nine-month net sales of $289.3 million. In the Fiscal 2025 third quarter, the company recorded a gross margin of 21.2%, which included $7.0 million in inventory write-downs across both Automotive Electronics and Consumer Electronics segments.

Strategic restructuring and asset monetization to improve the balance sheet.

This was a critical activity throughout 2024 and into 2025, especially leading up to and following the Gentex merger agreement announced December 17, 2024. The company executed several asset sales to pay down debt. They sold their domestic accessory business and select non-core assets for approximately $28 million, which closed on August 31, 2024. Furthermore, they completed a Florida real estate sale transaction in the Fiscal 2025 third quarter for $20 million. These actions helped reduce total debt from over $73 million at the start of the restructuring plan to under $20 million as of the Fiscal 2025 second quarter earnings call, with total net debt under $15 million.

The overall financial impact of the restructuring is clear in the balance sheet movements:

• Total debt reduction achieved: Over $53 million (from $73M to under $20M).
• Gross proceeds from asset sales cited: Approximately $48 million (combining domestic accessory business and two non-core brands).
• Total assets reported (as of Apr 02, 2025): $444.01 million.

Research and development (R&D) for biometrics and advanced driver-assistance systems (ADAS).

VOXX International Corporation is involved in biometrics and ADAS, which requires ongoing R&D investment. For the Fiscal 2025 second quarter, engineering and technical support expenses were $6.1 million, an improvement of 22.4% year-over-year, primarily due to a decline in research and development expense compared to the prior year. The company also recorded significant non-cash impairment charges in Q3 FY2025, totaling $44.3 million, which included $28.2 million in goodwill impairment and $16.1 million in intangible asset impairment charges.

Brand management and marketing for the 30+ portfolio of brands.

Managing a diverse portfolio is key to their market presence. VOXX International Corporation has a portfolio of over 30 trusted global brands. This extensive portfolio allows them to market products under names consumers recognize for quality. The company listed numerous brands, including Audiovox®, Klipsch®, Onkyo®, Pioneer®, RCA®, and Viper®, among others, which they manage or license.

As of October 2025, the company employed approximately 501 people across 5 continents to support these operations.

VOXX International Corporation (VOXX) - Canvas Business Model: Key Resources

You're looking at the core assets that power VOXX International Corporation's operations, the things they own or control that are essential to delivering their value proposition. These aren't just line items; they are the foundation of their market presence across automotive and consumer electronics.

Portfolio of strong brands is definitely a major asset. VOXX International Corporation has cultivated a portfolio comprising over 30 global brands. This diversity allows them to manage channels and sell into multiple outlets by leveraging relationships with various distributors and retailers. The key brands you mentioned are central to this structure:

• Klipsch
• Onkyo (via a joint venture with Sharp Corporation)
• Integra (via a joint venture with Sharp Corporation)
• Advent
• Audiovox

The Premium Audio Company, LLC, a subsidiary, manages brands like Klipsch, Jamo, Energy, and ProMedia. Also, the RCA brand, marketed under Consumer Electronics, sells more universal remote controls and digital antennas than any other brand in the world. That's a significant piece of market share.

The EyeLock iris biometric technology and related intellectual property represent a high-security asset. EyeLock, a division of VOXX International Corporation, is the biometric market leader for iris recognition. This technology is underpinned by a significant IP portfolio, holding over 100 patents granted and patents pending. VOXX acquired a controlling stake in EyeLock LLC in September 2015.

The extensive global distribution network across multiple channels is crucial for getting products to market. VOXX International Corporation's network is highly expansive, reaching power retailers, mass merchandisers, 12-volt specialists, and many of the world's leading automotive manufacturers (OEMs). The company maintains an international footprint spanning Europe, Asia, Mexico, and South America.

For financial resources, the balance sheet shows fluctuations. As specified, cash and cash equivalents were $3.7 million as of August 31, 2024 (Q2 FY2025). However, a more recent filing indicates that as of November 30, 2024, cash and cash equivalents stood at $6.3 million. Total debt also saw a significant reduction to $18.8 million by November 30, 2024, down from $73.3 million on February 29, 2024.

Regarding manufacturing and assembly facilities, plus a specialized engineering team, VOXX maintains a strong American footprint, though it emphasizes outsourced manufacturing for many products. The key operational centers include:

Facility Location	Primary Functions	Size/Team Detail
Orlando, FL	Engineering, Quality, Manufacturing, Supply Chain & Operations	250,000 sq. ft. facility; handles the majority of OEM production and assembly.
Auburn Hills, MI	Design & Development Engineering, Sales and Program Management	Includes full test and validation labs for vehicle and systems integration.
Engineering Team	Product development, design, and integration	VOXX Automotive leverages over 70 engineers focused on quality and safety.

If onboarding takes 14+ days, churn risk rises. Finance: draft 13-week cash view by Friday.

VOXX International Corporation (VOXX) - Canvas Business Model: Value Propositions

You're looking at the core offerings of VOXX International Corporation, especially as the company transitioned through its major asset sales and subsequent acquisition by Gentex Corporation in April 2025. The value propositions centered on distinct technology pillars, even as the structure shifted.

Premium, high-fidelity audio solutions via the Klipsch brand.

The Klipsch brand, housed under the Premium Audio Company subsidiary, represented a key value proposition in high-fidelity audio. This segment offered a diverse range of products, including passive loudspeakers, soundbars, and receivers. Klipsch itself is recognized as the #1 premium loudspeaker company in both the US and Canada. However, the financial performance reflected market stress; for the six-month period ended August 31, 2024 (Fiscal 2025), Premium Audio product sales were $98.3 million, a slight decrease from $100.8 million in the comparable year-ago period. The brand was part of the larger strategic realignment, as evidenced by non-cash impairment charges in the Fiscal 2025 third quarter being tied to the reduced cash flow outlook for Klipsch, Onkyo, and others. The entire Premium Audio Company was ultimately valued as part of the Gentex acquisition at an aggregate enterprise value of approximately $196 million.

Integrated automotive safety and convenience (security, remote start, ADAS).

The Automotive Electronics segment provided integrated systems for vehicle safety and convenience. This included aftermarket security, remote start, and Advanced Driver Assistance Systems (ADAS). This segment faced headwinds; net sales for the six-month period ended August 31, 2024, were $54.1 million, representing a significant decrease of 26.8% compared to the prior year period. In the Fiscal 2025 second quarter specifically, the segment saw a decline of $9.0 million in net sales. Despite this, the company was actively supplying its phone-as-a-key product for UPS tractor trailers, indicating continued OEM integration value.

Highly secure, unique iris-authentication technology (EyeLock).

The highly secure, unique iris-authentication technology, EyeLock, was a distinct offering in the biometrics space. While prior to the Gentex acquisition, VOXX had moved to relieve itself of the operating costs associated with EyeLock through a joint venture (BioCenturion LLC), the technology itself remained a core asset. Gentex Corporation, upon completing its $175 million acquisition of VOXX International in April 2025, gained 'full access' to this technology, recognizing it as a unique, extremely accurate and highly secure method of authentication. The prior joint venture structure with GalvanEyes (which formed BioCenturion) included terms where Gentex (via its prior acquisition of GalvanEyes) would receive half of BioCenturion's profits up to $8 million, plus three percent until payouts reached $15 million or 15 years passed.

Rear-seat entertainment systems for automotive OEMs.

A specific value proposition within the Automotive Electronics segment was the supply of rear-seat entertainment (RSE) systems directly to Original Equipment Manufacturers (OEMs). This revenue stream showed volatility; in the Fiscal 2025 second quarter, OEM product sales were $11.0 million, down from $16.3 million in the comparable Fiscal 2024 period, with lower RSE sales being a primary driver of the decline. However, the pipeline included new product launches, such as a new RSE system slated for Ford's Navigator and Expedition models in the second half of Fiscal 2025 and into Fiscal 2026.

Streamlined product offerings following the sale of non-core assets.

A major strategic focus was streamlining the business to improve the balance sheet, which included monetizing non-core assets. The company sold its domestic accessories business for approximately $25 million and also divested two non-core Premium Audio brands, netting approximately $28 million in total from these transactions. Furthermore, the sale of Florida real estate in the Fiscal 2025 third quarter generated gross proceeds of $20 million and a gain of $7.3 million. These actions dramatically reduced total debt from $73.3 million at the prior fiscal year-end to under $20 million as of October 9, 2024. The overall company revenue reflected this divestiture strategy, with the trailing twelve months (TTM) revenue as of December 2025 reported at $0.39 Billion USD, a decrease from $0.49 Billion USD in 2023.

Segment/Asset Divested	Financial Impact/Metric	Associated Value/Date
Domestic Accessories Business Sale	Gross Proceeds/Value	Approximately $25 million
Two Non-Core Premium Audio Brands Sale	Other Income Recognized (Q2 FY2025)	$10.5 million total gain from brand/accessory sales
Florida Real Estate Sale	Gain on Sale	$7.3 million
Total Debt Reduction (Since FY-end 2024)	Debt Level as of Nov 30, 2024	From $73.3 million to $18.8 million
Total Company Revenue (TTM as of Dec 2025)	Current Revenue	$0.39 Billion USD

• Q2 FY2025 Premium Audio Sales: $98.3 million (six months ended Aug 31, 2024).
• Q3 FY2025 Total Net Sales: $105.2 million (down 22.2% YoY).
• Q2 FY2025 Automotive OEM Sales: $11.0 million (compared to $16.3 million prior year).
• EyeLock/BioCenturion Payout Cap (Gentex agreement)
• Up to $15 million over 15 years.

VOXX International Corporation (VOXX) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for VOXX International Corporation as of late 2025. Honestly, the landscape shifted significantly on April 1, 2025, when Gentex Corporation completed its acquisition of VOXX International for $7.50 per share in an all-cash deal. So, the relationships described below are either the established structures inherited by Gentex or the immediate post-acquisition integration focus areas.

VOXX International Corporation historically served a global distribution network that included power retailers, mass merchandisers, 12-volt specialists, and many of the world's leading automotive manufacturers (OEMs). Following the acquisition, Gentex expected the combined entity to see an annual revenue boost of $350 million to $400 million. For the second quarter of 2025, the consolidated net sales for Gentex and VOXX totaled $657.9 million.

Here's a breakdown of the relationship types VOXX maintained:

• High-touch, dedicated sales and engineering support for OEM clients. This was central to the Automotive Electronics segment, which supplies in-vehicle entertainment and automotive security systems. Restructuring efforts, like transitioning OEM manufacturing to Mexico, aimed to improve segment gross margin, which saw an 80 basis points improvement in the first half of Fiscal 2025.
• Direct-to-consumer e-commerce and digital engagement for premium audio. This involved the Premium Audio Company, featuring brands like Klipsch. While specific D2C revenue is not broken out, the segment was a key part of the business Gentex acquired.
• Standardized, transactional relationships with mass merchandisers. This channel was a core part of the extensive distribution network for both Automotive Electronics and Consumer Electronics segments. Gentex specifically noted excitement about utilizing VOXX's expertise in retail sales and mass merchandising post-acquisition.
• Long-term contracts and service agreements for biometrics and ADAS integration. The Biometrics segment involved iris identification technology, primarily through a strategic joint venture involving EyeLock. Gentex gained access to this technology, which represents a secure authentication method. The Automotive segment also dealt with ADAS (Advanced Driver-Assistance Systems) related products like rear observation and collision avoidance systems.
• Customer service and warranty support for a wide range of products. This support covered the diverse portfolio, including automotive security, rear-seat entertainment, satellite radios, and consumer audio products like headphones and soundbars.

The scale of the relationships in the automotive sector, specifically, was under pressure leading up to the sale, with the Automotive Electronics segment sales declining by 26.8% in the first half of fiscal 2025.

You can see the key customer interaction points and associated metrics below:

Customer Relationship Type	Associated VOXX Segment/Activity	Relevant Financial/Statistical Metric (Pre-Acquisition or Pro-Forma)
High-touch OEM Support	Automotive Electronics (In-vehicle entertainment, security)	Automotive segment gross margin improved 80 basis points in H1 FY2025 due to restructuring, including Mexico transition.
Direct-to-Consumer (D2C)	Premium Audio Company (Klipsch, Onkyo)	Management projected improved profitability in the Premium Audio business in the second half of FY2025.
Transactional Mass Merchandising	Consumer Electronics & Retail Distribution	Gentex expects to leverage VOXX's expertise in mass merchandising post-acquisition.
Long-Term Agreements (Tech)	Biometrics (EyeLock/Iris ID)	Acquisition granted Gentex full access to EyeLock iris biometric technology.
Post-Sale Support	All Segments (Warranty, Service)	Total operating expenses, excluding impairments, declined by 5.2% YoY in Q3 FY2025, signaling cost discipline across operations.

The company's overall debt reduction efforts, bringing total debt down from over $73 million to under $20 million by late 2024, were partly funded by asset sales, which streamlined the focus onto core customer relationships moving forward. Finance: draft 13-week cash view by Friday.

VOXX International Corporation (VOXX) - Canvas Business Model: Channels

You're looking at how VOXX International Corporation moves its products to the end-user as of late 2025. The company relies on a mix of direct-to-manufacturer and broad distribution channels, though recent financial reports show significant shifts due to restructuring and macro factors.

The primary routes to market are clearly segmented across the Automotive Electronics and Consumer Electronics businesses. For the nine-month period ended November 30, 2024, VOXX International Corporation reported total net sales of $289.3 million, with the channels reflecting this split.

The distribution structure for the third quarter of Fiscal 2025 (ended November 30, 2024) showed the following revenue composition by segment, which directly reflects the primary channel focus:

Channel Group (Segment)	Revenue (Q3 FY2025)	Percentage of Total Q3 FY2025 Revenue
Consumer Electronics	$73.37M	69.76%
Automotive Electronics	$31.72M	30.16%
Corporate/Eliminations	$0.091M	0.09%

The Automotive Electronics segment channels are heavily weighted toward direct integration. You see this in the OEM (Original Equipment Manufacturer) sales teams working for direct integration into new vehicles. For the second quarter of Fiscal 2025 (ended August 31, 2024), OEM product sales specifically accounted for $11.0 million of that period's Automotive Electronics segment sales.

The remaining Automotive Electronics sales, which include the aftermarket, flow through specialized 12-volt installers and automotive aftermarket distributors. The overall Automotive Electronics segment sales for Q3 FY2025 were $31.7 million, a decrease of 11.7% year-over-year, which the company attributed to lower aftermarket security/remote start product sales.

For the Consumer Electronics side, the channels involve power retailers and mass merchandisers, alongside e-commerce platforms and brand-specific websites. The company has a history of using an extensive distribution network that includes these power retailers and mass merchandisers. The softness in the Consumer Electronics segment in Q3 FY2025, which saw revenue fall to $73.4 million (down 26.6% year-over-year), was partly due to the sale of the VOXX Accessories Corp subsidiary in August 2024, which directly impacted these retail-facing channels.

International distribution partners are critical, especially for the premium audio products. The financial data shows the impact of these channels; for the six-month period ended August 31, 2024, sales declined by $1.9 million in Europe and Asia for Premium Audio products, indicating headwinds in those international distribution lanes.

Geographically, the distribution footprint as of the Q3 FY2025 reporting shows the concentration of sales through these channels:

• United States distribution accounted for $362.75M in revenue, representing 77.36% of the total by country/region.
• Europe distribution accounted for $88.56M, or 18.89%.
• Other regions accounted for $17.6M, or 3.75%.

Finance: draft a sensitivity analysis on the impact of a further 5% drop in European sales on the next quarter's revenue projection by Monday.

VOXX International Corporation (VOXX) - Canvas Business Model: Customer Segments

You're looking at the customer base for VOXX International Corporation as of late 2025, keeping in mind the company was acquired by Gentex Corporation on April 1, 2025, which changes how the numbers are reported moving forward.

The customer base is clearly segmented across distinct technology verticals, which is reflected in the financial reporting structure VOXX used prior to the merger, and the guidance provided afterward.

For the six-month period ended August 31, 2024, VOXX International Corporation reported total net sales of $184.1 million, broken down by its primary operating segments:

Customer Segment Focus	Segment Name (Pre-Acquisition)	Net Sales (6 Months Ended Aug 31, 2024)	Year-over-Year Change (6 Months)
Automotive Electronics	Automotive Electronics	$54.1 million	Down 26.8%
Premium Audio/Consumer Electronics	Consumer Electronics	$130.0 million	Down 14.1%

The Automotive Electronics segment serves two distinct customer groups within the vehicle space:

• Automotive OEMs (e.g., car manufacturers) for factory-installed electronics.
• Automotive Aftermarket consumers seeking security, remote start, or entertainment.

For the six-month period ended August 31, 2024, the Automotive Electronics sales were further detailed:

• OEM product sales: $23.9 million.
• Aftermarket product sales: $30.2 million.

The Consumer Electronics segment is anchored by high-end audio products, but also includes broader accessory sales. This group includes:

• Affluent, discerning consumers of premium home audio equipment (Klipsch).
• Mass-market consumers buying general consumer electronics accessories.

The Premium Audio portion of the Consumer Electronics segment showed relative strength in Q1 of Fiscal 2025, with net sales of $48.4 million, an increase of 1.6% over the prior year quarter (period ended May 31, 2024). The Klipsch brand is noted as the number one premium speaker brand in both the US and Canada. For the six months ended August 31, 2024, Premium Audio product sales were $98.3 million.

Enterprise clients in security, medical, and aerospace for biometrics are represented by the EyeLock iris-authentication solutions, which are now part of Gentex Corporation's reporting structure. Gentex reported that its 'Other product lines,' which include biometrics, generated net sales of $12.5 million in the second quarter of 2025.

Looking at the full Fiscal 2025 year guidance provided by Gentex after the acquisition closed, the expected stand-alone revenue contribution from the former VOXX business was projected to be between $240 million and $280 million.

VOXX International Corporation (VOXX) - Canvas Business Model: Cost Structure

You're looking at the expense side of the ledger for VOXX International Corporation as of late 2025, which is heavily influenced by restructuring and asset impairment charges in the first nine months of Fiscal 2025.

Cost of Goods Sold (COGS) for manufacturing and sourcing products shows the direct cost associated with the reduced top line. For the nine-month period ended November 30, 2025, COGS was reported at $218,878 thousand. Breaking that down further, the third quarter (Q3 FY2025) alone accounted for $82,830 thousand in Cost of sales. This compares to a Gross profit of $70,446 thousand for the nine-month period.

Metric	Q3 FY2025 Amount (in thousands)	Nine-Month FY2025 Amount (in thousands)
Cost of Sales	82,830	218,878
Gross Profit	22,345	70,446

The most significant single cost event was the Significant non-cash impairment charges of $44.3 million in Q3 FY2025. These charges were a direct driver of the Q3 operating expense spike. The total non-cash charges of $44.3 million were composed of:

• Goodwill impairment charges: $28.2 million
• Intangible asset impairment charges: $16.1 million

Total operating expenses for Q3 FY2025 reached $76.6 million, an increase of $42.5 million over the prior year quarter, principally due to those impairment charges. Excluding the $44.3 million impairment, total operating expenses for Q3 FY2025 were $32.3 million, representing a decline of $1.8 million, or an improvement of 5.2%.

Selling expenses, which declined by $3.7 million in the first half of FY2025 due to cuts, reflect the restructuring efforts. For the first six months of FY2025, Selling expenses were $17.4 million, a reduction of $3.7 million, or 17.7%, compared to the prior year period. For the second quarter (Q2 FY2025) specifically, Selling expenses were $7.8 million, down from $10.0 million in Q2 FY2024.

Regarding Research and development (R&D) expenses, particularly for EyeLock, specific R&D figures for EyeLock in FY2025 aren't explicitly broken out in the latest reports, especially since EyeLock LLC entered a joint venture to form BioCenturion LLC in March 2024, intended to relieve VOXX International Corporation of operating costs. However, for context on the broader R&D spend, the consolidated Engineering, Research & Development for the combined entity (post-acquisition) in Q2 2025 was $51,471,277.

General and administrative (G&A) costs, including legal and corporate overhead, showed clear reductions in the first half of the fiscal year. For the second quarter of FY2025, G&A expenses were $15.8 million. This represented a year-over-year improvement of $1.5 million, or 8.5%, compared to $17.3 million in Q2 FY2024. This reduction was attributed to lower headcount related expenses and the absence of EyeLock LLC salaries.

• Q2 FY2025 General and administrative expenses: $15.8 million
• Q2 FY2024 General and administrative expenses: $17.3 million
• Q2 FY2025 G&A Improvement: $1.5 million (8.5%)

VOXX International Corporation (VOXX) - Canvas Business Model: Revenue Streams

The revenue streams for VOXX International Corporation are primarily anchored in product sales across its two main divisions, supplemented by income from intellectual property monetization and strategic asset divestitures. You need to see these streams clearly to understand the underlying business health, especially given the recent strategic shifts.

Total net sales for the nine months of FY2025 were $289.3 million, which represented a decrease compared to the prior year period's $360.8 million. This overall decline reflects softness in both core segments and the impact of strategic asset sales completed during the period.

The core product revenue breakdown, based on the most recent quarterly data available for Fiscal 2025 (Q3), shows the relative contribution of each segment:

Revenue Stream Segment	Q3 FY2025 Net Sales (Approximate)	Percentage of Q3 Sales (Approximate)
Consumer Electronics (Premium Audio, Accessories)	$73.4 million	69.76%
Automotive Electronics (OEM and Aftermarket)	$31.7 million	30.16%

The Consumer Electronics segment, which includes Premium Audio and Accessories, generated approximately $73.4 million in net sales for the third quarter of Fiscal 2025. The Automotive Electronics segment, covering both OEM and Aftermarket sales, contributed about $31.7 million in the same quarter. The nine-month figures for these segments are not explicitly broken out in the same detail, but both segments experienced declines year-over-year for the nine-month period ending November 30, 2025.

Beyond direct product sales, VOXX International Corporation generates revenue through intellectual property monetization:

• Licensing and royalty income from intellectual property and brands.

For context on this stream, the license and royalty income recorded upon sale amounted to $1,061 (likely in thousands) for the full fiscal year ended February 29, 2024. Specific figures for the nine months of FY2025 for this income stream were not detailed in the latest reports, but it remains a stated component of the business model.

A significant, non-recurring revenue event impacting the cash flow and balance sheet was the monetization of non-core assets:

• Proceeds from asset sales, such as the approximately $28 million total from the domestic accessory business and the Jamo™ and Energy™ brands.

Specifically, the sale of the domestic accessories business, which included the RCA trademarks, closed on August 31, 2024, for total consideration of approximately $25.0 million. This divestiture was part of a strategy to streamline operations and pay down debt.