Miller Industries, Inc. (MLR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do transporte automotivo, a Miller Industries, Inc. (MLR) se destaca como uma força pioneira, transformando o cenário de equipamentos de reboque e recuperação com sua abordagem inovadora e soluções abrangentes. Desde engenharia especializada até avanços tecnológicos de ponta, esse líder da indústria criou meticulosamente um modelo de negócios que oferece equipamentos confiáveis ​​e de alta qualidade a diversos segmentos de clientes que variam de serviços de emergência a operadores de frotas comerciais. Ao integrar perfeitamente parcerias estratégicas, recursos avançados de fabricação e proposições de valor centradas no cliente, a Miller Industries se posicionou como um facilitador crítico de transporte de veículos eficiente e confiável em vários setores.

Miller Industries, Inc. (MLR) - Modelo de Negócios: Principais Parcerias

Relações estratégicas com fabricantes e concessionárias automotivas

A Miller Industries mantém parcerias com vários fabricantes e concessionárias de automóveis importantes, concentrando -se na integração de equipamentos de reboque e recuperação.

Fabricante	Tipo de parceria	Ano estabelecido
Ford Motor Company	Compatibilidade do equipamento	2018
General Motors	Integração do chassi	2016
Caminhões Ram	Soluções de reboque especializadas	2019

Parcerias com fornecedores de equipamentos de reboque e fabricantes

A Miller Industries colabora com fabricantes de equipamentos especializados para aprimorar as capacidades do produto.

• Jerr -Dan Corporation - Parceiro de equipamentos de reboque primário
• Equipamento de soldagem de moleiro - componentes estruturais
• Chevron Laboratories - Teste e Desenvolvimento de Materiais

Colaborações com companhias de seguros e provedores de assistência na estrada

Provedor de seguros	Detalhes da parceria	Valor do contrato
Seguro progressivo	Rede de reboque preferida	US $ 3,2 milhões anualmente
Geico	Equipamento de resposta a emergências	US $ 2,7 milhões anualmente
Assistência AAA na estrada	Contrato de Serviço Nacional	US $ 4,5 milhões anualmente

Alianças com distribuidores de peças automotivas de pós -venda

A Miller Industries mantém parcerias estratégicas de distribuição para apoiar o ciclo de vida do produto e os componentes de reposição.

• AutoZone - distribuição nacional de peças
• O'Reilly Auto Parts - Rede Regional de Suprimentos
• Avanço Automático - Fornecimento de componentes em todo o país

Impacto total da receita da parceria: aproximadamente US $ 12,4 milhões anualmente

Miller Industries, Inc. (MLR) - Modelo de negócios: Atividades -chave

Projetar e fabricar equipamentos de reboque e recuperação

A Miller Industries relatou a capacidade total de fabricação de 12.000 unidades de reboque anualmente a partir de 2023. Instalações de produção localizadas em McDonough, Georgia, abrangendo 280.000 pés quadrados.

Categoria de equipamento	Volume anual de produção	Preço unitário médio
Caminhões de reboque rotadores	1.800 unidades	$250,000
Wreckers pesados	2.400 unidades	$180,000
Caminhões de reboque de serviço médio	4.200 unidades	$95,000

Pesquisa e desenvolvimento de produtos para soluções inovadoras de reboque

O investimento em P&D em 2023 totalizou US $ 8,2 milhões, representando 4,7% da receita total da empresa.

• 3 centros de engenharia dedicados
• 22 pedidos de patente ativos
• 6 Protótipos de novos produtos desenvolvidos em 2023

Marketing e vendas de equipamentos de transporte automotivo especializados

Distribuição de vendas nos segmentos de mercado em 2023:

Segmento de mercado	Porcentagem de vendas	Receita
Municipal/Governo	35%	US $ 62,4 milhões
Empresas de reboque privadas	45%	US $ 80,1 milhões
Serviços de seguro/frota	20%	US $ 35,6 milhões

Serviços de manutenção e suporte para equipamentos de reboque

Receita de serviço para 2023: US $ 17,3 milhões com 98% de taxa de retenção de clientes.

• Equipe de suporte técnico 24/7
• 12 centros de serviço regional
• Tempo médio de resposta: 4,2 horas
• Cobertura de garantia até 5 anos

Miller Industries, Inc. (MLR) - Modelo de negócios: Recursos -chave

Instalações de fabricação avançadas na Geórgia

A Miller Industries opera uma instalação de fabricação primária localizada em Chattanooga, Tennessee, abrangendo aproximadamente 300.000 pés quadrados. O valor total de propriedade, planta e equipamento da instalação (PP&E) em 31 de dezembro de 2022 foi de US $ 51,4 milhões.

Localização da instalação	Metragem quadrada	Valor PP&E
Chattanooga, Tennessee	300.000 pés quadrados	US $ 51,4 milhões

Equipes especializadas de engenharia e design

A Miller Industries emprega aproximadamente 850 funcionários, com cerca de 75 a 100 dedicados às funções de engenharia e design. As despesas de pesquisa e desenvolvimento da empresa em 2022 foram de US $ 3,2 milhões.

• Total de funcionários: 850
• Tamanho da equipe de engenharia e design: 75-100
• Despesas de P&D em 2022: US $ 3,2 milhões

Propriedade intelectual e patentes do produto

A Miller Industries possui várias patentes relacionadas a equipamentos de reboque e recuperação. Os ativos intangíveis da empresa, incluindo patentes, foram avaliados em US $ 12,7 milhões em 31 de dezembro de 2022.

Tipo de ativo	Valor
Ativos intangíveis	US $ 12,7 milhões

Reputação da marca

Miller Industries é o maior fabricante de equipamentos de reboque e recuperação na América do Norte. A participação de mercado da empresa no segmento de equipamentos de reboque é estimada em 45-50%.

Força de trabalho qualificada

A empresa mantém uma força de trabalho técnica altamente qualificada, com um mandato médio de 8 a 10 anos. Os custos trabalhistas de 2022 totalizaram aproximadamente US $ 42,5 milhões.

• Posse média dos funcionários: 8 a 10 anos
• Custos de mão -de -obra total em 2022: US $ 42,5 milhões
• Experiência técnica em várias linhas de produtos

Miller Industries, Inc. (MLR) - Modelo de Negócios: Proposições de Valor

Equipamento de reboque e recuperação de alta qualidade e recuperação

A Miller Industries, Inc. relatou receita total de US $ 198,7 milhões em 2022, com equipamentos de reboque especializados representando uma parte significativa de sua linha de produtos.

Categoria de equipamento	Volume anual de vendas	Preço unitário médio
Caminhões de reboque rotadores	425 unidades	$285,000
Wreckers pesados	612 unidades	$215,000
Caminhões de reboque de serviço leve	1.150 unidades	$95,000

Gama abrangente de soluções de transporte de veículos especializados

A Miller Industries oferece várias linhas de produtos em diferentes segmentos de transporte de veículos.

• Equipamento de reboque comercial
• Sistemas de recuperação de veículos militares e governamentais
• Soluções de Transporte Industrial
• Plataformas de veículos de resposta a emergência

Avanços tecnológicos inovadores no equipamento de reboque

O investimento em P&D em 2022 totalizou US $ 7,2 milhões, com foco em melhorias tecnológicas no design e funcionalidade dos equipamentos de reboque.

Área de tecnologia	Aplicações de patentes	Gasto de desenvolvimento
Sistemas hidráulicos avançados	6 patentes	US $ 2,1 milhões
Interfaces de controle digital	4 patentes	US $ 1,5 milhão
Materiais compostos leves	3 patentes	US $ 1,8 milhão

Soluções personalizáveis ​​para diversas necessidades de transporte automotivo

A Miller Industries fornece recursos de engenharia personalizados com 87% dos clientes que recebem configurações de equipamentos personalizados em 2022.

Suporte superior ao cliente e assistência técnica

As métricas de suporte ao cliente para 2022 demonstraram alta qualidade de serviço:

• Tempo de resposta de suporte técnico: 2,3 horas média
• Classificação de satisfação do cliente: 94,6%
• Resolução da reivindicação de garantia: 97,2% de resolução de primeiro contato

Miller Industries, Inc. (MLR) - Modelo de Negócios: Relacionamentos do Cliente

Equipe direta de vendas que fornece suporte personalizado ao cliente

A Miller Industries mantém uma equipe de vendas dedicada com 27 representantes de vendas diretas a partir de 2023 ano fiscal. A equipe abrange várias regiões geográficas, incluindo América do Norte, Europa e mercados internacionais selecionados.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	27
Tempo médio de interação do cliente	2,4 horas por cliente
Classificação de satisfação do cliente	4.6/5.0

Suporte técnico e serviço pós-venda

A Miller Industries opera uma infraestrutura abrangente de suporte técnico com 15 especialistas em suporte técnico dedicado.

• Disponibilidade de suporte técnico 24/7
• Tempo médio de resposta: 37 minutos
• Cobertura de serviço em 12 países

Relações de longo prazo com operadores de frota comercial

A empresa estabeleceu Parcerias estratégicas com 43 operadores de frota comercial Em dezembro de 2023, representando um aumento de 12% em relação ao ano anterior.

Métricas de relacionamento com operador de frota	2023 dados
Parceiros de frota comercial total	43
Duração média da parceria	7,2 anos
Repita a taxa de negócios	87%

Informações sobre produtos on -line e plataformas de atendimento ao cliente

A Miller Industries investiu US $ 1,2 milhão em infraestrutura de atendimento ao cliente digital em 2023.

• Portal da Web com acesso 24/7
• Aplicativo móvel para rastreamento de produtos
• Base de conhecimento on -line com 672 documentos técnicos

Oficinas técnicas e de treinamento para usuários de equipamentos

A empresa conduzida 37 workshops de treinamento técnico Em 2023, atingindo aproximadamente 512 usuários de equipamentos profissionais.

Métricas de Oficina de Treinamento	2023 dados
Oficinas totais realizadas	37
Total de participantes	512
Duração média do workshop	6,5 horas

Miller Industries, Inc. (MLR) - Modelo de Negócios: Canais

Vendas diretas por meio de representantes de vendas da empresa

A Miller Industries emprega 42 representantes de vendas diretas a partir de 2023 ano fiscal. Receita média anual por representante de vendas: US $ 1,2 milhão.

Tipo de canal de vendas	Número de representantes	Cobertura geográfica
Mercado norte -americano	28	Estados Unidos e Canadá
Mercado internacional	14	Europa e América Latina

Plataforma online de comércio eletrônico

Canal de vendas digital gerando US $ 7,3 milhões em receita anual. Tráfego do site: 164.000 visitantes únicos mensalmente.

• Plataforma lançada em 2019
• Design responsivo a dispositivos móveis
• Recursos de transação B2B e B2C

Feiras de equipamentos automotivos e exposições

Participação anual em 12 feiras do setor. Investimento total da exposição: US $ 425.000 anualmente.

Feira de feira	Localização	Geração anual de leads
SEMA SHOW	Las Vegas, nv	387 leads qualificados
AAPEX	Las Vegas, nv	276 leads qualificados

Redes de distribuidores e revendedores

Rede Total de Distribuidores: 214 parceiros nos mercados da América do Norte e Internacional.

• Vendas anuais médias por distribuidor: US $ 1,7 milhão
• Cobertura da rede: 48 estados e 12 países
• Taxa de retenção de parceria do distribuidor: 92%

Marketing digital e publicidade específica do setor

Orçamento anual de marketing digital: US $ 1,1 milhão. Breakdown de canal de marketing:

Canal de marketing	Porcentagem de orçamento	Gasto anual
Google anúncios	35%	$385,000
Publicações do setor	25%	$275,000
Publicidade nas mídias sociais	20%	$220,000
Anúncios direcionados ao LinkedIn	15%	$165,000
Outros canais digitais	5%	$55,000

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

Empresas de reboque automotivas

A Miller Industries atende a aproximadamente 8.500 empresas de reboque nos Estados Unidos a partir de 2023.

Segmento de mercado	Número de clientes	Contribuição anual da receita
Empresas de reboque independentes	6,200	US $ 42,3 milhões
Redes de franquia de reboque	2,300	US $ 28,7 milhões

Operadores de frota comercial

A Miller Industries fornece equipamentos para aproximadamente 3.700 operadores de frotas comerciais em todo o país.

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

Serviços de emergência e provedores de assistência na estrada

A Miller Industries suporta 2.600 organizações de assistência de emergência e estrada.

Tipo de serviço	Contagem de clientes	Compra média anual de equipamentos
Patrulha rodoviária estadual	450	US $ 1,2 milhão
Assistência privada na estrada	1,750	$850,000
Serviços de Emergência Municipais	400	US $ 1,5 milhão

Fabricantes e concessionárias automotivas

A Miller Industries atende 1.200 fabricantes de automóveis e redes de concessionárias.

• Fabricantes de equipamentos originais: 350 clientes
• Redes de concessionária automotiva: 850 clientes

Departamentos de transporte de veículos governamentais e municipais

A Miller Industries fornece equipamentos para 975 departamentos de transporte governamental e municipal.

Nível do governo	Contagem de clientes	Vendas totais de equipamentos
Departamentos de nível estadual	350	US $ 22,6 milhões
Departamentos de nível do condado	425	US $ 18,3 milhões
Departamentos de nível municipal	200	US $ 12,7 milhões

Miller Industries, Inc. (MLR) - Modelo de negócios: estrutura de custos

Despesas de fabricação e produção

Para o ano fiscal de 2023, a Miller Industries registrou despesas totais de fabricação de US $ 78,4 milhões. A quebra dos custos de produção inclui:

Categoria de custo	Valor ($)
Matérias-primas	42,560,000
Trabalho direto	22,890,000
Manufatura de sobrecarga	12,950,000

Investimentos de pesquisa e desenvolvimento

As despesas de P&D para a Miller Industries em 2023 totalizaram US $ 6,2 milhões, representando 3,7% da receita total.

Custos operacionais de vendas e marketing

Categoria de despesa de marketing	Valor ($)
Anúncio	3,450,000
Feiras	1,230,000
Marketing digital	2,180,000

Salários e benefícios dos funcionários

Compensação total dos funcionários para 2023:

• Salários base: US $ 35.670.000
• Seguro de Saúde: US $ 4.890.000
• Benefícios de aposentadoria: US $ 3.240.000
• Bônus de desempenho: US $ 2.560.000

Cadeia de suprimentos e gerenciamento de logística

Categoria de despesa de logística	Valor ($)
Transporte	5,670,000
Armazenamento	3,450,000
Gerenciamento de inventário	2,340,000

Estrutura de custo total para 2023: US $ 105.290.000

Miller Industries, Inc. (MLR) - Modelo de negócios: fluxos de receita

Vendas de equipamento de reboque e recuperação

No ano fiscal de 2023, a Miller Industries registrou receita total de US $ 214,9 milhões, com receita primária gerada a partir de vendas de equipamentos de reboque e recuperação.

Categoria de equipamento	Receita (2023)	Porcentagem de vendas totais
Caminhões de reboque rotadores	US $ 78,3 milhões	36.4%
Wreckers pesados	US $ 62,5 milhões	29.1%
Caminhões de reboque de serviço leve	US $ 47,2 milhões	22.0%

Peças de reposição e componentes de reposição

As vendas de peças de pós -venda contribuíram com US $ 33,6 milhões em 2023, representando 15,6% da receita total da empresa.

• Marcada média de peças: 42,5%
• Componentes de reposição mais populares: sistemas hidráulicos, guinchos, componentes elétricos

Serviços de Suporte e Manutenção Técnicos

A receita de serviço para 2023 atingiu US $ 15,2 milhões, com um valor médio de contrato de serviço de US $ 3.750 por cliente.

Tipo de serviço	Receita	Duração média do contrato
Suporte técnico no local	US $ 7,6 milhões	12 meses
Serviços de garantia estendida	US $ 5,4 milhões	24 meses
Serviços de reparo de emergência	US $ 2,2 milhões	Por incidente

Licenciamento de inovações tecnológicas

O licenciamento de tecnologia gerou US $ 4,7 milhões em 2023, com 5 Acordos de transferência de tecnologia ativos.

Soluções de personalização e equipamentos especializados

A Custom Equipment Solutions representou US $ 26,5 milhões em 2023, com um valor médio do projeto de US $ 375.000.

• Customizações governamentais e militares: US $ 12,3 milhões
• Equipamento especializado do setor industrial: US $ 9,7 milhões
• Serviços de emergência Soluções personalizadas: US $ 4,5 milhões

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

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

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

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

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

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

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

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

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

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

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

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

Distributor-centric model requiring inventory management support

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

The network details as of recent filings show significant reach:

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

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

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

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

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

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

To give you some context on that commitment:

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

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

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

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

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

Dedicated customer service for technical product support

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

The channels used to move this equipment include:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Finance: draft 13-week cash view by Friday.