Gentherm Q3 Revenue $405M, Guidance Raised, $60M Buyback Executed Post-Merger
THRM is trading near its 52-week low of $27 (3.7% below the low).
Summary
Gentherm reported in-line Q3 revenue of $405.1M (up 4.4% ex-FX) but a $(2.6)M GAAP net loss on margin pressure and a higher tax charge, while raising full-year 2026 guidance to include Modine and buying back $60M of stock in October.
Key Events · Earnings and Guidance · THRM
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Q3 Revenue Grows 4.4% Ex-FX
Product revenues of $405.1M rose 4.7% from $386.9M, or 4.4% excluding foreign currency; Automotive Climate and Comfort Solutions grew 8.8% year over year.
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Margins Compress, GAAP Turns to Loss
Gross margin fell to 23.3% from 24.6% and Adjusted EBITDA to $45.0M (11.1% of revenue) from $49.0M (12.7%); a $13.4M tax expense drove a $(2.6)M net loss, or $(0.08) diluted EPS versus $0.49.
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Full-Year Guidance Raised for Modine
2026 product revenue guidance lifted to $1.825B-$1.925B from $1.55B-$1.65B, Adjusted EBITDA to $210M-$230M from $185M-$200M, and Adjusted Free Cash Flow to $100M-$120M from $85M-$100M.
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$60M Buyback Executed in October
Repurchased $60M of common stock after the Modine close, leaving roughly $340M of the $400M authorization; net leverage was ~0.4x with $494.2M of liquidity.
Analysis · THRM · Manufacturing
This is the first quarter reported after closing the Modine Performance Technologies combination on October 1, offering the first look at the combined company's trajectory. Revenue grew 4.4% ex-FX to $405.1M, but margins compressed: gross margin fell to 23.3% from 24.6%, and Adjusted EBITDA slipped to $45.0M (11.1% of revenue) from $49.0M (12.7%). A $13.4M tax charge pushed GAAP to a $(2.6)M net loss, or $(0.08) per diluted share versus $0.49 a year ago. Management nonetheless raised full-year 2026 guidance to $1.825B-$1.925B of product revenue and $210M-$230M of Adjusted EBITDA to fold in a fourth quarter of Modine contribution. The more telling number is capital allocation: $60M of stock bought back in October under the $400M authorization, with roughly $340M left, against net leverage of just 0.4x and $494.2M of liquidity. Management explicitly said the share price does not reflect the company's value — a buyback signal that matters more than the in-line quarter, especially with the stock near its 52-week low.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 29.4% of the 1560 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.47%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, THRM was trading at $26.00 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $1.5B. The 52-week trading range was $27.00 to $48.35. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.