Stoneridge (SRI) Q4 2025 earnings summary

Executive summary

• Achieved $861.3 million in 2025 sales, outperforming weighted-average OEM end markets by up to 1.5% despite a 6.7% decline, driven by 69%–70% MirrorEye sales growth to $111 million.

• Completed the sale of the Control Devices segment for $59 million in early 2026, focusing on high-growth, high-return businesses and reducing complexity.

• Announced $830 million in new business awards, including the largest in company history for MirrorEye and Stoneridge Brazil OEM programs.

• Leadership transition: Natalia Noblet promoted to President and CEO effective April 1, 2026, with a focus on sustainable, profitable growth and operational excellence.

• Achieved positive free cash flow of $19 million in 2025 through improved inventory management and cost controls.

Financial highlights

• Adjusted gross profit for 2025 was $173.6 million (20.2% margin), down from $189.8 million (20.9%) in 2024.

• Adjusted EBITDA for 2025 was $25.0 million (2.9% of sales), down from $28.6 million (3.2%) in 2024.

• Net loss for 2025 was $102.8 million, or $(3.70) per share, with significant non-recurring charges; adjusted net loss was $31.9 million, or $(1.15) per share.

• Adjusted free cash flow for 2025 was $19.0 million, compared to $26.4 million in 2024.

• Cash and cash equivalents at year-end 2025 were $66.3 million; net debt was $114.7 million.

Outlook and guidance

• 2026 revenue guidance: $625 million–$650 million (midpoint $638 million), driven by at least 45% MirrorEye sales growth.

• Adjusted EBITDA guidance for 2026: $20 million–$25 million (3.2%–3.8% margin); gross margin guidance: 21.5%–22.0%.

• 2027 revenue target: at least $715 million; EBITDA target: at least $44 million (6.2% margin).

• 2030 revenue target: $850 million–$1 billion; EBITDA target: $80 million–$120 million (9.5%–12% margin), representing a 6.8%–10.3% CAGR.

• MirrorEye take rates projected at 35%–50% in Europe and 5%–15% in North America for 2026.