Financial Analysis

"ACQUISITIONS BioConnect On July 1, 2025, in the ordinary course of business, the Company completed its acquisition of BioConnect, for a purchase price of $13.0 million, subject to adjustment for working capital plus related transaction fees and expenses. BioConnect is a leader in biometric authentication solutions, providing a multi-modal authentication platform for security and access control. The Company intends to utilize the acquisition to expand its reach in the biometric industry. The acquisition was accounted for under the acquisition method of accounting pursuant to ASC 805, and accordingly, the results of operations and cash flows for BioConnect have been included in the Company's Consolidated Financial Statements since July 1, 2025. BioConnect's results of operations are included within the Company's Biometrics operating segment, which is presented within its Other reportable segment. The following summarizes the preliminary allocation of the BioConnect purchase price based on the fair value of the assets acquired and liabilities assumed, as of July 1, 2025: July 1, 2025 Measurement Period Adjustments July 1, 2025 (as adjusted) Total Consideration: Cash paid $ 12,996,275 $ $ 12,996,275 Less: cash acquired (113,545) (113,545) Total transaction consideration, net $ 12,882,730 $ $ 12,882,730 Preliminary Allocation: Assets acquired Accounts receivable $ 1,836,809 $ 1,836,809 Inventory 1,176,471 1,176,471 Prepaid expenses and other current assets 111,143 111,143 Propert …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"COMMITMENTS AND CONTINGENCIES The Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time there are matters that constitute material pending legal proceedings that will have a material adverse effect on the financial position, future results of operations, or cash flows of the Company. On April 1, 2025, the Company completed its acquisition of VOXX (see Note 1 1 , ""Acquisitions"" ). In connection with the acquisition, VOXX as acquired, maintained responsibility for certain legal matters and royalty audits. These matters include legal proceedings in which VOXX was named a defendant prior to the acquisition date, as well as unasserted claims and other legal matters for which the underlying events or circumstances existed as of the acquisition date and for which a liability was required to be recognized under ASC 805, Business Combinations (""ASC 805""). As part of the purchase price allocation, pursuant to applicable guidance, the Company recorded provisional liabilities for these matters based on preliminary estimates of their fair values as of the acquisition date. During the fourth quarter of 2025, one of the legal proceedings was settled for …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"DEBT AND FINANCING ARRANGEMENTS In 2018, the Company entered into a credit agreement with PNC as the administrative agent and sole lender, which has been amended and restated as discussed below. In 2023, as previously disclosed, the Company entered into an amended and restated credit agreement (""Credit Agreement"") that provided for, among other things, a three-year unsecured revolving credit facility with a borrowing capacity of up to $250.0 million (""Revolver""). Included in the Revolver is a $20.0 million sublimit for standby letters of credit and a $35.0 million sublimit for swingline loans, each subject to certain conditions. On October 2, 2025, as previously disclosed, the Company, in the ordinary course of business, amended the Credit Agreement, increasing the borrowing capacity of the Revolver to $350.0 million, and extending the maturity date three years through October 1, 2028, which would have otherwise matured on February 21, 2026. All other sub-limits under the amended Credit Agreement remain the same. Funds are available under the Revolver for working capital, capital expenditures, and other lawful corporate purposes, including, but not limited to, acquisitions and common stock repurchases, subject in each case to compliance with certain financial covenants, as defined in the amended Credit Agreement. The obligations of the Company under the amended Credit Agreement are not secured, but are subject to certain covenants. The amended Credit Agreement contains c …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table shows the Companys Automotive Products, Premium Audio Products, and Other revenue disaggregated by geographical location for Automotive and Premium Audio Products for the years ended December 31, 2025, 2024, and 2023: For the Years ended December 31, Revenue 2025 2024 2023 Automotive Products U.S. $ 698,681,914 $ 643,769,161 $ 688,164,335 China 152,560,361 207,451,036 239,292,351 Germany 243,543,576 271,593,165 294,529,611 Japan 376,553,551 370,079,317 323,872,022 Mexico 182,072,178 187,291,325 142,082,011 Republic of Korea 179,423,323 163,788,347 149,554,788 Other countries 423,069,936 420,752,213 417,165,173 Total Automotive Products $ 2,255,904,839 $ 2,264,724,564 $ 2,254,660,291 Premium Audio Products U.S. $ 89,888,799 $ $ Other countries 61,410,113 Total Premium Audio Products $ 151,298,912 $ $ Other $ 127,065,214 $ 48,589,769 $ 44,554,753 Total Revenue $ 2,534,268,965 $ 2,313,314,333 $ 2,299,215,044 The following table disaggregates the Companys Automotive Products, Premium Audio Products, and Other revenue by major source for the years ended December 31, 2025, 2024, and 2023: For the Years Ended December 31, Revenue 2025 2024 2023 Automotive Products Automotive Mirrors & Electronics $ 2,136,143,081 $ 2,145,847,699 $ 2,128,473,563 HomeLink Modules* 119,761,758 118,876,865 126,186,728 Total Automotive Products $ 2,255,904,839 $ 2,264,724,564 $ 2,254,660,291 Premium Audio Products Premium Speaker Products $ 106,978,237 $ $ Premium Receiver Products …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"STOCK-BASED COMPENSATION PLANS At December 31, 2025, the Company had two equity incentive plans under which awards are made, which include the Gentex Corporation 2019 Omnibus Incentive Plan (""2019 Omnibus Plan""), and an employee stock purchase plan. Those plans and any material amendments thereto have previously been approved by shareholders. The 2019 Omnibus Plan provides for the potential awards to: a) employees; and b) non-employee directors of the Company or its subsidiaries, which potential awards may be stock options, both incentive stock options and non-qualified stock options, appreciation rights, restricted stock, restricted stock units, performance share awards and performance units, and other awards that are stock-based, cash-based or a combination of both. The 2019 Omnibus Plan replaced the Company's Employee Stock Option Plan, Second Restricted Stock Plan, and Amended and Restated Non-Employee Director Stock Option Plan (the ""Prior Plans""), which were also approved by shareholders. Any existing awards previously granted under the Prior Plans remain outstanding in accordance with their terms and are governed by the Prior Plans as applicable. 2019 Omnibus Incentive Plan The 2019 Omnibus Plan covers 45,000,000 shares of common stock. The purpose of the 2019 Omnibus Plan is to attract and retain employees, officers, and directors of the Company and its subsidiaries and to motivate and provide such persons incentives and rewards for performance. As of December 31 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"GOODWILL AND INTANGIBLE ASSETS The change in the carrying value of Goodwill is as follows: December 31, 2025 December 31, 2024 Beginning of the period $ 340,668,927 $ 340,105,631 Acquisitions (including measurement period adjustments) (see Note 1 1 ) 16,542,992 4,228,000 Impairments (3,664,704) End of the period $ 357,211,919 $ 340,668,927 Gross carrying value $ 360,876,623 $ 344,333,631 Accumulated impairment charges (3,664,704) (3,664,704) Net carrying value $ 357,211,919 $ 340,668,927 December 31, 2025 December 31, 2024 Automotive Products Beginning of the period $ 309,709,522 $ 309,709,522 Acquisitions (including measurement period adjustments) Impairments End of the period (1) $ 309,709,522 $ 309,709,522 Premium Audio Products Beginning of the period $ $ Acquisitions (including measurement period adjustments) (see Note 11 ) 12,713,758 Impairments End of the period (1) $ 12,713,758 $ Other Beginning of the period $ 30,959,405 $ 30,396,109 Acquisitions (including measurement period adjustments) (see Note 11 ) 3,829,234 4,228,000 Impairments (3,664,704) End of the period $ 34,788,639 $ 30,959,405 Gross carrying value $ 38,453,343 $ 34,624,109 Accumulated impairment charges (3,664,704) (3,664,704) Net carrying value $ 34,788,639 $ 30,959,405 (1) The gross carrying values of goodwill in the Automotive Products and Premium Audio Products segments are equal to their net carrying values as there have been no impairments of goodwill within these segments. The Company's reporting …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The provision for income taxes is based on the earnings reported in the accompanying Consolidated Financial Statements. The Company recognizes deferred income tax liabilities and assets for the expected future tax consequences of events that have been included in the Consolidated Financial Statements or tax returns. Under this method, deferred income tax liabilities and assets are determined based on the cumulative temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates expected to be applied to taxable income in years in which those temporary differences are expected to be recovered or settled. Deferred income tax expense is measured by the net change in deferred income tax assets and liabilities during the year. The foreign components of income before the provision for income taxes were not material for the years ended December 31, 2025, 2024, and 2023. The components of the provision for income taxes are as follows: 2025 2024 2023 Currently payable: Federal $ 86,632,458 $ 73,538,314 $ 85,978,954 State 5,785,802 4,678,030 6,242,525 Foreign 2,368,324 1,931,008 2,091,533 Total 94,786,584 80,147,352 94,313,012 Deferred income tax benefit: Primarily federal (18,406,246) (12,421,412) (17,735,110) Provision for income taxes $ 76,380,338 $ 67,725,940 $ 76,577,902 The effective income tax rates are different from the statutory federal income tax rates for the following reasons: Year ended December 31, 2025 A …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recent Accounting Standards In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures . Under this ASU, public business entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). This ASU is effective on a prospective basis. The Company adopted ASU No. 2023-09 for the year ended December 31, 2025, on a prospective basis, and required changes are reflected in Note 3 , "" Income Taxes "" in the accompanying notes to the Consolidated Financial Statements. The adoption of ASU 2023-09 did not have a material impact on the Company's consolidated financial statements. In March 2024, the Securities and Exchange Commission (""SEC"") issued final climate disclosure rules. The rules require disclosure of climate-related information outside of the audited financial statements and disclosure in the footnotes addressing specified financial statement effects of severe weather events and other natural conditions above certain financial thresholds, certain carbon offsets and renewable energy credits or certificates, if material. Such disclosure requirements were scheduled to begin phasing in for fiscal years beginning on or after January 1, 2025. On April 4, 202 …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"EMPLOYEE BENEFIT PLANS The Company has a 401(k) retirement savings plan in which substantially all of its employees may participate. The plan includes a provision for the Company to match a percentage of the employees contributions at a rate determined by the Companys Board of Directors. During the years ended December 31, 2025, 2024 and 2023 the Companys contributions were approximately $16.1 million, $14.9 million, and $13.8 million, respectively. The increase in the Company's matching contributions in 2025 was primarily due to increased employee participation in the plan as a result of the acquisition of VOXX on April 1, 2025 ( see Note 11, Acquisitions ) and the increase in contributions in 2024 was due to increased wages and increased employee participation in the plan. The Gentex Corporation Non-Qualified Deferred Compensation Plan (the ""Deferred Compensation Plan"") is intended to enhance retirement savings among a select group of management or highly compensated employees who contribute significantly to the success of the Company. It is also intended to constitute an unfunded non-qualified deferred compensation plan described in Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (""ERISA""). Only select management and highly compensated employees, including executive officers, are eligible to participate. The Deferred Compensation Plan is administered by a committee who shall approve designation of any partic …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"REVENUE The following table shows the Companys Automotive Products, Premium Audio Products, and Other revenue disaggregated by geographical location for Automotive and Premium Audio Products for the years ended December 31, 2025, 2024, and 2023: For the Years ended December 31, Revenue 2025 2024 2023 Automotive Products U.S. $ 698,681,914 $ 643,769,161 $ 688,164,335 China 152,560,361 207,451,036 239,292,351 Germany 243,543,576 271,593,165 294,529,611 Japan 376,553,551 370,079,317 323,872,022 Mexico 182,072,178 187,291,325 142,082,011 Republic of Korea 179,423,323 163,788,347 149,554,788 Other countries 423,069,936 420,752,213 417,165,173 Total Automotive Products $ 2,255,904,839 $ 2,264,724,564 $ 2,254,660,291 Premium Audio Products U.S. $ 89,888,799 $ $ Other countries 61,410,113 Total Premium Audio Products $ 151,298,912 $ $ Other $ 127,065,214 $ 48,589,769 $ 44,554,753 Total Revenue $ 2,534,268,965 $ 2,313,314,333 $ 2,299,215,044 Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political and labor conditions; global supply chain constraints; unexpected changes in laws, regulations, trade, monetary, or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other foreign countries; labor strikes; armed conflicts and acts of terrorism and war; tariffs, counter-tariffs, quotas, customs and other import or export restrictions; and other trade barriers. A …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"SEGMENT REPORTING ASC 280, Segment Reporting, requires that a public business entity report financial and descriptive information about its reportable operating segments subject to certain aggregation criteria and quantitative thresholds. Operating segments are defined by ASC 280 as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker (""CODM"") in deciding how to allocate resources and in assessing performance. The Company's CODM is its Chief Executive Officer. The CODM evaluates performance and allocates resources based upon a number of factors, including the nature of the business, relevant industry, and profitability of the same, with the primary profit measure being income (loss) from operations of each segment. The CODM uses this information to evaluate the profitability of the Company's reportable segments and make decisions on future business plans. In connection with the acquisition of VOXX (see Note 1 1 , ""Acquisitions"" ), effective April 1, 2025, the Company reorganized its financial reporting into nine distinct operating segments based on its products and internal organizational structure. These operating segments are disclosed by the Company under three reportable segments, which are Automotive Products, Premium Audio Products, and Other. As there was no change to legacy operating segments of the Company or how the legacy operations are organized and evaluated by t …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES The Company Gentex Corporation, including its wholly-owned subsidiaries (the ""Company""), is a leading supplier of digital vision, connected car, dimmable glass, fire protection technologies, premium audio products, medical devices, and consumer electronics. The Companys largest business segment involves designing, developing, manufacturing, marketing, and supplying automatic-dimming rearview and non-dimming mirrors and various electronic modules for the automotive industry. The Company ships its products to all of the major automotive producing regions worldwide, which it supports with numerous sales, engineering and distribution locations worldwide. A substantial portion of the Companys net sales and accounts receivable result from transactions with domestic and foreign automotive manufacturers and Tier 1 suppliers. The Company also designs, develops, manufactures, markets, and supplies: dimmable aircraft windows for the aviation industry; commercial smoke alarms and signaling devices for the fire protection products industry; premium audio, aftermarket electronics, consumer electronic and accessory products; medical devices; and biometric products and technologies for the commercial and retail consumer electronics industries. The Company does not require collateral or other security for trade accounts receivable. Significant accounting policies of the Company not described elsewhere are as follows: Consolidation Th …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"Acquisitions BioConnect Inc. On July 1, 2025, in the ordinary course of business, the Company completed its acquisition of BioConnect Inc. (""BioConnect""), for a purchase price of $13.0 million, subject to adjustment for working capital plus related transaction fees and expenses. BioConnect is a multi-modal biometric authentication platform provider for access control, and the Company intends to utilize the acquisition to expand its reach in the biometric industry. The acquisition was accounted for under the acquisition method of accounting pursuant to ASC 805, Business Combinations (""ASC 805""), and accordingly, the results of operations and cash flows for BioConnect have been included in the Company's Unaudited Condensed Consolidated Financial Statements since July 1, 2025. The following summarizes the preliminary allocation of the BioConnect purchase price based on the fair value of the assets acquired and liabilities assumed, as of July 1, 2025: July 1, 2025 Total Consideration: Cash paid $ 12,996,275 Less: cash acquired (113,545) Total transaction consideration, net $ 12,882,730 Preliminary Allocation: Assets acquired Accounts receivable $ 1,836,809 Inventory 1,176,471 Prepaid expenses and other current assets 111,143 Property, plant, and equipment 63,866 Trade names and trademarks 882,353 Developed technology 6,617,647 Customer relationships 1,764,706 Goodwill 3,399,491 Total assets acquired, excluding cash 15,852,486 Liabilities assumed: Accounts payable 603,234 Acc …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Contingencies The Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to, for example, product liability, intellectual property, safety and health, employment, regulatory, and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time any of these matters constitute material pending legal proceedings that will have a material adverse effect on the financial position or future results of operations or cash flows of the Company. On April 1, 2025, the Company completed its acquisition of VOXX ( see Note 16 ). As part of the acquisition, VOXX as acquired, maintained responsibility for a legal proceeding in which VOXX was named a defendant prior to the acquisition date and the Company recorded a provisional liability as part of the purchase price allocation, based on a preliminary estimate of the fair value of the assumed obligation. The Company will continue to monitor the status of such litigation and adjust this provisional liability, as appropriate, as additional information becomes available or the matter is resolved. Any changes in such liability will be reflected as a purchase price allocation adjustment during the measurement period, or as a charge to earnings if outside the measurement period.

CommitmentsAndContingenciesDisclosureTextBlock

"Debt and Financing Arrangements On February 21, 2023, the Company entered into a credit agreement with PNC as the administrative agent and sole lender, as amended (the ""Credit Agreement""), that provides for, among other things, a three-year unsecured revolving credit facility with a borrowing capacity of up to $250.0 million (the ""Revolver"") that matures on February 21, 2026. Included in the Revolver is a $20.0 million sublimit for standby letters of credit and a $35.0 million sublimit for swingline loans, each subject to certain conditions. Funds are available under the Revolver for working capital, capital expenditures, and other lawful corporate purposes, including, but not limited to, acquisitions and common stock repurchases, subject in each case to compliance with certain financial covenants, as defined in the Credit Agreement. As of September 30, 2025, there was no outstanding balance on the Revolver. On October 2, 2025, the Company, in the ordinary course of business, amended the Credit Agreement, increasing the borrowing capacity of the Revolver to $350.0 million, and extending the maturity date three years through October 1, 2028. All other sub-limits under the Credit Agreement remain the same. As of September 30, 2025, the Company is in compliance with its covenants under the Credit Agreement. The Company's subsidiary, VOXX, which was acquired on April 1, 2025 (see Note 16 ), has a loan agreement with the shareholders of its joint venture in Onkyo Technology K …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table shows the Companys Automotive revenue, Premium Audio revenue and Other revenue disaggregated by geographical location for Automotive and Premium Audio Products for the three and nine months ended September 30, 2025 and 2024 (which did not include VOXX), respectively: Three Months Ended September 30, Nine Months Ended September 30, Revenue 2025 2024 2025 2024 Automotive Products U.S. $ 194,079,001 $ 170,939,124 $ 529,664,401 $ 501,028,383 Japan 94,926,206 100,415,089 289,386,190 271,681,510 Germany 55,762,738 69,610,212 188,443,494 216,815,930 Korea 45,200,046 41,644,963 140,006,326 126,797,525 Mexico 49,303,782 57,803,114 142,655,314 143,380,199 China 39,107,300 55,123,069 115,143,249 153,425,003 Other 95,281,115 100,983,827 310,354,499 320,283,139 Total Automotive Products $ 573,660,188 $ 596,519,398 $ 1,715,653,473 $ 1,733,411,689 Premium Audio Products U.S. $ 20,855,043 $ $ 50,788,155 $ Other 22,137,311 36,694,796 Total Premium Audio Products $ 42,992,354 $ 87,482,951 Other 38,583,513 12,006,379 86,730,931 38,265,077 Total Revenue $ 655,236,055 $ 608,525,777 $ 1,889,867,355 $ 1,771,676,766 The following table disaggregates the Companys Automotive, Premium Audio, and Other revenue by major source for the three and nine months ended September 30, 2025 and 2024 (which did not include VOXX), respectively: Three Months Ended September 30, Nine Months Ended September 30, Revenue 2025 2024 2025 2024 Automotive Products Automotive Mirrors & Electronics $ 54 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"Stock-Based Compensation Plans As of September 30, 2025, the Company had two equity incentive plans, which include the Gentex Corporation 2019 Omnibus Incentive Plan (""2019 Omnibus Plan""), and an employee stock purchase plan. Those plans and any prior material amendments thereto have previously been approved by shareholders. The 2019 Omnibus Plan provides for the potential awards to: i) employees; and ii) non-employee directors of the Company or its subsidiaries, which potential awards may be stock options (both incentive stock options and non-qualified stock options), appreciation rights, restricted stock awards and restricted stock units, performance share awards and performance units, and other awards that are stock-based, cash-based or a combination of both. The 2019 Omnibus Plan replaced the Company's Employee Stock Option Plan, Second Restricted Stock Plan, and Amended and Restated Non-Employee Director Stock Option Plan (the ""Prior Plans""), which were also approved by shareholders. Any existing awards previously granted under the Prior Plans remain outstanding in accordance with their terms and are governed by the Prior Plans as applicable. Readers should refer to Note 5 of the consolidated financial statements in the Company's Annual Report on Form 10-K for the calendar year ended December 31, 2024, for additional information related to the Prior Plans. The Company recognized total compensation expense for share-based payments of $10.6 million and $27.0 million f …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Goodwill and Other Intangible Assets Goodwill represents the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The carrying value of Goodwill is as follows: Carrying Amount Beginning balance as of January 1, 2025 $ 340,668,927 Acquisitions (including measurement period adjustments) (see Note 16 ) 16,245,030 Balance as of September 30, 2025 $ 356,913,957 Gross carrying value at September 30, 2025 $ 360,578,661 Accumulated impairment charges (3,664,704) Net carrying value at September 30, 2025 $ 356,913,957 In addition to annual impairment testing, which is performed as of the first day of the Company's fourth quarter, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value of goodwill or other intangible assets, thus resulting in the need for interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. No such events or circumstances that might negatively impact the key assumptions were observed in the third quarter of 2025 and, as such, nothing indicated the need for interim impairment testing. The Company also acquired In-Process Research & Development (""In-Process R & D"") as part of the acquisitions of Vaporsens, In …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The effective tax rate was 16.3% for the three months ended September 30, 2025, compared to an effective tax rate of 15.7% for the three months ended September 30, 2024. The effective tax rate was 16.7% for the nine months ended September 30, 2025, compared to an effective tax rate of 15.4% for the same period in 2024. Change in the effective tax rates during these periods were driven by lower tax benefits on stock-based compensation in the 2025 periods, compared to the 2024 periods. Generally, effective tax rates for these periods differ from statutory federal income tax rates due to provisions for state and local income taxes, the foreign-derived intangible income tax deduction, and research and development tax credits.

IncomeTaxDisclosureTextBlock

"Leases The Company has operating leases for certain sales, manufacturing, and engineering offices, as well as other vehicles and equipment, which are included within ""Plant and Equipment - Net"" on the Unaudited Condensed Consolidated Balance Sheets. The leases have remaining lease terms of less than 1 year to 7 years. The weighted average remaining lease term for operating leases as of September 30, 2025, was 3 years, with a weighted average discount rate of 5.1% . Future minimum lease payments for operating leases as of September 30, 2025 were as follows: Year ending December 31, 2025 (excluding the nine months ended September 30, 2025) $ 1,301,736 2026 3,235,466 2027 2,160,795 2028 1,668,518 2029 782,693 Thereafter 420,920 Total future minimum lease payments 9,570,128 Less imputed interest (670,111) Total $ 8,900,017 Reported as of September 30, 2025 Accrued Liabilities $ 3,438,583 Other Non-Current Liabilities 5,461,434 Total $ 8,900,017"

LesseeOperatingLeasesTextBlock

"Adoption of New Accounting Standards In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures . Under this ASU, public business entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). This ASU is effective on a prospective basis for the Company in the fiscal year ending December 31, 2025 and will result in additional disclosures being included in the consolidated financial statements for the Company's Form 10-K for the year ended December 31, 2025. In March 2024, the Securities and Exchange Commission (""SEC"") issued Final Rule No. 33-11275, ""The Enhancement and Standardization of Climate-Related Disclosures for Investors."" If such rule becomes effective, the rule will require disclosure of climate-related information outside of the audited financial statements and disclosure in the footnotes to such financial statements addressing specified financial statement effects of severe weather events and other natural conditions above certain financial thresholds, certain carbon offsets and renewable energy credits or certificates, if material. Such disclosure requirements were scheduled to begin phasing in for fiscal years beginning on or after …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Revenue The following table shows the Companys Automotive revenue, Premium Audio revenue and Other revenue disaggregated by geographical location for Automotive and Premium Audio Products for the three and nine months ended September 30, 2025 and 2024 (which did not include VOXX), respectively: Three Months Ended September 30, Nine Months Ended September 30, Revenue 2025 2024 2025 2024 Automotive Products U.S. $ 194,079,001 $ 170,939,124 $ 529,664,401 $ 501,028,383 Japan 94,926,206 100,415,089 289,386,190 271,681,510 Germany 55,762,738 69,610,212 188,443,494 216,815,930 Korea 45,200,046 41,644,963 140,006,326 126,797,525 Mexico 49,303,782 57,803,114 142,655,314 143,380,199 China 39,107,300 55,123,069 115,143,249 153,425,003 Other 95,281,115 100,983,827 310,354,499 320,283,139 Total Automotive Products $ 573,660,188 $ 596,519,398 $ 1,715,653,473 $ 1,733,411,689 Premium Audio Products U.S. $ 20,855,043 $ $ 50,788,155 $ Other 22,137,311 36,694,796 Total Premium Audio Products $ 42,992,354 $ 87,482,951 Other 38,583,513 12,006,379 86,730,931 38,265,077 Total Revenue $ 655,236,055 $ 608,525,777 $ 1,889,867,355 $ 1,771,676,766 Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political, and labor conditions; global supply chain constraints; unexpected changes in laws, regulations, and trade, monetary, or fiscal policy, including interest rates, foreign currency exchange rates, and changes in the rate of inflation in the U.S. and …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Reporting ASC 280, Segment Reporting, requires that a public business entity report financial and descriptive information about its reportable operating segments, subject to certain aggregation criteria and quantitative thresholds. Operating segments are defined by ASC 280 as components of a public business entity about which separate financial information is available that is evaluated regularly by the chief operating decision-maker (""CODM"") in deciding how to allocate resources and in assessing performance. The Company's CODM is its Chief Executive Officer. The CODM evaluates performance and allocates resources based upon a number of factors, including the nature of the business, relevant industry, and profitability of the same, with the primary profit measure being income (loss) from operations of each segment. The CODM uses this information to evaluate the profitability of the Company's reportable segments and make decisions on future business plans. In connection with the acquisition of VOXX (see Note 16 ), effective April 1, 2025, the Company reorganized its financial reporting into nine distinct operating segments based on its products and internal organizational structure. These operating segments are disclosed by the Company under three reportable segments, which are Automotive Products, Premium Audio Products, and Other. The Company's Automotive Products segment develops and manufactures digital vision and connected car products and electronics, including …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Equity The decrease in common stock for the nine months ended September 30, 2025, was primarily due to the repurchases of 9.8 million shares, partially offset by the issuance of 1.6 million shares of the Companys common stock, net of cancellations, under the Companys stock-based compensation plans. The total net decrease for the nine months ended September 30, 2025, was 8.3 million shares. The Company recorded a cash dividend of $0.120 per share during the third quarter of 2025, as compared to a cash dividend of $0.120 per share during the third quarter of 2024. The third quarter 2025 dividend of $26.3 million was declared on August 22, 2025, and was paid on October 22, 2025. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing