Stoneridge, Inc. · NYSE:SRI
Stoneridge — Q1 2025 Earnings Presentation
29 slides from Stoneridge's earnings presentation, Apr 30, 2025
Slide 1: Q1 2025 Results
stoneridge.com © 2025 Q1 2025 Results May 1, 2025 Exhibit 99.2
Slide 2: Non-GAAP Financial Measures
stoneridge.com © 2025 Q1 2025 Results 2 Non-GAAP Financial Measures This presentation contains information about the Company’s financial results that is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Such non-GAAP financial measures are recon
Slide 3: Forward-Looking Statements
stoneridge.com © 2025 Q1 2025 Results 3 Forward-Looking Statements Statements in this presentation that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by
Slide 4: Q1 2025 Overview of Achievements
stoneridge.com © 2025 Q1 2025 Results • Strong Q1 performance • Gross margin improved 210 bps vs. Q4 2024 driven by lower material and reduced quality-related costs • Q1 free cash flow of $4.9M improved by $1.5 million vs. Q1 2024 • MirrorEye and SMART 2 tachograph set quarterly sales record • Mirro
Slide 5: Financial Summary
5stoneridge.com © 2025 Q1 2025 Results Sales Adjusted Gross Profit Adjusted Operating Income Adjusted EBITDA Q4 2024 vs. Q1 2025 Q1 2025 Key Drivers • Q1 2025 sales relatively in line with Q4 2024 • Stoneridge specific growth drivers, including MirrorEye, and higher volumes for our North American pa
Slide 6: Business Update: Tariffs
stoneridge.com © 2025 Q1 2025 Results 6 Business Update Tariffs Q1 direct tariff impact was limited. Continuing to implement mitigation actions. Mitigating Actions • Supply chain strategies to re-route goods or re-source to new suppliers • Pass-through tariff costs to customers through price increas
Slide 7: Financial Update
stoneridge.com © 2025 Financial Update
Slide 8: Q1 2025 Financial Highlights and 2025 Guidance
8stoneridge.com © 2025 Q1 2025 Results Q1 2025 Financial Highlights Q1 2025 Actuals 2025 Full-Year Guidance $860 million - $890 million$217.9 million Sales $189 million - $200 million 22.0% - 22.5% $47.7 million 21.9% Adj. Gross Profit Margin $6.5 million - $11.1 million 0.75% - 1.25% $(0.4) million
Slide 9: Control Devices Performance
9stoneridge.com © 2025 Q1 2025 Results Sales Adjusted Operating Income Control Devices Performance Q4 2024 vs. Q1 2025 Q1 2025 Financial Results • Q1 sales increased by 10.6% vs. Q4 2024 primarily due to higher production volumes for our North American passenger vehicle customers • Q1 adjusted opera
Slide 10: Electronics Performance
10stoneridge.com © 2025 Q1 2025 Results Sales Adjusted Operating Income Electronics Performance Q1 2025 Financial Results • Q1 sales were slightly lower than Q4 2024, as expected, driven by end- market production declines • MirrorEye sets quarterly sales record – 24% growth vs. Q4 2024 • SMART 2 set
Slide 11: Stoneridge Brazil Performance
11stoneridge.com © 2025 Q1 2025 Results Sales Adjusted Operating Income Stoneridge Brazil Performance Q1 2025 Financial Results • Q1 sales growth of $2.0 million, or 15.9% vs. Q4 2024, primarily driven by higher OEM revenue • Local OEM business grew 60%+ vs. Q4 2024 • Adjusted operating income impro
Slide 12: Free Cash Flow and Inventory Balance
12stoneridge.com © 2025 Q1 2025 Results Free Cash Flow Inventory Balance Q1 2025 Performance • First quarter free cash flow of $4.9 million ($1.5 million improvement vs. Q1 2024) • Continued focus on working capital management – specifically inventory improvement • Inventory balance improved by ~$28
Slide 13: Q1 2025 Summary
stoneridge.com © 2025 Q1 2025 Results Q1 2025 Summary Strong Performance Driven by Improved Material Costs, Reduced Quality Related Costs & Continued Focus on Structural Cost Reduction $4.9M Free Cash Flow in Q1 2025; Improvement of $1.5M vs. Q1 2024 210 bps Gross Margin Improvement vs. Q4 2024 ~24%
Slide 14: Appendix Materials
stoneridge.com © 2025 Appendix Materials
Slide 15: Balance Sheets
stoneridge.com © 2025 Appendix 15 Balance Sheets December 31, 2024 March 31, 2025(in thousands) (Unaudited) ASSETS Current assets: $ 71,832$ 79,109Cash and cash equivalents 137,766156,683Accounts receivable, less reserves of $699 and $1,060, respectively 151,337151,794Inventories, net 26,57930,435Pr
Slide 16: Income Statement
stoneridge.com © 2025 Appendix 16 Income Statement Three months ended March 31, 20242025(in thousands, except per share data) $ 239,157$ 217,890Net sales Costs and expenses: 190,800171,593Cost of goods sold 30,42331,696Selling, general and administrative 17,60317,826Design and development 331(3,225)
Slide 17: Statements of Cash Flows
stoneridge.com © 2025 Appendix 17 Statements of Cash Flows 20242025Three months ended March 31, (in thousands) OPERATING ACTIVITIES: $ (6,126)$ (7,196)Net loss Adjustments to reconcile net loss to net cash provided by (used for) operating activities: 6,6015,428Depreciation 2,1642,054Amortization, in
Slide 18: Segment Reporting
stoneridge.com © 2025 Appendix 18 Segment Reporting (A) Unallocated Corporate expenses include, among other items, accounting/finance, human resources, information technology and legal costs as well as share-based compensation. Three months ended March 31, 20242025 Net Sales: $ 77,158$ 68,833Control
Slide 19: Segment Reporting
stoneridge.com © 2025 Appendix 19 Segment Reporting (A) Unallocated Corporate expenses include, among other items, accounting/finance, human resources, information technology and legal costs as well as share-based compensation. (B) These amounts represent depreciation and amortization on a property,
Slide 20: Reconciliations to US GAAP
stoneridge.com © 2025 Reconciliations to US GAAP
Slide 21: US GAAP Reconciliations
stoneridge.com © 2025 US GAAP Reconciliations US GAAP Reconciliations 21 This document contains information about Stoneridge's financial results which is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reco
Slide 22: Reconciliation of Adjusted Gross Profit
stoneridge.com © 2025 US GAAP Reconciliations 22 US GAAP Reconciliations Reconciliation of Adjusted Gross Profit Q1 2025Q4 2024(USD in millions) $ 46.3$ 42.7Gross Profit 1.40.4Add: Pre-Tax Business Realignment Costs $ 47.7$ 43.1Adjusted Gross Profit
Slide 23: Reconciliation of Adjusted Operating Loss
stoneridge.com © 2025 US GAAP Reconciliations 23 US GAAP Reconciliations Reconciliation of Adjusted Operating Loss Q1 2025Q4 2024(USD in millions) $ (3.2)$ (4.4)Operating Loss 2.80.4Add: Pre-Tax Business Realignment Costs $ (0.4)$ (4.0)Adjusted Operating Loss
Slide 24: Reconciliation of Adjusted EBITDA
stoneridge.com © 2025 US GAAP Reconciliations 24 US GAAP Reconciliations Reconciliation of Adjusted EBITDA Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024(USD in millions) $ (5.6)$ (6.2)$ (3.7)$ 1.9$ (5.6)Income (Loss) Before Tax 3.23.43.63.83.6Interest expense, net 7.38.38.88.58.6Depreciation and amortization
Slide 25: Reconciliation of Segment Adjusted Operating Income
stoneridge.com © 2025 US GAAP Reconciliations 25 US GAAP Reconciliations Reconciliation of Control Devices Adjusted Operating Income (Loss) Q1 2025Q4 2024(USD in millions) $ 1.2$ (1.8)Control Devices Operating Income (Loss) 0.40.2Add: Pre-Tax Business Realignment Costs $ 1.5$ (1.6)Control Devices Ad
Slide 26: Reconciliation of Free Cash Flow
stoneridge.com © 2025 US GAAP Reconciliations 26 US GAAP Reconciliations Reconciliation of Free Cash Flow Q1 2025Q1 2024(USD in millions) $ 10.9$ 9.1Cash Flow from Operating Activities (6.1)(5.8)Capital Expenditures, including Intangibles 0.10.1Proceeds from Sale of Fixed Assets $ 4.9$ 3.4Free Cash
Slide 27: Reconciliation of Adjusted EBITDA for Compliance Calculation
stoneridge.com © 2025 US GAAP Reconciliations 27 US GAAP Reconciliations Reconciliation of Adjusted EBITDA for Compliance Calculation Q1 2025Q4 2024Q3 2024Q2 2024(USD in millions) $ (5.6)$ (6.2)$ (3.7)$ 1.9Income (Loss) Before Tax 3.23.43.63.8Interest Expense, net 7.38.38.88.5Depreciation and Amorti
Slide 28: Reconciliation of Adjusted Cash and Debt for Compliance
stoneridge.com © 2025 US GAAP Reconciliations 28 US GAAP Reconciliations Reconciliation of Adjusted Cash for Compliance Calculation Q1 2025(USD in millions) $ 79.1Total Cash and Cash Equivalents (23.3)Less: 35% of Cash in Foreign Locations $ 55.8Total Adjusted Cash (Compliance) Reconciliation of Adj
Slide 29: Stoneridge
stoneridge.com © 2025 Stoneridge @StoneridgeInc StoneridgeGlobal 29