Connect with us

Technology

VOXX International Announces Filing of Quarterly Report on Form 10-Q and Results for Fiscal 2025 Third Quarter; Company also Announces Merger Regulatory Approvals

Published

2 years ago

on

ORLANDO, Fla., Feb. 7, 2025 /PRNewswire/ — VOXX International Corporation (NASDAQ: VOXX) (“VOXX” or the “Company”), a leading manufacturer and distributor of automotive and consumer technologies for the global markets, as well as strategic joint ventures including biometrics, today announced that it has filed its Quarterly Report (the “Quarterly Report) on Form 10-Q for the period ended November 30, 2024 (the “Form 10-Q”) with the Securities and Exchange Commission (“SEC”).

As previously reported, the Company was unable to timely file the Form 10-Q for its 2025 fiscal third quarter. The delay was primarily related to the Company’s entry into an Agreement and Plan of Merger with Gentex Corporation (“Gentex”) on December 17, 2025, which caused the Company, in conjunction with its triggering events review, to test its goodwill, other intangible assets and other long-lived assets for impairment, thereby delaying its ability to timely file. On January 28, 2025, the Company received a letter  from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) stating that because the Company had not yet filed the Form 10-Q, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the SEC.  Based upon today’s filing of the Form 10-Q, the Company expects to receive notification from Nasdaq that it has regained compliance with Rule 5250(c)(1). 

Fiscal 2025 and Fiscal 2024 Third Quarter Comparisons

As contained in the  Form 10-Q, the Company’s Fiscal 2025 third quarter compared with the Fiscal 2024 third quarter as follows:

Total net sales of $105.2 million compared to $135.3 million, down $30.1 million or 22.2%, with declines in both the Automotive Electronics and Consumer Electronics segments as a result of economic, retail and OEM manufacturing conditions, along with asset sales during Fiscal 2025.Gross margin of 21.2% compared to 26.9%, down 570 basis points, driven by $7.0 million in inventory write-downs both in the Automotive Electronics and Consumer Electronics segments.Total operating expenses of $76.6 million, up $42.5 million; principally driven by non-cash charges of $44.3 million (including goodwill impairment charges of $28.2 million and intangible asset impairment charges of $16.1 million). Excluding impairment charges, total operating expenses of $32.3 million declined by $1.8 million, an improvement of 5.2% from the prior fiscal year quarter.Net loss attributable to VOXX International Corporation of $44.0 million compared to net income attributable to VOXX International Corporation of $1.9 million.Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) loss of $40.8 million compared to EBITDA of $6.5 million. Adjusted EBITDA loss of $4.7 million compared to Adjusted EBITDA of $8.0 million.

Fiscal 2025 and Fiscal 2024 Nine-Month Comparisons

As contained in the Company’s Form 10-Q, the Company’s nine-month period ended November 30, 2025 compared to the corresponding prior year period as follows:

Total net sales of $289.3 million compared to $360.8 million, down $71.5 million or 19.8%, with declines both in the Automotive Electronics and Consumer Electronics segments.Gross margin of 24.3% compared to 25.6%, down 130 basis points, including the impact of inventory write-downs taken in Fiscal 2025 third quarter.Total operating expenses of $140.9 million, up $30.7 million, principally due to non-cash charges of $44.3 million in the Fiscal 2025 third quarter. Excluding impairment charges, total operating expenses of $96.6 million declined by $13.6 million, an improvement of 12.3%.Total other income, net of $13.1 million compared to total other expense, net of $5.9 million.Net loss attributable to VOXX International Corporation of $50.8 million compared to net loss attributable to VOXX International Corporation of $19.9 million.Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) loss of $37.5 million compared to EBITDA loss of $6.5 million. Adjusted EBITDA loss of $10.4 million compared to Adjusted EBITDA of $3.0 million.

Selected Balance Sheet Data
As of November 30, 2024, the Company had cash and cash equivalents of $6.3 million as compared to cash and cash equivalents of $11.0 million as of February 29, 2024. Total debt as of November 30, 2024 was $18.8 million, which consists of $15.0 million outstanding on the Company’s Domestic Credit Facility and $3.8 million outstanding on the shareholder loan payable to Sharp Corporation. Total debt as of February 29, 2024 was $73.3 million. Total long-term debt, net of debt issuance costs was $14.5 million as of November 30, 2024 as compared to $71.9 million as of February 29, 2024, an improvement of $57.4 million.

Given the Company’s proposed merger transaction with Gentex, the Company is not hosting a conference call to discuss its Fiscal 2025 third quarter financial results.

Proposed Gentex Transaction – Anti-Trust Clearance
The Company today announced that the waiting period with respect to the proposed merger transaction with Gentex under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), expired at 11:59 p.m. Eastern Time on February 3, 2025. Additionally, on January 27, 2025, a letter was received from the German Federal Cartel Office advising that the proposed merger does not meet the prohibition conditions under the German Competition Act, and the merger may be implemented. The expiration of the HSR Act waiting period and clearance under the German Competition Act satisfy certain conditions to the closing of the merger. The proposed merger remains subject to other customary closing conditions, including approval by the Company’s stockholders and the absence of any legal prohibitions against the merger by a governmental authority of competent jurisdiction.

Non-GAAP Measures

EBITDA and Adjusted EBITDA are not financial measures recognized by GAAP. EBITDA represents net loss attributable to VOXX International Corporation and Subsidiaries, computed in accordance with GAAP, before interest expense and bank charges, taxes, and depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for stock-based compensation expense, gains on the sale of certain assets and businesses, foreign currency gains and losses, restructuring expenses, goodwill and intangible asset impairment charges, certain non-routine and non-recurring fees, and awards. Depreciation, amortization, stock-based compensation, foreign currency gains and losses, and goodwill and intangible asset impairment charges are non-cash items.

We present EBITDA and Adjusted EBITDA in our Form 10-Q because we consider them to be useful and appropriate supplemental measures of our performance. Adjusted EBITDA helps us to evaluate our performance without the effects of certain GAAP calculations that may not have a direct cash impact on our current operating performance. In addition, the exclusion of certain costs or gains relating to certain events allows for a more meaningful comparison of our results from period-to-period. These non-GAAP measures, as we define them, are not necessarily comparable to similarly entitled measures of other companies and may not be an appropriate measure for performance relative to other companies. EBITDA and Adjusted EBITDA should not be assessed in isolation from, are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP.

About VOXX

VOXX International (NASDAQ: VOXX) has grown into a worldwide leader in the Automotive Electronics and Consumer Electronics industries. Over the past several decades, VOXX has built market-leading positions in in-vehicle entertainment and automotive security, as well as in a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world’s leading automotive manufacturers. For additional information, please visit our website at www.voxxintl.com.

No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company or the solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States absent registration under the Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.

Additional Information Regarding the Merger and Where to Find It
This press release relates to the proposed merger involving the Company, Gentex and Instrument Merger Sub, Inc., a wholly-owned subsidiary of Gentex, whereby Merger Sub shall be merged with and into the Company (the “proposed merger”), with the Company as the surviving corporation. The proposed merger will be submitted to the stockholders of the Company for their consideration at a special meeting of the stockholders. In connection therewith, the Company intends to file relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including a definitive proxy statement on Schedule 14A (the “definitive proxy statement”) together with a proxy card, which will be mailed or otherwise disseminated to the Company’s stockholders when such documents become available, together with a proxy card.  The Company, Gentex and Merger Sub jointly filed a Schedule 13E-3 (the “Schedule 13E-3”) with the SEC on January 27, 2025, which is subject to update.  The Company and Gentex may also file other relevant documents with the SEC regarding the proposed merger. INVESTORS AND STOCKHOLDERS ARE URGED, PRIOR TO MAKING ANY INVESTMENT OR VOTING DECISION, TO READ THE DEFINITIVE PROXY STATEMENT, SCHEDULE 13E-3, AS MAY BE AMENDED, AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Stockholders may obtain free copies of the definitive proxy statement and Schedule 13E-3, any amendments or supplements thereto, and other documents containing important information about the Company, Gentex and Merger Sub and the proposed merger, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Free copies of the documents filed with the SEC can also be obtained on the Company’s website at www.voxintl.com or by contacting the Company’s investor relations at 917-887-8434 or gwiener@gwcco.com.

This press release may be deemed to be solicitation material in respect of the proposed merger contemplated by the Merger Agreement.

Certain Information Regarding Participants in the Solicitation
The Company, Gentex and certain of their directors, executive officers and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information regarding the directors and executive officers of the Company, Gentex and Merger Sub is contained in the Company’s preliminary proxy statement related to the proposed Merger, as filed with the SEC on January 27, 2025, and the Schedule 13E-3 as filed with the SEC on January 27, 2025 by the Company, Gentex and Merger Sub. A description of the direct or indirect interests, by security holdings or otherwise of the Company’s directors and executive officers and Gentex are also included in the preliminary proxy statement, Schedule 13E-3 and other relevant documents filed with the SEC regarding the proposed merger.  Free copies of these materials may be obtained as described in the preceding section.

Safe Harbor Statement
Except for historical information contained herein, statements made in this release constitute forward-looking statements and thus may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements: (i) the possibility that Nasdaq will not consider the Company in compliance with Listing Rule 5250(c)(1) irrespective of the Company’s filing of the Form 10-Q, (ii) the risk that the proposed merger may not be completed in a timely manner or at all, which may adversely affect the Company’s business and the price of its shares of Class A Common Stock, (iii) other factors described under Risk Factors in our most recent Form 10-K and other filings made by the Company from time to time with the SEC, as such descriptions may be updated or amended in any future reports the Company files with the SEC.

Investor Relations Contact:
Glenn Wiener, President & CEO
GW Communications (for VOXX)
Email: gwiener@gwcco.com

– Tables to Follow –

 

VOXX International Corporation and Subsidiaries Consolidated Balance Sheets

(In thousands, except share and per share data)

November 30,
2024

February 29,
2024

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$

6,349

$

10,986

Accounts receivable, net of allowances of $1,921 and $3,041 at November 30, 2024 and February 29, 2024,

respectively

79,686

71,066

Inventory

96,416

128,471

Receivables from vendors

129

1,192

Due from Established

100

–

Due from GalvanEyes LLC, current

–

1,238

Prepaid expenses and other current assets

14,533

20,820

Income tax receivable

4,933

2,095

Total current assets

202,146

235,868

Investment securities

414

828

Equity investments

22,428

21,380

Property, plant and equipment, net

32,937

45,070

Operating lease, right of use assets

5,067

2,577

Goodwill

35,385

63,931

Intangible assets, net

38,483

68,766

Due from GalvanEyes LLC, less current portion

–

1,340

Deferred income tax assets

58

1,452

Other assets

1,908

2,794

Total assets

$

338,826

$

444,006

Liabilities, Redeemable Equity, Redeemable Non-Controlling Interest, and Stockholders’ Equity

Current liabilities:

 Accounts payable

$

40,961

$

35,076

 Accrued expenses and other current liabilities

38,815

38,238

 Income taxes payable

1,510

1,123

 Accrued sales incentives

21,069

18,236

 Contract liabilities, current

3,043

3,810

 Current portion of long-term debt

3,837

500

Total current liabilities

109,235

96,983

Long-term debt, net of debt issuance costs

14,478

71,881

Finance lease liabilities, less current portion

399

644

Operating lease liabilities, less current portion

3,728

1,884

Deferred compensation

414

828

Deferred income tax liabilities

2,470

2,690

Other tax liabilities

719

809

Prepaid ownership interest in EyeLock LLC due to GalvanEyes LLC

–

9,817

Other long-term liabilities

2,828

2,170

Total liabilities

134,271

187,706

Commitments and contingencies

Redeemable equity: Class A, $.01 par value; 604,072 and 577,581 shares at November 30, 2024 and

February 29, 2024, respectively 

4,218

4,110

Redeemable non-controlling interest

(9,019)

(3,203)

Stockholders’ equity:

  Preferred stock:

  No shares issued or outstanding

–

–

  Common stock:

  Class A, $.01 par value, 60,000,000 shares authorized, 24,000,886 and 23,985,603 shares issued

  and 19,649,703 and 19,698,562 shares outstanding at November 30, 2024 and February 29, 2024,

  respectively

240

240

  Class B Convertible, $.01 par value, 10,000,000 shares authorized, 2,260,954 shares issued and

  outstanding at both November 30, 2024 and February 29, 2024

22

22

  Paid-in capital

296,137

293,272

  Retained earnings

7,449

58,272

  Accumulated other comprehensive loss

(17,760)

(17,366)

  Less: Treasury stock, at cost, 4,351,183 and 4,287,041 shares of Class A Common Stock at November

  30, 2024 and February 29, 2024, respectively

(39,821)

(39,573)

Total VOXX International Corporation stockholders’ equity

246,267

294,867

  Non-controlling interest

(36,911)

(39,474)

Total stockholders’ equity

209,356

255,393

Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders’ equity

$

338,826

$

444,006

 

VOXX International Corporation and Subsidiaries

Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income

(In thousands, except share and per share data)

Three months ended
November 30,

Nine months ended
November 30,

2024

2023

2024

2023

Net sales

$

105,175

$

135,260

$

289,324

$

360,828

Cost of sales

82,830

98,918

218,878

268,281

Gross profit

22,345

36,342

70,446

92,547

Operating expenses:

Selling

7,638

10,967

25,076

32,154

General and administrative

16,294

15,944

48,528

52,621

Engineering and technical support

8,316

7,063

20,660

23,257

Goodwill impairment charges

28,171

–

28,171

–

Intangible asset impairment charges

16,093

–

16,093

–

Restructuring expenses

49

101

2,378

2,168

Total operating expenses

76,561

34,075

140,906

110,200

Operating (loss) income

(54,216)

2,267

(70,460)

(17,653)

Other income (expense):

Interest and bank charges

(1,355)

(1,892)

(5,466)

(5,011)

Equity in income of equity investees

382

1,101

933

3,958

Gain on sale of business

–

–

8,300

–

Gain on sale of assets

7,299

–

9,453

–

Final arbitration award

–

(752)

–

(3,350)

Other, net

(2,084)

156

(113)

(1,497)

Total other income (expense), net

4,242

(1,387)

13,107

(5,900)

(Loss) Income before income taxes

(49,974)

880

(57,353)

(23,553)

Income tax (benefit) expense

(513)

97

493

(54)

Net (loss) income

(49,461)

783

(57,846)

(23,499)

Less: net loss attributable to non-controlling interest

(5,495)

(1,129)

(7,023)

(3,609)

  Net (loss) income attributable to VOXX International Corporation and Subsidiaries

$

(43,966)

$

1,912

$

(50,823)

$

(19,890)

Other comprehensive (loss) income:

 Foreign currency translation adjustments

(1,037)

279

(779)

1,337

 Derivatives designated for hedging

477

(29)

374

(55)

 Pension plan adjustments

19

(1)

11

(7)

 Other comprehensive (loss) income, net of tax

(541)

249

(394)

1,275

Comprehensive (loss) income attributable to VOXX International Corporation and Subsidiaries

$

(44,507)

$

2,161

$

(51,217)

$

(18,615)

(Loss) Income per share – basic: Attributable to VOXX International Corporation and Subsidiaries

$

(1.90)

$

0.08

$

(2.20)

$

(0.85)

(Loss) Income per share – diluted: Attributable to VOXX International Corporation and Subsidiaries

$

(1.90)

$

0.08

$

(2.20)

$

(0.85)

Weighted-average common shares outstanding (basic)

23,160,541

23,270,834

23,141,960

23,510,578

Weighted-average common shares outstanding (diluted)

23,160,541

23,467,022

23,141,960

23,510,578

 

Reconciliation of GAAP Net (Loss) Income Attributable to

VOXX International Corporation to EBITDA and Adjusted EBITDA

Three months ended
November 30,

Nine months ended
November 30,

2024

2023

2024

2023

Net (loss) income attributable to VOXX International Corporation and Subsidiaries

$

(43,966)

$

1,912

$

(50,823)

$

(19,890)

Adjustments:

Interest expense and bank charges (1)

1,144

1,688

4,825

4,405

Depreciation and amortization (1)

2,569

2,808

8,024

9,003

Income tax (benefit) expense

(513)

97

493

(54)

EBITDA

(40,766)

6,505

(37,481)

(6,536)

Stock-based compensation

262

177

820

643

Gain on sale of tradename

–

–

–

(450)

Gain on sale of business

–

–

(8,300)

–

Gain on sale of assets

(7,299)

–

(9,453)

–

Foreign currency losses (1)

2,413

144

1,058

2,320

Restructuring expenses

49

101

2,378

2,168

Goodwill impairment charges (1)

24,985

–

24,985

–

Intangible asset impairment charges (1)

14,411

–

14,411

–

Non-recurring ERP implementation costs

–

–

55

–

Gain on termination of interest rate swap

(47)

–

(47)

–

Non-recurring due diligence fees

1,112

–

1,112

–

Non-routine legal fees

191

318

66

1,549

Final arbitration award

–

752

–

3,350

Adjusted EBITDA

$

(4,689)

$

7,997

$

(10,396)

$

3,044

(1)

For purposes of calculating Adjusted EBITDA for the Company, interest expense and bank charges, depreciation and amortization, foreign currency gains and losses, and goodwill and intangible asset impairment charges have been adjusted in order to exclude the non-controlling interest portion of these expenses attributable to EyeLock LLC and Onkyo Technology KK, as appropriate.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/voxx-international-announces-filing-of-quarterly-report-on-form-10-q-and-results-for-fiscal-2025-third-quarter-company-also-announces-merger-regulatory-approvals-302371520.html

SOURCE VOXX International Corporation

Related Topics:
Continue Reading

Technology

Volvo Cars Q3 2026: taking decisive action to navigate a very tough environment

Published

48 minutes ago

on

October 23, 2026

By

GOTHENBURG, Sweden, Oct. 23, 2026 /PRNewswire/ — Volvo Cars today reports an operating income, excluding joint ventures & associates and items affecting comparability, of SEK -3.7 billion and a corresponding EBIT margin of -5.6 per cent for the third quarter of 2026. The result reflects a further deteriorating external environment, led by market developments in China and the US.

Q3 revenue was SEK 66.9 bn (SEK 86.4 bn in Q3 2025)Q3 operating income was SEK -5.6 bn (SEK 6.4 bn in Q3 2025)Q3 EBIT (excl. share of income in JVs & associates and IAC) was SEK -3.7 bn (SEK 5.8 bn in Q3 2025)Q3 EBIT margin was -8.4 per cent (7.4 per cent in Q3 2025)Q3 EBIT margin (excl. share of income in JVs & associates and IAC) of -5.6 per cent (6.7 per cent in Q3 2025)Q3 basic earnings per share were SEK -1.63 (SEK 1.75 in Q3 2025)Q3 fully electric car sales share at 32 per cent (22 per cent in Q3 2025)Q3 electrified car sales share at 53 per cent (46 per cent in Q3 2025)Q3 free cash flow of SEK -8.9 billion (SEK -4.3 billion in Q3 2025)

Volvo Cars today reports an operating income, excluding joint ventures & associates and items affecting comparability, of SEK -3.7 billion and a corresponding EBIT margin of -5.6 per cent for the third quarter of 2026. The result reflects a further deteriorating external environment, led by market developments in China and the US.

Volvo Cars remains a leader in the premium fully electric (BEV) segment, underpinned by a resilient performance in Europe where it had a BEV sales share of 45 per cent in Q3. But the situation in China and the US was considerably tougher, which also negatively affected free cash flow.

In China, Volvo Cars and other legacy premium brands faced hypercompetition from new Chinese alternatives, as well as severe pricing pressure. As a result, Volvo Cars’ revenues in China fell by almost 50 per cent year-on-year. In the US, Volvo Cars saw continued negative effects from tariffs and the removal of consumer incentives for electrified cars, which pressured margins.

The company’s Q3 result was also affected by other external developments: a negative revaluation of SEK 1.1 billion in CAFE credits due to legislation changes in the US, negative raw material developments, and SEK -0.9 billion due to the recognition of Polestar’s losses in Q2 2026.

In response to the result, Volvo Cars aims to reduce an additional SEK 5 billion in indirect spend and variable costs, on top of earlier cost programmes it successfully completed. These actions will lead to a structural reduction of approximately 2,500 jobs globally, of which 2,000 are based in Sweden, by ending consultant contracts, through natural attrition and by targeted exit packages to employees.

Full financial effects of these measures will be realised by the end of 2027, by which time the company’s overall indirect spend will be almost 25 per cent lower versus FY 2024.

The company is also working at speed on its recently announced, largest-ever product push. This consists of 13 new cars between now and the end of 2030, with a tailored portfolio of new cars for Europe, the US and China and more localised production. Already in 2027, Volvo Cars will reveal three of these new cars: one new car for Europe and two China-specific models.

More details about Volvo Cars’ performance can be found in the Q3 2026 financial report. 

“We continue to operate in a very tough environment with strong external challenges: de-globalisation, hypercompetition and climate change. We are convinced that we have the right long-term strategy addressing these challenges,” says Håkan Samuelsson, president and CEO. “However, in the short term, with severely challenged volumes, we need to reinforce our turnaround plan with additional decisive actions, lowering our break-even point and improving cash flows to make us more resilient.”

A reinforced turnaround plan with the right regional products

Reflecting its strong BEV position in Europe, the EX60 has been a big success with over 50,000 European orders and it will be one of Volvo Cars’ most profitable models. Due to new industrial technology such as cell-to-body it is taking longer than planned to ramp up production, but Volvo Cars is steadily improving built volumes.

In 2027 Volvo Cars will introduce its next global BEV car, which targets a large, lower priced market segment in Europe, with the first customer deliveries starting after summer. This will further strengthen its BEV leadership and improve margins.

In the US, Volvo Cars has divided the market in four regions to enable faster decision-making and improve sales. It is fast-tracking the production start of the long-range plug-in hybrid versions of the XC90 and XC60, with European deliveries starting this year and the US shortly after. In Q1 2027, it will localise XC60 production in Charleston. By the end of the decade, it will localise a second, all-new car with multiple powertrain options.

In China, the next two years will remain tough, so Volvo Cars is taking further cost-efficiency actions to weather the storm. For example, it will combine its two offices in Shanghai by moving the sales office to the local HQ in Jiading.

Mid-next year Volvo Cars will reveal and start production of the first two of six new China-tailored cars, through closer cooperation with Geely. These cars will be developed with a Chinese tech stack and the latest ADAS technologies to make them fully competitive in China. 

Additional cost and cash actions

Volvo Cars will achieve the additional savings of SEK 5 billion by driving structural change, lowering corporate overheads and empowering its regions. It is adapting its blue-collar workforce to current volumes by leveraging existing flexibility and will continue to reduce R&D costs, as it has already established its tech foundation with SPA3 and HuginCore.

Volvo Cars will also develop a more efficient production structure by concentrating on five dedicated Volvo plants globally. For its Chengdu and Ghent plants the company is exploring the option of multi-brand assembly together with Geely.

In addition, the company will further lower its variable costs, for example by increasing its common supplier base with Geely Group and adopting more common hardware parts in its cars.

Finally, Volvo Cars will continue to prioritise cash. The company has passed its investment peak and has now returned to normal and affordable investment levels, corresponding to an approximately 30 per cent reduction compared to 2024. 

Note to editors

Volvo Cars will host a livestream on its Q3 2026 results for media, investors and analysts at 08:00 CET today. The presentation will be held in English and followed by a Q&A session.

Link for livestream

It will be possible to ask questions during the Q&A session following the main presentation. To participate, you can either use the chat function online to type your question, or you can call in. To call in, participants need to register via the link below and will then receive the dial-in details and individual PIN.

Link to register

This disclosure contains information that Volvo Car AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 23-10-2026 07:00 CET.

For further information please contact:
Volvo Cars Media Relations
+46 31-59 65 25
media@volvocars.com

Volvo Cars Investor Relations
+46 31-793 94 00
investors@volvocars.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/volvo-car-ab–publ-/r/volvo-cars-q3-2026–taking-decisive-action-to-navigate-a-very-tough-environment,c4414242

The following files are available for download:

 

View original content:https://www.prnewswire.com/news-releases/volvo-cars-q3-2026-taking-decisive-action-to-navigate-a-very-tough-environment-302917802.html

SOURCE Volvo Car AB (publ)

Continue Reading

Technology

Artery AT32 AI Studio Empowers Edge Intelligence, Accelerating AI Application Deployment

Published

48 minutes ago

on

October 23, 2026

By

TAIPEI, Oct. 23, 2026 /PRNewswire/ — As artificial intelligence (AI) technology continues to advance rapidly, AI is expanding from cloud computing to edge devices, with applications such as intelligent sensing, voice interaction, and visual recognition increasingly being integrated into a wide range of end devices. 

Focusing on the development of edge intelligence, Artery continues to strengthen its AT32 ecosystem with AT32 AI Studio, a one-stop edge AI development platform designed to help developers efficiently build and deploy edge AI applications on AT32 MCUs, lower the barriers to AI development, and accelerate the transition from AI models to real-world products.

An Integrated Toolchain Streamlining the Entire Edge AI Development Process

AT32 AI Studio integrates key capabilities throughout the edge AI development process, including data processing, model training and optimization, simulation and validation, and code generation, into a unified development environment. This integration helps developers reduce tool switching and repetitive configuration, enabling more efficient integration of AI models into AT32 MCU applications.

With its graphical development workflow and automated code generation capabilities, developers can build AI applications more intuitively and quickly convert optimized models into embedded code compatible with the AT32 platform, further shortening the development cycle from algorithm validation to product implementation.

Optimized for Edge Computing, Enabling Lightweight AI Model Deployment

For resource-constrained embedded devices, model size, memory usage, computational requirements, and power consumption often directly determine whether AI applications can be successfully deployed.

AT32 AI Studio provides model optimization capabilities tailored to edge deployment requirements. Through techniques such as quantization and compression, the platform reduces model storage and computational resource requirements while maintaining accuracy and improving execution efficiency on AT32 MCUs. In addition, the platform includes lightweight neural network models designed for embedded applications, providing developers with an AI development foundation better suited to the resource constraints of MCUs. These capabilities enable AI algorithms to move beyond basic execution toward practical deployment and real-world applications.

Unlocking the Potential of AT32 Edge AI Across Diverse Applications

AT32 AI Studio has been successfully applied to various scenarios, including voice keyword recognition, Time-of-Flight (ToF)-based gesture recognition, and industrial anomaly detection, demonstrating its versatility. By leveraging AT32 AI Studio, developers can combine AI algorithms with the hardware capabilities of AT32 MCUs to enhance sensing and decision-making capabilities in end devices, expanding the potential of MCU-based applications in smart homes, industrial control, smart wearables, and human-machine interaction.

Focused on Practical Deployment, Bringing AI Development Closer to Real-World Products

For embedded AI applications, successful execution of a model on a PC does not necessarily guarantee stable operation on actual hardware. Model accuracy, resource utilization, and real-world performance must still be validated in the target hardware environment.

AT32 AI Studio incorporates simulation, evaluation, and practical deployment as essential stages of the development process, establishing a complete development–validation–deployment workflow. This approach helps developers thoroughly evaluate model performance on the AT32 platform during development, while automated code generation further facilitates integration with embedded software development.

Empowering the Ecosystem with Development Tools and Accelerating the Transition to Edge Intelligence

As applications evolve from traditional control to intelligent sensing, MCUs are becoming an important platform for extending AI capabilities to end devices. Artery Technology continues to enhance its software ecosystem and development toolchain centered on AT32 MCUs, reducing development complexity, improving model deployment efficiency, and providing developers with more comprehensive and efficient AI development support.

AT32 AI Studio represents an important part of Artery’s AI ecosystem development, bridging Physical AI and edge computing. Through an end-to-end development workflow, MCU-oriented model optimization, and automated deployment capabilities, Artery Technology will further unlock the potential of edge AI applications on the AT32 platform, helping developers integrate AI capabilities into end products more efficiently and bringing more intelligent applications from algorithms to reality.

Artery Technology specializes in the research, development, and innovation of 32-bit microcontrollers, providing high-performance, highly reliable products and solutions for a wide range of applications, including industrial control, consumer electronics, IoT, and smart applications. The company is committed to advancing intelligent technologies through continuous innovation.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/artery-at32-ai-studio-empowers-edge-intelligence-accelerating-ai-application-deployment-302917813.html

SOURCE Artery Technology

Continue Reading

Technology

Electrolux Group Interim report Q3 2026

Published

49 minutes ago

on

October 23, 2026

By

STOCKHOLM, Oct. 23, 2026 /PRNewswire/ — 

Highlights of the third quarter of 2026

Net sales increased to SEK 33,919m (32,318) with organic sales growth of 3.5% (4.6). All regions contributed to the growth, driven mainly by increased sales volumes in Europe, Middle East & Africa, Asia Pacific (EMEA APAC), and Latin America, as well as positive price development in North America.Operating income excluding non-recurring items (NRIs) was SEK 912m (890), corresponding to a margin of 2.7% (2.8). Cost efficiency contributed SEK 1.4bn to operating income, offsetting the significant negative impact from external factors, primarily from increased raw material and logistics cost as a consequence of the Middle East conflict, and U.S. tariff costs.Operating income of SEK 607m (890), corresponding to an operating margin of 1.8% (2.8), included negative NRIs of SEK -305m referring to previously announced restructuring costs related to the strategic partnership with Midea Group in North America, and global organization and footprint optimization costs. In the quarter, the factory in Rosario, Argentina, was closed.Income for the period was SEK -340m (192) and earnings per share were SEK -0.46 (0.39).Operating cash flow after investments was SEK 3,608m (624), mainly driven by improved working capital, and U.S. tariff refunds. Investments continued to be at a low level.Net debt/EBITDA improved to 2.2x (3.5).Manufacturing joint venture in Anderson, U.S., for Fabric Care, with Midea Group in North America, became operational on September 1.

Events after the close of the period:

Sales joint venture, U.S., and manufacturing joint venture in Juarez, Mexico, with Midea Group in North America related to Food Preservation products became operational on October 1.

President and CEO Yannick Fierling’s comment

Strong strategic execution and resilient performance

The third quarter marked strong progress in the transformation of Electrolux Group. We continued to execute the strategic priorities and delivered resilient performance in a challenging market environment. Competitive pressure remained high, alongside significant cost headwinds from external factors, including raw material, logistic costs and U.S. tariffs.

In North America, we reached an important milestone as our strategic partnership with Midea Group became operational. All three joint ventures have been established, including the sales joint venture for Food Preservation and the manufacturing joint ventures in Juarez, Mexico, and Anderson, U.S. The closure of the Anderson factory contributed positively to earnings in the quarter. The repurposing of the site for laundry production is progressing according to plan. The sale of the Juarez assets to Midea Group was completed on October 1.

Across the Group, we continued to progress on the global organization and manufacturing footprint optimization. We are creating a leaner organization, with fewer employees and a greater share of resources closer to consumers and markets. In the third quarter, we closed the factory in Rosario, Argentina. In Italy, discussions with trade unions and institutions regarding the optimization plan are progressing according to plan.

Navigating diverse regional challenges

In North America, inflation concerns continued to weigh on consumer confidence. Demand shifted towards lower price points as consumers are impacted by inflation and prioritize affordability. Higher tariffs added significant cost pressure, forcing the industry to further increase prices in the quarter. In Europe, consumer confidence deteriorated as geopolitical uncertainty increased and inflation weighed on purchasing power and demand. In Brazil, market demand remained positive, although growth slowed significantly as elevated interest rates continued to affect consumers’ financing and household spending.

Organic sales growth and strong cash generation

Organic sales grew in the quarter, with resilient performance across all regions. Strong commercial execution enabled us to increase our value market share for both the Electrolux and the AEG brands in Europe. In Latin America, growth was driven by higher volumes. In North America, organic sales growth mainly reflected the price increases implemented to mitigate higher tariff costs.

Operating income excluding non-recurring items was positively impacted by cost efficiency. This was offset by significant external headwinds, with the Middle East conflict impacting with full effect, leading to substantially higher raw material and logistics costs. U.S. tariff costs also had a negative impact in the quarter. We expect the pressure from external factors to remain in the coming quarters. Operating income benefited from a positive effect related to a recovery claim for overpaid tax, included in cost efficiency. This more than offset the negative effect from a customer-related provision in Brazil.

Operating cash flow after investment improved to SEK 3.6bn, supported by improved operating working capital and U.S. tariff refunds. The leverage ratio improved to 2.2x.

Full-year 2026 business and market outlook

We now expect volume, price and mix combined to have a neutral operating income contribution, compared with previously positive, reflecting the challenging market environment across regions. The expected contribution from cost efficiency is changed to about SEK 4.0bn, reflecting the strong traction in our cost efficiency initiatives. The business outlook for investments in consumer experience innovation and marketing, external factors and capital expenditure remains unchanged, as does our regional market outlook.

Building long-term competitiveness

We remain focused on what we can control to win in the marketplace: resetting North America operations, optimizing our organization and manufacturing footprint, and capturing growth opportunities.

We are reshaping Electrolux Group into a more agile, competitive and consumer-centric company. I am proud of the performance in the third quarter and the commitment and drive across Electrolux Group as we continue our transformation.

Webcast and telephone conference 09.00 CEST

A video webcast and simultaneous telephone conference is held at 09.00 CEST today, October 23. Yannick Fierling, President and CEO, and Therese Friberg, CFO, will comment on the report.

If you wish to participate via webcast, please use the link below. Via the webcast you are able to ask written questions.

https://edge.media-server.com/mmc/p/pb2vmwpk/

If you wish to participate via telephone conference, please register on the link below. After registration, you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the telephone conference.

https://register-conf.media-server.com/register/BI00fde9a3778945cbb8a8c2c1c778f2cb

The press release and presentation material is available for download on the Investor Relations section on electroluxgroup.com.

This is information that AB Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on 23-10-2026 07:00 CET.

For more information:

Ann-Sofi Jönsson, Head of Investor Relations & Sustainability Reporting, ann-sofi.jonsson@electrolux.com,  +46 73 025 1005 

Maria Åkerhielm, Investor Relations Manager, maria.akerhielm@electrolux.com, +46 70 796 3856

Henry Sjölin, Investor Relations Manager, henry.sjolin@electrolux.com, +46 76 863 51 85

Electrolux Press Hotline, +46 8 657 65 07. 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/electrolux-group/r/electrolux-group-interim-report-q3-2026,c4414138

The following files are available for download:

https://mb.cision.com/Main/1853/4414138/4335007.pdf

Interim report – ENG – Q3 2026

 

View original content:https://www.prnewswire.com/news-releases/electrolux-group-interim-report-q3-2026-302917815.html

SOURCE Electrolux Group

Continue Reading

Trending