Gentherm(US:THRM)2023-08-01 16:00Financial Performance - For the three months ended June 30, 2023, Gentherm's product revenues reached $372.323 million, compared to $260.715 million in 2022 [16] - Automotive product revenues for the three months ended June 30, 2023, were $361.533 million, up from $249.152 million in 2022 [16] - Adjusted EBITDA for the three months ended June 30, 2023, was $42.378 million, compared to $24.836 million in 2022, with an Adjusted EBITDA Margin of 11.4% versus 9.5% [16] - For the six months ended June 30, 2023, product revenues were $735.948 million, compared to $528.372 million in 2022 [16] - Adjusted EBITDA for the six months ended June 30, 2023, was $83.888 million, compared to $54.604 million in 2022, with an Adjusted EBITDA Margin of 11.4% versus 10.3% [16] - The company is excluding the impact of non-cash stock-based compensation in its calculation of Adjusted EBITDA Margin starting in 2023 [4] Business Highlights - Gentherm secured $670 million in new automotive business awards in the second quarter [13] - The company is strengthening its partnership with SourceMark Medical and expanding hospital accounts in China [15] - Gentherm anticipates product revenue between $1.45 billion and $1.55 billion for 2023 [18] - The company projects an Adjusted EBITDA Margin between 11.5% and 13.5% for 2023 [18]