Gentherm Postpones 2020 Fourth Quarter and Full-Year Earnings Release and Conference Call Announces Fourth Quarter and Full-Year 2020 Revenue Results

Achieved Record Quarterly Revenue in the Fourth Quarter 2021 Guidance Established

NORTHVILLE, Mich., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), a global market leader and developer of innovative thermal management technologies, today announced that it will postpone its 2020 fourth quarter and full-year earnings release and conference call, originally scheduled for Friday, February 19, 2021. The Company requires additional time to complete its review of the valuation of certain tax assets, as well as to assess any related non-cash impact on its financial statements for 2018 through 2020, and for its current and prior audit firms to complete their related audit procedures. The Company expects to issue its financial statements in the coming weeks. Gentherm will publicly announce a new earnings release and conference call date and time when available.

The Company announced fourth quarter 2020 product revenues of $288.9 million, an increase of $58.5 million, or 25.4%, as compared with the prior-year period. For full-year 2020, the Company reported product revenues of $913.1 million, a 6.0% decrease as compared with the prior year. The Company secured new automotive business awards totaling approximately $440 million in the fourth quarter 2020, resulting in a total of $940 million for full-year 2020.

Phil Eyler, Gentherm’s President and CEO, said “Our global team has pivoted quickly to respond to strengthening OEM demand over the past several months, finishing with strong revenue results for the fourth quarter and winning over 90% of the automotive opportunities available to us in 2020. I am very proud of the agility, hard work and commitment of the talented Gentherm team to overcome challenges in the market and deliver the highest quarterly revenue in the Company’s history. We are carrying this strong momentum into 2021 and anticipate continued outperformance relative to the automotive market.”

Guidance

The Company is providing the following guidance for full-year 2021:

• Product revenues between $1.05 billion and $1.13 billion, assuming current foreign exchange rates and light vehicle production in the Company’s key markets growing at a low-teens rate in 2021 versus 2020
• Adjusted EBITDA between 17% and 19% of product revenues

Investor Relations Contact
Yijing Brentano
[e-mail]
248.308.1702

Media Contact
Melissa Fischer
[e-mail]
248.289.9702

About Gentherm

Gentherm (NASDAQ:THRM) is a global developer and marketer of innovative thermal management technologies for a broad range of heating and cooling and temperature control applications. Automotive products include variable temperature Climate Control Seats, heated automotive interior systems (including heated seats, steering wheels, armrests and other components), battery performance solutions, cable systems and other electronic devices. Medical products include patient temperature management systems. The Company is also developing a number of new technologies and products that will help enable improvements to existing products and to create new product applications for existing and new markets. Gentherm has more than 11,000 employees in facilities in the United States, Germany, Canada, China, Hungary, Japan, Korea, North Macedonia, Malta, Mexico, United Kingdom, Ukraine, and Vietnam. For more information, go to www.gentherm.com.