Despite revenue growth and new program wins, the company's core operations remain deeply unprofitable with widening losses. The guidance raise is purely mechanical (contract manufacturing reclassification), not organic improvement. Monitor the debt refinancing progress and whether the company can achieve its break-even adjusted operating margin target by year-end. The stock's $199M market cap against $156.5M debt and negative earnings suggests high financial risk.
Price Chart
Executive Summary
Stoneridge reported Q1 2026 revenue of $160.8M, up 7.9% YoY, but posted a GAAP net loss of $27.0M ($0.97/share) vs. a $7.2M net loss a year ago, driven by $9.2M in loss on disposal of Control Devices and $14.6M in operating loss. The company reaffirmed base full-year guidance and raised revenue guidance by $20M to $645-670M due to contract manufacturing revenue from the Control Devices sale, but the core business remains unprofitable with negative adjusted EBITDA of $2.0M. Two new program awards totaling $135M in estimated lifetime revenue provide a positive narrative, but the deteriorating earnings trajectory and heavy losses make this a bearish filing.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $160.8M, up 7.9% YoY from $149.1M
- GAAP net loss of $27.0M ($0.97/share) vs. net loss of $7.2M ($0.26/share) in Q1 2025
- Operating loss of $9.0M vs. operating loss of $4.3M in Q1 2025
- Adjusted EBITDA of $2.0M (1.3% of sales), down from $3.2M in Q4 2025
- Net debt reduced to $85.9M from $127.9M at Q4 2025 using Control Devices sale proceeds
- Full-year 2026 revenue guidance raised to $645-670M (from $625-650M) due to contract manufacturing revenue
- Adjusted operating margin guidance raised to approximately break-even to 0.5% (from approximately break-even)
- Reaffirmed adjusted EBITDA guidance of $20-25M and adjusted gross margin of 21.5-22.0%
- Announced two program awards totaling over $135M estimated lifetime revenue
- Initiated debt refinancing process targeting completion by November 2026
Financial Impact
Q1 net loss of $27.0M vs. $7.2M loss a year ago; operating loss widened to $9.0M from $4.3M; adjusted EBITDA of $2.0M vs. $3.2M in Q4 2025
Risk Factors
- Sustained operating losses with no clear path to GAAP profitability
- High leverage with net debt of $85.9M against $199M market cap
- Commercial vehicle production volumes remain at low levels with persistent inflationary and geopolitical headwinds
- Refinancing risk on $156.5M credit facility maturing July 2027
- Dependence on MirrorEye and new program awards for growth, which may not materialize as expected
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001043337-26-000046 |
| Document: sri-20260507xexx992earni.htm | 0001043337-26-000046 |
| Document: sri-20260507.htm | 0001043337-26-000046 |
| Document: 0001043337-26-000046-index-headers.html | 0001043337-26-000046 |
| Document: 0001043337-26-000046-index.html | 0001043337-26-000046 |
| Document: 0001043337-26-000046.txt | 0001043337-26-000046 |
| 8-K Data (Synthetic) | 0001043337-26-000046 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 20d ago | 8-K | $6.49 | awaiting T+20 | — | $5.89 (−9.24%) |
Sep 23, 2026 4w ago | 8-K | $6.81 $5.93 | ▼ −12.92% | ▼ −12.50% | $5.89 (−13.51%) |
Sep 23, 2026 4w ago | Press Release | $6.81 $5.93 | ▼ −12.92% | ▼ −12.50% | $5.89 (−13.51%) |
Aug 27, 2026 8w ago | Press Release | $7.17 $6.67 | ▼ −6.97% | ▼ −7.23% | $5.89 (−17.85%) |
Aug 5, 2026 11w ago | Press Release | $7.25 $7.15 | ▲ +1.38% | ▲ +1.98% | $5.89 (+18.76%) |
Jul 22, 2026 13w ago | Press Release | $7.13 $7.08 | ▼ −0.70% | ▼ −4.01% | $5.89 (−17.39%) |
Jun 18, 2026 18w ago | Insider Cluster | $7.60 $7.25 | ▼ −4.61% | ▼ −5.14% | $5.89 (−22.50%) |
Jun 3, 2026 20w ago | 8-K | $7.41 $6.93 | ▼ −6.48% | ▼ −5.11% | $5.89 (−20.51%) |
May 26, 2026 22w ago | 8-K | $7.73 $7.06 | ▼ −8.67% | ▼ −6.77% | $5.89 (−23.80%) |
May 7, 2026 24w ago | 8-K | $7.63 $7.53 | ▲ +1.31% | ▲ +4.45% | $5.89 (+22.80%) |
US Market Status
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