Summary by Moomoo AI
VOXX International reported Q3 FY2025 net sales of $105.2 million, down 22.2% from $135.3 million in Q3 FY2024. The company recorded a net loss of $44.0 million compared to net income of $1.9 million last year, impacted by $44.3 million in goodwill and intangible asset impairment charges. Gross margin declined to 21.2% from 26.9% year-over-year.Automotive Electronics sales decreased 11.7% to $31.7 million due to lower aftermarket security and OEM rear seat entertainment product sales. Consumer Electronics revenue fell 26.6% to $73.4 million, primarily due to the sale of VOXX Accessories Corp subsidiary in August 2024 and decreased sales of premium audio products. Operating expenses increased to $76.6 million from $34.1 million last year.The company announced a merger agreement with Gentex Corporation on December 17, 2024, under which Gentex will acquire all outstanding VOXX shares for $7.50 per share in cash. The transaction is expected to close in Q1 2025, subject to shareholder approval and customary closing conditions. VOXX ended the quarter with $6.3 million in cash and $15.0 million in bank debt.
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