When Commercial Vehicle Group reports 2Q:25 results, investors should note there were sizable changes to the operating structure of the enterprise in 2H:24, during which the company sold four operations, streamlining the company, and put the proceeds toward debt repayment. As a result of these actions, the company reorganized its business units into three operating divisions: Global Electrical Systems, Global Seating and Trim Systems, and Components. Despite the streamlined portfolio, the company still faces a challenging operating environment in key end markets, most notably Class 8 trucks, agriculture and construction. As such, there will be a drop in the year-over-year comparisons when the company reports 2Q:25; we project an $0.08 loss per share compared to EPS of $0.05 a year earlier. At the end of 1Q:25, CVGI had net debt of $97.2 million ($2.88 per share), down from $108.9 million ($3.26 per share) in 1Q:24. We maintain our estimates of a loss per share of $0.13 in 2025 and EPS of $0.21 in 2026. Our $4 price target is based on 20x our 2026 EPS estimate of $0.21. Our high risk rating reflects truck market cyclicality and the moderately leveraged balance sheet.