On this page of StockholderLetter.com we present the latest annual shareholder letter from GENTEX CORP — ticker symbol GNTX. Reading current and past GNTX letters to shareholders can bring important insights into the investment thesis.

 •  4/3/2025 Letter Continued (Full PDF)
 •  4/6/2023 GNTX Stockholder Letter
 •  4/4/2024 GNTX Stockholder Letter
 •  More "Auto Parts" Category Stockholder Letters
 •  GNTX Benford's Law Stock Score = 79

GNTX Shareholder/Stockholder Letter Transcript:

LOOKING BACK, FOCUSED FORWARD
2024 | Annual Report

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
This Annual Report contains forward-looking statements within the meaning of the safe
business; negative impact of any governmental investigations and associated litigation
harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements
including securities litigation relating to the conduct of our business; and the length and
contained in this communication that are not purely historical are forward-looking
severity of the COVID-19 (coronavirus) pandemic, including its impact across our business
statements. Forward-looking statements give the Company   s current expectations or
on demand, operations, and the global supply chain. Readers are cautioned not to place
forecasts of future events. These forward-looking statements generally can be identified
undue reliance on these forward-looking statements, which speak only as of the date they
by the use of words such as    anticipate,       believe,       could,       estimate,       expect,       forecast,   
are made.
   future,       goal,       guidance,       hope,       intend,       may,       opinion,       optimistic,       plan,       poised,   
   predict,       project,       should,       strategy,       target,       will,       work to,    and variations of such
The Company undertakes no obligation to publicly update or revise any forward-looking
words and similar expressions. Such statements are subject to risks and uncertainties
statement, whether as a result of new information, future events or otherwise, except as
that are often difficult to predict and beyond the Company   s control, and could cause the
required by law or the rules of the NASDAQ Global Select Market. Accordingly, any
Company   s results to differ materially from those described. These risks and uncertainties
forward-looking statement should be read in conjunction with the additional information
include, without limitation: changes in general industry or regional market conditions,
about risks and uncertainties identified under the heading    Risk Factors    in the Company   s
including the impact of inflation; changes in consumer and customer preferences for our
latest Form 10-K and Form 10-Q filed with the SEC, which risks and uncertainties now
products (such as cameras replacing mirrors and/or autonomous driving); our ability to be
include the impacts of COVID-19 (coronavirus) pandemic and supply chain constraints
awarded new business; continued uncertainty in pricing negotiations with customers and
that have affected, are affecting, and will continue to affect, general economic and industry
suppliers; loss of business from increased competition; changes in strategic relationships;
conditions, customers, suppliers, and the regulatory environment in which the Company
customer bankruptcies or divestiture of customer brands; fluctuation in vehicle production
operates. Includes content supplied by S&P Global Mobility Light Vehicle Production
schedules (including the impact of customer employee strikes); changes in product mix;
Forecast (http://www.gentex.com/forecast-disclaimer).
raw material and other supply shortages; labor shortages, supply chain constraints and
disruptions; our dependence on information systems; higher raw material, fuel, energy and
other costs; unfavorable fluctuations in currencies or interest rates in the regions in which
we operate; costs or difficulties related to the integration and/or ability to maximize the
value of any new or acquired technologies and businesses; changes in regulatory conditions;
warranty and recall claims and other litigation and customer reactions thereto; possible
adverse results of pending or future litigation or infringement claims; changes in tax laws;
import and export duty and tariff rates in or with the countries with which we conduct
2
G EN T EX CO R P O R AT I O N
S&P reports, data and information referenced herein (the    S&P Materials   ) are the
copyrighted property of S&P Global Inc. and its subsidiaries (   S&P   ). The S&P Materials
are from sources considered reliable; however, the accuracy and completeness thereof are not
warranted, nor are the opinions and analyses published by S&P representations of fact. The
S&P Materials speak as of the original publication date thereof and are subject to change
without notice. S&P and other trademarks appearing in the S&P Materials are the property
of S&P or their respective owners.

on
12.0
11.9
11.6
(1)%
(3)%
30.1
30.2
31.0

3%
74.7
73.8
75.0
(1)%
2%
ABOUT GENTEX
urn of Capital
47.8 M
116.3
331.5
2019
TABLE OF CONTENTS
4
5
GENTEX OVERVIEW
4
FAST FACTS
5
A LOOK BACK
6
PURPOSE STATEMENT
8
CORE VALUES
9
LETTER FROM THE CEO
10
FINANCIAL PERFORMANCE & GUIDANCE
12
PRODUCT PORTFOLIO
& STRATEGY
$405.7 M
6
$117.2
$288.5
$439.9 M
8
$115.3
$324.6
10
2021
$256.9 M
9
$110.4
$112.2
$113.1
$144.7
$113.9
2020
$316.5 M
12
2023
$206.1
2024
14
DIMMABLE DEVICES
14
DIGITAL VISION
16
CONNECTIVITY
18
SENSING
20
INNOVATION LAB
22
COMMUNITY IN ACTION
24
SUSTAINABILITY
26
FINANCIALS
10K
28
15 YEAR SUMMARY
100
CORPORATE
& LEADERSHIP
16
18
20
22
24
26
CORPORATE DATA
102
BOARD OF DIRECTORS
103
2024 A N N UA L R EP O RT
3

GENTEX OVERVIEW
WHERE WE STARTED
Gentex was founded in 1974 as a manufacturer of commercial smoke
detectors and related signaling devices. We pioneered a detector that
used light to    see    smoke particles. We built on that capability, and
we honed this sensing capability to function as an input for a motorized
day/night mirror.
In 1982, we launched our first electromechanical automatic-dimming
mirror, which used a small motor to move the mirror from its    day   
to    night    position.
In 1987, we launched the world   s first electrochromic mirror     our
signature product     and an entire industry was born.
A fire protection company
WHO WE   VE BECOME
WHERE WE   RE GOING
Today, Gentex is a global Tier 1 automotive supplier. We turned the
Gentex is evolving into a technology company. We continue to refine
features that enhance driver safety and convenience.
they yield a unique fusion of technologies with utility in multiple sectors.
mirror into an electronic module by integrating advanced electronic
our skills and core competencies so that, when used in combination,
Along the way, we   ve cultivated core competencies in microelectronics,
software development, displays, applied materials, glass processing,
automated assembly, advanced sensing, and more. These unique
skills have allowed us to begin expanding into new markets, including
aerospace, medical, and home automation.
TO GROW THE BUSINESS, WE WILL   
+  Continue to augment and utilize our capabilities within
the automotive industry.
+  Put our core competencies to use in new ways and
in new markets.
+  Support and develop our team to provide world class
products for our markets
A global automotive supplier
4
G EN T EX CO R P O R AT I O N
A technology company

FAST FACTS
6,184
Full-time Employees
47.7 M
SA LES & E N GIN E E RING OFFICES
United States (Headquarters), Canada, China, France, Germany, Israel, Japan,
Korea, Sweden, United Kingdom
Auto-Dimming Mirror Units
2,742
36+
PATENTS &
TRADEMARKS
OEM Customers Shipped To
815
US Patents
1,498 Foreign Patents
49
86%
380
Nameplates our Content Appears On
NEW APPLICATIONS
18
 U.S. Registered Trademarks
186
 U.S. Patents
50  
Foreign Registered Trademarks
295
 Foreign Patents
US Registered
Foreign Registered
REVENUE VS. LIGHT VEHICLE PRODUCTION
Market Share of IEC
650+
549
100 M
90 M
80 M
70 M
60 M
50 M
40 M
30 M
20 M
10 M
0M
$3 B
$2.5 B
$2 B
$1.5 B
$1 B
$500 M
   00    01    02    03    04    05    06    07    08    09    10    11    12    13    14    15    16    17    18    19    20    21    22    23    24    25
Light Vehicle Production

Revenue
2024 A N N UA L R EP O RT
5

4/3/2025 Letter Continued (Full PDF)

 

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