Gentherm (NASDAQ: THRM) saw its stock price tumble 17.01% in pre-market trading on Wednesday, as the automotive thermal management technology company reported disappointing fourth quarter 2024 results and provided weaker-than-expected guidance for 2025.

For the fourth quarter, Gentherm reported adjusted earnings per share of $0.29, missing analyst estimates of $0.68 by a wide margin. Revenue for the quarter came in at $352.9 million, down 3.8% year-over-year and below the consensus estimate of $360.3 million.

The revenue miss was driven by declines across several key product categories, including Seat Heaters (down 8.7% YoY), Automotive Cables (down 19.9% YoY), Battery Performance Solutions (down 36.5% YoY), and Electronics (down 31.1% YoY). The company cited product mix, higher freight costs, and costs related to new plant openings as factors pressuring gross margins, which fell to 24.4% from 26.2% a year ago.

Despite the disappointing quarterly results, Gentherm highlighted some positive developments in 2024, including a 61% year-over-year increase in net income, record annual Adjusted EBITDA of $183 million, and $2.4 billion in new automotive business awards secured for the year.

However, the company's guidance for 2025 also fell short of expectations. Gentherm projected 2025 revenue of $1.4 billion to $1.5 billion, below the consensus estimate of $1.54 billion. The company expects Adjusted EBITDA to come in between 12% and 13% of product revenues for the year.