Earnings release
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FOR IMMEDIATE RELEASE Core Molding Technologies Reports Fiscal 2025 Third Quarter Results 2025 Full Year Sales Guidance Down 10% to 12% from Prior Year, and Well-Positioned to Accelerate 2026 New Program Launches COLUMBUS, OH, November 4, 2025 – Core Molding Technologies, Inc. (NYSE American: CMT) (“Core Molding”, “Core” or the “Company”), a leading engineered materials company specializing in molded structural products, principally in building products, industrial and utilities, medium and heavy-duty truck and powersports industries across the United States, Canada and Mexico today reports financial and operating results for the fiscal periods ended September 30, 2025. David Duvall, the Company’s President and Chief Executive Officer, and Eric Palomaki, Chief Operating Officer, commented, “While topline challenges persist, we are enthusiastic about Core Molding’s Invest for Growth achievements, highlighted by $47 million in new incremental business scheduled to launch over the next two years. These programs reflect a balanced mix of market share gains, wallet-share expansion with existing customers, and new business wins — including key opportunities in SMC and topcoat applications. Our $25 million strategic investments in organic growth are advancing as we expand Core’s Matamoros plant and establish a new greenfield facility in Monterrey, Mexico. These initiatives enhance our ability to serve a major truck customer with superior quality and service, while leveraging DCPD molding and paint capabilities to drive long-term growth. “Our continuous improvement ‘Must Win Battle’ initiatives reached record levels this quarter. Thanks to the hard work of our teams, we achieved just 2% scrap, zero inventory variance, on-time delivery rates above 98%, and PPM (parts per million) under 100. These results show that our culture of operational discipline and excellence is deeply embedded across our plants. Our strategy from the outset of this multi-year transformation has been straightforward — first fix the organization, then accelerate growth. We are proud of our teams and also proud to be trusted partners to our customers.” Alex Panda, the Company’s EVP and Chief Financial Officer, said, “Similar to the first half of 2025, the majority of the third quarter’s sales declines resulted from the known Volvo Transition and persistently lower demand in truck. Despite double-digit sales declines in the third quarter, we maintained solid margins, earnings, and EBITDA, and are well-positioned with a strong balance sheet to take advantage of organic growth opportunities. Once again, we maintained gross margins within our signaled range of 17% to 19% by continuing to deliver operational excellence and focusing on cost control. We expect our 2025 full-year sales to be down 10% to 12% year over year.” Third Quarter 2025 Highlights • Total net sales of $58.4 million decreased 19.9% compared to the prior year third quarter. • Gross margin of $10.1 million, or 17.4% of net sales, compared to 16.9% of net sales in the prior year third quarter. Increase primarily due to favorable impacted by higher operational efficiencies and product mix of 1.6%, offset by lower fixed cost leverage of 0.8% and net changes in selling price and raw material costs of 0.3%. • Selling, general, and administrative expenses of $7.6 million, or 13.0% of net sales, compared to $8.7 million, or 12.0% of net sales for the prior year third quarter. Selling, general, and administrative expense, excluding one-time footprint optimization cost of $0.2 million was $7.4 million, or 12.5% of net sales. • Operating income of $2.6 million, or 4.4% of net sales, compared to operating income of $3.6 million, or 4.9% of net sales for the prior year third quarter. • Net income of $1.9 million, or $0.22 per diluted share, compared to net income of $3.2 million, or $0.36 per diluted share for the prior year third quarter. Adjusted net income of $2.1 million, or $0.24 per diluted share. • Adjusted EBITDA of $6.4 million, or 11.0% of net sales, compared to $7.5 million, or 10.3% for the prior year third quarter. 1 1
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Nine Month 2025 Highlights • Total net sales of $199.1 million decreased 17.0% compared to the prior year nine month period . • Gross margin of $36.2 million, or 18.2% of net sales, compared to 18.1% of net sales in the prior year nine- month period. • Selling, general, and administrative expenses of $25.6 million, or 12.9% of net sales, compared to $27.6 million, or 11.5% of net sales for the prior year nine-month period. Selling, general, and administrative expense excluding severance and one-time footprint optimization cost of $1.4 million was $24.2 million, or 12.1% of net sales. • Operating income of $10.6 million, or 5.3% of net sales, compared to operating income of $15.8 million, or 6.6% of net sales for the prior year nine-month period. • Net income of $8.1 million, or $0.93 per diluted share, compared to net income of $13.3 million, or $1.51 per diluted share for the prior year nine-month period. Adjusted net income of $9.2 million, or $1.06 per diluted share. • Adjusted EBITDA of $23.1 million, or 11.6% of net sales, compared to $27.8 million, or 11.6% for the prior year nine-month period. • 151,584 shares repurchased under the share repurchase authorization at an average price of $14.82. Adjusted Net Income and Adjusted EBITDA are non-GAAP financial measures as defined and reconciled 2025 Capital Expenditures The Company’s capital expenditures for the first nine months of 2025 were $9.3 million. The Company still anticipates spending approximately $10 to $12 million during 2025 on property, plant and equipment purchases for all of the Company's operations. Following the award of the Volvo Mexico business, the Company expects to invest approximately $25 million over the next 18 months, with $8 to $10 million anticipated to be spent by the end of fiscal 2025 and $2.5 million spent during the three months ended September 30, 2025. The Company generated a Return on Capital Employed of 6.5% for the trailing twelve months and 8.6% excluding cash. Financial Position at September 30, 2025 The Company’s total liquidity at September 30, 2025 was $92.4 million, with $42.4 million in cash, $25.0 million of undrawn capacity under the Company’s revolving credit facility and $25.0 million of undrawn capacity under the Company's capex credit facility. The Company’s term debt was $20.2 million at September 30, 2025. The term debt-to-trailing twelve months Adjusted EBITDA was less than one times trailing twelve months Adjusted EBITDA as of September 30, 2025. Conference Call The Company will conduct a conference call today at 10:00 a.m. Eastern Time to discuss financial and operating results for the periods ended September 30, 2025. To access the call live by phone, dial (888) 506-0062 and ask for the Core Molding Technologies, access code 260801 at least 10 minutes prior to the start time. A telephonic replay will be available through November 18, 2025, by calling (877) 481-4010 and using passcode ID: 52957#. A webcast of the call will also be available live and for later replay on the Company’s Investor Relations website at www.coremt.com/investor-relations/events-presentations/. About Core Molding Technologies, Inc. Core Molding Technologies is a leading engineered materials company specializing in molded structural products, principally in building products, utilities, transportation and powersports industries across North America. The Company operates in one operating segment as a molder of thermoplastic and thermoset structural products. The Company’s operating segment consists of one reporting unit, Core Molding Technologies. The Company offers 1 1 1 1 1 1
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customers a wide range of manufacturing processes to fit various program volume and investment requirements. These thermoset processes include compression molding of sheet molding compound (“SMC”), resin transfer molding (“RTM”), liquid molding of dicyclopentadiene (“DCPD”), spray-up and hand-lay-up. The thermoplastic processes include direct long-fiber thermoplastics (“DLFT”) and structural foam and structural web injection molding. Core Molding Technologies serves a wide variety of markets, including the medium and heavy-duty truck, marine, automotive, agriculture, construction, and other commercial products. The demand for Core Molding Technologies’ products is affected by economic conditions in the United States, Mexico, and Canada. Core Molding Technologies’ operations may change proportionately more than revenues from operations. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets. Factors that could cause actual results to differ from those reflected in forward-looking statements relating to our operations and business include: dependence on certain major customers, and potential loss of any major customer due to completion of existing production programs or otherwise; general macroeconomic, social, regulatory (including foreign trade policy) and political conditions; volatility in financial markets; inflationary pressures; changes in the plastics, transportation, marine and commercial product industries (including changes in demand for production); efforts of the Company to expand its customer base and develop new products to diversify markets, materials and processes and increase operational enhancements; the imposition of new or increased tariffs and the resulting consequences; Company initiatives to quote and execute manufacturing processes for new business, acquire raw materials, and complete investments to support new business; regulatory matters and labor relations; changes in the Company’s financial position; and other risks and uncertainties described in the Company’s filings with the SEC. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements. Company Contact: Core Molding Technologies, Inc. Alex Panda Executive Vice President & Chief Financial Officer apanda@coremt.com Investor Relations Contact: Three Part Advisors, LLC Sandy Martin or Steven Hooser smartin@threepa.com, shooser@threepa.com 214-616-2207 - Financial Statements Follow –
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Core Molding Technologies, Inc. Consolidated Statements of Operations (unaudited, in thousands, except share and per share data) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Net sales: Products $ 54,178 $ 71,258 $ 176,823 $ 231,045 Tooling 4,257 1,734 22,298 8,835 Total net sales 58,435 72,992 199,121 239,880 Total cost of sales 48,290 60,647 162,879 196,505 Gross margin 10,145 12,345 36,242 43,375 Selling, general and administrative expense 7,572 8,740 25,616 27,550 Operating income 2,573 3,605 10,626 15,825 Other income and expense Net interest (income) expense 34 (144) 18 (99) Net periodic post-retirement benefit (117) (138) (344) (414) Total other (income) and expense (83) (282) (326) (513) Income before income taxes 2,656 3,887 10,952 16,338 Income tax expense 779 727 2,840 3,000 Net income $ 1,877 $ 3,160 $ 8,112 $ 13,338 Net income per common share: Basic $ 0.22 $ 0.36 $ 0.95 $ 1.53 Diluted $ 0.22 $ 0.36 $ 0.93 $ 1.51
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Core Molding Technologies, Inc. Product Sales by Market (unaudited, in thousands) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Medium and heavy-duty truck $ 19,470 $ 41,324 $ 80,276 $ 129,674 Power sports 17,548 16,464 45,962 56,225 Building products 5,862 2,348 16,912 14,322 Industrial and utilities 5,851 4,961 17,095 12,482 All other 5,447 6,161 16,578 18,342 Net product revenue $ 54,178 $ 71,258 $ 176,823 $ 231,045
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Core Molding Technologies, Inc. Consolidated Balance Sheets (in thousands) As of September 30, As of 2025 December 31, (unaudited) 2024 Assets: Current assets: Cash and cash equivalents $ 42,397 $ 41,803 Accounts receivable, net 34,877 30,118 Inventories, net 19,801 18,346 Prepaid expenses and other current assets 14,432 12,621 Total current assets 111,507 102,888 Right of use asset 4,113 2,112 Property, plant and equipment, net 81,227 80,807 Goodwill 17,376 17,376 Intangibles, net 3,708 4,430 Other non-current assets 1,761 1,937 Total Assets $ 219,692 $ 209,550 Liabilities and Stockholders' Equity: Liabilities: Current liabilities: Current portion of long-term debt $ 1,918 $ 1,814 Accounts payable 20,734 17,115 Contract liabilities 3,946 2,286 Compensation and related benefits 6,346 7,585 Accrued other liabilities 5,447 7,911 Total current liabilities 38,391 36,711 Other non-current liabilities 4,401 2,620 Long-term debt 18,244 19,706 Post retirement benefits liability 3,228 3,152 Total Liabilities 64,264 62,189 Stockholders' Equity: Common stock 86 86 Paid in capital 47,361 45,760 Accumulated other comprehensive income, net of income taxes 3,494 2,292 Treasury stock (38,993) (36,145) Retained earnings 143,480 135,368 Total Stockholders' Equity 155,428 147,361 Total Liabilities and Stockholders' Equity $ 219,692 $ 209,550
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Core Molding Technologies, Inc. Consolidated Statements of Cash Flows (unaudited, in thousands) Nine months ended September 30, 2025 2024 Cash flows from operating activities: Net income $ 8,112 $ 13,338 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 9,504 10,018 Loss on disposal of property, plant and equipment 4 241 Share-based compensation 1,646 2,067 Losses (gain) on foreign currency (285) 1,306 Change in operating assets and liabilities: Accounts receivable (4,759) 4,934 Inventories (1,455) 1,376 Prepaid and other assets (1,560) (2,037) Accounts payable 4,060 (270) Accrued and other liabilities (744) 56 Post retirement benefits liability (357) (867) Net cash provided by operating activities 14,166 30,162 Cash flows from investing activities: Purchase of property, plant and equipment (9,305) (7,045) Net cash used in investing activities (9,305) (7,045) Cash flows from financing activities: Payments for taxes related to net share settlement of equity awards (600) (1,438) Purchase of common shares (2,249) (2,364) Payment of principal on term loans (1,418) (1,071) Net cash used in financing activities (4,267) (4,873) Net change in cash and cash equivalents 594 18,244 Cash and cash equivalents at beginning of period 41,803 24,104 Cash and cash equivalents at end of period $ 42,397 $ 42,348 Cash paid for: Interest $ 771 $ 788 Income taxes $ 3,341 $ 1,633 Non cash investing activities: Fixed asset purchases in accounts payable $ 207 $ 245
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Non-GAAP Financial Measures This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Core Molding management uses non- GAAP measures in its analysis of the Company's performance. Investors are encouraged to review the reconciliation of non-GAAP financial measures to the comparable GAAP results available in the accompanying tables. Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA represents net income before, as applicable from time to time, (i) interest expense, net, (ii) provision (benefit) for income taxes, (iii) depreciation and amortization of long-lived assets, (iv) share based compensation expense, (v) restructuring and severance costs, and (vi) nonrecurring legal settlement costs and associated legal expenses unrelated to the Company's core operations. Debt-to-trailing twelve months adjusted EBITDA represents total outstanding debt divided by trailing twelve months Adjusted EBITDA. Free Cash Flow represents net cash (used in) provided by operating activities less purchase of property, plant and equipment. Trailing twelve months return on capital employed represents the trailing twelve months earnings before (i) interest expense, net and (ii) provision (benefit) for income taxes divided by (i) stockholders' equity and (ii) current and long-term debt. Adjusted Net Income represents net income before severance cost (net of tax). We present Adjusted EBITDA, Adjusted EBITDA as a percent of net sales, debt-to-trailing twelve months adjusted EBITDA, Free Cash Flow and trailing twelve months Return on Capital Employed because management uses these measures as key performance indicators, and we believe that securities analysts, investors and others use these measures to evaluate companies in our industry. These measures have limitations as analytical tools and should not be considered in isolation or as an alternative to performance measure derived in accordance with GAAP as an indicator of our operating performance. Our calculation of these measures may not be comparable to similarly named measures reported by other companies. The following tables present reconciliations of net income to Adjusted EBITDA, and Cash Flow from Operating Activities to Free Cash Flow, the most directly comparable GAAP measures, and Debt to trailing twelve months adjusted EBITDA and trailing twelve months Return on Capital Employed, for the periods presented:
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Core Molding Technologies, Inc. Net Income to Adjusted EBITDA Reconciliation (unaudited, in thousands) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Net income $ 1,877 $ 3,160 $ 8,112 $ 13,338 Provision for income taxes 779 727 2,840 3,000 Total other expenses (83) (282) (326) (513) Depreciation and amortization 3,093 3,376 9,444 9,956 Share-based compensation 521 562 1,646 2,067 Severance costs — — 979 — Footprint optimization costs (restructuring) 220 $ — 420 $ — Adjusted EBITDA $ 6,407 $ 7,543 $ 23,115 $ 27,848 Adjusted EBITDA as a percent of net sales 11.0 % 10.3 % 11.6 % 11.6 % Includes net interest expense and non-cash periodic post-retirement benefit cost. Core Molding Technologies, Inc. Computation of Debt to Trailing Twelve Months Adjusted EBITDA (unaudited, in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Trailing Twelve Months Net income $ (39) $ 2,183 $ 4,052 $ 1,877 $ 8,073 Provision for income taxes 1,182 750 1,311 779 4,022 Total other expenses (273) (94) (149) (83) (599) Depreciation and amortization 3,362 3,194 3,157 3,093 12,806 Share-based compensation 428 631 494 521 2,074 Severance costs 1,066 500 479 — 2,045 Footprint optimization costs (restructuring) — — 200 220 420 Adjusted EBITDA $ 5,726 $ 7,164 $ 9,544 $ 6,407 $ 28,841 Total Outstanding Term Debt as of September 30, 2025 $ 20,162 Debt to Trailing Twelve Months Adjusted EBITDA 0.70 Includes net interest expense and non-cash periodic post-retirement benefit cost. (1) (1) (1) (1)
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Core Molding Technologies, Inc. Computation of Trailing Twelve Months Return on Capital Employed (unaudited, in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Trailing Twelve Months Operating Income $ 869 $ 2,839 $ 5,214 $ 2,573 $ 11,495 Equity $ 155,428 Structured Debt $ 20,162 Total Capital Employed $ 175,590 Return on Capital Employed 6.5 % Core Molding Technologies, Inc. Computation of Trailing Twelve Months Return on Capital Employed Excluding Cash (unaudited, in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Trailing Twelve Months Operating Income $ 869 $ 2,839 $ 5,214 $ 2,573 $ 11,495 Equity $ 155,428 Structured Debt $ 20,162 Less Cash $ (42,397) Total Capital Employed, Excluding Cash $ 133,193 Return on Capital Employed, Excluding Cash 8.6 % Core Molding Technologies, Inc. Free Cash Flow Nine Months Ended September 30, 2025 and 2024 (unaudited, in thousands) 2025 2024 Cash flow provided by operations $ 14,166 $ 30,162 Purchase of property, plant and equipment (9,305) (7,045) Free cash flow $ 4,861 $ 23,117
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Core Molding Technologies, Inc. Adjusted Net Income per Share (unaudited, in thousands) Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 Net Income $ 1,877 $ 3,160 $ 8,112 $ 13,338 Severance costs (net of tax) $ — $ — $ 773 $ — Footprint optimization costs (net of tax) $ 174 $ — $ 332 $ — Adjusted net income $ 2,051 $ 3,160 $ 9,217 $ 13,338 Weighted average common shares outstanding - basic 8,561,000 8,716,000 8,583,000 8,709,000 Weighted average common and potentially issuable common shares outstanding - diluted 8,688,000 8,793,000 8,709,000 8,812,000 Net income per share - basic $ 0.22 $ 0.36 $ 0.95 $ 1.53 Severance costs (net of tax) — — 0.09 — Footprint optimization costs (net of tax) $ 0.02 $ — $ 0.04 $ — Adjusted net income per share - basic$ 0.24 $ 0.36 $ 1.08 $ 1.53 Net income per share - diluted $ 0.22 $ 0.36 $ 0.93 $ 1.51 Severance costs (net of tax) — — 0.09 — Footprint optimization costs (net of tax) $ 0.02 $ — $ 0.04 $ — Adjusted net income per share - diluted $ 0.24 $ 0.36 $ 1.06 $ 1.51