Earnings release
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FOR IMMEDIATE RELEASE Core Molding Technologies Reports Fiscal 2026 Second Quarter Results First - Half New Business Wins of $ 25.7 million Expand Market Diversification and Reinforce Full - Year Invest for Growth Expectations COLUMBUS , OH , August 4 , 2026 - 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 medium - and heavy - duty truck , powersports , building products , and industrial and utilities industries across the United States , Canada and Mexico today reports financial and operating results for the fiscal periods ended June 30 , 2026 . Eric Palomaki , the Company's President and Chief Executive Officer , said , “ Our second quarter results reflect the resilience of our diversified portfolio and the continued execution of our Invest for Growth strategy . As expected , production sales in our medium- and heavy - duty truck markets remained soft ; however , strong momentum across our powersports , building products , and industrial and utilities end markets mostly offset that weakness . While tooling revenue remains all project - driven with larger customer acceptances anticipated in the fourth quarter , our commercial execution continues to gain traction . We are pleased with the nearly $ 26 million in new business awards we secured during the first half of 2026 , which further diversify our revenue base and reduce our reliance on historically cyclical end markets . Importantly , 100 % of these awards represent net new business rather than replacement volume , and approximately 65 % originated from markets outside of our traditional truck and powersports sectors . 74 % of this new business will be produced within our U.S. manufacturing footprint , allowing us to leverage installed capacity , improve returns on invested capital , drive profitable growth , and generate stronger cash flow . We are also expanding our presence in compelling secular growth markets . During the quarter , we secured a significant award for battery energy storage systems and continue to pursue opportunities tied to accelerating power demand needed for grid reliability which is impacted by Al data center development , utility infrastructure modernization , and load - shedding solutions . " In parallel with these initiatives , our 2026 Must Win Battle is transforming our operating footprint and strengthening our competitive position in Mexico . This year , we will quadruple our manufacturing footprint in Monterrey , adding two 4500 - ton presses in Matamoros , and advancing a culture of operational excellence that continues to deliver measurable results . I am especially proud of our Mexico team , whose execution enabled the successful completion of a major plant relocation and consolidation in less than nine months all while maintaining excellent on time shipping and quality metrics . These investments reflect our disciplined approach to capital allocation and our commitment to organic growth . By expanding capacity , we are building a scalable platform that supports secured and future programs , accelerates profitable growth , and enhances long - term shareholder value . " Alex Panda , the Company's EVP and Chief Financial Officer , said , “ For the second quarter , total product or production sales declined 1.2 % year over year , as strong growth across powersports , building products , and industrial and utilities end markets largely offset lower truck demand . Production sales , excluding the truck end market , increased 20.8 % year over year . This quarter , we again delivered a strong profitability as gross margin was 20.3 % of sales . For 2026 , we continue to expect total net sales in the flat - to - approximately 5 % growth range , including production revenue and tooling project revenue . We continue to anticipate a gradual recovery in the truck market during the second half of the year . Our gross margin projections remain in the 17 % to 19 % range , depending on end market product mix and the split between production revenues and tooling project revenues . " Our balance sheet remains strong . During the quarter , we repaid the remaining balance on our 2022 Term Loan , and in July 2026 , we successfully amended and extended our credit facilities , further strengthening our financial position . The amended credit agreement provides a $ 50 million revolving credit facility and a $ 50 million delayed - draw term loan facility , both maturing in July 2031. During the quarter , we also terminated our interest rate swap
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agreement, generating a small gain and simplifying our capital structure. With ample liquidity, enhanced financial flexibility, and a disciplined approach to capital allocation, we remain well positioned to execute our ‘Invest for Growth' strategy and support our long-term growth objectives.” Second Quarter 2026 Highlights • Total net revenues comprised Production revenues of $60.9 million and Tooling Project revenue of $1.8 million.◦ Production revenues declined 1.2% due entirely to the Truck vertical, and excluding Truck, Production revenues were up 20.8% year-over-year. ◦ Tooling Project revenue of $1.8 million compared to $17.6 million year-over-year is project-based revenue that is necessary ahead of a customer production cycle.• Gross margin of $12.7 million, or 20.3% of net revenues, compared to 18.1% of net sales in the prior year secondquarter. The improvement was primarily the result of a favorable product mix and operating efficiencies, as well as a one-time margin benefit from a customer capacity credit. Excluding the 2026 one-time credit, gross margin was 19.4%.• Selling, general, and administrative expenses of $10.4 million, or 16.6% of net revenues, compared to $9.1 million, or11.5% of net revenues in the prior year second quarter. ◦ Second quarter 2026 SG&A expenses included $1.8 million of non-recurring costs associated with the Mexicoexpansion and severance costs. • Operating income of $2.3 million, or 3.7% of net revenues, which includes non-recurring costs above, compared to operating income of $5.2 million, or 6.6% of net revenues for the prior year second quarter.• Net income of $1.8 million, or $0.21 per diluted share, compared to net income of $4.1 million, or $0.47 per diluted share for the prior year second quarter. Adjusted net income of $3.3 million, or $0.39 per diluted share.• Adjusted EBITDA of $7.6 million, or 12.2% of net revenues, compared to $9.5 million, or 12.0% for the prior year second quarter. Six-Month 2026 Highlights • Total net revenues comprised Production revenue of $118.4 million and Tooling Project revenue of $3.0 million. ◦ Production revenues declined 3.5% due entirely to the Truck vertical, and excluding Truck, Production revenues were up 20.7% year-over-year.◦ Tooling Project revenue of $3.0 million compared to $18.0 million year-over-year is project-based revenue that is necessary ahead of a customer production cycle.• Gross margin of $24.7 million, or 20.4% of net revenues, compared to 18.5% of net revenues in the prior year six-month period.• Selling, general, and administrative expenses of $21.6 million, or 17.8% of net revenues, compared to $18.0 million, or 12.8% of net revenues. ◦ 2026 six month period SG&A expenses included $4.8 million of non-recurring costs associated with the Mexicoexpansion and severance costs. • Operating income of $3.1 million, or 2.5% of net revenues, which includes non-recurring costs above, compared tooperating income of $8.1 million, or 5.7% of net revenues for the prior year six-month period. • Net income of $2.4 million, or $0.27 per diluted share, compared to net income of $6.2 million, or $0.72 per diluted share for the prior year six-month period. Adjusted net income of $6.5 million, or $0.74 per diluted share.• Adjusted EBITDA of $15.0 million, or 12.3% of net revenue, compared to $16.7 million, or 11.9% for the prior year six- month period.• 24,545 shares repurchased under the share repurchase authorization at an average price of $18.62, totaling $457,000. 1 1 1 1
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Adjusted Net Income and Adjusted EBITDA are non-GAAP financial measures as defined and reconciled 2026 Capital Expenditures The Company’s capital expenditures for the first six months of 2026 were $12.1 million, including $9.6 million related to the Company's Mexico expansion project. For the full year 2026, the Company expects capital spending of approximately $25 to$30 million, including $18 million to $20 million allocated to the Mexico expansion. The Company generated a Return on Capital Employed of 5.7% for the trailing twelve months and 6.2% excluding cash. Financial Position at June 30, 2026 The Company’s cash at June 30, 2026, was $12.1 million. As of June 30, 2026, the Company repaid in full the outstanding balance of the Huntington Term Loan. Subsequent to the quarter, on July 2, 2026, the Company entered into the third amendment of its 2022 Credit Agreement. Thisamendment refinanced the Company's existing term loan and credit facilities. The Company has secured credit facilities in anaggregate principal amount of $100 million, consisting of a $50 million revolving credit facility and a $50 million delayed draw term loan facility at favorable rates compared to the 2022 Credit Agreement. As of June 30, 2026, the Company repaid in full theoutstanding Term Loan balance from the 2022 Credit Agreement. Conference Call The Company will conduct a conference call today at 10:00 a.m. Eastern Time to discuss financial and operating results for theperiods ended June 30, 2026. To access the call live by phone, dial (844) 881-0134 and ask for the Core Molding Technologiescall at least 10 minutes prior to the start time. A telephonic replay will be available through August 11, 2026, by calling (855) 669-9658 and using passcode ID: 6843258#. A webcast of the call will also be available live and for later replay on the Company’sInvestor 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 oneoperating 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 customers a wide range of manufacturing processes to fit various program volume and investment requirements. These thermoset processes include compression molding of sheetmolding 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 webinjection 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’ operationsmay 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 risksand 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, thefuture of the Company’s end markets. Factors that 1 1
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could cause actual results to differ from those reflected in forward-looking statements relating to our operations and businessinclude: dependence on certain major customers, and potential loss of any major customer due to completion of existingproduction programs or otherwise; business conditions in the plastics, transportation, power sports, utilities and commercialproduct industries (including changes in demand for production); the availability and price increases of raw materials; generalmacroeconomic, social, regulatory and political conditions, including uncertainties surrounding volatility in financial markets; theimposition of new or increased tariffs and the resulting consequences; safety and security conditions in Mexico; costs and otherresources related to Core Molding Technologies’ efforts to expand its customer base and grow its business, and provide on-timedelivery to customers; the Company’s decision to pursue new products and initiatives to quote and execute manufacturingprocesses for new business, acquire raw materials, address inflationary pressures, regulatory matters and labor relations; theability to successfully identify, evaluate and manage potential acquisitions and to benefit from and properly integrate anycompleted acquisitions; the Company’s financial position or other financial information; inadequate insurance coverage toprotect against potential hazards; equipment and machinery failure; product liability and warranty claims; cybersecurity incidentsor other similar disruptions; and other risks and uncertainties described in the Company’s filings with the SEC. These statementsare based on certain assumptions that the Company has made in light of its experience as well as its perspective on historicaltrends, 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 thoseincluded in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relatingto future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements toreflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. Allsubsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of theCompany are expressly qualified in their entirety by such cautionary statements. Company Contact:Core Molding Technologies, Inc.Alex Panda Executive Vice President & Chief Financial Officerapanda@coremt.com Investor Relations Contact: Three Part Advisors, LLCSandy Martin or Steven Hooser smartin@threepa.com, shooser@threepa.com214-616-2207 - 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 June 30, Six months ended June 30, 2026 2025 2026 2025 Net revenue: Production $ 60,890 $ 61,633 $ 118,350 $ 122,645 Tooling Project 1,839 17,606 2,962 18,041 Total net revenue 62,729 79,239 121,312 140,686 Total cost of revenue 50,001 64,925 96,606 114,589 Gross margin 12,728 14,314 24,706 26,097 Selling, general and administrative expense 10,433 9,100 21,647 18,044 Operating income 2,295 5,214 3,059 8,053 Other income and expense Net interest (income) expense 60 (32) 146 (16) Net periodic post-retirement benefit (117) (117) (234) (227) Total other (income) and expense (57) (149) (88) (243) Income before income taxes 2,352 5,363 3,147 8,296 Income tax expense 569 1,311 759 2,061 Net income $ 1,783 $ 4,052 $ 2,388 $ 6,235 Net income per common share: Basic $ 0.21 $ 0.47 $ 0.28 $ 0.73 Diluted $ 0.21 $ 0.47 $ 0.27 $ 0.72
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Core Molding Technologies, Inc.Product Revenue by Market (unaudited, in thousands) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Medium and heavy-duty truck $ 24,172 $ 31,246 $ 43,707 $ 60,806 Power sports 15,245 14,208 35,942 28,414 Building products 6,316 4,671 11,490 11,050 Industrial and utilities 6,207 5,874 11,531 11,244 All other 8,950 5,634 15,680 11,131 Net product revenue $ 60,890 $ 61,633 $ 118,350 $ 122,645
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Core Molding Technologies, Inc.Consolidated Balance Sheets (in thousands) As of June 30, As of 2026 December 31, (unaudited) 2025 Assets: Current assets: Cash and cash equivalents $ 12,134 $ 38,058 Accounts receivable, net 35,292 30,831 Inventories, net 27,338 19,715 Prepaid expenses and other current assets 21,540 14,724 Total current assets 96,304 103,328 Right of use asset 14,514 14,494 Property, plant and equipment, net 93,526 86,940 Goodwill 17,376 17,376 Intangibles, net 3,021 3,479 Other non-current assets 2,679 2,515 Total Assets $ 227,420 $ 228,132 Liabilities and Stockholders' Equity: Liabilities: Current liabilities: Current portion of long-term debt $ — $ 2,075 Accounts payable 23,808 14,924 Contract liabilities 9,774 5,018 Compensation and related benefits 7,215 4,988 Accrued other liabilities 7,442 7,168 Total current liabilities 48,239 34,173 Other non-current liabilities 1,901 1,935 Lease liabilities 13,027 13,113 Long-term debt — 17,639 Post retirement benefits liability 3,176 3,101 Total Liabilities 66,343 69,961 Stockholders' Equity: Common stock 86 85 Paid in capital 48,499 47,503 Accumulated other comprehensive income, net of income taxes 4,528 3,938 Treasury stock (40,987) (39,918) Retained earnings 148,951 146,563 Total Stockholders' Equity 161,077 158,171 Total Liabilities and Stockholders' Equity $ 227,420 $ 228,132
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Core Molding Technologies, Inc.Consolidated Statements of Cash Flows(unaudited, in thousands) Six months ended June 30, 2026 2025 Cash flows from operating activities: Net income $ 2,388 $ 6,235 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 6,231 6,391 Loss on disposal of property, plant and equipment — 4 Share-based compensation 996 1,125 Losses (gain) on foreign currency (489) (220) Change in operating assets and liabilities: Accounts receivable (4,461) (7,674) Inventories (7,623) (1,010) Prepaid and other assets (6,082) 485 Accounts payable 9,246 5,857 Accrued and other liabilities 7,081 (1,372) Post retirement benefits liability (217) (227) Net cash provided by operating activities 7,070 9,594 Cash flows from investing activities: Purchase of property, plant and equipment (12,082) (4,387) Net cash used in investing activities (12,082) (4,387) Cash flows from financing activities: Payments for taxes related to net share settlement of equity awards (612) (600) Purchase of treasury stock (457) (2,249) Payment of principal on term loans (19,843) (949) Net cash used in financing activities (20,912) (3,798) Net change in cash and cash equivalents (25,924) 1,409 Cash and cash equivalents at beginning of period 38,058 41,803 Cash and cash equivalents at end of period $ 12,134 $ 43,212 Cash paid for: Interest $ 475 $ 519 Income taxes $ 3,142 $ 2,511 Non cash investing activities: Fixed asset purchases in accounts payable $ 1,260 $ 235
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Non-GAAP Financial Measures This press release contains financial information determined by methods other than in accordance with accounting principlesgenerally accepted in the United States of America ("GAAP"). Core Molding management uses non-GAAP measures in itsanalysis of the Company's performance. Investors are encouraged to review the reconciliation of non-GAAP financial measuresto 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 theCompany'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 purchaseof 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 revenue , Free Cash Flow and trailing twelve months Return on Capital Employed because management uses these measures as key performance indicators, and we believe thatsecurities 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 comparableto 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 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 June 30, Six months ended June 30, 2026 2025 2026 2025 Net income $ 1,783 $ 4,052 $ 2,388 $ 6,235 Provision for income taxes 569 1,311 759 2,061 Total other expenses (57) (149) (88) (243) Depreciation and amortization 3,061 3,157 6,098 6,351 Share-based compensation 501 494 996 1,125 Severance costs 487 479 1,411 979 Footprint optimization costs (restructuring) 1,302 200 3,404 200 Adjusted EBITDA $ 7,646 $ 9,544 $ 14,968 $ 16,708 Adjusted EBITDA as a percent of netrevenue 12.2 % 12.0 % 12.3 % 11.9 % Includes net interest expense and non-cash periodic post-retirement benefit cost. (1) (1)
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Core Molding Technologies, Inc. Computation of Trailing Twelve Months Return on Capital Employed(unaudited, in thousands) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Trailing Twelve Months Operating Income $ 2,573 $ 3,592 $ 764 $ 2,295 $ 9,224 Equity $ 161,077 Structured Debt $ — Total Capital Employed $ 161,077 Return on Capital Employed 5.7 % Core Molding Technologies, Inc.Computation of Trailing Twelve Months Return on Capital Employed Excluding Cash(unaudited, in thousands) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Trailing Twelve Months Operating Income $ 2,573 $ 3,592 $ 764 $ 2,295 $ 9,224 Equity $ 161,077 Structured Debt $ — Less Cash $ (12,134) Total Capital Employed, Excluding Cash $ 148,943 Return on Capital Employed, Excluding Cash 6.2 % Core Molding Technologies, Inc. Free Cash FlowSix Months Ended June 30, 2026 and 2025(unaudited, in thousands) 2026 2025 Cash flow provided by operations $ 7,070 $ 9,594 Purchase of property, plant and equipment (12,082) (4,387) Free cash flow $ (5,012) $ 5,207
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Core Molding Technologies, Inc.Adjusted Net Income per Share(unaudited, in thousands) Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Net Income $ 1,783 $ 4,052 $ 2,388 $ 6,235 Succession plan costs (net of tax) $ 479 $ 378 $ 1,404 $ 773 Mexico expansion and footprint optimization costs (net of tax) $ 1,029 $ 158 $ 2,679 $ 158 Adjusted net income $ 3,291 $ 4,588 $ 6,471 $ 7,166 Weighted average common shares outstanding - basic 8,581,000 8,570,000 8,598,000 8,593,000 Weighted average common and potentially issuable common shares outstanding -diluted 8,709,000 8,620,000 8,725,000 8,704,000 Net income per share - basic $ 0.21 $ 0.47 $ 0.28 $ 0.73 Severance costs (net of tax) 0.06 0.04 0.16 0.09 Mexico expansion and footprint optimization costs (net of tax) $ 0.12 $ 0.02 $ 0.31 $ 0.02 Adjusted net income per share - basic $ 0.39 $ 0.53 $ 0.75 $ 0.84 Net income per share - diluted $ 0.21 $ 0.47 $ 0.27 $ 0.72 Severance costs (net of tax) 0.06 0.04 0.16 0.09 Footprint optimization costs (net of tax) $ 0.12 $ 0.02 $ 0.31 $ 0.02 Adjusted net income per share - diluted $ 0.39 $ 0.53 $ 0.74 $ 0.83