Earnings release
Page 1
Core Molding Technologies Reports Fiscal 2026 Third Quarter Results Back to News Releases Nov 3, 2026 Product Revenue Grows 19.7%; Mexico Expansion and Footprint Optimization Position Company for Further End-Market Diversification and Growth COLUMBUS, Ohio, Nov. 03, 2026 (GLOBE NEWSWIRE) — 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 September 30, 2026. Eric Palomaki, the Companyʼs President and Chief Executive Officer, said, “Our third quarter results reflect continued progress against our strategic initiatives that will shape our next phase of growth. While the quarter absorbed several one-time start-up costs associated with our Mexico expansion, footprint optimization, and higher external input costs, we achieved key operational milestones that position us for improved performance. Monterrey is now operational, and the two 4,500-ton presses in Matamoros, which many of our investors saw under construction at our recent Investor Day, are on track to come online by year-end, further expanding our capacity and supporting long-term growth. As highlighted at our September Investor Day, demand trends continued to improve across several of our key markets. Medium- and heavy-duty truck production continued to recover during the quarter, while building products and industrial and utilities end markets remained healthy. Our commercial pipeline continues to strengthen. So far this year, we have secured approximately $30 million in new business awards and see a path to approximately $50 million in new business awards through six major projects currently in our last stage of our sales pipeline funnel. We also continue to expand our position in attractive long-term growth markets, including a significant award for battery energy storage systems. As electrification, grid hardening and increasing power demand drive infrastructure investment, we believe we are well-positioned to capitalize on these opportunities and further diversify our end-market exposure while advancing sustainable long-term growth,” commented Palomaki. Alex Panda, the Companyʼs EVP and Chief Financial Officer, said, “Third quarter financial results reflected strong underlying business activity and continued execution of our strategic growth investments. Product revenue increased nearly 20% year-over-year, driven by improving heavy-duty truck demand, new program launches, and continued strength in our building products and industrial and utilities end markets. While profitability was impacted by one-time commissioning costs in Monterrey, portfolio footprint optimization activities, and higher external input costs, these investments are supporting additional capacity, improving operating efficiency, and future growth. Additionally, tooling project revenue accounted for a larger portion of sales during the quarter, which impacts our reported margins in the short term but creates recurring demand and revenue. Gross margin was 14.8% for the quarter and would have been approximately 18.6%, excluding the impact of tooling project revenue mix and Monterrey commissioning charges. Consistent with our outlook discussed at our Investor Day, we continue to expect full-year net sales to be flat to up approximately 5% with gross margins in the 16% to 17% range. During the quarter, we continued to invest in initiatives that support long-term growth while maintaining financial flexibility. This included approximately $0.8 million to establish a center of excellence for our hood and battery systems in our Gaffney, South Carolina facility. Consistent with our disciplined capital
Page 2
allocation strategy, we also remained active in our share repurchase program during the quarter and into October,” commented Panda. Third Quarter 2026 Highlights Total net revenues increased 54.4%, comprised Production revenues of $64.8 million and Tooling Project revenue of $25.4 million. Production revenues increased 19.7% year-over-year, mainly due to higher demand from the medium and heavy-duty truck and new program launches. Tooling Project revenue of $25.4 million compared to $4.3 million year-over-year is project-based revenue that is necessary ahead of a customer production cycle. Gross margin of $13.4 million, or 14.8% of net revenues, compared to 17.4% of net sales in the prior year third quarter. Excluding the impact of the tooling project margins and Monterrey commissioning charges, gross margin was 18.6%. This yearʼs gross margins were also pressured by higher raw material input costs, which were offset by favorable fixed operating leverage, operating efficiencies, and a favorable product mix. Selling, general, and administrative expenses of $11.8 million, or 13.1% of net revenues, compared to $7.6 million, or 13.0% of net revenues in the prior year third quarter. Third quarter 2026 SG&A expenses included $1.8 million of non-recurring costs associated with the Mexico expansion and footprint optimization costs. Operating income of $1.6 million, or 1.8% of net revenues, which includes non-recurring costs above, compared to operating income of $2.6 million, or 4.4% of net revenues for the prior year third quarter. Net income of $1.5 million, or $0.17 per diluted share, compared to net income of $1.9 million, or $0.22 per diluted share for the prior year third quarter. Adjusted net income1 of $2.9 million, or $0.33 per diluted share, compared to $0.24 per diluted share in the prior year period. Adjusted EBITDA1 of $6.4 million, or 7.1% of net revenues, compared to $6.4 million, or 11.0% for the prior year third quarter. Nine-Month 2026 Highlights Total net revenues comprised Production revenue of $183.2 million and Tooling Project revenue of $28.4 million. Production revenues increased 3.6% due entirely to the higher demand in power sports and new program launches. Tooling Project revenue of $28.4 million compared to $22.3 million year-over-year is project-based revenue that is necessary ahead of a customer production cycle. Gross margin of $38.1 million, or 18.0% of net revenues, compared to 18.2% of net revenues in the prior year nine-month period. Selling, general, and administrative expenses of $33.4 million, or 15.8% of net revenues, compared to $25.6 million, or 12.9% of net revenues. 2026 nine-month period SG&A expenses included $6.6 million of non-recurring costs associated with the Mexico expansion, footprint optimization and severance costs. Operating income of $4.6 million, or 2.2% of net revenues, which includes non-recurring costs above, compared to operating income of $10.6 million, or 5.3% of net revenues for the prior year nine-month period. Net income of $3.9 million, or $0.45 per diluted share, compared to net income of $8.1 million, or $0.93 per diluted share for the prior year nine-month period. Adjusted net income1 of $9.4 million, or $1.07 per diluted share. Adjusted EBITDA1 of $21.4 million, or 10.1% of net revenue, compared to $23.1 million, or 11.6% for the prior year nine-month period.
Page 3
1Adjusted Net Income and Adjusted EBITDA are non-GAAP financial measures as defined and reconciled 2026 Capital Expenditures The Companyʼs capital expenditures for the first nine months of 2026 were $19.7 million, including $12.2 million related to the Companyʼs Mexico expansion project. For the full year 2026, the Company expects capital spending of approximately $28 to $30 million, including approximately $20 million allocated to the Mexico expansion. The Company generated a Return on Capital Employed1 of 5.0% for the trailing twelve months and 5.1% excluding cash. Financial Position at September 30, 2026 The Companyʼs cash and revolving credit facility balance at September 30, 2026, was $5.4 million and $4.8 million, respectively. On July 2, 2026, the Company entered into the third amendment of its 2022 Credit Agreement. This amendment refinanced the Companyʼs existing term loan and credit facilities. The Company has secured credit facilities in an aggregate 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. 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 period ending September 30, 2026. To access the call live by phone, dial (844) 881-0134 and ask for the Core Molding Technologies call at least 10 minutes prior to the start time. A telephonic replay will be available through November 10, 2026, by calling (855) 669-9658 and using passcode ID: 1960550#. A webcast of the call will also be available live and for later replay on the Companyʼs 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 Companyʼs 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 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 Technologiesʼ products is affected by economic conditions in the United States, Mexico, and Canada. Core Molding Technologiesʼ 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 Companyʼs expectations for future periods with respect to its plans to improve financial results, the future of the Companyʼs 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
Page 4
production programs or otherwise; business conditions in the plastics, transportation, power sports, utilities and commercial product industries (including changes in demand for production); the availability and price increases of raw materials; general macroeconomic, social, regulatory and political conditions, including uncertainties surrounding volatility in financial markets; the imposition of new or increased tariffs and the resulting consequences; safety and security conditions in Mexico; costs and other resources related to Core Molding Technologiesʼ efforts to expand its customer base and grow its business, and provide on-time delivery to customers; the Companyʼs decision to pursue new products and initiatives to quote and execute manufacturing processes for new business, acquire raw materials, address inflationary pressures, regulatory matters and labor relations; the ability to successfully identify, evaluate and manage potential acquisitions and to benefit from and properly integrate any completed acquisitions; the Companyʼs financial position or other financial information; inadequate insurance coverage to protect against potential hazards; equipment and machinery failure; product liability and warranty claims; cybersecurity incidents or other similar disruptions; and other risks and uncertainties described in the Companyʼs 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 Companyʼs 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
Page 5
– Financial Statements Follow – Core Molding Technologies, Inc. Consolidated Statements of Operations (unaudited, in thousands, except share and per share data) Three months ended September Nine months ended September 2026 2025 2026 2025 Net revenue: Production $ 64,827 $ 54,178 $ 183,179 $ 176,823 Tooling Project 25,410 4,257 28,370 22,298 Total net revenue 90,237 58,435 211,549 199,121 Total cost of revenue 76,854 48,290 173,460 162,879 Gross margin 13,383 10,145 38,089 36,242 Selling, general and administrative expense 11,793 7,572 33,440 25,616 Operating income 1,590 2,573 4,649 10,626 Other income and expense Net interest (income) expense 39 34 185 18 Net periodic post-retirement benefit (117) (117) (351) (344) Total other (income) and expense (78) (83) (166) (326) Income before income taxes 1,668 2,656 4,815 10,952 Income tax expense 155 779 914 2,840 Net income $ 1,513 $ 1,877 $ 3,901 $ 8,112 Net income per common share: Basic $ 0.18 $ 0.22 $ 0.45 $ 0.95 Diluted $ 0.17 $ 0.22 $ 0.45 $ 0.93 Core Molding Technologies, Inc. Product Revenue by Market (unaudited, in thousands) Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Medium and heavy-duty truck $ 28,191 $ 19,470 $ 71,898 $ 80,276 Power sports 13,555 17,548 49,497 45,962 Building products 6,897 5,862 18,387 16,912 Industrial and utilities 7,111 5,851 18,642 17,095 All other 9,073 5,447 24,755 16,578 Net production revenue $ 64,827 $ 54,178 $ 183,179 $ 176,823
Page 6
Core Molding Technologies, Inc. Consolidated Balance Sheets (in thousands) As of September 30, As of 2026 December 31, (unaudited) 2025 Assets: Current assets: Cash and cash equivalents $ 5,437 $ 38,058 Accounts receivable, net 40,643 30,831 Inventories, net 26,693 19,715 Prepaid expenses and other current assets 24,557 14,724 Total current assets 97,330 103,328 Right of use asset 13,775 14,494 Property, plant and equipment, net 97,121 86,940 Goodwill 17,376 17,376 Intangibles, net 2,793 3,479 Other non-current assets 2,565 2,515 Total Assets $ 230,960 $ 228,132 Liabilities and Stockholdersʼ Equity: Liabilities: Current liabilities: Revolving debt $ 4,810 $ – Current portion of long-term debt 2,075 Accounts payable 29,056 14,924 Contract liabilities 3,231 5,018 Compensation and related benefits 7,871 4,988 Accrued other liabilities 7,316 7,168 Total current liabilities 52,284 34,173 Other non-current liabilities 1,800 1,935 Lease liabilities 12,524 13,113 Long-term debt – 17,639 Post retirement benefits liability 3,205 3,101 Total Liabilities 69,813 69,961 Stockholdersʼ Equity: Common stock 86 85 Paid in capital 49,026 47,503 Accumulated other comprehensive income, net of income taxes 2,749 3,938 Treasury stock (41,178) (39,918) Retained earnings 150,464 146,563 Total Stockholdersʼ Equity 161,147 158,171 Total Liabilities and Stockholdersʼ Equity $ 230,960 $ 228,132
Page 7
Core Molding Technologies, Inc. Consolidated Statements of Cash Flows (unaudited, in thousands) Nine months ended September 2026 2025 Cash flows from operating activities: Net income $ 3,901 $ 8,112 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 8,743 9,504 Loss on disposal of property, plant and equipment – 4 Share-based compensation 1,523 1,646 Losses (gain) on foreign currency (653) (285) Change in operating assets and liabilities: Accounts receivable (9,812) (4,759) Inventories (6,978) (1,455) Prepaid and other assets (11,039) (1,560) Accounts payable 15,154 4,060 Accrued and other liabilities 2,865 (744) Post retirement benefits liability (334) (357) Net cash provided by operating activities 3,370 14,166 Cash flows from investing activities: Purchase of property, plant and equipment (19,698) (9,305) Net cash used in investing activities (19,698) (9,305) Cash flows from financing activities: Gross repayments on revolving line of credit (18,468) – Gross borrowings on revolving line of credit 23,278 – Payments for taxes related to net share settlement of equity awards (612) (600) Purchase of treasury stock (648) (2,249) Payment of principal on term loans (19,843) (1,418) Net cash used in financing activities (16,293) (4,267) Net change in cash and cash equivalents (32,621) 594 Cash and cash equivalents at beginning of period 38,058 41,803 Cash and cash equivalents at end of period $ 5,437 $ 42,397 Cash paid for: Interest $ 492 $ 771 Income taxes $ 4,354 $ 3,341 Non cash investing activities: Fixed asset purchases in accounts payable $ 708 $ 207 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 Companyʼs 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
Page 8
based compensation expense, (v) restructuring and severance costs, and (vi) nonrecurring legal settlement costs and associated legal expenses unrelated to the Companyʼs 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) stockholdersʼ 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 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 trailing twelve months Return on Capital Employed, for the periods presented: Core Molding Technologies, Inc. Net Income to Adjusted EBITDA Reconciliation (unaudited, in thousands) Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Net income $ 1,513 $ 1,877 $ 3,901 $ 8,112 Provision for income taxes 155 779 914 2,840 Total other expenses(1) (78) (83) (166) (326) Depreciation and amortization 2,516 3,093 8,614 9,444 Share-based compensation 527 521 1,523 1,646 Severance costs – – 1,411 979 Footprint optimization and Mexico Expansion Costs (restructuring) 1,763 220 5,167 420 Adjusted EBITDA $ 6,396 $ 6,407 $ 21,364 $ 23,115 Adjusted EBITDA as a percent of net revenue 7.1% 11.0% 10.1% 11.6% (1)Includes net interest expense and non-cash periodic post-retirement benefit cost.
Page 9
Core Molding Technologies, Inc. Computation of Debt to Trailing Twelve Months Adjusted EBITDA (unaudited, in thousands) Q4 2025 Q1 2026 Q2 2026 Q3 2026 Trailing Twelve Months Net income $ 3,083 $ 605 $ 1,783 $ 1,513 $ 6,984 Provision for income taxes 642 190 569 155 $ 1,556 Total other expenses(1) (133) (31) (57) (78) (299) Depreciation and amortization 3,386 3,037 3,061 2,516 12,000 Share-based compensation 142 495 501 527 1,665 Succession plan costs 476 924 487 – 1,887 Footprint optimization and Mexico Expansion Costs (restructuring) $ – $ 2,102 $ 1,302 1,763 $ 5,167 Adjusted EBITDA $ 7,596 $ 7,322 $ 7,646 $ 6,396 $ 28,960 Total Outstanding Debt as of September 30, 2026 $ 4,810 Debt to Trailing Twelve Months Adjusted EBITDA 0.17 (1)Includes net interest expense and non-cash periodic post-retirement benefit cost. Core Molding Technologies, Inc. Computation of Trailing Twelve Months Return on Capital Employed (unaudited, in thousands) Q4 2025 Q1 2026 Q2 2026 Q3 2026 Trailing Twelve Months Operating Income $ 3,592 $ 764 $ 2,295 $ 1,590 $ 8,241 Equity $161,147 Structured Debt $ 4,810 Total Capital Employed $165,957 Return on Capital Employed 5.0% Core Molding Technologies, Inc. Computation of Trailing Twelve Months Return on Capital Employed Excluding Cash (unaudited, in thousands) Q4 2025 Q1 2026 Q2 2026 Q3 2026 Trailing Twelve Months Operating Income $ 3,592 $ 764 $ 2,295 $ 1,590 $ 8,241 Equity $161,147 Structured Debt $ 4,810 Less Cash $ (5,437) Total Capital Employed, Excluding Cash $160,520 Return on Capital Employed, Excluding Cash 5.1%
Page 10
Core Molding Technologies, Inc. Free Cash Flow Nine Months Ended September 30, 2026 and 2025 (unaudited, in thousands) 2026 2025 Cash flow provided by operations $ 3,370 $ 14,166 Purchase of property, plant and equipment (19,698) (9,305) Free cash flow $(16,328) $ 4,861 Core Molding Technologies, Inc. Adjusted Net Income per Share (unaudited, in thousands) Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Net Income $ 1,513 $ 1,877 $ 3,901 $ 8,112 Succession plan costs (net of tax) $ – $ 1,404 $ 773 Mexico expansion and footprint optimization costs (net of tax) $ 1,393 $ 174 $ 4,072 $ 332 Adjusted net income $ 2,906 $ 2,051 $ 9,377 $ 9,217 Weighted average common shares outstanding – basic 8,581,000 8,561,000 8,606,000 8,583,000 Weighted average common and potentially issuable common shares outstanding – diluted 8,727,000 8,688,000 8,758,000 8,709,000 Net income per share – basic $ 0.18 $ 0.22 $ 0.45 $ 0.95 Severance costs (net of tax) – – 0.16 0.09 Mexico expansion and footprint optimization costs (net of tax) $ 0.16 $ 0.02 $ 0.47 $ 0.04 Adjusted net income per share – basic $ 0.34 $ 0.24 $ 1.08 $ 1.08 Net income per share – diluted $ 0.17 $ 0.22 $ 0.45 $ 0.93 Severance costs (net of tax) – – 0.16 0.09 Footprint optimization costs (net of tax) $ 0.16 $ 0.02 $ 0.46 $ 0.04 Adjusted net income per share – diluted $ 0.33 $ 0.24 $ 1.07 $ 1.06 Source coremt.com Captured 3 nov. 2026 14:03 https://coremt.com/core-molding-technologies-reports-fiscal-2026-third-quarter-results/