Core Molding Technologies IncAMEX: CMT

Core Molding Technologies Reports Fiscal 2025 Third Quarter Results

· Issued by Core Molding Technologies Inc via GlobeNewswire

2025 Full Year Sales Guidance Down 10% to 12% from Prior Year, and Well-Positioned to 
Accelerate 2026 New Program Launches

COLUMBUS, Ohio, Nov. 04, 2025 (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 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 income1 of $2.1 million, or $0.24 per diluted share.

  • Adjusted EBITDA1 of $6.4 million, or 11.0% of net sales, compared to $7.5 million, or 10.3% for the prior year third quarter.

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 income1 of $9.2 million, or $1.06 per diluted share.

  • Adjusted EBITDA1 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.

1Adjusted 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 Employed1 of 6.5% for the trailing twelve months and 8.7% 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 EBITDA1 was less than one times trailing twelve months Adjusted EBITDA1 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 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 –

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

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

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

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

Core Molding Technologies, Inc.
Consolidated Statements of Cash Flows
(unaudited, in thousands)

Nine months ended September

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

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:

Core Molding Technologies, Inc.
Net Income to Adjusted EBITDA Reconciliation
(unaudited, in thousands)

Three months ended

Nine months ended

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(1)

(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

%

(1)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(1)

(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

(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 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

$

(43,212

)

Total Capital Employed, Excluding Cash

$

132,378

Return on Capital Employed, Excluding Cash

8.7

%

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

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

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