EX-99.1 2 a8-k991pressreleaseq12026.htm EX-99.1 Document

FOR IMMEDIATE RELEASE
Core Molding Technologies Reports Fiscal 2026 First Quarter Results
First Quarter Delivers New Wins of $17 million, Margin Expansion, Strategic Investment Progress, and Early Signs of Cycle Recovery

COLUMBUS, OH, May 7, 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 building products, industrial and utilities, medium and heavy-duty truck and powersports industries across the United States, Canada and Mexico, today reported financial and operating results for the three months ended March 31, 2026.


Eric Palomaki, the Company’s President and Chief Executive Officer, said, “The first quarter delivered $17 million in new business wins, gross margin expansion to 20.4%, and continued progress on our strategic Mexico investments. As expected, total sales declined modestly in the first quarter, but our top-line performance does not capture the momentum building across our portfolio. The heavy- and medium-duty truck market remains in a down cycle, and we expect this to persist through the first half of 2026. We delivered a strong sales performance across Powersports—both water and land—along with meaningful contributions from new product categories. The first-quarter gross margin demonstrates our continued pursuit of margin expansion through diversification across Core’s operating model.

“Our Invest for Growth initiatives, and this year’s Must Win Battle focused on Mexico, are translating into tangible results. That progress reflects the disciplined operating model and execution capabilities we have built over the past several years and reinforces our confidence in Core’s long-term growth trajectory. We are also seeing increases across truck orders, supported by pre-buy activity and new program launches tied to our 2024-and-beyond wins. As visibility for the second half improves, we will continue to update our full-year sales outlook in line with customer demand.”

Alex Panda, the Company’s EVP and Chief Financial Officer, commented, “As expected, first quarter sales declined primarily due to the ongoing truck down cycle, which was meaningfully offset by strong demand in the Powersports end market. The gross margin of 20.4% reflected continued operating discipline, prudent cost control, footprint optimization, and favorable program mix. Typical seasonality, mix shifts, and planned tooling revenues support our expectation for full-year gross margin in the range of 17% to 19%."

“Our outlook remains unchanged, and we continue to expect 2026 sales to be flat to up approximately 5% year-over-year. We believe SMC compound wins and demand across other end markets will help offset the truck down cycle during the first half of the year. Based on current visibility, we expect the truck cycle to begin recovering in the second half of 2026, with momentum continuing through 2027.”




First Quarter 2026 Highlights

•Total net sales of $58.6 million decreased 4.7% year-over-year, mainly from expected truck demand, which was mostly offset by meaningful increases in Power sports demand.
•Gross margin of $12.0 million, or 20.4% of net sales, up from 19.2%, or 120 basis point improvement over the year-ago quarter. Sequentially, gross margin improved 520 basis points from 15.2% in the prior year fourth quarter.
•Selling, general, and administrative expenses of $11.2 million, or 19.1% of net sales, compared to $8.9 million, or 14.6% for the prior year first quarter. Excluding succession plan costs of $0.9 million and Mexico expansion related expense of $2.1 million, selling, general and administrative expense totaled $8.2 million or 14.0% of net sales.
•Operating income of $0.8 million, or 1.3% of net sales, compared to operating income of $2.8 million, or 4.6% of net sales for the prior year first quarter.
•Net income of $0.6 million, or $0.07 per diluted share, compared to net income of $2.2 million, or $0.25 per diluted share for the prior year first quarter. Adjusted net income1 of $3.2 million, or $0.37 per diluted share.
•Adjusted EBITDA1 of $7.3 million, or 12.5% of net sales, compared to $7.2 million, or 11.7% for the prior year first quarter. Sequentially, Adjusted EBITDA as a percent of net sales improved to 12.5% compared to 10.2% in the prior year fourth quarter.
•On March 11, 2026, the Board authorized an increase of 6,500,000 shares as part of the Company's repurchase program.
◦During the first quarter, 24,545 shares were repurchased at an average price of $18.62, totaling $457,000.

1Adjusted Net Income and Adjusted EBITDA are non-GAAP financial measures as defined and reconciled below.

2026 Capital Expenditures

Capital expenditures totaled $3.8 million in the first quarter of 2026, including $3.2 million related to the Company's Mexico expansion project. For the full year 2026, the Company expects capital spending of approximately $25 million to $30 million, including $18 million to $20 million allocated to the Mexico expansion. The Company generated a trailing twelve-month Return on Capital Employed1 of 6.8%, or 7.9% excluding cash.

Financial Position at March 31, 2026

The Company’s total liquidity at the end of the first fiscal quarter 2026 was $73.5 million, with $23.5 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 $19.3 million at March 31, 2026. The term debt-to-trailing twelve months Adjusted EBITDA1 was less than one times Adjusted EBITDA1 at the end of the fiscal first quarter.

1 Adjusted EBITDA, term debt-to-trailing twelve months Adjusted EBITDA and return on capital employed are non-GAAP financial measures as defined and reconciled below.






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 quarter ended March 31, 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 May 14, 2026, by calling (855) 669-9658 and using passcode ID: 2850190. 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; 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 Technologies' efforts to expand its customer base and grow its business, and provide on-time delivery to customers; the Company’s 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 Company’s 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 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 March 31,
20262025
Net sales:
Products$57,460 $61,012 
Tooling1,123 435 
Total net sales58,583 61,447 
Total cost of sales46,605 49,664 
Gross margin11,978 11,783 
Selling, general and administrative expense11,214 8,944 
Operating income764 2,839 
Other (income) and expense
Net interest expense86 16 
Net periodic post-retirement benefit(117)(110)
Total other (income) and expense(31)(94)
Income before income taxes795 2,933 
Income tax expense190 750 
Net income$605 $2,183 
Net income per common share:
Basic$0.07 $0.25 
Diluted$0.07 $0.25 



Core Molding Technologies, Inc.
Product Sales by Market
(unaudited, in thousands)


Three months ended
March 31,
20262025
Medium and heavy-duty truck$19,535 $29,560 
Power sports20,697 14,206 
Building products5,174 6,379 
Industrial and utilities5,324 5,370 
All other6,730 5,497 
Net product revenue$57,460 $61,012 


Core Molding Technologies, Inc.
Consolidated Balance Sheets
(in thousands)
As of
March 31,As of
2026December 31,
(unaudited)2025
Assets:
Current assets:
Cash and cash equivalents$23,507 $38,058 
Accounts receivable, net53,488 30,831 
Inventories, net22,433 19,715 
Prepaid expenses and other current assets17,645 14,724 
Total current assets117,073 103,328 
Right of use asset15,152 14,494 
Property, plant and equipment, net86,838 86,940 
Goodwill17,376 17,376 
Intangibles, net3,250 3,479 
Other non-current assets2,661 2,515 
Total Assets$242,350 $228,132 
Liabilities and Stockholders' Equity:
Liabilities:
Current liabilities:
Current portion of long-term debt$2,231 $2,075 
Accounts payable17,703 14,924 
Contract liabilities15,593 5,018 
Compensation and related benefits5,258 4,988 
Accrued other liabilities7,719 7,168 
Total current liabilities48,504 34,173 
Other non-current liabilities1,916 1,935 
Lease liabilities13,529 13,113 
Long-term debt17,035 17,639 
Post retirement benefits liability3,145 3,101 
Total Liabilities84,129 69,961 
Stockholders' Equity:
Common stock86 85 
Paid in capital47,998 47,503 
Accumulated other comprehensive income, net of income taxes3,956 3,938 
Treasury stock(40,987)(39,918)
Retained earnings147,168 146,563 
Total Stockholders' Equity158,221 158,171 
Total Liabilities and Stockholders' Equity$242,350 $228,132 



Core Molding Technologies, Inc.
Consolidated Statements of Cash Flows
(unaudited, in thousands)
Three months ended March 31,
20262025
Cash flows from operating activities:
Net income$605 $2,183 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization3,057 3,214 
Loss on disposal of property, plant and equipment— 4 
Share-based compensation495 631 
Losses (gain) on foreign currency186 212 
Change in operating assets and liabilities:
Accounts receivable(22,657)(6,625)
Inventories(2,718)(949)
Prepaid and other assets(2,716)(2,304)
Accounts payable3,727 10,912 
Accrued and other liabilities10,894 (1,099)
Post retirement benefits liability(102)(80)
Net cash used in operating activities(9,229)6,099 
Cash flows from investing activities:
Purchase of property, plant and equipment(3,784)(1,772)
Net cash used in investing activities(3,784)(1,772)
Cash flows from financing activities:
Payments for taxes related to net share settlement of equity awards(612)(262)
Purchase of treasury stock(457)(916)
Payment on principal on term loans(469)(478)
Net cash used in financing activities(1,538)(1,656)
Net change in cash and cash equivalents(14,551)2,671 
Cash and cash equivalents at beginning of period38,058 41,803 
Cash and cash equivalents at end of period$23,507 $44,474 
Cash paid for:
Interest$267 $396 
Income taxes$729 $98 
Non cash investing activities:
Fixed asset purchases in accounts payable$33 $403 




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
March 31,
20262025
Net income$605 $2,183 
Provision for income taxes190 750 
Total other expenses(1)
(31)(94)
Depreciation and amortization3,037 3,194 
Share-based compensation495 631 
Succession plan costs924 500 
Mexico expansion related costs2,102 — 
Adjusted EBITDA$7,322 $7,164 
Adjusted EBITDA as a percent of net sales12.5 %11.7 %
(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)
Q2 2025Q3 2025Q4 2025Q1 2026Trailing Twelve Months
Net income$4,052 $1,877 $3,083 $605 $9,617 
Provision for income taxes1,311 779 642 190 2,922 
Total other expenses(1)
(149)(83)(133)(31)(396)
Depreciation and amortization3,157 3,093 3,386 3,037 12,673 
Share-based compensation494 521 142 495 1,652 
Succession plan costs
479 — 476 924 1,879 
Footprint optimization and Mexico Expansion Costs (restructuring)$200 $220 $— $2,102 $2,522 
Adjusted EBITDA$9,544 $6,407 $7,596 $7,322 $30,869 
Total Outstanding Term Debt as of March 31, 2026$19,266 
 Debt to Trailing Twelve Months Adjusted EBITDA
0.62 
(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)
Q2 2025Q3 2025Q4 2025Q1 2026Trailing Twelve Months
Operating Income$5,214 $2,573 $3,592 764 $12,143 
Equity158,221 
Structured Debt19,266 
Total Capital Employed
$177,487 
Return on Capital Employed6.8 %



Core Molding Technologies, Inc.
Computation of Trailing Twelve Months Return on Capital Employed Excluding Cash
(unaudited, in thousands)
Q2 2025Q3 2025Q4 2025Q1 2026Trailing Twelve Months
Operating Income$5,214 $2,573 $3,592 764 $12,143 
Equity158,221 
Structured Debt19,266 
Less Cash(23,507)
Total Capital Employed, Excluding Cash
$153,980 
Return on Capital Employed, Excluding Cash 7.9 %



Core Molding Technologies, Inc.
Free Cash Flow
Three Months Ended March 31, 2026 and 2025
(unaudited, in thousands)

20262025
Cash flow (used in) provided by operations$(9,229)$6,099 
Purchase of property, plant and equipment(3,784)(1,772)
Free cash flow (deficit)$(13,013)$4,327 











Core Molding Technologies, Inc.


Adjusted Net (Loss) Income per Share
(unaudited, in thousands)

Three Months Ended
March 31,
20262025
Net Income$605 $2,183 
Succession plan costs (net of tax)
$925 $395 
Mexico expansion related expense (net of tax)
$1,650 $— 
Adjusted net income$3,182 $2,185 
Weighted average common shares outstanding - basic$8,574,000 $8,621,000 
Weighted average common and potentially issuable common shares outstanding- diluted$8,766,000 $8,816,000 
Net income per share - basic0.07 0.25 
Succession plan costs (net of tax)
0.11 0.05 
Mexico expansion related expense (net of tax)
$0.19 $— 
Adjusted net income per share - basic$0.37 $0.30 
Net income per share - diluted$0.07 $0.25 
Succession plan costs (net of tax)
0.11 0.04 
Mexico expansion related expense (net of tax)
$0.19 $— 
Adjusted net income per share - diluted$0.37 $0.29