Open the filing on EDGARCore Molding Technologies Reports
Full Year and Fourth Quarter 2025 Results
Fourth Quarter Total Sales Up 19.5% Driven by Elevated Tooling Revenue;
Full Year Business Wins of $63 Million Support Multi-Year Revenue Expansion
COLUMBUS, OH, March 10, 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 fiscal periods ended December 31, 2025.
David Duvall, the Company’s President and Chief Executive Officer, said, “Fiscal 2025 was intensely focused on our Invest For Growth Must Win Battle - and we delivered as stated. We won $63 million in business, the majority of which was new business for Core, and over 65% of these new wins are outside our largest end markets, Truck and Powersports. We also launched proprietary sheet molding compound (SMC) into Building Products, generating close to $10 million in revenue in a large, growing addressable market. While continuing to invest for growth in 2025, we maintained disciplined operational management. We systematically improved execution through optimizing our footprint, while implementing strategies to stabilize margins, generate operating cash flow, and prepare for growth.”
“In fiscal 2026, our focus is on execution: expanding the Matamoros facility and bringing the planned Monterrey plant online - on time and on budget. These projects are supported by current business, with a pipeline expected to deliver $150 million in incremental revenue over the next several years. With improving end-market visibility in the current year, we see a clear path to over $300 million in revenue in 2027.”
Alex Panda, the Company’s EVP and Chief Financial Officer, commented, “As expected, fiscal 2025 revenues declined 9.5%, primarily due to weakness in the Truck sector, which represents 44% of Core’s product sales. Gross margins of 17.4%, within our previously communicated range, reflected stability despite lower volumes and operating leverage pressure. By maintaining margins within our long-term 17% to 19% target range and managing SG&A tightly, we generated strong operating cash flows of over $19 million for the year.”
“Looking ahead, we anticipate total sales for 2026 to be flat to up approximately 5%, when compared to 2025. This is primarily driven by our SMC compound wins, which will start production by the end of third quarter of 2026 and our expectation that the Truck cycle will begin to recover in the second half of 2026 with momentum continuing through 2027.”
Fourth Quarter 2025 Highlights
- Net sales of $74.7 million, increased 19.5% from $62.5 million in the prior year; and product sales of $55.4 million, down 7.8% from the prior year.
- Gross margin of $11.3 million, or 15.2% of net sales, compared to $9.9 million or 15.8% of net sales, in the prior year.
- Selling, general, and administrative expenses of $7.7 million, or 10.4% of net sales, compared to $9.0 million or 14.4% of net sales, in the prior year same period.
- Operating income of $3.6 million, or 4.8% of net sales, versus $0.9 million, or 1.4% of net sales, in the prior year.
- Net income of $3.1 million, or $0.36 per diluted share, compared to net loss of $39.0 thousand, or $0.00 per diluted share, a year ago. Adjusted net income of $4.0 million, or $0.47 per diluted share, compared to net income of $0.8 million, or $0.10 per diluted share, in the prior year.
- Adjusted EBITDA of $7.6 million, or 10.2% of net sales, compared to $5.7 million, or 9.2% of net sales in the prior year.
Adjusted EBITDA, Free Cash Flow, Adjusted Net Income, Return on Capital Employed Excluding Cash, and Debt to Trailing Twelve Months Adjusted EBITDA are non-GAAP financial measures as defined and reconciled below.
Fiscal Year 2025 Highlights
- Net sales of $273.8 million, down 9.5% from $302.4 million in the prior year; and product sales of $232.2 million, down 20.2% from the prior year.
- Gross margin of $47.6 million, or 17.4% of net sales, compared to $53.3 million or 17.6% of net sales, in the prior year.
- Selling, general, and administrative expenses of $33.4 million, or 12.2% of net sales, compared to $36.6 million, or 12.1% of net sales, in the prior year same period. The 2025 selling, general, and administrative expense, excluding one-time footprint optimization cost of $1.9 million, was $31.5 million, or 11.5% of net sales.
- Operating income of $14.2 million, or 5.2% of net sales, versus operating income of $16.7 million, or 5.5% of net sales, in the prior year.
- Net income of $11.2 million, or $1.29 per diluted share, compared to net income of $13.3 million, or $1.51 per diluted share, a year ago. Adjusted net income of $13.2 million, or $1.52 per diluted share, compared to adjusted net income of $14.3 million, or $1.63 per diluted share, in the prior year.
- Adjusted EBITDA of $30.7 million, or 11.2% of net sales, compared to $33.8 million, or 11.2% of net sales, in the prior year.
- Total liquidity at year-end was $88.1 million, net cash provided by operating activities was $19.2 million, free Cash Flow was $1.9 million for the year, and the Debt to Trailing Twelve Months Adjusted EBITDA was less than 1 times or 0.64 times.
2025 Capital Expenditures
The Company’s capital expenditures for 2025 were $17.3 million. $10.8 million related to purchases of property, plant and equipment for additional capacity, automation, new programs and equipment improvements at the Company’s production facilities and $6.5 million related to the Mexico expansion project. The Company anticipates spending approximately $25 million to $30 million during 2026 on property, plant and equipment purchases for all of the Company's operations, including the Mexico expansion. Included in the Company's anticipated spending in 2026 is approximately $18 million to $20 million for the Mexico expansion project. The Company generated a Return on Capital Employed of 8.0% for the trailing twelve months and 10.2% excluding cash.
Financial Position at December 31, 2025
The Company’s total liquidity at the end of 2025 was $88.1 million, with $38.1 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 $19.7 million at December 31, 2025. The Debt to Trailing Twelve Months Adjusted EBITDA was less than one times Adjusted EBITDA at the end of the fiscal year.
Debt to Trailing Twelve Months Adjusted EBITDA, Adjusted EBITDA, Adjusted Net Income, and return on capital employed are metrics and 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 fiscal year ended December 31, 2025. To access the call live by phone, dial 1-888-506-0062, and ask for Core Moldings access code 818122 at least 10 minutes before the start time. A telephonic replay will be available through March 24, 2026, by calling 877-481-4010 using replay passcode 53447. The live webcast of the call will also be available for replay later 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
Forward-looking statements notice
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 material,; 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:
Alex Panda
Executive Vice President & Chief Financial Officer apanda@coremt.com
Consolidated Statements of Operations
(in thousands, except share and per share data)
| Three Months Ended December 31, | Year Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Net sales: | | | | |
| Products | $55,382 | | $60,047 | | $232,205 | | $291,092 | |
| Tooling | 19,295 | | 2,451 | | 41,593 | | 11,286 | |
| Total net sales | 74,677 | | 62,498 | | 273,798 | | 302,378 | |
| Total cost of sales | 63,337 | | 52,613 | | 226,216 | | 249,118 | |
| Gross margin | 11,340 | | 9,885 | | 47,582 | | 53,260 | |
| Selling, general and administrative expense | 7,748 | | 9,016 | | 33,364 | | 36,565 | |
| Operating income | 3,592 | | 869 | | 14,218 | | 16,695 | |
| Other (income) and expense | | | | |
| Interest (income) expense | (17) | | (94) | | 1 | | (193) | |
| Net periodic post-retirement benefit | (116) | | (180) | | (460) | | (593) | |
| Total other (income) and expense | (133) | | (274) | | (459) | | (786) | |
| Income before income taxes | 3,725 | | 1,143 | | 14,677 | | 17,481 | |
| Income tax (benefit) expense | 642 | | 1,182 | | 3,482 | | 4,182 | |
| Net (loss) income | $3,083 | | $(39) | | $11,195 | | $13,299 | |
| Net income per common share: | | | | |
| Basic | $0.36 | | $ - | | $1.31 | | $1.53 | |
| Diluted | $0.36 | | $ - | | $1.29 | | $1.51 | |
Product Sales by Market
(unaudited, in thousands)
| Three Months Ended December 31, | Year Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Medium and heavy-duty truck | $21,029 | | $34,241 | | $101,305 | | $163,915 | |
| Power sports | 17,518 | | 12,220 | | 63,480 | | 68,445 | |
| Building products | 5,610 | | 2,689 | | 22,522 | | 17,011 | |
| Industrial and Utilities | 5,519 | | 6,347 | | 22,614 | | 18,829 | |
| All Other | 5,706 | | 4,550 | | 22,284 | | 22,892 | |
| Net Product Revenue | $55,382 | | $60,047 | | $232,205 | | $291,092 | |
Consolidated Balance Sheets
(in thousands)
| Year Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| Assets: | | |
| Current assets: | | |
| Cash and cash equivalents | $38,058 | | $41,803 | |
| Accounts receivable, net | 30,831 | | 30,118 | |
| Inventories, net | 19,715 | | 18,346 | |
| Prepaid expenses and other current assets | 14,724 | | 12,621 | |
| Total current assets | 103,328 | | 102,888 | |
| Right of use asset | 14,494 | | 2,112 | |
| Property, plant and equipment, net | 86,940 | | 80,807 | |
| Goodwill | 17,376 | | 17,376 | |
| Intangibles, net | 3,479 | | 4,430 | |
| Other non-current assets | 2,515 | | 1,937 | |
| Total Assets | $228,132 | | $209,550 | |
| Liabilities and Stockholders' Equity: | | |
| Liabilities: | | |
| Current liabilities: | | |
| Current portion of long-term debt | $2,075 | | $1,814 | |
| Accounts payable | 14,924 | | 17,115 | |
| Contract liabilities | 5,018 | | 2,286 | |
| Compensation and related benefits | 4,988 | | 7,585 | |
| Accrued other liabilities | 7,168 | | 7,911 | |
| Total current liabilities | 34,173 | | 36,711 | |
| Other non-current liabilities | 1,935 | | 1,623 | |
| Lease liabilities | 13,113 | | 997 | |
| Long-term debt | 17,639 | | 19,706 | |
| Post retirement benefits liability | 3,101 | | 3,152 | |
| Total Liabilities | 69,961 | | 62,189 | |
| Stockholders' Equity: | | |
| Common stock | 85 | | 86 | |
| Paid in capital | 47,503 | | 45,760 | |
| Accumulated other comprehensive income, net of income taxes | 3,938 | | 2,292 | |
| Treasury stock | (39,918) | | (36,145) | |
| Retained earnings | 146,563 | | 135,368 | |
| Total Stockholders' Equity | 158,171 | | 147,361 | |
| Total Liabilities and Stockholders' Equity | $228,132 | | $209,550 | |
Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| Cash flows from operating activities: | | |
| Net income | $11,195 | | $13,299 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | |
| Depreciation and amortization | 12,348 | | 13,399 | |
| Deferred income tax | (830) | | 473 | |
| Share-based compensation | 1,788 | | 2,495 | |
| Loss on the disposal of assets | 563 | | 241 | |
| Losses (Gain) on foreign currency | (547) | | 1,180 | |
| Change in operating assets and liabilities: | | |
| Accounts receivable | (713) | | 11,593 | |
| Inventories | (1,369) | | 3,718 | |
| Prepaid and other assets | (1,243) | | 1,673 | |
| Accounts payable | (2,447) | | (8,105) | |
| Accrued and other liabilities | 1,030 | | (3,729) | |
| Post retirement benefits liability | (590) | | (1,086) | |
| Net cash provided by operating activities | 19,185 | | 35,151 | |
| Cash flows from investing activities: | | |
| Purchase of property, plant and equipment | (17,268) | | (11,525) | |
| Net cash used in investing activities | (17,268) | | (11,525) | |
| Cash flows from financing activities: | | |
| Payment on principal of term loans | (1,887) | | (1,548) | |
| Payments for taxes related to net share settlement of equity awards | (601) | | (1,440) | |
| Purchase of common shares | (3,174) | | (2,939) | |
| Net cash used in financing activities | (5,662) | | (5,927) | |
| Net change in cash and cash equivalents | (3,745) | | 17,699 | |
| Cash and cash equivalents at beginning of year | 41,803 | | 24,104 | |
| Cash and cash equivalents at end of year | $38,058 | | $41,803 | |
| Cash paid for: | | |
| Interest | $1,021 | | $1,074 | |
| Income taxes | $3,671 | | $2,158 | |
| Non cash investing activities: | | |
| Fixed asset purchases in accounts payable | $1,111 | | $367 | |
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) plant closure costs, and (vi) nonrecurring legal settlement costs and associated legal expenses unrelated to the Company's core operations. Free Cash Flow represents net cash (used in) provided by operating activities less purchase of property, plant and equipment and net working capital. Return on capital employed (ROCE) represents 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. ROCE excluding cash represents ROCE less ending cash balance. 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. We present Adjusted EBITDA, Free Cash Flow, Debt to Trailing Twelve Months Adjusted EBITDA and ROCE 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. 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, Cash Flow from Operating Activities to Free Cash Flow and Net Income per Share to Adjusted Net Income per Share, the most directly comparable GAAP measures, and ROCE, for the periods presented:
Net (Loss) Income to Adjusted EBITDA Reconciliation
(unaudited, in thousands)
| Three months ended December 31, | Twelve Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Net (loss) income | $3,083 | | $(39) | | $11,195 | | $13,299 | |
| Provision for income tax expense | 642 | | 1,182 | | 3,482 | | 4,182 | |
| Total other (income) and expenses | (133) | | (273) | | (459) | | (786) | |
| Depreciation, amortization and other non-cash expenses | 3,386 | | 3,362 | | 12,830 | | 13,318 | |
| Share-based compensation | 142 | | 428 | | 1,788 | | 2,495 | |
| Severance Costs | 476 | | 1,066 | | 1,455 | | 1,294 | |
| Footprint optimization costs (restructuring) | - | | - | | 420 | | - | |
| Adjusted EBITDA | $7,596 | | $5,726 | | $30,711 | | $33,802 | |
| Adjusted EBITDA as a percent of net sales | 10.2% | | 9.2% | | 11.2% | | 11.2% | |
| Includes net interest (income) expense, and non-cash periodic post-retirement benefit cost |
Computation of Debt to Trailing Twelve Months Adjusted EBITDA
(unaudited, in thousands)
| Trailing Twelve Month Adjusted EBITDA |
|---|
| Net income | $11,195 |
| Provision for income taxes | 3,482 |
| Total other expenses | (459) |
| Depreciation, amortization and other non-cash expenses | 12,830 |
| Share-based compensation | 1,788 |
| Severance Costs | 1,455 |
| Footprint optimization costs (restructuring) | 420 |
| Adjusted EBITDA | $30,711 |
| Total Outstanding Term Debt as of December 31, 2025 | $19,714 |
| Term debt to Trailing Twelve Months Adjusted EBITDA | 0.64 |
| Includes net interest (income) expense and non-cash periodic post-retirement benefit cost | |
Computation of Return on Capital Employed
Fiscal Year Ended December 31, 2025 and 2024
(unaudited, in thousands)
| 2025 | 2024 |
|---|
| Equity | $158,171 | | $147,361 | |
| Structure debt | 19,714 | | 21,520 | |
| Total structured investment | $177,885 | | $168,881 | |
| Operating income | $14,218 | | $16,695 | |
| Return on capital employed | 8.0% | | 9.9% | |
Computation of Return on Capital Employed Excluding Cash
Fiscal Year Ended December 31, 2025 and 2024
(unaudited, in thousands)
| 2025 | 2024 |
|---|
| Equity | $158,171 | | $147,361 | |
| Structure debt | 19,714 | | 21,520 | |
| Less Cash | $(38,058) | | $(41,803) | |
| Total structured investment, Excluding Cash | 139,827 | | 127,078 | |
| Operating income | $14,218 | | $16,695 | |
| Return on capital employed, Excluding Cash | 10.2% | | 13.1% | |
Free Cash Flow
Fiscal Year Ended December 31, 2025 and 2024
(unaudited, in thousands)
| 2025 | 2024 |
|---|
| Cash flow provided by operations | $19,185 | | $35,151 | |
| Purchase of property, plant and equipment | (17,268) | | (11,525) | |
| Free cash flow surplus | $1,917 | | $23,626 | |
Adjusted Net (Loss) Income per Share
(unaudited, in thousands)
| Three Months Ended December 31, | Twelve Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Net (Loss) Income | $3,083 | | $(39) | | $11,195 | | $13,299 | |
| Severance Costs (net of tax) | $376 | | $842 | | $1,149 | | $1,022 | |
| Footprint optimization costs (net of tax) | $ - | | $ - | | $332 | | $ - | |
| Other onetime non-cash expense | $563 | | $ - | | $563 | | $ - | |
| Adjusted net income | $4,022 | | $803 | | $13,239 | | $14,321 | |
| Weighted average common shares outstanding - basic | 8,529,000 | | 8,644,000 | | 8,569,000 | | 8,693,000 | |
| Weighted average common and potentially issuable common shares outstanding- diluted | 8,659,000 | | 8,720,000 | | 8,698,000 | | 8,787,000 | |
| Net (loss) income per share - basic | $0.36 | | $ - | | $1.31 | | $1.53 | |
| Severance Costs (net of tax) | 0.04 | | 0.10 | | 0.13 | | 0.12 | |
| Footprint optimization costs (net of tax) | $ - | | $ - | | $0.04 | | $ - | |
| Other onetime non-cash expense | $0.07 | | $ - | | $0.07 | | $ - | |
| Adjusted net income per share - basic | $0.47 | | $0.10 | | $1.55 | | $1.65 | |
| Net (loss) income per share - diluted | $0.36 | | $ - | | $1.29 | | $1.51 | |
| Severance Costs (net of tax) | 0.04 | | 0.10 | | 0.13 | | 0.12 | |
| Footprint optimization costs (net of tax) | $ - | | $ - | | $0.04 | | $ - | |
| Other onetime non-cash expense | $0.07 | | $ - | | $0.06 | | $ - | |
| Adjusted net income per share - diluted | $0.47 | | $0.10 | | $1.52 | | $1.63 | |
Contacts
Three Part Advisors, LLC
Sandy Martin or Steven Hooser
214-616-2207
Financial Statements Follow -