cmt-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

for the transition period from ____________ to

Commission File Number 001-12505

CORE MOLDING TECHNOLOGIES, INC.

_______________________________________________________________

(Exact name of registrant as specified in its charter)

Delaware

31-1481870

(State or other jurisdiction

incorporation or organization)

(I.R.S. Employer Identification No.)

800 Manor Park Drive, Columbus, Ohio

43228-0183

(Address of principal executive office)

(Zip Code)

Registrant’s telephone number, including area code (614) 870-5000

N/A

__________________________________________________________

Former name, former address and former fiscal year, if changed since last report.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “accelerated filer,” “large accelerated filer,” and “smaller reporting company,” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨

Accelerated Filer ☒

Non-accelerated Filer ¨

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Name of each exchange on which registered

Trading Symbol

Common Stock, par value $0.01

NYSE American LLC

CMT

As of May 7, 2025, the latest practicable date, 8,992,035 shares of the registrant’s common stock were issued, which includes 384,420 shares of unvested restricted common stock.


Part I — Financial Information

Item 1. Financial Statements (Unaudited)

Consolidated Statements of Operations			3

Consolidated Statements of Comprehensive Income			4

Consolidated Balance Sheets			5

Consolidated Statement of Stockholders’ Equity			6

Consolidated Statements of Cash Flows			7

Notes to Consolidated Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			23

Item 3. Quantitative and Qualitative Disclosures About Market Risk			28

Item 4. Controls and Procedures			28

Part II — Other Information

Item 1. Legal Proceedings			29

Item 1A. Risk Factors			29

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			29

Item 3. Defaults Upon Senior Securities			29

Item 4. Mine Safety Disclosures			29

Item 5. Other Information			29

Item 6. Exhibits			29

Signatures			30

Index to Exhibits			33


	Three months ended March 31,
	2025		2024
Net sales	$	61,447	$	78,145

Cost of sales	49,664		64,840

Gross margin	11,783		13,305

Selling, general and administrative expense	8,944		8,573

Operating income	2,839		4,732

Other (income) and expense

Net interest expense	16		82
Net periodic post-retirement benefit	(110)		(138)
Total other (income) and expense	(94)		(56)

Income before taxes	2,933		4,788

Income tax expense	750		1,029

Net income	$	2,183	$	3,759

Net income per share of common stock:
Basic	$	0.25	$	0.43
Diluted	$	0.25	$	0.43


	March 31, 2025		December 31, 2024
	(Unaudited)
Assets:
Current assets:
Cash and cash equivalents	$	44,474	$	41,803
Accounts receivable, net	36,743		30,118
Inventories, net	19,295		18,346
Foreign tax receivable	4,553		5,861
Prepaid expenses and other current assets	10,546		6,760
Total current assets	115,611		102,888

Right of use asset	4,984		2,112
Property, plant and equipment, net	79,684		80,807

Goodwill	17,376		17,376
Intangibles, net	4,165		4,430
Other non-current assets	1,771		1,937
Total Assets	$	223,591	$	209,550

Liabilities and Stockholders’ Equity:
Current liabilities:
Current portion of long-term debt	$	1,814	$	1,814
Accounts payable	28,289		17,115

Contract liability	3,077		2,286

Compensation and related benefits	6,007		7,585
Accrued other liabilities	7,100		7,911
Total current liabilities	46,287		36,711

Other non-current liabilities	5,000		2,620
Long-term debt	19,248		19,706
Post-retirement benefits liability	3,183		3,152
Total Liabilities	73,718		62,189
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock — $0.01 par value, authorized shares — 10,000,000; no shares outstanding at March 31, 2025 and December 31, 2024	—		—
Common stock — $0.01 par value, authorized shares – 20,000,000; outstanding shares: 8,607,615 at March 31, 2025 and 8,614,395 at December 31, 2024	86		86
Paid-in capital	46,391		45,760
Accumulated other comprehensive income, net of income taxes	3,170		2,292
Treasury stock - at cost, 4,319,570 shares at March 31, 2025 and 4,236,853 shares at December 31, 2024	(37,325)		(36,145)
Retained earnings	137,551		135,368
Total Stockholders’ Equity	149,873		147,361
Total Liabilities and Stockholders’ Equity	$	223,591	$	209,550


	Common Stock Outstanding			Paid-In Capital		Accumulated Other Comprehensive Income		Treasury Stock		Retained Earnings		Total Stockholders' Equity
	Shares	Amount
Balance at December 31, 2023	8,655,384	$	86	$	43,265	$	5,301	$	(31,768)	$	122,069	$	138,953
Net income										3,759		3,759
Change in post-retirement benefits, net of tax $34						(127)						(127)
Change in foreign currency hedge, net of tax of $105						(382)						(382)
Change in interest rate swaps, net of tax of $57						215						215
Restricted stock vested	60,030	1										1
Purchase of treasury stock related to net settlement of equity awards	(17,773)	—						(343)				(343)
Share-based compensation				739								739
Balance at March 31, 2024	8,697,641	$	87	$	44,004	$	5,007	$	(32,111)	$	125,828	$	142,815


	March 31, 2025		December 31, 2024
Raw materials	$	12,597	$	11,656
Work in process	2,160		2,368
Finished goods	4,538		4,322
Total	$	19,295	$	18,346


	Three months ended March 31,
	2025		2024
Operating lease cost	$	501	$	538
Short-term lease cost	360		458
Total net lease cost	$	861	$	996


	March 31, 2025		December 31, 2024
Operating lease right of use assets	$	4,984	$	2,112

Current operating lease liabilities(A)	$	1,693	$	1,178
Noncurrent operating lease liabilities(B)	3,275		997
Total operating lease liabilities	$	4,968	$	2,175


	March 31, 2025		December 31, 2024
Property, plant and equipment	$	222,345	$	220,542
Accumulated depreciation	(142,661)		(139,735)
Property, plant and equipment — net	$	79,684	$	80,807


Balance at December 31, 2024	$	17,376
Additions	—
Impairment	—
Balance at March 31, 2025	$	17,376


Definite-lived Intangible Assets	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	25 Years	$	250	$	(101)	$	149
Trademarks	10 Years	1,610		(1,160)		450
Developed technology	7 Years	4,420		(4,420)		—
Customer relationships	10-12 Years	9,330		(5,764)		3,566
Total		$	15,610	$	(11,445)	$	4,165


	Three months ended March 31,
	2025		2024
Net income	$	2,183	$	3,759

Other comprehensive income:

Foreign currency hedging derivatives:
Unrealized hedge gain (loss)	1,443		(487)
Net of tax benefit (expense)	(302)		105

Interest rate swaps:
Unrealized hedge gain (loss)	(192)		272
Net of tax benefit (expense)	41		(57)

Post-retirement benefit plan adjustments:
Amortization of net actuarial gain	(17)		(37)
Amortization of prior service credits	(124)		(124)
Net of tax benefit	29		34

Comprehensive income	$	3,061	$	3,465


	Three months ended March 31,
	2025		2024
BRP product sales	$	6,692	$	7,557
BRP tooling sales	19		114
Total BRP sales	6,711		7,671

International product sales	10,888		14,429
International tooling sales	—		161
Total International sales	10,888		14,590

PACCAR product sales	8,933		9,949
PACCAR tooling sales	141		246
Total PACCAR sales	9,074		10,195





Volvo product sales	4,094		12,720
Volvo tooling sales	—		—
Total Volvo sales	4,094		12,720

Yamaha product sales	6,071		8,582
Yamaha tooling sales	—		—
Total Yamaha sales	6,071		8,582

Other product sales	24,334		22,594
Other tooling sales	275		1,793
Total other sales	24,609		24,387

Total product sales	61,012		75,831
Total tooling sales	435		2,314
Total sales	$	61,447	$	78,145


	Three months ended March 31,
	2025		2024
Pension expense:
Multi-employer plan	$	130	$	214
Defined contribution plan	466		506
Total pension expense	596		720
Health and life insurance:
Interest cost	31		23
Amortization of prior service credits	(124)		(124)
Amortization of net loss	(17)		(37)
Net periodic benefit credit	(110)		(138)
Total post-retirement benefits expense	$	486	$	582


	March 31, 2025		December 31, 2024

Huntington term loans payable	$	21,250	$	21,719
Leaf Capital term loan payable	2		11
Total	21,252		21,730
Less deferred loan costs	(190)		(210)
Less current portion	(1,814)		(1,814)
Long-term debt	$	19,248	$	19,706


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2024	242,910	$	15.76
Granted	110,472	12.81
Vested	(75,937)	17.49
Forfeited	—	—
Unvested balance at March 31, 2025	277,445	$	14.11


	Fair Value of Derivative Instruments March 31, 2025
	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Prepaid expenses other current assets	$	—	Accrued other liabilities	$	637
	Other non-current assets	$	—	Other non-current liabilities	$	—

Interest rate swaps	Prepaid expenses other current assets	$	280	Accrued other liabilities	$	—
	Other non-current assets	$	19	Other non-current liabilities	$	—

SEC Form 10-Q filed by Core Molding Technologies Inc