cmt-20250630

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 June 30, 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 August 4, 2025, the latest practicable date, 8,857,907 shares of the registrant’s common stock were issued, which includes 296,554 shares of unvested restricted common stock.

Table of Contents


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			8

Notes to Consolidated Financial Statements			9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			24

Item 3. Quantitative and Qualitative Disclosures About Market Risk			31

Item 4. Controls and Procedures			31

Part II — Other Information

Item 1. Legal Proceedings			32

Item 1A. Risk Factors			32

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			32

Item 3. Defaults Upon Senior Securities			32

Item 4. Mine Safety Disclosures			32

Item 5. Other Information			32

Item 6. Exhibits			32

Signatures			33

Index to Exhibits			33

Table of Contents

Part I — Financial Information

Item 1. Financial Statements

Core Molding Technologies, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except for per share data)

(Unaudited)


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net sales	$	79,239	$	88,743	$	140,686	$	166,888

Cost of sales	64,925		71,018		114,589		135,858

Gross margin	14,314		17,725		26,097		31,030

Selling, general and administrative expense	9,100		10,236		18,044		18,810

Operating income	5,214		7,489		8,053		12,220

Other income and expense

Net interest (income) expense	(32)		(38)		(16)		45
Net periodic post-retirement benefit	(117)		(138)		(227)		(276)
Total other income	(149)		(176)		(243)		(231)

Income before taxes	5,363		7,665		8,296		12,451

Income tax expense	1,311		1,246		2,061		2,273

Net income	$	4,052	$	6,419	$	6,235	$	10,178

Net income per share of common stock:
Basic	$	0.47	$	0.74	$	0.73	$	1.17
Diluted	$	0.47	$	0.73	$	0.72	$	1.15

See notes to unaudited consolidated financial statements.

Table of Contents

Core Molding Technologies, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net income	$	4,052	$	6,419	$	6,235	$	10,178

Other comprehensive income:

Foreign currency hedging derivatives:
Unrealized hedge gain (loss)	1,165		(1,145)		2,608		(1,632)
Net of tax benefit (expense)	(251)		241		(553)		347

Interest rate swaps:
Unrealized hedge gain (loss)	(112)		—		(304)		273
Net of tax benefit (expense)	23		—		64		(58)

Post-retirement benefit plan adjustments:
Amortization of net actuarial gain	(22)		(37)		(39)		(74)
Amortization of prior service credits	(124)		(124)		(248)		(248)
Net tax benefit	31		34		60		67

Comprehensive income	$	4,762	$	5,388	$	7,823	$	8,853

See notes to unaudited consolidated financial statements.

Table of Contents

Core Molding Technologies, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except for share data)


	June 30, 2025		December 31, 2024
	(Unaudited)
Assets:
Current assets:
Cash and cash equivalents	$	43,212	$	41,803
Accounts receivable, net	37,792		30,118
Inventories, net	19,356		18,346
Foreign tax receivable	5,587		5,861
Prepaid expenses and other current assets	7,246		6,760
Total current assets	113,193		102,888

Right of use asset	4,552		2,112
Property, plant and equipment, net	79,203		80,807

Goodwill	17,376		17,376
Intangibles, net	3,936		4,430
Other non-current assets	1,664		1,937
Total Assets	$	219,924	$	209,550

Liabilities and Stockholders’ Equity:
Current liabilities:
Current portion of long-term debt	$	1,814	$	1,814
Accounts payable	22,630		17,115

Contract liability	2,133		2,286

Compensation and related benefits	6,329		7,585
Accrued other liabilities	6,779		7,911
Total current liabilities	39,685		36,711

Other non-current liabilities	4,772		2,620
Long-term debt	18,797		19,706
Post-retirement benefits liability	3,209		3,152
Total Liabilities	66,463		62,189
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock — $0.01 par value, authorized shares — 10,000,000; no shares outstanding at June 30, 2025 and December 31, 2024	—		—
Common stock — $0.01 par value, authorized shares – 20,000,000; outstanding shares: 8,561,353 at June 30, 2025 and 8,614,395 at December 31, 2024	86		86
Paid-in capital	46,885		45,760
Accumulated other comprehensive income, net of income taxes	3,880		2,292
Treasury stock - at cost, 4,429,390 shares at June 30, 2025 and 4,236,853 shares at December 31, 2024	(38,993)		(36,145)
Retained earnings	141,603		135,368
Total Stockholders’ Equity	153,461		147,361
Total Liabilities and Stockholders’ Equity	$	219,924	$	209,550

See notes to unaudited consolidated financial statements.

Table of Contents

Core Molding Technologies, Inc. and Subsidiaries

Consolidated Statement of Stockholders’ Equity

(In thousands, except for share data)

(Unaudited)

For the three months ended June 30, 2024:


	Common Stock Outstanding		Paid-In Capital	Accumulated Other Comprehensive Income	Treasury Stock	Retained Earnings	Total Stockholders' Equity
	Shares	Amount
Balance at March 31, 2024	8,697,641	87	44,004	5,007	(32,111)	125,828	142,815
Net income						6,419	6,419
Change in post-retirement benefits, net of tax of $34				(127)			(127)
Change in foreign currency hedge, net of tax of $241				(904)			(904)
Change in interest rate swaps, net of tax of $0				—			—
Restricted stock vested	139,329	1					1
Purchase of treasury stock related to net settlement of equity awards	(53,577)				(1,074)		(1,074)
Purchase of treasury stock	(23,989)				(393)		(393)
Share-based compensation			766				766
Balance at June 30, 2024	8,759,404	88	44,770	3,976	(33,578)	132,247	$	147,503

For the six months ended June 30, 2024:


	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										10,178		10,178
Change in post-retirement benefits, net of tax of $67						(255)						(255)
Change in foreign currency hedge, net of tax of $347						(1,285)						(1,285)
Change in interest rate swaps, net of tax of $58						215						215
Restricted stock vested	199,359	2										2
Purchase of treasury stock related to net settlement of equity awards	(71,350)	—						(1,417)				(1,417)
Purchase of treasury stock	(23,989)	—						(393)				(393)
Share-based compensation				1,505

SEC Form 10-Q filed by Core Molding Technologies Inc