cmt-20250930

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 September 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 November 3, 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			30

Item 4. Controls and Procedures			30

Part II — Other Information

Item 1. Legal Proceedings			31

Item 1A. Risk Factors			31

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			31

Item 3. Defaults Upon Senior Securities			31

Item 4. Mine Safety Disclosures			31

Item 5. Other Information			31

Item 6. Exhibits			31

Signatures			32

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 September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Net sales	$	58,435	$	72,992	$	199,121	$	239,880

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	(83)		(282)		(326)		(513)

Income before 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 share of common stock:
Basic	$	0.22	$	0.36	$	0.95	$	1.53
Diluted	$	0.22	$	0.36	$	0.93	$	1.51

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 September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Net income	$	1,877	$	3,160	$	8,112	$	13,338

Other comprehensive income:

Foreign currency hedging derivatives:
Unrealized hedge gain (loss)	(299)		(1,040)		2,309		(2,672)
Net of tax benefit (expense)	68		216		(485)		563

Interest rate swaps:
Unrealized hedge loss	(50)		(558)		(354)		(285)
Net of tax benefit	10		116		74		58

Post-retirement benefit plan adjustments:
Amortization of net actuarial gain	(22)		(37)		(61)		(111)
Amortization of prior service credits	(124)		(124)		(372)		(372)
Net tax benefit	31		34		91		101

Comprehensive income	$	1,491	$	1,767	$	9,314	$	10,620

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)


	September 30, 2025		December 31, 2024
	(Unaudited)
Assets:
Current assets:
Cash and cash equivalents	$	42,397	$	41,803
Accounts receivable, net	34,877		30,118
Inventories, net	19,801		18,346
Foreign tax receivable	5,913		5,861
Prepaid expenses and other current assets	8,519		6,760
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:
Current liabilities:
Current portion of long-term debt	$	1,918	$	1,814
Accounts payable	20,734		17,115

Contract liability	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
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock — $0.01 par value, authorized shares — 10,000,000; no shares outstanding at September 30, 2025 and December 31, 2024	—		—
Common stock — $0.01 par value, authorized shares – 20,000,000; outstanding shares: 8,561,353 at September 30, 2025 and 8,614,395 at December 31, 2024	86		86
Paid-in capital	47,361		45,760
Accumulated other comprehensive income, net of income taxes	3,494		2,292
Treasury stock - at cost, 4,429,390 shares at September 30, 2025 and 4,236,853 shares at December 31, 2024	(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

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 September 30, 2024:


	Common Stock Outstanding		Paid-In Capital	Accumulated Other Comprehensive Income	Treasury Stock	Retained Earnings	Total Stockholders' Equity
	Shares	Amount
Balance at June 30, 2024	8,759,404	88	44,770	3,976	(33,578)	132,247	147,503
Net income						3,160	3,160
Change in post-retirement benefits, net of tax of $34				(127)			(127)
Change in foreign currency hedge, net of tax of $216				(824)			(824)
Change in interest rate swaps, net of tax of $116				(442)			(442)
Restricted stock vested	4,353	—					—
Purchase of treasury stock related to net settlement of equity awards	(1,308)	—			(21)		(21)
Purchase of treasury stock	(111,884)	(1)			(1,970)		(1,971)
Share-based compensation			562				562
Balance at September 30, 2024	8,650,565	87	45,332	2,583	(35,569)	135,407	$	147,840

For the nine months ended September 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										13,338		13,338
Change in post-retirement benefits, net of tax of $101						(382)						(382)
Change in foreign currency hedge, net of tax of $563						(2,109)						(2,109)
Change in interest rate swaps, net of tax of $58						(227)						(227)
Restricted stock vested	203,712	2										2
Purchase of treasury stock related to net settlement of equity awards	(72,658)	—						(1,438)				(1,438)
Purchase of treasury stock	(135,873)	(1)

SEC Form 10-Q filed by Core Molding Technologies Inc