Table of Contents 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 | _______________________________________________________________ | | | --- | --- | | (Exact name of registrant as specified in its charter) | | | Delaware | 31-1481870 | | (State or other jurisdiction (I.R.S. Employer Identification No.) incorporation or organization) | | | 8 ...

Core Molding (CMT) Q2 2025 Earnings Call August 05, 2025 10:00 AM ET Speaker0Good morning, everyone. Welcome to the Core Molding Technologies Second Quarter twenty twenty five Financial Results Conference Call. This time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded.I will now turn the call over to Sandy Martin, three part advisors. Please go ahead.Speaker1Thank you, and good morning, everyone. ...

CEO Dave Duvall to Retire May 2026, COO Eric Palomaki to Succeed DuvallCOLUMBUS, Ohio, Aug. 05, 2025 (GLOBE NEWSWIRE) -- 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 announced its leadership transition. Dave Duval ...

FOR IMMEDIATE RELEASE Core Molding Technologies Reports Fiscal 2025 Second Quarter Results Invest for Growth Success with First Half New Business Wins of $47 million and Announcement of Organic Investment of $25 million COLUMBUS, OH, August 5, 2025 – 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 ...

COLUMBUS, Ohio, July 17, 2025 (GLOBE NEWSWIRE) -- 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, utilities, transportation and powersports industries across North America, today announces that it will release its second quarter fiscal 2025 results on Tuesday, August 5, 2025, before the market opens. In conjunction with the release, the Company ...

Core Molding (CMT) FY Conference June 11, 2025 02:45 PM ET Speaker0 Have that we have for you is Core Molding Technologies, ticker CMT, based out of Ohio. With us from the company today, we've got Alex Panda, the chief financial officer, Eric Palamaki, the chief operating officer, and Dave DeVault, CEO. So I'll turn it over to Dave to get us started this morning or afternoon. Thanks, Dave. Speaker1 Alright. Thanks, Dave. Afternoon, everyone. So what I'll do is I'll start off and kinda give a little backgrou ...

WASHINGTON, June 10, 2025 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced the first dose in the first-in-human clinical trial to evaluate the safety and tolerability of VCA-894A, an antisense oligonucleotide (ASO) therapeutic, for a patient with a rare variant in the IGHMBP2 gene causing Charcot-Marie-Tooth disease Type 2S (CMT2S). VCA-894A is being developed for a patient who was first diagnosed at the age of 5 with a rare subtype of CMT disease known as CMT2S.1 CMT2S is a ...

COLUMBUS, Ohio, June 05, 2025 (GLOBE NEWSWIRE) -- 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 announced that management will participate in the 15 Annual East Coast IDEAS Investor Conference at The Westin Time Sq ...

Core Company Overview - Core Molding Technologies, Inc. is a leading engineered materials company specializing in molded structural products across various industries including building products, industrial utilities, medium and heavy-duty trucks, and powersports in North America [3] - The company operates in one segment as a molder of thermoplastic and thermoset structural products, offering a wide range of manufacturing processes to meet different program volume and investment requirements [3] Sustainability Commitment - The company released its third annual Sustainability Report, emphasizing its commitment to responsible business practices, community engagement, and environmental stewardship [1] - Core Molding aims to reduce energy use, greenhouse gas emissions, and landfill waste by 30% by the end of fiscal 2030 as part of its 30 X 30 strategy [2] - The company has implemented a monthly operations review of critical sustainability data to enhance collaboration and track progress towards its sustainability goals [2]

[Part I — Financial Information](index=3&type=section&id=Part%20I%20%E2%80%94%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) For Q1 2025, Core Molding Technologies reported a significant decrease in net sales and net income, with net sales falling to **$61.4 million** from **$78.1 million** and net income dropping to **$2.2 million** from **$3.8 million**, while cash flow from operations improved to **$6.1 million** [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) In Q1 2025, the company experienced a **21.4%** year-over-year decline in net sales, leading to a **40.0%** drop in operating income and a **41.9%** decrease in net income Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net sales | $61,447 | $78,145 | -21.4% | | Gross margin | $11,783 | $13,305 | -11.4% | | Operating income | $2,839 | $4,732 | -40.0% | | Net income | $2,183 | $3,759 | -41.9% | | Basic EPS | $0.25 | $0.43 | -41.9% | | Diluted EPS | $0.25 | $0.43 | -41.9% | [Consolidated Statements of Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for Q1 2025 was **$3.1 million**, a decrease from **$3.5 million** in Q1 2024, primarily due to lower net income partially offset by an unrealized gain on foreign currency hedging derivatives Q1 2025 vs Q1 2024 Comprehensive Income (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income | $2,183 | $3,759 | | Unrealized hedge gain (loss) - Foreign currency | $1,443 | $(487) | | Unrealized hedge gain (loss) - Interest rate swaps | $(192) | $272 | | **Comprehensive Income** | **$3,061** | **$3,465** | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to **$223.6 million** from **$209.6 million** at year-end 2024, driven by higher cash and accounts receivable, while total liabilities also rose to **$73.7 million** Balance Sheet Summary (in thousands) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $44,474 | $41,803 | | Total current assets | $115,611 | $102,888 | | **Total Assets** | **$223,591** | **$209,550** | | Accounts payable | $28,289 | $17,115 | | Total current liabilities | $46,287 | $36,711 | | **Total Liabilities** | **$73,718** | **$62,189** | | **Total Stockholders' Equity** | **$149,873** | **$147,361** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2025, net cash provided by operating activities increased to **$6.1 million** from **$5.1 million** in Q1 2024, mainly due to favorable changes in accounts payable, while cash used in financing activities increased to **$1.7 million** due to treasury stock repurchases Q1 2025 vs Q1 2024 Cash Flows (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $6,099 | $5,072 | | Net cash used in investing activities | $(1,772) | $(1,893) | | Net cash used in financing activities | $(1,656) | $(665) | | **Net change in cash and cash equivalents** | **$2,671** | **$2,514** | | **Cash and cash equivalents at end of period** | **$44,474** | **$26,618** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies, revenue streams, and financial instruments, highlighting a significant year-over-year sales decline from all major customers, particularly Volvo, and the initiation of a **$7.5 million** stock repurchase program - The company operates as a single operating segment, North America, molding thermoplastic and thermoset structural products for markets including trucks, power sports, and building products[22](index=22&type=chunk)[95](index=95&type=chunk) Sales to Major Customers (in thousands) | Customer | Q1 2025 Sales | Q1 2024 Sales | Change (%) | | :--- | :--- | :--- | :--- | | International | $10,888 | $14,590 | -25.4% | | PACCAR | $9,074 | $10,195 | -11.0% | | BRP | $6,711 | $7,671 | -12.5% | | Yamaha | $6,071 | $8,582 | -29.3% | | Volvo | $4,094 | $12,720 | -67.8% | - On March 11, 2024, the Board approved a stock repurchase program of up to **$7.5 million**, under which **63,377 shares** were repurchased for **$0.9 million** during Q1 2025[83](index=83&type=chunk)[151](index=151&type=chunk) - The company utilizes a **$75 million** credit agreement with Huntington Bank, comprising a **$25 million** term loan, a **$25 million** CapEx loan, and a **$25 million** revolving loan, with the revolving and CapEx loans undrawn as of March 31, 2025[53](index=53&type=chunk)[64](index=64&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **21.4%** Q1 sales decline to lower demand in power sports and heavy-duty truck markets, notably the transition of business with Volvo, while gross margin improved to **19.2%** from **17.0%** due to favorable pricing and efficiencies, and liquidity remains strong with **$44.5 million** in cash [Business Outlook](index=28&type=section&id=Business%20Outlook) The company projects a revenue decrease of **10% to 15%** for the first half of 2025 compared to the same period in 2024, attributed to industry projections, customer forecasts, and program ramp-downs, with an expected shift in revenue mix towards more tooling sales - The company expects revenues for the first half of 2025 to decrease by approximately **10% to 15%** compared to 2024[106](index=106&type=chunk) - A change in revenue mix is expected in 2025, with an increase in tooling revenues compared to 2024 as new programs launch[106](index=106&type=chunk) - Raw material pricing in 2025 is expected to remain flat or experience a slight increase relative to 2024, with tariffs not anticipated to have a material impact under current conditions[107](index=107&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Net sales for Q1 2025 decreased by **21.4%** to **$61.4 million** from **$78.1 million** in Q1 2024, driven by a **$14.8 million** drop in product sales, primarily from the medium/heavy-duty truck and power sports markets, while gross margin improved from **17.0%** to **19.2%** - The decrease in sales is primarily the result of lower demand in power sports and medium and heavy-duty truck markets, including transitioning business with Volvo[108](index=108&type=chunk) Product Sales by Market (in thousands) | Market | Q1 2025 | Q1 2024 | Change ($) | | :--- | :--- | :--- | :--- | | Medium and heavy-duty truck | $29,560 | $41,509 | $(11,949) | | Power sports | $14,206 | $18,859 | $(4,653) | | Building products | $6,379 | $6,545 | $(166) | | Industrial and utilities | $5,370 | $3,346 | $2,024 | | All other | $5,497 | $5,572 | $(75) | | **Net product revenue** | **$61,012** | **$75,831** | **$(14,819)** | - Gross margin improved to **19.2%** in Q1 2025 from **17.0%** in Q1 2024, favorably impacted by changes in selling price, raw material costs, product mix, and operational efficiencies, which offset lower fixed cost leverage[108](index=108&type=chunk) - SG&A expense was **$8.9 million**, including **$0.5 million** in severance, with the ex-severance amount of **$8.4 million** down from **$8.6 million** in the prior year[109](index=109&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity remains robust, with cash on hand of **$44.5 million** as of March 31, 2025, net cash from operations of **$6.1 million** for the quarter, and undrawn **$25 million** revolving and CapEx loan facilities, sufficient to meet planned capital expenditures of **$10 million to $12 million** for 2025 - As of March 31, 2025, the Company had **$44.5 million** cash on hand, a **$25 million** revolving loan facility, and a **$25 million** CapEx loan facility, both with no outstanding balance[118](index=118&type=chunk) - Cash provided by operating activities for Q1 2025 totaled **$6.1 million**[115](index=115&type=chunk) - The Company anticipates spending approximately **$10 million to $12 million** during 2025 on property, plant and equipment purchases[116](index=116&type=chunk) - The company was in compliance with all financial covenants associated with its Huntington Credit Agreement as of March 31, 2025[119](index=119&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from commodity price fluctuations, interest rate changes on its variable-rate debt, and foreign currency exchange rate volatility, using derivative instruments to mitigate these risks, with a hypothetical **10%** change in interest rates not expected to materially affect earnings - Primary market risks include changes in commodity prices (resins, fiberglass), fluctuations in interest rates on variable-rate debt, and foreign currency fluctuations (Mexican Peso, Canadian Dollar)[138](index=138&type=chunk)[139](index=139&type=chunk) - The company uses derivative financial instruments to hedge exposure to fluctuations in foreign exchange rates and interest rates[138](index=138&type=chunk) - A hypothetical **10%** change in short-term interest rates would not have a material effect on earnings before tax due to an interest rate hedge[140](index=140&type=chunk) [Controls and Procedures](index=31&type=section&id=Controls%20and%20Procedures) Based on an evaluation conducted by management, including the CEO and CFO, the company concluded that its disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal controls over financial reporting during the last fiscal quarter - Management, including the CEO and CFO, concluded that the Company's disclosure controls and procedures were effective as of March 31, 2025[142](index=142&type=chunk) - No changes in internal controls over financial reporting occurred in the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[142](index=142&type=chunk) [Part II — Other Information](index=32&type=section&id=Part%20II%20%E2%80%94%20Other%20Information) [Legal Proceedings](index=32&type=section&id=Legal%20Proceedings) The company is not currently involved in any legal proceedings that management believes are likely to have a material adverse effect on its financial position or results of operations - The Company is presently not involved in any legal proceedings which in the opinion of management are likely to have a material adverse effect on the Company's consolidated financial position or results of operations[144](index=144&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes in the Company's risk factors from those previously disclosed in Core Molding Technologies' Annual Report on Form 10-K for the year ended December 31, 2024[145](index=145&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the three months ended March 31, 2025, the company repurchased a total of **82,717 shares**, with **63,377 shares** repurchased under the publicly announced stock repurchase program at an average price of **$14.50** per share, and the remaining **19,340 shares** withheld to satisfy tax obligations - The company repurchased a total of **82,717 shares** of its common stock during the three months ended March 31, 2025[146](index=146&type=chunk) - Under the publicly announced repurchase program, **63,377 shares** were repurchased in March 2025[146](index=146&type=chunk)[151](index=151&type=chunk) - As of April 30, 2025, the maximum amount that may yet be purchased under the plan was **$2.8 million**[146](index=146&type=chunk)