cmt-20260630

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, 2026


☐			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 3, 2026, the latest practicable date, 8,849,034 shares of the registrant’s common stock were issued, which includes 285,735 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			27

Item 3. Quantitative and Qualitative Disclosures About Market Risk			34

Item 4. Controls and Procedures			34

Part II — Other Information

Item 1. Legal Proceedings			35

Item 1A. Risk Factors			35

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			35

Item 3. Defaults Upon Senior Securities			35

Item 4. Mine Safety Disclosures			35

Item 5. Other Information			35

Item 6. Exhibits			35

Signatures			36

Index to Exhibits			37

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,
	2026		2025		2026		2025
Net production revenue	$	60,890	$	61,633	$	118,350	$	122,645
Net tooling project revenue	1,839		17,606		2,962		18,041
Total net revenue	62,729		79,239		121,312		140,686

Cost of revenue	50,001		64,925		96,606		114,589

Gross margin	12,728		14,314		24,706		26,097

Selling, general and administrative expense	10,433		9,100		21,647		18,044

Operating income	2,295		5,214		3,059		8,053

Other income and expense

Net interest (income) expense	60		(32)		146		(16)
Net periodic post-retirement benefit	(117)		(117)		(234)		(227)
Total other income	(57)		(149)		(88)		(243)

Income before taxes	2,352		5,363		3,147		8,296

Income tax expense	569		1,311		759		2,061

Net income	$	1,783	$	4,052	$	2,388	$	6,235

Net income per share of common stock:
Basic	$	0.21	$	0.47	$	0.28	$	0.73
Diluted	$	0.21	$	0.47	$	0.27	$	0.72

See notes to unaudited consolidated financial statements.

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Core Molding Technologies, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Net income	$	1,783	$	4,052	$	2,388	$	6,235

Other comprehensive income:

Foreign currency hedging derivatives:
Unrealized hedge gain	945		1,165		1,056		2,608
Net of tax expense	(196)		(251)		(217)		(553)

Interest rate swaps:
Unrealized hedge loss	(78)		(112)		(23)		(304)
Net of tax benefit	16		23		4		64

Post-retirement benefit plan adjustments:
Amortization of net actuarial gain	(22)		(22)		(44)		(39)
Amortization of prior service credits	(124)		(124)		(248)		(248)
Net tax benefit	31		31		62		60

Comprehensive income	$	2,355	$	4,762	$	2,978	$	7,823

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, 2026		December 31, 2025
	(Unaudited)
Assets:
Current assets:
Cash and cash equivalents	$	12,134	$	38,058
Accounts receivable, net	35,292		30,831
Inventories, net	27,338		19,715
Foreign tax receivable	10,033		6,565
Prepaid expenses and other current assets	11,507		8,159
Total current assets	96,304		103,328

Right of use asset	14,514		14,494
Property, plant and equipment, net	93,526		86,940

Goodwill	17,376		17,376
Intangibles, net	3,021		3,479
Other non-current assets	2,679		2,515
Total Assets	$	227,420	$	228,132

Liabilities and Stockholders’ Equity:
Current liabilities:
Current portion of long-term debt	$	—	$	2,075
Accounts payable	23,808		14,924

Contract liability	9,774		5,018

Compensation and related benefits	7,215		4,988
Accrued other liabilities	7,442		7,168
Total current liabilities	48,239		34,173

Other non-current liabilities	1,901		1,935
Lease liabilities	13,027		13,113
Long-term debt	—		17,639
Post-retirement benefits liability	3,176		3,101
Total Liabilities	66,343		69,961
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock — $0.01 par value, authorized shares — 10,000,000; no shares outstanding at June 30, 2026 and December 31, 2025	—		—
Common stock — $0.01 par value, authorized shares – 20,000,000; outstanding shares: 8,563,299 at June 30, 2026 and 8,510,938 at December 31, 2025	86		85
Paid-in capital	48,499		47,503
Accumulated other comprehensive income, net of income taxes	4,528		3,938
Treasury stock - at cost, 4,536,257 shares at June 30, 2026 and 4,479,805 shares at December 31, 2025	(40,987)		(39,918)
Retained earnings	148,951		146,563
Total Stockholders’ Equity	161,077		158,171
Total Liabilities and Stockholders’ Equity	$	227,420	$	228,132

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, 2025:


	Common Stock Outstanding			Paid-In Capital		Accumulated Other Comprehensive Income		Treasury Stock		Retained Earnings		Total Stockholders' Equity
	Shares	Amount
Balance at March 31, 2025	8,607,615	$	86	$	46,391	$	3,170	$	(37,325)	$	137,551	$	149,873
Net income										4,052		4,052
Change in post-retirement benefits, net of tax of $31						(115)						(115)
Change in foreign currency hedge, net of tax of $251						914						914
Change in interest rate swaps, net of tax of $23						(89)						(89)
Restricted stock vested	63,558	1