David Duvall, the Company's President and Chief Executive Officer, said, "Fiscal 2025 was intensely focused on our Invest For Growth Must Win Battle, and we delivered as stated. We won $63 million in business, the majority of which was new business for Core, and over 65% of these new wins are outside our largest end markets, Truck and Powersports. We also launched proprietary sheet molding compound (SMC) into Building Products, generating close to $10 million in revenue in a large, growing addressable market. While continuing to invest for growth in 2025, we maintained disciplined operational management. We systematically improved execution through optimizing our footprint, while implementing strategies to stabilize margins, generate operating cash flow, and prepare for growth."
"In fiscal 2026, our focus is on execution: expanding the Matamoros facility and bringing the planned Monterrey plant online—on time and on budget. These projects are supported by current business, with a pipeline expected to deliver $150 million in incremental revenue over the next several years. With improving end-market visibility in the current year, we see a clear path to over $300 million in revenue in 2027."
Alex Panda, the Company's EVP and Chief Financial Officer, commented, "As expected, fiscal 2025 revenues declined 9.5%, primarily due to weakness in the Truck sector, which represents 44% of Core's product sales. Gross margins of 17.4%, within our previously communicated range, reflected stability despite lower volumes and operating leverage pressure. By maintaining margins within our long-term 17% to 19% target range and managing SG&A tightly, we generated strong operating cash flows of over $19 million for the year."
"Looking ahead, we anticipate total sales for 2026 to be flat to up approximately 5%, when compared to 2025. This is primarily driven by our SMC compound wins, which will start production by the end of third quarter of 2026 and our expectation that the Truck cycle will begin to recover in the second half of 2026 with momentum continuing through 2027."
Fourth Quarter 2025 Highlights
Net sales of $74.7 million, increased 19.5% from $62.5 million in the prior year; and product sales of $55.4 million, down 7.8% from the prior year.
Gross margin of $11.3 million, or 15.2% of net sales, compared to $9.9 million or 15.8% of net sales, in the prior year.
Selling, general, and administrative expenses of $7.7 million, or 10.4% of net sales, compared to $9.0 million or 14.4% of net sales, in the prior year same period.
Operating income of $3.6 million, or 4.8% of net sales, versus $0.9 million, or 1.4% of net sales, in the prior year.
Net income of $3.1 million, or $0.36 per diluted share, compared to net loss of $39.0 thousand, or $0.00 per diluted share, a year ago. Adjusted net income of $4.0 million, or $0.47 per diluted share, compared to net income of $0.8 million, or $0.10 per diluted share, in the prior year.
Adjusted EBITDA¹ of $7.6 million, or 10.2% of net sales, compared to $5.7 million, or 9.2% of net sales in the prior year.¹ Adjusted EBITDA, Free Cash Flow, Adjusted Net Income, Return on Capital Employed Excluding Cash, and Debt to Trailing Twelve Months Adjusted EBITDA are non-GAAP financial measures as defined and reconciled below.
Fiscal Year 2025 Highlights
Net sales of $273.8 million, down 9.5% from $302.4 million in the prior year; and product sales of $232.2 million, down 20.2% from the prior year.
Gross margin of $47.6 million, or 17.4% of net sales, compared to $53.3 million or 17.6% of net sales, in the prior year.
Selling, general, and administrative expenses of $33.4 million, or 12.2% of net sales, compared to $36.6 million, or 12.1% of net sales, in the prior year same period. The 2025 selling, general, and administrative expense, excluding one-time footprint optimization cost of $1.9 million, was $31.5 million, or 11.5% of net sales.
Operating income of $14.2 million, or 5.2% of net sales, versus operating income of $16.7 million, or 5.5% of net sales, in the prior year.
Net income of $11.2 million, or $1.29 per diluted share, compared to net income of $13.3 million, or $1.51 per diluted share, a year ago. Adjusted net income of $13.2 million, or $1.52 per diluted share, compared to adjusted net income of $14.3 million, or $1.63 per diluted share, in the prior year.
Adjusted EBITDA¹ of $30.7 million, or 11.2% of net sales, compared to $33.8 million, or 11.2% of net sales, in the prior year.
Total liquidity at year-end was $88.1 million, net cash provided by operating activities was $19.2 million, free Cash Flow¹ was $1.9 million for the year, and the Debt to Trailing Twelve Months Adjusted EBITDA¹ was less than 1 times or 0.64 times.
2025 Capital Expenditures
The Company's capital expenditures for 2025 were $17.3 million. $10.8 million related to purchases of property, plant and equipment for additional capacity, automation, new programs and equipment improvements at the Company's production facilities and $6.5 million related to the Mexico expansion project. The Company anticipates spending approximately $25 million to $30 million during 2026 on property, plant and equipment purchases for all of the Company's operations, including the Mexico expansion. Included in the Company's anticipated spending in 2026 is approximately $18 million to $20 million for the Mexico expansion project. The Company generated a Return on Capital Employed¹ of 8.0% for the trailing twelve months and 10.2% excluding cash.
Financial Position at December 31, 2025
The Company's total liquidity at the end of 2025 was $88.1 million, with $38.1 million in cash, $25.0 million of undrawn capacity under the Company's revolving credit facility and $25.0 million of undrawn capacity under the Company's capex credit facility. The Company's term debt was $19.7 million at December 31, 2025. The Debt to Trailing Twelve Months Adjusted EBITDA¹ was less than one times Adjusted EBITDA¹ at the end of the fiscal year.
¹ Debt to Trailing Twelve Months Adjusted EBITDA, Adjusted EBITDA, Adjusted Net Income, and return on capital employed are metrics and non-GAAP financial measures as defined and reconciled below.
Conference Call
The Company will conduct a conference call today at 10:00 a.m. Eastern Time to discuss financial and operating results for the fiscal year ended December 31, 2025. To access the call live by phone, dial 1-888-506-0062, and ask for Core Moldings access code 818122 at least 10 minutes before the start time. A telephonic replay will be available through March 24, 2026, by calling 877-481-4010 using replay passcode 53447. The live webcast of the call will also be available for replay later on the Company's Investor Relations website at www.coremt.com/investor-relations/events-presentations/.
About Core Molding Technologies, Inc.
Core Molding Technologies is a leading engineered materials company specializing in molded structural products, principally in building products, utilities, transportation and powersports industries across North America. The Company operates in one operating segment as a molder of thermoplastic and thermoset structural products. The Company's operating segment consists of one reporting unit, Core Molding Technologies. The Company offers customers a wide range of manufacturing processes to fit various program volume and investment requirements. These thermoset processes include compression molding of sheet molding compound ("SMC"), resin transfer molding ("RTM"), liquid molding of dicyclopentadiene ("DCPD"), spray-up and hand-lay-up. The thermoplastic processes include direct long-fiber thermoplastics ("DLFT") and structural foam and structural web injection molding. Core Molding Technologies serves a wide variety of markets, including the medium and heavy-duty truck, marine, automotive, agriculture, construction, and other commercial products. The demand for Core Molding Technologies' products is affected by economic conditions in the United States, Mexico, and Canada. Core Molding Technologies' operations may change proportionately more than revenues from operations.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws that are subject to risks and uncertainties. These statements often include words such as "believe", "anticipate", "plan", "expect", "intend", "will", "should", "could", "would", "project", "continue", "likely", and similar expressions. In particular, this press release may contain forward-looking statements about the Company's expectations for future periods with respect to its plans to improve financial results, the future of the Company's end markets. Factors that could cause actual results to differ from those reflected in forward-looking statements relating to our operations and business include: dependence on certain major customers, and potential loss of any major customer due to completion of existing production programs or otherwise; business conditions in the plastics, transportation, power sports, utilities and commercial product industries (including changes in demand for production); the availability and price increases of raw material,; general macroeconomic, social, regulatory and political conditions, including uncertainties surrounding volatility in financial markets; the imposition of new or increased tariffs and the resulting consequences; safety and security conditions in Mexico; costs and other resources related to Core Molding Technologies' efforts to expand its customer base and grow its business, and provide on-time delivery to customers; ; the Company's decision to pursue new products and initiatives to quote and execute manufacturing processes for new business, acquire raw materials, address inflationary pressures, regulatory matters and labor relations; the ability to successfully identify, evaluate and manage potential acquisitions and to benefit from and properly integrate any completed acquisitions; the Company's financial position or other financial information; inadequate insurance coverage to protect against potential hazards; equipment and machinery failure; product liability and warranty claims; cybersecurity incidents or other similar disruptions; and other risks and uncertainties described in the Company's filings with the SEC. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company's filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.
Company Contact:Core Molding Technologies, Inc.Alex PandaExecutive Vice President & Chief Financial Officer[email protected]
Investor Relations Contact:Three Part Advisors, LLCSandy Martin or Steven Hooser214-616-2207
- Financial Statements Follow,
Core Molding Technologies, Inc.Consolidated Statements of Operations(in thousands, except share and per share data)
Three Months EndedDecember 31,
Year EndedDecember 31,
2025
2024
2025
2024
Net sales:
Products
$
55,382
$
60,047
$
232,205
$
291,092
Tooling
19,295
2,451
41,593
11,286
Total net sales
74,677
62,498
273,798
302,378
Total cost of sales
63,337
52,613
226,216
249,118
Gross margin
11,340
9,885
47,582
53,260
Selling, general and administrative expense
7,748
9,016
33,364
36,565
Operating income
3,592
869
14,218
16,695
Other (income) and expense
Interest (income) expense
(17
)
(94
)
1
(193
)
Net periodic post-retirement benefit
(116
)
(180
)
(460
)
(593
)
Total other (income) and expense
(133
)
(274
)
(459
)
(786
)
Income before income taxes
3,725
1,143
14,677
17,481
Income tax (benefit) expense
642
1,182
3,482
4,182
Net (loss) income
$
3,083
$
(39
)
$
11,195
$
13,299
Net income per common share:
Basic
$
0.36
$
—
$
1.31
$
1.53
Diluted
$
0.36
$
—
$
1.29
$
1.51
Core Molding Technologies, Inc.Product Sales by Market(unaudited, in thousands)
Three Months EndedDecember 31,
Year EndedDecember 31,
2025
2024
2025
2024
Medium and heavy-duty truck
$
21,029
$
34,241
$
101,305
$
163,915
Power sports
17,518
12,220
63,480
68,445
Building products
5,610
2,689
22,522
17,011
Industrial and Utilities
5,519
6,347
22,614
18,829
All Other
5,706
4,550
22,284
22,892
Net Product Revenue
