COLUMBUS, Ohio, Aug. 04, 2026 (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 medium- and heavy-duty truck, powersports, building products, and industrial and utilities industries across the United States, Canada and Mexico today reports financial and operating results for the fiscal periods ended June 30, 2026.

Eric Palomaki, the Company’s President and Chief Executive Officer, said, “Our second quarter results reflect the resilience of our diversified portfolio and the continued execution of our Invest for Growth strategy. As expected, production sales in our medium- and heavy-duty truck markets remained soft; however, strong momentum across our powersports, building products, and industrial and utilities end markets mostly offset that weakness. While tooling revenue remains all project-driven with larger customer acceptances anticipated in the fourth quarter, our commercial execution continues to gain traction. We are pleased with the nearly $26 million in new business awards we secured during the first half of 2026, which further diversify our revenue base and reduce our reliance on historically cyclical end markets. Importantly, 100% of these awards represent net new business rather than replacement volume, and approximately 65% originated from markets outside of our traditional truck and powersports sectors. 74% of this new business will be produced within our U.S. manufacturing footprint, allowing us to leverage installed capacity, improve returns on invested capital, drive profitable growth, and generate stronger cash flow. We are also expanding our presence in compelling secular growth markets. During the quarter, we secured a significant award for battery energy storage systems and continue to pursue opportunities tied to accelerating power demand needed for grid reliability which is impacted by AI data center development, utility infrastructure modernization, and load-shedding solutions.

“In parallel with these initiatives, our 2026 Must Win Battle is transforming our operating footprint and strengthening our competitive position in Mexico. This year, we will quadruple our manufacturing footprint in Monterrey, adding two 4500-ton presses in Matamoros, and advancing a culture of operational excellence that continues to deliver measurable results. I am especially proud of our Mexico team, whose execution enabled the successful completion of a major plant relocation and consolidation in less than nine months all while maintaining excellent on time shipping and quality metrics. These investments reflect our disciplined approach to capital allocation and our commitment to organic growth. By expanding capacity, we are building a scalable platform that supports secured and future programs, accelerates profitable growth, and enhances long-term shareholder value.”

Alex Panda, the Company’s EVP and Chief Financial Officer, said, “For the second quarter, total product or production sales declined 1.2% year over year, as strong growth across powersports, building products, and industrial and utilities end markets largely offset lower truck demand. Production sales, excluding the truck end market, increased 20.8% year over year. This quarter, we again delivered a strong profitability as gross margin was 20.3% of sales. For 2026, we continue to expect total net sales in the flat-to-approximately 5% growth range, including production revenue and tooling project revenue. We continue to anticipate a gradual recovery in the truck market during the second half of the year. Our gross margin projections remain in the 17% to 19% range, depending on end market product mix and the split between production revenues and tooling project revenues.

“Our balance sheet remains strong. During the quarter, we repaid the remaining balance on our 2022 Term Loan, and in July 2026, we successfully amended and extended our credit facilities, further strengthening our financial position. The amended credit agreement provides a $50 million revolving credit facility and a $50 million delayed-draw term loan facility, both maturing in July 2031. During the quarter, we also terminated our interest rate swap agreement, generating a small gain and simplifying our capital structure. With ample liquidity, enhanced financial flexibility, and a disciplined approach to capital allocation, we remain well positioned to execute our ‘Invest for Growth’ strategy and support our long-term growth objectives.”

Second Quarter 2026 Highlights

- Total net revenues comprised Production revenues of $60.9 million and Tooling Project revenue of $1.8 million.

- Production revenues declined 1.2% due entirely to the Truck vertical, and excluding Truck, Production revenues were up 20.8% year-over-year.

- Tooling Project revenue of $1.8 million compared to $17.6 million year-over-year is project-based revenue that is necessary ahead of a customer production cycle.

- Gross margin of $12.7 million, or 20.3% of net revenues, compared to 18.1% of net sales in the prior year second quarter. The improvement was primarily the result of a favorable product mix and operating efficiencies, as well as a one-time margin benefit from a customer capacity credit. Excluding the 2026 one-time credit, gross margin was 19.4%.

- Selling, general, and administrative expenses of $10.4 million, or 16.6% of net revenues, compared to $9.1 million, or 11.5% of net revenues in the prior year second quarter.

- Second quarter 2026 SG&A expenses included $1.8 million of non-recurring costs associated with the Mexico expansion and severance costs.

- Operating income of $2.3 million, or 3.7% of net revenues, which includes non-recurring costs above, compared to operating income of $5.2 million, or 6.6% of net revenues for the prior year second quarter.

- Net income of $1.8 million, or $0.21 per diluted share, compared to net income of $4.1 million, or $0.47 per diluted share for the prior year second quarter. Adjusted net income1 of $3.3 million, or $0.39 per diluted share.

- Adjusted EBITDA1 of $7.6 million, or 12.2% of net revenues, compared to $9.5 million, or 12.0% for the prior year second quarter.

Six-Month 2026 Highlights

- Total net revenues comprised Production revenue of $118.4 million and Tooling Project revenue of $3.0 million.

- Production revenues declined 3.5% due entirely to the Truck vertical, and excluding Truck, Production revenues were up 20.7% year-over-year.

- Tooling Project revenue of $3.0 million compared to $18.0 million year-over-year is project-based revenue that is necessary ahead of a customer production cycle.

- Gross margin of $24.7 million, or 20.4% of net revenues, compared to 18.5% of net revenues in the prior year six-month period.

- Selling, general, and administrative expenses of $21.6 million, or 17.8% of net revenues, compared to $18.0 million, or 12.8% of net revenues.

- 2026 six month period SG&A expenses included $4.8 million of non-recurring costs associated with the Mexico expansion and severance costs.

- Operating income of $3.1 million, or 2.5% of net revenues, which includes non-recurring costs above, compared to operating income of $8.1 million, or 5.7% of net revenues for the prior year six-month period.

- Net income of $2.4 million, or $0.27 per diluted share, compared to net income of $6.2 million, or $0.72 per diluted share for the prior year six-month period. Adjusted net income1 of $6.5 million, or $0.74 per diluted share.

- Adjusted EBITDA1 of $15.0 million, or 12.3% of net revenue, compared to $16.7 million, or 11.9% for the prior year six-month period.

- 24,545 shares repurchased under the share repurchase authorization at an average price of $18.62, totaling $457,000.

1Adjusted Net Income and Adjusted EBITDA are non-GAAP financial measures as defined and reconciled

2026 Capital Expenditures

The Company’s capital expenditures for the first six months of 2026 were $12.1 million, including $9.6 million related to the Company’s Mexico expansion project. For the full year 2026, the Company expects capital spending of approximately $25 to $30 million, including $18 million to $20 million allocated to the Mexico expansion. The Company generated a Return on Capital Employed1 of 5.7% for the trailing twelve months and 6.2% excluding cash.

Financial Position at June 30, 2026

The Company’s cash at June 30, 2026, was $12.1 million. As of June 30, 2026, the Company repaid in full the outstanding balance of the Huntington Term Loan.

Subsequent to the quarter, on July 2, 2026, the Company entered into the third amendment of its 2022 Credit Agreement. This amendment refinanced the Company’s existing term loan and credit facilities. The Company has secured credit facilities in an aggregate principal amount of $100 million, consisting of a $50 million revolving credit facility and a $50 million delayed draw term loan facility at favorable rates compared to the 2022 Credit Agreement. As of June 30, 2026, the Company repaid in full the outstanding Term Loan balance from the 2022 Credit Agreement.

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 periods ended June 30, 2026. To access the call live by phone, dial (844) 881-0134 and ask for the Core Molding Technologies call at least 10 minutes prior to the start time. A telephonic replay will be available through August 11, 2026, by calling (855) 669-9658 and using passcode ID: 6843258#. A webcast of the call will also be available live and for later replay on the Company’s Investor Relations website at www.coremt.com/investor-relations/events-presentations/.

About Core Molding Technologies, Inc.