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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 September 30, 2025
OR
☐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
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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,
2025202420252024
Net sales$58,435 $72,992 $199,121 $239,880 
Cost of sales48,290 60,647 162,879 196,505 
Gross margin10,145 12,345 36,242 43,375 
Selling, general and administrative expense7,572 8,740 25,616 27,550 
Operating income2,573 3,605 10,626 15,825 
Other income and expense
Net interest (income) expense34 (144)18 (99)
Net periodic post-retirement benefit(117)(138)(344)(414)
Total other income(83)(282)(326)(513)
Income before taxes2,656 3,887 10,952 16,338 
Income tax expense779 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.
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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,
2025202420252024
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 benefit10 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 benefit31 34 91 101 
Comprehensive income$1,491 $1,767 $9,314 $10,620 
See notes to unaudited consolidated financial statements.
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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, net34,877 30,118 
Inventories, net19,801 18,346 
Foreign tax receivable5,913 5,861 
Prepaid expenses and other current assets8,519 6,760 
Total current assets111,507 102,888 
Right of use asset4,113 2,112 
Property, plant and equipment, net81,227 80,807 
Goodwill17,376 17,376 
Intangibles, net3,708 4,430 
Other non-current assets1,761 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 payable20,734 17,115 
Contract liability3,946 2,286 
Compensation and related benefits6,346 7,585 
Accrued other liabilities5,447 7,911 
Total current liabilities38,391 36,711 
Other non-current liabilities4,401 2,620 
Long-term debt18,244 19,706 
Post-retirement benefits liability3,228 3,152 
Total Liabilities64,264 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 capital47,361 45,760 
Accumulated other comprehensive income, net of income taxes3,494 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 earnings143,480 135,368 
Total Stockholders’ Equity155,428 147,361 
Total Liabilities and Stockholders’ Equity$219,692 $209,550 
See notes to unaudited consolidated financial statements.
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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
SharesAmount
Balance at June 30, 20248,759,404 88 44,770 3,976 (33,578)132,247 147,503 
Net income3,160 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 vested4,353 — — 
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 compensation562 562 
Balance at September 30, 20248,650,565 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
SharesAmount
Balance at December 31, 20238,655,384 $86 $43,265 $5,301 $(31,768)$122,069 $138,953 
Net income13,338 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 vested203,712 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)(2,363)(2,364)
Share-based compensation2,067 2,067 
Balance at September 30, 20248,650,565 87 45,332 2,583 (35,569)135,407 $147,840 
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Table of Contents

For the three months ended September 30, 2025:
Common Stock
Outstanding		Paid-In
Capital		Accumulated
Other
Comprehensive
Income		Treasury
Stock		Retained
Earnings		Total
Stockholders'
Equity
SharesAmount
Balance at June 30, 20258,561,353 86 46,885 3,880 (38,993)141,603 153,461 
Net income1,877 1,877 
Change in post-retirement benefits, net of tax of $31
(115)(115)
Change in foreign currency hedge, net of tax of $68
(231)(231)
Change in interest rate swaps, net of tax of $10
(40)(40)
Share-based compensation521 521 
Unvested equity awards transition to liability accounting(45)(45)
Balance at September 30, 20258,561,353 $86 $47,361 $3,494 $(38,993)$143,480 $155,428 



For the nine months ended September 30, 2025:
Common Stock
Outstanding		Paid-In
Capital		Accumulated
Other
Comprehensive
Income		Treasury
Stock		Retained
Earnings		Total
Stockholders'
Equity
SharesAmount
Balance at December 31, 20248,614,395 $86 $45,760 $2,292 $(36,145)$135,368 $147,361 
Net income8,112 8,112 
Change in post-retirement benefits, net of tax of $91
(342)(342)
Change in foreign currency hedge, net of tax of $485
1,824 1,824 
Change in interest rate swaps, net of tax of $74
(280)(280)
Restricted stock vested139,495 1 1 
Purchase of treasury stock related to net settlement of equity awards(40,953)— (600)(600)
Purchase of treasury stock(151,584)(1)(2,248)(2,249)
Share-based compensation1,646 1,646 
Unvested equity awards transition to liability accounting(45)(45)
Balance at September 30, 20258,561,353 $86 $47,361 $3,494 $(38,993)$143,480 $155,428 
See notes to unaudited consolidated financial statements.
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Table of Contents
Core Molding Technologies, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine months ended
September 30,
20252024
Cash flows from operating activities:
Net income$8,112 $13,338 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization9,504 10,018 
Loss on disposal of property, plant and equipment4 241 
Share-based compensation1,646 2,067 
(Gains) losses on foreign currency remeasurement(285)1,306 
Change in operating assets and liabilities:
Accounts receivable(4,759)4,934 
Inventories(1,455)1,376 
Prepaid and other assets(1,560)(2,037)
Accounts payable4,060 (270)
Accrued and other liabilities(744)56 
Post-retirement benefits liability(357)(867)
Net cash provided by operating activities14,166 30,162 
Cash flows from investing activities:
Purchase of property, plant and equipment(9,305)(7,045)
Net cash used in investing activities(9,305)(7,045)
Cash flows from financing activities:
Payments for taxes related to net share settlement of equity awards(600)(1,438)
Purchase of shares of common stock(2,249)(2,364)
Payment of principal on term loans(1,418)(1,071)
Net cash used in financing activities(4,267)(4,873)
Net change in cash and cash equivalents594 18,244 
Cash and cash equivalents at beginning of period41,803 24,104 
Cash and cash equivalents at end of period$42,397 $42,348 
Cash paid for:
Interest$771 $788 
Income taxes$3,341 $1,633 
Non-cash investing activities:
Fixed asset purchases in accounts payable$207 $245 
See notes to unaudited consolidated financial statements.
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Table of Contents
Core Molding Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States of America for interim reporting, which are less than those required for annual reporting. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (all of which are normal and recurring in nature) necessary to present fairly the financial position of Core Molding Technologies, Inc. and its subsidiaries (“Core Molding Technologies” or the “Company”) at September 30, 2025, and the results of operations and cash flows for the nine months ended September 30, 2025. The “Notes to Consolidated Financial Statements” contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, should be read in conjunction with these consolidated financial statements.
Core Molding Technologies and its subsidiaries operate in the engineered materials market as one operating segment as a molder of thermoplastic and thermoset structural products. The Company produces and sells molded products for varied markets, including medium and heavy-duty trucks, power sports, building products, industrial and utilities and other commercial markets. Core Molding Technologies has its headquarters in Columbus, Ohio, and operates six production facilities in the United States, Canada and Mexico.
2. CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Principles of Consolidation: Management believes the following critical accounting policies, among others, affect its more significant judgments and estimates used in the preparation of its consolidated financial statements.
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions.
Revenue Recognition: The Company historically has recognized revenue from two streams, product revenue and tooling revenue. Product revenue is earned from the manufacture and sale of sheet molding compounds and thermoset and thermoplastic products. Revenue from product sales is generally recognized when products are shipped, as the Company transfers control to the customer and is entitled to payment upon shipment.
Tooling revenue is earned from manufacturing multiple tools, molds and assembly equipment as part of a tooling program for a customer. Given that the Company is providing a significant service of producing highly interdependent component parts of the tooling program, each tooling program consists of a single performance obligation to provide the customer the capability to produce a single product. Based on the arrangement with the customer, the Company recognizes revenue either at a point in time or over a given period. When the Company does not have an enforceable right to payment, the Company recognizes tooling revenue at a point in time. In such cases, the Company recognizes revenue upon customer acceptance, which is when the customer has legal title to the tools.
Certain tooling programs include an enforceable right to payment. In those cases, the Company recognizes revenue over time based on the extent of progress towards completion of its performance obligation. The Company uses a cost-to-cost measure of progress for such contracts because it best depicts the transfer of value to the customer and also correlates with the amount of consideration to which the entity expects to be titled in exchange for transferring the promised goods or services to the customer. Under the cost-to-cost measure of progress, progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred.
Cash and Cash Equivalents: The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash is held primarily in four banks in three separate countries. The Company had $42,397,000 cash on hand at September 30, 2025 and had $41,803,000 cash on hand at December 31, 2024.
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Accounts Receivable Allowances: Management maintains allowances for credit losses resulting from the inability of its customers to make required payments. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company has determined that $28,000 allowance for credit losses was needed at September 30, 2025 and no allowance for credit losses was needed at December 31, 2024. Management also records estimates for customer returns and deductions, discounts offered to customers, and for price adjustments. Should customer returns and deductions, discounts, and price adjustments fluctuate from the estimated amounts, additional allowances may be required. The Company had an allowance for estimated chargebacks of $224,000 at September 30, 2025 and $227,000 at December 31, 2024. There have been no material changes in the methodology of these calculations.
Inventories: Inventories, which include material, labor and manufacturing overhead, are valued at the lower of cost or net realizable value. The inventories are accounted for using the first-in, first-out (FIFO) method of determining inventory costs. Inventory quantities on-hand are regularly reviewed, and where necessary, provisions for excess and obsolete inventory are recorded based on historical and anticipated usage. The Company has recorded an allowance for slow moving and obsolete inventory of $1,138,000 at September 30, 2025 and $1,392,000 at December 31, 2024.
Contract Assets/Liabilities: Contract assets and liabilities represent the net cumulative customer billings, vendor payments and revenue recognized for tooling programs. For tooling programs where net revenue recognized and vendor payments exceed customer billings, the Company recognizes a contract asset. For tooling programs where net customer billings exceed revenue recognized and vendor payments, the Company recognizes a contract liability. Customer payment terms vary by contract and can range from progress payments based on work performed or one single payment once the contract is completed. The Company has recorded contract assets of $1,410,000 at September 30, 2025, and $758,000 at December 31, 2024. Contract assets are classified as current within prepaid expenses and other current assets on the Consolidated Balance Sheets. For the nine months ended September 30, 2025 and September 30, 2024 the Company recognized no impairments on contract assets. For the nine months ended September 30, 2025, the Company recognized $3,355,000 of revenue from contract liabilities related to open jobs outstanding as of December 31, 2024.
Income Taxes: The Company evaluates the balance of deferred tax assets that will be realized based on the premise that the Company is more-likely-than-not to realize deferred tax benefits through the generation of future taxable income.

Long-Lived Assets: Long-lived assets consist primarily of property, plant and equipment and definite-lived intangibles. The recoverability of long-lived assets is evaluated by an analysis of operating results and consideration of other significant events or changes in the business environment. The Company evaluates whether impairment exists for property, plant and equipment on the basis of undiscounted expected future cash flows from operations before interest. There were no impairment charges of the Company’s long-lived assets for the nine months ended September 30, 2025 and 2024, respectively.

Goodwill: The purchase consideration of acquired businesses has been allocated to the assets and liabilities acquired based on the estimated fair values on the respective acquisition dates. Based on these values, the excess purchase consideration over the fair value of the net assets acquired was allocated to goodwill. The Company accounts for goodwill in accordance with FASB ASC Topic 350, Intangibles - Goodwill and Other. FASB ASC Topic 350 prohibits the amortization of goodwill and requires these assets be reviewed for impairment.

The annual impairment tests of goodwill may be completed through qualitative assessments; however, the Company may elect to bypass the qualitative assessment and proceed directly to a quantitative impairment test for any period. The Company may resume the qualitative assessment in any subsequent period.

Under a qualitative and quantitative approach, the impairment test for goodwill consists of an assessment of whether it is more-likely-than-not that the fair value is less than its carrying amount. As part of the qualitative assessment, the Company considers relevant events and circumstances that affect the fair value or carrying amount of the Company. Such events and circumstances could include changes in economic conditions, industry and market conditions, cost factors, overall financial performance, and capital markets pricing. The Company places more weight on the events and circumstances that most affect the Company's fair value or carrying amount. These factors are all considered by management in reaching its conclusion about whether to perform step one of the impairment test. If the Company elects to bypass the qualitative assessment, or if a qualitative assessment indicates it is more-likely-than-not that the estimated carrying value exceeds its fair value, the Company proceeds to a quantitative approach. There were no impairment charges of the Company's goodwill for the nine months ended September 30, 2025 and 2024, respectively.

Self-Insurance: The Company is self-insured with respect to its facilities in Columbus, Ohio; Gaffney, South Carolina; Winona, Minnesota; and Brownsville, Texas for medical, dental and vision claims and Columbus, Ohio for workers’
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compensation claims, all of which are subject to stop-loss insurance thresholds. The Company is also self-insured for dental and vision with respect to its Cobourg, Canada location. The Company has recorded an estimated liability for self-insured medical, dental and vision claims incurred but not reported and worker’s compensation claims incurred but not reported at September 30, 2025 and December 31, 2024 of $901,000 and $1,087,000, respectively. Estimated liabilities for self-insurance are classified as current within accrued other liabilities on the Consolidated Balance Sheets.
Post-Retirement Benefits: Management records an accrual for post-retirement costs associated with the health care plan sponsored by Core Molding Technologies. Should actual results differ from the assumptions used to determine the reserves, additional provisions may be required. In particular, increases in future healthcare costs above the assumptions could have an adverse effect on Core Molding Technologies’ operations. The effect of a change in healthcare costs is described in Note 9, "Post Retirement Benefits", of the Notes to Consolidated Financial Statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Core Molding Technologies had a liability for post-retirement healthcare benefits based on actuarial computed estimates of $3,374,000 at September 30, 2025 and $3,298,000 at December 31, 2024.

3. NET INCOME PER SHARE OF COMMON STOCK

Net income per share of common stock is computed based on the weighted average number of common shares outstanding during the period. Diluted net income per share of common stock is computed similarly but includes the effect of the assumed exercise of dilutive restricted stock under the treasury stock method.
The computation of basic and diluted net income per share of common stock (in thousands, except for per share data) is as follows:
Three months ended
September 30,		Nine months ended
September 30,
2025202420252024
Net income$1,877 $3,160 $8,112 $13,338 
Weighted average shares of common stock outstanding — basic8,561 8,716 8,583 8,709 
Effect of weighted average dilutive securities127 77 126 103 
Weighted average common and potentially issuable shares of common stock outstanding — diluted8,688 8,793 8,709 8,812 
Basic net income per share of common stock$0.22 $0.36 $0.95 $1.53 
Diluted net income per share of common stock$0.22 $0.36 $0.93 $1.51 
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4. MAJOR CUSTOMERS
The Company had five major customers during the nine months ended September 30, 2025, BRP, Inc. ("BRP"), International Motors, LLC (“International”), PACCAR, Inc. ("PACCAR"), Volvo Group North America, LLC ("Volvo") and Yamaha Motor Corporation ("Yamaha"). Major customers are defined as customers whose sales individually consist of more than ten percent of the Company's total sales during any annual or interim reporting period presented. The loss of a significant portion of sales to these customers could have a material adverse effect on the Company.
The following table presents sales revenue for the above-mentioned customers for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three months ended
September 30,		Nine months ended
September 30,
2025202420252024
BRP product sales$8,942 $6,677 $23,514 $23,502 
BRP tooling sales3,648 153 4,408 382 
Total BRP sales12,590 6,830 27,922 23,884 
International product sales8,968 17,294 33,273 49,932 
International tooling sales5 430 14,619 650 
Total International sales8,973 17,724 47,892 50,582 
PACCAR product sales5,611 8,691 22,904 29,250 
PACCAR tooling sales— 57 321 423 
Total PACCAR sales5,611 8,748 23,225 29,673 
Volvo product sales1,164 10,262 9,031 36,487 
Volvo tooling sales— — — — 
Total Volvo sales
1,164 10,262 9,031 36,487 
Yamaha product sales6,895 8,360 17,138 25,694 
Yamaha tooling sales— — — — 
Total Yamaha sales6,895 8,360 17,138 25,694 
Other product sales22,598 19,974 70,963 66,180 
Other tooling sales604 1,094 2,950 7,380 
Total other sales
23,202 21,068 73,913 73,560 
Total product sales54,178 71,258 176,823 231,045 
Total tooling sales4,257 1,734 22,298 8,835 
Total sales
$58,435 $72,992 $199,121 $239,880 
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5. INVENTORY
Inventories, net consisted of the following (in thousands):
September 30, 2025December 31, 2024
Raw materials
$12,122 $11,656 
Work in process
1,849 2,368 
Finished goods
5,830 4,322 
Total
$19,801 $18,346 
Inventory quantities on-hand are regularly reviewed, and where necessary, provisions for excess and obsolete inventory are recorded based on historical and anticipated usage.
6. LEASES
The Company has operating leases with fixed payment terms for certain buildings and warehouses. The Company's leases have remaining lease terms of less than one year to four years, some of which include options to extend the lease for five years. Operating leases are included in operating lease right-of-use ("ROU") assets, accrued other liabilities and other non-current liabilities in the Consolidated Balance Sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease.
The Company used the applicable incremental borrowing rate at implementation date to measure lease liabilities and ROU assets. The incremental borrowing rate used by the Company was based on baseline rates and adjusted by the credit spreads commensurate with the Company’s secured borrowing rate. At each reporting period when there is a new lease initiated, the Company will utilize its incremental borrowing rate to perform lease classification tests on lease components and to measure ROU assets and lease liabilities.
The components of lease expense were as follows (in thousands):
Three months ended September 30,Nine months ended
September 30,
2025202420252024
Operating lease cost$517 $524 $1,529 $1,593 
Short-term lease cost$336 $499 $1,026 $1,321 
Total net lease cost$853 $1,023 $2,555 $2,914 
Other supplemental balance sheet information related to leases was as follows (in thousands):
September 30, 2025December 31, 2024
Operating lease right-of-use assets$4,113 $2,112 
Current operating lease liabilities(A)
$1,549 $1,178 
Noncurrent operating lease liabilities(B)
2,711 997 
Total operating lease liabilities$4,260 $2,175 
(A)Current operating lease liabilities are included in accrued other liabilities in the Consolidated Balance Sheets.
(B)Noncurrent operating lease liabilities are included in other non-current liabilities in the Consolidated Balance Sheets.
During the nine months ended September 30, 2025, the Company entered into a new lease related to the Cobourg production facility, which resulted in a right-of-use asset of $3,095,000 in exchange for new operating lease liabilities.
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7. PROPERTY, PLANT & EQUIPMENT
Property, plant and equipment, net consisted of the following for the periods specified (in thousands):
September 30, 2025December 31, 2024
Property, plant and equipment$229,681 $220,542 
Accumulated depreciation(148,454)(139,735)
Property, plant and equipment — net$81,227 $80,807 
Property, plant, and equipment are recorded at cost, unless obtained through acquisition, then assets are recorded at estimated fair value at the date of acquisition. Depreciation is provided on a straight-line method over the estimated useful lives of the assets. The carrying amount of long-lived assets is evaluated annually to determine if an adjustment to the depreciation period or to the unamortized balance is warranted. Depreciation expense for the three months ended September 30, 2025 and 2024 was $2,865,000 and $2,979,000, respectively. Depreciation expense for the nine months ended September 30, 2025 and 2024 was $8,722,000 and $8,766,000, respectively. Amounts invested in capital additions in progress were $9,146,000 and $3,437,000 at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025 and December 31, 2024, purchase commitments for capital expenditures in progress were $8,948,000 and $2,802,000, respectively.
8. GOODWILL AND INTANGIBLES
Goodwill activity for the nine months ended September 30, 2025 consisted of the following (in thousands):
Balance at December 31, 2024$17,376 
Additions— 
Impairment— 
Balance at September 30, 2025$17,376 
Intangibles, net at September 30, 2025 were comprised of the following (in thousands):
Definite-lived Intangible AssetsAmortization PeriodGross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Trade name25 Years$250 $(106)$144 
Trademarks10 Years1,610 (1,241)369 
Developed technology7 Years4,420 (4,420)— 
Customer relationships
10-12 Years
9,330 (6,135)3,195 
Total$15,610 $(11,902)$3,708 
Intangibles, net at December 31, 2024 were comprised of the following (in thousands):
Definite-lived Intangible AssetsAmortization PeriodGross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Trade name25 Years$250 $(99)$151 
Trademarks10 Years1,610 (1,120)490 
Developed technology7 Years4,420 (4,393)27 
Customer relationships
10-12 Years
9,330 (5,568)3,762 
Total$15,610 $(11,180)$4,430 
The aggregate intangible asset amortization expense was $228,000 and $397,000 for the three months ended September 30, 2025 and 2024, respectively. The aggregate intangible amortization expense was $722,000 and $1,190,000 for the nine months ended September 30, 2025 and 2024, respectively.
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9. POST-RETIREMENT BENEFITS
The components of expense for the Company’s post-retirement benefit plans are as follows (in thousands):
Three months ended
September 30,		Nine months ended
September 30,
2025202420252024
Pension expense:
Multi-employer plan
$85 $199 $333 $624 
Defined contribution plan
425 459 1,302 1,397 
Total pension expense510 658 1,635 2,021 
Health and life insurance:
Interest cost
29 23 89 69 
Amortization of prior service credits(124)(124)(372)(372)
Amortization of net gain(22)(37)(61)(111)
Net periodic benefit credit(117)(138)(344)(414)
Total post-retirement benefits expense$393 $520 $1,291 $1,607 
The Company made payments of $1,607,000 to pension plans and $98,000 for post-retirement healthcare and life insurance during the nine months ended September 30, 2025. For the remainder of 2025, the Company expects to make approximately $365,000 of pension plan payments, of which $123,000 was accrued at September 30, 2025. The Company also expects to make approximately $36,000 of post-retirement healthcare and life insurance payments for the remainder of 2025, all of which were accrued at September 30, 2025.
10. DEBT
Debt consists of the following (in thousands):
September 30,
2025		December 31,
2024
Huntington term loans payable20,312 21,719 
Leaf Capital term loan payable— 11 
Total20,31221,730
Less deferred loan costs(150)(210)
Less current portion(1,918)(1,814)
Long-term debt$18,244 $19,706 

Huntington Credit Agreement
On July 22, 2022, the Company entered into a credit agreement (the “Huntington Credit Agreement”) with The Huntington National Bank (“Huntington”), as the sole lender, administrative agent, lead arranger and book runner, and the lenders from time to time thereto. Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company secured loans (the “Huntington Loans”) in the maximum aggregate principal amount of $75,000,000, comprised of three $25,000,000 commitments: a term loan commitment, a CapEx loan commitment and a revolving loan commitment.

At the option of the Company, the Huntington Loans shall be comprised of Alternative Base Rate (ABR) Loans or Secure Overnight Financing Rate (SOFR) Loans.

ABR Loans bear interest at a per annum rate equal to ABR plus a margin of 280 to 330 basis points determined based on the Company’s leverage ratio. ABR is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 0.50% per annum and (c) Daily Simple SOFR for such day (taking into account any floor set forth in the definition of “Daily Simple SOFR”) plus 1.00% per annum; provided, that if the ABR shall be less than 0.00%, then ABR shall be deemed to be 0.00%.

SOFR Loans bear interest at a per annum rate equal to Daily Simple SOFR plus a margin of 180 to 230 basis points determined based on the Company’s leverage ratio. Daily Simple SOFR means, for any day (a “SOFR Rate Day”), a rate per annum equal to the greater of (a) SOFR for the day (such day, the “SOFR Determination Date”) that is five (5) U.S. Government Securities
15
Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website, and (b) 0.00%.

The Company’s obligations under the Huntington Credit Agreement are secured by all of the U.S. and Canadian assets of the Company, including all of its equity interests in each of the Company’s U.S. and Canadian subsidiaries and 65% of the Company’s equity interest in its Mexican subsidiaries, and are unconditionally guaranteed by certain subsidiaries of the Company.

The Huntington Credit Agreement contains certain customary representations and warranties, conditions, affirmative and negative covenants and events of default. The Company is in compliance with such covenants as of September 30, 2025.

Voluntary prepayments of amounts outstanding under the Huntington Loans are permitted at any time without premium or penalty.

The Company incurred debt origination fees of $402,000 related to the Huntington Credit Agreement, which is being amortized over the life of the agreement.

Huntington Capex Loan
Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company secured Capex loan (the “Huntington Capex Loan”) in the maximum aggregate principal amount of $25,000,000 which none was outstanding as of September 30, 2025 and December 31, 2024. Proceeds of the Huntington Capex Loan will be used to finance the ongoing capital expenditure needs of the Company.

Any borrowings from the Huntington Capex Loan will be converted to new term loans annually each February, beginning February 2025, and will have monthly principal repayments based on a sixty-month amortization period with all amounts outstanding on the Huntington Capex Loan being fully due on July 22, 2027.

Huntington Revolving Loan
Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company a revolving loan commitment (the “Huntington Revolving Loan”) of $25,000,000. The Company has $25,000,000 of available revolving loans of which none was outstanding as of September 30, 2025 and December 31, 2024.

The Huntington Credit Agreement makes available to the Company a revolving commitment in the maximum amount of $25,000,000 at the Company’s option at any time during the five-year period following the closing. The revolving loan commitment terminates, and all outstanding borrowings thereunder must be repaid on July 22, 2027.

The interest rate for the Huntington Revolving Loan was 5.93% and 6.33% as of September 30, 2025 and December 31, 2024, respectively.

Huntington Term Loan
Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company a Term Loan commitment (the “Huntington Term Loan”) of $25,000,000, all of which was advanced to the Company on July 22, 2022. The Huntington Term Loan is to be repaid in monthly installments beginning August 2022 of $104,000 per month for the first 24 months, $156,000 per month for the next 24 months, $208,000 for the next 12 months and the remaining balance to be paid on July 22, 2027. The interest rate for the Huntington Term Loan was 5.93% and 6.11% as of September 30, 2025 and December 31, 2024, respectively.

Interest Rate Swap Agreement
The Company entered into an interest rate swap agreement that became effective July 22, 2022 and continues through July 2027, which was designed as a cash flow hedge for $25,000,000 of the Huntington Term Loan. Under this agreement, the Company will pay a fixed rate of 2.95% to the swap counterparty in exchange for the Term Loans daily variable SOFR. As a result the interest rate paid on the Huntington Term Loan was 4.75% as of September 30, 2025 and December 31, 2024. The fair value of the interest rate swap was an asset of $138,000 and $491,000 at September 30, 2025 and December 31, 2024, respectively.





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11. INCOME TAXES
The Company evaluates the balance of deferred tax assets that will be realized based on the premise that the Company is more-likely-than-not to realize deferred tax benefits through the generation of future taxable income. Management makes assumptions, judgments, and estimates to determine the deferred tax assets and liabilities. The Company evaluates provisions and deferred tax assets quarterly to determine if adjustments to our valuation allowance are required based on the consideration of all available evidence.
At September 30, 2025, the Company had a net deferred tax asset of $1,454,000 and $183,000 related to tax positions in Mexico and Canada, respectively, and deferred tax liabilities of $1,219,000 related to tax positions in the United States. Deferred tax assets are included in "Other non-current assets" on the Consolidated Balance Sheets and deferred tax liabilities are included in "Other non-current liabilities" on the Consolidated Balance Sheets. The Company believes that the deferred tax assets associated with the Canadian, Mexican, and federal United States tax jurisdictions are more-likely-than-not to be realizable based on estimates of future taxable income.
As of September 30, 2025, the Company had a valuation allowance of $1,265,000, against deferred tax assets related to local tax positions in the Unites States, due to cumulative losses over the last three years and uncertainty related to the Company's ability to realize the deferred assets.

Income tax expense for the nine months ended September 30, 2025 is estimated to be $2,840,000, approximately 25.9% of income before income taxes. Income tax expense for the nine months ended September 30, 2024 was estimated to be $3,000,000, approximately 18.4% of income before income taxes.
The Company files income tax returns in the United States, Mexico, Canada and various state and local jurisdictions. The Company is not subject to United States federal income tax examinations for years before 2021. The Company is not subject to state income tax examinations for years before 2021. The Company is not subject to Mexican income tax examinations for years before 2019 and is not subject to Canadian income tax examinations for years before 2020.
12. STOCK BASED COMPENSATION

On May 13, 2021, the Company’s stockholders approved the 2021 Long Term Equity Incentive Plan and approved amendments on May 14, 2024 and May 15, 2025 (as amended, the "2021 Plan"). The 2021 Plan replaced the 2006 Long Term Equity Incentive Plan (the “2006 Plan”) approved in May 2006 and amended in May 2015. The 2021 Plan allows for grants to employees, officers, non-employee directors, consultants, independent contractors and advisors of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards (“stock awards”) up to an aggregate of 1,269,823 shares for issuance. At September 30, 2025, 336,841 shares of common stock were available for issuance under the 2021 Plan. Awards can be granted under the 2021 Plan through the earlier of May 13, 2031, or the date the maximum number of available shares under the 2021 Plan have been granted.

Awards under the 2021 Plan vest over one to three years. Shares granted under the 2021 Plans vest immediately upon the date of a participant’s death, disability or change in control.

The Company follows the provisions of FASB ASC 718 requiring that compensation cost relating to share-based payment transactions be recognized in the financial statements. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee's requisite service period (generally the vesting period of the equity award).

During the nine months ended September 30, 2025 employees withheld 40,953 shares of the Company's common stock to satisfy income withholding obligations in connection with the vesting of restricted stock awards, and in the same period in 2024 the Company withheld 72,658 shares.










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Restricted Stock
The Company grants shares of its common stock to certain directors, officers, key managers and employees in the form of unvested stock and units (“Restricted Stock”). These awards are measured at the fair value of the Company's common stock on the date of issuance and recognized ratably as compensation expense over the applicable vesting period, which is typically three years. The Company adjusts compensation expense for actual forfeitures, as they occur.
The following summarizes the status of Restricted Stock and changes during the nine months ended September 30, 2025:
Number of
Shares		Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2024242,910 $15.76 
Granted110,472 12.81 
Vested(139,495)14.26 
Forfeited(16,358)17.71 
Unvested balance at September 30, 2025197,529 $14.90 
At September 30, 2025 and 2024, there was $1,937,000 and $2,907,000, respectively, of total unrecognized compensation expense, related to Restricted Stock grants. The unrecognized compensation expense at September 30, 2025 is expected to be recognized over the weighted-average period of 1.8 years. Total compensation cost related to Restricted Stock grants for the three months ended September 30, 2025 and 2024 was $400,000 and $501,000, respectively. Total compensation cost related to Restricted Stock grants for the nine months ended September 30, 2025 and 2024 was $1,387,000 and $1,914,000, respectively, all of which was recorded to selling, general and administrative expense.
Performance Restricted Stock Awards
The Company grants shares of its common stock to certain officers and key managers in the form of shares of performance based restricted stock ("Performance Restricted Stock Awards"). These awards are measured at the fair value of the Company's common stock on the date of issuance and recognized ratably as compensation expense over the applicable vesting period to the extent that the performance measures have been satisfied as of the last day of the performance period of the award. The total amount payable as of the award's vesting date is determined by the three year average Operational Income and Return on Capital Employed performance measure achievement. The Company adjusts compensation expense for actual forfeitures as they occur, and for estimated performance measure achievement.
The following summarizes the status of Performance Restricted Stock Awards and changes during the nine months ended September 30, 2025:
Number of
Shares		Weighted Average Grant Date Fair Value
Unvested balance at December 31, 202438,430 $18.35 
Granted68,545 12.81 
Vested— — 
Forfeited(7,950)18.28 
Unvested balance at September 30, 202599,025 $14.52 
At September 30, 2025 and 2024, there was $931,000 and $529,000 of total unrecognized compensation expense related to Performance Restricted Stock Awards, respectively. The unrecognized compensation expense at September 30, 2025 is expected to be recognized over the weighted-average period of 2.1 years. Total compensation cost related to Performance Restricted Stock Awards for the three months ended September 30, 2025 and 2024 was $121,000 and $61,000, respectively. Total compensation cost related to Performance Restricted Stock grants for the nine months ended September 30, 2025 and 2024 was $259,000 and $153,000, respectively, all of which was recorded to selling, general and administrative expense.

Due to award modification as a part of the Executive Transition announced on August 1, 2025, the Company reclassified 28,744 restricted stock awards and 41,200 performance restricted stock awards to liability-classified awards. This
18
reclassification reduced Paid-in Capital by $45,000 for both the three months and nine months ended September 30, 2025. These awards are measured at the fair value of the Company’s common stock on the modification date and are marked to market at each reporting period. Compensation expense is recognized over the service period of ten months.

13. LONG TERM INCENTIVE COMPENSATION
The Company grants phantom stock ("Phantom Stock Awards") to key employees under the 2021 Plan. These Phantom Stock Awards are measured based on the fair value of the Company's common stock on the vesting date and are marked to market at each reporting period. Compensation expense is recognized over the applicable vesting period, typically three years, and is adjusted for actual forfeitures as they occur.
At September 30, 2025 there was $688,000 of total unrecognized compensation expense related to Phantom Stock Awards. At September 30, 2024 there was $405,000 unrecognized compensation expense related to Phantom Stock Awards. The unrecognized compensation expense at September 30, 2025 is expected to be recognized over the weighted-average period of 2.5 years. Total compensation cost related to Phantom Stock Awards for the three months ended September 30, 2025 was $72,000. Total compensation cost related to Phantom Stock Awards for the nine months ended September 30, 2025 was $136,000, all of which was recorded to selling, general and administrative expense. There was $14,000 compensation cost related to Phantom Stock Awards for the three and nine months ended September 30, 2024.

14. STOCK REPURCHASE PLAN
On March 11, 2024, the Company announced that its Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $7,500,000 of its outstanding shares of common stock. Repurchases of shares of common stock under the stock repurchase program are made in the open market and in accordance with applicable securities laws. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company’s discretion. For the three months ended September 30, 2025 no shares were repurchased. For the nine months ended September 30, 2025, 151,584 shares were repurchased under the program, totaling $2,249,000. For the three and nine months ended September 30, 2024, the company repurchased 111,884 shares and 135,873 shares at an average price of $17.60 and $17.40, totaling cash payment of $1,971,000 and $2,364,000, respectively.

15. FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants as of the measurement date. Fair value is measured using the fair value hierarchy and related valuation methodologies as defined in the authoritative literature. This hierarchical valuation methodology provides a fair value framework that describes the categorization of assets and liabilities in three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment.
The three levels are defined as follows:
Level 1 - Quoted prices in active markets for identical assets and liabilities.
Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets.
Level 3 -Significant unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability.

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, debt, interest rate swaps and foreign currency derivatives. Cash and cash equivalents, accounts receivable and accounts payable carrying values as of September 30, 2025 and December 31, 2024 approximate fair value due to the short-term maturities of these financial instruments. As of September 30, 2025 and December 31, 2024, the carrying amounts of the Huntington Term Loan approximated fair value due to the short-term nature of the underlying variable rate SOFR used to determine interest charged on the loans. The Company had Level 2 fair value measurements at September 30, 2025 relating to the Company’s interest rate swaps and foreign currency derivatives.

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Derivative and hedging activities
Foreign Currency Derivatives
The Company conducted business in foreign countries and paid certain expenses in foreign currencies; therefore, the Company was exposed to foreign currency exchange risk between the U.S. Dollar and foreign currencies, which could impact the Company’s operating income and cash flows. To mitigate risk associated with foreign currency exchange, the Company entered into forward contracts to exchange a fixed amount of U.S. Dollars for a fixed amount of foreign currency, which will be used to fund future foreign currency cash flows. At inception, all forward contracts are formally documented as cash flow hedges and are measured at fair value each reporting period.
Derivatives are formally assessed both at inception and at least quarterly thereafter, to ensure that derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, hedge accounting is discontinued, and any future mark-to-market adjustments are recognized in earnings. The effective portion of gain or loss is reported in other comprehensive income and the ineffective portion is reported in earnings. The impacts of these contracts were largely offset by gains and losses resulting from the impact of changes in exchange rates on transactions denominated in the foreign currency. As of September 30, 2025, the Company had no ineffective portion related to the cash flow hedges. The notional contract value of foreign currency derivatives was $7,354,000 and $29,668,000 as of September 30, 2025 and December 31, 2024, respectively.
Interest Rate Swap
The Company entered into an interest rate swap contract to fix the interest rate on an initial aggregate amount of $25,000,000 thereby reducing exposure to interest rate changes. The interest rate swap pays a fixed rate of 2.95% to the swap counterparty in exchange for daily SOFR. At inception, all interest rate swaps were formally documented as cash flow hedges and are measured at fair value each reporting period. See Note 10, "Debt", for additional information. The notional contract value of the interest rate swap was $20,312,000 and $21,719,000 as of September 30, 2025 and December 31, 2024, respectively.

Financial statement impacts
The following table detail amounts related to our derivatives designated as hedging instruments (in thousands):
Fair Value of Derivative Instruments
September 30, 2025
Asset DerivativesLiability Derivatives
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Foreign exchange contractsPrepaid expenses other current assets$248 Accrued other liabilities$20 
Other non-current assets$— Other non-current liabilities$— 
Interest rate swapsPrepaid expenses other current assets$138 Accrued other liabilities$— 
Other non-current assets$— Other non-current liabilities$— 
20
Fair Value of Derivative Instruments
December 31, 2024
Asset DerivativesLiability Derivatives
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Foreign exchange contractsPrepaid expenses other current assets$— Accrued other liabilities$2,080 
Other non-current assets$— Other non-current liabilities$— 
Interest rate swapsPrepaid expenses other current assets$351 Accrued other liabilities$— 
Other non-current assets$140 Other non-current liabilities$— 
The following tables summarize the amount of unrealized and realized gain (loss) recognized in Accumulated Other Comprehensive Income ("AOCI") for the three months ended September 30, 2025 and 2024 (in thousands):
Derivatives in subtopic 815-20 Cash Flow Hedging Relationship:Amount of Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income(A)
Amount of Realized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income
2025202420252024
Foreign exchange contracts$(91)$(1,756)Cost of goods sold$182 $(551)
Selling, general and administrative expense$27 $(164)
Interest rate swaps$(72)$(427)Interest expense$(22)$132 
The following tables summarize the amount of unrealized and realized gain (loss) recognized in AOCI for the nine months ended September 30, 2025 and 2024 (in thousands):
Derivatives in subtopic 815-20 Cash Flow Hedging Relationship:Amount of Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income(A)
Amount of Realized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income
2025202420252024
Foreign exchange contracts$2,147 $(2,972)Cost of goods sold$(140)$(246)
Selling, general and administrative expense$(21)$(54)
Interest rate swaps$(135)$121 Interest expense$218 $406 
(A) The foreign currency derivative activity reclassified from Accumulated Other Comprehensive Income is allocated to cost of goods sold and selling, general and administrative expense based on the percentage of foreign currency spend.

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16. ACCUMULATED OTHER COMPREHENSIVE INCOME
The following table presents changes in Accumulated Other Comprehensive Income, net of tax, for the nine months ended September 30, 2025 and 2024 (in thousands):
2024:Derivative
Hedging
Activities		Post Retirement
Benefit Plan
Items(A)		Accumulated
Other
Comprehensive
Income (Loss)
2024:
Balance at December 31, 2023$901 $4,400 $5,301 
Other comprehensive income before reclassifications(2,851)— (2,851)
Amounts reclassified from accumulated other comprehensive income(106)(483)(589)
Income tax benefit621 101 722 
Balance at September 30, 2024$(1,435)$4,018 $2,583 
2025:
Balance at December 31, 2024$(1,254)$3,546 $2,292 
Other comprehensive income before reclassifications2,012 — 2,012 
Amounts reclassified from accumulated other comprehensive income(57)(433)(490)
Income tax benefit (expense)(411)91 (320)
Balance at September 30, 2025$290 $3,204 $3,494 
(A)The effect of post-retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in other income and expense on the Consolidated Statements of Operations. These Accumulated Other Comprehensive Income components are included in the computation of net periodic benefit cost (see Note 9, "Post-Retirement Benefits" for additional details). The tax effect of post-retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in income tax expense on the Consolidated Statements of Operations.


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17. SEGMENT REPORTING
Segment information is prepared on the same basis that our Chief Executive Officer ("CEO"), who serves as our Chief Operating Decision Maker ("CODM"), manages our business, evaluates financial results, and makes key operating decisions. The North America reportable operating segment comprises all manufacturing operations located in the United States, Canada, and Mexico, which we have aggregated into a single reportable operating segment, North America, in consideration of the aggregation criteria set forth in ASC 280. These operations share similar economic characteristics, production processes, and customer bases. The North America reportable segment generates its revenue primarily from the manufacturing and sale of sheet molding compound and molded structural plastic products to customers in the heavy truck, power sports, building products and industrial markets. Our CODM uses income from operations to evaluate performance and make key operating decisions, such as allocating resources and assessing growth opportunities within the North America segment. The CODM is not provided asset information by reportable segment, as asset information is reviewed on a consolidated basis.

The following tables present selected financial information with respect to our single reporting segment for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three months ended
September 30,		Nine months ended
September 30,
2025202420252024
North America Segment:
Product sales$54,178 $71,258 $176,823 $231,045 
Tooling sales4,257 1,734 22,298 8,835 
North America Segment Total Revenue58,435 72,992 199,121 239,880 
Less:
Variable Cost of Goods Sold
41,850 53,215 142,357 173,686 
Fixed Cost of Goods Sold6,440 7,432 20,522 22,819 
Selling, Goods and Administration7,572 8,740 25,616 27,550 
North America Segment Operating Income2,573 3,605 10,626 15,825 
Less:
Net interest (income) expense34 (144)18 (99)
Net periodic post retirement benefit(117)(138)(344)(414)
Income taxes779 727 2,840 3,000 
North America Net Income1,877 3,160 8,112 13,338 
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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements within the meaning of the federal securities laws, which are subject to the "safe harbor" created by Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a general matter, forward-looking statements are those focused upon future plans, objectives or performance as opposed to historical items and include statements of anticipated events or trends and expectations and beliefs relating to matters not historical in nature. Such forward-looking statements involve known and unknown risks and are subject to uncertainties and factors relating to Core Molding Technologies' operations and business environment, all of which are difficult to predict and many of which are beyond Core Molding Technologies' control. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plans,” “projects,” “believes,” “estimates,” “encouraged,” “confident” and similar expressions are used to identify these forward-looking statements. These uncertainties and factors could cause Core Molding Technologies' actual results to differ materially from those matters expressed in or implied by such forward-looking statements.
Core Molding Technologies believes that the following factors, among others, could affect its future performance and cause actual results to differ materially from those expressed or implied by forward-looking statements made in this Annual Report on Form 10-Q:
•dependence upon certain major customers as the primary source of Core Molding Technologies’ sales revenues and the potential loss of any major customers due to the completion of existing production programs with those customers 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 materials;

•general economic, social, regulatory (including foreign trade policy) and political environments in the countries in which Core Molding Technologies operates;

•the imposition of new or increased tariffs and the resulting consequences;

•safety and security conditions in Mexico;

•fluctuations in foreign currency exchange rates;

•efforts of Core Molding Technologies to expand its customer base; the ability to develop new and innovative products and to diversify markets, materials and processes and increase operational enhancements;

•ability to accurately quote and execute manufacturing processes for new business; the actions of competitors, customers, and suppliers;

•failure of Core Molding Technologies’ suppliers to perform their obligations;

•inflationary pressures; new technologies; regulatory matters;

•labor relations and labor availability as well as possible work stoppages or labor disruptions at one or more of our union locations or one of our customer or supplier locations;

•the loss or inability of Core Molding Technologies to attract and retain key personnel;

•the ability to successfully identify, evaluate and manage potential acquisitions and to benefit from and properly integrate any completed acquisitions;
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Table of Contents

•federal, state and local environmental laws and regulations (including engine emission regulations);

•the availability of sufficient capital;

•the ability of Core Molding Technologies to provide on-time delivery to customers, which may require additional shipping expenses to ensure on-time delivery or otherwise result in late fees and other customer charges; risk of cancellation or rescheduling of orders;

•management’s decision to pursue new products or businesses which involve additional costs, risks or capital expenditures;

•inadequate insurance coverage to protect against potential hazards; equipment and machinery failure; product liability and warranty claims;

•cybersecurity incidents or other similar disruptions impacting Core Molding Technologies or significant customers and/or suppliers; and

•other risks identified from time to time in Core Molding Technologies’ other public documents on file with the Securities and Exchange Commission, including those described in Item 1A of this Annual Report on Form 10-K.
Description of the Company
Core Molding Technologies and its subsidiaries operate in the engineered materials market as one operating segment as a molder of thermoplastic and thermoset structural products. The Company produces and sells molded products for varied markets, including medium and heavy-duty trucks, power sports, building products, industrial and utilities and other commercial markets. Core Molding Technologies has its headquarters in Columbus, Ohio, and operates six production facilities in the United States, Canada and Mexico.

Business Overview

General
The Company’s business and operating results are directly affected by changes in overall customer demand, operational costs and performance and leverage of our fixed cost and selling, general and administrative ("SG&A") infrastructure.

Product sales fluctuate in response to several factors, including many that are beyond the Company’s control, such as general economic conditions, interest rates, government regulations, consumer spending, raw material cost inflation, labor availability, and our customers’ production rates and inventory levels. The Company's customers operate in many different markets with different cyclicality and seasonality.

Operating performance is dependent on the Company’s ability to manage changes in input costs for items such as raw materials, labor, and overhead operating costs. The Company has certain contractual commitments that restrict its ability to pass through changes in input costs to certain customers. As a result, during periods of significant increases or decreases in input costs operating results may be impacted.

Performance is also affected by manufacturing efficiencies, including items such as on time delivery, quality, scrap, and productivity. Market factors of supply and demand can impact operating costs. In periods of rapid increases or decreases in customer demand, the Company is required to ramp operational activity up or down quickly, which may impact manufacturing efficiencies more than in periods of steady demand.

Operating performance is also dependent on the Company’s ability to effectively launch new customer programs, which are extremely complex in nature. The start of production of a new program is the result of a process of developing new molds and assembly equipment, validation testing, manufacturing process design, development and testing, along with training and often hiring employees. Meeting the targeted levels of manufacturing efficiency for new programs usually occurs over time as the Company gains experience with new tools and processes. Therefore, during a new program launch period, start-up costs and inefficiencies can affect operating results.

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Business Outlook

Looking forward, based on industry analyst projections, customer forecasts, anticipated price changes, as well as anticipated new program launches, the Company expects revenues for 2025 to decrease by approximately 10 to 12 percent as compared to 2024. The Company still anticipates a change in mix in 2025 as compared to 2024 between product revenues and tooling revenues as new programs launch during 2025. Our 2025 revenue outlook also reflects ongoing market uncertainty related to tariffs, as well as expectations that heavy-duty and medium-duty truck pre-buy volumes will be more evenly distributed across future years.

The Company’s raw material supply chains remain stable, and the Company anticipates raw material pricing in 2025 to remain flat or experience a slight increase relative to 2024. Given that the majority of the Company’s raw materials are sourced domestically within the United States, and that its operations in Mexico and Canada comply with the United States-Mexico-Canada Agreement ("USMCA"), tariffs currently are not anticipated to have a material impact on raw material costs. Future changes to tariff rates or application of tariffs to other countries and materials could have an impact on the Company’s, material cost.

Results of Operations

Three Months Ended September 30, 2025, as Compared to Three Months Ended September 30, 2024
Net sales for the three months ended September 30, 2025 and 2024 totaled $58,435,000 and $72,992,000, respectively. Included in net sales were tooling project sales of $4,257,000 and $1,734,000 for the three months ended September 30, 2025 and 2024, respectively. Tooling sales are sporadic in nature and fluctuate in regard to scope and related revenue on a period-to-period basis. Product sales, excluding tooling project sales, for the three months ended September 30, 2025 were $54,178,000 compared to $71,258,000 for the same period in 2024. The decrease in sales is primarily the result of lower demand from the medium and heavy-duty truck, including transitioning the Company's business with Volvo from existing programs that the Company currently supplies to new programs that the Company does not support, offset by demand increase and new product launches in the Power Sports, Building Products and industrial and utilities market. The Company's product sales for the three months ended September 30, 2025 compared to the same period in 2024 by market are as follows (in thousands):

Three months ended
September 30,
20252024
Medium and heavy-duty truck$19,470 $41,324 
Power sports17,548 16,464 
Building products5,862 2,348 
Industrial and utilities5,851 4,961 
All other5,447 6,161 
Net product revenue$54,178 $71,258 

Gross margin was 17.4% and 16.9% of sales for the three months ended September 30, 2025 and 2024, respectively. Gross margin compared to last year was favorably impacted by higher operational efficiencies and product mix of 1.6%, offset by lower fixed cost leverage of 0.8% and net changes in selling price and raw material costs of 0.3%.

Selling general and administrative expense ("SG&A") was $7,572,000 for the three months ended September 30, 2025, which includes portfolio optimization related expense of $220,000. Excluding portfolio optimization costs, SG&A cost for the three months ended September 30, 2025 totaled $7,352,000 compared to $8,740,000 for the three months ended September 30, 2024. Decreased SG&A expenses resulted primarily from favorable foreign currency translation of $620,000, lower bonus of $208,000 and lower labor and benefits costs of $134,000.

Net interest expense totaled $34,000 for the three months ended September 30, 2025, compared to net interest income of $144,000 for the three months ended September 30, 2024. Higher interest expense was primarily due to lower interest income of $184,000 from cash accumulation.

Income tax expense for the three months ended September 30, 2025 is estimated to be $779,000, approximately 29.3% of income before income taxes. Income tax expense for the three months ended September 30, 2024 was estimated to be $727,000,
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approximately 18.7% of income before income taxes. The Company’s effective tax rates reflect the effects of taxable income being generated in higher tax rate jurisdictions and lower FDII benefit.

The Company recorded net income for the three months ended September 30, 2025 of $1,877,000 or $0.22 per basic and diluted share compared with net income of $3,160,000, or $0.36 per basic and diluted share, for the three months ended September 30, 2024.

Comprehensive income totaled $1,491,000 for the three months ended September 30, 2025, compared to comprehensive income of $1,767,000 for the same period ended September 30, 2024. The decrease was primarily related to lower in net income of $1,283,000, offset by hedging activities of $995,000.

Nine Months Ended September 30, 2025, as Compared to Nine Months Ended September 30, 2024
Net sales for the nine months ended September 30, 2025 and 2024 totaled $199,121,000 and $239,880,000, respectively. Included in net sales were tooling project sales of $22,298,000 and $8,835,000 for the nine months ended September 30, 2025 and 2024, respectively. Tooling sales are sporadic in nature and fluctuate in regard to scope and related revenue on a period-to-period basis. Product sales, excluding tooling project sales, for the nine months ended September 30, 2025 were $176,823,000 compared to $231,045,000 for the same period in 2024. The decrease in sales is primarily the result of lower demand from the medium and heavy-duty truck and power sports, including transitioning the Company's business with Volvo from existing programs that the Company currently supplies to new programs that the Company does not support, offset by new program launches. The Company's product sales for the nine months ended September 30, 2025 compared to the same period in 2024 by market are as follows (in thousands):

Nine months ended
September 30,
20252024
Medium and heavy-duty truck$80,276 $129,674 
Power sports45,962 56,225 
Building products16,912 14,322 
Industrial and utilities17,095 12,482 
All other16,578 18,342 
Net product revenue$176,823 $231,045 

Gross margin was approximately 18.2% of sales for the nine months ended September 30, 2025, compared with 18.1% for the same period in 2024. Gross margin compared to last year increased due to higher net changes in selling price and raw material costs of 1.2%, offset by lower fixed cost leverage of 0.8% and operational inefficiencies and product mix of 0.3%.

SG&A was $25,616,000 for the nine months ended September 30, 2025, which included severance of $979,000 and portfolio optimization related expense of $420,000. Excluding severance and portfolio optimization costs, SG&A cost for the nine months ended September 30, 2025 totaled $24,217,000 compared to SG&A costs of $27,550,000 for the same period in 2024. Decreased SG&A expenses resulted primarily from lower bonus $1,405,000, favorable foreign currency translation of $1,202,000 and lower labor and benefits costs of $858,000.

Net interest expense totaled $18,000 for the nine months ended September 30, 2025 compared to net interest income of $99,000 for the same period in 2024. Higher interest expense was primarily due to lower interest income of $275,000 from cash accumulation.

Income tax expense for the nine months ended September 30, 2025 is estimated to be $2,840,000, approximately 25.9% of income before income taxes. Income tax expense for the same period in 2024 was estimated to be $3,000,000, approximately 18.4% of income before income taxes. The Company’s effective tax rates reflect the effects of taxable income being generated in higher tax rate jurisdictions and lower FDII benefit.

The Company recorded net income for the nine months ended September 30, 2025 of $8,112,000 or $0.95 per basic share and $0.93 per diluted share, compared with net income of $13,338,000, or $1.53 per basic and $1.51 diluted share, for the same period in 2024.

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Comprehensive income totaled $9,314,000 for the nine months ended September 30, 2025, compared to comprehensive income of $10,620,000 for the same period in 2024. The decrease was primarily related to lower net income of $5,226,000 offset by foreign currency hedging activity of $3,933,000.

Liquidity and Capital Resources

Historically, the Company’s primary sources of funds have been cash generated from operating activities and borrowings from third parties. Primary cash requirements are for operating expenses, capital expenditures, repayments of debt, and acquisitions. The Company from time to time will enter into foreign exchange contracts and interest rate swaps to mitigate risk of foreign exchange and interest rate volatility. As of September 30, 2025, the Company had outstanding foreign exchange contracts with notional amounts totaling $7,354,000. As of September 30, 2025, the Company had outstanding interest rate swaps with notional amounts totaling $20,312,000.

Cash provided by operating activities for the nine months ended September 30, 2025 totaled $14,166,000. Net income of $8,112,000 positively impacted operating cash flows. Non-cash deductions of depreciation and amortization, and share-based compensation included in net income amounted to $9,504,000 and $1,646,000, respectively. Increased working capital decreased cash provided by operating activities by $4,815,000. Higher working capital was primarily related to changes in accounts receivable, inventories, and prepaid and other assets offset by accounts payable.

Cash used in investing activities for the nine months ended September 30, 2025 was $9,305,000, which related to purchases of property, plant and equipment. The Company anticipates spending approximately $18,000,000 to $22,000,000 during 2025 on property, plant and equipment purchases for all of the Company's operations, including the Mexico expansion. Following the award of the Volvo Mexico business, the Company announced an invest of approximately $25,000,000 over the next 18 months, with $8,000,000 to $10,000,000 million anticipated to be spent by the end of fiscal 2025 and $2,475,000 spent during the three months ended September 30, 2025. At September 30, 2025, purchase commitments for capital expenditures in progress were $8,948,000. The Company anticipates using cash from operations, its available revolving line of credit or its capex line to fund capital investments.
Cash used for financing activities for the nine months ended September 30, 2025 totaled $4,267,000, which consisted of purchase of treasury stock of $2,249,000, repayments of long-term debt of $1,418,000 and $600,000 for the purchase of treasury stock in exchange for payment of taxes related to net shares settlements of equity awards.
At September 30, 2025, the Company had $42,397,000 cash on hand, a $25,000,000 revolving loan facility of which none is outstanding, and a $25,000,000 Capex loan facility with no outstanding balance.
The Company is required to meet certain financial covenants included in the Huntington Credit Agreement (defined below), which covenants include a net debt leverage and a fixed charge coverage ratio. As of September 30, 2025, the Company was in compliance with its financial covenants associated with the loans made under the Huntington Credit Agreement as described below.
Management believes cash on hand, cash flow from operating activities and available borrowings under the Company's credit agreement will be sufficient to meet the Company's current liquidity needs.
Huntington Credit Agreement
On July 22, 2022, the Company entered into a credit agreement (the “Huntington Credit Agreement”) with The Huntington National Bank (“Huntington”), as the sole lender, administrative agent, lead arranger and book runner, and the lenders from time to time thereto. Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company secured loans (the “Huntington Loans”) in the maximum aggregate principal amount of $75,000,000, comprised of three $25,000,000 commitments: a term loan commitment, a CapEx loan commitment and a revolving loan commitment.

At the option of the Company, the Huntington Loans shall be comprised of Alternative Base Rate (ABR) Loans or Secure Overnight Financing Rate (SOFR) Loans.

ABR Loans bear interest at a per annum rate equal to ABR plus a margin of 280 to 330 basis points determined based on the Company’s leverage ratio. ABR is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 0.50% per annum and (c) Daily Simple SOFR for such day (taking into account any floor set forth in the definition of “Daily Simple SOFR”) plus 1.00% per annum; provided, that if the ABR shall be less than 0.00%, then ABR shall be deemed to be 0.00%.

SOFR Loans bear interest at a per annum rate equal to Daily Simple SOFR plus a margin of 180 to 230 basis points determined based on the Company’s leverage ratio. Daily Simple SOFR means, for any day (a “SOFR Rate Day”), a rate per annum equal
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to the greater of (a) SOFR for the day (such day, the “SOFR Determination Date”) that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website, and (b) 0.00%.

The Company’s obligations under the Huntington Credit Agreement are secured by all of the U.S. and Canadian assets of the Company, including all of its equity interests in each of the Company’s U.S. and Canadian subsidiaries and 65% of the Company’s equity interest in its Mexican subsidiaries, and are unconditionally guaranteed by certain subsidiaries of the Company.

The Huntington Credit Agreement contains certain customary representations and warranties, conditions, affirmative and negative covenants and events of default. The Company is in compliance with such covenants as of September 30, 2025.

Voluntary prepayments of amounts outstanding under the Huntington Loans are permitted at any time without premium or penalty.

The Company incurred debt origination fees of $402,000 related to the Huntington Credit Agreement, which is being amortized over the life of the agreement.

Huntington Capex Loan
Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company secured Capex loan (the “Huntington Capex Loan”) in the maximum aggregate principal amount of $25,000,000 which none was outstanding as of September 30, 2025 and December 31, 2024. Proceeds of the Huntington Capex Loan will be used to finance the ongoing capital expenditure needs of the Company.

Any borrowings from the Huntington Capex Loan will be converted to new term loans annually each February, beginning February 2025, and will have monthly principal repayments based on a sixty-month amortization period with all amounts outstanding on the Huntington Capex Loan being fully due on July 22, 2027.

Huntington Revolving Loan
Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company a revolving loan commitment (the “Huntington Revolving Loan”) of $25,000,000. The Company has $25,000,000 of available revolving loans of which none was outstanding as of September 30, 2025 and December 31, 2024.

The Huntington Credit Agreement makes available to the Company a revolving commitment in the maximum amount of $25,000,000 at the Company’s option at any time during the five-year period following the closing. The revolving loan commitment terminates, and all outstanding borrowings thereunder must be repaid on July 22, 2027.

The interest rate for the Huntington Revolving Loan was 5.93% and 6.33% as of September 30, 2025 and December 31, 2024, respectively.

Huntington Term Loan
Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company a Term Loan commitment (the “Huntington Term Loan”) of $25,000,000 all of which was advanced to the Company on July 22, 2022). The Huntington Term Loan is to be repaid in monthly installments beginning August 2022 of $104,000 per month for the first 24 months, $156,000 per month for the next 24 months, $208,000 for the next 12 months and the remaining balance to be paid on July 22, 2027. The interest rate for the Huntington Term Loan was 5.93% and 6.11% as of September 30, 2025 and December 31, 2024, respectively.

Interest Rate Swap Agreement
The Company entered into an interest rate swap agreement that became effective July 22, 2022 and continues through July 2027, which was designed as a cash flow hedge for $25,000,000 of the Huntington Term Loan. Under this agreement, the Company will pay a fixed rate of 2.95% to the swap counterparty in exchange for the Term Loans daily variable SOFR. As a result the interest rate paid on the Huntington Term Loan was 4.75% as of September 30, 2025 and December 31, 2024. The fair value of the interest rate swap was an asset of $138,000 and $491,000 at September 30, 2025 and December 31, 2024, respectively.

Off-Balance Sheet Arrangements
The Company did not have any significant off-balance sheet arrangements as of September 30, 2025 or December 31, 2024.
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The Company did not have or experience any material changes outside the ordinary course of business as to contractual obligations, including long-term debt obligations, capital lease obligations, operating lease obligations, purchase obligations or other long-term liabilities reflected in the Company’s Consolidated Balance Sheet under GAAP, as of September 30, 2025 and December 31, 2024.
Critical Accounting Policies and Estimates
For information on critical accounting policies and estimates, see Note 2, "Critical Accounting Policies and Estimates," to the consolidated financial statements included herein.
Item 3.    Quantitative and Qualitative Disclosures About Market Risk
The Company's primary market risk results from changes in the price of commodities used in its manufacturing operations. Core Molding Technologies is also exposed to fluctuations in interest rates and foreign currency fluctuations associated with the Mexican Peso and Canadian Dollar. The Company does not hold any material market risk sensitive instruments for trading purposes. The Company uses derivative financial instruments to hedge exposure to fluctuations in foreign exchange rates and interest rates.
The Company has the following three items that are sensitive to market risks: (1) non-hedged loans under the Huntington Credit Agreement, all of which bear a variable interest rate; (2) non-hedged foreign currency purchases in which the Company purchases Mexican Pesos and Canadian Dollars with United States Dollars to meet certain obligations; and (3) raw material purchases in which the Company purchases various resins, fiberglass, and metal components for use in production. The prices and availability of these materials are affected by the prices of crude oil, natural gas and other feedstocks, tariffs, as well as processing capacity versus demand.
Assuming a hypothetical 10% change in short-term interest rates, interest paid on the Term Loan would be impacted, as the interest rate on these loans is based upon SOFR. It would not, however, have a material effect on earnings before tax as the Company has entered into a hedge to offset changes in SOFR.
Assuming a hypothetical 10% decrease in the United States Dollar to Mexican Peso and Canadian Dollar exchange rate, the Company would be impacted by an increase in operating costs, which would have an adverse effect on operating margins.
Assuming a hypothetical 10% increase in commodity prices, Core Molding Technologies would be impacted by an increase in raw material costs, which would have an adverse effect on operating margins.
Item 4.    Controls and Procedures
As of the end of the period covered by this report, the Company has carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and its Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based upon this evaluation, the Company’s management, including its Chief Executive Officer and its Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were (i) effective to ensure that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act was accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure, and (ii) effective to ensure that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. There were no changes in internal controls over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) that occurred in the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
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Part II — Other Information
Item 1. Legal Proceedings
From time to time, the Company is involved in litigation incidental to the conduct of its business. 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.
Item 1A. Risk Factors
There have been no material changes in Core Molding Technologies' risk factors from those previously disclosed in Core Molding Technologies' Annual Report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The Company did not repurchase any shares of the Company’s common stock during the three months ended September 30, 2025. The following table provides information with respect to repurchases of common stock by us and our “affiliated purchasers” (as defined by Rule 10b-18(a)(3) under the Exchange Act) during the three months ended September 30, 2025:
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Amount that May Yet be Purchased Under the Plans or Programs(1)
July 1 to 31, 2025— — — $2,312,000 
August 1 to 31, 2025— $— — $2,312,000 
September 1 to 30, 2025— $— — $2,312,000 
Total— — — $— 

1.On March 11, 2024, the Company announced that its Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $7,500,000 of its outstanding shares of common stock. Repurchases of shares of common stock under the stock repurchase program are made in the open market and in accordance with applicable securities laws. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company’s discretion. The Company did not repurchase any shares of the Company’s common stock under the stock repurchase program during the three months ended September 30, 2025.

Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
None.
Item 5. Other Information
During the three months ended September 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as such terms are defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits
See Index to Exhibits.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CORE MOLDING TECHNOLOGIES, INC.
Date:
November 4, 2025
By:
/s/ David L. Duvall
David L. Duvall
President, Chief Executive Officer, and Director
Date:
November 4, 2025
By:
/s/ Alex J. Panda
Alex J. Panda
Executive Vice President, Secretary, Treasurer and Chief Financial Officer

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INDEX TO EXHIBIT
Exhibit No.DescriptionLocation
3(a)Amended and Restated Certificate of Incorporation of Core Molding Technologies, Inc. as filed with the Secretary of State of Delaware on May 29, 2024
3(b)(1)Amended and Restated By-Laws of Core Molding Technologies, Inc.
3(b)(2)Amendment No. 1 to the Amended and Restated By-Laws of Core Molding Technologies, Inc.
10Second Amended and Restated Employment Agreement between Mr. Duvall and the Company, dated August 1, 2025
31(a)Section 302 Certification by David L. Duvall, President, Chief Executive Officer, and Director
31(b)Section 302 Certification by Alex J. Panda, Executive Vice President, Secretary, Treasurer, and Chief Financial Officer
32(a)
Certification of David L. Duvall, Chief Executive Officer of Core Molding Technologies, Inc., dated November 4, 2025, pursuant to 18 U.S.C. Section 1350
32(b)
Certification of Alex J. Panda, Executive Vice President, Secretary, Treasurer and Chief Financial Officer of Core Molding Technologies, Inc., dated November 4, 2025, pursuant to 18 U.S.C. Section 1350
101.INSXBRL Instance DocumentFiled Herein
101.SCHXBRL Taxonomy Extension Schema DocumentFiled Herein
101.CALXBRL Taxonomy Extension Calculation LinkbaseFiled Herein
101.LABXBRL Taxonomy Extension Label LinkbaseFiled Herein
101.PREXBRL Taxonomy Extension Presentation LinkbaseFiled Herein
101.DEFXBRL Taxonomy Extension Definition LinkbaseFiled Herein
104Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)Filed Herein
33
 
Exhibit 31(a)
SECTION 302 CERTIFICATION
I, David L. Duvall, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Core Molding Technologies, Inc.;
2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2025

/s/ David L. Duvall
David L. Duvall
President, Chief Executive Officer, and Director
 
 
Exhibit 31(b)
SECTION 302 CERTIFICATION
I, Alex J. Panda, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Core Molding Technologies, Inc.;
2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2025

/s/ Alex J. Panda
Alex J. Panda
Executive Vice President, Secretary, Treasurer and Chief Financial Officer
 
 
Exhibit 32(a)
CORE MOLDING TECHNOLOGIES, INC.
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Core Molding Technologies, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David L. Duvall, President, Chief Executive Officer, and Director of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ David L. Duvall
David L. Duvall
President, Chief Executive Officer, and Director
November 4, 2025
 
 
Exhibit 32(b)
CORE MOLDING TECHNOLOGIES, INC.
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Core Molding Technologies, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Alex J. Panda, Vice President, Secretary, Treasurer, and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Alex J. Panda
Alex J. Panda
Executive Vice President, Secretary, Treasurer and Chief Financial Officer
November 4, 2025