Core Molding Technologies is a North American manufacturer of large, structural composite parts made from fiberglass-reinforced plastics. Core Molding primarily serves heavy and medium-duty truck OEMs — producing exterior panels, hoods, roofs, and sleeper cabinets — with power sports (snowmobiles, ATVs, watercraft) and industrial/construction applications as secondary markets. The company's five largest customers — International, PACCAR, Volvo, BRP, and Yamaha — account for the majority of revenue, with International alone representing 28% of FY25 revenue. Core Molding also sells Sheet Molding Compound (SMC), the raw fiberglass composite material, directly to external molders as a growing, shorter-cycle revenue stream. Core Molding wins long-term, sole-source supply programs with OEMs after a lengthy design and validation process, then manufactures parts to the OEM's production schedule for the life of the program, creating sticky, recurring product revenue. Tooling revenue — recognized when customers accept molds for new programs — is lumpy but signals future product revenue as programs ramp. Core Molding's contracts typically include raw material pass-through adjusters, limiting margin exposure to resin and fiberglass input cost swings. The company operates six manufacturing facilities across Ohio, South Carolina, Minnesota, Canada, and Mexico, with Mexico now representing roughly 40% of revenue as OEM customers shift truck assembly there. Core Molding is pursuing growth through wallet share gains with existing customers, diversification into construction, industrial, EV, and medical markets, and acquisitions targeting new customer relationships and geographies.