MNTX Manitex International Inc

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Exhibit 99.1

 

MANITEX INTERNATIONAL REPORTS

SECOND QUARTER 2024 RESULTS

Bridgeview, IL, August 7, 2024 – Manitex International, Inc. (Nasdaq: MNTX) (“Manitex” or the “Company”), a leading international provider of truck cranes, specialized industrial equipment, and construction equipment rental solutions to infrastructure and construction markets, today reported financial results for the three months ended June 30, 2024.

SECOND QUARTER 2024 RESULTS

(all comparisons versus the prior year period unless otherwise noted)

 

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Net revenue of $76.2 million, +3.7%

 

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Gross profit of $17.2 million, +14.9%; gross margin of 22.5%, +220 basis points

 

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Net Income of $1.5 million; Adjusted Net Income of $2.2 million, or $0.11 per diluted share

 

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Adjusted EBITDA of $8.1 million, +19.0%; Adjusted EBITDA margin of 10.6%, +137 basis points

 

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Net Debt decrease of $2.4 million from 1Q24; Net leverage of 2.5x as of June 30, 2024

 

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Reiterated full-year 2024 adjusted EBITDA guidance; Adjusted full-year 2024 revenue guidance

MANAGEMENT COMMENTARY

“Our second quarter results highlight our continued progress under our Elevating Excellence strategy, as we produced further margin expansion, generated strong adjusted EBITDA growth, and reduced net leverage” stated Michael Coffey, Chief Executive Officer of Manitex. “Our second quarter performance was driven by strong growth in our rental operations, cost reductions which are gaining momentum, and ongoing process improvements, resulting in nearly 20% year-over-year growth in adjusted EBITDA.”

“While we continue to see some apprehension from our dealers and customers, likely driven by the stubbornly high interest rates, macro uncertainty, and upcoming elections, which is weighing on order patterns and our backlog, we remain confident in the long-term drivers of our business,” noted Coffey. “The need to invest in infrastructure, enhance the durability of the electric grid, and mine critical materials to support the energy transition has not changed, and these factors will drive our business in the coming years. In the meantime, we will continue to focus on our commercial growth initiatives, and we made important progress during the second quarter, including growing momentum in our dealer network expansion strategy and increased new product adoption.”

“The continued progress under our operational excellence initiatives was once again clearly evident during the second quarter based on our 220 basis points of gross margin expansion,” continued Coffey. “During the second quarter, we made additional progress on our supply chain initiatives, resulting in lower materials costs, and further improved our manufacturing velocity. These actions contributed to an adjusted EBITDA margin of 10.6% in the second quarter, an improvement of nearly 140 basis points from the prior-year period, despite some mixed headwinds.”

“We remain committed to our disciplined capital allocation strategy, with a near-term priority on reducing our debt levels and net leverage,” stated Joseph Doolan, Chief Financial Officer of Manitex. “We finished

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the second quarter with net debt of $83.9 million, down over $2 million from the end of the first quarter, and our ratio of net debt to trailing twelve-month adjusted EBITDA was 2.5x, down from 2.9x at the end of 2023. At June 30, 2024 we had approximately $33 million of cash and availability under our credit facilities, which provides us with ample financial flexibility to support our growth initiatives.”

“We are extremely proud of the progress we’ve made under Elevating Excellence, and we remain laser- focused on continuing to drive critical change under this program in the coming years in an effort to drive shareholder value,” noted Coffey. “It is this disciplined focus on our strategic priorities that has enabled us to deliver strong adjusted EBITDA growth and margin expansion during 2024, despite the slowing in order trends we have experienced in recent quarters. As a result of the recent order trends, we are lowering our full-year 2024 revenue guidance to a range of $290 million to $300 million. However, we continue to expect our 2024 adjusted EBITDA to be in a range of $30 million to $34 million, demonstrating our strong execution against our operational excellence priorities.”

SECOND QUARTER 2024 PERFORMANCE

Manitex reported net revenue of $76.2 million for the second quarter 2024, up 3.7% from net revenue of $73.5 million for the same period last year owing to growth in both the Lifting Equipment and Rental segments.

Lifting Equipment Segment revenue was $67.9 million during the second quarter 2024, an increase of 2.4%, versus the prior-year period. The revenue increase was a result of the continued improvements in manufacturing velocity.

Rental Equipment Segment revenue was $8.4 million in the second quarter 2024, an increase of 15.0% versus the prior year, driven by strong end-market demand and investments in rental fleet growth.

Total gross profit was $17.2 million in the second quarter, an increase of 14.9% from the prior-year period due to increased manufacturing throughput, lower material costs driven by supply chain initiatives, and increased contribution from the Rental segment. As a result of these factors, gross profit margin increased 220 basis points to 22.5% during the second quarter 2024.

SG&A expense was $11.1 million for the second quarter, up modestly from $10.8 million for the comparable period last year. R&D costs of $0.9 million were up modestly from $0.8 million from last year.

Operating income was $5.1 million for the second quarter 2024, compared to $3.3 million for the same period last year. Second quarter operating margin was 6.7%, an improvement from 4.5% in the prior year period. The year-over-year improvement in operating income and operating margin was driven by the improved gross margin performance.

The Company delivered net income of $1.5 million, or $0.07 per diluted share, for the second quarter 2024, compared to a net income of $0.4 million, or $0.02 per diluted share, for the same period last year.

Adjusted EBITDA was $8.1 million for the second quarter 2024, or 10.6% of sales, up 19.0% from adjusted EBITDA of $6.8 million, or 9.3% of sales, for the same period last year. See Non-GAAP reconciliations in the appendix of this release.

As of June 30, 2024, total backlog was $116 million, down from $170 million at the end of the fourth quarter 2023.

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BALANCE SHEET AND LIQUIDITY

As of June 30, 2024, total debt was $89.2 million. Cash and cash equivalents as of June 30, 2024, were $5.3 million, resulting in net debt of $83.9 million. Net leverage was 2.5x at the end of the second quarter 2024, down from 2.9x at the end of fourth quarter 2023. As of June 30, 2024, Manitex had total cash and availability of approximately $33 million.

2024 FINANCIAL GUIDANCE

The following forward-looking guidance reflects the management’s current expectations and beliefs as of August 7, 2024, and is subject to change.

 

		Full-Year 2023 Actual		Full-Year 2024				Prior Full-Year 2024
Total Revenue ($MM)		$291.4		$290 to $300				$300 to $310
Total Adjusted EBITDA ($MM)		$29.6		$30 to $34				$30 to $34
Total Adjusted EBITDA Margin		10.1%		10.8%*				10.5%*

 

*	Assumes mid-point of the guidance range.

SECOND QUARTER 2024 RESULTS CONFERENCE CALL

Manitex will host a conference call today at 9:00 AM ET to discuss the Company’s second quarter 2024 results.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the Manitex website at https://www.manitexinternational.com/eve ntspresentations.aspx, and a replay of the webcast will be available at the same time shortly after the webcast is complete.

To participate in the live teleconference:

 

Domestic Live:		(800) 717-1738
International Live:		(646) 307-1865

To listen to a replay of the teleconference, which will be available through August 21, 2024:

 

Domestic Replay:		(844) 512-2921
International Replay:		(412) 317-6671
Passcode:		1123676

NON-GAAP FINANCIAL MEASURES AND OTHER ITEMS

In this press release, we refer to various non-GAAP (U.S. generally accepted accounting principles) financial measures which management uses to evaluate operating performance, to establish internal budgets and targets, and to compare the Company’s financial performance against such budgets and

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targets. These non-GAAP measures, as defined by the Company, may not be comparable to similarly titled measures being disclosed by other companies. While adjusted financial measures are not intended to replace any presentation included in our condensed consolidated financial statements under generally accepted accounting principles (GAAP) and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, we believe these measures are useful to investors in assessing our operating results, capital expenditures and working capital requirements and the ongoing performance of its underlying businesses. A reconciliation of Adjusted GAAP financial measures is included with this press release. All per share amounts are on a fully diluted basis. The quarterly amounts described below are unaudited, are reported in thousands of U.S. dollars, and are as of the dates indicated.

ABOUT MANITEX INTERNATIONAL

Manitex International is a leading provider of mobile truck cranes, industrial lifting solutions, aerial work platforms, construction equipment and rental solutions that serve general construction, crane companies, and heavy industry. The company engineers and manufactures its products in North America and Europe, distributing through independent dealers worldwide. Our brands include Manitex, PM, Oil & Steel, Valla, and Rabern Rentals.

FORWARD-LOOKING STATEMENTS

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company’s expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management’s goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “will,” “should,” “could,” and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company’s future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company’s filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

IR CONTACT

Paul Bartolai or Noel Ryan

MNTX@val-adv.com

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MANITEX INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)

 

		June 30, 2024				December 31, 2023
ASSETS
Current assets
Cash		$	5,097			$	9,269
Cash – restricted			206				212
Trade receivables (net)			51,695				49,118
Other receivables			1,715				553
Inventory (net)			82,268				82,337
Prepaid expenses and other current assets			3,659				4,084
Total current assets			144,640				145,573
Total fixed assets, net of accumulated depreciation of $33,035 and $29,751 at June 30, 2024 and December 31, 2023, respectively			52,194				49,560
Operating lease assets			7,832				7,416
Intangible assets (net)			10,511				12,225
Goodwill			36,854				37,354
Deferred tax assets			3,220				3,603
Total assets		$	255,251			$	255,731
LIABILITIES AND EQUITY
Current liabilities
Accounts payable		$	49,987			$	47,644
Accrued expenses			14,346				14,503
Related party payables (net)			548				27
Revolving term credit facilities			2,106				2,185
Notes payable (net)			21,153				23,343
Current portion of finance lease obligations			651				605
Current portion of operating lease obligations			2,210				2,100
Customer deposits			2,021				2,384
Total current liabilities			93,022				92,791
Long-term liabilities
Revolving term credit facilities (net)			48,817				49,781
Notes payable (net)			14,064				16,249
Finance lease obligations (net of current portion)			2,444				2,777
Operating lease obligations (net of current portion)			5,622				5,315
Deferred tax liability			4,719				4,145
Other long-term liabilities			3,334				4,989
Total long-term liabilities			79,000				83,256
Total liabilities			172,022				176,047
Commitments and contingencies
Equity
Preferred stock—Authorized 150,000 shares, no shares issued or outstanding at June 30, 2024 and December 31, 2023			—				—
Common stock—no par value 25,000,000 shares authorized, 20,390,299 and 20,258,194 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively			135,226				134,328
Additional paid-in capital			5,454				5,440
Retained deficit			(62,209	)			(65,982	)
Accumulated other comprehensive loss			(5,686	)			(4,169	)
Equity attributable to shareholders of Manitex International			72,785				69,617
Equity attributed to noncontrolling interest			10,444				10,067
Total equity			83,229				79,684
Total liabilities and equity		$	255,251			$	255,731

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MANITEX INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except for share and per share amounts)

(Unaudited)

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Net revenues		$	76,235			$	73,534			$	149,578			$	141,405
Cost of sales			59,074				58,599				115,534				112,060
Gross profit			17,161				14,935				34,044				29,345
Operating expenses
Research and development costs			929				837				1,783				1,651
Selling, general and administrative expenses			11,125				10,766				22,244				21,797
Total operating expenses			12,054				11,603				24,027				23,448
Operating income			5,107				3,332				10,017				5,897
Other income (expense)
Interest expense			(1,931	)			(1,896	)			(3,803	)			(3,661	)
Interest income			91				—				170				—
Foreign currency transaction loss			(353	)			(718	)			(829	)			(773	)
Other income (expense)			(17	)			21				17				(737	)
Total other expense			(2,210	)			(2,593	)			(4,445	)			(5,171	)
Income before income taxes			2,897				739				5,572				726
Income tax expense			1,178				207				1,422				220
Net income			1,719				532				4,150				506
Net income attributable to noncontrolling interest			229				128				377				49
Net income attributable to shareholders of Manitex International, Inc.		$	1,490			$	404			$	3,773			$	457
Income per share
Basic		$	0.07			$	0.02			$	0.19			$	0.02
Diluted		$	0.07			$	0.02			$	0.19			$	0.02
Weighted average common shares outstanding
Basic			20,368,668				20,206,919				20,326,794				20,164,486
Diluted			20,392,756				20,209,959				20,378,199				20,166,968

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Net Sales and Gross Margin

 

		Three Months Ended
		June 30, 2024								March 31, 2024								June 30, 2023
		As Reported				As Adjusted				As Reported				As Adjusted				As Reported				As Adjusted
Net sales		$	76,235			$	76,235			$	73,343			$	73,343			$	73,534			$	73,534
% change Vs Q1 2024			3.9	%			3.9	%
% change Vs Q2 2023			3.7	%			3.7	%
Gross margin			17,161				17,161				16,883				16,883				14,935				14,935
Gross margin % of net sales			22.5	%			22.5	%			23.0	%			23.0	%			20.3	%			20.3	%

Backlog

 

		June 30,				Mar 31,				Dec 31,				Sept 30,				June 30,
		2024				2024				2023				2023				2023
Backlog from continuing operations			115,811				154,182				170,286				196,872				223,236
Change Versus Current Period							(24.9	%)			(32.0	%)			(41.2	%)			(48.1	%)

Backlog is defined as orders for equipment which have not yet shipped as well as orders by foreign subsidiaries for international deliveries. The disclosure of backlog aids in the analysis the Company’s customers’ demand for product, as well as the ability of the Company to meet that demand.

Backlog is not necessarily indicative of sales to be recognized in a specified future period.

Reconciliation of Net Income Attributable to Shareholders of Manitex International, Inc. to Adjusted Net Income

 

		Three Months Ended
		June 30, 2024				March 31, 2024				June 30, 2023
Net income attributable to shareholders of Manitex International, Inc.		$	1,490			$	2,283			$	404
Adjustments, including net tax impact			713				1,127				1,307
Adjusted net income attributable to shareholders of Manitex International, Inc.		$	2,203			$	3,410			$	1,711
Weighted diluted shares outstanding			20,392,756				20,363,642				20,209,959
Diluted earnings per share as reported		$	0.07			$	0.11			$	0.02
Total EPS effect		$	0.04			$	0.06			$	0.06
Adjusted diluted earnings per share		$	0.11			$	0.17			$	0.08

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Reconciliation of Net Income to Adjusted EBITDA

 

		Three Months Ended
		June 30, 2024				March 31, 2024				June 30, 2023
Net Income		$	1,719			$	2,431			$	532
Interest expense			1,840				1,793				1,896
Tax expense			1,178				244				207
Depreciation and amortization expense			2,651				2,794				2,869
EBITDA		$	7,388			$	7,262			$	5,504
Adjustments:
Stock compensation		$	360			$	633			$	589
FX			353				476				718
Severance / restructuring costs			—				(51	)			—
Other			—				69				—
Total Adjustments		$	713			$	1,127			$	1,307
Adjusted EBITDA		$	8,101			$	8,389			$	6,811
Adjusted EBITDA as % of sales			10.6	%			11.4	%			9.3	%

Net Debt

 

		June 30, 2024				March 31, 2024				June 30, 2023
Total cash & cash equivalents		$	5,303			$	5,054			$	7,302
Notes payable - short term		$	21,153			$	22,658			$	23,857
Current portion of finance leases			651				632				555
Notes payable - long term			14,064				17,004				21,585
Finance lease obligations - LT			2,444				2,609				3,093
Revolver, net			50,923				48,531				45,982
Total debt		$	89,235			$	91,434			$	95,072
Net debt		$	83,932			$	86,380			$	87,770

Net debt is calculated using the Consolidated Balance Sheet amounts for current and long-term portion of long-term debt, capital lease obligations, notes payable, and revolving credit facilities minus cash and cash equivalents.

Exhibit 99.2 Second Quarter 2024 Results Conference Call August 7, 2024

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Safe Harbor Statement Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This presentation contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company’s expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management’s goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “will,” “should,” “could,” and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company's filings with the Securities and Exchange Commission and statements in this presentation should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. 2 2

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Key Messages Second Quarter 2024 Highlights ❖ Strong Financial Position ❖ Solid Revenue Growth Performance Lifting Equipment revenue increased ❖ Lowered net debt by $2 million from the 2.4% during 2Q driven by improvements end of the first quarter; ratio of net debt highlighted by strong in manufacturing velocity to trailing twelve-month adjusted rental growth, EBITDA declined to 2.5x; ample financial flexibility to support growth initiatives continued operating ❖ Rental Momentum Rental revenue increased 15.0% due to execution, margin strong demand drivers and investments ❖ Elevating Excellence expansion in rental fleet growth Continued progress on strategic initiatives including growing momentum in new product introductions, ramp of Rental ❖ Operating Execution • 3.7% revenue growth during 2Q operations, and strong execution on 2Q24 gross margin increased 220 bps, manufacturing throughput and supply- driven by increased production driven by increased manufacturing chain initiatives velocity and strong rental growth throughput, lower material costs, and increased Rental contribution ❖ 2024 Outlook • Strong execution drove 220 bps Reiterating 2024 adjusted EBITDA ❖ EBITDA Margin Expansion of y/y 2Q24 gross margin guidance, which assumes 8% EBITDA 2Q24 adjusted EBITDA margin of 10.6%, expansion growth at the mid-point of the guidance up 137 basis points yty range; adjusting revenue guidance to • 2Q24 adjusted EBITDA reflect recent slowdown in order trends increased 19.0% to $8.1 million; adjusted EBITDA margin expansion of 137 bps to 10.6% 3

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Value Creation Roadmap We introduced Elevating Excellence Initiative in First Quarter 2023 Manitex introduced its Elevating Excellence initiative in the first Manitex is addressing quarter 2023 representing a new long-term value creation strategy historical challenges to profitable growth • Too many go-to-market Disciplined Targeted Sustained Operational brands - diluted brand Capital identity Commercial Excellence Allocation • Unrealized synergies of Expansion scale • Lack of production velocity High-return organic growth Organic share expansion Optimize operating structure; product • Ineffective structure investments; invest from in favorable markets mix optimization; increased facility cash flow; opportunistic, • Lack of data-centric (North America / Western utilization; supply chain optimization; accretive bolt-on Europe); Share expansion improved fixed cost absorption reporting (KPI, balanced acquisitions in of PM | Oil & Steel and scorecard) complementary adjacent Valla in the USA markets Our Past Our Path Forward 4

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Financial Targets Positioned to drive significant organic growth and margin expansion Elevating Excellence Targets Manitex intends to Revenue Bridge ($MM) EBITDA Bridge ($MM) EBITDA Margin (%) deliver incremental ~25% ~65-110% +300-500 bps growth revenue growth at EBITDA growth of margin expansion in revenue, EBITDA mid-point of range 11% to 13% and EBITDA margin realization through a $325 to $360 $35 to $45 8% $274 combination $21 of commercial expansion, sustained 2022 2025E 2022 2025E 2022 2025E operational Margin Drivers excellence Revenue Drivers (2023 was a foundational year with focus on margins / process and (2024 and 2025 Focus on Growth) and disciplined systems) capital allocation • End-market growth• Improved fixed-cost absorption through improved operating leverage • Improved capacity utilization• Reweight product mix toward higher-margin offering • Product innovation / NPD• Centralization of procurement and supply chain • Market share gains 5

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Progress on Elevating Excellence Initiatives On track to achieve financial targets 25% Revenue Growth FY22 Revenue LTM Revenue Target Key Accomplishments: Key Priorities: $274MM $300MM $325-360MM • Structural Organization Changes• PM Crane Expansion • New products (PM Cranes | Valla)• Increased Dealer Count • Increased Share• New products (AWPs, elec cranes) 65-110% EBITDA Growth FY22 EBITDA LTM EBITDA Target Key Accomplishments: Key Priorities: $21MM $33MM $35-45MM • 33% EBITDA Growth (Q1 ‘24)• Cost reductions • Improved mfg. velocity• Reduced supply chain costs • Strong organic growth• Increase unit production 300-500 bps of EBITDA Margin Expansion LTM Margin FY22 Margin Target Key Accomplishments: Key Priorities: 11.0% 11-13% 7.8% • 218bps Q1 Margin expansion YOY• Supply chain efficiencies • Improved scale benefits• Operating leverage • Operating efficiencies• Improved mix 6

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Second Quarter 2024 Results

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Second Quarter 2024 Financial Performance Strong operational and commercial execution, Elevating Excellence gaining momentum 2Q24 results highlighted by strong demand trends in Rental, gross margin expansion, and progress on Elevating Excellence initiatives Second Quarter 2024 Elevating Excellence Key Highlights Key Highlights Strong customer response for new product 2Q24 revenue grew 4% driven by strong growth introductions in Rental and improved production velocity Increased market share in targeted markets Backlog decreased due to increased manufacturing velocity and market uncertainty Investment in rental fleet driving growth Ongoing resource optimization initiatives driving 2Q gross margin of 22.5% up 220 bps due to improvement in manufacturing throughput better manufacturing throughput, lower material New sourcing partners driving incremental cost costs, and increased rental contribution savings 2Q adjusted EBITDA increased 19.0% to $8.1 Net leverage of 2.5x at end of 2Q24, down from million; margin of 10.6%, up 137 basis points 2.9x at year-end 2023, achieved goal of 3.0x ahead of plan 8 8

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2Q24 Performance Summary Solid growth, meaningful margin improvement 4% y/y Revenue Growth Order Softness Drove Backlog Decline Favorable end ($MM) ($MM) market trends and $78.7 $223.2 $196.9 strong execution $76.2 $170.3 $154.2 $73.5 $73.3 $115.8 $71.3 • Revenue growth due to increased manufacturing velocity, rental growth 2Q23 3Q23 4Q23 1Q24 2Q24 2Q23 3Q23 4Q23 1Q24 2Q24 • Gross margin improved 220 bps y/y due to better throughput, sourcing benefits, rental growth 220 bps y/y Gross Margin Expansion 19% y/y Adjusted EBITDA Growth (%) ($MM) • Adjusted EBITDA of $8.1 million 23.3% 23.0% $8.5 during 2Q24 was up 19% from last $8.4 $8.0 $8.1 22.5% year owing to operational $6.8 improvements. 20.9% 20.3% • Trailing twelve-month EBITDA of $33.0 million, up 25% from prior TTM period; 11.0% TTM EBITDA margin 2Q23 3Q23 4Q23 1Q24 2Q24 2Q23 3Q23 4Q23 1Q24 2Q24 9

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Disciplined Balance Sheet Management Focus on net debt reduction and investment in organic growth initiatives Net Leverage Ratio Cash and Availability Capital allocation ($MM) (Net debt to Adjusted EBITDA) focused on net debt $33.0 $31.2 $31.3 $29.7 $28.7 reduction and organic 3.9x growth initiatives 3.5x 3.3x 2.9x 2.9x • Stable liquidity profile, $2 2.7x million decline in net debt 2Q23 3Q23 4Q23 1Q24 2Q24 2.5x driven by operating earnings • Expect further improvement in Net Debt free cash flow conversion in ($MM) 2024 as working capital levels $87.8 are worked down $86.4 $86.4 $85.5 • Net leverage of 2.5x, down from 3.9x at YE22 driven by strong $83.9 EBITDA growth. Achieved long- term target of 3.0x or less ahead of plan 2Q23 3Q23 4Q23 1Q24 2Q24 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 10

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Full-Year 2024 Financial Guidance Outlook reflects 8% Adjusted EBITDA growth and continued margin expansion 2024 guidance reflects progress on Elevating Excellence initiatives $ in millions Fiscal Full-Year 2023 Fiscal Full-Year 2024 Revenue $291.4 $290 to $300 • Improved production velocity and operating efficiencies Adjusted EBITDA $29.6 $30 to $34 resulting in margin expansion Adjusted EBITDA Margin 10.1% 10.8%* and strong Adjusted EBITDA growth • Recent slowdown in order trends impacting revnues * At mid-point of guidance range • Expect continued balance sheet de-leveraging 11

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Appendix

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Statement on Non-GAAP Financial Measures NON-GAAP FINANCIAL MEASURES AND OTHER ITEMS In this presentation, we refer to various non-GAAP (U.S. generally accepted accounting principles) financial measures which management uses to evaluate operating performance, to establish internal budgets and targets, and to compare the Company's financial performance against such budgets and targets. These non-GAAP measures, as defined by the Company, may not be comparable to similarly titled measures being disclosed by other companies. While adjusted financial measures are not intended to replace any presentation included in our consolidated financial statements under generally accepted accounting principles (GAAP) and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, we believe these measures are useful to investors in assessing our operating results, capital expenditure and working capital requirements and the ongoing performance of its underlying businesses. A reconciliation of Adjusted GAAP financial measures is included with this presentation. All per share amounts are on a fully diluted basis. The quarterly amounts described below are unaudited, are reported in thousands of U.S. dollars, and are as of the dates indicated. 13

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Appendix - Reconciliations Reconciliation of Net Income to Adjusted Net Income Reconciliation of Net Income Attributable to Shareholders of Manitex International, Inc. to Adjusted Net Income Three Months Ended June 30, 2024 March 31, 2024 June 30, 2023 Net income attributable to shareholders of Manitex $ 1,490 $ 2,283 $ 404 International, Inc. Adjustments, including net tax impact 713 1,127 1,307 Adjusted net income attributable to shareholders of $ 2 ,203 $ 3 ,410 $ 1,711 Manitex International, Inc. Weighted diluted shares outstanding 20,392,756 20,363,642 20,209,959 Diluted earnings per share as reported $ 0.07 $ 0 .11 $ 0.02 Total EPS effect $ 0.04 $ 0.06 $ 0 .06 Adjusted diluted earnings per share $ 0.11 $ 0 .17 $ 0 .08 14

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Appendix - Reconciliations Reconciliation of Net Income to Adjusted EBITDA Reconciliation of Net Income to Adjusted EBITDA Three Months Ended June 30, 2024 March 31, 2024 June 30, 2023 Net Income $ 1,719 $ 2,431 $ 532 Interest expense 1,840 1,793 1,896 Tax expense 1,178 244 207 Depreciation and amortization expense 2,651 2,794 2,869 EBITDA $ 7,388 $ 7,262 $ 5,504 Adjustments: Stock compensation $ 360 $ 633 $ 589 FX 353 476 718 Severance / restructuring costs - (5 1) - Other - 69 - Total Adjustments $ 713 $ 1,127 $ 1,307 Adjusted EBITDA $ 8,101 $ 8,389 $ 6,811 Adjusted EBITDA as % of sales 10.6% 11.4% 9.3% 15

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Document and Entity Information	Aug. 07, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001302028
Document Type	8-K
Document Period End Date	Aug. 07, 2024
Entity Registrant Name	MANITEX INTERNATIONAL, INC.
Entity Incorporation State Country Code	MI
Entity File Number	001-32401
Entity Tax Identification Number	42-1628978
Entity Address, Address Line One	9725 Industrial Drive
Entity Address, City or Town	Bridgeview
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60455
City Area Code	(708)
Local Phone Number	430-7500
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Security 12b Title	Common Stock, no par value
Trading Symbol	MNTX
Security Exchange Name	NASDAQ

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