MNTX Manitex International Inc

Exhibit 99.1

MANITEX INTERNATIONAL REPORTS SECOND QUARTER 2023 RESULTS

Bridgeview, IL, August 3, 2023 – 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, 2023.

SECOND QUARTER 2023 RESULTS

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

MANAGEMENT COMMENTARY

“We are excited to have delivered another quarter of strong financial performance and continued progress against our Elevating Excellence business transformation strategy,” stated Michael Coffey, CEO of Manitex. “Our second quarter revenue increased by 6% driven by favorable lifting equipment segment end-market demand and strong growth in our rental equipment operations. We remain encouraged by the positive fundamentals in our key infrastructure, energy, and mining end markets, which combined with the promising customer response to our recent new product introductions, has resulted in continued momentum in our backlog.”

“While our recent financial performance has been encouraging, we are even more excited by the ongoing progress we have achieved on our strategic initiatives, which places the company on track to deliver on the long-term financial targets we outlined last quarter,” continued Coffey. “As a reminder, our Elevating Excellence value creation framework is based on three key pillars—generating commercial growth, enhancing operating performance, and disciplined capital allocation. We expect execution on these initiatives to enable us to achieve our 2025 financial targets, which include 25% organic revenue growth at the mid-point of the range, 65-110% Adjusted EBITDA growth, and 300-500 basis points of Adjusted EBITDA margin expansion.”

“Our priorities in the near-term are centered on enhancing the operational processes that are critical to support our long-term growth ambitions, so we were pleased with the successful implementation of our new ERP systems across the organization and another quarter of improved manufacturing throughput,” continued Coffey. “The early progress on our operational goals is evident in our second quarter Adjusted EBITDA margin, which increased 180 basis points on a year-over-year basis to 9.3%, despite lingering supply chain challenges and the recent spike in steel prices.”

“A key priority is reducing our net leverage ratio towards our short-term target of at-or-below 3.0x, so we were pleased to see our net debt to trailing twelve-month Adjusted EBITDA decline to 3.3x at the end of the second quarter, down from 3.9x at the end of 2022,” stated Joseph Doolan, Chief Financial Officer of Manitex. “Our total liquidity of $31 million, which includes total cash and availability under our credit facilities, provides us with ample financial flexibility to support our organic growth initiatives.”

“Momentum in our key end markets remains robust, and as we continue to execute on our Elevating Excellence strategy, we will further position the Company to benefit from these favorable trends,” continued Coffey. “Based on our solid first half results, sustained margin improvements, and continued new order momentum, including several large orders received subsequent to quarter end, we remain on track to achieve our 2023 financial guidance, which calls for low double-digit adjusted EBITDA growth in 2023.”

SECOND QUARTER 2023 PERFORMANCE

The Company reported net revenue of $73.5 million in the second quarter 2023, an increase of 5.7% versus the prior-year period, driven by growth in the lifting segment, as well as contribution from the Rabern Rentals acquisition completed in April 2022. Revenue growth was negatively impacted by $2.6 million, or approximately 3.7%, due to lower truck chassis sales, which are largely pass-through revenue items. The Company continues to expect lower chassis sales to be a headwind to reported sales growth and a benefit to reported gross margin in 2023.

Lifting Equipment Segment revenue was $66.3 million in the second quarter 2023, an increase of 4.6%, versus the prior-year period, or an increase of 8.7% when excluding the impact of truck chassis sales in the quarter. The increased output is a direct reflection of process centered improvements attained from our Elevating Excellence strategy and favorable demand trends in both domestic and international markets. In North America, strong project activity from energy and infrastructure markets is driving robust activity levels, while international markets are benefitting from infrastructure projects in Europe and continued strength from South American mining activity.

Rental Equipment Segment revenue was $7.3 million in the second quarter 2023, supported by strong end-market demand in key North Texas markets, including contribution from the Lubbock, Texas location that opened in March 2023. The Rabern business benefitted from the deployment of new rental fleet acquired in 2022, pricing gains, and a modest improvement in utilization.

Total gross profit was $14.9 million in the second quarter, an increase from $12.4 million in the prior-year period due to revenue growth, benefits from the Company’s operational improvement initiatives, and improved profitability in rental. As a result of these factors, gross profit margin increased 250 basis points to 20.3% during the second quarter 2023. These factors were partially offset by higher US-based steel prices, which were a headwind during the quarter as prices spiked during the first half of 2023. The Company has successfully implemented product surcharges and price increases in an effort to offset the rising price of steel, and these measures are expected to benefit margins beginning in the third quarter of 2023.

SG&A expense was $10.8 million for the second quarter, compared to $11.4 million for the comparable period last year. The decrease was primarily related to restructuring and other expenses included in last year’s results. R&D costs of $0.8 million were up modestly from $0.7 million last year.

Operating income was $3.3 million for the second quarter 2023, compared to an operating loss of ($1.7) million for the same period last year. Second quarter operating margin was 4.5%, an improvement from (2.4%) in the prior year period. The year-over-year improvement in operating income was driven by the strong operating performance, disciplined cost control, and Rabern transaction costs and other one-time expenses that were incurred in the second quarter last year.

The Company delivered GAAP Net Income of $0.5 million, or $0.02 per diluted share, for the second quarter 2023, compared to a net loss of ($2.1) million, or ($0.10) per diluted share, for the same period last year. Adjusted net income was $1.7 million, or $0.08 per diluted share in the second quarter 2023, an increase compared to adjusted net income of $0.9 million, or $0.05 per diluted share, for the same period last year. Adjusted net income excludes $0.6 million of stock compensation expense and $0.7 million of other non-recurring expenses in the second quarter of 2023.

Adjusted EBITDA was $6.8 million for the second quarter 2023, or 9.3% of sales, compared to $5.2 million, or 7.4% of sales, for the same period last year. See Non-GAAP reconciliations in the appendix of this release.

As of June 30, 2023, total backlog was $223.2 million, up 4.4% from the end of the second quarter 2022, driven by continued favorable trends in key end markets and the contribution from new product introductions in North America. Backlog was down 6.2% from the end of the first quarter of 2023 due primarily to improved manufacturing throughput, and the timing of orders, as the Company received several large orders in early July.

BALANCE SHEET AND LIQUIDITY

As of June 30, 2023, total debt was $95.1 million. Cash and cash equivalents as of June 30, 2023, were $7.3 million, resulting in net debt of $87.8 million. Net debt at the end of the second quarter 2023 was up modestly from the end of the first quarter due to seasonal working capital needs and modest inventory growth in Italy resulting from the transition of the ERP system. Net leverage was 3.3x at the end of second quarter 2023, down from 3.9x at the end of fourth quarter 2022. As of June 30, 2023, Manitex had total cash and availability of $31 million.

STRATEGIC UPDATE - ELEVATING EXCELLENCE INITIATIVE

In early 2023, Manitex formally launched its multi-year business transformation strategy, Elevating Excellence, which aims to drive sustained commercial growth and improved operating performance, ultimately resulting in long-term value creation for shareholders. The three main tenets of the business strategy include generating commercial growth (organic market share expansion, product innovation, expanded aftermarket focus), enhancing operating performance (optimized manufacturing resources, enhanced sourcing and procurement, product mix optimization), and disciplined capital allocation.

Key progress achieved during the second quarter against the strategy are as follows:

LONG-TERM FINANCIAL TARGETS

Manitex introduced long-term financial targets as part of its Elevating Excellence initiative. The full-year 2025 financial targets reflect the underlying strength of the Company’s end markets and expected commercial and operational benefits from the Elevating Excellence initiatives. The Company’s financial targets are unchanged, as detailed in the following table.

($ in millions)

These targets are current as of the time provided and subject to change, given markets conditions.

SECOND QUARTER 2023 RESULTS CONFERENCE CALL

Manitex will host a conference call today at 9:00 AM ET to discuss the Company’s second quarter 2023 results and updated corporate strategy.

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/eventspresentations.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:

To listen to a replay of the teleconference, which will be available through August 17, 2023:

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 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 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

MANITEX INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)

MANITEX INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

(Unaudited)

Net Sales and Gross Margin

Backlog

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 (Loss) Attributable to Shareholders of Manitex International, Inc. to Adjusted Net Income

Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA

Net Debt

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.