Exhibit 99.1

Manitex International, Inc. Reports First Quarter 2021 Results

Bridgeview, IL, May 6, 2021 — Manitex International, Inc. (Nasdaq: MNTX), a leading international provider of cranes and specialized industrial equipment, today announced first quarter 2021 results. Net sales from continuing operations for the first quarter were $47.2 million, compared to $48.7 million in the prior year’s first quarter, and net loss from continuing operations was $(0.8 million) or $(0.04) per share, compared to net loss from continuing operations of $(7.0 million) or $(0.36) per share, in the first quarter of 2020. Adjusted net loss* from continuing operations in the first quarter of 2021 was $(0.1 million), or $(0.01) per share, compared to adjusted net income of $1.6 million, or $0.08 per share, for the first quarter of 2020.

Quarterly Financial Highlights (Sequential comparisons unless noted otherwise):

• Net sales increased to $47.2 million compared to $45.2 million in the fourth quarter of 2020

• Gross profit of $8.8 million, or 18.7% of sales was in-line with $8.4 million gross profit, or 18.7% of sales in the fourth quarter of 2020

• Adjusted EBITDA* increased 24.0% to $1.9 million, or 3.9% of sales, from $1.5 million, or 3.3% of sales in the fourth quarter of 2020

• $107 million backlog as of April 30, 2021 is at a 5-year high, and book to bill was 1.34:1

• Available liquidity through cash and credit lines of approximately $28 million as of March 31, 2021

Note: Results presented above are from Continuing Operations

* Adjusted Numbers are discussed in greater detail and reconciled under “Non-GAAP Financial Measures and Other Items” at the end of this release.

Steve Filipov, CEO of Manitex International commented, “Our first quarter results were in-line with our expectations and reflect increased net sales and adjusted EBITDA. Our backlog has grown consistently over the past several quarters, evidence of a healthy recovery in demand in many of the markets that our products are uniquely suited for, and has surpassed $100 million, giving us confidence that we will achieve a year of growth in 2021. To put that in perspective, just slightly over a year ago, we reported a backlog of $57 million, and thus, we’re pleased with the progress that our global sales team is making. We recently announced $1.7 million in follow-on orders for PM cranes from a large international military entity as originally announced in the third quarter last year.

“While the backlog indicates a healthy level of demand in each product category, there remain challenges with respect to logistics, supply chain, and input pricing that are typical at the early stages of a recovery. We will aim to work closely with our customers to collectively address the cost increases, protect our margins, and effectively manage our working capital. Given the visibility we have for acceleration in our sales and a more favorable product mix in the backlog, we anticipate progressively higher EBITDA and EBITDA margins throughout the year as we move towards our target of double-digit EBITDA margins.

Our balance sheet, with net debt of $31 million, is in good shape, and our cash and availability of approximately $28 million also positions us well for growth,” concluded Mr. Filipov.

Conference Call:

Management will host a conference call with an accompanying slide presentation, after the close of the market, at 4:30PM ET today, May 6, 2021, to discuss the results with the investment community. Anyone interested in participating in the call should dial 800-683-3233 from within the United States or 303-223-4369 if calling internationally. A replay will be available

until May 13, 2021, 11:59 PM which can be accessed by dialing 844-512-2921 if calling within the United States or 412-317-6671 if calling internationally. Please use passcode 21993763 to access the replay. The call will additionally be broadcast live and archived for 90 days over the internet with accompanying slides, accessible at the investor relations portion of the Company’s corporate website, www.manitexinternational.com/eventspresentations.aspx.

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 for the three month periods ended March 31, 2021 and 2020 and December 31, 2020 is included with this press release below and with the Company’s related Form 8-K. Results of operations reflect continuing operations. All per share amounts are on a fully diluted basis. The amounts described below are unaudited, are reported in thousands of U.S. dollars, and are as of, or for the three month periods ended March 31, 2021 and 2020 and December 31, 2020, unless otherwise indicated.

About Manitex International, Inc.

Manitex International, Inc. is a leading worldwide provider of highly engineered mobile cranes (truck mounted straight-mast and knuckle boom cranes, industrial cranes, rough terrain cranes and railroad cranes), truck mounted aerial work platforms and specialized industrial equipment. Our products, which are manufactured in facilities located in the USA and Europe, are targeted to selected niche markets where their unique designs and engineering excellence fill the needs of our customers and provide a competitive advantage. We have consistently added to our portfolio of branded products and equipment both through internal development and focused acquisitions to diversify and expand our sales and profit base while remaining committed to our niche market strategy. Our brands include Manitex, PM, MAC, PM-Tadano, Oil & Steel, Badger, and Valla.

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.

Company Contact
Manitex International, Inc.	Darrow Associates Inc.
Steve Filipov	Peter Seltzberg, Managing Director
Chief Executive Officer	Investor Relations
(708) 237-2054	(516) 419-9915
sfilipov@manitex.com	pseltzberg@darrowir.com

MANITEX INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

	March 31, 2021			December 31, 2020
ASSETS
Current assets
Cash	$	15,839		$	17,161
Cash – restricted		236			240
Trade receivables (net)		33,565			30,418
Other receivables		1,289			179
Inventory (net)		58,853			56,055
Prepaid expense and other current assets		3,712			2,218
Total current assets		113,494			106,271
Total fixed assets, net of accumulated depreciation of $17,599 and $17,444 at December 31, 2020 and December 31, 2019, respectively		17,777			18,723
Operating lease assets		3,752			4,068
Intangible assets (net)		14,633			15,671
Goodwill		26,729			27,472
Other long-term assets		1,143			1,143
Deferred tax asset		247			247
Total assets	$	177,775		$	173,595
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	38,846		$	32,429
Accrued expenses		8,650			7,909
Related party payables		34			52
Notes payable		16,995			16,510
Current portion of finance lease obligations		344			344
Current portion of operating lease obligations		1,009			1,167
Customer deposits		1,771			2,363
Deferred income liability		3,747			3,747
Total current liabilities		71,396			64,521
Long-term liabilities
Revolving term credit facilities (net)		12,644			12,606
Notes payable (net)		13,067			13,625
Finance lease obligations (net of current portion)		4,128			4,221
Non-current operating lease liabilities		2,743			2,901
Deferred gain on sale of property		567			587
Deferred tax liability		1,317			1,333
Other long-term liabilities		4,723			4,892
Total long-term liabilities		39,189			40,165
Total liabilities		110,585			104,686
Commitments and contingencies
Equity
Preferred Stock—Authorized 150,000 shares, no shares issued or outstanding at March 31, 2021 and December 31, 2020		—			—
Common Stock—no par value 25,000,000 shares authorized, 19,900,789 and 19,821,090 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively		131,991			131,455
Paid in capital		2,740			3,025
Retained deficit		(64,635	)		(63,863	)
Accumulated other comprehensive loss		(2,906	)		(1,708	)
Total equity		67,190			68,909
Total liabilities and equity	$	177,775		$	173,595

MANITEX INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three Months Ended March 31,
	2021			2020
Net revenues	$	47,168		$	48,733
Cost of sales		38,363			38,486
Gross profit		8,805			10,247
Operating expenses
Research and development costs		785			687
Selling, general and administrative expenses		7,744			8,039
Impairment of intangibles		—			6,722
Total operating expenses		8,529			15,448
Operating income (loss)		276			(5,201	)
Other income (expense)
Interest expense		(525	)		(1,084	)
Interest income		4			60
Foreign currency transaction loss		(215	)		(418	)
Other (expense) income		(20	)		3
Total other (expense) income		(756	)		(1,439	)
Loss before income taxes from continuing operations		(480	)		(6,640	)
Income tax expense from continuing operations		292			404
Loss from continuing operations		(772	)		(7,044	)
Discontinued operations:
Loss from operations of discontinued operations		—			(388	)
Income tax expense (benefit)		—			44
Loss from discontinued operations		—			(432	)
Net loss	$	(772	)	$	(7,476	)
Loss Per Share
Basic
Loss from continuing operations	$	(0.04	)	$	(0.36	)
Loss from discontinued operations		—		$	(0.02	)
Net loss	$	(0.04	)	$	(0.38	)
Diluted
Loss from continuing operations	$	(0.04	)	$	(0.36	)
Loss from discontinued operations		—		$	(0.02	)
Net loss	$	(0.04	)	$	(0.38	)
Weighted average common shares outstanding
Basic		19,845,064			19,733,772
Diluted		19,845,064			19,733,772

Note: Results shown are from Continuing Operations

Net Sales, Gross Margin and Operating Income (Loss)

	Three Months Ended
	March 31, 2021						December 31, 2020						March 31, 2020
	As Reported			As Adjusted			As Reported			As Adjusted			As Reported			As Adjusted
Net sales	$	47,168		$	47,168		$	45,184		$	45,184		$	48,733		$	48,733
% change Vs Q4 2020		4.4	%		4.4	%
% change Vs Q1 2020		(3.2	%)		(3.2	%)
Gross margin		8,805			8,873			8,429			8,095			10,247			10,317
Gross margin % of net sales		18.7	%		18.8	%		18.7	%		17.9	%		21.0	%		21.2	%
Operating Income (loss)		276			748			(69	)		323			(5,201	)		2,467

Reconciliation of Net Loss To Adjusted Net Loss:

	Three Months Ended
	March 31, 2021			December 31, 2020			March 31, 2020
Net (loss) income	($	772	)	$	(1,827	)	$	(7,044	)
Adjustments, including net tax impact		664			528			8,647
Adjusted net (loss) income	($	108	)	($	1,299	)	$	1,603
Weighted diluted shares outstanding		19,845,064			19,817,599			19,733,772
Diluted (loss) earnings per shares as reported	($	0.04	)	($	0.09	)	($	0.36	)
Total EPS effect	$	0.03		$	0.02		$	0.44
Adjusted diluted (loss) earnings per share	($	0.01	)	($	0.07	)	$	0.08

Reconciliation of Net Loss To Adjusted EBITDA:

	Three Months Ended
	March 31, 2021			December 31, 2020			March 31, 2020
Net Income (loss)	$	(772	)	$	(1,827	)	$	(7,044	)
Interest expense		521			762			1,084
Tax expense		292			865			403
Depreciation and amortization expense		1,130			1,164			1,037
EBITDA	$	1,171		$	964		$	(4,520	)
Adjustments:
Stock compensation	$	299		$	380		$	222
FX		215			142			418
Litigation / legal settlement		90			113			108
Goodwill impairment		—			—			6,585
Tradenames & customer relationships impairment		—			—			137
Restructuring / asset impairment costs		68			—			70
Trade show expense		—			—			546
Put call option reserve reversal		—			(334	)		—
Other		15			233			—
Total Adjustments	$	687		$	534		$	8,086
Adjusted EBITDA	$	1,858		$	1,498		$	3,566
Adjusted EBITDA as % of sales		3.9	%		3.3	%		7.3	%

Backlog

	Mar 31, 2021		Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020
Backlog from continuing operations	$	83,793	$	67,967		$	50,541		$	44,272		$	57,045
Change Versus Current Period				23.3	%		65.8	%		89.3	%		46.9	%

Note: Backlog was $107 million as of April 30, 2021

Backlog is defined as purchase orders that have been received by the Company. 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.

Net Debt

Net debt is calculated using the Condensed 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.

	March 31, 2021		December 31, 2020
Total cash & cash equivalents	$	16,075	$	17,401
Notes payable - short term	$	16,995	$	16,510
Current portion of finance leases		344		344
Notes payable - long term		13,067		13,625
Finance lease obligations - LT		4,128		4,221
Revolver, net		12,644		12,606
Total debt	$	47,178	$	47,306
Net debt	$	31,103	$	29,905