FREIGHTCAR AMERICA, INC., 10-Q filed on 5/4/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Current Fiscal Year End Date --12-31  
Document Period End Date Mar. 31, 2026  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001320854  
Entity File Number 000-51237  
Entity Registrant Name FREIGHTCAR AMERICA, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 25-1837219  
Entity Address, Address Line One 125 South Wacker Drive  
Entity Address, Address Line Two Suite 1500  
Entity Address, City or Town Chicago  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60606  
City Area Code 800  
Local Phone Number 458-2235  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   19,137,208
Common Stock [Member]    
Document Information [Line Items]    
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol RAIL  
Security Exchange Name NASDAQ  
Preferred Stock [Member]    
Document Information [Line Items]    
Title of 12(b) Security Preferred Stock Purchase Rights  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash, cash equivalents and restricted cash equivalents $ 52,782 $ 64,295
Accounts receivable, net of allowance for credit losses of $127 and $121, respectively 12,764 12,443
VAT receivable 5,528 6,097
Inventories, net 80,057 68,295
Prepaid expenses and other current assets 12,334 8,875
Total current assets 163,465 160,005
Property, plant and equipment, net 29,333 30,969
Right of use asset operating lease 39,835 40,281
Intangibles, net 4,684 4,877
Deferred income taxes 49,771 52,970
Other long-term assets 910 947
Total assets 287,998 290,049
Current liabilities    
Accounts and contractual payables 53,570 55,671
Accrued payroll and other employee costs 11,695 9,110
Accrued warranty 1,786 2,050
Customer deposits 5,268 0
Deferred Revenue 9,041 539
Current portion of long-term debt 2,875 9,728
Lease liability Operating lease, Current 1,937 1,888
Other current liabilities 4,162 6,611
Total current liabilities 90,334 85,597
Long-term debt, net of current portion 98,162 97,514
Warrant liability 119,426 168,529
Accrued pension costs 1,310 1,256
Lease liability operating lease, long-term 42,724 43,233
Other long-term liabilities 1,320 1,333
Total liabilities 353,276 397,462
Commitments and contingencies (Note 16)
Stockholders' deficit    
Common stock, $0.01 par value, 50,000,000 shares authorized, 19,074,495 and 19,091,736 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 221 221
Additional paid in capital 73,280 72,557
Accumulated other comprehensive income 2,087 2,324
Accumulated deficit (140,866) (182,515)
Total stockholders' deficit (65,278) (107,413)
Total liabilities and stockholders' deficit $ 287,998 $ 290,049
v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Allowance for doubtful accounts $ 127 $ 121
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 19,074,495 19,091,736
Common stock, shares outstanding 19,074,495 19,091,736
v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenues $ 64,308 $ 96,290
Cost of sales 53,498 81,896
Gross profit 10,810 14,394
Selling, general and administrative expenses 11,404 10,523
Operating (loss) income (594) 3,871
Interest expense (3,376) (4,336)
Gain on change in fair market value of warrant liability 49,104 52,888
Other income (expense) 194 (139)
Income before income taxes 45,328 52,284
Income tax provisions 3,679 1,836
Net income $ 41,649 $ 50,448
Net earnings per common share - basic $ 1.27 $ 1.54
Net earnings per common share - diluted $ 1.15 $ 1.52
Weighted average common shares outstanding - basic 32,021,203 31,649,133
Weighted average common shares outstanding - diluted 35,523,823 33,285,446
v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 41,649 $ 50,448
Other comprehensive income, net of tax:    
Reclassification adjustment for amortization of net loss (pre-tax other income) 25 32
Unrealized gain on foreign currency derivatives 109 353
(Gain) loss on foreign currency derivatives reclassified into cost of sales (371) 591
Comprehensive income $ 41,412 $ 51,424
v3.26.1
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid In Capital [Member]
Accumulated Other Comprehensive (Loss) Income [Member]
Retained (Deficit) [Member]
Beginning Balance at Dec. 31, 2024 $ (150,273) $ 221 $ 69,404 $ 721 $ (220,619)
Beginning Balance (Shares) at Dec. 31, 2024   18,960,608      
Net income (loss) 50,448       50,448
Other comprehensive income (loss) 976     976  
Restricted stock awards   $ 1 (1)    
Restricted stock awards, shares   122,755      
Employee stock settlement (488) $ (1) (487)  
Employee stock settlement, shares   (50,010)      
Exercise of stock options and appreciation rights 2   2    
Exercise of stock options and appreciation rights, Shares   6,957      
Stock-based compensation recognized 1,940   1,940  
Balance at Mar. 31, 2025 (97,399) $ 221 70,854 1,697 (170,171)
Balance (Shares) at Mar. 31, 2025   19,040,310      
Beginning Balance at Dec. 31, 2025 $ (107,413) $ 221 72,557 2,324 (182,515)
Beginning Balance (Shares) at Dec. 31, 2025 19,091,736 19,091,736      
Net income (loss) $ 41,649       41,649
Other comprehensive income (loss) (237)     (237)  
Employee stock settlement (436)   (436)    
Employee stock settlement, shares   (40,531)      
Exercise of stock options and appreciation rights 78   78    
Exercise of stock options and appreciation rights, Shares   23,290      
Stock-based compensation recognized 1,081   1,081    
Balance at Mar. 31, 2026 $ (65,278) $ 221 $ 73,280 $ 2,087 $ (140,866)
Balance (Shares) at Mar. 31, 2026 19,074,495 19,074,495      
v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 41,649 $ 50,448
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:    
Depreciation and amortization 1,863 1,496
Non-cash lease expense on right-of-use assets 446 826
Loss on change in fair market value for Warrant liability (49,104) (52,888)
Stock-based compensation recognized 1,081 1,940
Deferred income taxes 3,199 0
Other non-cash items, net 152 2,298
Changes in operating assets and liabilities:    
Accounts receivable (320) (5,855)
VAT receivable 560 (4,956)
Inventories (10,234) (6,555)
Accounts and contractual payables (3,464) 18,585
Income taxes payable, net (982) 618
Customer deposits 5,268 17,611
Other assets and liabilities 5,568 (10,774)
Net cash flows (used in) provided by operating activities (4,318) 12,794
Cash flows from investing activities    
Purchase of property, plant and equipment (147) (330)
Net cash flows used in investing activities (147) (330)
Cash flows from financing activities    
Deferred financing costs 0 (1,336)
Borrowings on revolving line of credit 8,000 0
Repayments on revolving line of credit (8,000) 0
Repayments on term loan (6,612) (719)
Employee stock settlement (436) (488)
Financing lease payments 0 (287)
Net cash flows used in financing activities (7,048) (2,830)
Net (decrease) increase in cash and cash equivalents (11,513) 9,634
Cash, cash equivalents and restricted cash equivalents at beginning of period 64,295 44,450
Cash, cash equivalents and restricted cash equivalents at end of period 52,782 54,084
Supplemental cash flow information    
Interest paid 3,010 1,086
Income taxes paid 1,221 1,215
Change in unpaid construction in process $ (113) $ (47)
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Description of the Business
 3 Months Ended
Mar. 31, 2026
Description of the Business [Abstract]  
Description of the Business

Note 1 – Description of the Business

 

FreightCar America, Inc. (“FreightCar”) operates primarily in North America through its direct and indirect subsidiaries (collectively with FreightCar, the “Company”, “we”, “us”, or “our”), and designs and manufactures a wide range of railroad freight cars, completes railcar rebody and repair services, provides railcar conversion services that repurpose idled rail assets back into revenue service, and supplies railcar replacement parts and components for all railcar types. The Company designs and builds high-quality railcars, including boxcars, covered and open-top hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and coal cars.

v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Note 2 – Basis of Presentation

 

The accompanying condensed consolidated financial statements include the accounts of FreightCar and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The foregoing financial information has been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) and rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for interim financial reporting. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year. The accompanying interim financial information is unaudited; however, the Company believes the financial information reflects all adjustments (consisting of items of a normal recurring nature) necessary for a fair presentation of financial position, results of operations and cash flows in conformity with GAAP. The 2025 year-end balance sheet data was derived from the audited financial statements as of December 31, 2025.

 

Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted. Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation. There is no impact on previously reported consolidated statements of operations or statements of cash flows as a result of these reclassifications. These interim financial statements should be read in conjunction with the audited financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 3 – Revenue Recognition

 

The following table disaggregates the Company’s revenues by major source:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Manufacturing sales

 

$

52,957

 

 

$

90,174

 

Aftermarket sales

 

 

11,351

 

 

 

6,116

 

Total revenues from contracts with customers

 

$

64,308

 

 

$

96,290

 

 

Contract Balances and Accounts Receivable

 

Contract assets represent the Company’s rights to consideration for performance obligations that have been satisfied but for which the terms of the contract do not permit billing at the reporting date. The Company had no contract assets as of March 31, 2026 and December 31, 2025. The Company may receive cash payments from customers in advance of the Company satisfying performance obligations under its sales contracts resulting in deferred revenue or customer deposits, which are considered contract liabilities. Deferred revenue and customer deposits, reported on separate lines in the Company’s condensed consolidated balance sheets, are classified as either current or long-term liabilities in the condensed consolidated balance sheets based on the timing of when the Company expects to recognize the related revenue. Customer deposits were $5,268 as of March 31, 2026. There were no customer deposits as of December 31, 2025. Deferred revenue was $9,041 and $539 as of March 31, 2026 and December 31, 2025, respectively. Deferred revenue as of March 31, 2026 and December 31, 2025 will be recognized as revenue during the 2026 fiscal year. The Company has not experienced material credit losses historically.

 

Performance Obligations

 

The Company is electing not to disclose the value of the remaining unsatisfied performance obligations with a duration of one year or less as permitted by the practical expedient in ASU 2014-09, Revenue from Contracts with Customers. The Company had remaining unsatisfied performance obligations with expected duration of greater than one year of $81,321 as of March 31, 2026.

v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information

Note 4 – Segment Information

 

The Company’s operations consist of two operating and reportable segments, Manufacturing and Aftermarket. The Company identifies reportable segments based on differences in products and services. The Company’s Manufacturing segment includes new railcar manufacturing, used railcar sales, and major conversions and rebodies. The Company’s Aftermarket segment includes the selling of forged, cast and fabricated railcar parts and supplies for all railcar types, and provides aftermarket services including safety training, railcar inspections, and preventative maintenance.

 

The Company’s Chief Operating Decision Maker (“CODM”) is the President and Chief Executive Officer. The CODM evaluates segment performance and allocates resources based on segment gross profit and segment operating income (loss). These measures include revenues and costs directly attributable to the segments. Interest expense and income taxes are not allocated to segments.

 

A summary of segment information and reconciliation to consolidated income before income taxes is as follows:

 

 

 

Three Months Ended

 

 

 

March 31, 2026

 

 

 

Manufacturing

 

 

Aftermarket

 

 

Corporate

 

 

Total

 

Revenues

 

$

52,957

 

 

$

11,351

 

 

$

-

 

 

$

64,308

 

Cost of sales

 

 

45,637

 

 

 

7,861

 

 

 

-

 

 

 

53,498

 

Gross profit

 

$

7,320

 

 

$

3,490

 

 

$

-

 

 

$

10,810

 

Other segment items (1)

 

 

364

 

 

 

948

 

 

 

10,092

 

 

 

11,404

 

Operating income (loss)

 

$

6,956

 

 

$

2,542

 

 

$

(10,092

)

 

$

(594

)

Reconciliation to consolidated income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated interest expense

 

 

 

 

 

 

 

 

 

 

 

(3,376

)

Gain on change in fair market value of Warrant liability

 

 

 

 

 

 

 

 

 

 

 

49,104

 

Consolidated other income

 

 

 

 

 

 

 

 

 

 

 

194

 

Consolidated income before income taxes

 

 

 

 

 

 

 

 

 

 

$

45,328

 

 

 

(1) Other segment items in Manufacturing, Aftermarket and Corporate segments include selling, general and administrative expenses.

 

 

 

 

Three Months Ended

 

 

 

March 31, 2025

 

 

 

Manufacturing

 

 

Aftermarket

 

 

Corporate

 

 

Total

 

Revenues

 

$

90,174

 

 

$

6,116

 

 

$

-

 

 

$

96,290

 

Cost of sales

 

 

78,065

 

 

 

3,831

 

 

 

-

 

 

 

81,896

 

Gross profit

 

$

12,109

 

 

$

2,285

 

 

$

-

 

 

$

14,394

 

Other segment items (1)

 

 

357

 

 

 

566

 

 

 

9,600

 

 

 

10,523

 

Operating income (loss)

 

$

11,752

 

 

$

1,719

 

 

$

(9,600

)

 

$

3,871

 

Reconciliation to consolidated income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated interest expense

 

 

 

 

 

 

 

 

 

 

 

(4,336

)

Gain on change in fair market value of Warrant liability

 

 

 

 

 

 

 

 

 

 

 

52,888

 

Consolidated other expense

 

 

 

 

 

 

 

 

 

 

 

(139

)

Consolidated income before income taxes

 

 

 

 

 

 

 

 

 

 

$

52,284

 

 

(1) Other segment items in Manufacturing, Aftermarket and Corporate segments include selling, general and administrative expenses.

 

A summary of segment depreciation, amortization and capital expenditures is as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Depreciation and amortization:

 

 

 

 

 

 

Manufacturing

 

$

1,496

 

 

$

1,365

 

Aftermarket

 

 

309

 

 

 

36

 

Corporate

 

 

58

 

 

 

95

 

Consolidated depreciation and amortization

 

$

1,863

 

 

$

1,496

 

Capital expenditures:

 

 

 

 

 

 

Manufacturing

 

$

-

 

 

$

285

 

Aftermarket

 

 

147

 

 

 

-

 

Corporate

 

 

-

 

 

 

45

 

Consolidated capital expenditures

 

$

147

 

 

$

330

 

 

Segment assets represent operating assets and exclude intersegment accounts, deferred tax assets and income tax receivables. The Company does not allocate cash and cash equivalents to its operating segments as the Company’s treasury function is managed at the corporate level. A summary of segment assets is as follows:

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Assets:

 

 

 

 

 

 

Manufacturing

 

$

151,616

 

 

$

141,583

 

Aftermarket

 

 

27,726

 

 

 

27,202

 

Corporate

 

 

55,515

 

 

 

65,943

 

Total operating assets

 

 

234,857

 

 

 

234,728

 

Consolidated income taxes receivable and deferred income taxes

 

 

53,141

 

 

 

55,321

 

Consolidated assets

 

$

287,998

 

 

$

290,049

 

 

A summary of revenues and long-lived assets by geographic information is as follows:

 

Geographic Information

 

 

 

Revenues (a)

 

 

Long Lived Assets (b)

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

March 31,

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

United States

 

$

64,308

 

 

$

96,290

 

 

$

11,328

 

 

$

11,809

 

Mexico

 

 

-

 

 

 

-

 

 

 

62,524

 

 

 

64,318

 

Total

 

$

64,308

 

 

$

96,290

 

 

$

73,852

 

 

$

76,127

 

 

 

(a) Revenue is attributed to countries based on the location in which control transfers to the customer.

(b) Long lived assets include property plant and equipment, net, right-of-use (ROU) assets, and long-lived intangible assets.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 5 – Fair Value Measurements

 

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and the placement within the fair value hierarchy levels.

 

The Company classifies the inputs to valuation techniques used to measure fair value as follows:

Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 2 — Inputs other than quoted prices for Level 1 inputs that are either directly or indirectly observable for the asset or liability including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means.

Level 3 — Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability.

 

The following table sets forth by level within the fair value hierarchy the Company’s financial assets that were recorded at fair value on a recurring basis and the Company’s non-financial assets that were recorded at fair value on a non-recurring basis.

 

Recurring Fair Value Measurements

 

As of March 31, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency derivative asset

 

$

-

 

 

$

103

 

 

$

-

 

 

$

103

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

$

-

 

 

$

119,426

 

 

$

-

 

 

$

119,426

 

Contingent consideration

 

$

-

 

 

$

-

 

 

$

2,020

 

 

$

2,020

 

 

Recurring Fair Value Measurements

 

As of December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency derivative asset

 

$

-

 

 

$

437

 

 

$

-

 

 

$

437

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

$

-

 

 

$

168,529

 

 

$

-

 

 

$

168,529

 

Contingent consideration

 

$

-

 

 

$

-

 

 

$

2,020

 

 

$

2,020

 

 

 

The fair value of the Company’s foreign currency forward contracts, determined using exit prices obtained from each counterparty, which are based on currency spot and forward rates, as of March 31, 2026 and December 31, 2025 in an active market, is a Level 2 measurement. For further information, see Note 15 - Derivatives.

 

The fair value of the Company’s Warrant (as defined in Note 11 - Warrants) liability recorded in the Company’s financial statements, determined using the quoted price of the Company’s common stock, par value $0.01 per share (the “Common Stock”), in an active market, exercise prices ($0.01/share and $3.57/share) and number of shares exercisable, as of March 31, 2026 and December 31, 2025, is a Level 2 measurement.

The fair value of the Company’s contingent consideration liability, related to the CRC acquisition and determined using projected financial results and a risk-adjusted discount rate, as of March 31, 2026 and December 31, 2025, is a Level 3 measurement. See Note 8 - Acquisitions.
v3.26.1
Restricted Cash
 3 Months Ended
Mar. 31, 2026
Restricted Cash [Abstract]  
Restricted Cash

Note 6 – Restricted Cash

 

The Company establishes restricted cash balances (i) when required by customer contracts and (ii) to collateralize corporate card programs. The carrying value of restricted cash approximates its fair value.

 

The Company’s restricted cash balances are as follows:

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Restricted cash from customer deposit

 

$

281

 

 

$

281

 

Restricted cash to collateralize corporate card program

 

 

222

 

 

 

221

 

Total restricted cash and restricted cash equivalents

 

$

503

 

 

$

502

 
v3.26.1
Inventories
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Inventories

Note 7 – Inventories

 

Inventories, net of reserve for excess and obsolete items, consist of the following:

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Raw materials

 

$

50,122

 

 

$

53,282

 

Work in process

 

 

19,438

 

 

 

4,617

 

Finished railcars

 

 

354

 

 

 

80

 

Parts inventory

 

 

10,143

 

 

 

10,316

 

Total inventories, net

 

$

80,057

 

 

$

68,295

 

 

Inventory on the Company’s condensed consolidated balance sheets includes reserves of $866 and $950 relating to excess or slow-moving parts inventory and raw materials as of March 31, 2026 and December 31, 2025, respectively.

v3.26.1
Acquisitions
 3 Months Ended
Mar. 31, 2026
Business Combination [Abstract]  
Acquisitions

Note 8 – Acquisitions

 

On December 19, 2025, the Company acquired Carly Railcar Components, LLC (“CRC”), which operates as a wholly owned subsidiary and aligns with the Company’s aftermarket distribution business.

 

Total consideration for the acquisition included cash paid at closing, indebtedness assumed and settled, a holdback liability, and contingent consideration based on future revenue and gross margin performance.

 

The Company accounted for the transaction as a business combination under ASC 805 and recognized a bargain purchase gain of $2,086, which was recorded in other income (expense) in the consolidated statements of operations for the year ended December 31, 2025.

 

The purchase price allocation remains preliminary as of March 31, 2026, primarily due to the finalization of working capital and other purchase price adjustments. No measurement period adjustments were recorded during the three months ended March 31, 2026.

 

The acquisition included identifiable intangible assets, primarily customer relationships and a trade name, which are being amortized over their estimated useful lives.

 

Contingent consideration related to the acquisition was recorded at a fair value of $2,020 as of the acquisition date and is recorded as a liability that is remeasured at fair value each reporting period. The Company reassessed the fair value of the contingent consideration as of March 31, 2026 and determined that no remeasurement was required. Additional information is included in Note 5 – Fair Value Measurements.
v3.26.1
Product Warranties
 3 Months Ended
Mar. 31, 2026
Product Warranties Disclosures [Abstract]  
Product Warranties

Note 9 – Product Warranties

 

Warranty terms are based on the negotiated railcar sale, rebody or conversion contract, as applicable. Changes in the warranty reserve for the three months ended March 31, 2026 and 2025, are as follows:

 

 

 

 

For the Three Months Ended March 31,

 

 

 

 

 

2026

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

Balance at the beginning of the period

 

 

$

2,050

 

 

 

$

2,389

 

 

Current year provision

 

 

 

34

 

 

 

 

64

 

 

Reductions for payments, costs of repairs and other

 

 

 

(33

)

 

 

 

(225

)

 

Adjustments to prior warranties

 

 

 

(265

)

 

 

 

(66

)

 

Balance at the end of the period

 

 

$

1,786

 

 

 

$

2,162

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to prior warranties include changes in the warranty reserve for warranties issued in prior periods due to expiration of the warranty period, revised warranty cost estimates and other factors.
v3.26.1
Debt Financing and Credit Facilities
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Financing and Credit Facilities

Note 10 – Debt Financing and Credit Facilities

 

Long-term debt consists of the following as of March 31, 2026 and December 31, 2025:

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Term loan

 

$

105,513

 

 

$

112,125

 

Less term loan deferred financing costs

 

 

(4,476

)

 

 

(4,883

)

Total debt, net of deferred financing costs

 

 

101,037

 

 

 

107,242

 

Less amounts due within one year

 

 

(2,875

)

 

 

(9,728

)

Long-term debt, net of current portion

 

$

98,162

 

 

$

97,514

 

 

On December 31, 2024, the Company entered into a term loan agreement with FreightCar North America, LLC, certain of its subsidiaries, the lenders party thereto, and Blue Torch Finance LLC, as administrative and collateral agent, providing for a $115,000 term loan maturing December 31, 2028 (the “Term Loan”). The Term Loan includes customary affirmative and negative covenants and financial covenants, including minimum liquidity requirements and quarterly leverage ratio testing beginning March 31, 2025. The Company was in compliance with these covenants as of March 31, 2026. The Term Loan also includes an annual mandatory prepayment provision based on Excess Cash Flow, as defined in the agreement, requiring the Company to apply a portion of such cash flow to repay outstanding borrowings. Deferred financing costs of $6,511 are recorded as a reduction of long-term debt and amortized to interest expense over the term of the Term Loan.

 

The Term Loan bears interest at the Term Secured Overnight Refinancing Rate (“Term SOFR”), with a floor of 3.00% per annum, plus an applicable margin of 6.00% per annum or at a base rate, as selected by the Company as the borrower. Base rate loans, with respect to the Term Loan, bear interest at the highest of (a) 4.00% per annum, (b) the federal funds rate plus 0.50%, (c) the prime rate or (d) the Term SOFR rate plus 1.00% per annum plus an applicable margin of 5.00%. The Term Loan bears interest at 9.7% as of March 31, 2026.

 

On February 12, 2025, the Company entered into a $35,000 asset-based revolving credit facility (the “ABL”) with Bank of America, N.A., as administrative agent, maturing February 12, 2030, subject to a springing maturity of October 2, 2028 if the Term Loan is not repaid or refinanced by October 1, 2028. Availability under the ABL is subject to a borrowing base derived from eligible inventory and accounts receivable, which secure the facility.

 

The ABL contains customary affirmative and negative covenants and financial covenants that are triggered upon reduced availability and remain in effect while such condition exists. The Company was in compliance with these covenants as of March 31, 2026. Revolving loans outstanding bear interest at the Term SOFR rate plus an applicable margin ranging from 1.50% to 2.00% per annum or at a base rate plus an applicable margin ranging from 0.50% to 1.00% per annum, as selected by the Company as the borrower. Base rate loans, with respect to the ABL, bear interest at the highest of (a) the prime rate, (b) the federal funds rate plus 0.50% or (c) Term SOFR rate plus 1.00%, provided that the base rate may not be less than 1.00%. As of March 31, 2026, the ABL bears interest at 5.5%.

 

As of March 31, 2026, the Company had $31,253 of availability under the ABL, net of $452 reserved for foreign currency derivative mark-to-market adjustments and $197 reserved for a standby letter of credit. Deferred financing costs of $874 are recorded as an asset and amortized to interest expense over the term of the ABL.

 

The fair value of debt approximates its carrying value as of March 31, 2026 as the borrowings bear interest at variable rates that approximate current market rates, and there have been no significant changes in the Company’s credit risk since origination.
v3.26.1
Warrants
 3 Months Ended
Mar. 31, 2026
Warrants and Rights Note Disclosure [Abstract]  
Warrants

Note 11 – Warrants

 

The Company issued warrants to OC III LFE II LP (“OC III LFE”) and various affiliates of OC III LFE (collectively, the “Warrantholder”) in previous years to purchase a number of shares of Common Stock equal to 23% (the “2020 Warrant”), 5% (the “2021 Warrant”), and 5% (the “2022 Warrant”) of the outstanding Common Stock (after giving effect to such issuance) on a fully-diluted basis at the time the warrants are exercised. The 2020 Warrant, 2021 Warrant, and 2022 Warrant each have a per share exercise price of $0.01 and a term of ten (10) years from date of issuance.

 

The 2020 Warrant, issued in November 2020, was exercisable for an aggregate of 9,483,678 and 9,614,145 shares of Common Stock as of March 31, 2026 and December 31, 2025, respectively. The 2021 Warrant, issued in December 2021, was exercisable for an aggregate of 2,061,669 and 2,090,032 shares of Common Stock as of March 31, 2026 and December 31, 2025, respectively. The 2022 Warrant, issued in April 2022, was exercisable for an aggregate of 2,061,669 and 2,090,032 shares of Common Stock as of March 31, 2026 and December 31, 2025, respectively. The Company also issued a warrant to the Warrantholder in May 2023 to purchase an aggregate of 1,636,313 shares of Common Stock (the “2023 Warrant”), exercisable for a term of ten (10) years from date of issuance with a per share exercise price of $3.57.

 

The 2020 Warrant, 2021 Warrant, 2022 Warrant and 2023 Warrant are collectively referred to herein as the “Warrant”. As of March 31, 2026, the Warrant is classified as a liability and subject to fair value remeasurement at each balance sheet date. The fair value of the Warrant as of March 31, 2026 and December 31, 2025 was $119,426 and $168,529, respectively. The change in fair value of the Warrant is reported on a separate line in the condensed consolidated statements of operations.
v3.26.1
Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2026
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income

Note 12 – Accumulated Other Comprehensive Income

The changes in accumulated other comprehensive income consist of the following:

 

Three months ended March 31, 2026

 

Pre-Tax

 

 

Tax

 

 

After-Tax

 

Pension liability activity:

 

 

 

 

 

 

 

 

 

Reclassification adjustment for amortization of net loss (pre-tax other income)

 

$

32

 

 

$

(7

)

 

$

25

 

Other comprehensive gain before reclassifications:

 

 

 

 

 

 

 

 

 

Unrealized gain on foreign currency derivatives

 

 

138

 

 

 

(29

)

 

 

109

 

Amounts reclassified from accumulated other comprehensive income:

 

 

 

 

 

 

 

 

 

Gain on foreign currency derivatives reclassified into cost of sales

 

 

(471

)

 

 

100

 

 

 

(371

)

 

 

$

(301

)

 

$

64

 

 

$

(237

)

 

Three months ended March 31, 2025

 

Pre-Tax

 

 

Tax

 

 

After-Tax

 

Pension liability activity:

 

 

 

 

 

 

 

 

 

Reclassification adjustment for amortization of net loss (pre-tax other income)

 

$

32

 

 

$

-

 

 

$

32

 

Other comprehensive loss before reclassifications:

 

 

 

 

 

 

 

 

 

Unrealized loss on foreign currency derivatives

 

 

353

 

 

 

-

 

 

 

353

 

Amounts reclassified from accumulated other comprehensive income:

 

 

 

 

 

 

 

 

 

Loss on foreign currency derivatives reclassified into cost of sales

 

 

591

 

 

 

-

 

 

 

591

 

 

 

$

976

 

 

$

-

 

 

$

976

 

 

 

The components of accumulated other comprehensive income consist of the following:

 

 

 

March 31,

 

 

December 31,

 

 

2026

 

 

2025

 

Unrecognized pension income, net of tax of $6,230 and $6,237, respectively

 

$

2,303

 

 

$

2,278

 

Unrealized gain (loss) on foreign currency derivatives, net of tax of ($320) and ($391), respectively

 

 

(216

)

 

 

46

 

 

 

$

2,087

 

 

$

2,324

 
v3.26.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation

Note 13 – Stock-Based Compensation

 

Total stock-based compensation was $1,081 and $1,940 for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was $875 of unearned compensation expense related to restricted stock awards, which will be recognized over the remaining weighted average requisite service period of 11 months. As of March 31, 2026, there was $964 of unearned compensation expense related to time-vested stock options, which will be recognized over the remaining requisite service period of 11 months. As of March 31, 2026, there was $1,321 of unearned compensation expense related to performance share units, which will be recognized over the remaining requisite service period of 33 months. As of March 31, 2026, there was $1,497 of unearned compensation expense related to restricted stock units, which will be recognized over the remaining requisite service period of 21 months.

 

In June 2023, the Company issued 300,000 inducement stock options (the “Inducement Options”) outside of the FreightCar America, Inc. 2022 Long Term Incentive Plan to one individual. As of March 31, 2026, there was $15 of unrecognized compensation expense related to the Inducement Options, which will be recognized over the remaining requisite service period of 3 months.
v3.26.1
Employee Benefit Plans
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 14 – Employee Benefit Plans

 

The Company has a qualified, defined benefit pension plan (the “Plan”) that was established to provide benefits to certain employees. The Plan is frozen and participants are no longer accruing benefits. Generally, contributions to the Plan were not less than the minimum amounts required under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and not more than the maximum amount that can be deducted for federal income tax purposes. The Plan assets are held by an independent trustee and consist primarily of equity and fixed income securities.

 

The components of net periodic benefit cost for the three months ended March 31, 2026 and 2025, are as follows:

 

 

Three Months Ended

 

 

 

March 31,

 

Pension Benefits

 

2026

 

 

2025

 

Interest cost

 

$

121

 

 

$

132

 

Expected return on plan assets

 

 

(66

)

 

 

(67

)

Amortization of unrecognized net income

 

 

32

 

 

 

32

 

 

 

$

87

 

 

$

97

 

 

The Company made no significant contributions to the Plan for the three months ended March 31, 2026 and 2025. We expect to make contributions of $615 to the Plan in 2026 to meet minimum funding requirements. However, we may elect to adjust the level of contributions based on a number of factors, including performance of pension investments and changes in interest rates.

 

The Company also maintains qualified defined contribution plans, which provide benefits to employees based on employee contributions and employee earnings with discretionary contributions allowed.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 16 - Commitments and Contingencies

 

The Company is involved in various litigation matters from time to time, including intellectual property litigation, and warranty and repair claims incidental to the conduct of our business. Although the Company is taking actions to vigorously contest these matters, it is not possible to determine the outcome of these matters and proceedings. The Company does not believe these actions will have a material adverse effect on our financial position, results of operations or cash flows.
v3.26.1
Derivatives
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives

Note 15 – Derivatives

 

The Company’s operations and expenditures in its normal course of business are subject to opportunities and risks related to foreign currency and commodity price fluctuations. From time to time, the Company utilizes foreign currency forward contracts to hedge Mexican Peso denominated expenses against exchange rate volatility, and commodity swap contracts to hedge anticipated and probable commodity price fluctuations.

Since 2023, the Company has entered into foreign currency forward contracts with terms between one and 12 months, which require the Company to exchange currencies at agreed-upon rates at each settlement date. The counterparties to the contracts consist of a limited number of domestic and international financial institutions. The Company classifies these contract types as cash flow hedges in accordance with ASC 815, Derivatives and Hedging.

 

The Company does not have any non-designated derivatives. The Company assesses the assumed effectiveness of the contracts at each reporting period. The derivative instruments are recorded on the balance sheets at fair value. The Company records unrealized gains or losses related to changes in the fair value of the derivative instruments in other comprehensive income as long as the contracts are assumed to be effective. Amounts accumulated in other comprehensive income are reclassified to the condensed consolidated statements of operations on the same line as the items being hedged when the hedged item impacts earnings or upon determination that the contract is no longer assumed to be effective.
 

The notional amounts of outstanding derivative instruments are as follows:

 

 

 

March 31,

 

 

December 31,

 

Notional Amount

 

2026

 

 

2025

 

Derivative instruments designated as hedges:

 

 

 

 

 

 

Foreign currency derivatives

 

$

21,294

 

 

$

16,736

 

 

The fair value of outstanding derivative instruments designated as hedges are as follows:

 

 

 

March 31,

 

 

December 31,

 

Fair Value

 

2026

 

 

2025

 

Prepaid expenses and other current assets:

 

 

 

 

 

 

Foreign currency derivatives

 

$

103

 

 

$

437

 

 

The pre-tax realized (gains) losses on foreign currency derivatives are recognized in the condensed consolidated statements of operations as follows:

 

 

 

 

 

Amount of (Gain)/Loss Recognized

 

 

 

 

 

Three Months Ended
March 31,

 

 

 

Location of Realized (Gain)/Loss Recognized in the Consolidated Statements of Operations

 

2026

 

 

2025

 

Derivative instruments designated as cash flow hedges:

 

 

 

 

 

 

 

 

Foreign currency derivatives

 

Cost of sales

 

$

(471

)

 

$

591

 
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share

Note 17 – Earnings Per Share

 

The net income available to common stockholders and weighted-average common shares outstanding are as follows:

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

Net income

 

$

41,649

 

 

$

50,448

 

Allocation of undistributed earnings to nonvested restricted shares

 

 

(951

)

 

 

(1,838

)

Net income available to common stockholders - basic

 

$

40,698

 

 

$

48,610

 

Undistributed earnings reallocated to nonvested restricted shares

 

 

92

 

 

 

1,838

 

Net income available to common stockholders - diluted

 

$

40,790

 

 

$

50,448

 

Denominator:

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

18,320,591

 

 

 

17,854,876

 

Issuance of Warrants

 

 

13,700,612

 

 

 

13,794,257

 

Weighted average common shares outstanding - basic

 

 

32,021,203

 

 

 

31,649,133

 

Issuance of Fixed Warrants

 

 

1,120,648

 

 

 

1,636,313

 

Dilutive effect of employee stock options

 

 

2,381,972

 

 

 

-

 

Weighted average common shares outstanding - diluted

 

 

35,523,823

 

 

 

33,285,446

 

 

 

The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for Common Stock and participating securities. The Company’s participating securities are its grants of restricted stock which contain non-forfeitable rights to dividends. The Company allocates earnings between both classes; however, in periods of undistributed losses, they are only allocated to common shares as the unvested restricted stockholders do not contractually participate in losses of the Company. The Company computes basic earnings per share by dividing net income allocated to common shareholders by the weighted average number of shares outstanding during the period. Warrants issued in connection with the Company’s long-term debt were issued at a nominal exercise price and are considered outstanding at the date of issuance. The 2023 Warrant was issued out-of-the money and the Company will apply the treasury stock method to the 2023 Warrant when computing earnings per share. Diluted earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the period. Weighted average diluted common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and the assumed vesting of non-vested share awards. For the three months ended March 31, 2026 and 2025, 2,040,178 and 2,329,251 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive.

 

Shareholder Rights Plan

 

On September 2, 2025, the Company’s Board of Directors declared a dividend of one preferred share purchase right (a “Right”), payable on September 8, 2025, for each outstanding share of the Company’s common stock to stockholders of record on September 2, 2025. Each Right entitles the shareholder to purchase from the Company one one-hundredth of a share of Series D Junior Participating Preferred Stock for $42.00, once the Rights become exercisable, subject to adjustment.

The Rights will initially trade with and will be inseparable from common stock. The Rights will not be exercisable until: i) 10 business days after the public announcement that a person or group has become an “Acquiring Person” by obtaining beneficial ownership of 15% or more of the Company’s outstanding common stock (or 20% or more in the case of a person or group that is entitled to file, and does file, a Schedule 13G (a “13G Investor”)); or ii) 10 business days after a person or group begins or announces a tender or exchange offer which, if completed, would result in that person or group becoming an Acquiring Person. The Rights will expire on August 5, 2026, unless the Expiration Date is advanced or extended or unless the Rights are earlier redeemed or exchanged by the Company.
v3.26.1
Related Parties
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Parties

Note 18 – Related Parties

 

Fabricaciones y Servicios de México, S.A. de C.V. (“Fasemex”) is owned by Jesús Gil, a director of the Company, and Alejandro Gil and Salvador Gil, siblings of Jesús Gil. Both Jesús Gil and Alejandro Gil are beneficial owners of over 5% of our Common Stock as of December 31, 2025. Fasemex provides steel fabrication services to the Company. The lessors of the Castanos, Coahuila, Mexico Facility (the “Manufacturing Facility”) are Jesús Gil, Alejandro Gil, and Salvador Gil. Distribuciones Industriales JAS S.A. de C.V. (“DI”) is owned by Alejandro Gil and Salvador Gil and provides material and safety supplies to the Company. Maquinaria y equipo de transporte Jova S.A. de C.V. (“METJ”) is owned by Jorge Gil, a sibling of Jesús Gil, and provides trucking services to the Company. Additionally, Alejandro Gil has joint ownership of an external warehouse in Frontera, Coahuila, Mexico that the Company started leasing on July 1, 2025. Fasemex, DI, METJ, Jesús Gil, Alejandro Gil, Salvador Gil, and Jorge Gil are collectively referred to as the “Gil Family”.

The Company paid $5,598 to the Gil Family during the three months ended March 31, 2026, and $4,607 during the three months ended March 31, 2025, related to steel fabrication services, rent and security deposit payments for the Manufacturing Facility, material and safety supplies, trucking services, royalty payments and rent of an external warehouse.

Until June 9, 2025, Commercial Specialty Truck Holdings, LLC (“CSTH”) was minority owned by James R. Meyer, a member of our Board, our former CEO, and beneficial owner of over 5% of our Common Stock. On June 9, 2025, Mr. Meyer divested his ownership interest in CSTH, at which point CSTH ceased to be a related party. The Company sold specialty parts in an amount equal to $66 to CSTH during the three months ended March 31, 2025.

 

Related party asset, included in prepaid expenses and other current assets on the condensed consolidated balance sheets, of $523 as of March 31, 2026, includes security deposits of $523 from the Gil Family. Related party accounts payable, included in other current liabilities on the condensed consolidated balance sheets, of $1,726 as of March 31, 2026 are payable to the Gil Family. Related party asset, included in prepaid expenses and other current assets on the condensed consolidated balance sheets, of $547 as of December 31, 2025 includes security deposits of $547 from the Gil Family. Related party accounts payable, included in other current liabilities on the condensed consolidated balance sheets, of $3,355 as of December 31, 2025 are payable to the Gil Family.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

Note 19 – Income Taxes

 

The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. The Company’s reported effective income tax rate was 8.1% and 3.5% for the three months ended March 31, 2026 and 2025, respectively. The effective tax rate of 8.1% for the three months ended March 31, 2026 is lower than the 21% U.S. statutory tax rate due to substantial permanent differences, such as nontaxable gains associated with mark to market adjustments on stock warrants. The effective tax rate for the three months ended March 31, 2026 differs from the effective tax rate for the three months ended March 31, 2025 due to the mix of income among jurisdictions with different statutory tax rates, permanent items, and the impact of the U.S. federal valuation allowance in the three months ended March 31, 2025 that no longer exists in the three months ended March 31, 2026.

 
v3.26.1
Basis of Presentation (Policy)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

The accompanying condensed consolidated financial statements include the accounts of FreightCar and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The foregoing financial information has been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) and rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for interim financial reporting. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year. The accompanying interim financial information is unaudited; however, the Company believes the financial information reflects all adjustments (consisting of items of a normal recurring nature) necessary for a fair presentation of financial position, results of operations and cash flows in conformity with GAAP. The 2025 year-end balance sheet data was derived from the audited financial statements as of December 31, 2025.

 

Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted. Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation. There is no impact on previously reported consolidated statements of operations or statements of cash flows as a result of these reclassifications. These interim financial statements should be read in conjunction with the audited financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

v3.26.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Recognition

The following table disaggregates the Company’s revenues by major source:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Manufacturing sales

 

$

52,957

 

 

$

90,174

 

Aftermarket sales

 

 

11,351

 

 

 

6,116

 

Total revenues from contracts with customers

 

$

64,308

 

 

$

96,290

 
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment

A summary of segment information and reconciliation to consolidated income before income taxes is as follows:

 

 

 

Three Months Ended

 

 

 

March 31, 2026

 

 

 

Manufacturing

 

 

Aftermarket

 

 

Corporate

 

 

Total

 

Revenues

 

$

52,957

 

 

$

11,351

 

 

$

-

 

 

$

64,308

 

Cost of sales

 

 

45,637

 

 

 

7,861

 

 

 

-

 

 

 

53,498

 

Gross profit

 

$

7,320

 

 

$

3,490

 

 

$

-

 

 

$

10,810

 

Other segment items (1)

 

 

364

 

 

 

948

 

 

 

10,092

 

 

 

11,404

 

Operating income (loss)

 

$

6,956

 

 

$

2,542

 

 

$

(10,092

)

 

$

(594

)

Reconciliation to consolidated income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated interest expense

 

 

 

 

 

 

 

 

 

 

 

(3,376

)

Gain on change in fair market value of Warrant liability

 

 

 

 

 

 

 

 

 

 

 

49,104

 

Consolidated other income

 

 

 

 

 

 

 

 

 

 

 

194

 

Consolidated income before income taxes

 

 

 

 

 

 

 

 

 

 

$

45,328

 

 

 

(1) Other segment items in Manufacturing, Aftermarket and Corporate segments include selling, general and administrative expenses.

 

 

 

 

Three Months Ended

 

 

 

March 31, 2025

 

 

 

Manufacturing

 

 

Aftermarket

 

 

Corporate

 

 

Total

 

Revenues

 

$

90,174

 

 

$

6,116

 

 

$

-

 

 

$

96,290

 

Cost of sales

 

 

78,065

 

 

 

3,831

 

 

 

-

 

 

 

81,896

 

Gross profit

 

$

12,109

 

 

$

2,285

 

 

$

-

 

 

$

14,394

 

Other segment items (1)

 

 

357

 

 

 

566

 

 

 

9,600

 

 

 

10,523

 

Operating income (loss)

 

$

11,752

 

 

$

1,719

 

 

$

(9,600

)

 

$

3,871

 

Reconciliation to consolidated income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated interest expense

 

 

 

 

 

 

 

 

 

 

 

(4,336

)

Gain on change in fair market value of Warrant liability

 

 

 

 

 

 

 

 

 

 

 

52,888

 

Consolidated other expense

 

 

 

 

 

 

 

 

 

 

 

(139

)

Consolidated income before income taxes

 

 

 

 

 

 

 

 

 

 

$

52,284

 

 

(1) Other segment items in Manufacturing, Aftermarket and Corporate segments include selling, general and administrative expenses.

 

A summary of segment depreciation, amortization and capital expenditures is as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Depreciation and amortization:

 

 

 

 

 

 

Manufacturing

 

$

1,496

 

 

$

1,365

 

Aftermarket

 

 

309

 

 

 

36

 

Corporate

 

 

58

 

 

 

95

 

Consolidated depreciation and amortization

 

$

1,863

 

 

$

1,496

 

Capital expenditures:

 

 

 

 

 

 

Manufacturing

 

$

-

 

 

$

285

 

Aftermarket

 

 

147

 

 

 

-

 

Corporate

 

 

-

 

 

 

45

 

Consolidated capital expenditures

 

$

147

 

 

$

330

 
Reconciliation of Assets From Segment to Consolidated A summary of segment assets is as follows:

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Assets:

 

 

 

 

 

 

Manufacturing

 

$

151,616

 

 

$

141,583

 

Aftermarket

 

 

27,726

 

 

 

27,202

 

Corporate

 

 

55,515

 

 

 

65,943

 

Total operating assets

 

 

234,857

 

 

 

234,728

 

Consolidated income taxes receivable and deferred income taxes

 

 

53,141

 

 

 

55,321

 

Consolidated assets

 

$

287,998

 

 

$

290,049

 
Geographic Information

A summary of revenues and long-lived assets by geographic information is as follows:

 

Geographic Information

 

 

 

Revenues (a)

 

 

Long Lived Assets (b)

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

March 31,

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

United States

 

$

64,308

 

 

$

96,290

 

 

$

11,328

 

 

$

11,809

 

Mexico

 

 

-

 

 

 

-

 

 

 

62,524

 

 

 

64,318

 

Total

 

$

64,308

 

 

$

96,290

 

 

$

73,852

 

 

$

76,127

 

 

 

(a) Revenue is attributed to countries based on the location in which control transfers to the customer.

(b) Long lived assets include property plant and equipment, net, right-of-use (ROU) assets, and long-lived intangible assets.
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis and Non-Recurring Basis

The following table sets forth by level within the fair value hierarchy the Company’s financial assets that were recorded at fair value on a recurring basis and the Company’s non-financial assets that were recorded at fair value on a non-recurring basis.

 

Recurring Fair Value Measurements

 

As of March 31, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency derivative asset

 

$

-

 

 

$

103

 

 

$

-

 

 

$

103

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

$

-

 

 

$

119,426

 

 

$

-

 

 

$

119,426

 

Contingent consideration

 

$

-

 

 

$

-

 

 

$

2,020

 

 

$

2,020

 

 

Recurring Fair Value Measurements

 

As of December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency derivative asset

 

$

-

 

 

$

437

 

 

$

-

 

 

$

437

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

$

-

 

 

$

168,529

 

 

$

-

 

 

$

168,529

 

Contingent consideration

 

$

-

 

 

$

-

 

 

$

2,020

 

 

$

2,020

 

 
v3.26.1
Restricted Cash (Tables)
 3 Months Ended
Mar. 31, 2026
Restricted Cash [Abstract]  
Restricted Cash

The Company’s restricted cash balances are as follows:

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Restricted cash from customer deposit

 

$

281

 

 

$

281

 

Restricted cash to collateralize corporate card program

 

 

222

 

 

 

221

 

Total restricted cash and restricted cash equivalents

 

$

503

 

 

$

502

 
v3.26.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventory Current

Inventories, net of reserve for excess and obsolete items, consist of the following:

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Raw materials

 

$

50,122

 

 

$

53,282

 

Work in process

 

 

19,438

 

 

 

4,617

 

Finished railcars

 

 

354

 

 

 

80

 

Parts inventory

 

 

10,143

 

 

 

10,316

 

Total inventories, net

 

$

80,057

 

 

$

68,295

 
v3.26.1
Product Warranties (Tables)
 3 Months Ended
Mar. 31, 2026
Product Warranties Disclosures [Abstract]  
Changes in Warranty Reserve Changes in the warranty reserve for the three months ended March 31, 2026 and 2025, are as follows:

 

 

 

 

For the Three Months Ended March 31,

 

 

 

 

 

2026

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

Balance at the beginning of the period

 

 

$

2,050

 

 

 

$

2,389

 

 

Current year provision

 

 

 

34

 

 

 

 

64

 

 

Reductions for payments, costs of repairs and other

 

 

 

(33

)

 

 

 

(225

)

 

Adjustments to prior warranties

 

 

 

(265

)

 

 

 

(66

)

 

Balance at the end of the period

 

 

$

1,786

 

 

 

$

2,162

 

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Debt Financing and Credit Facilities (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long Term Debt Instruments

Long-term debt consists of the following as of March 31, 2026 and December 31, 2025:

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Term loan

 

$

105,513

 

 

$

112,125

 

Less term loan deferred financing costs

 

 

(4,476

)

 

 

(4,883

)

Total debt, net of deferred financing costs

 

 

101,037

 

 

 

107,242

 

Less amounts due within one year

 

 

(2,875

)

 

 

(9,728

)

Long-term debt, net of current portion

 

$

98,162

 

 

$

97,514

 
v3.26.1
Accumulated Other Comprehensive Income (Tables)
 3 Months Ended
Mar. 31, 2026
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income consist of the following:

 

Three months ended March 31, 2026

 

Pre-Tax

 

 

Tax

 

 

After-Tax

 

Pension liability activity:

 

 

 

 

 

 

 

 

 

Reclassification adjustment for amortization of net loss (pre-tax other income)

 

$

32

 

 

$

(7

)

 

$

25

 

Other comprehensive gain before reclassifications:

 

 

 

 

 

 

 

 

 

Unrealized gain on foreign currency derivatives

 

 

138

 

 

 

(29

)

 

 

109

 

Amounts reclassified from accumulated other comprehensive income:

 

 

 

 

 

 

 

 

 

Gain on foreign currency derivatives reclassified into cost of sales

 

 

(471

)

 

 

100

 

 

 

(371

)

 

 

$

(301

)

 

$

64

 

 

$

(237

)

 

Three months ended March 31, 2025

 

Pre-Tax

 

 

Tax

 

 

After-Tax

 

Pension liability activity:

 

 

 

 

 

 

 

 

 

Reclassification adjustment for amortization of net loss (pre-tax other income)

 

$

32

 

 

$

-

 

 

$

32

 

Other comprehensive loss before reclassifications:

 

 

 

 

 

 

 

 

 

Unrealized loss on foreign currency derivatives

 

 

353

 

 

 

-

 

 

 

353

 

Amounts reclassified from accumulated other comprehensive income:

 

 

 

 

 

 

 

 

 

Loss on foreign currency derivatives reclassified into cost of sales

 

 

591

 

 

 

-

 

 

 

591

 

 

 

$

976

 

 

$

-

 

 

$

976

 

 

 
Components of Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income consist of the following:

 

 

 

March 31,

 

 

December 31,

 

 

2026

 

 

2025

 

Unrecognized pension income, net of tax of $6,230 and $6,237, respectively

 

$

2,303

 

 

$

2,278

 

Unrealized gain (loss) on foreign currency derivatives, net of tax of ($320) and ($391), respectively

 

 

(216

)

 

 

46

 

 

 

$

2,087

 

 

$

2,324

 
v3.26.1
Employee Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost

The components of net periodic benefit cost for the three months ended March 31, 2026 and 2025, are as follows:

 

 

Three Months Ended

 

 

 

March 31,

 

Pension Benefits

 

2026

 

 

2025

 

Interest cost

 

$

121

 

 

$

132

 

Expected return on plan assets

 

 

(66

)

 

 

(67

)

Amortization of unrecognized net income

 

 

32

 

 

 

32

 

 

 

$

87

 

 

$

97

 
v3.26.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2026
Foreign Currency [Abstract]  
Schedule of Notional Amounts of Outstanding Forgein Currency Derivatives

The notional amounts of outstanding derivative instruments are as follows:

 

 

 

March 31,

 

 

December 31,

 

Notional Amount

 

2026

 

 

2025

 

Derivative instruments designated as hedges:

 

 

 

 

 

 

Foreign currency derivatives

 

$

21,294

 

 

$

16,736

 
Schedule of Fair Value of Outstanding Forgein Currency Derivatives Designated as Hedges

The fair value of outstanding derivative instruments designated as hedges are as follows:

 

 

 

March 31,

 

 

December 31,

 

Fair Value

 

2026

 

 

2025

 

Prepaid expenses and other current assets:

 

 

 

 

 

 

Foreign currency derivatives

 

$

103

 

 

$

437

 
Schedule of Pre-text Realizes Gain on Forgein Currency Derivatives

The pre-tax realized (gains) losses on foreign currency derivatives are recognized in the condensed consolidated statements of operations as follows:

 

 

 

 

 

Amount of (Gain)/Loss Recognized

 

 

 

 

 

Three Months Ended
March 31,

 

 

 

Location of Realized (Gain)/Loss Recognized in the Consolidated Statements of Operations

 

2026

 

 

2025

 

Derivative instruments designated as cash flow hedges:

 

 

 

 

 

 

 

 

Foreign currency derivatives

 

Cost of sales

 

$

(471

)

 

$

591

 
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Weighted Average Common Shares Outstanding

The net income available to common stockholders and weighted-average common shares outstanding are as follows:

 

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

Net income

 

$

41,649

 

 

$

50,448

 

Allocation of undistributed earnings to nonvested restricted shares

 

 

(951

)

 

 

(1,838

)

Net income available to common stockholders - basic

 

$

40,698

 

 

$

48,610

 

Undistributed earnings reallocated to nonvested restricted shares

 

 

92

 

 

 

1,838

 

Net income available to common stockholders - diluted

 

$

40,790

 

 

$

50,448

 

Denominator:

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

18,320,591

 

 

 

17,854,876

 

Issuance of Warrants

 

 

13,700,612

 

 

 

13,794,257

 

Weighted average common shares outstanding - basic

 

 

32,021,203

 

 

 

31,649,133

 

Issuance of Fixed Warrants

 

 

1,120,648

 

 

 

1,636,313

 

Dilutive effect of employee stock options

 

 

2,381,972

 

 

 

-

 

Weighted average common shares outstanding - diluted

 

 

35,523,823

 

 

 

33,285,446

 
v3.26.1
Revenue Recognition (Narrative) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Disaggregation of Revenue [Line Items]    
Contract assets $ 0 $ 0
Customer deposits 5,268 0
Deferred Revenue 9,041 $ 539
Performance obligation $ 81,321  
v3.26.1
Revenue Recognition (Schedule of Revenue Recognition) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total revenues $ 64,308 $ 96,290
Manufacturing Sales [Member]    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers 52,957 90,174
Aftermarket Sales [Member]    
Disaggregation of Revenue [Line Items]    
Revenues from contracts with customers $ 11,351 $ 6,116
v3.26.1
Segment Information (Narrative) (Details)
 3 Months Ended
Mar. 31, 2026
Segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.26.1
Segment Information (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenues $ 64,308 $ 96,290
Cost of sales 53,498 81,896
Gross profit 10,810 14,394
Operating income (loss) (594) 3,871
Gain (loss) on change in fair market value of Warrant liability 49,104 52,888
Consolidated other expense 194 (139)
Depreciation and amortization 1,863 1,496
Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Revenues [1] 64,308 96,290
Cost of sales 53,498 81,896
Gross profit 10,810 14,394
Other segment items 11,404 [2] 10,523 [3]
Operating income (loss) 594 3,871
Consolidated interest expense (3,376) (4,336)
Gain (loss) on change in fair market value of Warrant liability (49,104) (52,888)
Consolidated other expense 194 (139)
Consolidated loss before income taxes 45,328 52,284
Depreciation and amortization 1,863 1,496
Capital expenditures 147 330
Operating Segments [Member] | Manufacturing [Member]    
Segment Reporting Information [Line Items]    
Revenues 52,957 90,174
Cost of sales 45,637 78,065
Gross profit 7,320 12,109
Other segment items 364 [2] 357 [3]
Operating income (loss) 6,956 11,752
Depreciation and amortization 1,496 1,365
Capital expenditures 0 285
Operating Segments [Member] | Aftermarket [Member]    
Segment Reporting Information [Line Items]    
Revenues 11,351 6,116
Cost of sales 7,861 3,831
Gross profit 3,490 2,285
Other segment items 948 [2] 566 [3]
Operating income (loss) 2,542 1,719
Depreciation and amortization 309 36
Capital expenditures 147 0
Operating Segments [Member] | Corporate Segment [Member]    
Segment Reporting Information [Line Items]    
Revenues 0 0
Cost of sales 0 0
Gross profit 0 0
Other segment items 10,092 [2] 9,600 [3]
Operating income (loss) (10,092) (9,600)
Depreciation and amortization 58 95
Capital expenditures $ 0 $ 45
[1] Revenue is attributed to countries based on the location in which control transfers to the customer.
[2] Other segment items in Manufacturing, Aftermarket and Corporate segments include selling, general and administrative expenses.
[3] Other segment items in Manufacturing, Aftermarket and Corporate segments include selling, general and administrative expenses.
v3.26.1
Segment Information (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting Information [Line Items]    
Total assets $ 287,998 $ 290,049
Operating Segments [Member]    
Segment Reporting Information [Line Items]    
Total operating assets 234,857 234,728
Consolidated income taxes receivable 53,141 55,321
Total assets 287,998 290,049
Operating Segments [Member] | Manufacturing [Member]    
Segment Reporting Information [Line Items]    
Total operating assets 151,616 141,583
Operating Segments [Member] | Aftermarket [Member]    
Segment Reporting Information [Line Items]    
Total operating assets 27,726 27,202
Operating Segments [Member] | Corporate Segment [Member]    
Segment Reporting Information [Line Items]    
Total operating assets $ 55,515 $ 65,943
v3.26.1
Segment Information (Geographic Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Revenues $ 64,308 $ 96,290  
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Revenues [1] 64,308 96,290  
Long Lived Assets [2] 73,852   $ 76,127
Operating Segments [Member] | United States [Member]      
Segment Reporting Information [Line Items]      
Revenues [1] 64,308 96,290  
Long Lived Assets [2] 11,328   11,809
Operating Segments [Member] | Mexico [Member]      
Segment Reporting Information [Line Items]      
Revenues [1] 0 $ 0  
Long Lived Assets [2] $ 62,524   $ 64,318
[1] Revenue is attributed to countries based on the location in which control transfers to the customer.
[2] Long lived assets include property plant and equipment, net, right-of-use (ROU) assets, and long-lived intangible assets.
v3.26.1
Fair Value Measurements (Narrative) (Details) - Level 2 - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant Exercise price $ 0.01 $ 3.57
Common stock, par value $ 0.01 $ 0.01
v3.26.1
Fair Value Measurements (Fair Value, Assets Measured on Recurring Basis and Non-Recurring Basis) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration $ 2,020  
Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency derivative asset 103  
Warrant liability 119,426 $ 168,529
Contingent consideration 2,020 2,020
Foreign currency derivative liability   437
Level 1 | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency derivative asset 0  
Warrant liability 0 0
Contingent consideration 0 0
Foreign currency derivative liability   0
Level 2 | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency derivative asset 103  
Warrant liability 119,426 168,529
Contingent consideration 0 0
Foreign currency derivative liability   437
Level 3 | Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency derivative asset 0  
Warrant liability 0 0
Contingent consideration $ 2,020 2,020
Foreign currency derivative liability   $ 0
v3.26.1
Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash $ 503 $ 502
Restricted Cash from Customer Deposit [Member]    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash 281 281
Restricted cash to collateralize corporate card program [Member]    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total restricted cash $ 222 $ 221
v3.26.1
Inventories (Schedule of Inventory Current) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Raw materials $ 50,122 $ 53,282
Work in process 19,438 4,617
Finished railcars 354 80
Parts inventory 10,143 10,316
Total inventories, net $ 80,057 $ 68,295
v3.26.1
Inventories (Narrative) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Inventory valuation reserves $ 866 $ 950
v3.26.1
Acquisitions - Purchase Price Allocation Resulting In The Bargain Purchase Gain (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Liabilities:  
Gain on bargain purchase $ (2,086)
v3.26.1
Acquisitions (Additional Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Mar. 31, 2026
Business Combination [Line Items]    
Gain on bargain purchase $ 2,086  
Contingent consideration   $ 2,020
v3.26.1
Product Warranties - Changes in Warranty Reserve (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Product Warranties Disclosures [Abstract]    
Balance at the beginning of the period $ 2,050 $ 2,389
Current year provision 34 64
Reductions for payments, costs of repairs and other (33) (225)
Adjustments to prior warranties (265) (66)
Balance at the end of the period $ 1,786 $ 2,162
v3.26.1
Debt Financing and Credit Facilities (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Feb. 12, 2025
Mar. 31, 2026
Dec. 31, 2024
Dec. 31, 2025
Line of Credit Facility [Line Items]        
Federal Funds Purchased Average Rate Paid   0.50%    
Less term loan deferred financing costs   $ 4,476   $ 4,883
Common stock, par value   $ 0.01   $ 0.01
Common stock   19,074,495   19,091,736
Current portion of long-term debt   $ 2,875   $ 9,728
Base Rate [Member]        
Line of Credit Facility [Line Items]        
Debt Instrument, Interest Rate During Period   6.00%    
SecuredOvernightFinancingRateSofr [Member]        
Line of Credit Facility [Line Items]        
Debt Instrument, Basis Spread on Variable Rate   3.00%    
Federal Funds Purchased Average Rate Paid   1.00%    
Debt Instrument, Interest Rate During Period   5.00%    
Debt Instrument Interest Rate Effective Percentage   9.70%    
Debt Instrument Basis Spread On Variable Rate1   3.00%    
Term Loan Credit Agreement [Member]        
Line of Credit Facility [Line Items]        
Aggregate principal amount     $ 115,000  
Less term loan deferred financing costs     $ 6,511  
Debt Instrument Maturity Date     Dec. 31, 2028  
Revolving Credit Facility [Member]        
Line of Credit Facility [Line Items]        
Federal Funds Purchased Average Rate Paid 0.50%      
Line Of Credit Facility Interest Rate At Period End   5.50%    
Line of Credit Facility, Remaining Borrowing Capacity   $ 31,253    
Less term loan deferred financing costs   874    
Maximum borrowing capacity $ 35,000      
Debt Instrument Maturity Date Feb. 12, 2030      
Line of credit facility, remaining borrowing capacity   31,253    
Revolving Credit Facility [Member] | Foreign Currency Hedging Arrangement [Member]        
Line of Credit Facility [Line Items]        
Line Of Credit Facility Capacity Available For Specific PurposeOther Than For Trade Purchases   452    
Revolving Credit Facility [Member] | Operating Lease Security Deposit [Member]        
Line of Credit Facility [Line Items]        
Line Of Credit Facility Capacity Available For Specific PurposeOther Than For Trade Purchases   $ 197    
Revolving Credit Facility [Member] | SecuredOvernightFinancingRateSofr [Member]        
Line of Credit Facility [Line Items]        
Federal Funds Purchased Average Rate Paid 1.00%      
Minimum | Revolving Credit Facility [Member]        
Line of Credit Facility [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.50%      
Federal Funds Purchased Average Rate Paid 1.00%      
Debt Instrument, Interest Rate During Period 0.50%      
Debt Instrument Basis Spread On Variable Rate1 1.50%      
Maximum | Base Rate [Member]        
Line of Credit Facility [Line Items]        
Debt Instrument, Basis Spread on Variable Rate   4.00%    
Debt Instrument Basis Spread On Variable Rate1   4.00%    
Maximum | Revolving Credit Facility [Member]        
Line of Credit Facility [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 2.00%      
Debt Instrument, Interest Rate During Period 1.00%      
Debt Instrument Basis Spread On Variable Rate1 2.00%      
v3.26.1
Debt Financing and Credit Facilities (Long-Term Debt) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Less term loan deferred financing costs $ (4,476) $ (4,883)  
Total debt, net of deferred financing costs 101,037 107,242  
Less amounts due within one year (2,875) (9,728)  
Long-term debt, net of current portion 98,162 97,514  
Term Loan [Member]      
Debt Instrument [Line Items]      
Total debt $ 105,513 $ 112,125  
Term Loan Credit Agreement [Member]      
Debt Instrument [Line Items]      
Less term loan deferred financing costs     $ (6,511)
v3.26.1
Warrants (Additional Information) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
May 31, 2023
Class of Warrant or Right [Line Items]      
Common stock, shares issued 19,074,495 19,091,736  
Warrant liability $ 119,426 $ 168,529  
2023 Warrant      
Class of Warrant or Right [Line Items]      
Warrant Exercise price $ 3.57    
Warrants term 10 years    
Warrants issued to purchase common stock     1,636,313
2022 Warrant      
Class of Warrant or Right [Line Items]      
Percentage of oustanding common shares 5.00%    
Warrant Exercise price $ 0.01    
Warrants term 10 years    
Common stock, shares issued 2,061,669 2,090,032  
2021 Warrant      
Class of Warrant or Right [Line Items]      
Percentage of oustanding common shares 5.00%    
Warrant Exercise price $ 0.01    
Warrants term 10 years    
Common stock, shares issued 2,061,669 2,090,032  
2020 Warrant      
Class of Warrant or Right [Line Items]      
Percentage of oustanding common shares 23.00%    
Warrant Exercise price $ 0.01    
Warrants term 10 years    
Common stock, shares issued 9,483,678 9,614,145  
v3.26.1
Accumulated Other Comprehensive Income (Schedule of Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Reclassification adjustment for amortization of net loss (pre-tax other income) after tax $ (25) $ (32)
Unrealized gain on foreign currency derivatives after tax (109) (353)
(Gain) loss on foreign currency derivatives reclassified into cost of sales (371) 591
Other comprehensive Income (Loss), Net of Tax, Total 237 (976)
Reclassification out of Accumulated Other Comprehensive Income [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Reclassification adjustment for amortization of net loss (pre-tax other income) tax (7)  
Unrealized gain on foreign currency derivatives before tax 138 353
Gain on foreign currency derivatives reclassed into cost of sales before tax (471) 591
Unrealized gain on foreign currency derivatives tax (29)  
Gain on foreign currency derivatives reclassified into cost of sales tax 100  
Unrealized gain on foreign currency derivatives after tax 109 353
(Gain) loss on foreign currency derivatives reclassified into cost of sales (371) 591
Other comprehensive Income (Loss), before Tax, Total (301) 976
Other comprehensive Income (Loss), Tax, Total 64  
Other comprehensive Income (Loss), Net of Tax, Total (237) 976
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Pension Benefits [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Reclassification adjustment for amortization of net loss (pre-tax other income) before tax 32 32
Reclassification adjustment for amortization of net loss (pre-tax other income) after tax $ 25 $ 32
v3.26.1
Accumulated Other Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Unrecognized pension income, net of tax $ (65,278) $ (107,413) $ (97,399) $ (150,273)
Accumulated Other Comprehensive Income 2,087 2,324    
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Unrecognized pension income, net of tax 2,303 2,278    
Unrealized gain (loss) on foreign currency derivatives, net of tax of $528 and $0, respectively $ (216) $ 46    
v3.26.1
Accumulated Other Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Parenthetical) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Pension Benefits [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Unrealized gain (loss) on foreign currency derivatives, net of tax $ 6,230 $ 6,237
Unrealized gain (loss) on foreign currency derivatives [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Unrealized gain (loss) on foreign currency derivatives, net of tax $ (320) $ (391)
v3.26.1
Stock-Based Compensation (Narrative) (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Jun. 30, 2023
Mar. 31, 2026
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Stock-based compensation recognized   $ 1,081 $ 1,940
Inducement Options [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Unearned compensation related to options   $ 15  
Remaining service period   3 months  
Inducement Options [Member] | The Freightcar America Inc [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Granted 300,000    
Restricted Stock [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Unearned compensation related to options   $ 875  
Remaining requisite service period   11 months  
Restricted Share Units [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Unearned compensation related to options   $ 1,497  
Remaining service period   21 months  
Performance Shares Unit [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Unearned compensation related to options   $ 1,321  
Remaining service period   33 months  
Time-Vested Stock Options [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Unearned compensation related to options   $ 964  
Remaining service period   11 months  
v3.26.1
Employee Benefit Plans (Narrative) (Details) - Pension Benefits [Member] - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Contributions to pension plan $ 615  
Contributions to pension plan $ 0 $ 0
v3.26.1
Employee Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Interest cost $ 121 $ 132
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive Income (Loss), Net of Tax, Attributable to Parent
Expected return on plan assets $ (66) $ (67)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive Income (Loss), Net of Tax, Attributable to Parent
Amortization of unrecognized net income $ 32 $ 32
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive Income (Loss), Net of Tax, Attributable to Parent
Total net periodic benefit cost $ 87 $ 97
v3.26.1
Derivatives (Additional Information) (Details)
 3 Months Ended
Mar. 31, 2026
Foreign Currency [Abstract]  
Description Of Contract contracts with terms between one and 12 months, which require the Company to exchange currencies at agreed-upon rates at each settlement date
v3.26.1
Derivatives - Schedule of Notional Amounts of Outstanding Foreign Currency Derivatives (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Derivative Instruments Designated as Hedges [Member]    
Foreign Currency Fair Value Hedge Derivative [Line Items]    
Notional Amount $ 21,294 $ 16,736
v3.26.1
Derivatives - Schedule of Fair Value of Outstanding Foreign Currency Derivatives Designated as Hedges (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Other current assets:    
Foreign Currency Fair Value Hedge Derivative [Line Items]    
Fair Value $ 103 $ 437
v3.26.1
Derivatives - Schedule of Pre-tax Realized Gain on Foreign Currency Derivatives (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Gain (Loss) on Derivative Instruments [Member]    
Foreign Currency Fair Value Hedge Derivative [Line Items]    
Unrealized Loss/(Gain) on foreign currency derivatives, before Tax $ (471) $ 591
v3.26.1
Earnings Per Share - Schedule of (Weighted Average Common Shares Outstanding) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net income $ 41,649 $ 50,448
Allocation of undistributed earnings to nonvested restricted shares (951) (1,838)
Net Income (Loss) Available to Common Stockholders, Basic, Total 40,698 48,610
Undistributed earnings reallocated to nonvested restricted shares 92 1,838
Net income available to common stockholders - diluted $ 40,790 $ 50,448
Weighted average common shares outstanding 18,320,591 17,854,876
Issuance of Warrants 13,700,612 13,794,257
Weighted average common shares outstanding - basic 32,021,203 31,649,133
Issuance of Fixed Warrants 1,120,648 1,636,313
Dilutive effect of employee stock options 2,381,972 0
Weighted average common shares outstanding - diluted 35,523,823 33,285,446
v3.26.1
Earnings Per Share (Narrative) (Details)
 3 Months Ended
Sep. 02, 2025
USD ($)
Mar. 31, 2026
shares
Mar. 31, 2025
shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive common shares excluded from computation of earnings per share amount | shares   2,040,178 2,329,251
Stock holder Rights Plan Percentage Of Beneficial Interest Needed 15.00%    
Shareholder Rights Plan Description The Rights will initially trade with and will be inseparable from common stock. The Rights will not be exercisable until: i) 10 business days after the public announcement that a person or group has become an “Acquiring Person” by obtaining beneficial ownership of 15% or more of the Company’s outstanding common stock (or 20% or more in the case of a person or group that is entitled to file, and does file, a Schedule 13G (a “13G Investor”)); or ii) 10 business days after a person or group begins or announces a tender or exchange offer which, if completed, would result in that person or group becoming an Acquiring Person. The Rights will expire on August 5, 2026, unless the Expiration Date is advanced or extended or unless the Rights are earlier redeemed or exchanged by the Company.    
Schedule 13G [Member] | Minimum [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Stock holder Rights Plan Percentage Of Beneficial Interest Needed 20.00%    
Equity Unit Purchase Agreements [Member] | Preferred Stock [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Purchase Price Of The Preferred Stock | $ 42    
v3.26.1
Related Parties (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Related Party Transaction [Line Items]      
Related party asset $ 523   $ 547
Fasemex [Member]      
Related Party Transaction [Line Items]      
Percentage of common stock outstanding     5.00%
Gil Family [Member]      
Related Party Transaction [Line Items]      
Operating costs and expenses 5,598 $ 4,607  
Related party asset 523   $ 547
Related party accounts payable $ 1,726   $ 3,355
Commercial Specialty Truck Holdings Csth [Member]      
Related Party Transaction [Line Items]      
Percentage of common stock outstanding 5.00%    
Specialty parts supplies   $ 66  
v3.26.1
Income Taxes (Additional Information) (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Paid, by Individual Jurisdiction [Line Items]    
Effective income tax rate 8.10% 3.50%
Minimum    
Income Tax Paid, by Individual Jurisdiction [Line Items]    
Statutory tax rate 8.10%  
United States [Member]    
Income Tax Paid, by Individual Jurisdiction [Line Items]    
Statutory tax rate 21.00%