Q20001320854--12-31falseYesYeshttp://fasb.org/us-gaap/2025#ComprehensiveIncomeNetOfTaxhttp://fasb.org/us-gaap/2025#ComprehensiveIncomeNetOfTaxhttp://fasb.org/us-gaap/2025#ComprehensiveIncomeNetOfTaxhttp://fasb.org/us-gaap/2025#ComprehensiveIncomeNetOfTaxhttp://fasb.org/us-gaap/2025#ComprehensiveIncomeNetOfTaxhttp://fasb.org/us-gaap/2025#ComprehensiveIncomeNetOfTaxhttp://fasb.org/us-gaap/2025#ComprehensiveIncomeNetOfTaxhttp://fasb.org/us-gaap/2025#ComprehensiveIncomeNetOfTaxhttp://fasb.org/us-gaap/2025#ComprehensiveIncomeNetOfTaxhttp://fasb.org/us-gaap/2025#ComprehensiveIncomeNetOfTaxhttp://fasb.org/us-gaap/2025#ComprehensiveIncomeNetOfTaxhttp://fasb.org/us-gaap/2025#ComprehensiveIncomeNetOfTax00013208542025-07-310001320854us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001320854us-gaap:SeriesAPreferredStockMember2025-06-3000013208542023-12-310001320854us-gaap:GainLossOnDerivativeInstrumentsMember2024-04-012024-06-300001320854us-gaap:RetainedEarningsMember2024-04-012024-06-300001320854rail:CommercialSpecialtyTruckHoldingsCsthMember2024-04-012024-06-300001320854rail:GilFamilyMember2025-01-012025-06-300001320854us-gaap:OperatingSegmentsMembercountry:US2025-01-012025-06-300001320854us-gaap:AdditionalPaidInCapitalMember2025-06-300001320854rail:RailcarSalesMember2024-04-012024-06-300001320854us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-3100013208542025-04-012025-06-3000013208542025-06-300001320854rail:TermLoanCreditAgreementMember2024-01-012024-12-310001320854us-gaap:AdditionalPaidInCapitalMember2023-12-310001320854us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-01-012025-06-300001320854us-gaap:GainLossOnDerivativeInstrumentsMember2025-04-012025-06-300001320854us-gaap:AdditionalPaidInCapitalMember2024-12-310001320854us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001320854rail:TwoThousandTwentyTwoWarrantMember2024-12-310001320854rail:TwoThousandTwentyWarrantMember2024-12-310001320854rail:InducementOptionsMember2025-01-012025-06-300001320854rail:TwoThousandTwentyWarrantMember2025-06-300001320854rail:AftermarketSalesMember2025-01-012025-06-300001320854rail:RestrictedCashToCollateralizeForeignCurrencyForwardContractsMember2025-06-300001320854us-gaap:OperatingSegmentsMember2025-04-012025-06-300001320854rail:AftermarketSalesMember2025-04-012025-06-300001320854rail:DerivativeInstrumentsDesignatedAsHedgesMember2024-12-310001320854us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001320854us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2024-12-310001320854us-gaap:RetainedEarningsMember2024-12-310001320854rail:GilFamilyMember2024-04-012024-06-300001320854us-gaap:SeriesCPreferredStockMember2025-01-012025-06-300001320854us-gaap:OperatingSegmentsMember2025-01-012025-06-300001320854rail:UnrealizedGainLossOnForeignCurrencyDerivativesMember2024-12-310001320854us-gaap:CommonStockMember2025-06-300001320854us-gaap:RetainedEarningsMember2024-03-310001320854country:MXus-gaap:OperatingSegmentsMember2025-01-012025-06-300001320854us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001320854us-gaap:OperatingSegmentsMember2025-06-3000013208542024-04-012024-06-300001320854us-gaap:RevolvingCreditFacilityMember2025-06-300001320854rail:TwoThousandTwentyOneWarrantMember2024-12-310001320854rail:RailcarSalesMember2025-01-012025-06-300001320854us-gaap:GainLossOnDerivativeInstrumentsMember2024-01-012024-06-300001320854us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001320854rail:RestrictedCashToCollateralizeCorporateCardProgramMember2025-06-300001320854us-gaap:OperatingSegmentsMemberrail:ManufacturingMember2024-04-012024-06-300001320854us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300001320854rail:DerivativeInstrumentsDesignatedAsHedgesMemberus-gaap:SwapMember2024-12-310001320854country:US2024-04-012024-06-300001320854rail:DerivativeInstrumentsDesignatedAsHedgesMember2025-06-300001320854us-gaap:GainLossOnDerivativeInstrumentsMember2025-01-012025-06-300001320854rail:RestrictedCashToCollateralizeStandbyLettersOfCreditMember2024-12-310001320854us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2024-06-300001320854us-gaap:OperatingSegmentsMemberrail:ManufacturingMember2025-01-012025-06-300001320854us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001320854us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001320854rail:TwoThousandTwentyTwoWarrantMember2025-01-012025-06-300001320854us-gaap:SeriesCPreferredStockMember2023-05-310001320854us-gaap:RetainedEarningsMember2025-03-310001320854us-gaap:CommonStockMember2025-03-310001320854rail:RailcarSalesMember2025-04-012025-06-300001320854us-gaap:SwapMemberus-gaap:OtherCurrentAssetsMember2024-12-310001320854us-gaap:RetainedEarningsMember2025-06-300001320854us-gaap:SecuredOvernightFinancingRateSofrMember2025-06-300001320854us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-02-122025-02-120001320854us-gaap:BaseRateMember2025-01-012025-06-300001320854us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001320854rail:TimeVestedStockOptionsMember2025-06-300001320854us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-02-122025-02-1200013208542025-01-012025-06-300001320854us-gaap:CommonStockMember2024-06-300001320854rail:TwoThousandTwentyOneWarrantMember2025-01-012025-06-300001320854rail:AftermarketMemberus-gaap:OperatingSegmentsMember2024-01-012024-06-300001320854us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300001320854us-gaap:PensionPlansDefinedBenefitMember2024-12-310001320854us-gaap:SeriesBPreferredStockMember2025-06-300001320854us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2025-01-012025-06-300001320854us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2024-01-012024-06-300001320854us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001320854us-gaap:OperatingSegmentsMembercountry:US2024-04-012024-06-300001320854rail:OperatingLeaseSecurityDepositMemberus-gaap:RevolvingCreditFacilityMember2025-06-300001320854rail:InducementOptionsMemberrail:TheFreightcarAmericaIncMember2023-06-012023-06-300001320854country:US2024-01-012024-06-300001320854us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2024-03-310001320854rail:RestrictedCashToCollateralizeForeignCurrencyForwardContractsMember2024-12-3100013208542024-06-300001320854us-gaap:OperatingSegmentsMembercountry:US2025-04-012025-06-300001320854us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001320854us-gaap:CommonStockMember2025-01-012025-06-300001320854rail:TwoThousandTwentyThreeWarrantMember2025-06-300001320854us-gaap:RetainedEarningsMember2025-04-012025-06-300001320854us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300001320854rail:TimeVestedStockOptionsMember2025-01-012025-06-300001320854rail:GilFamilyMember2025-04-012025-06-300001320854rail:RailcarSalesMember2024-01-012024-06-300001320854us-gaap:OtherCurrentLiabilitiesMember2025-06-300001320854rail:CustomerDepositMember2025-06-300001320854rail:TermLoanCreditAgreementMember2024-12-3100013208542024-01-012024-06-300001320854country:MXus-gaap:OperatingSegmentsMember2024-01-012024-06-300001320854us-gaap:OperatingSegmentsMembercountry:US2024-01-012024-06-300001320854us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-01-012024-06-300001320854us-gaap:RetainedEarningsMember2024-06-300001320854us-gaap:OperatingSegmentsMember2024-04-012024-06-300001320854us-gaap:FairValueInputsLevel2Member2024-12-310001320854us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001320854us-gaap:RetainedEarningsMember2023-12-310001320854rail:AftermarketMemberus-gaap:OperatingSegmentsMember2024-04-012024-06-300001320854rail:RestrictedCashToCollateralizeCorporateCardProgramMember2024-12-310001320854country:MXus-gaap:OperatingSegmentsMember2025-04-012025-06-300001320854rail:GilFamilyMember2024-12-310001320854rail:CommercialSpecialtyTruckHoldingsCsthMember2025-01-012025-06-300001320854us-gaap:RetainedEarningsMember2024-01-012024-06-300001320854us-gaap:RestrictedStockMember2025-01-012025-06-300001320854us-gaap:OtherCurrentLiabilitiesMember2024-12-310001320854us-gaap:SeriesBPreferredStockMember2024-12-310001320854us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2025-04-012025-06-3000013208542024-01-012024-12-310001320854country:MXus-gaap:OperatingSegmentsMember2025-06-300001320854us-gaap:PensionPlansDefinedBenefitMember2024-06-300001320854us-gaap:OperatingSegmentsMembercountry:US2025-06-300001320854us-gaap:CommonStockMember2024-12-310001320854us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-04-012025-06-300001320854us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001320854us-gaap:FairValueInputsLevel2Member2025-06-300001320854us-gaap:PreferredStockMember2025-01-012025-06-300001320854us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001320854rail:TermLoanMember2024-12-310001320854us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-02-122025-02-120001320854rail:UnrealizedGainOnCommoditySwapDerivativesMember2025-06-300001320854rail:TwoThousandTwentyTwoWarrantMember2025-06-300001320854us-gaap:FairValueMeasurementsRecurringMember2025-06-300001320854us-gaap:OperatingSegmentsMemberrail:ManufacturingMember2024-01-012024-06-300001320854us-gaap:OtherCurrentAssetsMember2024-12-310001320854us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-06-300001320854us-gaap:RevolvingCreditFacilityMember2025-02-120001320854rail:AftermarketMemberus-gaap:OperatingSegmentsMember2025-06-300001320854rail:DerivativeInstrumentsDesignatedAsHedgesMemberus-gaap:SwapMember2025-06-300001320854us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-12-310001320854rail:TermLoanMember2025-06-300001320854us-gaap:OtherCurrentAssetsMember2025-06-300001320854us-gaap:AdditionalPaidInCapitalMember2025-03-310001320854us-gaap:RestrictedStockMember2025-06-300001320854country:US2025-01-012025-06-300001320854us-gaap:BaseRateMembersrt:MaximumMember2025-01-012025-06-300001320854rail:RestrictedCashToCollateralizeStandbyLettersOfCreditMember2025-06-300001320854us-gaap:FairValueMeasurementsRecurringMember2024-12-310001320854us-gaap:RevolvingCreditFacilityMemberrail:ForeignCurrencyHedgingArrangementMember2025-06-300001320854us-gaap:RetainedEarningsMember2025-01-012025-06-300001320854us-gaap:OperatingSegmentsMember2024-12-310001320854us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-04-012024-06-300001320854rail:TwoThousandTwentyWarrantMember2025-01-012025-06-300001320854us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300001320854us-gaap:OperatingSegmentsMembercountry:US2024-12-310001320854us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001320854us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-310001320854rail:UnrealizedGainOnCommoditySwapDerivativesMember2024-12-310001320854us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-12-310001320854rail:CommercialSpecialtyTruckHoldingsCsthMember2024-01-012024-06-300001320854rail:CommercialSpecialtyTruckHoldingsCsthMember2025-04-012025-06-300001320854us-gaap:RevolvingCreditFacilityMember2025-02-122025-02-120001320854us-gaap:CommonStockMember2024-04-012024-06-300001320854rail:AftermarketSalesMember2024-01-012024-06-300001320854rail:GilFamilyMember2025-06-300001320854us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001320854rail:CustomerDepositMember2024-12-310001320854us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001320854us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2024-01-012024-06-300001320854rail:InducementOptionsMember2025-06-300001320854us-gaap:FairValueMeasurementsNonrecurringMember2024-12-310001320854rail:TwoThousandTwentyOneWarrantMember2025-06-300001320854rail:GilFamilyMember2024-01-012024-06-300001320854rail:FasemexMember2025-01-012025-06-300001320854us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001320854rail:AftermarketMemberus-gaap:OperatingSegmentsMember2024-12-310001320854rail:TwoThousandTwentyThreeWarrantMember2023-05-310001320854us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-06-300001320854rail:UnrealizedGainLossOnForeignCurrencyDerivativesMember2025-06-300001320854us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2024-04-012024-06-300001320854country:US2025-04-012025-06-300001320854us-gaap:OperatingSegmentsMembercountry:MX2024-12-310001320854us-gaap:SeriesAPreferredStockMember2024-12-310001320854rail:AftermarketSalesMember2024-04-012024-06-300001320854us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2023-12-310001320854us-gaap:CommonStockMember2023-12-310001320854us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2025-06-3000013208542025-03-310001320854us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2024-04-012024-06-300001320854rail:AftermarketMemberus-gaap:OperatingSegmentsMember2025-04-012025-06-300001320854rail:AftermarketMemberus-gaap:OperatingSegmentsMember2025-01-012025-06-300001320854rail:CommercialSpecialtyTruckHoldingsCsthMember2024-12-310001320854us-gaap:CommonStockMember2024-01-012024-06-300001320854us-gaap:OperatingSegmentsMember2024-01-012024-06-300001320854rail:CommercialSpecialtyTruckHoldingsCsthMember2025-06-300001320854us-gaap:CommonStockMember2025-04-012025-06-300001320854us-gaap:OperatingSegmentsMemberrail:ManufacturingMember2024-12-310001320854us-gaap:CommonStockMember2024-03-310001320854us-gaap:OperatingSegmentsMemberrail:ManufacturingMember2025-06-300001320854us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310001320854us-gaap:AdditionalPaidInCapitalMember2024-06-300001320854us-gaap:OperatingSegmentsMemberrail:ManufacturingMember2025-04-012025-06-3000013208542024-03-310001320854us-gaap:PensionPlansDefinedBenefitMember2025-06-300001320854us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-01-012025-06-300001320854us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001320854us-gaap:SecuredOvernightFinancingRateSofrMember2025-01-012025-06-300001320854us-gaap:AdditionalPaidInCapitalMember2024-03-310001320854us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001320854us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-12-3100013208542024-12-310001320854us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001320854us-gaap:OperatingSegmentsMembercountry:MX2024-04-012024-06-300001320854us-gaap:SwapMemberus-gaap:OtherCurrentAssetsMember2025-06-30xbrli:pureiso4217:USDxbrli:sharesxbrli:sharesrail:Segmentiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly period ended June 30, 2025

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 000-51237

FREIGHTCAR AMERICA, INC.

(Exact name of registrant as specified in its charter)



Delaware	25-1837219
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

125 South Wacker Drive, Suite 1500 Chicago, Illinois	60606
(Address of principal executive offices)	(Zip Code)

(800) 458-2235

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	RAIL	The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES  NO 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES  NO 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☒	Smaller reporting company ☒	Emerging growth company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

As of July 31, 2025, there were 19,127,412 shares of the registrant’s common stock outstanding.

FREIGHTCAR AMERICA, INC.

INDEX TO FORM 10-Q



Item Number		Page Number
	PART I – FINANCIAL INFORMATION
1.	Financial Statements:
	Condensed Consolidated Balance Sheets (Unaudited) as of June 30, 2025 and December 31, 2024	3
	Condensed Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2025 and 2024	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three and Six Months Ended June 30, 2025 and 2024	5
	Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Deficit (Unaudited) for the Three and Six Months Ended June 30, 2025 and 2024	6
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2025 and 2024	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)	9
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
4.	Controls and Procedures	27
	PART II – OTHER INFORMATION
1.	Legal Proceedings	28
2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
3.	Defaults Upon Senior Securities	28
4.	Mine Safety Disclosures	28
5.	Other Information	28
6.	Exhibits	28
	Signatures	29

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

FreightCar America, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except for share data)

(Unaudited)


	June 30, 2025			December 31, 2024
Assets
Current assets
Cash, cash equivalents and restricted cash equivalents	$	61,353		$	44,450
Accounts receivable, net of allowance for credit losses of $131 and $47, respectively		16,204			12,506
VAT receivable		6,243			3,851
Inventories, net		107,102			75,281
Assets held for sale		—			629
Prepaid expenses and other current assets		13,122			8,314
Total current assets		204,024			145,031
Property, plant and equipment, net		28,254			30,107
Right of use asset operating lease		2,200			2,423
Right of use asset finance lease		38,675			45,081
Deferred income taxes		53,671			1,024
Other long-term assets		1,269			550
Total assets	$	328,093		$	224,216
Liabilities and Stockholders’ Deficit
Current liabilities
Accounts and contractual payables	$	89,404		$	49,574
Accrued payroll and other employee costs		5,955			6,286
Accrued warranty		1,665			2,389
Customer deposits		17,611			—
Deferred revenue		—			8,556
Current portion of long-term debt		2,875			2,875
Lease liability finance lease, current		834			1,256
Other current liabilities		11,411			9,889
Total current liabilities		129,755			80,825
Long-term debt, net of current portion		104,991			105,540
Warrant liability		131,061			136,319
Accrued pension costs		1,203			1,073
Lease liability operating lease, long-term		2,364			2,645
Lease liability finance lease, long-term		41,233			46,678
Other long-term liabilities		948			1,409
Total liabilities		411,555			374,489
Stockholders’ deficit
Preferred stock, $0.01 par value, 2,500,000 shares authorized (100,000 shares each designated as Series A voting and Series B non-voting, 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024)		—			—
Common stock, $0.01 par value, 50,000,000 shares authorized, 19,127,412 and 18,960,608 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively		222			221
Additional paid-in capital		71,572			69,404
Accumulated other comprehensive income		3,236			721
Accumulated deficit		(158,492	)		(220,619	)
Total stockholders’ deficit		(83,462	)		(150,273	)
Total liabilities and stockholders’ deficit	$	328,093		$	224,216

See Notes to Condensed Consolidated Financial Statements (Unaudited).

FreightCar America, Inc.

Condensed Consolidated Statements of Operations

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

(Unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024

Revenues	$	118,623		$	147,416		$	214,913		$	308,474
Cost of sales		100,802			128,986			182,698			278,641
Gross profit		17,821			18,430			32,215			29,833
Selling, general and administrative expenses		10,114			8,510			20,637			16,003
Litigation settlement		—			(3,214	)		—			(3,214	)
Operating income		7,707			13,134			11,578			17,044
Interest expense		(4,382	)		(1,847	)		(8,718	)		(4,238	)
(Loss) gain on change in fair market value of Warrant liability		(47,630	)		112			5,258			(15,541	)
Other income (expense)		3,296			(725	)		3,157			(739	)
(Loss) income before income taxes		(41,009	)		10,674			11,275			(3,474	)
Income tax (benefit) provision		(52,688	)		2,497			(50,852	)		(80	)
Net income (loss)	$	11,679		$	8,177		$	62,127		$	(3,394	)
Net earnings (loss) per common share - basic	$	0.36		$	0.12		$	1.89		$	(0.41	)
Net earnings (loss) per common share - diluted	$	0.34		$	0.11		$	1.79		$	(0.41	)
Weighted average common shares outstanding – basic		31,793,746			30,641,193			31,727,903			30,235,876
Weighted average common shares outstanding – diluted		33,398,330			32,277,506			33,603,627			30,235,876

See Notes to Condensed Consolidated Financial Statements (Unaudited).

FreightCar America, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In thousands)

(Unaudited)


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025		2024			2025		2024

Net income (loss)	$	11,679	$	8,177		$	62,127	$	(3,394	)
Other comprehensive income (loss), net of tax:
Unrealized gain on commodity swap derivatives		116		—			116		—
Unrealized gain (loss) on foreign currency derivatives		1,404		(1,474	)		2,348		(1,267	)
Pension and post-retirement liability adjustments		19		35			51		70
Comprehensive income (loss)	$	13,218	$	6,738		$	64,642	$	(4,591	)

See Notes to Condensed Consolidated Financial Statements (Unaudited).

FreightCar America, Inc.

Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Deficit

(In thousands, except for share data)

(Unaudited)



	FreightCar America Stockholders
												Accumulated
	Mezzanine Equity								Additional			Other						Total
	Series C Preferred Stock				Common Stock				Paid-In			Comprehensive			Retained			Stockholders’
	Shares		Amount		Shares		Amount		Capital			Income			Deficit			Deficit
Balance, March 31, 2024		85,412	$	83,602		18,345,488	$	214	$	94,783		$	2,607		$	(154,563	)	$	(56,959	)
Net income		-		-		-		-		-			-			8,177			8,177
Other comprehensive loss		-		-		-		-		-			(1,439	)		-			(1,439	)
Accretion of Series C preferred shares issuance costs		-		143		-		-		-			-			(143	)		(143	)
Restricted stock awards		-		-		211,340		3		(3	)		-			-			-
Exercise of stock appreciation rights		-		-		317,022		3		766			-			-			769
Stock-based compensation recognized		-		-		-		-		766			-			-			766
Balance, June 30, 2024		85,412	$	83,745		18,873,850	$	220	$	96,312		$	1,168		$	(146,529	)	$	(48,829	)



Balance, March 31, 2025		-	$	-		19,040,310	$	221	$	70,854		$	1,697		$	(170,171	)	$	(97,399	)
Net income		-		-		-		-		-			-			11,679			11,679
Other comprehensive income		-		-		-		-		-			1,539			-			1,539
Restricted stock awards		-		-		73,220		1		-			-			-			1
Exercise of stock options and appreciation rights		-		-		13,882		-		(43	)		-			-			(43	)
Stock-based compensation recognized		-		-		-		-		761			-			-			761
Balance, June 30, 2025		-	$	-		19,127,412	$	222	$	71,572		$	3,236		$	(158,492	)	$	(83,462	)

FreightCar America, Inc.

Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Deficit

(In thousands, except for share data)

(Unaudited)



	FreightCar America Stockholders
														Accumulated
	Mezzanine Equity										Additional			Other						Total
	Series C Preferred Stock				Common Stock						Paid-In			Comprehensive			Retained			Stockholders’
	Shares		Amount		Shares			Amount			Capital			Income			Deficit			Deficit
Balance, December 31, 2023		85,412	$	83,458		17,903,437		$	210		$	94,067		$	2,365		$	(142,848	)	$	(46,206	)
Net loss		-		-		-			-			-			-			(3,394	)		(3,394	)
Other comprehensive loss		-		-		-			-			-			(1,197	)		-			(1,197	)
Accretion of Series C preferred shares issuance costs		-		287		-			-			-			-			(287	)		(287	)
Restricted stock awards		-		-		774,796			8			(8	)		-			-			-
Employee stock settlement		-		-		(14,615	)		-			(40	)		-			-			(40	)
Forfeiture of restricted stock awards		-		-		(106,790	)		(1	)		1			-			-			-
Exercise of stock option and appreciation rights		-		-		317,022			3			766			-			-			769
Stock-based compensation recognized		-		-		-			-			1,526			-			-			1,526
Balance, June 30, 2024		85,412	$	83,745		18,873,850		$	220		$	96,312		$	1,168		$	(146,529	)	$	(48,829	)

Balance, December 31, 2024		-	$	-		18,960,608		$	221		$	69,404		$	721		$	(220,619	)	$	(150,273	)
Net income		-		-		-			-			-			-			62,127			62,127
Other comprehensive income		-		-		-			-			-			2,515			-			2,515
Restricted stock awards		-		-		195,975			2			(2	)		-			-			-
Employee stock settlement		-		-		(50,010	)		(1	)		(486	)		-			-			(487	)
Exercise of stock options and appreciation rights		-		-		20,839			-			(45	)		-			-			(45	)
Stock-based compensation recognized		-		-		-			-			2,701			-			-			2,701
Balance, June 30, 2025		-	$	-		19,127,412		$	222		$	71,572		$	3,236		$	(158,492	)	$	(83,462	)

See Notes to Condensed Consolidated Financial Statements (Unaudited).

FreightCar America, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Six Months Ended June 30,
	2025			2024
Cash flows from operating activities
Net income (loss)	$	62,127		$	(3,394	)
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:
Depreciation and amortization		3,046			2,810
Non-cash lease expense on right of use assets		1,572			1,436
(Gain) loss on change in fair market value for Warrant liability		(5,258	)		15,541
Stock-based compensation recognized		2,701			1,526
Deferred income taxes		(52,647	)		(823	)
Other non-cash items, net		5,690			1,835
Changes in operating assets and liabilities:
Accounts receivable		(3,698	)		(6,407	)
VAT receivable		(2,397	)		—
Inventories		(32,807	)		63,723
Accounts and contractual payables		41,164			(40,066	)
Income taxes payable, net		(665	)		(4,949	)
Lease liability		(1,899	)		(1,790	)
Customer deposits		17,611			8,709
Other assets and liabilities		(13,218	)		(6,276	)
Net cash flows provided by operating activities		21,322			31,875
Cash flows from investing activities
Purchase of property, plant and equipment		(938	)		(2,269	)
Proceeds from sale of assets held for sale, net of selling costs		585			—
Net cash flows used in investing activities		(353	)		(2,269	)
Cash flows from financing activities
Deferred financing costs		(1,336	)		—
Borrowings on revolving line of credit		—			26,595
Repayments on revolving line of credit		—			(56,010	)
Repayments on term loan		(1,438	)		—
Employee stock settlement		(487	)		(40	)
Financing lease payments		(805	)		(1,341	)
Net cash flows used in financing activities		(4,066	)		(30,796	)
Net increase (decrease) in cash and cash equivalents		16,903			(1,190	)
Cash, cash equivalents and restricted cash equivalents at beginning of period		44,450			40,560
Cash, cash equivalents and restricted cash equivalents at end of period	$	61,353		$	39,370
Supplemental cash flow information
Interest paid	$	4,047		$	1,930
Income taxes paid	$	3,018		$	4,207
Change in unpaid construction in process	$	295		$	(210	)

See Notes to Condensed Consolidated Financial Statements (Unaudited).

FreightCar America, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except for share and per share data and unless otherwise noted)

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 parts. 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. The Company is headquartered in Chicago, Illinois and has facilities in the following locations: Johnstown, Pennsylvania; Qingdao, People’s Republic of China, and Castaños, Coahuila, Mexico (the “Manufacturing Facility”).

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 and six months ended June 30, 2025 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 2024 year-end balance sheet data was derived from the audited financial statements as of December 31, 2024.

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. In the absence of specific guidance under GAAP, the Company elected to apply International Accounting Standard (“IAS”) 20 by analogy to account for an Employee Retention Credit (“ERC”) of $3,117 received during the three and six months ended June 30, 2025. The Company applied for the credit in September 2023 after assessing certain eligibility criteria. The ERC funds received are recognized as other income in the condensed consolidated statements of operations. The Company acknowledges the potential for IRS review or clawback; however, based on the assessment of eligibility and information submitted, the payments received, and the notices issued by the IRS, the Company believes the likelihood of repayment is remote. 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, 2024.

Note 3 – Revenue Recognition

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024			2025		2024
Railcar sales	$	110,684	$	141,077		$	200,784	$	296,674
Aftermarket sales		7,865		4,888			13,981		10,218
Revenues from contracts with customers		118,549		145,965			214,765		306,892
Leasing revenues		74		1,451			148		1,582
Total revenues	$	118,623	$	147,416		$	214,913	$	308,474

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 June 30, 2025 and

December 31, 2024. 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 $17,611 as of June 30, 2025. There were no customer deposits as of December 31, 2024. There was no deferred revenue as of June 30, 2025. Deferred revenue was $8,556 as of December 31, 2024 and was recognized as revenue during the six months ended June 30, 2025. The Company has not experienced significant historical credit losses.

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 ASU 2014-09, Revenue from Contracts with Customers. The Company had remaining unsatisfied performance obligations as of June 30, 2025 with expected duration of greater than one year of $81,321.

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 designated Chief Operating Decision Maker (“CODM”) is our President and Chief Executive Officer. The CODM uses segment gross profit and segment operating income to allocate resources to segments during the planning and forecasting process and assess performance in a given period. Segment gross profit and segment operating income include all external revenues attributable to the segments as well as operating costs and income that management believes are directly attributable to the current production of goods and services. The Company’s management reporting package does not include interest revenue, interest expense or income taxes allocated to individual segments and these items are not considered as a component of segment operating income. Intersegment revenues were not material in any period presented.

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


	Three Months Ended
	June 30, 2025
	Manufacturing		Aftermarket		Corporate			Total
Revenues	$	110,757	$	7,866	$	-		$	118,623
Cost of sales		95,831		4,971		-			100,802
Gross profit	$	14,926	$	2,895	$	-		$	17,821
Other segment items (1)		402		510		9,202			10,114
Operating income (loss)	$	14,524	$	2,385	$	(9,202	)	$	7,707
Reconciliation to consolidated loss before income taxes:
Consolidated interest expense									(4,382	)
Loss on change in fair market value of Warrant liability									(47,630	)
Consolidated other income									3,296
Consolidated loss before income taxes								$	(41,009	)

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


	Three Months Ended
	June 30, 2024
	Manufacturing			Aftermarket		Corporate			Total
Revenues	$	142,528		$	4,888	$	-		$	147,416
Cost of sales		126,548			2,438		-			128,986
Gross profit	$	15,980		$	2,450	$	-		$	18,430
Other segment items (1)		(2,734	)		329		7,701			5,296
Operating income (loss)	$	18,714		$	2,121	$	(7,701	)	$	13,134
Reconciliation to consolidated income before income taxes:
Consolidated interest expense										(1,847	)
Gain on change in fair market value of Warrant liability										112
Consolidated other expense										(725	)
Consolidated income before income taxes									$	10,674

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


	Six Months Ended
	June 30, 2025
	Manufacturing		Aftermarket		Corporate			Total
Revenues	$	200,932	$	13,981	$	-		$	214,913
Cost of sales		173,896		8,802		-			182,698
Gross profit	$	27,036	$	5,179	$	-		$	32,215
Other segment items (1)		759		1,076		18,802			20,637
Operating income (loss)	$	26,277	$	4,103	$	(18,802	)	$	11,578
Reconciliation to consolidated income before income taxes:
Consolidated interest expense									(8,718	)
Gain on change in fair market value of Warrant liability									5,258
Consolidated other income									3,157
Consolidated income before income taxes								$	11,275

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


	Six Months Ended
	June 30, 2024
	Manufacturing			Aftermarket		Corporate			Total
Revenues	$	298,256		$	10,218	$	-		$	308,474
Cost of sales		273,534			5,107		-			278,641
Gross profit	$	24,722		$	5,111	$	-		$	29,833
Other segment items (1)		(2,271	)		801		14,259			12,789
Operating income (loss)	$	26,993		$	4,310	$	(14,259	)	$	17,044
Reconciliation to consolidated loss before income taxes:
Consolidated interest expense										(4,238	)
Loss on change in fair market value of Warrant liability										(15,541	)
Consolidated other expense										(739	)
Consolidated loss before income taxes									$	(3,474	)

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Depreciation and amortization:
Manufacturing	$	1,431	$	1,302	$	2,796	$	2,575
Aftermarket		35		37		71		86
Corporate		84		75		179		149
Consolidated depreciation and amortization	$	1,550	$	1,414	$	3,046	$	2,810
Capital expenditures:
Manufacturing	$	562	$	1,287	$	847	$	2,208
Aftermarket		-		-		-		-
Corporate		46		16		91		61
Consolidated capital expenditures	$	608	$	1,303	$	938	$	2,269

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:


	June 30,		December 31,
	2025		2024
Assets:
Manufacturing	$	199,538	$	165,702
Aftermarket		11,193		11,014
Corporate		63,691		46,361
Total operating assets		274,422		223,077
Consolidated income taxes receivable		53,671		1,139
Consolidated assets	$	328,093	$	224,216

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

          
         Geographic Information

          
         Revenues

         Long Lived Assets (a)

          
         Three Months Ended

         Six Months Ended

          
         June 30,

         June 30,

         June 30,

         December 31,

FreightCar America, Inc. 10-Q