Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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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 September 30, 2024

or

 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)

[phone]

(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 November 5, 2024, there were 18,893,972 shares of the registrant’s common stock outstanding.

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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 September 30, 2024 and December 31, 2023	3
	Condensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023	4
	Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023	5
	Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Deficit (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023	6
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2024 and 2023	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)	9
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
4.	Controls and Procedures	24
	PART II – OTHER INFORMATION
1.	Legal Proceedings	25
2.	Unregistered Sales of Equity Securities and Use of Proceeds	25
3.	Defaults Upon Senior Securities	25
4.	Mine Safety Disclosures	25
5.	Other Information	25
6.	Exhibits	25
	Signatures	26

 

 

 

2

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

FreightCar America, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except for share data)

(Unaudited)

 

		September 30, 2024				December 31, 2023
Assets
Current assets
Cash, cash equivalents and restricted cash equivalents		$	44,830			$	40,560
Accounts receivable, net of allowance for credit losses of $74 and $18 respectively			24,319				6,408
VAT receivable			2,489				2,926
Inventories, net			84,812				125,022
Assets held for sale			629				—
Related party asset			936				638
Prepaid expenses			10,100				4,867
Total current assets			168,115				180,421
Property, plant and equipment, net			30,461				31,258
Railcars available for lease, net			—				2,842
Right of use asset operating lease			2,514				2,826
Right of use asset finance lease			43,823				40,277
Other long-term assets			1,036				1,835
Total assets		$	245,949			$	259,459
Liabilities, Mezzanine Equity and Stockholders’ Deficit
Current liabilities
Accounts and contractual payables		$	74,355			$	84,417
Related party accounts payable			2,493				2,478
Accrued payroll and other employee costs			7,447				5,738
Accrued warranty			1,493				1,602
Customer deposits			8,865				—
Current portion of long-term debt			—				29,415
Other current liabilities			10,196				13,711
Total current liabilities			104,849				137,361
Warrant liability			162,382				36,801
Accrued pension costs			1,226				1,046
Lease liability operating lease, long-term			2,778				3,164
Lease liability finance lease, long-term			45,482				41,273
Other long-term liabilities			1,660				2,562
Total liabilities			318,377				222,207
Commitments and contingencies
Mezzanine equity
Series C Preferred stock, $0.01 par value, 85,412 shares authorized, 85,412 shares issued and outstanding at each of September 30, 2024 and December 31, 2023, respectively. Liquidation value $108,388 and $95,048 at September 30, 2024 and December 31, 2023, respectively.			83,889				83,458
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    at September 30, 2024 and December 31, 2023)			—				—
Common stock, $0.01 par value, 50,000,000 shares authorized, 18,884,838 and 17,903,437    shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively			220				210
Additional paid-in capital			97,098				94,067
Accumulated other comprehensive income			84				2,365
Accumulated deficit			(253,719	)			(142,848	)
Total stockholders’ deficit			(156,317	)			(46,206	)
Total liabilities, mezzanine equity and stockholders’ deficit		$	245,949			$	259,459

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

 

3

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FreightCar America, Inc.

Condensed Consolidated Statements of Operations

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

(Unaudited)

 

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Revenues		$	113,255			$	61,894			$	421,729			$	231,489
Cost of sales			97,059				52,669				375,700				201,824
Gross profit			16,196				9,225				46,029				29,665
Selling, general and administrative expenses			7,538				7,511				23,541				19,750
Gain on sale of railcars available for lease			—				—				—				(622	)
Loss on pension settlement			—				313								313
Litigation settlement			—				—				(3,214	)			—
Operating income			8,658				1,401				25,702				10,224
Interest expense			(1,577	)			(2,037	)			(5,815	)			(12,988	)
(Loss) gain on change in fair market value of Warrant liability			(110,040	)			4,273				(125,581	)			(1,869	)
Loss on extinguishment of debt			—				—				—				(14,880	)
Other expense			(680	)			(228	)			(1,419	)			(333	)
(Loss) income before income taxes			(103,639	)			3,409				(107,113	)			(19,846	)
Income tax provision			3,407				216				3,327				887
Net (loss) income		$	(107,046	)		$	3,193			$	(110,440	)		$	(20,733	)
Net loss per common share – basic		$	(3.57	)		$	(0.03	)		$	(4.07	)		$	(0.94	)
Net loss per common share – diluted		$	(3.57	)		$	(0.03	)		$	(4.07	)		$	(0.94	)
Weighted average common shares outstanding – basic			31,353,997				29,543,963				30,519,545				28,064,410
Weighted average common shares outstanding – diluted			31,353,997				29,543,963				30,519,545				28,064,410

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

 

4

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FreightCar America, Inc.

Condensed Consolidated Statements of Comprehensive (Loss) Income

(In thousands)

(Unaudited)

 

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Net (loss) income		$	(107,046	)		$	3,193			$	(110,440	)		$	(20,733	)
Other comprehensive (loss) income, net of tax:
Loss on pension settlement			—				313				—				313
Unrealized (loss) gain on foreign currency derivatives			(1,123	)			34				(2,390	)			34
Pension and postretirement liability adjustments			39				573				109				650
Comprehensive (loss) income		$	(108,130	)		$	4,113			$	(112,721	)		$	(19,736	)

See Notes to Condensed Consolidated Financial Statements (Unaudited).

 

5

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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, June 30, 2023			85,412				83,253					17,899,191			$	210			$	92,633			$	1,099			$	(142,896	)		$	(48,954	)
Net income			-				-					-				-				-				-				3,193				3,193
Other comprehensive income			-				-					-				-				-				920				-				920
Issuance of Series C preferred shares, net of issuance costs			-				61					-				-				-				-				(146	)			(146	)
Exercise of stock appreciation rights			-				-					4,246				-				3				-				-				3
Stock-based compensation recognized			-				-					-				-				715				-				-				715
Balance, September 30, 2023			85,412			$	83,314					17,903,437			$	210			$	93,351			$	2,019			$	(139,849	)		$	(44,269	)
Balance, June 30, 2024			85,412			$	83,745					18,873,850			$	220			$	96,312			$	1,168			$	(146,529	)		$	(48,829	)
Net loss			-				-					-				-				-				-				(107,046	)			(107,046	)
Other comprehensive loss			-				-					-				-				-				(1,084	)			-				(1,084	)
Accretion of Series C preferred shares issuance costs			-				144					-				-				-				-				(144	)			(144	)
Exercise of stock options and appreciation rights			-				-					10,988				-				(18	)			-				-				(18	)
Stock-based compensation recognized			-				-					-				-				804				-				-				804
Balance, September 30, 2024			85,412			$	83,889					18,884,838			$	220			$	97,098			$	84			$	(253,719	)		$	(156,317	)

 

 

6

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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, 2022			-			$	-					17,223,306			$	203			$	89,104			$	1,022			$	(118,913	)		$	(28,584	)
Net loss			-				-					-				-				-				-				(20,733	)			(20,733	)
Other comprehensive income			-				-					-				-				-				997				-				997
Issuance of Series C preferred shares, net of issuance costs			85,412				83,314					-				-				-				-				(203	)			(203	)
Restricted stock awards			-				-					453,258				4				(4	)			-				-				-
Employee stock settlement			-				-					(31,888	)			-				(106	)			-				-				(106	)
Exercise of stock appreciation rights			-				-					4,984				-				3				-				-				3
Stock appreciation rights classification modification			-				-					-				-				1,738				-				-				1,738
Vesting of restricted stock units			-				-					42,815				-				145				-				-				145
Stock-based compensation recognized			-				-					-				-				1,789				-				-				1,789
Equity Fees			-				-					210,962				3				682				-				-				685
Balance, September 30, 2023			85,412			$	83,314					17,903,437			$	210			$	93,351			$	2,019			$	(139,849	)		$	(44,269	)
Balance, December 31, 2023			85,412			$	83,458					17,903,437			$	210			$	94,067			$	2,365			$	(142,848	)		$	(46,206	)
Net loss			-				-					-				-				-				-				(110,440	)			(110,440	)
Other comprehensive loss			-				-					-				-				-				(2,281	)			-				(2,281	)
Accretion of Series C preferred shares issuance costs			-				431					-				-				-				-				(431	)			(431	)
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 options and appreciation rights			-				-					328,010				3				748				-				-				751
Stock-based compensation recognized			-				-					-				-				2,330				-				-				2,330
Balance, September 30, 2024			85,412			$	83,889					18,884,838			$	220			$	97,098			$	84			$	(253,719	)		$	(156,317	)

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

 

7

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FreightCar America, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

		Nine Months Ended September 30,
		2024				2023
Cash flows from operating activities
Net loss		$	(110,440	)		$	(20,733	)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Depreciation and amortization			4,252				3,189
Non-cash lease expense on right-of-use assets			2,226				1,873
Loss on change in fair market value for Warrant liability			125,581				1,869
Loss on pension settlement			—				313
Stock-based compensation recognized			2,330				524
Non-cash interest expense			3,638				8,980
Loss on extinguishment of debt			—				14,880
Other non-cash items, net			(1,589	)			(435	)
Changes in operating assets and liabilities:
Accounts receivable			(17,911	)			(1,126	)
VAT receivable			465				2,320
Inventories			40,859				(57,213	)
Accounts and contractual payables			(8,300	)			2,739
Income taxes payable, net			(2,179	)			(1,490	)
Lease liability			(2,802	)			(2,779	)
Customer deposits			8,865				19,644
Other assets and liabilities			(5,948	)			1,035
Net cash flows provided by (used in) operating activities			39,047				(26,410	)
Cash flows from investing activities
Purchase of property, plant and equipment			(3,731	)			(8,971	)
Proceeds from sale of railcars available for lease, net of selling costs			—				8,356
Net cash flows used in investing activities			(3,731	)			(615	)
Cash flows from financing activities
Proceeds from issuance of preferred shares, net of issuance costs			—				13,254
Deferred financing costs			—				(300	)
Borrowings on revolving line of credit			26,595				115,172
Repayments on revolving line of credit			(56,010	)			(123,062	)
Employee stock settlement			(40	)			(106	)
Payment for stock appreciation rights exercised			—				(6	)
Financing lease payments			(1,591	)			(460	)
Net cash flows (used in) provided by financing activities			(31,046	)			4,492
Net increase (decrease) in cash and cash equivalents			4,270				(22,533	)
Cash, cash equivalents and restricted cash equivalents at beginning of period			40,560				37,912
Cash, cash equivalents and restricted cash equivalents at end of period		$	44,830			$	15,379
Supplemental cash flow information
Interest paid		$	2,177			$	3,961
Income taxes paid		$	5,061			$	1,857
Non-cash transactions
Change in unpaid construction in process		$	(226	)		$	51
Accrued PIK interest paid through issuance of PIK Note		$	—			$	3,161
Issuance of preferred shares in exchange of term loan		$	—			$	72,688
Issuance of warrants		$	—			$	3,014
Issuance of equity fee		$	—			$	685

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

 

8

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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”, the “Company”, “we” or “our”) operates primarily in North America through its direct and indirect subsidiaries, 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 bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars, coal cars and boxcars. 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 “Castaños 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 U.S. 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 nine months ended September 30, 2024 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 2023 year-end balance sheet data was derived from the audited financial statements as of December 31, 2023. 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. 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, 2023.

 

Note 3 – Revenue Recognition

 

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

 

		Three Months Ended							Nine Months Ended
		September 30,							September 30,
		2024				2023				2024				2023
Railcar sales		$	109,010			$	58,407			$	405,684			$	220,752
Parts sales			4,175				3,340				14,393				9,613
Revenues from contracts with customers			113,185				61,747				420,077				230,365
Leasing revenues			70				147				1,652				1,124
Total revenues		$	113,255			$	61,894			$	421,729			$	231,489

 

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 September 30, 2024 and December 31, 2023. 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 are classified as either current or long-term liabilities in the condensed consolidated balance sheet based on the timing of when the Company expects to recognize the related revenue. Customer deposits and deferred revenue, included in customer deposits and other current liabilities, respectively, in the Company’s condensed consolidated balance sheet, were $8,865 as of September 30, 2024 and $5,686 as of December 31, 2023. The December amounts were recognized as revenue during the first quarter of 2024. The Company has not experienced significant historical credit losses.

 

Performance Obligations

 

 

9

---

 

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 September 30, 2024 with expected duration of greater than one year of $108,914.

 

Note 4 – Segment Information

 

The Company’s operations consist of two operating segments, Manufacturing and Parts, and one reportable segment, Manufacturing. The Company’s Manufacturing segment includes new railcar manufacturing, railcar rebody and repair services, and complete railcar conversion services that repurpose idled rail assets back into revenue service. The Company’s Parts operating segment is not significant for reporting purposes and has been combined with corporate and other non-operating activities as Corporate and Other.

 

Segment operating income is an internal performance measure used by the Company’s Chief Operating Decision Maker to assess the performance of each segment in a given period. Segment operating income includes 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 internal 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. 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 and restricted cash and restricted cash equivalents to its operating segments as the Company’s treasury function is managed at the corporate level. Intersegment revenues were not material in any period presented.

 

		Three Months Ended									Nine Months Ended
		September 30,									September 30,
		2024				2023					2024				2023
Revenues:
Manufacturing		$	109,080			$	58,554				$	407,336			$	221,877
Corporate and Other			4,175				3,340					14,393				9,612
Consolidated revenues		$	113,255			$	61,894				$	421,729			$	231,489
Operating income (loss):
Manufacturing (1)		$	13,823			$	7,378				$	40,816			$	24,775
Corporate and Other (2)			(5,165	)			(5,977	)				(15,114	)			(14,551	)
Consolidated operating income		$	8,658			$	1,401				$	25,702			$	10,224
Consolidated interest expense			(1,577	)			(2,037	)				(5,815	)			(12,988	)
(Loss) gain on change in fair market value of Warrant liability			(110,040	)			4,273					(125,581	)			(1,869	)
Loss on extinguishment of debt			-				-					-				(14,880	)
Consolidated other expense			(680	)			(228	)				(1,419	)			(333	)
Consolidated (loss) income before income taxes		$	(103,639	)		$	3,409				$	(107,113	)		$	(19,846	)
Depreciation and amortization:
Manufacturing		$	1,331			$	942				$	3,906			$	2,763
Corporate and Other			111				143					346				426
Consolidated depreciation and amortization		$	1,442			$	1,085				$	4,252			$	3,189
Capital expenditures:
Manufacturing		$	1,277			$	3,989				$	3,485			$	8,815
Corporate and Other			185				28					246				156
Consolidated capital expenditures		$	1,462			$	4,017				$	3,731			$	8,971

 

(1) Results for the nine months ended September 30, 2024 include a litigation settlement, of which $1,386 was allocated to leasing revenues and $3,214 was allocated to litigation settlement. Results for the nine months ended September 30, 2023 include a gain on sale of railcars available for lease of $622.

(2) Results for the three and nine months ended September 30, 2023 include a loss on pension settlement of $313.

 

10

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		September 30,				December 31,
		2024				2023
Assets:
Manufacturing		$	187,001			$	207,093
Corporate and Other			55,988				51,158
Total operating assets			242,989				258,251
Consolidated income taxes receivable			2,960				1,208
Consolidated assets		$	245,949			$	259,459

 

	Geographic Information
		Revenues																Long Lived Assets (a)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,								September 30,				December 31,
		2024				2023				2024				2023				2024				2023
United States		$	113,255			$	61,894			$	421,729			$	231,489			$	4,090			$	7,377
Mexico			-				-				-				-				72,708				69,826
Total		$	113,255			$	61,894			$	421,729			$	231,489			$	76,798			$	77,203

 

 

(a) Long lived assets include property plant and equipment, net, railcars available for lease, net, and right-of-use (ROU) assets.

 

Note 5 – Fair Value Measurements

 

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 September 30, 2024
		Level 1				Level 2				Level 3				Total
Liabilities:
Warrant liability		$	-			$	162,382			$	-			$	162,382
Foreign currency derivative liability		$	-			$	1,784			$	-			$	1,784

 

Recurring Fair Value Measurements		As of December 31, 2023
		Level 1				Level 2				Level 3				Total
Liabilities:
Warrant liability		$	-			$	36,801			$	-			$	36,801
Assets:
Foreign currency derivative asset		$	-			$	606			$	-			$	606

 

Non-recurring Fair Value Measurements		During the Nine Months Ended September 30, 2024
		Level 1				Level 2				Level 3				Total
Assets:
Assets held for sale		$	-			$	-			$	629			$	629

 

 

Non-recurring Fair Value Measurements		During the Year Ended December 31, 2023
		Level 1				Level 2				Level 3				Total
Assets:
Railcars available for lease, net		$	-			$	-			$	2,842			$	2,842

 

 

The fair value of the Company’s Warrant (as defined in Note 10 - 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 of $0.01 per share and $3.57 per share, and number of shares exercisable at September 30, 2024 and December 31, 2023, is a Level 2 measurement.

The fair value of the Company’s foreign currency derivative (liability) asset determined using exit prices obtained from each counterparty, which are based on currency spot and forward rates at September 30, 2024 and December 31, 2023 in an active market, is a Level 2 measurement. See Note 15 - Derivatives.

 

 

11

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The fair value of the Company's fleet of triple hopper aggregate railcars determined using a cost plus market approach for a portion of the assets and a market-based approach for the remainder of the assets at December 31, 2023, is a Level 3 measurement. In the first quarter of 2024, the Company gained possession of these railcars. The portion of railcars intended to be sold in their current condition were classified as assets held for sale, while the remaining railcars intended to be converted into a new car type were classified as inventory.

 

Note 6 – Restricted Cash

 

The Company establishes restricted cash balances when required by customer contracts, and to collateralize standby letters of credit or foreign currency derivatives. The carrying value of restricted cash approximates its fair value.

 

The Company’s restricted cash balances are as follows:

 

		September 30,				December 31,
		2024				2023
Restricted cash from customer deposit		$	282			$	282
Restricted cash to collateralize standby letters of credit			103				103
Restricted cash to collateralize foreign currency derivatives			3,300				320
Total restricted cash and restricted cash equivalents		$	3,685			$	705

 

Note 7 – Inventories

 

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

 

		September 30,				December 31,
		2024				2023
Raw materials		$	65,913			$	65,639
Work in process			6,961				31,138
Finished railcars			6,329				23,196
Parts inventory			5,609				5,049
Total inventories, net		$	84,812			$	125,022

 

Inventory on the Company’s condensed consolidated balance sheets includes reserves of $1,918 and $1,594 relating to excess or slow-moving inventory for parts and raw materials at September 30, 2024 and December 31, 2023, respectively.

 

Note 8 – Product Warranties

 

Warranty terms are based on the negotiated railcar sale, rebody or conversion contract, as applicable. Changes in the warranty reserve for the nine months ended September 30, 2024 and 2023 are as follows:

 

			For the Nine Months Ended September 30,
			2024					2023
Balance at the beginning of the year			$	1,602				$	1,940
Current year provision				511					663
Reductions for payments, costs of repairs and other				(340	)				(852	)
Adjustments to prior warranties				(280	)				(113	)
Balance at the end of the period			$	1,493				$	1,638

 

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.

 

Note 9 – Revolving Credit Facility

 

As of September 30, 2024, a revolving line of credit maturing on October 31, 2024 exists in the maximum aggregate principal amount of up to $45,000, secured by a standby letter of credit in the principal amount of $25,000 and the Company’s accounts receivable. In

 

12

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connection with the standby letter of credit, the Company has agreed to pay an affiliate of OC III LFE (as defined below) a fee due and payable in cash of $375 per quarter.

 

The Company had no outstanding debt and remaining availability of $41,373 under this facility as of September 30, 2024. As of December 31, 2023, the Company had $29,415 in outstanding debt and remaining availability of $10,853 under this facility.

 

The standby letter of credit bears interest at the prime rate of interest (“Prime”) plus 1.5%, or 9.5% as of September 30, 2024. Advances secured by the Company’s accounts receivable bear interest at Prime plus 2%, or 10% as of September 30, 2024.

 

The revolving line of credit was subsequently amended on October 30, 2024 to extend the maturity date from October 31, 2024 to December 31, 2024, decrease the maximum aggregate principal amount from up to $45,000 to up to $20,000, and remove the standby letter of credit in the principal amount of $25,000 along with the $375 quarterly fee in connection with the standby letter of credit.

 

The fair value of debt approximates its carrying value as of December 31, 2023.

 

Note 10 – 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 9,502,172 and 8,712,618 shares of Common Stock as of September 30, 2024 and December 31, 2023, respectively. The 2021 Warrant, issued in December 2021, was exercisable for an aggregate of 2,065,689 and 1,894,047 shares of Common Stock as of September 30, 2024 and December 31, 2023, respectively. The 2022 Warrant, issued in April 2022, was exercisable for an aggregate of 2,065,689 and 1,894,047 shares of Common Stock as of September 30, 2024 and December 31, 2023, 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 September 30, 2024, the Warrant is classified as a liability and subject to fair value remeasurement at each balance sheet date. The fair value of the Warrant at September 30, 2024 and December 31, 2023 was $162,382 and $36,801, respectively. The change in fair value of the Warrant is reported on a separate line in the condensed consolidated statements of operations.

 

Note 11 – Mezzanine Equity

 

In May 2023, the Company issued to OC III LFE 85,412 shares of non-convertible Series C Preferred Stock, $0.01 par value per share, with an initial stated and fair value of $85,412 or $1,000 per share (the “Preferred Stock”). As of September 30, 2024, 85,412 shares of the Preferred Stock remain issued and outstanding. The Company classifies the Preferred Stock as mezzanine equity (temporary equity outside of permanent equity) because a deemed liquidation event following a change of control may require redemption of the Preferred Stock that is not solely within the control of the Company.

 

The Preferred Stock ranks senior to the Common Stock with respect to payment of dividends and distribution of assets upon liquidation, dissolution and winding up. Dividends accrue at a rate of 17.5% per annum on the initial stated value of the Preferred Stock. Accrued dividends, whether or not declared, are cumulative. OC III LFE will not participate in any dividends paid to holders of Common Stock.

The Company may redeem outstanding shares of Preferred Stock at any time by payment of the initial stated value plus accrued dividends. If the Company has not redeemed all of the outstanding shares of Preferred Stock on or prior to the fourth anniversary of issuance, the dividend rate will increase by 0.5% for every quarter thereafter until redeemed in full (the “Dividend Rate Increase”). OC III LFE has the right to request the Company redeem all of the outstanding shares of Preferred Stock at any time after the sixth anniversary of issuance. If the Company does not redeem all of the outstanding shares of Preferred Stock within six months after receipt of a redemption request, OC III LFE will be entitled to certain limited voting rights.

The Preferred Stock has similar characteristics of an “Increasing Rate Security” as described by SEC Staff Accounting Bulletin Topic 5Q, Increasing Rate Preferred Stock. As a result, and as the Company has the ability to redeem all of the outstanding shares of the Preferred Stock before the occurrence of a Dividend Rate Increase, the discount on outstanding shares of Preferred Stock is considered

 

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an unstated dividend cost that is amortized over the period preceding commencement of the Dividend Rate Increase using the effective interest method, by charging imputed dividend cost against retained earnings, or additional paid in capital in the absence of retained earnings, and increasing the carrying amount of the outstanding shares of Preferred Stock by a corresponding amount. Accordingly, the discount is amortized over four years using the effective yield method. Issuance costs of $2,301 were allocated against the outstanding shares of the Preferred Stock upon issuance. The Company recognized discount amortization of $144 and $431 during the three and nine months ended September 30, 2024, respectively, and $146 and $203 during the three and nine months ended September 30, 2023, respectively.

 

Note 12 – Accumulated Other Comprehensive Income

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

 

		Pre-Tax				Tax				After-Tax
Three months ended September 30, 2024
Pension liability activity:
Reclassification adjustment for amortization of net loss (pre-tax other income)		$	39			$	-			$	39
Foreign currency derivative liability activity:
Unrealized loss on foreign currency derivatives		$	(1,123	)		$	-			$	(1,123	)
		$	(1,084	)		$	-			$	(1,084	)

 

Three months ended September 30, 2023
Pension liability activity:
Loss on pension settlement		$	313			$	-			$	313
Reclassification adjustment for amortization of net loss (pre-tax other income)			573				-				573
		$	886			$	-			$	886
Foreign currency derivative asset activity:
Unrealized gain on foreign currency derivatives		$	34			$	-			$	34
		$	920			$	-			$	920

 

Nine months ended September 30, 2024		Pre-Tax				Tax				After-Tax
Pension liability activity:
Reclassification adjustment for amortization of net loss (pre-tax other income)		$	109			$	-			$	109
Foreign currency derivative liability activity:
Unrealized loss on foreign currency derivatives		$	(2,390	)		$	-			$	(2,390	)
		$	(2,281	)		$	-			$	(2,281	)

 

Nine months ended September 30, 2023
Pension liability activity:
Loss on pension settlement		$	313			$	-			$	313
Reclassification adjustment for amortization of net loss (pre-tax other income)			650				-				650
		$	963			$	-			$	963
Foreign currency derivative asset activity:
Unrealized gain on foreign currency derivatives		$	34			$	-			$	34
		$	997			$	-			$	997

 

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

 

		September 30,				December 31,
		2024				2023
Unrecognized pension income, net of tax of $6,282 and $6,282, respectively		$	1,868			$	1,759
Unrealized (loss) gain on foreign currency derivatives			(1,784	)			606
		$	84			$	2,365

 

Note 13 – Stock-Based Compensation

 

Total stock-based compensation was $804 and $715 for the three months ended September 30, 2024 and 2023, respectively, and $2,330 and $524 for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was $2,064 of unearned compensation expense related to restricted stock awards, which will be recognized over the remaining weighted average

 

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requisite service period of 21 months. As of September 30, 2024, there was $1,751 of unearned compensation expense related to time-vested stock options, which will be recognized over the remaining requisite service period of 23 months. As of September 30, 2024, there was no unearned compensation expense related to cash settled stock appreciation rights.

 

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 September 30, 2024, there was $172 of unrecognized compensation expense related to the Inducement Options, which will be recognized over the remaining requisite service period of 21 months.

 

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 and nine months ended September 30, 2024 and 2023, are as follows:

 

		Three Months Ended							Nine Months Ended
		September 30,								September 30,
Pension Benefits		2024				2023				2024				2023
Interest cost		$	130			$	151			$	399			$	453
Expected return on plan assets			(70	)			(83	)			(220	)			(250	)
Amortization of unrecognized net income			39				38				109				115
Loss on pension settlement			-				313				-				313
		$	99			$	419			$	288			$	631

 

The Company made no contributions to the Plan for the three and nine months ended September 30, 2024 and 2023. The Company expects to make no contributions to the Plan in 2024.

 

The Company also maintains qualified defined contribution plans, which provide benefits to employees based on employee contributions and employee earnings with discretionary contributions allowed.

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 fluctuations. The Company currently utilizes foreign currency forward contracts to protect against downward currency exposure by hedging Mexican Peso denominated expenses against the risk of volatility in foreign currency exchange rates between the Mexican Peso and the U.S. Dollar.

During 2023 and 2024, the Company entered into forward contracts to hedge the Company’s anticipated and probable Mexican Peso denominated expenses against the foreign currency rate exposure. The contracts have terms between one and 12 months and 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 contracts 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 foreign currency derivatives are recorded on the balance sheet at fair value. The Company records unrealized gains or losses related to changes in the fair value of the forward contracts in other comprehensive income as long as the contracts are assumed to be effective. Amounts accumulated in other comprehensive (loss) 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 foreign currency derivatives are as follows:

 

		September 30,				December 31,
Notional Amount		2024				2023
Derivative instruments designated as hedges:
Foreign currency derivatives		$	25,281			$	11,562

 

 

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The fair value of outstanding foreign currency derivatives designated as hedges are as follows:

 

		September 30,				December 31,
Fair Value		2024				2023
Other current liabilities:
Foreign currency derivatives		$	1,784			$	-
Prepaid expenses:
Foreign currency derivatives		$	-			$	606

 

The pre-tax realized loss (gain) on foreign currency derivatives is recognized in the condensed consolidated statements of operations as follows:

 

				Amount of Loss/(Gain) Recognized								Amount of (Gain) Recognized
				Three Months Ended September 30,								Nine Months Ended September 30,
		Location of Realized Loss/(Gain) Recognized in the Condensed Consolidated Statements of Operations		2024				2023				2024				2023
Derivative instruments designated as cash flow hedges:
Foreign currency derivatives		Cost of sales		$	72			$	(8	)		$	(449	)		$	(8	)

 

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.

 

 

Note 17 – Loss Per Share

 

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

 

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Numerator:
Net (loss) income		$	(107,046	)		$	3,193			$	(110,440	)		$	(20,733	)
Accretion of financing fees			(144	)			(146	)			(431	)			(203	)
Accrued dividends on Series C Preferred Stock			(4,676	)			(3,923	)			(13,340	)			(5,535	)
Net loss available to common stockholders - basic		$	(111,866	)		$	(876	)		$	(124,211	)		$	(26,471	)
Net loss available to common stockholders - diluted		$	(111,866	)		$	(876	)		$	(124,211	)		$	(26,471	)
Denominator:
Weighted average common shares outstanding			17,633,629				17,044,251				17,433,479				16,937,968
Issuance of Warrants			13,720,368				12,499,712				13,086,066				11,126,442
Weighted average common shares outstanding - basic			31,353,997				29,543,963				30,519,545				28,064,410
Weighted average common shares outstanding - diluted			31,353,997				29,543,963				30,519,545				28,064,410

 

 

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

 

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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 nonvested share awards. For the three months ended September 30, 2024 and 2023, 2,058,180 and 6,222,085 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive. For the nine months ended September 30, 2024 and 2023, 3,119,672 and 5,996,646 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive.

 

Note 18 – Related Parties

 

The following persons are owners of Fabricaciones y Servicios de México, S.A. de C.V. (“Fasemex”): Jesús Gil, a director of the Company; and Alejandro Gil and Salvador Gil, siblings of Jesús Gil. Fasemex owns approximately 10.3% of the outstanding shares of Common Stock as of September 30, 2024 and provides steel fabrication services to the Company. The lessors of the Castaños 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. Fasemex, DI, METJ, Jesús Gil, Alejandro Gil, Salvador Gil, and Jorge Gil are collectively referred to as the “Gil Family”.

The Company paid $6,058 and $20,711 to the Gil Family during the three and nine months ended September 30, 2024, respectively, and $3,909 and $13,675 during the three and nine months ended September 30, 2023, respectively, related to steel fabrication services, rent and security deposit payments for the Castaños Facility, material and safety supplies, trucking services and royalty payments.

Commercial Specialty Truck Holdings, LLC (“CSTH”) is minority owned by James R. Meyer, a member of our Board, our former CEO, and beneficial owner of over 5% of our Common Stock. The Company sold specialty parts supplies in an amount equal to $268 and $683 to CSTH during the three and nine months ended September 30, 2024, respectively. The Company sold no specialty parts supplies to CSTH during the three and nine months ended September 30, 2023.

 

Related party asset on the condensed consolidated balance sheet of $936 as of September 30, 2024 includes other receivables of $254 from CSTH and other assets of $682 from the Gil Family. Related party accounts payable on the condensed consolidated balance sheet of $2,493 as of September 30, 2024 is payable to the Gil Family. Related party asset on the condensed consolidated balance sheet of $638 as of December 31, 2023 includes other receivables of $517 from the Gil Family and $121 from CSTH. Related party accounts payable on the condensed consolidated balance sheet of $2,478 as of December 31, 2023 is payable to the Gil Family.

 

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 effective income tax rate was (3.3)% and 6.3% for the three months ended September 30, 2024 and 2023, respectively, and (3.1)% and (4.5)% for the nine months ended September 30, 2024 and 2023, respectively. The Company’s effective income tax rates for the respective periods of 2024 and 2023 differed from the U.S. statutory tax rate of 21% primarily due to the mix of pre-tax earnings in the U.S. and Mexico; permanent differences and discrete events, predominantly in Mexico; and a full valuation allowance in the U.S.

 

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains certain forward-looking statements including, in particular, statements about our plans, strategies and prospects. We have used the words “may,” “will,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “likely,” “unlikely,” “intend” and similar expressions in this report to identify forward-looking statements. We have based these forward-looking statements on our current views with respect to future events and financial performance. However, forward-looking statements inherently involve potential risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. These potential risks and uncertainties relate to, among other things, the cyclical nature of our business; adverse economic and market conditions, including inflation; material disruption in the movement of rail traffic for deliveries; fluctuating costs of raw materials, including steel and aluminum; delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion; delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings; and other competitive factors. The factors listed above are not exhaustive. Other sections of this Quarterly Report on Form 10-Q include additional factors that could materially and adversely affect our business, financial condition and results of operations. New factors emerge from time to time and it is not possible for management to predict the impact of all of these factors on our business, financial condition or results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not rely on forward-looking statements as a prediction of actual results. We expressly disclaim any duty to provide updates to forward-looking statements, and the estimates and assumptions associated with them, in order to reflect changes in circumstances or expectations or the occurrence of unanticipated events except to the extent required by applicable securities laws.

 

OVERVIEW

 

You should read the following discussion in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements that are based on management’s current expectations, estimates and projections about our business and operations. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements.”

 

We are a diversified manufacturer of railcars and railcar components. We design and manufacture a broad variety of railcar types for transportation of bulk commodities and containerized freight products primarily in North America. We also provide railcar rebody and repair services, railcar conversion services that repurpose idled rail assets back into revenue service, and supply railcar parts. We have been manufacturing railcars since 1901.

 

Total net railcar orders received for the nine months ended September 30, 2024 were 4,040 units, consisting of 2,645 new railcars and 1,395 rebuilt railcars, compared to orders for 3,356 units, consisting of 3,166 new railcars and 190 rebuilt railcars for the nine months ended September 30, 2023. Total backlog of unfilled orders was 3,611 units at September 30, 2024, compared to 2,914 railcars as of December 31, 2023. The estimated sales value of the backlog was $372 million and $348 million as of September 30, 2024 and December 31, 2023, respectively. The increase in the number of net railcar orders received for the nine months ended September 30, 2024 compared to the prior year period is primarily a reflection of the Company’s increased production capacity year-over-year.

 

RESULTS OF OPERATIONS

 

Three Months Ended September 30, 2024 compared to Three Months Ended September 30, 2023

 

Revenues

 

Our consolidated revenues for the three months ended September 30, 2024 were $113.3 million compared to $61.9 million for the three months ended September 30, 2023. Manufacturing segment revenues for the three months ended September 30, 2024 were $109.1 million compared to $58.6 million for the corresponding prior year period. The $50.5 million increase in Manufacturing segment revenues was primarily driven by an increase in the volume of railcar units delivered during the quarter. Railcar deliveries in the three months ended September 30, 2024 totaled 961 units, consisting entirely of new railcars, compared to 503 units in the same period of 2023, consisting of 382 new railcars and 121 rebuilt railcars. Corporate and Other revenues were $4.2 million for the three months ended September 30, 2024 compared to $3.3 million for the three months ended September 30, 2023.

 

 

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Gross Profit

 

Our consolidated gross profit was $16.2 million for the three months ended September 30, 2024 compared to $9.2 million for the three months ended September 30, 2023. Manufacturing segment gross profit was $14.3 million for the three months ended September 30, 2024 compared to $7.9 million for the three months ended September 30, 2023. The $7.0 million increase in consolidated gross profit and $6.4 million increase in Manufacturing segment gross profit reflects a favorable volume variance. Corporate and Other gross profit was $1.9 million for the three months ended September 30, 2024 compared to $1.3 million for the three months ended September 30, 2023.

 

Selling, General and Administrative Expenses

 

Consolidated selling, general and administrative expenses were $7.5 million for each of the three months ended September 30, 2024 and 2023. Manufacturing segment selling, general and administrative expenses were $0.5 million for the three months ended September 30, 2024, compared to $0.6 million for the three months ended September 30, 2023. Manufacturing segment selling, general and administrative expenses for the three months ended September 30, 2024 were 0.5% of revenue, compared to 1.0% of revenue for the three months ended September 30, 2023. Corporate and Other selling, general and administrative expenses were $7.0 million for the three months ended September 30, 2024 compared to $6.9 million for the three months ended September 30, 2023.

 

Operating Income

 

Our consolidated operating income for the three months ended September 30, 2024 was $8.7 million compared to $1.4 million for the three months ended September 30, 2023 driven primarily by the previously mentioned favorable volume variance, partially offset by the previously mentioned loss on pension settlement. Operating income for the Manufacturing segment was $13.8 million for the three months ended September 30, 2024 compared to $7.4 million for the three months ended September 30, 2023, reflecting the increase in railcars delivered during the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Corporate and Other operating loss was $5.2 million for the three months ended September 30, 2024 compared to $6.0 million for the three months ended September 30, 2023.

 

(Loss) Gain on Change in Fair Market Value of Warrant Liability

 

Our loss on change in fair market value of Warrant liability was $110.0 million for the three months ended September 30, 2024 compared to our gain on change in fair market value of Warrant liability of $4.3 million for the three months ended September 30, 2023. The change in fair market value of Warrant liability is driven by the fluctuation of stock price used to remeasure the liability at the end of each period.

 

Income Taxes

 

Our income tax provision was $3.4 million for the three months ended September 30, 2024 compared to our income tax provision of $0.2 million for the three months ended September 30, 2023. The increase in income tax expense is primarily explained by the mix of forecasted earnings in the U.S. and Mexico, as well as the impact of permanent and discrete items predominantly in Mexico.

 

Net (Loss) Income

 

As a result of the changes discussed above, net loss was $107.0 million for the three months ended September 30, 2024 compared to net income of $3.2 million for the three months ended September 30, 2023. For the three months ended September 30, 2024, basic and diluted net loss per share was $3.57, compared to basic and diluted net loss per share of $0.03 for the three months ended September 30, 2023.

 

 

Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023

 

Revenues

 

Our consolidated revenues for the nine months ended September 30, 2024 were $421.7 million compared to $231.5 million for the nine months ended September 30, 2023. Manufacturing segment revenues for the nine months ended September 30, 2024 were $407.3 million compared to $221.9 million for the corresponding prior year period. The $185.4 million increase in Manufacturing segment revenues was primarily driven by an increase in the volume of railcar units delivered during the current period, which includes delivery in the first quarter of 2024 of railcars that had been temporarily impacted by the closure of the U.S.-Mexico border in December 2023. Railcar deliveries in the nine months ended September 30, 2024 totaled 3,343 units, consisting of 3,233 new

 

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railcars and 110 rebuilt railcars, compared to 2,001 units in the same period of 2023, consisting of 1,686 new railcars and 315 rebuilt railcars. Corporate and Other revenues were $14.4 million for the nine months ended September 30, 2024 compared to $9.6 million for the nine months ended September 30, 2023.

 

Gross Profit

 

Our consolidated gross profit was $46.0 million for the nine months ended September 30, 2024 compared to $29.7 million for the nine months ended September 30, 2023. Manufacturing segment gross profit was $39.0 million for the nine months ended September 30, 2024 compared to $26.0 million for the nine months ended September 30, 2023. The $16.3 million increase in consolidated gross profit and $13.0 million increase in Manufacturing segment gross profit primarily reflects a favorable volume variance. Corporate and Other gross profit was $7.0 million for the nine months ended September 30, 2024 compared to $3.7 million for the nine months ended September 30, 2023.

 

Selling, General and Administrative Expenses

 

Consolidated selling, general and administrative expenses for the nine months ended September 30, 2024 were $23.5 million compared to $19.8 million for the nine months ended September 30, 2023. The $3.7 million increase in consolidated selling, general and administrative expenses for the nine months ended September 30, 2024 was primarily due to increases in stock-based compensation expenses of $1.8 million and legal expenses of $1.8 million. Manufacturing segment selling, general and administrative expenses were $1.4 million for the nine months ended September 30, 2024 compared to $1.9 million for the nine months ended September 30, 2023. The $0.5 million decrease in Manufacturing selling, general and administrative expenses for the nine months ended September 30, 2024 was primarily due to a $0.4 million decrease in consulting expenses. Manufacturing segment selling, general and administrative expenses for the nine months ended September 30, 2024 were 0.3% of revenue, compared to 0.9% of revenue for the nine months ended September 30, 2023. Corporate and Other selling, general and administrative expenses were $22.1 million for the nine months ended September 30, 2024 compared to $17.9 million for the nine months ended September 30, 2023. The $4.2 million increase in Corporate and Other selling, general and administrative expenses is primarily a result of the previously mentioned increases in stock-based compensation expenses and legal expenses in the current year.

 

Litigation Settlement

 

During the nine months ended September 30, 2024, we recorded a pre-tax litigation settlement of $3.2 million related to a dispute with a former lessee of our railcars. During the nine months ended September 30, 2023, we did not record any litigation settlements.

 

Operating Income

 

Our consolidated operating income for the nine months ended September 30, 2024 was $25.7 million compared to a $10.2 million consolidated operating income for the nine months ended September 30, 2023 driven primarily by the previously mentioned favorable volume variance, partially offset by the previously mentioned increase in selling, general and administrative expenses. Operating income for the Manufacturing segment was $40.8 million for the nine months ended September 30, 2024 compared to an operating income of $24.8 million for the nine months ended September 30, 2023, reflecting the increase in railcars delivered during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. Corporate and Other operating loss was $15.1 million for the nine months ended September 30, 2024 compared to $14.6 million for the nine months ended September 30, 2023. The $0.5 million increase in operating loss is primarily a result of the previously mentioned increases in selling, general and administrative expenses.

 

Loss on Change in Fair Market Value of Warrant Liability

 

Our loss on change in fair market value of Warrant liability was $125.6 million for the nine months ended September 30, 2024, compared to our loss on change in fair market value of Warrant liability of $1.9 million for the nine months ended September 30,

 

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2023. The change in fair market value of Warrant liability is driven by the fluctuation of stock price used to remeasure the liability at the end of each period.

 

Loss on Extinguishment of Debt

 

There was no loss on extinguishment of debt for the nine months ended September 30, 2024. Loss on extinguishment of debt for the nine months ended September 30, 2023 was $14.9 million due to the settlement of the Credit Agreement through the issuance of Series C Preferred Stock and the termination of the M&T Credit Agreement and Forbearance Agreement (refer to our Annual Report on Form 10-K issued on March 18, 2024 for defined terms).

 

Income Taxes

 

Our income tax benefit was $3.3 million for the nine months ended September 30, 2024 compared to our income tax provision of $0.9 million for the nine months ended September 30, 2023. The increase in income tax expense is primarily explained by the mix of forecasted earnings in the U.S. and Mexico, as well as the impact of permanent and discrete items predominantly in Mexico.

 

Net Loss

 

As a result of the changes discussed above, net loss was $110.4 million for the nine months ended September 30, 2024 compared to $20.7 million for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, basic and diluted net loss per share was $4.07, compared to basic and diluted net loss per share of $0.94 for the nine months ended September 30, 2023.

 

LIQUIDITY AND CAPITAL RESOURCES

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

 

Our primary sources of liquidity are our cash and cash equivalent balances on hand and our credit and debt facilities outlined below.

 

Revolving Credit Facility

 

As of September 30, 2024, a revolving line of credit maturing on October 31, 2024 exists in the maximum aggregate principal amount of up to $45,000, secured by a standby letter of credit in the principal amount of $25,000 and the Company’s accounts receivable. In connection with the standby letter of credit, the Company has agreed to pay an affiliate of OC III LFE (as defined below) a fee due and payable in cash of $375 per quarter.

 

The Company had no outstanding debt and remaining availability of $41,373 under this facility as of September 30, 2024. As of December 31, 2023, the Company had $29,415 in outstanding debt and remaining availability of $10,853 under this facility.

 

The standby letter of credit bears interest at the prime rate of interest (“Prime”) plus 1.5%, or 9.5% as of September 30, 2024. Advances secured by the Company’s accounts receivable bear interest at Prime plus 2%, or 10% as of September 30, 2024.

 

The revolving line of credit was subsequently amended on October 30, 2024 to extend the maturity date from October 31, 2024 to December 31, 2024, decrease the maximum aggregate principal amount from up to $45,000 to up to $20,000, and remove the standby letter of credit in the principal amount of $25,000 along with the $375 quarterly fee in connection with the standby letter of credit.

 

Warrant

 

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 which are exercisable on the terms described in Note 10 - Warrants.

 

Preferred Shares

 

In May 2023, the Company issued to OC III LFE 85,412 shares of non-convertible Series C Preferred Stock, $0.01 par value per share, with an initial stated and fair value of $85,412 or $1,000 per share (the “Preferred Stock”). As of September 30, 2024, 85,412 shares of the Preferred Stock remain issued and outstanding. The Company classifies the Preferred Stock as mezzanine equity (temporary equity outside of permanent equity) since a deemed liquidation event following a change of control may require redemption of the Preferred Stock that is not solely within the control of the Company.

The Preferred Stock ranks senior to the Common Stock with respect to payment of dividends and distribution of assets upon liquidation, dissolution and winding up. Dividends accrue at a rate of 17.5% per annum on the initial stated value. Accrued dividends,

 

21

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whether or not declared, are cumulative. The Preferred Stock will not participate in any dividends paid to the holders of shares of Common Stock.

The Company may redeem the outstanding Preferred Stock at any time by payment of the initial stated value plus accrued dividends. If the Company has not redeemed on or prior to the fourth anniversary of issuance, the dividend rate will increase by 0.5% for every quarter thereafter until redeemed in full. OC III LFE has the right to request the Company redeem at any time after the sixth anniversary of issuance. If the Company does not redeem within six months after receipt of a redemption request, OC III LFE will be entitled to certain limited voting rights.

 

Additional Liquidity Factors

 

Our restricted cash, restricted cash equivalents and restricted certificates of deposit balances were $3.7 million and $0.7 million as of September 30, 2024 and December 31, 2023, respectively. Restricted deposits of $0.3 million as of each of September 30, 2024 and December 31, 2023 relate to a customer deposit for the purchase of railcars. Restricted deposits of $0.1 million as of each of September 30, 2024 and December 31, 2023 are used to collateralize standby letters of credit with respect to performance guarantees. The standby letters of credit outstanding as of September 30, 2024 are a requirement as long as the performance guarantees are in place. Restricted deposits of $3.3 million and $0.3 million as of September 30, 2024 and December 31, 2023, respectively, are used to collateralize foreign currency derivatives.

 

Based on our current level of operations and known changes in planned volume based on our backlog, we believe that our cash balances will be sufficient to meet our expected liquidity needs for at least the next twelve months. Our long-term liquidity is contingent upon future operating performance and our ability to continue to meet financial covenants under our revolving credit facilities, any other indebtedness and the availability of additional financing if needed. We may also require additional capital in the future to fund working capital for various reasons, such as future railcar demand; payments for contractual obligations; organic growth opportunities, including new plant and equipment and development of railcars; joint ventures; international expansion; and acquisitions, and these capital requirements could be substantial.

Based upon our operating performance and capital requirements, we may, from time to time, be required to raise additional funds through additional offerings of our equity or debt and through long-term borrowings. There can be no assurance that long-term debt, if needed, will be available on terms attractive to us, or at all. Furthermore, any additional equity financing may be dilutive to stockholders and debt financing, if available, may involve restrictive covenants. Our failure to raise capital if and when needed could have a material adverse effect on our results of operations and financial condition.

 

Cash Flows

 

The following table summarizes our cash flow activities for the nine months ended September 30, 2024 and 2023:

 

		2024				2023
		(In thousands)
Net cash provided by (used in):
Operating activities		$	39,047			$	(26,410	)
Investing activities			(3,731	)			(615	)
Financing activities			(31,046	)			4,492
Total		$	4,270			$	(22,533	)

 

Operating Activities. Our net cash provided by (used in) operating activities reflects net loss adjusted for non-cash charges and changes in operating assets and liabilities. Cash flows from operating activities are affected by several factors, including fluctuations in business volume, contract terms for billings and collections, the timing of collections on our contract receivables, processing of payroll and associated taxes, payments to our suppliers and other operating activities. As some of our customers accept delivery of new railcars in train-set quantities, variations in our sales could lead to significant fluctuations in our operating profits and cash from operating activities.

 

Our net cash provided by operating activities for the nine months ended September 30, 2024 was $39.0 million compared to net cash used in operating activities of $26.4 million for the nine months ended September 30, 2023. Our net cash provided by operating activities for the nine months ended September 30, 2024 reflects changes in working capital, including a decrease in inventory of $40.9 million, offset by an increase in accounts receivable of $17.9 million. The decrease in inventory relates to raw materials on hand at December 31, 2023 used in production of railcars delivered in 2024, as well as finished goods on hand at December 31, 2023 delivered in 2024 due to the closure of the US-Mexico border in December 2023. The increase in accounts receivable relates to the timing of collections with current railcar builds based on contractual payment terms. Our net cash used in operating activities for the

 

22

---

 

nine months ended September 30, 2023 reflects changes in working capital, primarily an increase in inventory of $57.2 million related to inventory to be used in production of railcars to be delivered during the fourth quarter of 2023, offset by an increase of $19.6 million customer deposits received during the nine months ended September 30, 2023.

 

Investing Activities. Net cash used in investing activities for the nine months ended September 30, 2024 was $3.7 million and consisted of capital expenditures related to the enhancement of machinery and equipment on current production lines of our facility in Castaños, Coahuila, Mexico (the “Castaños Facility”). Net cash used in investing activities for the nine months ended September 30, 2023 was $0.6 million and consisted of $8.4 million proceeds from the sale of railcars available for lease, net of selling costs, offset by capital expenditures of $9.0 million related to the expansion of the Castaños Facility.

 

Financing Activities. Net cash used in financing activities for the nine months ended September 30, 2024 was $31.0 million which included net repayments on revolving line of credit of $29.4 million and principal payments on the finance lease of $1.6 million. Net cash provided by financing activities for the nine months ended September 30, 2023 was $4.5 million which primarily included $13.3 million proceeds from the issuance of Series C Preferred Stock, net of issuance costs, partially offset by net repayments on revolving line of credit of $7.9 million.

 

Capital Expenditures

 

Our capital expenditures were $3.7 million in the nine months ended September 30, 2024, compared to $9.0 million in the nine months ended September 30, 2023, a decrease primarily due to the completion of the Castaños Facility expansion in 2023. We anticipate capital expenditures during 2024 to be in the range of $5.0 million to $6.0 million, primarily related to the enhancement of machinery and equipment on current production lines at the Castaños Facility.

 

 

23

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Item 4. Controls and Procedures.

Management’s Report on Internal Control over Financial Reporting

 

The Company’s management evaluated, with the participation of the Company’s principal executive officer and principal financial officer, the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of September 30, 2024. Based on their evaluation, the Company’s principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2024.

Changes in Internal Control Over Financial Reporting

 

There have been no changes in our internal control over financial reporting (as such term is defined in Rules 13a–15(f) and 15d–15(f) under the Exchange Act) during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

24

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PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

Information regarding legal proceedings is available in Note 16 - Commitments and Contingencies.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits.

 

(a)

Exhibits filed as part of this Form 10-Q:

 

10.1	Fourth Amendment to Amended and Restated Loan and Security Agreement, dated as of October 30, 2024, by and among the Company and certain of its subsidiaries and Siena Lending Group LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on November 1, 2024).
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
Exhibit 104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

 

 

25

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

		FREIGHTCAR AMERICA, INC.
Date: November 12, 2024		By:	/s/ NICHOLAS J. RANDALL
			Nicholas J. Randall, President and Chief Executive Officer (Principal Executive Officer)
Date: November 12, 2024		By:	/s/ MICHAEL A. RIORDAN
			Michael A. Riordan, Vice President, Finance, Chief Financial Officer and Treasurer (Principal Financial Officer)
Date: November 12, 2024		By:	/s/ JUAN CARLOS FUENTES SIERRA
			Juan Carlos Fuentes Sierra, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer)

 

 

 

 

 

26

---

 

Exhibit 31.1

 

Certification of Principal Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Nicholas J. Randall, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of FreightCar America, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 12, 2024		By:	/s/ NICHOLAS J. RANDALL
			Nicholas J. Randall
			President and Chief Executive Officer (Principal Executive Officer)

 

 

---

 

Exhibit 31.2

 

Certification of Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Michael A. Riordan, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of FreightCar America, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 12, 2024		By:	/s/ MICHAEL A. RIORDAN
			Michael A. Riordan
			Vice President, Finance, Chief Financial Officer and Treasurer (Principal Financial Officer)

 

 

---

 

 

Exhibit 32

 

 

Certification pursuant to

18 U.S.C. Section 1350,

as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with the Quarterly Report of FreightCar America, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Nicholas J. Randall, President and Chief Executive Officer, and Michael A. Riordan, Vice President, Finance, Chief Financial Officer and Treasurer, respectively, of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

(1)

the Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: November 12, 2024		By:	/s/ NICHOLAS J. RANDALL
			Nicholas J. Randall
			President and Chief Executive Officer (Principal Executive Officer)
Date: November 12, 2024		By:	/s/ MICHAEL A. RIORDAN
			Michael A. Riordan
			Vice President, Finance, Chief Financial Officer and Treasurer (Principal Financial Officer)

A signed copy of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

 

---

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 29, 2024
Cover [Abstract]
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	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	RAIL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,893,972

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash, cash equivalents and restricted cash equivalents	$ 44,830	$ 40,560
Accounts receivable, net of allowance for credit losses of $74 and $18 respectively	24,319	6,408
VAT receivable	2,489	2,926
Inventories, net	84,812	125,022
Assets held for sale	629	0
Related party asset	936	638
Prepaid expenses	10,100	4,867
Total current assets	168,115	180,421
Property, plant and equipment, net	30,461	31,258
Railcars available for lease, net	0	2,842
Right of use asset operating lease	2,514	2,826
Right of use asset finance lease	43,823	40,277
Other long-term assets	1,036	1,835
Total assets	245,949	259,459
Current liabilities
Accounts and contractual payables	74,355	84,417
Related party accounts payable	2,493	2,478
Accrued payroll and other employee costs	7,447	5,738
Accrued warranty	1,493	1,602
Customer deposits	8,865	0
Current portion of long-term debt	0	29,415
Other current liabilities	10,196	13,711
Total current liabilities	104,849	137,361
Warrant liability	162,382	36,801
Accrued pension costs	1,226	1,046
Lease liability operating lease, long-term	2,778	3,164
Lease liability finance lease, long-term	45,482	41,273
Other long-term liabilities	1,660	2,562
Total liabilities	318,377	222,207
Commitments and contingencies
Series C Preferred stock, $0.01 par value, 85,412 shares authorized, 85,412 shares issued and outstanding at each of September 30, 2024 and December 31, 2023, respectively. Liquidation value $108,388 and $95,048 at September 30, 2024 and December 31, 2023, respectively.	83,889	83,458
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 at September 30, 2024 and December 31, 2023)	0	0
Common stock, $0.01 par value, 50,000,000 shares authorized, 18,884,838 and 17,903,437 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	220	210
Additional paid in capital	97,098	94,067
Accumulated other comprehensive income	84	2,365
Accumulated deficit	(253,719)	(142,848)
Total stockholders' deficit	(156,317)	(46,206)
Total liabilities, mezzanine equity and stockholders' deficit	$ 245,949	$ 259,459

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 74	$ 18
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,500,000	2,500,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	18,884,838	17,903,437
Common stock, shares outstanding	18,884,838	17,903,437
Series A Preferred Stock [Member]
Preferred stock, shares authorized	100,000	100,000
Series B Preferred Stock [Member]
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series C Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	85,412	85,412
Preferred stock, shares issued	85,412	85,412
Liquidation value	$ 108,388	$ 95,048
Preferred stock, shares outstanding	85,412	85,412

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 113,255	$ 61,894	$ 421,729	$ 231,489
Cost of sales	97,059	52,669	375,700	201,824
Gross profit	16,196	9,225	46,029	29,665
Selling, general and administrative expenses	7,538	7,511	23,541	19,750
Gain on sale of railcars available for lease	0	0	0	(622)
Loss on pension settlement	0	313		313
Litigation settlement	0	0	(3,214)	0
Operating income	8,658	1,401	25,702	10,224
Interest expense	(1,577)	(2,037)	(5,815)	(12,988)
(Loss) gain on change in fair market value of Warrant liability	(110,040)	4,273	(125,581)	(1,869)
Loss on extinguishment of debt	0	0	0	(14,880)
Other expense	(680)	(228)	(1,419)	(333)
{Loss} income before income taxes	(103,639)	3,409	(107,113)	(19,846)
Income tax (benefit) provision	3,407	216	3,327	887
Net loss	$ (107,046)	$ 3,193	$ (110,440)	$ (20,733)
Net loss per common share - basic	$ (3.57)	$ (0.03)	$ (4.07)	$ (0.94)
Net loss per common share - diluted	$ (3.57)	$ (0.03)	$ (4.07)	$ (0.94)
Weighted average common shares outstanding - basic	31,353,997	29,543,963	30,519,545	28,064,410
Weighted average common shares outstanding - diluted	31,353,997	29,543,963	30,519,545	28,064,410

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (107,046)	$ 3,193	$ (110,440)	$ (20,733)
Other comprehensive (loss) income, net of tax:
Loss on pension settlement	0	313	0	313
Unrealized (loss) gain on foreign currency derivatives	(1,123)	34	(2,390)	34
Pension and postretirement liability adjustments	39	573	109	650
Comprehensive (loss) income	$ (108,130)	$ 4,113	$ (112,721)	$ (19,736)

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock [Member] Series C Preferred Stock [Member]	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Retained (Deficit) [Member]
Balance at Dec. 31, 2022	$ (28,584)		$ 203	$ 89,104	$ 1,022	$ (118,913)
Balance (Shares) at Dec. 31, 2022			17,223,306
Other comprehensive income	997				997
Balance at Jun. 30, 2023	(48,954)	$ 83,253	$ 210	92,633	1,099	(142,896)
Balance (Shares) at Jun. 30, 2023		85,412	17,899,191
Balance at Dec. 31, 2022	(28,584)		$ 203	89,104	1,022	(118,913)
Balance (Shares) at Dec. 31, 2022			17,223,306
Net income (Loss)	(20,733)					(20,733)
Issuance of Preferred Stock value	(203)	$ 83,314				(203)
Preferred Stock Shares Issued1		85,412
Accretion of preferred shares issuance costs	(203)
Restricted stock awards			$ 4	(4)
Restricted stock awards, shares			453,258
Employee stock settlement	(106)			(106)
Employee stock settlement, shares			(31,888)
Stock Appreciation Rights Classification Modification	1,738			1,738
Vesting of Restricted Stock Units Share			42,815
Vesting of Restricted Stock Units	$ 145			$ 145
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	3		4,984	3
Exercise of stock appreciation rights, Shares	3		4,984	3
Stock-based compensation recognized	$ 1,789			$ 1,789
Equity fees	685		$ 3	682
Equity fees, Shares			210,962
Balance at Sep. 30, 2023	(44,269)	$ 83,314	$ 210	93,351	2,019	(139,849)
Balance (Shares) at Sep. 30, 2023		85,412	17,903,437
Balance at Jun. 30, 2023	(48,954)	$ 83,253	$ 210	$ 92,633	1,099	(142,896)
Balance (Shares) at Jun. 30, 2023		85,412	17,899,191
Net income (Loss)	3,193					3,193
Other comprehensive income	920				920
Issuance of Preferred Stock value		$ 61				(146)
Accretion of preferred shares issuance costs	$ (146)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	3		4,246	3
Exercise of stock appreciation rights, Shares	3		4,246	3
Stock-based compensation recognized	$ 715			$ 715
Balance at Sep. 30, 2023	(44,269)	$ 83,314	$ 210	93,351	2,019	(139,849)
Balance (Shares) at Sep. 30, 2023		85,412	17,903,437
Balance at Dec. 31, 2023	$ (46,206)	$ 83,458	$ 210	94,067	2,365	(142,848)
Balance (Shares) at Dec. 31, 2023	17,903,437	85,412	17,903,437
Net income (Loss)	$ (110,440)					(110,440)
Other comprehensive income	(2,281)				(2,281)
Accretion of preferred shares issuance costs	(431)	$ 431				(431)
Restricted stock awards			$ 8	(8)
Restricted stock awards, shares			774,796
Employee stock settlement	(40)			(40)
Employee stock settlement, shares			(14,615)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period			328,010
Forfeiture of restricted stock awards			$ (1)	1
Forfeiture of restricted stock awards, shares			(106,790)
Exercise of stock appreciation rights	751		$ 3	748
Exercise of stock appreciation rights, Shares			328,010
Stock-based compensation recognized	2,330			2,330
Balance at Sep. 30, 2024	$ (156,317)	$ 83,889	$ 220	97,098	84	(253,719)
Balance (Shares) at Sep. 30, 2024	18,884,838	85,412	18,884,838
Balance at Jun. 30, 2024	$ (48,829)	$ 83,745	$ 220	96,312	1,168	(146,529)
Balance (Shares) at Jun. 30, 2024		85,412	18,873,850
Net income (Loss)	(107,046)					(107,046)
Other comprehensive income	1,084				1,084
Accretion of preferred shares issuance costs	(144)	$ 144				(144)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period			10,988
Exercise of stock appreciation rights	(18)			(18)
Exercise of stock appreciation rights, Shares			10,988
Stock-based compensation recognized	804			804
Balance at Sep. 30, 2024	$ (156,317)	$ 83,889	$ 220	$ 97,098	$ 84	$ (253,719)
Balance (Shares) at Sep. 30, 2024	18,884,838	85,412	18,884,838

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (110,440)	$ (20,733)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Depreciation and amortization	4,252	3,189
Non-cash lease expense on right-of-use assets	2,226	1,873
Loss on change in fair market value of Warrant liability	125,581	1,869
Loss on pension settlement	0	313
Stock-based compensation recognized	2,330	524
Non-cash interest expense	3,638	8,980
Loss on extinguishment of debt	0	14,880
Other non-cash items, net	(1,589)	(435)
Changes in operating assets and liabilities:
Accounts receivable	(17,911)	(1,126)
VAT receivable	465	2,320
Inventories	40,859	(57,213)
Accounts and contractual payables	(8,300)	2,739
Income taxes payable, net	(2,179)	(1,490)
Lease liability	(2,802)	(2,779)
Customer deposits	8,865	19,644
Other assets and liabilities	(5,948)	1,035
Net cash flows provided by (used in) operating activities	39,047	(26,410)
Cash flows from investing activities
Purchase of property, plant and equipment	(3,731)	(8,971)
Proceeds from sale of railcars available for lease, net of selling costs	0	8,356
Net cash flows used in investing activities	(3,731)	(615)
Cash flows from financing activities
Proceeds from issuance of preferred shares, net of issuance costs	0	13,254
Deferred financing costs	0	(300)
Borrowings on revolving line of credit	26,595	115,172
Repayments on revolving line of credit	(56,010)	(123,062)
Employee stock settlement	(40)	(106)
Payment for stock appreciation rights exercised	0	(6)
Financing lease payments	(1,591)	(460)
Net cash flows (used in) provided by financing activities	(31,046)	4,492
Net increase (decrease) in cash and cash equivalents	4,270	(22,533)
Cash, cash equivalents and restricted cash equivalents at beginning of period	40,560	37,912
Cash, cash equivalents and restricted cash equivalents at end of period	44,830	15,379
Supplemental cash flow information
Interest paid	2,177	3,961
Income taxes paid	5,061	1,857
Non-cash transactions
Change in unpaid construction in process	(226)	51
Accrued PIK interest paid through issuance of PIK Note	0	3,161
Issuance of preferred shares in exchange of term loan		72,688
Issuance of Warrants	0	3,014
Issuance of equity fee	$ 0	$ 685

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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

Description of the Business	9 Months Ended
	Sep. 30, 2024
Description of the Business [Abstract]
Description of the Business	Note 1 – Description of the Business   FreightCar America, Inc. (“FreightCar”, the “Company”, “we” or “our”) operates primarily in North America through its direct and indirect subsidiaries, 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 bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars, coal cars and boxcars. 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 “Castaños Facility”).

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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 U.S. 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 nine months ended September 30, 2024 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 2023 year-end balance sheet data was derived from the audited financial statements as of December 31, 2023. 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. 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, 2023.

Revenue Recognition	9 Months Ended
	Sep. 30, 2024
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   Nine Months Ended       September 30,   September 30,       2024     2023     2024     2023   Railcar sales   $ 109,010     $ 58,407     $ 405,684     $ 220,752   Parts sales     4,175       3,340       14,393       9,613   Revenues from contracts with customers     113,185       61,747       420,077       230,365   Leasing revenues     70       147       1,652       1,124   Total revenues   $ 113,255     $ 61,894     $ 421,729     $ 231,489     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 September 30, 2024 and December 31, 2023. 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 are classified as either current or long-term liabilities in the condensed consolidated balance sheet based on the timing of when the Company expects to recognize the related revenue. Customer deposits and deferred revenue, included in customer deposits and other current liabilities, respectively, in the Company’s condensed consolidated balance sheet, were $8,865 as of September 30, 2024 and $5,686 as of December 31, 2023. The December amounts were recognized as revenue during the first quarter of 2024. 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 September 30, 2024 with expected duration of greater than one year of $108,914.

Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	Note 4 – Segment Information   The Company’s operations consist of two operating segments, Manufacturing and Parts, and one reportable segment, Manufacturing. The Company’s Manufacturing segment includes new railcar manufacturing, railcar rebody and repair services, and complete railcar conversion services that repurpose idled rail assets back into revenue service. The Company’s Parts operating segment is not significant for reporting purposes and has been combined with corporate and other non-operating activities as Corporate and Other.   Segment operating income is an internal performance measure used by the Company’s Chief Operating Decision Maker to assess the performance of each segment in a given period. Segment operating income includes 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 internal 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. 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 and restricted cash and restricted cash equivalents to its operating segments as the Company’s treasury function is managed at the corporate level. Intersegment revenues were not material in any period presented.       Three Months Ended       Nine Months Ended       September 30,       September 30,       2024     2023       2024     2023   Revenues:                           Manufacturing   $ 109,080     $ 58,554       $ 407,336     $ 221,877   Corporate and Other     4,175       3,340         14,393       9,612   Consolidated revenues   $ 113,255     $ 61,894       $ 421,729     $ 231,489                             Operating income (loss):                           Manufacturing (1)   $ 13,823     $ 7,378       $ 40,816     $ 24,775   Corporate and Other (2)     (5,165 )     (5,977 )       (15,114 )     (14,551 ) Consolidated operating income   $ 8,658     $ 1,401       $ 25,702     $ 10,224   Consolidated interest expense     (1,577 )     (2,037 )       (5,815 )     (12,988 ) (Loss) gain on change in fair market value of Warrant liability     (110,040 )     4,273         (125,581 )     (1,869 ) Loss on extinguishment of debt     -       -         -       (14,880 ) Consolidated other expense     (680 )     (228 )       (1,419 )     (333 ) Consolidated (loss) income before income taxes   $ (103,639 )   $ 3,409       $ (107,113 )   $ (19,846 )                           Depreciation and amortization:                           Manufacturing   $ 1,331     $ 942       $ 3,906     $ 2,763   Corporate and Other     111       143         346       426   Consolidated depreciation and amortization   $ 1,442     $ 1,085       $ 4,252     $ 3,189                             Capital expenditures:                           Manufacturing   $ 1,277     $ 3,989       $ 3,485     $ 8,815   Corporate and Other     185       28         246       156   Consolidated capital expenditures   $ 1,462     $ 4,017       $ 3,731     $ 8,971     (1) Results for the nine months ended September 30, 2024 include a litigation settlement, of which $1,386 was allocated to leasing revenues and $3,214 was allocated to litigation settlement. Results for the nine months ended September 30, 2023 include a gain on sale of railcars available for lease of $622. (2) Results for the three and nine months ended September 30, 2023 include a loss on pension settlement of $313.       September 30,     December 31,       2024     2023   Assets:             Manufacturing   $ 187,001     $ 207,093   Corporate and Other     55,988       51,158   Total operating assets     242,989       258,251   Consolidated income taxes receivable     2,960       1,208   Consolidated assets   $ 245,949     $ 259,459       Geographic Information       Revenues     Long Lived Assets (a)       Three Months Ended     Nine Months Ended                   September 30,     September 30,     September 30,     December 31,       2024     2023     2024     2023     2024     2023   United States   $ 113,255     $ 61,894     $ 421,729     $ 231,489     $ 4,090     $ 7,377   Mexico     -       -       -       -       72,708       69,826   Total   $ 113,255     $ 61,894     $ 421,729     $ 231,489     $ 76,798     $ 77,203       (a) Long lived assets include property plant and equipment, net, railcars available for lease, net, and right-of-use (ROU) assets.

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 5 – Fair Value Measurements   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 September 30, 2024       Level 1     Level 2     Level 3     Total   Liabilities:                         Warrant liability   $ -     $ 162,382     $ -     $ 162,382   Foreign currency derivative liability   $ -     $ 1,784     $ -     $ 1,784     Recurring Fair Value Measurements   As of December 31, 2023       Level 1     Level 2     Level 3     Total   Liabilities:                         Warrant liability   $ -     $ 36,801     $ -     $ 36,801   Assets:                         Foreign currency derivative asset   $ -     $ 606     $ -     $ 606     Non-recurring Fair Value Measurements   During the Nine Months Ended September 30, 2024       Level 1     Level 2     Level 3     Total   Assets:                         Assets held for sale   $ -     $ -     $ 629     $ 629       Non-recurring Fair Value Measurements   During the Year Ended December 31, 2023       Level 1     Level 2     Level 3     Total   Assets:                         Railcars available for lease, net   $ -     $ -     $ 2,842     $ 2,842       The fair value of the Company’s Warrant (as defined in Note 10 - 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 of $0.01 per share and $3.57 per share, and number of shares exercisable at September 30, 2024 and December 31, 2023, is a Level 2 measurement. The fair value of the Company’s foreign currency derivative (liability) asset determined using exit prices obtained from each counterparty, which are based on currency spot and forward rates at September 30, 2024 and December 31, 2023 in an active market, is a Level 2 measurement. See Note 15 - Derivatives.   The fair value of the Company's fleet of triple hopper aggregate railcars determined using a cost plus market approach for a portion of the assets and a market-based approach for the remainder of the assets at December 31, 2023, is a Level 3 measurement. In the first quarter of 2024, the Company gained possession of these railcars. The portion of railcars intended to be sold in their current condition were classified as assets held for sale, while the remaining railcars intended to be converted into a new car type were classified as inventory.

Restricted Cash	9 Months Ended
	Sep. 30, 2024
Restricted Cash [Abstract]
Restricted Cash	Note 6 – Restricted Cash   The Company establishes restricted cash balances when required by customer contracts, and to collateralize standby letters of credit or foreign currency derivatives. The carrying value of restricted cash approximates its fair value.   The Company’s restricted cash balances are as follows:       September 30,     December 31,       2024     2023   Restricted cash from customer deposit   $ 282     $ 282   Restricted cash to collateralize standby letters of credit     103       103   Restricted cash to collateralize foreign currency derivatives     3,300       320   Total restricted cash and restricted cash equivalents   $ 3,685     $ 705

Inventories	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Note 7 – Inventories   Inventories, net of reserve for excess and obsolete items, consist of the following:       September 30,     December 31,       2024     2023   Raw materials   $ 65,913     $ 65,639   Work in process     6,961       31,138   Finished railcars     6,329       23,196   Parts inventory     5,609       5,049   Total inventories, net   $ 84,812     $ 125,022     Inventory on the Company’s condensed consolidated balance sheets includes reserves of $1,918 and $1,594 relating to excess or slow-moving inventory for parts and raw materials at September 30, 2024 and December 31, 2023, respectively.

Product Warranties	9 Months Ended
	Sep. 30, 2024
Product Warranties Disclosures [Abstract]
Product Warranties	Note 8 – Product Warranties   Warranty terms are based on the negotiated railcar sale, rebody or conversion contract, as applicable. Changes in the warranty reserve for the nine months ended September 30, 2024 and 2023 are as follows:         For the Nine Months Ended September 30,           2024       2023                         Balance at the beginning of the year     $ 1,602       $ 1,940     Current year provision       511         663     Reductions for payments, costs of repairs and other       (340 )       (852 )   Adjustments to prior warranties       (280 )       (113 )   Balance at the end of the period     $ 1,493       $ 1,638                           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.

Revolving Credit Facility	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Revolving Credit Facility	Note 9 – Revolving Credit Facility   As of September 30, 2024, a revolving line of credit maturing on October 31, 2024 exists in the maximum aggregate principal amount of up to $45,000, secured by a standby letter of credit in the principal amount of $25,000 and the Company’s accounts receivable. In connection with the standby letter of credit, the Company has agreed to pay an affiliate of OC III LFE (as defined below) a fee due and payable in cash of $375 per quarter.   The Company had no outstanding debt and remaining availability of $41,373 under this facility as of September 30, 2024. As of December 31, 2023, the Company had $29,415 in outstanding debt and remaining availability of $10,853 under this facility.   The standby letter of credit bears interest at the prime rate of interest (“Prime”) plus 1.5%, or 9.5% as of September 30, 2024. Advances secured by the Company’s accounts receivable bear interest at Prime plus 2%, or 10% as of September 30, 2024.   The revolving line of credit was subsequently amended on October 30, 2024 to extend the maturity date from October 31, 2024 to December 31, 2024, decrease the maximum aggregate principal amount from up to $45,000 to up to $20,000, and remove the standby letter of credit in the principal amount of $25,000 along with the $375 quarterly fee in connection with the standby letter of credit.   The fair value of debt approximates its carrying value as of December 31, 2023.

Warrants	9 Months Ended
	Sep. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Warrants	Note 10 – 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 9,502,172 and 8,712,618 shares of Common Stock as of September 30, 2024 and December 31, 2023, respectively. The 2021 Warrant, issued in December 2021, was exercisable for an aggregate of 2,065,689 and 1,894,047 shares of Common Stock as of September 30, 2024 and December 31, 2023, respectively. The 2022 Warrant, issued in April 2022, was exercisable for an aggregate of 2,065,689 and 1,894,047 shares of Common Stock as of September 30, 2024 and December 31, 2023, 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 September 30, 2024, the Warrant is classified as a liability and subject to fair value remeasurement at each balance sheet date. The fair value of the Warrant at September 30, 2024 and December 31, 2023 was $162,382 and $36,801, respectively. The change in fair value of the Warrant is reported on a separate line in the condensed consolidated statements of operations.

Mezzanine Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Mezzanine Equity	Note 11 – Mezzanine Equity   In May 2023, the Company issued to OC III LFE 85,412 shares of non-convertible Series C Preferred Stock, $0.01 par value per share, with an initial stated and fair value of $85,412 or $1,000 per share (the “Preferred Stock”). As of September 30, 2024, 85,412 shares of the Preferred Stock remain issued and outstanding. The Company classifies the Preferred Stock as mezzanine equity (temporary equity outside of permanent equity) because a deemed liquidation event following a change of control may require redemption of the Preferred Stock that is not solely within the control of the Company.   The Preferred Stock ranks senior to the Common Stock with respect to payment of dividends and distribution of assets upon liquidation, dissolution and winding up. Dividends accrue at a rate of 17.5% per annum on the initial stated value of the Preferred Stock. Accrued dividends, whether or not declared, are cumulative. OC III LFE will not participate in any dividends paid to holders of Common Stock. The Company may redeem outstanding shares of Preferred Stock at any time by payment of the initial stated value plus accrued dividends. If the Company has not redeemed all of the outstanding shares of Preferred Stock on or prior to the fourth anniversary of issuance, the dividend rate will increase by 0.5% for every quarter thereafter until redeemed in full (the “Dividend Rate Increase”). OC III LFE has the right to request the Company redeem all of the outstanding shares of Preferred Stock at any time after the sixth anniversary of issuance. If the Company does not redeem all of the outstanding shares of Preferred Stock within six months after receipt of a redemption request, OC III LFE will be entitled to certain limited voting rights. The Preferred Stock has similar characteristics of an “Increasing Rate Security” as described by SEC Staff Accounting Bulletin Topic 5Q, Increasing Rate Preferred Stock. As a result, and as the Company has the ability to redeem all of the outstanding shares of the Preferred Stock before the occurrence of a Dividend Rate Increase, the discount on outstanding shares of Preferred Stock is considered an unstated dividend cost that is amortized over the period preceding commencement of the Dividend Rate Increase using the effective interest method, by charging imputed dividend cost against retained earnings, or additional paid in capital in the absence of retained earnings, and increasing the carrying amount of the outstanding shares of Preferred Stock by a corresponding amount. Accordingly, the discount is amortized over four years using the effective yield method. Issuance costs of $2,301 were allocated against the outstanding shares of the Preferred Stock upon issuance. The Company recognized discount amortization of $144 and $431 during the three and nine months ended September 30, 2024, respectively, and $146 and $203 during the three and nine months ended September 30, 2023, respectively.

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2024
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:       Pre-Tax     Tax     After-Tax   Three months ended September 30, 2024                   Pension liability activity:                   Reclassification adjustment for amortization of net loss (pre-tax other income)   $ 39     $ -     $ 39   Foreign currency derivative liability activity:                   Unrealized loss on foreign currency derivatives   $ (1,123 )   $ -     $ (1,123 )     $ (1,084 )   $ -     $ (1,084 )   Three months ended September 30, 2023                   Pension liability activity:                   Loss on pension settlement   $ 313     $ -     $ 313   Reclassification adjustment for amortization of net loss (pre-tax other income)     573       -       573       $ 886     $ -     $ 886   Foreign currency derivative asset activity:                   Unrealized gain on foreign currency derivatives   $ 34     $ -     $ 34       $ 920     $ -     $ 920     Nine months ended September 30, 2024   Pre-Tax     Tax     After-Tax   Pension liability activity:                   Reclassification adjustment for amortization of net loss (pre-tax other income)   $ 109     $ -     $ 109   Foreign currency derivative liability activity:                   Unrealized loss on foreign currency derivatives   $ (2,390 )   $ -     $ (2,390 )     $ (2,281 )   $ -     $ (2,281 )   Nine months ended September 30, 2023                   Pension liability activity:                   Loss on pension settlement   $ 313     $ -     $ 313   Reclassification adjustment for amortization of net loss (pre-tax other income)     650       -       650       $ 963     $ -     $ 963   Foreign currency derivative asset activity:                   Unrealized gain on foreign currency derivatives   $ 34     $ -     $ 34       $ 997     $ -     $ 997     The components of accumulated other comprehensive income consist of the following:       September 30,     December 31,     2024     2023   Unrecognized pension income, net of tax of $6,282 and $6,282, respectively   $ 1,868     $ 1,759   Unrealized (loss) gain on foreign currency derivatives     (1,784 )     606       $ 84     $ 2,365

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	Note 13 – Stock-Based Compensation   Total stock-based compensation was $804 and $715 for the three months ended September 30, 2024 and 2023, respectively, and $2,330 and $524 for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was $2,064 of unearned compensation expense related to restricted stock awards, which will be recognized over the remaining weighted average requisite service period of 21 months. As of September 30, 2024, there was $1,751 of unearned compensation expense related to time-vested stock options, which will be recognized over the remaining requisite service period of 23 months. As of September 30, 2024, there was no unearned compensation expense related to cash settled stock appreciation rights.   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 September 30, 2024, there was $172 of unrecognized compensation expense related to the Inducement Options, which will be recognized over the remaining requisite service period of 21 months.

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2024
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 and nine months ended September 30, 2024 and 2023, are as follows:       Three Months Ended   Nine Months Ended       September 30,     September 30,   Pension Benefits   2024     2023     2024     2023   Interest cost   $ 130     $ 151     $ 399     $ 453   Expected return on plan assets     (70 )     (83 )     (220 )     (250 ) Amortization of unrecognized net income     39       38       109       115   Loss on pension settlement     -       313       -       313       $ 99     $ 419     $ 288     $ 631     The Company made no contributions to the Plan for the three and nine months ended September 30, 2024 and 2023. The Company expects to make no contributions to the Plan in 2024.   The Company also maintains qualified defined contribution plans, which provide benefits to employees based on employee contributions and employee earnings with discretionary contributions allowed.

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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.

Derivatives	9 Months Ended
	Sep. 30, 2024
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 fluctuations. The Company currently utilizes foreign currency forward contracts to protect against downward currency exposure by hedging Mexican Peso denominated expenses against the risk of volatility in foreign currency exchange rates between the Mexican Peso and the U.S. Dollar. During 2023 and 2024, the Company entered into forward contracts to hedge the Company’s anticipated and probable Mexican Peso denominated expenses against the foreign currency rate exposure. The contracts have terms between one and 12 months and 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 contracts 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 foreign currency derivatives are recorded on the balance sheet at fair value. The Company records unrealized gains or losses related to changes in the fair value of the forward contracts in other comprehensive income as long as the contracts are assumed to be effective. Amounts accumulated in other comprehensive (loss) 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 foreign currency derivatives are as follows:       September 30,     December 31,   Notional Amount   2024     2023   Derivative instruments designated as hedges:             Foreign currency derivatives   $ 25,281     $ 11,562     The fair value of outstanding foreign currency derivatives designated as hedges are as follows:       September 30,     December 31,   Fair Value   2024     2023   Other current liabilities:             Foreign currency derivatives   $ 1,784     $ -   Prepaid expenses:             Foreign currency derivatives   $ -     $ 606     The pre-tax realized loss (gain) on foreign currency derivatives is recognized in the condensed consolidated statements of operations as follows:           Amount of Loss/(Gain) Recognized     Amount of (Gain) Recognized           Three Months Ended September 30,     Nine Months Ended September 30,       Location of Realized Loss/(Gain) Recognized in the Condensed Consolidated Statements of Operations   2024     2023     2024     2023   Derivative instruments designated as cash flow hedges:                             Foreign currency derivatives   Cost of sales   $ 72     $ (8 )   $ (449 )   $ (8 )

Loss Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Loss Per Share	Note 17 – Loss Per Share   The net loss available to common stockholders and weighted-average common shares outstanding are as follows:       Three Months Ended September 30,     Nine Months Ended September 30,       2024     2023     2024     2023                             Numerator:                         Net (loss) income   $ (107,046 )   $ 3,193     $ (110,440 )   $ (20,733 ) Accretion of financing fees     (144 )     (146 )     (431 )     (203 ) Accrued dividends on Series C Preferred Stock     (4,676 )     (3,923 )     (13,340 )     (5,535 ) Net loss available to common stockholders - basic   $ (111,866 )   $ (876 )   $ (124,211 )   $ (26,471 ) Net loss available to common stockholders - diluted   $ (111,866 )   $ (876 )   $ (124,211 )   $ (26,471 ) Denominator:                         Weighted average common shares outstanding     17,633,629       17,044,251       17,433,479       16,937,968   Issuance of Warrants     13,720,368       12,499,712       13,086,066       11,126,442   Weighted average common shares outstanding - basic     31,353,997       29,543,963       30,519,545       28,064,410   Weighted average common shares outstanding - diluted     31,353,997       29,543,963       30,519,545       28,064,410       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 nonvested share awards. For the three months ended September 30, 2024 and 2023, 2,058,180 and 6,222,085 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive. For the nine months ended September 30, 2024 and 2023, 3,119,672 and 5,996,646 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive.

Related Parties	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Parties	Note 18 – Related Parties   The following persons are owners of Fabricaciones y Servicios de México, S.A. de C.V. (“Fasemex”): Jesús Gil, a director of the Company; and Alejandro Gil and Salvador Gil, siblings of Jesús Gil. Fasemex owns approximately 10.3% of the outstanding shares of Common Stock as of September 30, 2024 and provides steel fabrication services to the Company. The lessors of the Castaños 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. Fasemex, DI, METJ, Jesús Gil, Alejandro Gil, Salvador Gil, and Jorge Gil are collectively referred to as the “Gil Family”. The Company paid $6,058 and $20,711 to the Gil Family during the three and nine months ended September 30, 2024, respectively, and $3,909 and $13,675 during the three and nine months ended September 30, 2023, respectively, related to steel fabrication services, rent and security deposit payments for the Castaños Facility, material and safety supplies, trucking services and royalty payments. Commercial Specialty Truck Holdings, LLC (“CSTH”) is minority owned by James R. Meyer, a member of our Board, our former CEO, and beneficial owner of over 5% of our Common Stock. The Company sold specialty parts supplies in an amount equal to $268 and $683 to CSTH during the three and nine months ended September 30, 2024, respectively. The Company sold no specialty parts supplies to CSTH during the three and nine months ended September 30, 2023.   Related party asset on the condensed consolidated balance sheet of $936 as of September 30, 2024 includes other receivables of $254 from CSTH and other assets of $682 from the Gil Family. Related party accounts payable on the condensed consolidated balance sheet of $2,493 as of September 30, 2024 is payable to the Gil Family. Related party asset on the condensed consolidated balance sheet of $638 as of December 31, 2023 includes other receivables of $517 from the Gil Family and $121 from CSTH. Related party accounts payable on the condensed consolidated balance sheet of $2,478 as of December 31, 2023 is payable to the Gil Family.

Income Taxes	9 Months Ended
	Sep. 30, 2024
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 effective income tax rate was (3.3)% and 6.3% for the three months ended September 30, 2024 and 2023, respectively, and (3.1)% and (4.5)% for the nine months ended September 30, 2024 and 2023, respectively. The Company’s effective income tax rates for the respective periods of 2024 and 2023 differed from the U.S. statutory tax rate of 21% primarily due to the mix of pre-tax earnings in the U.S. and Mexico; permanent differences and discrete events, predominantly in Mexico; and a full valuation allowance in the U.S.

Basis of Presentation (Policy)	9 Months Ended
	Sep. 30, 2024
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 U.S. 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 nine months ended September 30, 2024 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 2023 year-end balance sheet data was derived from the audited financial statements as of December 31, 2023. 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. 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, 2023.

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue Recognition	The following table disaggregates the Company’s revenues by major source:       Three Months Ended   Nine Months Ended       September 30,   September 30,       2024     2023     2024     2023   Railcar sales   $ 109,010     $ 58,407     $ 405,684     $ 220,752   Parts sales     4,175       3,340       14,393       9,613   Revenues from contracts with customers     113,185       61,747       420,077       230,365   Leasing revenues     70       147       1,652       1,124   Total revenues   $ 113,255     $ 61,894     $ 421,729     $ 231,489

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Three Months Ended       Nine Months Ended       September 30,       September 30,       2024     2023       2024     2023   Revenues:                           Manufacturing   $ 109,080     $ 58,554       $ 407,336     $ 221,877   Corporate and Other     4,175       3,340         14,393       9,612   Consolidated revenues   $ 113,255     $ 61,894       $ 421,729     $ 231,489                             Operating income (loss):                           Manufacturing (1)   $ 13,823     $ 7,378       $ 40,816     $ 24,775   Corporate and Other (2)     (5,165 )     (5,977 )       (15,114 )     (14,551 ) Consolidated operating income   $ 8,658     $ 1,401       $ 25,702     $ 10,224   Consolidated interest expense     (1,577 )     (2,037 )       (5,815 )     (12,988 ) (Loss) gain on change in fair market value of Warrant liability     (110,040 )     4,273         (125,581 )     (1,869 ) Loss on extinguishment of debt     -       -         -       (14,880 ) Consolidated other expense     (680 )     (228 )       (1,419 )     (333 ) Consolidated (loss) income before income taxes   $ (103,639 )   $ 3,409       $ (107,113 )   $ (19,846 )                           Depreciation and amortization:                           Manufacturing   $ 1,331     $ 942       $ 3,906     $ 2,763   Corporate and Other     111       143         346       426   Consolidated depreciation and amortization   $ 1,442     $ 1,085       $ 4,252     $ 3,189                             Capital expenditures:                           Manufacturing   $ 1,277     $ 3,989       $ 3,485     $ 8,815   Corporate and Other     185       28         246       156   Consolidated capital expenditures   $ 1,462     $ 4,017       $ 3,731     $ 8,971     (1) Results for the nine months ended September 30, 2024 include a litigation settlement, of which $1,386 was allocated to leasing revenues and $3,214 was allocated to litigation settlement. Results for the nine months ended September 30, 2023 include a gain on sale of railcars available for lease of $622. (2) Results for the three and nine months ended September 30, 2023 include a loss on pension settlement of $313.
Reconciliation of Assets From Segment to Consolidated	September 30,     December 31,       2024     2023   Assets:             Manufacturing   $ 187,001     $ 207,093   Corporate and Other     55,988       51,158   Total operating assets     242,989       258,251   Consolidated income taxes receivable     2,960       1,208   Consolidated assets   $ 245,949     $ 259,459
Geographic Information	Geographic Information       Revenues     Long Lived Assets (a)       Three Months Ended     Nine Months Ended                   September 30,     September 30,     September 30,     December 31,       2024     2023     2024     2023     2024     2023   United States   $ 113,255     $ 61,894     $ 421,729     $ 231,489     $ 4,090     $ 7,377   Mexico     -       -       -       -       72,708       69,826   Total   $ 113,255     $ 61,894     $ 421,729     $ 231,489     $ 76,798     $ 77,203       (a) Long lived assets include property plant and equipment, net, railcars available for lease, net, and right-of-use (ROU) assets.

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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 September 30, 2024       Level 1     Level 2     Level 3     Total   Liabilities:                         Warrant liability   $ -     $ 162,382     $ -     $ 162,382   Foreign currency derivative liability   $ -     $ 1,784     $ -     $ 1,784     Recurring Fair Value Measurements   As of December 31, 2023       Level 1     Level 2     Level 3     Total   Liabilities:                         Warrant liability   $ -     $ 36,801     $ -     $ 36,801   Assets:                         Foreign currency derivative asset   $ -     $ 606     $ -     $ 606     Non-recurring Fair Value Measurements   During the Nine Months Ended September 30, 2024       Level 1     Level 2     Level 3     Total   Assets:                         Assets held for sale   $ -     $ -     $ 629     $ 629       Non-recurring Fair Value Measurements   During the Year Ended December 31, 2023       Level 1     Level 2     Level 3     Total   Assets:                         Railcars available for lease, net   $ -     $ -     $ 2,842     $ 2,842

Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2024
Restricted Cash [Abstract]
Restricted Cash	The Company’s restricted cash balances are as follows:       September 30,     December 31,       2024     2023   Restricted cash from customer deposit   $ 282     $ 282   Restricted cash to collateralize standby letters of credit     103       103   Restricted cash to collateralize foreign currency derivatives     3,300       320   Total restricted cash and restricted cash equivalents   $ 3,685     $ 705

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory Current	Inventories, net of reserve for excess and obsolete items, consist of the following:       September 30,     December 31,       2024     2023   Raw materials   $ 65,913     $ 65,639   Work in process     6,961       31,138   Finished railcars     6,329       23,196   Parts inventory     5,609       5,049   Total inventories, net   $ 84,812     $ 125,022

Product Warranties (Tables)	9 Months Ended
	Sep. 30, 2024
Product Warranties Disclosures [Abstract]
Changes in Warranty Reserve	Changes in the warranty reserve for the nine months ended September 30, 2024 and 2023 are as follows:         For the Nine Months Ended September 30,           2024       2023                         Balance at the beginning of the year     $ 1,602       $ 1,940     Current year provision       511         663     Reductions for payments, costs of repairs and other       (340 )       (852 )   Adjustments to prior warranties       (280 )       (113 )   Balance at the end of the period     $ 1,493       $ 1,638

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2024
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:       Pre-Tax     Tax     After-Tax   Three months ended September 30, 2024                   Pension liability activity:                   Reclassification adjustment for amortization of net loss (pre-tax other income)   $ 39     $ -     $ 39   Foreign currency derivative liability activity:                   Unrealized loss on foreign currency derivatives   $ (1,123 )   $ -     $ (1,123 )     $ (1,084 )   $ -     $ (1,084 )   Three months ended September 30, 2023                   Pension liability activity:                   Loss on pension settlement   $ 313     $ -     $ 313   Reclassification adjustment for amortization of net loss (pre-tax other income)     573       -       573       $ 886     $ -     $ 886   Foreign currency derivative asset activity:                   Unrealized gain on foreign currency derivatives   $ 34     $ -     $ 34       $ 920     $ -     $ 920     Nine months ended September 30, 2024   Pre-Tax     Tax     After-Tax   Pension liability activity:                   Reclassification adjustment for amortization of net loss (pre-tax other income)   $ 109     $ -     $ 109   Foreign currency derivative liability activity:                   Unrealized loss on foreign currency derivatives   $ (2,390 )   $ -     $ (2,390 )     $ (2,281 )   $ -     $ (2,281 )   Nine months ended September 30, 2023                   Pension liability activity:                   Loss on pension settlement   $ 313     $ -     $ 313   Reclassification adjustment for amortization of net loss (pre-tax other income)     650       -       650       $ 963     $ -     $ 963   Foreign currency derivative asset activity:                   Unrealized gain on foreign currency derivatives   $ 34     $ -     $ 34       $ 997     $ -     $ 997
Components of Accumulated Other Comprehensive Income	The components of accumulated other comprehensive income consist of the following:       September 30,     December 31,     2024     2023   Unrecognized pension income, net of tax of $6,282 and $6,282, respectively   $ 1,868     $ 1,759   Unrealized (loss) gain on foreign currency derivatives     (1,784 )     606       $ 84     $ 2,365

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the three and nine months ended September 30, 2024 and 2023, are as follows:       Three Months Ended   Nine Months Ended       September 30,     September 30,   Pension Benefits   2024     2023     2024     2023   Interest cost   $ 130     $ 151     $ 399     $ 453   Expected return on plan assets     (70 )     (83 )     (220 )     (250 ) Amortization of unrecognized net income     39       38       109       115   Loss on pension settlement     -       313       -       313       $ 99     $ 419     $ 288     $ 631

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2024
Foreign Currency [Abstract]
Schedule of Notional Amounts of Outstanding Forgein Currency Derivatives	The notional amounts of outstanding foreign currency derivatives are as follows:       September 30,     December 31,   Notional Amount   2024     2023   Derivative instruments designated as hedges:             Foreign currency derivatives   $ 25,281     $ 11,562
Schedule of Fair Value of Outstanding Forgein Currency Derivatives Designated as Hedges	The fair value of outstanding foreign currency derivatives designated as hedges are as follows:       September 30,     December 31,   Fair Value   2024     2023   Other current liabilities:             Foreign currency derivatives   $ 1,784     $ -   Prepaid expenses:             Foreign currency derivatives   $ -     $ 606
Schedule of Pre-text Realizes Gain on Forgein Currency Derivatives	The pre-tax realized loss (gain) on foreign currency derivatives is recognized in the condensed consolidated statements of operations as follows:           Amount of Loss/(Gain) Recognized     Amount of (Gain) Recognized           Three Months Ended September 30,     Nine Months Ended September 30,       Location of Realized Loss/(Gain) Recognized in the Condensed Consolidated Statements of Operations   2024     2023     2024     2023   Derivative instruments designated as cash flow hedges:                             Foreign currency derivatives   Cost of sales   $ 72     $ (8 )   $ (449 )   $ (8 )

Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Weighted Average Common Shares Outstanding	The net loss available to common stockholders and weighted-average common shares outstanding are as follows:       Three Months Ended September 30,     Nine Months Ended September 30,       2024     2023     2024     2023                             Numerator:                         Net (loss) income   $ (107,046 )   $ 3,193     $ (110,440 )   $ (20,733 ) Accretion of financing fees     (144 )     (146 )     (431 )     (203 ) Accrued dividends on Series C Preferred Stock     (4,676 )     (3,923 )     (13,340 )     (5,535 ) Net loss available to common stockholders - basic   $ (111,866 )   $ (876 )   $ (124,211 )   $ (26,471 ) Net loss available to common stockholders - diluted   $ (111,866 )   $ (876 )   $ (124,211 )   $ (26,471 ) Denominator:                         Weighted average common shares outstanding     17,633,629       17,044,251       17,433,479       16,937,968   Issuance of Warrants     13,720,368       12,499,712       13,086,066       11,126,442   Weighted average common shares outstanding - basic     31,353,997       29,543,963       30,519,545       28,064,410   Weighted average common shares outstanding - diluted     31,353,997       29,543,963       30,519,545       28,064,410

Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Contract assets	$ 0	$ 0
Deferred revenue and customer deposits	8,865	$ 5,686
Performance obligation	$ 108,914

Revenue Recognition (Schedule of Revenue Recognition) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 113,185	$ 61,747	$ 420,077	$ 230,365
Leasing revenues	70	147	1,652	1,124
Total revenues	113,255	61,894	421,729	231,489
Railcar Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	109,010	58,407	405,684	220,752
Parts Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 4,175	$ 3,340	$ 14,393	$ 9,613

Segment Information (Narrative) (Details)	9 Months Ended
	Sep. 30, 2024 Segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	1

Segment Information (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues		$ 113,255	$ 61,894	$ 421,729	$ 231,489
Operating income (loss)		8,658	1,401	25,702	10,224
(Loss) gain on change in fair market value of Warrant liability		(110,040)	4,273	(125,581)	(1,869)
Loss on extinguishment of debt		0	0	0	(14,880)
Consolidated other expense		(680)	(228)	(1,419)	(333)
Litigation settlement				3,214
Restructuring and impairment charges					622
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues		113,255	61,894	421,729	231,489
Operating income (loss)		8,658	1,401	25,702	10,224
Consolidated interest expense		(1,577)	(2,037)	(5,815)	(12,988)
(Loss) gain on change in fair market value of Warrant liability		(110,040)	4,273	(125,581)	(1,869)
Loss on extinguishment of debt		0	0	0	(14,880)
Consolidated other expense		(680)	(228)	(1,419)	(333)
Consolidated (loss) income before income taxes		(103,639)	3,409	(107,113)	(19,846)
Depreciation and amortization		1,442	1,085	4,252	3,189
Capital expenditures		1,462	4,017	3,731	8,971
Operating Segments [Member] | Manufacturing [Member]
Segment Reporting Information [Line Items]
Revenues		109,080	58,554	407,336	221,877
Operating income (loss)	[1]	13,823	7,378	40,816	24,775
Depreciation and amortization		1,331	942	3,906	2,763
Capital expenditures		1,277	3,989	3,485	8,815
Operating Segments [Member] | Corporate and Other [Member]
Segment Reporting Information [Line Items]
Revenues		4,175	3,340	14,393	9,612
Operating income (loss)	[2]	(5,165)	(5,977)	(15,114)	(14,551)
Depreciation and amortization		111	143	346	426
Capital expenditures		$ 185	$ 28	$ 246	$ 156
[1] Results for the nine months ended September 30, 2024 include a litigation settlement, of which $1,386 was allocated to leasing revenues and $3,214 was allocated to litigation settlement. Results for the nine months ended September 30, 2023 include a gain on sale of railcars available for lease of $622. [2] Results for the three and nine months ended September 30, 2023 include a loss on pension settlement of $313.

Segment Information - (Schedule of Segment Reporting Information, by Segment) (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Allocated leasing revenue			$ 1,386
Litigation settlement			$ 3,214
Restructuring and impairment charges				$ 622
Loss on pension settlement	$ 0	$ 313		$ 313

Segment Information (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 245,949	$ 259,459
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total operating assets	242,989	258,251
Consolidated income taxes receivable	2,960	1,208
Total assets	245,949	259,459
Operating Segments [Member] | Manufacturing [Member]
Segment Reporting Information [Line Items]
Total operating assets	187,001	207,093
Operating Segments [Member] | Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total operating assets	$ 55,988	$ 51,158

Segment Information (Geographic Information) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues		$ 113,255	$ 61,894	$ 421,729	$ 231,489
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues		113,255	61,894	421,729	231,489
Long Lived Assets	[1]	76,798		76,798		$ 77,203
Operating Segments [Member] | United States [Member]
Segment Reporting Information [Line Items]
Revenues		113,255	61,894	421,729	231,489
Long Lived Assets	[1]	4,090		4,090		7,377
Operating Segments [Member] | Mexico [Member]
Segment Reporting Information [Line Items]
Revenues		0	$ 0	0	$ 0
Long Lived Assets	[1]	$ 72,708		$ 72,708		$ 69,826
[1] Long lived assets include property plant and equipment, net, railcars available for lease, net, and right-of-use (ROU) assets.

Fair Value Measurements (Narrative) (Details) - Fair Value, Inputs, Level 2 [Member] - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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

Fair Value Measurements (Fair Value, Assets Measured on Recurring Basis and Non-Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	$ 629	$ 0
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency derivative liability	1,784
Foreign currency derivative asset		606
Warrant liability	162,382	36,801
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	629
Railcars available for lease, net		2,842
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency derivative liability	0
Foreign currency derivative asset		0
Warrant liability	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	0
Railcars available for lease, net		0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency derivative liability	1,784
Foreign currency derivative asset		606
Warrant liability	162,382	36,801
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	0
Railcars available for lease, net		0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency derivative liability	0
Foreign currency derivative asset		0
Warrant liability	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	$ 629
Railcars available for lease, net		$ 2,842

Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 3,685	$ 705
Restricted Cash from Customer Deposit [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	282	282
Restricted Cash to Collateralize Standby Letters of Credit [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	103	103
Restricted Cash to Collateralize Foreign Currency Derivatves [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 3,300	$ 320

Inventories (Schedule of Inventory Current) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 65,913	$ 65,639
Work in process	6,961	31,138
Finished railcars	6,329	23,196
Parts inventory	5,609	5,049
Total inventories, net	$ 84,812	$ 125,022

Inventories (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory valuation reserves	$ 1,918	$ 1,594

Product Warranties - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Product Warranties Disclosures [Abstract]
Balance at the beginning of the year	$ 1,602	$ 1,940
Current year provision	511	663
Reductions for payments, costs of repairs and other	(340)	(852)
Adjustments to prior warranties	(280)	(113)
Balance at the end of the period	$ 1,493	$ 1,638

Revolving Credit Facility (Additional Information) (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Long-Term Line of Credit		$ 0	$ 29,415
Debt Instrument, Maturity Date	The revolving line of credit was subsequently amended on October 30, 2024 to extend the maturity date from October 31, 2024 to December 31, 2024	October 31, 2024
Revolving loan, interest rate		1.50%
Debt Instrument, Interest Rate During Period		9.50%
Accounts Receivable Variable Interest rate		2.00%
Accounts Receivable Variable Interest Rate during Period		10.00%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Long-Term Line of Credit		$ 41,373	$ 10,853
Letter of Credit [Member]
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 20,000	25,000
Debt Instrument, Letter of credit, Revoked	25,000
Maximum [Member]
Line of Credit Facility [Line Items]
Aggregate principal amount		$ 45,000
Maximum [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 45,000

Debt Financing and Revolving Credit Facilities (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 31, 2023
Line of Credit Facility [Line Items]
Common stock, par value	$ 0.01		$ 0.01		$ 0.01
Preferred stock, par value	$ 0.01		$ 0.01		$ 0.01
Gain on extinguishment of debt	$ 0	$ 0	$ 0	$ (14,880)
Revolving loan, interest rate			1.50%
Long-Term Line of Credit	$ 0		$ 0		$ 29,415
Common stock	18,884,838		18,884,838		17,903,437
Current portion of long-term debt	$ 0		$ 0		$ 29,415
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Long-Term Line of Credit	41,373		41,373		$ 10,853
Maximum
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 45,000		$ 45,000
Series C Preferred Stock [Member]
Line of Credit Facility [Line Items]
Preferred stock, shares issued	85,412		85,412		85,412	85,412
Preferred stock, par value	$ 0.01		$ 0.01		$ 0.01	$ 0.01

Debt Financing and Revolving Credit Facilities (Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less amounts due within one year	$ 0	$ (29,415)

Debt Financing and Revolving Credit Facilities (Fair Value of Warrant) (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Warrant liability beginning	$ 36,801
Warrant liability ending	$ 162,382

Warrants (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	May 31, 2023
Class of Warrant or Right [Line Items]
Common stock, shares issued	18,884,838	17,903,437
Warrant liability	$ 162,382	$ 36,801
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	2,065,689	1,894,047
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	2,065,689	1,894,047
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	9,502,172	8,712,618

Mezzanine Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 31, 2023
Class of Stock [Line Items]
Preferred stock, par value	$ 0.01		$ 0.01		$ 0.01
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, dividend rate			0.50%
Stock issuance costs			$ 2,301
Amortization of discount	$ 144	$ 146	$ 431	$ 203
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued	85,412		85,412		85,412	85,412
Preferred stock, shares outstanding	85,412		85,412		85,412
Preferred stock, par value	$ 0.01		$ 0.01		$ 0.01	$ 0.01
Preferred stock, initial stated value						$ 85,412
Preferred stock, initial fair value, per share						$ 1,000
Preferred stock, dividend rate			17.50%

Accumulated Other Comprehensive Income (Schedule of Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Total	$ (1,084)	$ (920)	$ (997)	$ 2,281
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Loss on pension settlement pre Tax		886			$ 963
Loss on pension settlement After Tax		886			963
Unrealized {loss} gain on foreign currency derivatives	(1,123)			(2,390)
Unrealized gain (loss) on foreign currency derivatives, after Tax	(1,123)	(34)		(2,390)	(34)
Unrealized gain on foreign currency derivatives, before Tax		34			34
Other Comprehensive Income (Loss), before Tax, Total	(1,084)	920		(2,281)	997
Other Comprehensive Income (Loss), Net of Tax, Total	(1,084)	920		(2,281)	997
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]
Loss on pension settlement pre Tax		313			313
Loss on pension settlement After Tax		313			313
Pre-Tax	39	573		109	650
After-Tax	$ 39	$ 573		$ 109	$ 650

Accumulated Other Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized pension income, net of tax	$ (156,317)	$ (46,206)	$ (48,829)	$ (44,269)	$ (48,954)	$ (28,584)
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	1,868	1,759
Unrealized loss on foreign currency derivatives	(1,784)	606
Accumulated Other Comprehensive Income	$ 84	$ 2,365

Accumulated Other Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Pension Benefits [Member] | Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, tax	$ 6,282	$ 6,282

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation recognized		$ 804	$ 715	$ 2,330	$ 524
Inducement Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unearned compensation related to options		172		$ 172
Remaining service period				21 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		2,064		$ 2,064
Remaining requisite service period				21 months
Time-Vested Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unearned compensation related to options		1,751		$ 1,751
Remaining service period				23 months
Cash Settled Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unearned compensation		$ 0		$ 0

Employee Benefit Plans (Narrative) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions to pension plan	$ 0	$ 0
Expected total contributions for current fiscal year	$ 0

Employee Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	$ 130	$ 151	$ 399	$ 453
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	Comprehensive Income (Loss), Net of Tax, Attributable to Parent	Comprehensive Income (Loss), Net of Tax, Attributable to Parent
Expected return on plan assets	$ (70)	$ (83)	$ (220)	$ (250)
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	Comprehensive Income (Loss), Net of Tax, Attributable to Parent	Comprehensive Income (Loss), Net of Tax, Attributable to Parent
Amortization of unrecognized net income	$ 39	$ 38	$ 109	$ 115
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	Comprehensive Income (Loss), Net of Tax, Attributable to Parent	Comprehensive Income (Loss), Net of Tax, Attributable to Parent
Loss on pension settlement	$ 0	$ 313	$ 0	$ 313
Total net periodic benefit cost	$ 99	$ 419	$ 288	$ 631

Derivatives (Additional Information) (Details)	9 Months Ended
	Sep. 30, 2024
Foreign Currency [Abstract]
Description Of Contract	The contracts have terms between one and 12 months and require the Company to exchange currencies at agreed-upon rates at each settlement date.

Derivatives - Schedule of Notional Amounts of Outstanding Foreign Currency Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments Designated as Hedges [Member]
Foreign Currency Fair Value Hedge Derivative [Line Items]
Notional Amount	$ 25,281	$ 11,562

Derivatives - Schedule of Fair Value of Outstanding Foreign Currency Derivatives Designated as Hedges (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other current liabilities:
Foreign Currency Fair Value Hedge Derivative [Line Items]
Fair Value	$ 1,784	$ 0
Prepaid expenses:
Foreign Currency Fair Value Hedge Derivative [Line Items]
Fair Value	$ 0	$ 606

Derivatives - Schedule of Pre-tax Realized Gain on Foreign Currency Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Foreign Currency Fair Value Hedge Derivative [Line Items]
Unrealized Loss/(Gain) on foreign currency derivatives, before Tax	$ (1,123)	$ 34	$ (2,390)	$ 34
Gain (Loss) on Derivative Instruments [Member]
Foreign Currency Fair Value Hedge Derivative [Line Items]
Unrealized Loss/(Gain) on foreign currency derivatives, before Tax	$ 72	$ (8)	$ (449)	$ (8)

Loss Per Share (Weighted Average Common Shares Outstanding) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (107,046)	$ 3,193	$ (110,440)	$ (20,733)
Accretion of financing fees	(144)	(146)	(431)	(203)
Accrued dividends on Series C Preferred Stock	(4,676)	(3,923)	(13,340)	(5,535)
Net loss available to common stockholders - basic	(111,866)	(876)	(124,211)	(26,471)
Net loss available to common stockholders - diluted	$ (111,866)	$ (876)	$ (124,211)	$ (26,471)
Weighted average common shares outstanding	17,633,629	17,044,251	17,433,479	16,937,968
Issuance of Warrants	13,720,368	12,499,712	13,086,066	11,126,442
Weighted average common shares outstanding - basic	31,353,997	29,543,963	30,519,545	28,064,410
Weighted average common shares outstanding - diluted	31,353,997	29,543,963	30,519,545	28,064,410

Loss Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Anti-dilutive common shares excluded from computation of earnings per share amount	2,058,180	6,222,085	3,119,672	5,996,646

Restructuring and Impairment Charges (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges	$ 622

Related Parties (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party asset	$ 936		$ 936		$ 638
Related party accounts payable	2,493		$ 2,493		2,478
Fasemex [Member]
Related Party Transaction [Line Items]
Percentage of common stock outstanding			10.30%
Gil Family [Member]
Related Party Transaction [Line Items]
Operating costs and expenses	6,058	$ 3,909	$ 20,711	$ 13,675
Related party asset					517
Other assets	682		682
Related party accounts payable	2,493		$ 2,493		2,478
Commercial Specialty Truck Holdings Csth [Member]
Related Party Transaction [Line Items]
Percentage of common stock outstanding			5.00%
Specialty parts supplies	268	$ 0	$ 683	$ 0
Related party asset	$ 254		$ 254		$ 121

Income Taxes (Additional Information) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax [Line Items]
Effective income tax rate	(3.30%)	6.30%	(3.10%)	(4.50%)
Statutory tax rate			21.00%

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