FreightCar America Inc
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
RAIL$4.24+2.2%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets (Unaudited) as ofSeptember 30, 2024 and December 31, 2023
| 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 |
Condensed Consolidated Statements of Operations
(In thousands, except for share and per share data)
| 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 | |
Condensed Consolidated Statements of Comprehensive (Loss) Income
(In thousands)
| 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) |
Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Deficit
| 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) |
Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Deficit
| 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) | |
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