FreightCar America, Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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, 2025 · Filed Nov 10, 2025
RAIL$4.24+2.2%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets (Unaudited) as ofSeptember 30, 2025 and December 31, 2024
| September 30,2025 | December 31,2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash, cash equivalents and restricted cash equivalents | $62,743 | $44,450 |
| Accounts receivable, net of allowance for credit losses of $118 and $47, respectively | 32,514 | 12,506 |
| VAT receivable | 5,677 | 3,851 |
| Inventories, net | 104,243 | 75,281 |
| Assets held for sale | — | 629 |
| Prepaid expenses and other current assets | 15,948 | 8,314 |
| Total current assets | 221,125 | 145,031 |
| Property, plant and equipment, net | 28,147 | 30,107 |
| Right of use asset operating lease | 2,086 | 2,423 |
| Right of use asset finance lease | 38,650 | 45,081 |
| Deferred income taxes | 49,520 | 1,024 |
| Other long-term assets | 1,229 | 550 |
| Total assets | $340,757 | $224,216 |
| Liabilities and Stockholders’ Deficit | ||
| Current liabilities | ||
| Accounts and contractual payables | $98,579 | $49,574 |
| Accrued payroll and other employee costs | 9,633 | 6,286 |
| Accrued warranty | 1,997 | 2,389 |
| Customer deposits | 8,176 | — |
| Deferred revenue | 506 | 8,556 |
| Current portion of long-term debt | 2,875 | 2,875 |
| Lease liability finance lease, current | 1,277 | 1,256 |
| Other current liabilities | 9,804 | 9,889 |
| Total current liabilities | 132,847 | 80,825 |
| Long-term debt, net of current portion | 104,679 | 105,540 |
| Warrant liability | 148,650 | 136,319 |
| Accrued pension costs | 1,268 | 1,073 |
| Lease liability operating lease, long-term | 2,220 | 2,645 |
| Lease liability finance lease, long-term | 41,259 | 46,678 |
| Other long-term liabilities | 708 | 1,409 |
| Total liabilities | 431,631 | 374,489 |
| Stockholders’ deficit | ||
| Preferred stock, $0.01 par value, 2,500,000 shares authorized (100,000 shares each designated as Series A voting and Series B non-voting, 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024) | — | — |
| Common stock, $0.01 par value, 50,000,000 shares authorized, 19,077,086 and 18,960,608 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 221 | 221 |
| Additional paid-in capital | 72,006 | 69,404 |
| Accumulated other comprehensive income | 2,836 | 721 |
| Accumulated deficit | (165,937) | (220,619) |
| Total stockholders’ deficit | (90,874) | (150,273) |
| Total liabilities and stockholders’ deficit | $340,757 | $224,216 |
Condensed Consolidated Statements of Operations
(In thousands, except for share and per share data)
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Revenues | $160,511 | $113,255 | $375,424 | $421,729 |
| Cost of sales | 136,306 | 97,059 | 319,004 | 375,700 |
| Gross profit | 24,205 | 16,196 | 56,420 | 46,029 |
| Selling, general and administrative expenses | 9,647 | 7,538 | 30,284 | 23,541 |
| Litigation settlement | — | — | — | (3,214) |
| Operating income | 14,558 | 8,658 | 26,136 | 25,702 |
| Interest expense | (4,638) | (1,577) | (13,356) | (5,815) |
| Loss on change in fair market value of Warrant liability | (17,589) | (110,040) | (12,331) | (125,581) |
| Other income (expense) | 78 | (680) | 3,235 | (1,419) |
| (Loss) income before income taxes | (7,591) | (103,639) | 3,684 | (107,113) |
| Income tax (benefit) provision | (146) | 3,407 | (50,998) | 3,327 |
| Net (loss) income | $(7,445) | $(107,046) | $54,682 | $(110,440) |
| Net (loss) earnings per common share - basic | $(0.23) | $(3.57) | $1.66 | $(4.07) |
| Net (loss) earnings per common share - diluted | $(0.23) | $(3.57) | $1.57 | $(4.07) |
| Weighted average common shares outstanding – basic | 31,887,926 | 31,353,997 | 31,778,768 | 30,519,545 |
| Weighted average common shares outstanding – diluted | 31,887,926 | 31,353,997 | 33,738,478 | 30,519,545 |
Condensed Consolidated Statements of Comprehensive (Loss) Income
(In thousands)
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Net (loss) income | $(7,445) | $(107,046) | $54,682 | $(110,440) |
| Other comprehensive (loss) income, net of tax: | ||||
| Pension liability activity: | ||||
| Reclassification adjustment for amortization of net loss (pre-tax other income) | 25 | 39 | 76 | 109 |
| Other comprehensive loss before reclassifications: | ||||
| Unrealized gain on commodity swap derivatives | — | — | 116 | — |
| Unrealized gain (loss) on foreign currency derivatives | 356 | (1,195) | 2,321 | (1,941) |
| Amounts reclassified from accumulated other comprehensive income: | ||||
| (Gain) loss on commodity swap derivatives reclassified into cost of sales | (25) | — | (25) | — |
| (Gain) loss on foreign currency derivatives reclassified into cost of sales | (756) | 72 | (373) | (449) |
| Comprehensive (loss) income | $(7,845) | $(108,130) | $56,797 | $(112,721) |
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, 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 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) | |
| Balance, June 30, 2025 | - | $ | - | 19,127,412 | $222 | $71,572 | $3,236 | $(158,492) | $(83,462) |
| Net loss | - | - | - | - | - | - | (7,445) | (7,445) | |
| Other comprehensive loss | - | - | - | - | - | (400) | - | (400) | |
| Forfeiture of restricted stock awards | - | - | (50,326) | (1) | 1 | - | - | - | |
| Stock-based compensation recognized | - | - | - | - | 433 | - | - | 433 | |
| Balance, September 30, 2025 | - | $ | - | 19,077,086 | $221 | $72,006 | $2,836 | $(165,937) | $(90,874) |
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, 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 option 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) | |
| Balance, December 31, 2024 | - | $ | - | 18,960,608 | $221 | $69,404 | $721 | $(220,619) | (150,273) |
| Net income | - | - | - | - | - | - | 54,682 | 54,682 | |
| Other comprehensive income | - | - | - | - | - | 2,115 | - | 2,115 | |
| Restricted stock awards | - | - | 195,975 | 2 | (2) | - | - | - | |
| Employee stock settlement | - | - | (50,010) | (1) | (486) | - | - | (487) | |
| Forfeiture of restricted stock awards | - | - | (50,326) | (1) | 1 | - | - | - | |
| Exercise of stock options and appreciation rights | - | - | 20,839 | - | (45) | - | - | (45) | |
| Stock-based compensation recognized | - | - | - | - | 3,134 | - | - | 3,134 | |
| Balance, September 30, 2025 | - | $ | - | 19,077,086 | $221 | $72,006 | $2,836 | $(165,937) | $(90,874) |
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