FreightCar America(US:RAIL)2025-11-10 12:37Financial Performance - Revenues for the three months ended September 30, 2025, were $160.51 million, a 42% increase compared to $113.26 million for the same period in 2024[12]. - Gross profit for the nine months ended September 30, 2025, was $56.42 million, compared to $46.03 million for the same period in 2024, reflecting a 23% increase[12]. - Net loss for the three months ended September 30, 2025, was $7.45 million, a significant improvement from a net loss of $107.05 million in the same quarter of 2024[12]. - The company reported an operating income of $14.56 million for the three months ended September 30, 2025, compared to $8.66 million for the same period in 2024, a 68% increase[12]. - For the nine months ended September 30, 2025, FreightCar America reported a net income of $54,682,000, a significant improvement compared to a net loss of $110,440,000 for the same period in 2024[21]. - Total revenues for the nine months ended September 30, 2025, were $375,424,000, a decrease of 10.9% from $421,729,000 in the same period of 2024[27]. - The consolidated loss before income taxes for the three months ended September 30, 2025, was $(7,591) million, compared to a loss of $(103,639) million in the same period of 2024, indicating a significant reduction in losses[32][33]. Assets and Liabilities - Total assets increased to $340.76 million as of September 30, 2025, up from $224.22 million on December 31, 2024, representing a 52% growth[9]. - Cash and cash equivalents increased to $62.74 million as of September 30, 2025, compared to $44.45 million as of December 31, 2024, marking a 41% increase[9]. - Total current liabilities rose to $132.85 million as of September 30, 2025, up from $80.83 million on December 31, 2024, indicating a 64% increase[9]. - The accumulated deficit decreased to $165.94 million as of September 30, 2025, from $220.62 million as of December 31, 2024, showing a reduction of 25%[9]. - The total operating assets as of September 30, 2025, were $291,236 million, an increase from $223,077 million as of December 31, 2024, representing a growth of approximately 30%[36]. - Total inventories, net increased from $75,281 million as of December 31, 2024, to $104,243 million as of September 30, 2025, reflecting a growth of 38.5%[46]. Cash Flow and Capital Expenditures - Cash flows provided by operating activities for the nine months ended September 30, 2025, were $24,732,000, down from $39,047,000 in 2024[21]. - Capital expenditures for the three months ended September 30, 2025, totaled $1,164 million, a decrease from $1,462 million in the same period of 2024[36]. Stock and Shareholder Information - The weighted average common shares outstanding for the three months ended September 30, 2025, were 31,887,926, compared to 31,353,997 for the same period in 2024[12]. - The net loss available to common stockholders for Q3 2025 was $7,445 million compared to a loss of $111,866 million in Q3 2024, while for the nine months ended September 30, 2025, the net income was $54,682 million compared to a loss of $110,440 million in the same period of 2024[72]. - The Company redeemed all outstanding shares of Preferred Stock at a total redemption price of $113,275 million, including accrued dividends of $27,863 million[58]. Taxation - The effective income tax rate for the three months ended September 30, 2025, was 1.9%, lower than the U.S. statutory tax rate of 21% due to decreased year-to-date income and substantial permanent differences[19]. - For the nine months ended September 30, 2025, the effective tax rate was (1,384.5)%, primarily due to the release of the majority of the valuation allowance on federal and state deferred tax assets[80]. - The One Big Beautiful Bill Act ("OBBBA") was enacted on July 4, 2025, making permanent many tax provisions from the 2017 Tax Cuts and Jobs Act[81]. Other Financial Metrics - The company experienced a loss on change in fair market value for warrant liability amounting to $12,331,000 for the nine months ended September 30, 2025[21]. - The fair value of the warrant liability as of September 30, 2025, was $148,650 million, up from $136,319 million as of December 31, 2024[41]. - The Company has $1,639 million of unearned compensation expense related to restricted stock awards as of September 30, 2025, to be recognized over 24 months[13]. - The notional amount of outstanding foreign currency derivatives was $7,548 million as of September 30, 2025, down from $8,780 million at the end of 2024[70].