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SEGMENTS | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENTS | SEGMENTS a. Segment Reporting The Company’s Chief Operating Decision Maker (“CODM”) is comprised of the Chief Executive Officer and the Board of Directors. Based on how the CODM manages the business, allocates resources, makes operating decisions, and evaluates operating performance, the Company manages its business in two operating and reportable segments: Transportation Solutions and Parts & Services. Additional information related to the composition of each segment is included below. ▪Transportation Solutions (“TS”): The TS segment comprises the design and manufacturing operations for the Company’s transportation-related equipment and products. This includes dry and refrigerated van trailers, platform trailers, and the Company’s wood flooring production facility. The Company’s EcoNex™ products, which are part of the Company’s Acutherm TM portfolio of solutions designed for intelligent thermal management, are also reported in the TS segment. Additionally, the TS segment includes tank trailers and truck-mounted tanks. Finally, truck-mounted dry and refrigerated bodies, as well as service and stake bodies, are also in the TS segment. ▪Parts & Services (“P&S”): The P&S segment comprises the Company’s Parts and Services business, as well as the Upfitting Solutions and Services business (a component of our Truck Bodies business). Additionally, the Company’s Composites business, which focuses on the use of DuraPlate® composite panels beyond the semi-trailer market, is also part of the P&S segment. This segment also includes the Wabash Parts LLC and Linq Venture Holdings LLC entities, which we created with our partners as further described in Note 6. Our Trailers as a Service (TaaS)SM initiatives, which combine our market-leading trailer products with emerging capabilities like parts distribution and a growing maintenance and repair network to provide a valuable suite of services to our customers, are included in the P&S segment as well. Finally, the P&S segment includes the Company’s Engineered Products business, which manufactures stainless-steel storage tanks and silos, mixers and processors for a variety of end markets. Growing and expanding the Parts and Services offerings continues to be a key strategic initiative for the Company. The accounting policies of the TS and P&S segments are the same as those described in the summary of significant accounting policies except that the Company evaluates segment performance based on income from operations. The CODM evaluates performance by considering comparative period and forecast-to-actual variances for these measures monthly. The Company has not allocated certain corporate related administrative costs, interest, and income taxes included in the corporate and eliminations segment to the Company’s other reportable segments. The Company accounts for intersegment sales and transfers at cost. Segment assets are not presented as it is not a measure reviewed by the CODM in allocating resources and assessing performance. Reportable segment information is as follows (in thousands):
Three Months Ended September 30, 2025 |  | Transportation Solutions |  | Parts & Services |  |  |  | Corporate and Eliminations |  | Consolidated
Net sales |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 320,932 |  |  | $ | 60,663 |  |  |  |  | $ | — |  |  | $ | 381,595 |
Intersegment sales |  | 13,542 |  |  | 301 |  |  |  |  | (13,843) |  |  | — |
Total net sales |  | 334,474 |  |  | 60,964 |  |  |  |  | (13,843) |  |  | 381,595 |
Cost of sales |  | 329,397 |  |  | 50,333 |  |  |  |  | (13,843) |  |  | 365,887 |
Gross profit |  | 5,077 |  |  | 10,631 |  |  |  |  | — |  |  | 15,708 |
Other operating expenses (1) |  | 18,193 |  |  | 4,010 |  |  |  |  | (64,141) |  |  | (41,938) |
(Loss) income from operations |  | $ | (13,116) |  |  | $ | 6,621 |  |  |  |  | $ | 64,141 |  |  | $ | 57,646 |
Depreciation and amortization |  | $ | 12,299 |  |  | $ | 1,132 |  |  |  |  | $ | 1,179 |  |  | $ | 14,610 |
Three Months Ended September 30, 2024 |  | Transportation Solutions |  | Parts & Services |  |  |  | Corporate and Eliminations |  | Consolidated
Net sales |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 413,321 |  |  | $ | 50,719 |  |  |  |  | $ | — |  |  | $ | 464,040 |
Intersegment sales |  | 2,185 |  |  | 1,605 |  |  |  |  | (3,790) |  |  | — |
Total net sales |  | 415,506 |  |  | 52,324 |  |  |  |  | (3,790) |  |  | 464,040 |
Cost of sales |  | 370,568 |  |  | 41,253 |  |  |  |  | (3,790) |  |  | 408,031 |
Gross profit |  | 44,938 |  |  | 11,071 |  |  |  |  | — |  |  | 56,009 |
Other operating expenses (1) |  | 15,776 |  |  | 2,755 |  |  |  |  | 470,506 |  |  | 489,037 |
Income (loss) from operations |  | $ | 29,162 |  |  | $ | 8,316 |  |  |  |  | $ | (470,506) |  |  | $ | (433,028) |
Depreciation and amortization |  | $ | 12,285 |  |  | $ | 551 |  |  |  |  | $ | 1,094 |  |  | $ | 13,930 |
Nine Months Ended September 30, 2025 |  | Transportation Solutions |  | Parts & Services |  |  |  | Corporate and Eliminations |  | Consolidated
Net sales |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 1,049,332 |  |  | $ | 171,969 |  |  |  |  | $ | — |  |  | $ | 1,221,301 |
Intersegment sales |  | 32,159 |  |  | 694 |  |  |  |  | (32,853) |  |  | — |
Total net sales |  | 1,081,491 |  |  | 172,663 |  |  |  |  | (32,853) |  |  | 1,221,301 |
Cost of sales |  | 1,039,400 |  |  | 138,643 |  |  |  |  | (32,853) |  |  | 1,145,190 |
Gross profit |  | 42,091 |  |  | 34,020 |  |  |  |  | — |  |  | 76,111 |
Other operating expenses (1) |  | 52,487 |  |  | 11,429 |  |  |  |  | (355,251) |  |  | (291,335) |
(Loss) income from operations |  | $ | (10,396) |  |  | $ | 22,591 |  |  |  |  | $ | 355,251 |  |  | $ | 367,446 |
Depreciation and amortization |  | $ | 36,689 |  |  | $ | 3,561 |  |  |  |  | $ | 3,462 |  |  | $ | 43,712 |
Nine Months Ended September 30, 2024 |  | Transportation Solutions |  | Parts & Services |  |  |  | Corporate and Eliminations |  | Consolidated
Net sales |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 1,377,544 |  |  | $ | 152,382 |  |  |  |  | $ | — |  |  | $ | 1,529,926 |
Intersegment sales |  | 7,095 |  |  | 4,077 |  |  |  |  | (11,172) |  |  | — |
Total net sales |  | 1,384,639 |  |  | 156,459 |  |  |  |  | (11,172) |  |  | 1,529,926 |
Cost of sales |  | 1,201,901 |  |  | 117,084 |  |  |  |  | (11,172) |  |  | 1,307,813 |
Gross profit |  | 182,738 |  |  | 39,375 |  |  |  |  | — |  |  | 222,113 |
Other operating expenses (1) |  | 52,403 |  |  | 8,452 |  |  |  |  | 520,948 |  |  | 581,803 |
Income (loss) from operations |  | $ | 130,335 |  |  | $ | 30,923 |  |  |  |  | $ | (520,948) |  |  | $ | (359,690) |
Depreciation and amortization |  | $ | 35,696 |  |  | $ | 1,627 |  |  |  |  | $ | 3,071 |  |  | $ | 40,394 |
___________________ |  |  |  |  |  |  |  |  |  |
(1) Other operating expenses include General and administrative expenses, Selling expenses, Amortization of intangible assets and Impairment and other, net. b. Product Information The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and services, and (4) equipment and other (which includes truck bodies). The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):
Three Months Ended September 30, 2025 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 259,038 |  |  | $ | — |  |  |  |  | $ | (13,473) |  |  | $ | 245,565 |  |  | 64.4 | %
Used trailers |  | — |  |  | 929 |  |  |  |  | — |  |  | 929 |  |  | 0.2 | %
Components, parts and services |  | — |  |  | 32,584 |  |  |  |  | — |  |  | 32,584 |  |  | 8.5 | %
Equipment and other |  | 75,436 |  |  | 27,451 |  |  |  |  | (370) |  |  | 102,517 |  |  | 26.9 | %
Total net sales |  | $ | 334,474 |  |  | $ | 60,964 |  |  |  |  | $ | (13,843) |  |  | $ | 381,595 |  |  | 100.0 | %
Three Months Ended September 30, 2024 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 308,577 |  |  |  |  |  |  | $ | (1,661) |  |  | $ | 306,916 |  |  | 66.1 | %
Used trailers |  | 71 |  |  | 396 |  |  |  |  | (71) |  |  | 396 |  |  | 0.1 | %
Components, parts and services |  |  |  | 31,539 |  |  |  |  |  |  | 31,539 |  |  | 6.8 | %
Equipment and other |  | 106,858 |  |  | 20,389 |  |  |  |  | (2,058) |  |  | 125,189 |  |  | 27.0 | %
Total net sales |  | $ | 415,506 |  |  | $ | 52,324 |  |  |  |  | $ | (3,790) |  |  | $ | 464,040 |  |  | 100.0 | %
Nine Months Ended September 30, 2025 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 823,014 |  |  |  |  |  |  | $ | (31,914) |  |  | $ | 791,100 |  |  | 64.8 | %
Used trailers |  |  |  | 3,549 |  |  |  |  |  |  | 3,549 |  |  | 0.3 | %
Components, parts and services |  |  |  | 96,841 |  |  |  |  |  |  | 96,841 |  |  | 7.9 | %
Equipment and other |  | 258,477 |  |  | 72,273 |  |  |  |  | (939) |  |  | 329,811 |  |  | 27.0 | %
Total net sales |  | $ | 1,081,491 |  |  | $ | 172,663 |  |  |  |  | $ | (32,853) |  |  | $ | 1,221,301 |  |  | 100.0 | %
Nine Months Ended September 30, 2024 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 1,057,880 |  |  |  |  |  |  | $ | (3,162) |  |  | $ | 1,054,718 |  |  | 68.9 | %
Used trailers |  | 71 |  |  | 2,884 |  |  |  |  | (71) |  |  | 2,884 |  |  | 0.2 | %
Components, parts and services |  |  |  | 101,622 |  |  |  |  |  |  | 101,622 |  |  | 6.6 | %
Equipment and other |  | 326,688 |  |  | 51,953 |  |  |  |  | (7,939) |  |  | 370,702 |  |  | 24.2 | %
Total net sales |  | $ | 1,384,639 |  |  | $ | 156,459 |  |  |  |  | $ | (11,172) |  |  | $ | 1,529,926 |  |  | 100.0 | %

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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