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Business Segments | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company is a global technology solutions provider of engineered, manufactured products and services that builds and supports infrastructure. The Company determines its operating segments based on how the Company's Chief Operating Decision Maker (“CODM”), the Company's President and Chief Executive Officer, manages the businesses, including resource allocation and operating decisions. The Company is organized into two operating segments, which represent the individual businesses that are run separately within this operational structure. Operating segments are evaluated on their segment operating income contribution to the Company’s consolidated results. The Company considers the aggregation of operating segments into reporting segments based on the nature of offerings, nature of production services, the type or class of customer for products and services, methods used to distribute products and services, and economic and regulatory environment conditions. The Company has two reportable segments: Rail, Technologies, and Services (“Rail”), and Infrastructure Solutions (“Infrastructure”). The Company’s segments represent components of the Company (a) that engage in activities from which revenue is generated and expenses are incurred, (b) whose operating results are regularly reviewed by the CODM, who uses such information to make decisions about resources to be allocated to the segments, and (c) for which discrete financial information is available. The CODM uses segment operating income to determine resources to allocate to each segment (including personnel and financial resources) during the annual budgeting process. The CODM evaluates segment performance regularly by comparing the segment operating income to the budgeted measure. Segment operating income includes reportable segment gross profit and direct expenses such as salaries, benefits, restructuring, research and development, professional and purchased services expenditures, amortization expense, bad debt expense, and other segment expenses. Additionally, segment operating income includes allocated corporate operating expenses associated with central services such as quality, logistics, environmental health and safety, information technology, insurance, and human resources. Other corporate functional costs that are associated with the operating segments are also allocated to the segments such as finance, marketing, credit and collections, and treasury functions. Operating expenses related to corporate headquarter functions are allocated to each segment based on segment headcount, revenue contribution, or activity of the business units within the segments, based on the corporate activity type provided to the segment. Management believes the allocation of corporate operating expenses provides an accurate presentation of how the segments utilize corporate support activities. This provides the CODM meaningful segment profitability information to support operating decisions and the allocation of resources. Certain corporate costs are separately managed on a consolidated basis and are not allocated to the operating segments. These corporate costs include public company costs such as listing fees, audit fees, compliance costs, insurance costs, and Board of Directors fees. Additionally, certain corporate executive management costs, including costs of the corporate executive leadership team, and corporate management stock-based compensation expenses are not allocated to the operating segments. Finally, interest expense, income taxes, and certain other items included in “Other income - net”, which are managed on a consolidated basis, are not allocated to the operating segments. The operating results of the Company’s reportable segments were as follows for the periods presented:
|  | Three Months Ended September 30,
|  | 2025 |  |  | 2024
|  | Rail, Technologies, and Services |  | Infrastructure Solutions |  | Total |  |  | Rail, Technologies, and Services |  | Infrastructure Solutions |  | Total
Net sales |  | $ | 77,788 |  |  | $ | 60,498 |  |  | $ | 138,286 |  |  |  | $ | 79,498 |  |  | $ | 57,968 |  |  | $ | 137,466 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  | (60,042) |  |  | (47,178) |  |  | (107,220) |  |  |  | (61,027) |  |  | (43,681) |  |  | (104,708) |
Selling and administrative employment costs |  | (7,900) |  |  | (6,086) |  |  | (13,986) |  |  |  | (8,475) |  |  | (6,030) |  |  | (14,505) |
Purchased services (1) |  | (1,787) |  |  | (1,608) |  |  | (3,395) |  |  |  | (1,841) |  |  | (1,584) |  |  | (3,425) |
General administrative costs (2) |  | (1,765) |  |  | (1,184) |  |  | (2,949) |  |  |  | (2,378) |  |  | (1,261) |  |  | (3,639) |
Amortization expense |  | (399) |  |  | (295) |  |  | (694) |  |  |  | (844) |  |  | (302) |  |  | (1,146) |
Segment operating income |  | $ | 5,895 |  |  | $ | 4,147 |  |  | $ | 10,042 |  |  |  | $ | 4,933 |  |  | $ | 5,110 |  |  | $ | 10,043 |
Reconciliation of segment operating income |  |  |  |  |  |  |  |  |  |  |  |  |
Total segment operating income |  |  |  |  |  | $ | 10,042 |  |  |  |  |  |  |  | $ | 10,043 |
Interest expense - net |  |  |  |  |  | (1,254) |  |  |  |  |  |  |  | (1,358) |
Other income - net |  |  |  |  |  | 96 |  |  |  |  |  |  |  | 188 |
Public company costs |  |  |  |  |  | (1,162) |  |  |  |  |  |  |  | (1,327) |
Corporate executive management costs |  |  |  |  |  | (175) |  |  |  |  |  |  |  | (839) |
Corporate management stock-based compensation |  |  |  |  |  | (672) |  |  |  |  |  |  |  | (339) |
Other corporate expenses - net |  |  |  |  |  | 262 |  |  |  |  |  |  |  | (215) |
Income before income taxes |  |  |  |  |  | $ | 7,137 |  |  |  |  |  |  |  | $ | 6,153 |
(1) Purchased services costs generally include contractor services, insurance expenditures, rental expense, and legal services. (2)General administrative costs generally include office supplies, utilities, advertising, bad debt expense, and restructuring expenditures.
|  | Nine Months Ended September 30,
|  | 2025 |  |  | 2024
|  | Rail, Technologies, and Services |  | Infrastructure Solutions |  | Total |  |  | Rail, Technologies, and Services |  | Infrastructure Solutions |  | Total
Net sales |  | $ | 207,776 |  |  | $ | 171,860 |  |  | $ | 379,636 |  |  |  | $ | 247,715 |  |  | $ | 154,867 |  |  | $ | 402,582 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  | (162,869) |  |  | (134,650) |  |  | (297,519) |  |  |  | (192,798) |  |  | (120,337) |  |  | (313,135) |
Selling and administrative employment costs |  | (22,536) |  |  | (17,552) |  |  | (40,088) |  |  |  | (24,083) |  |  | (17,874) |  |  | (41,957) |
Purchased services (1) |  | (5,120) |  |  | (4,239) |  |  | (9,359) |  |  |  | (5,590) |  |  | (4,684) |  |  | (10,274) |
General administrative costs (2) |  | (5,707) |  |  | (4,052) |  |  | (9,759) |  |  |  | (5,524) |  |  | (3,649) |  |  | (9,173) |
Amortization expense |  | (1,758) |  |  | (898) |  |  | (2,656) |  |  |  | (2,508) |  |  | (978) |  |  | (3,486) |
Segment operating income |  | $ | 9,786 |  |  | $ | 10,469 |  |  | $ | 20,255 |  |  |  | $ | 17,212 |  |  | $ | 7,345 |  |  | $ | 24,557 |
Reconciliation of segment operating income |  |  |  |  |  |  |  |  |  |  |  |  |
Total segment operating income |  |  |  |  |  | $ | 20,255 |  |  |  |  |  |  |  | $ | 24,557 |
Gain on sale of former joint venture facility |  |  |  |  |  | — |  |  |  |  |  |  |  | 3,477 |
Interest expense - net |  |  |  |  |  | (3,887) |  |  |  |  |  |  |  | (3,976) |
Other income - net |  |  |  |  |  | 509 |  |  |  |  |  |  |  | 525 |
Public company costs |  |  |  |  |  | (3,633) |  |  |  |  |  |  |  | (4,167) |
Corporate executive management costs |  |  |  |  |  | (1,123) |  |  |  |  |  |  |  | (4,131) |
Corporate management stock-based compensation |  |  |  |  |  | (1,711) |  |  |  |  |  |  |  | (1,818) |
Other corporate expenses - net |  |  |  |  |  | 262 |  |  |  |  |  |  |  | (457) |
Income before income taxes |  |  |  |  |  | $ | 10,672 |  |  |  |  |  |  |  | $ | 14,010 |
(1) Purchased services costs generally include contractor services, insurance expenditures, rental expense, and legal services. (2) General administrative costs generally include office supplies, utilities, advertising, bad debt expense, and restructuring expenditures. For the nine months ended September 30, 2024, the Company sold a former joint venture facility located in Magnolia, Texas, generating a $3,477 gain on sale recorded in “Gain on sale of former joint venture facility” which is included as a component of corporate operating income. Reconciliations of reportable depreciation and amortization and expenditures for long-lived assets to the Company’s consolidated totals are as follows for the periods presented:
|  | Three Months Ended September 30,
|  | 2025 |  | 2024
|  | Depreciation/Amortization |  | Expenditures for Long-Lived Assets |  | Depreciation/Amortization |  | Expenditures for Long-Lived Assets
Rail, Technologies, and Services |  | $ | 793 |  |  | $ | 350 |  |  | $ | 1,202 |  |  | $ | 1,147 |
Infrastructure Solutions |  | 1,654 |  |  | 2,050 |  |  | 1,817 |  |  | 1,669 |
Reportable segments total |  | $ | 2,447 |  |  | $ | 2,400 |  |  | $ | 3,019 |  |  | $ | 2,816 |
Corporate |  | 521 |  |  | 409 |  |  | 467 |  |  | 251 |
Total |  | $ | 2,968 |  |  | $ | 2,809 |  |  | $ | 3,486 |  |  | $ | 3,067 |
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
|  | Depreciation/Amortization |  | Expenditures for Long-Lived Assets |  | Depreciation/Amortization |  | Expenditures for Long-Lived Assets
Rail, Technologies, and Services |  | $ | 2,874 |  |  | $ | 1,405 |  |  | $ | 3,578 |  |  | $ | 1,765 |
Infrastructure Solutions |  | 5,098 |  |  | 5,545 |  |  | 5,594 |  |  | 5,100 |
Reportable segments total |  | $ | 7,972 |  |  | $ | 6,950 |  |  | $ | 9,172 |  |  | $ | 6,865 |
Corporate |  | 1,530 |  |  | 1,107 |  |  | 1,390 |  |  | 969 |
Total |  | $ | 9,502 |  |  | $ | 8,057 |  |  | $ | 10,562 |  |  | $ | 7,834 |
The following table summarizes the Company's total assets by reportable segment for the following periods:
|  | September 30, 2025 |  | December 31, 2024
Rail, Technologies, and Services |  | $ | 148,746 |  |  | $ | 158,859 |
Infrastructure Solutions |  | 130,964 |  |  | 123,755 |
Reportable segments total |  | 279,710 |  |  | 282,614 |
Corporate |  | 54,179 |  |  | 51,936 |
Total |  | $ | 333,889 |  |  | $ | 334,550 |
On June 21, 2022, the Company acquired the stock of Skratch Enterprises Ltd. for $7,402, which was inclusive of deferred payments withheld by the Company of $1,228, to be paid over the next five years or utilized to satisfy post-closing working capital adjustments or indemnity claims under the purchase agreement. During the nine months ended September 30, 2025, the Company made a deferred acquisition payment of $782. During the nine months ended September 30, 2025, the Company announced the discontinuation of its Automation and Materials Handling product line (“AMH Exit”) which was reported in the Technology Services and Solutions business unit within the Rail segment. The decision to exit was due to the Company's initiatives to scale back businesses in the United Kingdom. The Company expects to complete any remaining customer obligations by the end of 2025. This product line had net sales of $530 and $907 for the three months ended September 30, 2025 and 2024, respectively, and $1,750 and $4,230 for the nine months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025, the Company incurred a total of $1,351 in exit costs associated with the AMH Exit, which included $655 in inventory and fixed asset write-downs, $507 in personnel expenses, and $189 in other exit costs. Exit costs of $1,085 were recorded in “Cost of goods sold” and $266 were recorded in “Selling and administrative expenses” within our Rail segment. The Company does not expect to incur additional material AMH Exit costs in the remainder of 2025. In August 2024, the Company announced an enterprise restructuring program aligned with its strategy to reduce costs and enable investment in its growth platforms. The restructuring action was completed as of December 31, 2024 and no additional costs are expected to be incurred under this program. As of December 31, 2024, the Company's restructuring liability for this program was $687, all of which has been paid out as of September 30, 2025. The following table summarizes the restructuring liability balance and utilization for restructuring actions, which are primarily related to severance costs through September 30, 2025:
|  |  |  |  |  | Restructuring Liability
Balance as of December 31, 2024 |  |  |  |  |  | $ | 687 |
Personnel and other exit costs associated with AMH Exit |  |  |  |  |  | 696 |
Payments |  |  |  |  |  | (1,150) |
Balance as of September 30, 2025 |  |  |  |  |  | $ | 233 |
On August 30, 2023, the Company announced the discontinuation of its Bridge Products grid deck product line (“Bridge Exit”) which was reported in the Steel Products business unit within Infrastructure. The Bedford, PA based operations supporting the product line expect to complete any remaining customer obligations in 2025. For the three months ended September 30, 2025 and 2024, net sales associated with the product line were $94 and $921, respectively, and for the nine months ended September 30, 2025 and 2024 were $1,093 and $2,888, respectively. The Company does not expect to incur additional material exit costs in 2025.

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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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