XML 42 R30.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | Note 20 – Segment Information The Company’s operations consist of two operating and reportable segments, Manufacturing and Aftermarket. The Company identifies reportable segments based on differences in products and services. The Company’s Manufacturing segment includes new railcar manufacturing, used railcar sales, and major railcar conversions and rebodies. The Company’s Aftermarket segment includes the selling of forged, cast and fabricated railcar parts and supplies for all railcar types, and provides aftermarket services including safety training, railcar inspections, and preventative maintenance. The Company’s designated Chief Operating Decision Maker (“CODM”) is our President and Chief Executive Officer. The CODM uses segment gross profit and segment operating income to allocate resources to segments during the planning and forecasting process and assess performance in a given period. Segment gross profit and segment operating income include all external revenues attributable to the segments as well as operating costs and income that management believes are directly attributable to the current production of goods and services. The Company’s management reporting package does not include interest revenue, interest expense or income taxes allocated to individual segments and these items are not considered as a component of segment operating income. Intersegment revenues were not material in any period presented. A summary of segment information and reconciliation to consolidated loss before income taxes is as follows:
|  | Year Ended |
|  | December 31, 2024 |
|  | Manufacturing |  |  | Aftermarket |  |  | Corporate |  |  | Total |
Revenues |  | $ | 541,184 |  |  | $ | 18,241 |  |  | $ | - |  |  | $ | 559,425 |
Cost of sales |  |  | 482,769 |  |  |  | 9,614 |  |  |  | - |  |  |  | 492,383 |
Gross profit |  | $ | 58,415 |  |  | $ | 8,627 |  |  | $ | - |  |  | $ | 67,042 |
Other segment items (1) |  |  | (1,204 | ) |  |  | 1,455 |  |  |  | 29,450 |  |  |  | 29,701 |
Operating income (loss) |  | $ | 59,619 |  |  | $ | 7,172 |  |  | $ | (29,450 | ) |  | $ | 37,341 |
Reconciliation to consolidated loss before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated interest expense |  |  |  |  |  |  |  |  |  |  |  | (6,850 | )
Loss on change in fair market value of Warrant Liability |  |  |  |  |  |  |  |  |  |  |  | (99,518 | )
Consolidated other expense |  |  |  |  |  |  |  |  |  |  |  | (952 | )
Consolidated loss before income taxes |  |  |  |  |  |  |  |  |  |  | $ | (69,979 | )
(1) Other segment items in Manufacturing segment include selling, general and administrative expenses and litigation settlement. Other segment items in Aftermarket segment and Corporate include selling, general and administrative expenses.
|  | Year Ended |
|  | December 31, 2023 |
|  | Manufacturing |  |  | Aftermarket |  |  | Corporate |  |  | Total |
Revenues |  | $ | 345,866 |  |  | $ | 12,227 |  |  | $ | - |  |  | $ | 358,093 |
Cost of sales |  |  | 308,711 |  |  |  | 7,619 |  |  |  | - |  |  |  | 316,330 |
Gross profit |  | $ | 37,155 |  |  | $ | 4,608 |  |  | $ | - |  |  | $ | 41,763 |
Other segment items (2) |  |  | 5,600 |  |  |  | 729 |  |  |  | 24,942 |  |  |  | 31,271 |
Operating income (loss) |  | $ | 31,555 |  |  | $ | 3,879 |  |  | $ | (24,942 | ) |  | $ | 10,492 |
Reconciliation to consolidated loss before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated interest expense |  |  |  |  |  |  |  |  |  |  |  | (15,031 | )
Loss on change in fair market value of Warrant Liability |  |  |  |  |  |  |  |  |  |  |  | (2,229 | )
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  | (14,880 | )
Consolidated other expense |  |  |  |  |  |  |  |  |  |  |  | (440 | )
Consolidated loss before income taxes |  |  |  |  |  |  |  |  |  |  | $ | (22,088 | )
(2) Other segment items in Manufacturing segment include selling, general and administrative expenses, impairment on leased railcars and gain on sale of railcars available for lease. Other segment items in Aftermarket segment include selling, general and administrative expenses. Other segment items in Corporate include selling, general and administrative expenses and pension settlement loss. A summary of segment depreciation, amortization and capital expenditures is as follows:
|  | Year Ended |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Depreciation and amortization: |  |  |  |  |  |
Manufacturing |  | $ | 5,292 |  |  | $ | 4,026 |
Aftermarket |  | $ | 158 |  |  | $ | 283 |
Corporate |  |  | 313 |  |  |  | 297 |
Consolidated depreciation and amortization |  | $ | 5,763 |  |  | $ | 4,606 |
Capital expenditures: |  |  |  |  |  |
Manufacturing |  | $ | 4,708 |  |  | $ | 12,536 |
Aftermarket |  | $ | 15 |  |  | $ | 5 |
Corporate |  |  | 296 |  |  |  | 181 |
Consolidated capital expenditures |  | $ | 5,019 |  |  | $ | 12,722 |
Segment assets represent operating assets and exclude intersegment accounts, deferred tax assets and income tax receivables. The Company does not allocate cash and cash equivalents to its operating segments as the Company’s treasury function is managed at the corporate level. A summary of segment assets is as follows:
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |
Manufacturing |  | $ | 165,702 |  |  | $ | 207,093 |
Aftermarket |  |  | 11,014 |  |  |  | 9,281 |
Corporate |  |  | 46,361 |  |  |  | 41,877 |
Total operating assets |  |  | 223,077 |  |  |  | 258,251 |
Consolidated income taxes receivable |  |  | 1,139 |  |  |  | 1,208 |
Consolidated assets |  | $ | 224,216 |  |  | $ | 259,459 |
A summary of revenues and long-lived assets by geographic information is as follows:
| Geographic Information |
| Revenues |  |  | Long Lived Assets (a) |
|  | Year Ended |  |  |  |  |  |  |
|  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
United States |  | $ | 559,425 |  |  | $ | 358,093 |  |  | $ | 3,856 |  |  | $ | 7,377 |
Mexico |  |  | - |  |  |  | - |  |  |  | 73,755 |  |  |  | 69,826 |
Total |  | $ | 559,425 |  |  | $ | 358,093 |  |  | $ | 77,611 |  |  | $ | 77,203 |
(a) Long lived assets include property plant and equipment, net, railcars available for lease, and right-of-use (ROU) assets.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: 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 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration