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Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Note 4 – 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 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 income (loss) before income taxes is as follows:
|  | Three Months Ended |
|  | March 31, 2025 |
|  | Manufacturing |  |  | Aftermarket |  |  | Corporate |  |  | Total |
Revenues |  | $ | 90,174 |  |  | $ | 6,116 |  |  | $ | - |  |  | $ | 96,290 |
Cost of sales |  |  | 78,065 |  |  |  | 3,831 |  |  |  | - |  |  |  | 81,896 |
Gross profit |  | $ | 12,109 |  |  | $ | 2,285 |  |  | $ | - |  |  | $ | 14,394 |
Other segment items (1) |  |  | 357 |  |  |  | 566 |  |  |  | 9,600 |  |  |  | 10,523 |
Operating income (loss) |  | $ | 11,752 |  |  | $ | 1,719 |  |  | $ | (9,600 | ) |  | $ | 3,871 |
Reconciliation to consolidated income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated interest expense |  |  |  |  |  |  |  |  |  |  |  | (4,336 | )
Gain on change in fair market value of Warrant Liability |  |  |  |  |  |  |  |  |  |  |  | 52,888 |
Consolidated other expense |  |  |  |  |  |  |  |  |  |  |  | (139 | )
Consolidated income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 52,284 |
(1) Other segment items in Manufacturing, Aftermarket and Corporate segments include selling, general and administrative expenses.
|  | Three Months Ended |
|  | March 31, 2024 |
|  | Manufacturing |  |  | Aftermarket |  |  | Corporate |  |  | Total |
Revenues |  | $ | 155,728 |  |  | $ | 5,330 |  |  | $ | - |  |  | $ | 161,058 |
Cost of sales |  |  | 146,987 |  |  |  | 2,668 |  |  |  | - |  |  |  | 149,655 |
Gross profit |  | $ | 8,741 |  |  | $ | 2,662 |  |  | $ | - |  |  | $ | 11,403 |
Other segment items (2) |  |  | 463 |  |  |  | 471 |  |  |  | 6,559 |  |  |  | 7,493 |
Operating income (loss) |  | $ | 8,278 |  |  | $ | 2,191 |  |  | $ | (6,559 | ) |  | $ | 3,910 |
Reconciliation to consolidated loss before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated interest expense |  |  |  |  |  |  |  |  |  |  |  | (2,391 | )
Loss on change in fair market value of Warrant Liability |  |  |  |  |  |  |  |  |  |  |  | (15,653 | )
Consolidated other expense |  |  |  |  |  |  |  |  |  |  |  | (14 | )
Consolidated loss before income taxes |  |  |  |  |  |  |  |  |  |  | $ | (14,148 | )
(2) Other segment items in Manufacturing, Aftermarket and Corporate segments include selling, general and administrative expenses. A summary of segment depreciation, amortization and capital expenditures is as follows:
|  | Three Months Ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
Depreciation and amortization: |  |  |  |  |  |
Manufacturing |  | $ | 1,365 |  |  | $ | 1,273 |
Aftermarket |  |  | 36 |  |  |  | 49 |
Corporate |  |  | 95 |  |  |  | 74 |
Consolidated depreciation and amortization |  | $ | 1,496 |  |  | $ | 1,396 |
Capital expenditures: |  |  |  |  |  |
Manufacturing |  | $ | 285 |  |  | $ | 921 |
Corporate |  |  | 45 |  |  |  | 45 |
Consolidated capital expenditures |  | $ | 330 |  |  | $ | 966 |
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:
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Assets: |  |  |  |  |  |
Manufacturing |  | $ | 179,230 |  |  | $ | 165,702 |
Aftermarket |  |  | 10,776 |  |  |  | 11,014 |
Corporate |  |  | 59,673 |  |  |  | 46,361 |
Total operating assets |  |  | 249,679 |  |  |  | 223,077 |
Consolidated income taxes receivable |  |  | 789 |  |  |  | 1,139 |
Consolidated assets |  | $ | 250,468 |  |  | $ | 224,216 |
A summary of revenues and long-lived assets by geographic information is as follows:
| Geographic Information |
| Revenues |  |  | Long Lived Assets (a) |
|  | Three Months Ended |  |  |  |  |  |  |
|  | March 31, |  |  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
United States |  | $ | 96,290 |  |  | $ | 161,058 |  |  | $ | 3,658 |  |  | $ | 3,856 |
Mexico |  |  | - |  |  |  | - |  |  |  | 71,859 |  |  |  | 73,755 |
Total |  | $ | 96,290 |  |  | $ | 161,058 |  |  | $ | 75,517 |  |  | $ | 77,611 |
(a) Long lived assets include property, plant and equipment, net and right-of-use (ROU) assets.

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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/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 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