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Revenue Recognition
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 3 – Revenue Recognition

 

The following table disaggregates the Company’s revenues by major source:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Railcar sales

 

$

90,100

 

 

$

155,597

 

Aftermarket sales

 

 

6,116

 

 

 

5,330

 

Revenues from contracts with customers

 

 

96,216

 

 

 

160,927

 

Leasing revenues

 

 

74

 

 

 

131

 

Total revenues

 

$

96,290

 

 

$

161,058

 

 

Contract Balances and Accounts Receivable

 

Contract assets represent the Company’s rights to consideration for performance obligations that have been satisfied but for which the terms of the contract do not permit billing at the reporting date. The Company had no contract assets as of March 31, 2025 and December 31, 2024. The Company may receive cash payments from customers in advance of the Company satisfying performance obligations under its sales contracts resulting in deferred revenue or customer deposits, which are considered contract liabilities. Deferred revenue and customer deposits are classified as either current or long-term liabilities in the condensed consolidated balance sheets based on the timing of when the Company expects to recognize the related revenue. Customer deposits and deferred revenue, reported on separate lines in the Company’s condensed consolidated balance sheets, were $17,611 and $3,402, respectively, as of March 31, 2025. Deferred revenue in the Company’s condensed consolidated balance sheets was $8,556 as of December 31, 2024 and was recognized as revenue during the three months ended March 31, 2025. The Company has not experienced significant historical credit losses.

 

Performance Obligations

 

The Company is electing not to disclose the value of the remaining unsatisfied performance obligations with a duration of one year or less as permitted by ASU 2014-09, Revenue from Contracts with Customers. The Company had remaining unsatisfied performance obligations as of March 31, 2025 with expected duration of greater than one year of $81,321.