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Revenue Recognition
 6 Months Ended
Jun. 30, 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

 

Six Months Ended

 

 

 

 

June 30,

 

June 30,

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Railcar sales

 

 

$

110,684

 

 

$

141,077

 

 

$

200,784

 

 

$

296,674

 

Aftermarket sales

 

 

 

7,865

 

 

 

4,888

 

 

 

13,981

 

 

 

10,218

 

Revenues from contracts with customers

 

 

 

118,549

 

 

 

145,965

 

 

 

214,765

 

 

 

306,892

 

Leasing revenues

 

 

 

74

 

 

 

1,451

 

 

 

148

 

 

 

1,582

 

Total revenues

 

 

$

118,623

 

 

$

147,416

 

 

$

214,913

 

 

$

308,474

 

 

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 June 30, 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, reported on separate lines in the Company’s condensed consolidated balance sheets, 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 were $17,611 as of June 30, 2025. There were no customer deposits as of December 31, 2024. There was no deferred revenue as of June 30, 2025. Deferred revenue was $8,556 as of December 31, 2024 and was recognized as revenue during the six months ended June 30, 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 June 30, 2025 with expected duration of greater than one year of $81,321.