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Revenue Recognition
 9 Months Ended
Sep. 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

 

Nine Months Ended

 

 

 

 

September 30,

 

September 30,

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Railcar sales

 

 

$

153,883

 

 

$

109,010

 

 

$

354,667

 

 

$

405,684

 

Aftermarket sales

 

 

 

6,555

 

 

 

4,175

 

 

 

20,536

 

 

 

14,393

 

Revenues from contracts with customers

 

 

 

160,438

 

 

 

113,185

 

 

 

375,203

 

 

 

420,077

 

Leasing revenues

 

 

 

73

 

 

 

70

 

 

 

221

 

 

 

1,652

 

Total revenues

 

 

$

160,511

 

 

$

113,255

 

 

$

375,424

 

 

$

421,729

 

 

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 September 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 $8,176 as of September 30, 2025. There were no customer deposits as of December 31, 2024. Deferred revenue was $506 and $8,556 as of September 30, 2025 and December 31, 2024, respectively. Deferred revenue as of December 31, 2024 was recognized as revenue during the nine months ended September 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. Based on existing contracts, approximately $16,454 and $56,640 of unsatisfied performance obligations are expected to be recognized in 2026 and 2027, respectively.