10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly period ended March 31, 2024

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 000-51237

FREIGHTCAR AMERICA, INC.

(Exact name of registrant as specified in its charter)



Delaware		25-1837219
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

125 South Wacker Drive, Suite 1500 Chicago, Illinois		60606
(Address of principal executive offices)		(Zip Code)

(800) 458-2235

(Registrant’s telephone number, including area code)



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	RAIL	The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer		Accelerated filer	
Non-accelerated filer		Smaller reporting company	
		Emerging growth company	

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

As of May 1, 2024, there were 18,710,586 shares of the registrant’s common stock outstanding.

FREIGHTCAR AMERICA, INC.

INDEX TO FORM 10-Q



Item Number		Page Number
	PART I – FINANCIAL INFORMATION
1.	Financial Statements:
	Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2024 and December 31, 2023	3
	Condensed Consolidated Statements of Operations (Unaudited) for the Three Months Ended March 31, 2024 and 2023	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three Months Ended March 31, 2024 and 2023	5
	Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) for the Three Months Ended March 31, 2024 and 2023	6
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and 2023	7
	Notes to Condensed Consolidated Financial Statements (Unaudited)	8
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
4.	Controls and Procedures	21
	PART II – OTHER INFORMATION
1.	Legal Proceedings	22
2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
3.	Defaults Upon Senior Securities	22
4.	Mine Safety Disclosures	22
5.	Other Information	22
6.	Exhibits	22
	Signatures	23

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

FreightCar America, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except for share data)

(Unaudited)


	March 31, 2024			December 31, 2023
Assets
Current assets
Cash, cash equivalents and restricted cash equivalents	$	13,977		$	40,560
Accounts receivable, net of allowance for doubtful accounts of $82 and $18 respectively		35,040			6,408
VAT receivable		3,959			2,926
Inventories, net		109,778			125,022
Assets held for sale		629			—
Related party asset		902			638
Prepaid expenses		6,533			4,867
Total current assets		170,818			180,421
Property, plant and equipment, net		30,673			31,258
Railcars available for lease, net		—			2,842
Right of use asset operating lease		2,724			2,826
Right of use asset finance lease		39,676			40,277
Other long-term assets		4,778			1,835
Total assets	$	248,669		$	259,459
Liabilities, Mezzanine Equity and Stockholders’ Deficit
Current liabilities
Accounts and contractual payables	$	75,918		$	84,417
Related party accounts payable		2,394			2,478
Accrued payroll and other employee costs		4,975			5,738
Accrued warranty		1,468			1,602
Current portion of long-term debt		30,002			29,415
Other current liabilities		7,309			13,711
Total current liabilities		122,066			137,361
Warrant liability		52,454			36,801
Accrued pension costs		1,106			1,046
Lease liability operating lease, long-term		3,038			3,164
Lease liability finance lease, long-term		41,084			41,273
Other long-term liabilities		2,278			2,562
Total liabilities		222,026			222,207
Commitments and contingencies
Mezzanine equity
Series C Preferred stock, $0.01 par value, 85,412 shares authorized, 85,412 shares issued and outstanding at each of March 31, 2024 and December 31, 2023, respectively. Liquidation value $99,285 and $95,048 at March 31, 2024 and December 31, 2023, respectively.		83,602			83,458
Stockholders’ deficit
Preferred stock, $0.01 par value, 2,500,000 shares authorized (100,000 shares each designated as Series A voting and Series B non-voting, 0 shares issued and outstanding at March 31, 2024 and December 31, 2023)		—			—
Common stock, $0.01 par value, 50,000,000 shares authorized, 18,345,488 and 17,903,437 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		214			210
Additional paid-in capital		94,783			94,067
Accumulated other comprehensive income		2,607			2,365
Accumulated deficit		(154,563	)		(142,848	)
Total stockholders' deficit		(56,959	)		(46,206	)
Total liabilities, mezzanine equity and stockholders’ deficit	$	248,669		$	259,459

See Notes to Condensed Consolidated Financial Statements (Unaudited).

FreightCar America, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except for share and per share data)

(Unaudited)


	Three Months Ended
	March 31,
	2024		2023

Revenues	$	161,058	$	80,999
Cost of sales		149,655		73,514

SEC Form 10-Q filed by FreightCar America Inc.