$RAIL
FreightCar America, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023039181 Filed on August 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $61.89M $88.60M
YoY Change -27.81% 56.02%
Cost Of Revenue $52.67M $75.64M
YoY Change -35.13% 50.69%
Gross Profit $9.225M $12.96M
YoY Change 102.57% 96.62%
Gross Profit Margin 14.9% 14.62%
Selling, General & Admin $7.511M $5.851M
YoY Change 5.61% 44.36%
% of Gross Profit 81.42% 45.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.100M $1.033M
YoY Change 4.76% -0.29%
% of Gross Profit 11.92% 7.97%
Operating Expenses $7.511M $5.851M
YoY Change 5.61% 44.36%
Operating Profit $1.401M $7.726M
YoY Change -113.14% 204.65%
Interest Expense $2.200M -$11.11M
YoY Change -129.89% -185.5%
% of Operating Profit 157.03% -143.75%
Other Income/Expense, Net -$228.0K -$69.00K
YoY Change -220.0% -110.44%
Pretax Income $3.409M -$18.33M
YoY Change -119.12% -213.24%
Income Tax $216.0K $560.0K
% Of Pretax Income 6.34%
Net Earnings $3.193M -$18.89M
YoY Change -117.93% -229.92%
Net Earnings / Revenue 5.16% -21.32%
Basic Earnings Per Share -$0.03 -$0.73
Diluted Earnings Per Share -$0.03 -$0.73
COMMON SHARES
Basic Shares Outstanding 17.90M 17.70M
Diluted Shares Outstanding 29.54M 28.11M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.40M $12.00M
YoY Change -16.17% -44.27%
Cash & Equivalents $15.38M $12.00M
Short-Term Investments
Other Short-Term Assets $7.400M $16.96M
YoY Change -38.9% 3.98%
Inventory $122.1M $88.77M
Prepaid Expenses $6.239M $15.65M
Receivables $10.70M $21.49M
Other Receivables $1.172M $1.308M
Total Short-Term Assets $157.7M $140.6M
YoY Change 19.54% -6.54%
LONG-TERM ASSETS
Property, Plant & Equipment $29.34M $26.62M
YoY Change 38.83% 38.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $644.0K $529.0K
YoY Change -85.91% -92.11%
Total Long-Term Assets $71.61M $67.60M
YoY Change 17.14% 9.26%
TOTAL ASSETS
Total Short-Term Assets $157.7M $140.6M
Total Long-Term Assets $71.61M $67.60M
Total Assets $229.3M $208.2M
YoY Change 18.78% -1.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.61M $41.78M
YoY Change 16.17% -10.67%
Accrued Expenses $8.000M $5.273M
YoY Change -10.0% -44.87%
Deferred Revenue $19.64M $19.64M
YoY Change 5.01%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $22.29M
YoY Change
Total Short-Term Liabilities $85.46M $96.89M
YoY Change 32.93% 12.5%
LONG-TERM LIABILITIES
Long-Term Debt $31.06M $0.00
YoY Change -66.09% -100.0%
Other Long-Term Liabilities $562.0K $563.0K
YoY Change -87.14% -85.69%
Total Long-Term Liabilities $31.62M $563.0K
YoY Change -67.05% -99.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.46M $96.89M
Total Long-Term Liabilities $31.62M $563.0K
Total Liabilities $190.3M $173.9M
YoY Change -10.21% -21.82%
SHAREHOLDERS EQUITY
Retained Earnings -$139.8M -$142.9M
YoY Change 28.09% 56.39%
Common Stock $210.0K $210.0K
YoY Change 4.48% 6.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$44.27M -$48.95M
YoY Change
Total Liabilities & Shareholders Equity $229.3M $208.2M
YoY Change 18.78% -1.94%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $3.193M -$18.89M
YoY Change -117.93% -229.92%
Depreciation, Depletion And Amortization $1.100M $1.033M
YoY Change 4.76% -0.29%
Cash From Operating Activities -$800.0K -$17.87M
YoY Change -92.85% 77.99%
INVESTING ACTIVITIES
Capital Expenditures $4.000M $2.994M
YoY Change -799.3% -262.01%
Acquisitions
YoY Change
Other Investing Activities $0.00 $8.356M
YoY Change
Cash From Investing Activities -$4.000M $5.362M
YoY Change 599.3% -390.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.200M -3.290M
YoY Change -4.66% -56.66%
NET CHANGE
Cash From Operating Activities -800.0K -17.87M
Cash From Investing Activities -4.000M 5.362M
Cash From Financing Activities 8.200M -3.290M
Net Change In Cash 3.400M -15.80M
YoY Change -207.59% -18.89%
FREE CASH FLOW
Cash From Operating Activities -$800.0K -$17.87M
Capital Expenditures $4.000M $2.994M
Free Cash Flow -$4.800M -$20.87M
YoY Change -54.79% 154.68%

Facts In Submission

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FREIGHTCAR AMERICA, INC.
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CY2022Q2 rail Adjustments To Additional Paid In Capital Stock Issued During Period Shares Restricted Stock Award Forfeited
AdjustmentsToAdditionalPaidInCapitalStockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
-7000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
262000
CY2022Q2 rail Equity Fees
EquityFees
1000000
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-10151000
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-32514000
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
36000
CY2023Q2 rail Stock Appreciation Rights Classification Modification
StockAppreciationRightsClassificationModification
1738000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
582000
CY2023Q2 rail Equity Fees
EquityFees
150000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-48954000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-1656000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-11308000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
167000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
13000
rail Adjustments To Additional Paid In Capital Stock Issued During Period Shares Restricted Stock Award Forfeited
AdjustmentsToAdditionalPaidInCapitalStockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
-7000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
666000
rail Equity Fees
EquityFees
2000000
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-10151000
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-28584000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-23926000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
77000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
106000
rail Stock Appreciation Rights Classification Modification
StockAppreciationRightsClassificationModification
1738000
rail Vesting Of Restricted Stock Units
VestingOfRestrictedStockUnits
145000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1074000
rail Equity Fees
EquityFees
685000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-48954000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-23926000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-11308000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2105000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2060000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1307000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
636000
rail Recognition Of Deferred Income From State And Local Incentives
RecognitionOfDeferredIncomeFromStateAndLocalIncentives
0
rail Recognition Of Deferred Income From State And Local Incentives
RecognitionOfDeferredIncomeFromStateAndLocalIncentives
2507000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
6142000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
1984000
us-gaap Share Based Compensation
ShareBasedCompensation
-191000
us-gaap Share Based Compensation
ShareBasedCompensation
1490000
rail Amortization Of Financing Costs And Discounts Including Paid In Kind Interest
AmortizationOfFinancingCostsAndDiscountsIncludingPaidInKindInterest
7593000
rail Amortization Of Financing Costs And Discounts Including Paid In Kind Interest
AmortizationOfFinancingCostsAndDiscountsIncludingPaidInKindInterest
7472000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-14880000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
472000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
11922000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
13917000
rail Increase Decrease In Value Added Tax Receivable
IncreaseDecreaseInValueAddedTaxReceivable
-2963000
rail Increase Decrease In Value Added Tax Receivable
IncreaseDecreaseInValueAddedTaxReceivable
-16940000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
25110000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
16926000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-6050000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3525000
rail Operating Lease Increase Decrease In Lease Liability
OperatingLeaseIncreaseDecreaseInLeaseLiability
-1991000
rail Operating Lease Increase Decrease In Lease Liability
OperatingLeaseIncreaseDecreaseInLeaseLiability
-954000
rail Increase Decrease In Customer Deposit
IncreaseDecreaseInCustomerDeposit
19644000
rail Increase Decrease In Customer Deposit
IncreaseDecreaseInCustomerDeposit
15406000
rail Other Assets And Liabilities
OtherAssetsAndLiabilities
-10548000
rail Other Assets And Liabilities
OtherAssetsAndLiabilities
-6297000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-25576000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2396000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4954000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2808000
rail Proceeds From Sale Of Property Plant And Equipment And Railcars Available For Lease
ProceedsFromSaleOfPropertyPlantAndEquipmentAndRailcarsAvailableForLease
8356000
rail Proceeds From Sale Of Property Plant And Equipment And Railcars Available For Lease
ProceedsFromSaleOfPropertyPlantAndEquipmentAndRailcarsAvailableForLease
0
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
3402000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2808000
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
13339000
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0
rail Proceeds From Long Term Lines Of Credit Less Long Term Debt
ProceedsFromLongTermLinesOfCreditLessLongTermDebt
89223000
rail Proceeds From Long Term Lines Of Credit Less Long Term Debt
ProceedsFromLongTermLinesOfCreditLessLongTermDebt
49282000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
105882000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
48770000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
106000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
13000
rail Payments For Cash Settled Stock Appreciation Rights Exercised
PaymentsForCashSettledStockAppreciationRightsExercised
6000
rail Payments For Cash Settled Stock Appreciation Rights Exercised
PaymentsForCashSettledStockAppreciationRightsExercised
4000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
307000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
0
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3739000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
495000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-25913000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4709000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
37912000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26240000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11999000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21531000
us-gaap Interest Paid Net
InterestPaidNet
3319000
us-gaap Interest Paid Net
InterestPaidNet
3990000
us-gaap Income Taxes Paid
IncomeTaxesPaid
1516000
us-gaap Income Taxes Paid
IncomeTaxesPaid
839000
rail Change In Unpaid Construction In Process Non Cash Charges
ChangeInUnpaidConstructionInProcessNonCashCharges
332000
rail Change In Unpaid Construction In Process Non Cash Charges
ChangeInUnpaidConstructionInProcessNonCashCharges
-8000
us-gaap Notes Issued1
NotesIssued1
3161000
us-gaap Notes Issued1
NotesIssued1
722000
rail Issuance Of Preferred Shares In Exchange Of Term Loan
IssuanceOfPreferredSharesInExchangeOfTermLoan
72607000
rail Issuance Of Preferred Shares In Exchange Of Term Loan
IssuanceOfPreferredSharesInExchangeOfTermLoan
0
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
3010000
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
8560000
rail Issuance Of Equity Fee
IssuanceOfEquityFee
685000
rail Issuance Of Equity Fee
IssuanceOfEquityFee
2000000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
219000
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
14850000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Note 1 – Description of the Business</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">FreightCar America, Inc. (“FreightCar” or the “Company”), operating primarily in North America through its direct and indirect subsidiaries, is a leading designer, producer and supplier of railroad freight cars including coal cars, bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and boxcars, as well as railcar parts and components. The Company also specializes in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. The Company is headquartered in Chicago, Illinois, with facilities in Johnstown, Pennsylvania; Shanghai, People’s Republic of China; and Castaños, Coahuila, Mexico (the “Castaños Facility”).</span></p>
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
88222000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
55957000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
168618000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
148376000
CY2023Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
374000
CY2022Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
829000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
977000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
1646000
CY2023Q2 us-gaap Revenues
Revenues
88596000
CY2022Q2 us-gaap Revenues
Revenues
56786000
us-gaap Revenues
Revenues
169595000
us-gaap Revenues
Revenues
150022000
CY2023Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
22048000
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4193000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4078000
CY2023Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
75371000
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
46421000
CY2023Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
4209000
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
4527000
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
4517000
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
8783000
CY2023Q2 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
4672000
CY2022Q4 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
4586000
CY2023Q2 us-gaap Inventory Net
InventoryNet
88769000
CY2022Q4 us-gaap Inventory Net
InventoryNet
64317000
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1995000
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1672000
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
22293000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
99487000
CY2023Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
0
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
5262000
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
0
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1989000
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
22293000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
92236000
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
22293000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
40742000
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
51494000
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
rail Amendment To Reimbursement Agreement
AmendmentToReimbursementAgreement
280000
CY2020Q4 rail Class Of Warrant Or Right Percentage Of Oustanding Common Shares
ClassOfWarrantOrRightPercentageOfOustandingCommonShares
0.23
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P10Y
CY2023Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
8711224
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
6799139
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
31028000
us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
3544000
rail Change In Fair Value
ChangeInFairValue
6142000
CY2023Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
40714000
CY2021Q4 rail Rent Under Forbearance Agreement
RentUnderForbearanceAgreement
715000
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
-100000
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
-2754000
us-gaap Share Based Compensation
ShareBasedCompensation
-191000
us-gaap Share Based Compensation
ShareBasedCompensation
1490000
rail Stock Appreciation Rights Classification Modification
StockAppreciationRightsClassificationModification
1738000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
2.74
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0365
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6981
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
rail Description Of Contract
DescriptionOfContract
The contracts have terms between one and 12 months and require the Company to exchange currencies at agreed-upon rates at each settlement date
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
0
CY2023Q2 us-gaap Profit Loss
ProfitLoss
-18889000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
14539000
us-gaap Profit Loss
ProfitLoss
-23926000
us-gaap Profit Loss
ProfitLoss
-11308000
CY2023Q2 us-gaap Accretion Expense
AccretionExpense
57000
CY2022Q2 us-gaap Accretion Expense
AccretionExpense
0
us-gaap Accretion Expense
AccretionExpense
57000
us-gaap Accretion Expense
AccretionExpense
0
CY2023Q2 us-gaap Dividends Preferred Stock Stock
DividendsPreferredStockStock
1612000
CY2022Q2 us-gaap Dividends Preferred Stock Stock
DividendsPreferredStockStock
0
us-gaap Dividends Preferred Stock Stock
DividendsPreferredStockStock
1612000
us-gaap Dividends Preferred Stock Stock
DividendsPreferredStockStock
0
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-20558000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
14539000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-25595000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11308000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-20558000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
14539000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-25595000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-11308000
CY2023Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
16974593
CY2022Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
15919436
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
16883946
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
15799456
CY2023Q2 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
11139232
CY2022Q2 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
8580348
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
10668351
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
8194871
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28113825
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24499784
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27552297
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23994327
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28113825
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24499784
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27552297
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23994327
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5893935
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1759997
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5865863
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1727421
CY2023Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1308000
CY2023Q2 rail Related Party Accounts Payable
RelatedPartyAccountsPayable
1213000
CY2022Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
3261000
CY2022Q4 rail Related Party Accounts Payable
RelatedPartyAccountsPayable
3393000
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.031
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.102
rail Effective Tax Rate Description
EffectiveTaxRateDescription
The effective tax rate for the second quarter of 2022 was lower than the 21% U.S. statutory tax rate primarily due to earnings from international jurisdictions and permanent differences and discrete events, predominantly Mexico, taxed at higher tax rates and a full valuation allowance in the U.S.
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.029
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.202
rail Effective Tax Rate Description
EffectiveTaxRateDescription
The effective tax rate for the second quarter of 2022 was lower than the 21% U.S. statutory tax rate primarily due to earnings from international jurisdictions and permanent differences and discrete events, predominantly Mexico, taxed at higher tax rates and a full valuation allowance in the U.S.

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