FreightCar America, Inc. reported significant financial developments in its 10-Q filing for the third quarter of 2024, highlighting a substantial increase in revenues but also a notable net loss. For the three months ended September 30, 2024, the company generated revenues of $113.3 million, a 83% increase from $61.9 million in the same period of 2023. For the nine months ended September 30, 2024, revenues reached $421.7 million, compared to $231.5 million in the prior year, reflecting a 82% year-over-year growth.

The manufacturing segment, which includes new railcar manufacturing and repair services, was a key driver of this revenue growth, with segment revenues increasing to $109.1 million for the third quarter of 2024, up from $58.6 million in the same quarter of 2023. Railcar deliveries also rose significantly, with 961 units delivered in the third quarter of 2024 compared to 503 units in the same period of the previous year.

Despite the revenue growth, the company reported a net loss of $107.0 million for the third quarter of 2024, a stark contrast to a net income of $3.2 million in the same quarter of 2023. The net loss for the nine months ended September 30, 2024, was $110.4 million, compared to a loss of $20.7 million for the same period in 2023. The losses were primarily attributed to a $110.0 million loss on the change in fair market value of warrant liabilities, compared to a gain of $4.3 million in the prior year.

Gross profit for the third quarter of 2024 was $16.2 million, up from $9.2 million in the same quarter of 2023. Operating income also improved to $8.7 million from $1.4 million year-over-year. However, selling, general, and administrative expenses remained stable at $7.5 million.

On the balance sheet, total current assets decreased to $168.1 million as of September 30, 2024, from $180.4 million at the end of 2023. Total liabilities increased significantly to $318.4 million from $222.2 million, with a total stockholders’ deficit of $156.3 million, up from $46.2 million at the end of 2023.

The company’s cash position improved, with cash, cash equivalents, and restricted cash totaling $44.8 million as of September 30, 2024, compared to $40.6 million at the end of 2023. The company also reported net cash provided by operating activities of $39.0 million for the nine months ended September 30, 2024, a significant turnaround from net cash used in operating activities of $(26.4) million in the same period of 2023.

FreightCar America continues to navigate a challenging market environment while focusing on enhancing its operational capabilities and financial stability.