Here are 1-3 brief analogies for FreightCar America:

• The Ford of freight railcars

• The Boeing of freight railcars

• Coal Hopper Cars: Specialized open-top railcars primarily designed for transporting coal and other bulk commodities.
• Covered Hopper Cars: Railcars with a roof, used for transporting grain, cement, sand, and other bulk dry goods requiring protection from the elements.
• Gondola Cars: Open-top railcars utilized for transporting bulk commodities such as scrap metal, aggregates, and steel products.
• Intermodal Cars: Railcars designed to efficiently carry shipping containers for intermodal transportation.
• Freight Railcar Parts & Services: Provides a range of parts, components, and aftermarket support services for freight railcars.

FreightCar America (symbol: RAIL) sells primarily to other companies (B2B).

According to its most recent 10-K filings (e.g., for the fiscal year ended December 31, 2023), FreightCar America explicitly states that sales to any one customer did not account for more than 10% of its consolidated revenues during the past three fiscal years (2023, 2022, or 2021). Therefore, specific individual "major customers" by name are not publicly disclosed by the company.

However, FreightCar America identifies the following categories of customer companies that it serves:

• Class I Railroads: These are the largest freight railroads in North America. While FreightCar America does not name specific Class I railroads as major customers, examples of public companies in this category include:
  • Union Pacific Corporation (UNP)
  • CSX Corporation (CSX)
  • Norfolk Southern Corporation (NSC)
• Other Railroads: This category encompasses regional railroads, short-line railroads, and industrial railroads.
• Industrial Shippers: These are companies that transport their own goods via rail, often requiring specialized railcars. This is a broad category, and specific major customers are not identified by FreightCar America.
• Railcar Leasing Companies: These companies purchase railcars from manufacturers like FreightCar America and then lease them to various end-users. Examples of public companies in this category include:
  • GATX Corporation (GATX)
  • Trinity Industries, Inc. (TRN)

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Nicholas Randall, Chief Executive Officer

Nicholas Randall was appointed Chief Executive Officer of FreightCar America effective May 1, 2024, having previously served as Chief Operating Officer since June 2023. He has over 30 years of global experience in leading engineering and manufacturing operations within heavy durable industrial and consumer industries. Before joining FreightCar America, Mr. Randall led a division of Precision Castparts Corporation, an aerospace company part of Berkshire Hathaway Inc., from 2017 to 2023. From 2007 to 2017, he held various capacities at Alcoa Corporation and Arconic Corporation. His earlier career included engineering roles at Jaguar Land Rover Automotive. He holds a bachelor's degree in manufacturing engineering from Liverpool John Moores University.

Michael Riordan, Chief Financial Officer

Michael Riordan was promoted to Chief Financial Officer of FreightCar America in March 2022, having initially joined the company in November 2020 as Corporate Controller and Chief Accounting Officer. He brings over 15 years of experience in finance, accounting, and operations. Prior to FreightCar America, Mr. Riordan served as Controller at InnerWorkings from 2017 to 2020. From 2013 to 2017, he held several financial management positions at Zekelman Industries, including its subsidiary Wheatland Tube, LLC. He also gained experience in various roles at PricewaterhouseCoopers earlier in his career. Mr. Riordan is a Certified Public Accountant and holds a Bachelor's Degree in Accounting & Finance from Miami University.

Matthew Tonn, Chief Commercial Officer

Matthew Tonn has served as FreightCar America's Chief Commercial Officer since September 2019. He possesses over 30 years of commercial and operations experience within the railroad industry. Before joining the company, Mr. Tonn was Vice President, Sales and Marketing of Westinghouse Air Brake Technologies Corporation's (WABTEC) Train Control, Signaling and Analytics Group from May 2017 to September 2019, and a regional Vice President, Sales and Marketing for WABTEC from October 2008 to May 2017. His previous experience includes various sales and marketing roles at Standard Car Truck, Co., National Castings/ABC NACO, and as VP Sales & Marketing / Equity Partner of ZefTek, Inc.

Juan Carlos Fuentes Sierra, Corporate Controller and Chief Accounting Officer

Juan Carlos Fuentes Sierra has held the position of Corporate Controller and Chief Accounting Officer at FreightCar America since April 2022. He joined the company in February 2022 as Operations Controller. Prior to his time at FreightCar America, Mr. Fuentes Sierra was the Director of Internal Audit and SOX Compliance at GrafTech International Ltd from 2014 to 2019. He also gained international experience in various roles focusing on Internal Audit, SOX Compliance, and Controllership between 2007 and 2014.

The key risks to FreightCar America's business (RAIL) include:

1. Cyclical Nature of the Railcar Industry and Adverse Market Conditions: FreightCar America operates in a highly cyclical industry, meaning its business is significantly affected by economic downturns and fluctuations in demand for railcars. Downturns can lead to reduced orders, lower deliveries, and ultimately impact revenue and profitability. Although annual growth is anticipated for the industry from 2026 to 2030, the market experienced a year-over-year decline in 2025, demonstrating this cyclical vulnerability.
2. Intense Competition: The company faces substantial competition within the North American railcar market. FreightCar America competes on factors such as price, product performance and quality, technical innovation, delivery timing, and customer service. Key competitors include Trinity Industries, Greenbrier, and National Steel Car. Aggressive competition or more attractive offerings from rivals could lead to a decline in FreightCar America's market share.
3. Reliance on a Small Number of Customers and Balance Sheet Weaknesses: FreightCar America is significantly dependent on a limited number of customers, with a small group accounting for a large percentage of its total sales. For instance, in 2022, three customers alone made up a substantial portion of total revenue, and the top five customers represented approximately 76% of total revenue. This customer concentration exposes the company to considerable risk if any of these major customers reduce their orders or are lost. Furthermore, the company carries a notable amount of debt ($152 million in total debt versus $62 million in total cash as of December 2025) and has reported negative total equity ($91 million negative total equity against $341 million in total assets as of December 2025). These balance sheet vulnerabilities could make it more challenging for FreightCar America to navigate prolonged sales downturns or other adverse business conditions.

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FreightCar America (RAIL) operates in the freight railcar manufacturing and services industry, with its primary products including various types of freight cars and related aftermarket services. The addressable markets for its main products and services are as follows:

• Gondola Rail Cars: The global gondola rail car market size is estimated at $15 billion in 2025, with a projected growth to $22 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 6% from 2025 to 2033. North America is a significant contributor to this market.
• Hopper Rail Cars (Covered and Open-Top): The global hoppers market size was valued at USD 3.8 billion in 2023 and is projected to grow at a CAGR of 5.9% between 2024 and 2032. Specifically, the covered hopper segment alone is expected to exceed USD 4.5 billion by 2032. North America held over 40% of the hoppers market share in 2023 and is anticipated to reach approximately USD 2 billion by 2032. Another estimate places the global railroad hopper car market size at $15 billion in 2023, with North America accounting for roughly 50% of this market.
• Flat Cars: The global flatcar market is estimated at USD 358.7 million in 2025, with a forecast to reach USD 679.8 million by 2035 at a CAGR of 6.6%. Another source estimates the global flatcar market size at approximately $15 billion in 2025, projected to grow to about $22 billion by 2033 with a CAGR of 6%. North America is expected to be a leading region for growth in the flatcar market.
• Freight Railcar Manufacturing (overall, including various types): The market size of the Railcar Manufacturing industry in the United States is valued at $4.4 billion in 2025.
• Aftermarket Parts and Services (Freight Railcar Parts): The global freight railcar parts market size grew from $11.16 billion in 2024 to $11.61 billion in 2025 at a CAGR of 4%. It is expected to reach $14.39 billion by 2029 with a CAGR of 5.5%. Another projection indicates the global freight railcar part market is expected to reach USD 17.7 billion in 2024, with an anticipated increase to USD 28.6 billion by 2035 at a CAGR of 4.47% from 2025 to 2035. North America dominated the global freight railcar parts market, generating about USD 3.52 billion in 2023.
• Railcar Leasing: The North America railcar leasing market size is forecast to increase by USD 8.30 billion at a CAGR of 9.1% between 2024 and 2029.
• Intermodal Freight Transportation: The global intermodal freight transportation market size was valued at USD 42.9 billion in 2023 and is projected to reach USD 93.51 billion by 2030, growing at a CAGR of 12.1% from 2024 to 2030. North America held the largest share of 35.6% in the intermodal freight transportation market in 2023.

Share Repurchases

No significant share repurchase programs or dollar amounts of common share repurchases were explicitly detailed in the provided information for the last 3-5 years.

Share Issuance

• In 2023, FreightCar America received approximately $13.25 million in proceeds from the issuance of preferred shares, net of issuance costs.
• The company reported a $52.9 million non-cash adjustment in Q1 2025 related to a change in warrant liability.
• A $17.6 million non-cash warrant liability charge due to share price appreciation was recorded in Q3 2025, impacting reported net loss.

Inbound Investments

• FreightCar America secured a new $115 million 4-year term loan facility on December 31, 2024, to redeem all outstanding Series C Preferred Stock and settle accrued dividends.

Outbound Investments

No large, specific strategic outbound investments in other companies by FreightCar America were detailed in the provided information for the last 3-5 years.

Capital Expenditures

• Expected capital expenditures for the full year 2025 are in the range of $4 million to $5 million.
• Capital expenditures for the third quarter of 2025 were $1.2 million, with year-to-date 2025 capital expenditures totaling $2.1 million.
• Primary focus of capital expenditures includes preparing for tank car conversions and entrance into new tank car markets, with production for the tank car retrofit program expected to begin in 2026.