Form 8-K

8-K — FreightCar America, Inc.

Accession: 0001193125-26-330605

Filed: 2026-08-03

Period: 2026-08-03

CIK: 0001320854

SIC: 3743 (RAILROAD EQUIPMENT)

Item: Results of Operations and Financial Condition

Documents

8-K — rail-20260803.htm (Primary)

EX-99.1 (rail-ex99_1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: rail-20260803.htm · Sequence: 1

8-K

0001320854falsetrue00013208542026-08-032026-08-030001320854us-gaap:CommonStockMember2026-08-032026-08-030001320854us-gaap:PreferredStockMember2026-08-032026-08-03

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2026

_______________________________

FREIGHTCAR AMERICA, INC.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware

000-51237

25-1837219

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(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)

N/A

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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

Preferred Stock Purchase Rights

N/A

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by 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. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 3, 2026, FreightCar America, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter of 2026. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1

Earnings release dated August 3, 2026, issued by FreightCar America, Inc.

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FREIGHTCAR AMERICA, INC.

Date: August 3, 2026

By:

/s/ Michael A. Riordan

Michael A. Riordan

Vice President, Finance, Chief Financial Officer and Treasurer

EX-99.1

Filename: rail-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Press Release

FreightCar America, Inc. Reports Second Quarter 2026 Results

Exceptional Order Intake and Increasing Market Share Drive Sequential Backlog Growth of 121%

Aftermarket revenue growth of 13% Year over Year; Second Aftermarket acquisition completed following Quarter-End

Operating cash flow of $12.1 million, and Free Cash Flow of $11.3 million, up 43% year over year

CHICAGO, August 3, 2026 – FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer and supplier of railroad freight cars, railcar parts and components, today reported results for the second quarter ended June 30, 2026.

Second Quarter 2026 Highlights

•

Revenues of $113.1 million, compared to $118.6 million in the second quarter of 2025, with railcar deliveries of 927 units compared to 939 units in the prior year period

•

Aftermarket revenues grew 13% year over year, reflecting continued organic growth in parts and components and the contribution from our recent acquisition

•

Gross margin of 5.5% with gross profit of $6.2 million, inclusive of $2.2 million of workforce realignment costs, compared to gross margin of 15.0% with gross profit of $17.8 million in the second quarter of 2025

•

Recorded a $24.9 million non-cash loss related to share price appreciation accounting on the warrant liability, resulting in a net loss of $30.1 million, or $(0.94) per diluted share, and adjusted net loss of $0.8 million, or $(0.02) per diluted share, compared to adjusted net income of $3.8 million, or $0.11 per diluted share, in the prior year period.

•

Holder exercised outstanding warrants during the quarter, reducing the warrant liability to $14.0 million at June 30, 2026 from $119.4 million at March 31, 2026 and resulting in positive stockholders’ equity of $36.2 million.

•

Adjusted EBITDA of $1.2 million, representing a margin of 1.0%, compared to $9.3 million and a margin of 7.8% in the second quarter of 2025

•

Ended the quarter with a backlog of 3,972 units valued at $344 million, reflecting a diversified mix of new railcar builds, conversions and retrofits

“Our second-quarter results reflect two different realities,” said Nick Randall, President and Chief Executive Officer of FreightCar America. “Commercially, we delivered one of the strongest order quarters in our recent history, with backlog value increasing 121% sequentially and our share of industry new-railcar orders reaching approximately 45%. Operationally, the production ramp began later than planned due to customer delivery timing, reducing fixed-cost absorption and shifting a portion of expected 2026 deliveries into early 2027.”

Randall continued, “We realigned our Castaños operating footprint to the productivity improvements achieved over the past two years, while preserving the installed capacity and critical capabilities required to scale. As a result, we expect to generate approximately $12 million of annualized structural savings, with benefits beginning in the third quarter. Combined with 13% growth in aftermarket revenue and the addition of our second acquisition following quarter-end, we enter the second half with a substantially larger backlog, a lower cost base and a broader presence across the railcar lifecycle.”

Fiscal Year 2026 Outlook

The Company has updated its outlook for fiscal year 2026 as follows:

Updated Fiscal 2026 Outlook

Year-over-Year Change at Midpoint of Range

Railcar Deliveries

3,500 – 3,900 railcars

(10.3)%

Revenue

$410 - $460 million

(13.2)%

Adjusted EBITDA1

$36 - $44 million

(2.9)%

1. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA guidance due to the inherent difficulty in forecasting and quantifying adjustments necessary to calculate such non-GAAP measure without unreasonable effort. Material changes to such adjustments, including warrant liability and non-core operating items, could affect future GAAP results.

Mike Riordan, Chief Financial Officer of FreightCar America, added, “Free cash flow rose 43% year over year to $11.3 million, while maintaining solid balance sheet flexibility. We also closed our second aftermarket acquisition in under a year, an immediately accretive addition to our business as we continue to execute on our capital allocation priorities. While our updated full-year outlook reflects the shift in new railcar delivery timing, our lower cost structure and robust order intake support stronger results in the back half. Our long-term growth trajectory and value we are building for the years ahead remain firmly on track.”

Second Quarter 2026 Conference Call & Webcast Information

The Company will host a conference call and live webcast on Tuesday, August 4, 2026, at 11:00 a.m. (Eastern Time) to discuss its second quarter 2026 financial results. FreightCar America invites shareholders and other interested parties to listen to its financial results conference call. Teleconference details are as follows:

•

August 4, 2026

•

11:00 a.m. Eastern Time

•

Phone: 1-877-407-0789 or 1-201-689-8562

•

Webcast access: FreightCar America Second Quarter 2026 Earnings Conference Call - 1769392

An audio replay of the conference call will be available beginning at 3:00 p.m. (Eastern Time) on Tuesday, August 4, 2026, until 11:59 p.m. (Eastern Time) on Tuesday, August 18, 2026. To access the replay, please dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13761654. An archived version of the webcast will also be available on the FreightCar America Investor Relations website.

About FreightCar America

FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.

Forward-Looking Statements

This press release contains statements relating to our expected financial performance, financial condition, and/or future business prospects, events and/or plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These risks and uncertainties relate to, among other things, the cyclical nature of our business; adverse geopolitical, economic and market conditions, including inflation; material disruption in the movement of rail traffic for deliveries; fluctuating costs of raw materials, including steel and aluminum; delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion; delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings; potential unexpected changes in laws, rules, and regulatory requirements, including tariffs and trade barriers (including recent United States tariffs imposed or threatened to be imposed on China, Canada, Mexico and other countries and any retaliatory actions taken by such countries); and other competitive factors. The factors listed above are not exhaustive. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release includes measures not derived in accordance with generally accepted accounting principles (“GAAP”), such as EBITDA, Adjusted EBITDA, Adjusted net income (loss), Adjusted EPS, and Free cash flow. These non-GAAP measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the applicable most closely comparable GAAP measures, and reasons for the Company’s use of these measures, are presented in the attached pages.

Investor Contact:

chris@jbgcapadvisory.com

# # #

FreightCar America, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except for share data)

(Unaudited)

June 30,

2026

December 31,

2025

Assets

Current assets

Cash, cash equivalents and restricted cash equivalents

62,978

64,295

Accounts receivable, net

13,215

12,443

VAT receivable

6,665

6,097

Inventories, net

57,831

68,295

Prepaid expenses and other current assets

10,226

8,875

Total current assets

150,915

160,005

Property, plant and equipment, net

28,384

30,969

Right of use asset lease

39,381

40,281

Intangibles, net

4,491

4,877

Deferred income taxes

52,053

52,970

Other long-term assets

872

947

Total assets

276,096

290,049

Liabilities and Stockholders’ Equity (Deficit)

Current liabilities

Accounts and contractual payables

63,177

55,671

Accrued payroll and other employee costs

5,803

9,110

Accrued warranty

1,989

2,050

Deferred revenue

3,046

539

Current portion of long-term debt

2,875

9,728

Lease liability, current

1,990

1,888

Other current liabilities

4,390

6,611

Total current liabilities

83,270

85,597

Long-term debt, net of current portion

97,850

97,514

Warrant liability

13,977

168,529

Accrued pension costs

1,292

1,256

Lease liability, long-term

42,205

43,233

Other long-term liabilities

1,301

1,333

Total liabilities

239,895

397,462

Stockholders’ equity (deficit)

Common stock

358

221

Additional paid-in capital

204,519

72,557

Accumulated other comprehensive income

2,293

2,324

Accumulated deficit

(170,969

)

(182,515

)

Total stockholders’ equity (deficit)

36,201

(107,413

)

Total liabilities and stockholders’ equity (deficit)

276,096

290,049

FreightCar America, Inc.

Condensed Consolidated Statements of Operations

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

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Revenues

113,138

118,623

177,446

214,913

Cost of sales

106,967

100,802

160,465

182,698

Gross profit

6,171

17,821

16,981

32,215

Selling, general and administrative expenses

10,467

10,114

21,871

20,637

Operating (loss) income

(4,296

)

7,707

(4,890

)

11,578

Interest expense

(3,045

)

(4,382

)

(6,421

)

(8,718

)

(Loss) gain in fair market value of warrant liability

(24,889

)

(47,630

)

24,215

5,258

Other (expense) income

(218

)

3,296

(24

)

3,157

(Loss) income before income taxes

(32,448

)

(41,009

)

12,880

11,275

Income tax (benefit) provision

(2,345

)

(52,688

)

1,334

(50,852

)

Net (loss) income

(30,103

)

11,679

11,546

62,127

Net (loss) earnings per common share - basic

(0.94

)

0.36

0.35

1.89

Net (loss) earnings per common share - diluted

(0.94

)

0.34

0.32

1.79

Weighted average common shares outstanding – basic

31,939,312

31,793,746

31,933,492

31,727,903

Weighted average common shares outstanding – diluted

31,939,312

33,398,330

35,549,254

33,603,627

FreightCar America, Inc.

Condensed Consolidated Segment Information

(In thousands)

(Unaudited)

Three Months Ended

June 30, 2026

June 30, 2025

Manufacturing

Aftermarket

Total

Manufacturing

Aftermarket

Total

Revenues

104,282

8,856

113,138

110,757

7,866

118,623

Cost of sales

101,000

5,967

95,831

4,971

Segment gross profit

3,282

2,889

6,171

14,926

2,895

17,821

Other segment items (1)

599

946

402

510

Segment income

2,683

1,943

4,626

14,524

2,385

16,909

(1) Other segment items in Manufacturing and Aftermarket segments include selling, general and administrative expenses.

Six Months Ended

June 30, 2026

June 30, 2025

Manufacturing

Aftermarket

Total

Manufacturing

Aftermarket

Total

Revenues

157,238

20,208

177,446

200,932

13,981

214,913

Cost of sales

146,637

13,828

173,896

8,802

Segment gross profit

10,601

6,380

16,981

27,036

5,179

32,215

Other segment items (1)

963

1,895

759

1,076

Segment income

9,638

4,485

14,123

26,277

4,103

30,380

(1) Other segment items in Manufacturing and Aftermarket segments include selling, general and administrative expenses.

FreightCar America, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Six Months Ended June 30,

2026

2025

Cash flows from operating activities

Net income

11,546

62,127

Adjustments to reconcile net income to net cash flows provided by operating activities:

Depreciation and amortization

3,709

3,046

Non-cash lease expense on right of use assets

900

1,572

(Gain) on change in fair market value for Warrant liability

(24,215

)

(5,258

)

Stock-based compensation recognized

2,072

2,701

Deferred income taxes

917

(52,647

)

Other non-cash items, net

865

5,690

Changes in operating assets and liabilities:

Accounts receivable

(773

)

(3,698

)

VAT receivable

(550

)

(2,397

)

Inventories

10,333

(32,807

)

Accounts and contractual payables

8,326

41,164

Income taxes payable, net

(1,286

)

(665

)

Customer deposits

—

17,611

Other assets and liabilities

(4,078

)

(15,117

)

Net cash flows provided by operating activities

7,766

21,322

Cash flows from investing activities

Acquisitions

(434

)

—

Purchase of property, plant and equipment

(883

)

(938

)

Proceeds from sale of assets held for sale, net of selling costs

—

585

Net cash flows used in investing activities

(1,317

)

(353

)

Cash flows from financing activities

Deferred financing costs

—

(1,336

)

Borrowings on revolving line of credit

8,000

—

Repayments on revolving line of credit

(8,000

)

—

Repayments on term loan

(7,330

)

(1,438

)

Employee stock settlement

(436

)

(487

)

Financing lease payments

—

(805

)

Net cash flows used in financing activities

(7,766

)

(4,066

)

Net (decrease) increase in cash and cash equivalents

(1,317

)

16,903

Cash, cash equivalents and restricted cash equivalents at beginning of period

64,295

44,450

Cash, cash equivalents and restricted cash equivalents at end of period

62,978

61,353

Supplemental cash flow information

Interest paid

5,729

4,047

Income taxes paid

1,381

3,018

Change in unpaid construction in process

(120

)

295

Exercise of warrants

130,337

—

FreightCar America, Inc.

Reconciliation of (Loss) income before taxes to EBITDA(1) and Adjusted EBITDA(2)

(In thousands)

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(Loss) income before income taxes

(32,448

)

(41,009

)

12,880

11,275

Depreciation & Amortization

1,845

1,550

3,709

3,046

Interest Expense, net

3,045

4,382

6,421

8,718

EBITDA

(27,558

)

(35,077

)

23,010

23,039

Change in Fair Value of Warrant (a)

24,889

47,630

(24,215

)

(5,258

)

Productivity Initiatives (b)

2,202

Professional Services (c)

872

Acquisition & Integration Costs (d)

361

Lease payments in Interest (e)

(768

)

(1,639

)

Stock Based Compensation

991

761

2,073

2,701

Other, net

217

(3,296

)

(3,157

)

Adjusted EBITDA

1,165

9,250

4,327

15,686

(1) EBITDA represents earnings before interest, taxes, depreciation and amortization. We believe EBITDA is useful to investors in evaluating our operating performance compared to that of other companies in our industry. In addition, our management uses EBITDA to evaluate our operating performance. The calculation of EBITDA eliminates the effects of financing, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall performance of the company’s business. EBITDA is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider EBITDA in isolation or as a substitute for net income or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of EBITDA is not necessarily comparable to that of other similar titled measures reported by other companies.

(2) Adjusted EBITDA represents EBITDA before the following charges:

(a)

This adjustment removes the non-cash (income) expense associated with the change in fair market value of the Company’s warrant liability.

(b)

During the second quarter of 2026, the Company incurred workforce realignment costs as a result of sustained productivity gains in its Manufacturing segment.

(c)

During 2026, the Company incurred certain professional services expenses associated with governance items.

(d)

During 2026, the Company incurred costs related to the acquisition and integration of businesses in its Aftermarket segment.

(e)

Represents lease payments recorded within Interest expense due to certain leases previously classified as financing prior to December 2025.

We believe that Adjusted EBITDA is useful to investors evaluating our operating performance compared to that of other companies in our industry because it eliminates the impact of certain non-cash charges and other special items that affect the comparability of results in past quarters. Adjusted EBITDA is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider Adjusted EBITDA in isolation or as a substitute for net income or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of Adjusted EBITDA is not necessarily comparable to that of other similarly titled measures reported by other companies.

FreightCar America, Inc.

Reconciliation of Net (Loss) income and Adjusted net income (loss)(1)

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net (loss) income

(30,103

)

11,679

11,546

62,127

Change in Fair Value of Warrant (a)

24,889

47,630

(24,215

)

(5,258

)

Productivity Initiatives (b)

2,202

Professional Services (c)

872

Acquisition & Integration Costs (d)

361

Stock Based Compensation

991

761

2,073

2,701

Release of Valuation Allowance (e)

(51,872

)

(51,872

)

Other, net

217

(3,296

)

(3,157

)

Total non-GAAP adjustments

28,723

(6,777

)

(18,683

)

(57,586

)

Income tax impact on non-GAAP adjustments (f)

559

(1,060

)

5,839

905

Adjusted net (loss) income

(821

)

3,842

(1,298

)

5,446

(1) Adjusted net (loss) income represents net (loss) income before the following charges:

(a)

This adjustment removes the non-cash (income) expense associated with the change in fair market value of the Company’s warrant liability.

(b)

During the second quarter of 2026, the Company incurred workforce realignment costs as a result of sustained productivity gains in its Manufacturing segment.

(c)

During 2026, the Company incurred certain professional services expenses associated with governance items.

(d)

During 2026, the Company incurred costs related to the acquisition and integration of businesses in its Aftermarket segment.

(e)

During the second quarter of 2025, the Company released the majority of the valuation allowance in the United States on federal and state deferred tax assets.

(f)

Income tax impact on non-GAAP adjustments represents the tax impact of the presented adjustments on the Company’s income tax provision calculation.

We believe that Adjusted net income is useful to investors evaluating our operating performance compared to that of other companies in our industry because it eliminates the impact of certain non-cash charges and other special items that affect the comparability of results in past quarters. Adjusted net income is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider Adjusted net income in isolation or as a substitute for net income or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of Adjusted net income is not necessarily comparable to that of other similarly titled measures reported by other companies.

FreightCar America, Inc.

Reconciliation of Diluted EPS and Adjusted EPS(1)

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Diluted EPS

(0.94

)

0.34

0.32

1.79

Change in Fair Value of Warrant (a)

0.78

1.43

(0.68

)

(0.16

)

Productivity Initiatives (b)

0.07

0.06

Professional Services (c)

0.02

Acquisition & Integration Costs (d)

0.01

Stock Based Compensation

0.03

0.02

0.06

0.08

Release of Valuation Allowance (e)

(1.55

)

(1.54

)

Other, net

0.01

(0.10

)

(0.09

)

Total non-GAAP adjustments pre-tax per-share

0.90

(0.20

)

(0.53

)

(1.71

)

Income tax impact on non-GAAP adjustments per share (f)

0.02

(0.03

)

0.16

0.03

Adjusted EPS

(0.02

)

0.11

(0.05

)

0.11

(1) Adjusted EPS represents diluted EPS before the following charges:

(a)

This adjustment removes the non-cash (income) expense associated with the change in fair market value of the Company’s warrant liability.

(b)

During the second quarter of 2026, the Company incurred workforce realignment costs as a result of sustained productivity gains in its Manufacturing segment.

(c)

During 2026, the Company incurred certain professional services expenses associated with governance items.

(d)

During 2026, the Company incurred costs related to the acquisition and integration of businesses in its Aftermarket segment.

(e)

During the second quarter of 2025, the Company released the majority of the valuation allowance in the United States on federal and state deferred tax assets.

(f)

Income tax impact on non-GAAP adjustments per share represents the tax impact of the presented adjustments on the Company’s income tax provision calculation.

We believe that Adjusted EPS is useful to investors evaluating our operating performance compared to that of other companies in our industry because it eliminates the impact of certain non-cash charges and other special items that affect the comparability of results in past quarters. Adjusted EPS is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider Adjusted EPS in isolation or as a substitute for net income or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of Adjusted EPS is not necessarily comparable to that of other similarly titled measures reported by other companies.

FreightCar America, Inc.

Reconciliation of Cash flows provided by operating activities and Free cash flow(1)

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Cash flows provided by operating activities

$ 12,084

$ 8,528

$ 7,766

$ 21,322

Purchase of property, plant and equipment

(736)

(608)

(883)

(938)

Free cash flow

11,348

7,920

6,883

20,384

(1) Free cash flow represents the amount of Cash flows provided by operating activities less capital expenditures.

We believe that Free cash flow is useful to investors evaluating our operating performance compared to that of other companies in our industry because these metrics provide key insights into the potential for growth and ability to generate returns for investors. Free cash flow is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider Free cash flow in isolation or as a substitute for Cash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of Free cash flow is not necessarily comparable to that of other similarly titled measures reported by other companies.

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