Recent Updates — RAIL
FreightCar America removed 1,285 railcars related to a tank car retrofit order from its backlog because the customer is unlikely to meet contractual obligations. The updated fiscal year 2026 outlook lowers revenue guidance to $370-$410 million and adjusted EBITDA to $15-$19 million. Backlog as of September 30, 2026 stands at 2,660 units valued at $284.5 million. The company reported preliminary third quarter revenue of $75-$77 million and adjusted EBITDA between negative $0.3 million and positive $0.3 million. FreightCar America is a diversified manufacturer and supplier of railroad freight cars, railcar parts, components, and repair services.
On October 14, 2026, FreightCar America entered into a Stockholder Agreement with OC III LVS XII LP, OC III LVS XXVIII LP, and OC III LFE II LP, which collectively beneficially own approximately 48.8% of the company's outstanding common stock. As part of this agreement, the company terminated its existing Rights Agreement (poison pill), causing the Preferred Stock Purchase Rights to expire effective immediately. The new agreement includes a provision preventing the adoption of future rights plans with an 'Acquiring Person' threshold below 20%, and requires board approval for transfers of shares that would result in a single entity owning more than 20% of the company, subject to specific exceptions for public offerings or affiliate transfers. FreightCar America manufactures and services freight rail cars.
FreightCar America's Board declared a non-cash dividend of one preferred share purchase right for each outstanding common share, payable and recorded on August 5, 2026. This new Rights Agreement replaces the prior plan expiring on the same date and maintains similar terms to protect stockholder interests by deterring hostile takeovers without board approval. The rights trigger if an acquirer obtains 15% or more of common stock (or 20% for passive investors), allowing other holders to purchase shares at a 50% discount while the acquirer's rights become void. FreightCar America operates in the railroad equipment manufacturing industry, designing and producing freight cars and related components.
FreightCar America reported second quarter 2026 results with revenues of $113.1 million and a net loss of $30.1 million, or $(0.94) per diluted share. The loss included a $24.9 million non-cash charge from warrant liability fair value adjustments. Adjusted net loss was $0.8 million, or $(0.02) per diluted share. Operating cash flow was $12.1 million and free cash flow rose 43% year over year to $11.3 million. Backlog grew 121% sequentially to 3,972 units valued at $344 million. The company updated its fiscal 2026 outlook, projecting railcar deliveries of 3,500–3,900 and revenue of $410–$460 million. FreightCar America is a diversified manufacturer and supplier of railroad freight cars, railcar parts, components, and repair services.
On June 26, 2026, OC III LFE II, LP exercised warrants to purchase 13,619,377 shares of common stock. Following the issuance of these shares on June 30, 2026, the Company's total shares of common stock issued and outstanding were 32,775,760. FreightCar America, Inc. manufactures and sells freight cars and components for the rail industry.
FreightCar America, Inc. appointed Bradley J. Pickard to the Board of Directors as a Class II director, effective June 10, 2026. The appointment increases the Board's size to nine directors. Mr. Pickard is a Managing Director at Republic Partners, LLC and possesses extensive transaction and advisory experience in the rail, trucking, and logistics sectors. FreightCar America, Inc. designs and manufactures rail freight cars.