FreightCar America is a pure-play railcar manufacturer based in Chicago, with all production at a single facility in Castaños, Mexico. The company designs and manufactures a broad range of freight railcars — including open-top hoppers, covered hoppers, gondolas, flat cars, and box cars — used to transport bulk commodities and containerized freight across North America. FreightCar also rebuilds and converts existing railcars, which has become a meaningful buffer against cycles in new car demand. The company sells directly to customers, primarily leasing companies (~78% of revenue) and shippers (~16%), through a consultative sales team. The customer base is concentrated, with the top five customers representing ~75% of revenue. FreightCar generates revenue upon delivery of railcars against firm purchase orders, and maintains a backlog that typically converts to revenue within two years. A smaller but higher-margin aftermarket parts and services business supplies components and repair services to the in-field fleet, providing a more recurring revenue stream. Profitability is driven by delivery volumes, product mix (specialty and custom cars carry better margins than commodity car types), and operational efficiency. The company is pursuing several growth initiatives: a tank car retrofit program tied to a 2029 federal recertification deadline, which FreightCar views as an entry point into new tank car manufacturing; facility reconfiguration and vertical integration at Castaños; and a fifth production line already built and ready to commission when demand warrants it.