Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 3 – Revenue Recognition

The following table disaggregates the Company’s revenues by major source:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023			2024		2023
Railcar sales	$	141,077	$	85,349		$	296,674	$	162,345
Parts sales		4,888		2,873			10,218		6,273
Revenues from contracts with customers		145,965		88,222			306,892		168,618
Leasing revenues		1,451		374			1,582		977
Total revenues	$	147,416	$	88,596		$	308,474	$	169,595

Contract Balances and Accounts Receivable

Contract assets represent the Company’s rights to consideration for performance obligations that have been satisfied but for which the terms of the contract do not permit billing at the reporting date. The Company had no contract assets as of June 30, 2024 and December 31, 2023. The Company may receive cash payments from customers in advance of the Company satisfying performance obligations under its sales contracts resulting in deferred revenue or customer deposits, which are considered contract liabilities. Deferred revenue and customer deposits are classified as either current or long-term liabilities in the condensed consolidated balance sheet based on the timing of when the Company expects to recognize the related revenue. Customer deposits and deferred revenue, included in customer deposits and other current liabilities, respectively, in the Company’s condensed consolidated balance sheet, were $8,709 as of June 30, 2024 and $5,686 as of December 31, 2023 which was recognized as revenue during the first quarter of 2024. The Company has not experienced significant historical credit losses.

Performance Obligations

The Company is electing not to disclose the value of the remaining unsatisfied performance obligations with a duration of one year or less as permitted by ASU 2014-09, Revenue from Contracts with Customers. The Company had remaining unsatisfied performance obligations as of June 30, 2024 with expected duration of greater than one year of $119,744.