Business Segments (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Segment Reporting Information, by Segment

The operating results of the Company’s reportable segments were as follows for the periods presented:


	Three Months Ended June 30,
	2025						2024
	Rail, Technologies, and Services		Infrastructure Solutions		Total		Rail, Technologies, and Services		Infrastructure Solutions		Total
Net sales	$	75,973	$	67,585	$	143,558	$	85,594	$	55,202	$	140,796
Less:
Cost of sales	(60,841)		(51,817)		(112,658)		(67,719)		(42,564)		(110,283)
Selling and administrative employment costs	(7,237)		(5,902)		(13,139)		(8,126)		(6,026)		(14,152)
Purchased services (1)	(1,660)		(1,273)		(2,933)		(1,810)		(1,522)		(3,332)
General administrative costs (2)	(1,949)		(1,526)		(3,475)		(1,645)		(1,137)		(2,782)
Amortization expense	(539)		(301)		(840)		(793)		(330)		(1,123)
Segment operating income	$	3,747	$	6,766	$	10,513	$	5,501	$	3,623	$	9,124

Reconciliation of segment operating income
Total segment operating income					$	10,513					$	9,124
Interest expense - net					(1,490)						(1,493)
Other income - net					95						84
Public company costs					(1,317)						(1,621)
Corporate executive management costs					(728)						(1,885)
Corporate management stock-based compensation					(761)						(880)
Other corporate expenses - net					(29)						(166)
Income before income taxes					$	6,283					$	3,163

(1) Purchased services costs generally include contractor services, insurance expenditures, rental expense, and legal services.

(2)General administrative costs generally include office supplies, utilities, advertising, bad debt expense, depreciation and restructuring expenditures.


	Six Months Ended June 30,
	2025						2024
	Rail, Technologies, and Services		Infrastructure Solutions		Total		Rail, Technologies, and Services		Infrastructure Solutions		Total
Net sales	$	129,988	$	111,362	$	241,350	$	168,217	$	96,899	$	265,116
Less:
Cost of sales	(102,827)		(87,472)		(190,299)		(131,771)		(76,656)		(208,427)
Selling and administrative employment costs	(14,636)		(11,466)		(26,102)		(15,608)		(11,844)		(27,452)
Purchased services (1)	(3,333)		(2,631)		(5,964)		(3,749)		(3,100)		(6,849)
General administrative costs (2)	(3,942)		(2,868)		(6,810)		(3,146)		(2,388)		(5,534)
Amortization expense	(1,359)		(603)		(1,962)		(1,664)		(676)		(2,340)
Segment operating income	$	3,891	$	6,322	$	10,213	$	12,279	$	2,235	$	14,514

Reconciliation of segment operating income
Total segment operating income					$	10,213					$	14,514
Gain on sale of former joint venture facility					—						3,477
Interest expense - net					(2,633)						(2,618)
Other income - net					413						337
Public company costs					(2,471)						(2,840)
Corporate executive management costs					(948)						(3,292)
Corporate management stock-based compensation					(1,039)						(1,479)
Other corporate expenses - net					—						(242)
Income before income taxes					$	3,535					$	7,857

(1) Purchased services costs generally include contractor services, insurance expenditures, rental expense, and legal services.

(2) General administrative costs generally include office supplies, utilities, advertising, bad debt expense, depreciation and restructuring expenditures.

Reconciliations of reportable depreciation and amortization and expenditures for long-lived assets to the Company’s consolidated totals are as follows for the periods presented:


	Three Months Ended June 30,
	2025				2024
	Depreciation/Amortization		Expenditures for Long-Lived Assets		Depreciation/Amortization		Expenditures for Long-Lived Assets
Rail, Technologies, and Services	$	913	$	628	$	1,154	$	82
Infrastructure Solutions	1,679		1,457		1,864		1,398
Reportable segments total	$	2,592	$	2,085	$	3,018	$	1,480
Corporate	515		588		467		574
Total	$	3,107	$	2,673	$	3,485	$	2,054


	Six Months Ended June 30,
	2025				2024
	Depreciation/Amortization		Expenditures for Long-Lived Assets		Depreciation/Amortization		Expenditures for Long-Lived Assets
Rail, Technologies, and Services	$	2,081	$	1,055	$	2,375	$	618
Infrastructure Solutions	3,443		3,495		3,776		3,431
Reportable segments total	$	5,524	$	4,550	$	6,151	$	4,049
Corporate	1,010		698		925		717
Total	$	6,534	$	5,248	$	7,076	$	4,766

The following table summarizes the Company's total assets by reportable segment for the following periods:


	June 30, 2025		December 31, 2024
Rail, Technologies, and Services	$	156,055	$	158,859
Infrastructure Solutions	134,564		123,755

Reportable segments total	290,619		282,614
Corporate	59,306		51,936
Total	$	349,925	$	334,550

Schedule of Restructuring Reserve

The following table summarizes the restructuring liability balance and utilization for restructuring actions, which are primarily related to severance costs through June 30, 2025:


	Restructuring Liability
Balance as of December 31, 2024	$	687
Personnel and other exit costs associated with AMH Exit	696
Payments	(932)

Balance as of June 30, 2025	$	451