Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The following table summarizes the Company’s sales by major product and service line for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Rail Products	$	44,628	$	47,442	$	121,517	$	156,803
Global Friction Management	21,313		19,548		57,307		51,008
Technology Services and Solutions	11,847		12,508		28,952		39,904
Rail, Technologies, and Services	77,788		79,498		207,776		247,715
Precast Concrete Products	43,272		42,688		117,650		97,730
Steel Products	17,226		15,280		54,210		57,137
Infrastructure Solutions	60,498		57,968		171,860		154,867
Total net sales	$	138,286	$	137,466	$	379,636	$	402,582

The majority of the Company’s revenue is from products transferred and services rendered to customers at a point in time. The Company recognizes revenue at the point in time at which the customer obtains control of the product or service, which is generally when the product title passes to the customer upon shipment or the service has been rendered to the customer. In limited cases, title does not transfer and revenue is not recognized until the customer has received the products at a designated physical location.

Net sales by the timing of the transfer of goods and services was as follows for the periods presented:

	Three Months Ended September 30, 2025
	Rail, Technologies, and Services		Infrastructure Solutions		Total
Point in time	$	65,152	$	39,621	$	104,773
Over time	12,636		20,877		33,513
Total net sales	$	77,788	$	60,498	$	138,286
	Three Months Ended September 30, 2024
	Rail, Technologies, and Services		Infrastructure Solutions		Total
Point in time	$	62,717	$	33,462	$	96,179
Over time	16,781		24,506		41,287
Total net sales	$	79,498	$	57,968	$	137,466

	Nine Months Ended September 30, 2025
	Rail, Technologies, and Services		Infrastructure Solutions		Total
Point in time	$	176,250	$	109,433	$	285,683
Over time	31,526		62,427		93,953
Total net sales	$	207,776	$	171,860	$	379,636

	Nine Months Ended September 30, 2024
	Rail, Technologies, and Services		Infrastructure Solutions		Total
Point in time	$	198,179	$	98,246	$	296,425
Over time	49,536		56,621		106,157
Total net sales	$	247,715	$	154,867	$	402,582

The Company’s performance obligations under long-term agreements with its customers are generally satisfied over time. Over time revenue is primarily comprised of transit infrastructure and technology services and solutions projects within the Rail segment, precast concrete buildings within the Precast Concrete Products division in the Infrastructure segment, and long-term bridge projects within the Steel Products division in the Infrastructure segment. Revenue under these long-term agreements is generally recognized over time, either using an input measure based upon the proportion of actual costs incurred to estimated total project costs or an input measure based upon actual labor costs as a percentage of estimated total labor costs, depending upon which measure the Company believes best depicts the Company’s performance to date under the terms of the contract. Revenue under these long-term agreements may also be recognized using an output method, specifically units delivered, based upon certain customer acceptance and delivery requirements. The use of an input or an output measure to recognize revenue is determined based on what is most appropriate given the nature of the work performed and terms of the associated agreement.

Accounting for these long-term agreements involves the use of various techniques to estimate total revenues and costs. The Company estimates profit on these long-term agreements as the difference between total estimated revenues and expected costs to complete a contract and recognizes that profit over the life of the contract. As a result of management's reviews of contract-related estimates the Company makes adjustments to contract estimates that impact our revenue and profit totals. Changes in estimates are primarily attributed to updated considerations, including economic conditions and historic contract patterns, resulting in changes to anticipated revenue from existing contracts. During the three months ended September 30, 2025, reductions to net sales stemming from changes in actual and expected values of certain commercial contracts and settlements of such contracts were $1,476; there were no changes in actual or expected values during the three months ended September 30, 2024. During the nine months ended September 30, 2025 and 2024, such adjustments to net sales were $3,123 and $1,477, respectively. The Company’s estimates related to these long-term agreements are further described in “Note 3. Revenue” of the Notes to the Company’s Consolidated Financial Statements contained in its Annual Report on Form 10-K for the year ended December 31, 2024.

Revenue recognized over time was as follows for the periods presented:

	Three Months Ended September 30,				Percentage of Total Net Sales Three Months Ended September 30,
	2025		2024		2025		2024
Over time input method	$	6,168	$	15,020	4.5	%	10.9	%
Over time output method	27,345		26,267		19.8		19.1
Total over time sales	$	33,513	$	41,287	24.3	%	30.0	%

	Nine Months Ended September 30,				Percentage of Total Net Sales Nine Months Ended September 30,
	2025		2024		2025		2024
Over time input method	$	20,795	$	42,259	5.5	%	10.5	%
Over time output method	73,158		63,898		19.3		15.9
Total over time sales	$	93,953	$	106,157	24.8	%	26.4	%

The timing of revenue recognition, billings, and cash collections results in billed receivables, costs in excess of billings (included in “Contract assets - net”), and billings in excess of costs (contract liabilities), included in “Deferred revenue” within the Condensed Consolidated Balance Sheets.

The following table sets forth the Company’s contract assets:

	Contract Assets
Balance as of December 31, 2024	$	16,720
Revenue recognized but not yet billed	2,831
Adjustments to contract assets	(3,123)
Transfers from contract asset balance to accounts receivable	(8,485)
Balance as of September 30, 2025	$	7,943

The following table sets forth the Company’s contract liabilities:

	Contract Liabilities
Balance as of December 31, 2024	$	1,991
Revenue recognized from contract liabilities	(1,419)
Increase in billings in excess of cost, excluding revenue recognized	937
Balance as of September 30, 2025	$	1,509

The Company has established policies regarding allowance for credit losses associated with contract assets, which includes standalone reserve assessments for its long term, complex contracts as needed as well as detailed regular review and updates to contract margins, progress, and value. A standard reserve threshold is applied to contract assets related to short term, less complex contracts. Management also regularly reviews collection patterns and future expected collections and makes necessary revisions to allowance for credit losses related to contract assets.

As of September 30, 2025, the Company had approximately $247,416 of remaining performance obligations, which is also referred to as backlog. Approximately 8.0% of the September 30, 2025 backlog was related to projects that are anticipated to extend beyond September 30, 2026.