Wednesday, November 11, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Richard Magnusen, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Third Quarter FY 2026 Financial Results. RAIL reported an adjusted net loss to common stockholders of $9.5 million, or $(0.28) per diluted share, versus adjusted net income of $7.8 million, or $0.24 per share, during the prior-year period. Revenue fell 52.3% to $76.5 million from $160.5 million, as railcar deliveries declined to 662 from 1,304. Gross margin fell to 8.8% from 15.1% on lower manufacturing volumes and reduced fixed-cost absorption. Adjusted EBITDA declined to $0.1 million from $15.9 million in the third quarter of FY 2025.
FY 2026 Guidance. Management reaffirmed its FY 2026 guidance, initially announced on October 19. Railcar deliveries are expected to range from 3,100 to 3,300, revenue from $370 million to $410 million, and adjusted EBITDA from $15 million to $19 million.
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