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for the transition period from                      to                     

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of August 4, 2025, there were 10,597,683 shares of the registrant’s common stock, par value $0.01 per share, outstanding.

 

			Page
PART I. Financial Information
Item 1. Financial Statements:
Condensed Consolidated Balance Sheets			3
Condensed Consolidated Statements of Operations			4
Condensed Consolidated Statements of Comprehensive Income			5
Condensed Consolidated Statements of Cash Flows			6
Condensed Consolidated Statements of Stockholders’ Equity			7
Notes to Condensed Consolidated Financial Statements			8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			22
Item 3. Quantitative and Qualitative Disclosures about Market Risk			31
Item 4. Controls and Procedures			31
PART II. Other Information			32
Item 1. Legal Proceedings			32
Item 1A. Risk Factors			32
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			32
Item 3. Defaults Upon Senior Securities			32
Item 4. Mine Safety Disclosures			32
Item 5. Other Information			32
Item 6. Exhibits			33
Signature			34

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

(In thousands, except share data)

						June 30, 2025						December 31, 2024
						(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents						$	4,186					$	2,454
Accounts receivable - net (Note 5)						71,415						64,978
Contract assets - net (Note 3)						12,972						16,720
Inventories - net (Note 6)						75,443						70,506
Other current assets						9,468						6,947
Total current assets						173,484						161,605
Property, plant, and equipment - net						76,305						75,374
Operating lease right-of-use assets - net						23,324						18,480
Other assets:
Goodwill (Note 4)						33,315						31,907
Other intangibles - net (Note 4)						12,879						14,801
Deferred tax assets (Note 9)						26,299						28,900
Other assets						4,319						3,483
TOTAL ASSETS						$	349,925					$	334,550
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable						$	39,888					$	50,083
Deferred revenue (Note 3)						9,032						10,205
Accrued payroll and employee benefits						7,768						15,393
Current maturities of long-term debt (Note 7)						182						167
Other accrued liabilities						11,741						12,448
Total current liabilities						68,611						88,296
Long-term debt (Note 7)						81,446						46,773
Deferred tax liabilities (Note 9)						1,134						1,150
Long-term operating lease liabilities						19,777						14,709
Other long-term liabilities						3,716						4,608
Stockholders’ equity:
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at June 30, 2025 and December 31, 2024, 11,115,779; shares outstanding at June 30, 2025 and December 31, 2024, 10,430,630 and 10,573,432, respectively						111						111
Paid-in capital						42,325						43,550
Retained earnings						168,354						167,579
Treasury stock - at cost, 685,149 and 542,347 common stock shares at June 30, 2025 and December 31, 2024, respectively						(16,213)						(11,208)
Accumulated other comprehensive loss						(20,135)						(21,716)
Total L.B. Foster Company stockholders’ equity						174,442						178,316
Noncontrolling interest						799						698
Total stockholders’ equity						175,241						179,014
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY						$	349,925					$	334,550

(Unaudited)

(In thousands, except per share data)

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Sales of goods						$	129,071					$	122,417					$	215,619					$	226,880
Sales of services						14,487						18,379						25,731						38,236
Total net sales						143,558						140,796						241,350						265,116
Cost of goods sold						98,619						93,715						165,557						175,257
Cost of services sold						14,039						16,568						24,742						33,170
Total cost of sales						112,658						110,283						190,299						208,427
Gross profit						30,900						30,513						51,051						56,689
Selling and administrative expenses						22,382						24,818						43,334						47,688
(Gain) on sale of former joint venture facility						—						—						—						(3,477)
Amortization expense						840						1,123						1,962						2,340
Operating income						7,678						4,572						5,755						10,138
Interest expense - net						1,490						1,493						2,633						2,618
Other income - net						(95)						(84)						(413)						(337)
Income before income taxes						6,283						3,163						3,535						7,857
Income tax expense						3,444						346						2,813						635
Net income						2,839						2,817						722						7,222
Net loss attributable to noncontrolling interest						(46)						(30)						(53)						(61)
Net income attributable to L.B. Foster Company						$	2,885					$	2,847					$	775					$	7,283
Per share data attributable to L.B. Foster shareholders:
Basic earnings per common share						$	0.28					$	0.26					$	0.07					$	0.68
Diluted earnings per common share						$	0.27					$	0.26					$	0.07					$	0.66
Basic weighted average shares outstanding						10,439						10,793						10,489						10,777
Diluted weighted average shares outstanding						10,853						11,060						10,945						11,062

(Unaudited)

(In thousands)

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Net income						$	2,839					$	2,817					$	722					$	7,222
Other comprehensive income, net of tax:
Foreign currency translation adjustment						1,823						(452)						2,042						(1,966)
Unrealized loss on cash flow hedges, net of tax expense of $0						(41)						(186)						(307)						(80)
Reclassification of pension liability adjustments to earnings, net of tax expense of $0, $7, $0, and $11, respectively*						—						26						—						51
Total comprehensive income						4,621						2,205						2,457						5,227
Less comprehensive loss attributable to noncontrolling interest:
Net loss attributable to noncontrolling interest						(46)						(30)						(53)						(61)
Foreign currency translation adjustment						38						(72)						154						(89)
Amounts attributable to noncontrolling interest						(8)						(102)						101						(150)
Comprehensive income attributable to L.B. Foster Company						$	4,629					$	2,307					$	2,356					$	5,377

 

*			Reclassifications out of “Accumulated other comprehensive loss” for pension obligations are charged to “Selling and administrative expenses” within the Condensed Consolidated Statements of Operations.

(Unaudited)

(In thousands)

						Six Months Ended June 30,
						2025						2024
						(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income						$	722					$	7,222
Adjustments to reconcile net income to cash used in operating activities:
Deferred income taxes						2,585						(61)
Depreciation						4,572						4,736
Amortization						1,962						2,340
Inventory and fixed asset exit costs (Note 2)						655						—
Equity in income of nonconsolidated investments						(54)						6
Gain on sales and disposals of property, plant, and equipment						—						(4,412)
Stock-based compensation						2,111						2,347
Change in operating assets and liabilities:
Accounts receivable						(5,489)						(22,532)
Contract assets						4,750						8,499
Inventories						(4,892)						(7,033)
Other current assets						(2,549)						(2,907)
Other noncurrent assets						(4,581)						1,666
Accounts payable						(9,981)						6,048
Deferred revenue						(1,410)						(4,917)
Accrued payroll and employee benefits						(7,733)						(9,009)
Accrued settlement						—						(2,000)
Other current liabilities						(1,081)						(4,210)
Other long-term liabilities						4,679						(2,181)
Net cash used in operating activities						(15,734)						(26,398)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of property, plant, and equipment						49						3,881
Capital expenditures on property, plant, and equipment						(5,248)						(4,766)
Net cash used in investing activities						(5,199)						(885)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of debt						(129,272)						(100,617)
Proceeds from debt						161,612						132,572
Debt issuance costs						(706)						—
Treasury stock acquisitions						(8,384)						(3,140)
Deferred payment for Skratch acquisition						(782)						—
Net cash provided by financing activities						22,468						28,815
Effect of exchange rate changes on cash and cash equivalents						197						(71)
Net increase in cash and cash equivalents						1,732						1,461
Cash and cash equivalents at beginning of period						2,454						2,560
Cash and cash equivalents at end of period						$	4,186					$	4,021
Supplemental disclosure of cash flow information:
Interest paid						$	2,417					$	2,380
Income taxes paid						$	828					$	1,227

(Unaudited)

						Three Months Ended June 30, 2025
						Common Stock						Paid-in Capital						Retained Earnings						Treasury Stock						Accumulated Other Comprehensive Loss						Noncontrolling Interest						Total Stockholders’ Equity
Balance, March 31, 2025						$	111					$	41,823					$	165,469					$	(14,736)					$	(21,879)					$	807					$	171,595
Net income (loss)						—						—						2,885						—						—						(46)						2,839
Other comprehensive loss, net of tax:
Foreign currency translation adjustment						—						—						—						—						1,785						38						1,823
Unrealized derivative loss on cash flow hedges						—						—						—						—						(41)						—						(41)
Purchase of 108,020 common shares for treasury						—						—						—						(2,162)						—						—						(2,162)
Issuance of 32,931 common shares, net of shares withheld for taxes						—						(775)						—						685						—						—						(90)
Stock-based compensation						—						1,277						—						—						—						—						1,277
Balance, June 30, 2025						$	111					$	42,325					$	168,354					$	(16,213)					$	(20,135)					$	799					$	175,241

						Three Months Ended June 30, 2024
						Common Stock						Paid-in Capital						Retained Earnings						Treasury Stock						Accumulated Other Comprehensive Loss						Noncontrolling Interest						Total Stockholders’ Equity
Balance, March 31, 2024						$	111					$	41,866					$	129,069					$	(5,829)					$	(20,616)					$	676					$	145,277
Net income (loss)						—						—						2,847						—						—						(30)						2,817
Other comprehensive income, net of tax:
Pension liability adjustment						—						—						—						—						26						—						26
Foreign currency translation adjustment						—						—						—						—						(380)						(72)						(452)
Unrealized derivative loss on cash flow hedges						—						—						—						—						(186)						—						(186)
Purchase of 53,525 common shares for treasury						—						—						—						(1,322)						—						—						(1,322)
Issuance of 47,330 common shares, net of shares withheld for taxes						—						(942)						—						746						—						—						(196)
Stock-based compensation						—						1,314						—						—						—						—						1,314
Investment of noncontrolling interest						—						374						—						—						—						—						374
Balance, June 30, 2024						$	111					$	42,612					$	131,916					$	(6,405)					$	(21,156)					$	574					$	147,652

(Unaudited)

(Unaudited)

(Dollars in thousands, except share data)

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all estimates and adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and footnotes thereto included in L.B. Foster Company’s Annual Report on Form 10-K for the year ended December 31, 2024. In this Quarterly Report on Form 10-Q, references to “we,” “us,” “our,” and the “Company” refer collectively to L.B. Foster Company and its consolidated subsidiaries.

In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and disaggregation of income tax expense and income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09, but expects this ASU to only impact its disclosures with no impacts to its consolidated financial condition, results of operations, and cash flows.

In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which requires entities to provide more detailed disaggregation of expenses in the income statement, focusing on the nature of the expenses rather than their function. The new disclosures will require public business entities to disclose in the notes to the financial statements, at each interim and annual reporting period, specific information about certain costs and expenses, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the income statement, and the total amount of an entity's selling expenses. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and may be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

The Company is a global technology solutions provider of engineered, manufactured products and services that builds and supports infrastructure. The Company determines its operating segments based on how the Company's Chief Operating Decision Maker (“CODM”), the Company's President and Chief Executive Officer, manages the businesses, including resource allocation and operating decisions. The Company is organized into two operating segments, which represent the individual businesses that are run separately within this operational structure.

Operating segments are evaluated on their segment operating income contribution to the Company’s consolidated results. The Company considers the aggregation of operating segments into reporting segments based on the nature of offerings, nature of production services, the type or class of customer for products and services, methods used to distribute products and services, and economic and regulatory environment conditions.

The Company has two reportable segments: Rail, Technologies, and Services (“Rail”), and Infrastructure Solutions (“Infrastructure”). The Company’s segments represent components of the Company (a) that engage in activities from which revenue is generated and expenses are incurred, (b) whose operating results are regularly reviewed by the CODM, who uses such information to make decisions about resources to be allocated to the segments, and (c) for which discrete financial information is available. The CODM uses segment operating income to determine resources to allocate to each segment (including personnel and financial resources) during the annual budgeting process. The CODM evaluates segment performance regularly by comparing the segment operating income to the budgeted measure.

Segment operating income includes reportable segment gross profit and direct expenses such as salaries, benefits, restructuring, research and development, professional and purchased services expenditures, amortization expense, bad debt expense, and other segment expenses. Additionally, segment operating income includes allocated corporate operating expenses associated with central services such as quality, logistics, environmental health and safety, information technology, insurance, and human resources.

Other corporate functional costs that are associated with the operating segments are also allocated to the segments such as finance, marketing, credit and collections, and treasury functions. Operating expenses related to corporate headquarter functions are allocated to each segment based on segment headcount, revenue contribution, or activity of the business units within the segments, based on the corporate activity type provided to the segment. Management believes the allocation of corporate operating expenses provides an accurate presentation of how the segments utilize corporate support activities. This provides the CODM meaningful segment profitability information to support operating decisions and the allocation of resources.

Certain corporate costs are separately managed on a consolidated basis and are not allocated to the operating segments. These corporate costs include public company costs such as listing fees, audit fees, compliance costs, insurance costs, and Board of Directors fees. Additionally, certain corporate executive management costs, including costs of the corporate executive leadership team, and corporate management stock-based compensation expenses are not allocated to the operating segments. Finally, interest expense, income taxes, and certain other items included in “Other income - net”, which are managed on a consolidated basis, are not allocated to the operating segments.

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

(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.

(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.

For the six months ended June 30, 2024, the Company sold a former joint venture facility located in Magnolia, Texas, generating a $3,477 gain on sale recorded in “Gain on sale of former joint venture facility” which is included as a component of corporate operating income.

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:

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

On June 21, 2022, the Company acquired the stock of Skratch Enterprises Ltd. for $7,402, which was inclusive of deferred payments withheld by the Company of $1,228, to be paid over the next five years or utilized to satisfy post-closing working capital adjustments or indemnity claims under the purchase agreement. During the second quarter of 2025, the Company made a deferred acquisition payment of $782.

During the second quarter of 2025, the Company announced the discontinuation of its Automation and Materials Handling product line (“AMH Exit”) which was reported in the Technology Services and Solutions business unit within the Rail segment. The decision to exit was due to the Company's initiatives to scale back businesses in the United Kingdom. The Company expects to complete any remaining customer obligations by the end of 2025. This product line had net sales of $813 and $1,100 for the three months ended June 30, 2025 and 2024, respectively, and $1,220 and $3,324 for the six months ended June 30, 2025 and 2024, respectively. The Company has incurred a total of $1,351 in exit costs associated with the AMH Exit, which included $655 in inventory and fixed asset write-downs, $507 in personnel expenses, and $189 in other exit costs. Exit costs of $1,085 were recorded in “Cost of goods sold” and $266 were recorded in “Selling and administrative expenses” within our Rail segment. The Company does not expect to incur additional material exit costs in the remainder of 2025.

In August 2024, the Company announced an enterprise restructuring program aligned with its strategy to reduce costs and enable investment in its growth platforms. The restructuring action has been completed as of December 31, 2024 and no additional costs are expected to be incurred under this program. As of December 31, 2024, the Company's restructuring liability was $687, which has been paid out as of June 30, 2025.

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

On August 30, 2023, the Company announced the discontinuation of its Bridge Products grid deck product line (“Bridge Exit”) which was reported in the Steel Products business unit within Infrastructure. The Bedford, PA based operations supporting the product line expect to complete any remaining customer obligations in 2025. For the three months ended June 30, 2025 and 2024, net sales associated with the product line were $498 and $1,157, respectively and for the six months ended June 30, 2025 and 2024 were $999 and $1,967, respectively.

The Company does not expect to incur additional material exit costs in 2025.

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

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:

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 and six months ended June 30, 2025 and 2024, reductions to net sales stemming from changes in actual and expected values of certain commercial contracts and settlements of such contracts were $1,647 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: