FreightCar America reports FY2022 revenue up 80% to $364.8M; guides FY2023

Fourth Quarter 2022 Highlights • Revenues of $129.0 million, up 71.9% year-over-year, with deliveries of 1,150 railcars, up 90.4% year-over-year • Gross margin of 3.6% with gross profit of $4.6 million, compared to gross margin of 8.8% with gross profit of $6.6 million in the fourth quarter of 2021 • Net loss of ($9.7) million, or ($0.37) per share and adjusted net loss of ($8.1) million, or ($0.31) per share, accounting for primarily non-cash items including a $4.5 million impairment on leased railcars, one-time Mexican VAT costs of $1.9 million and non-cash income of $4.7 million due to the change in fair market value of the warrant liability • Adjusted EBITDA of $1.2 million, equivalent to the fourth quarter of 2021

Fiscal Year 2022 Highlights • Revenues of $364.8 million, up 79.6% year-over-year, on deliveries of 3,184 railcars, up 83.9% year-over-year • Gross margin of 7.1% with gross profit of $25.8 million, compared to gross margin of 5.6% with gross profit of $11.5 million in fiscal year 2021 • Net loss of ($38.8) million, or ($1.56) per share and adjusted net loss of ($23.5) million, or ($0.95) per share, accounting for primarily non-cash items including $8.1 million pension settlement loss and $4.5 million impairment on leased railcars • Adjusted EBITDA of $8.4 million, compared to adjusted EBITDA loss of ($7.2) million in fiscal year 2021

The Company has provided its outlook for fiscal year 2023 as follows: Fiscal 2023 Outlook Year-over-Year Growth at Midpoint Revenue $400 - $430 million 13.8% Adjusted EBITDA $15 - $20 million 108.1% Railcar Deliveries 3,400 - 3,700 Railcars 11.5%