Titan Machinery Inc.
For the period ended Nov 25, 2025. Filed Nov 25, 2025.
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Nov 25, 2025 · Filed Nov 25, 2025
Contents
EX-99.1 · Forward Looking Statements
Forward Looking Statements
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “potential,” “believe,” “estimate,” “expect,” “intend,” “may,” “could,” “will,” “plan,” “anticipate,” and similar words and expressions are intended to identify forward-looking statements. These statements are based upon the current beliefs and expectations of our management. Forward-looking statements made in this release, which include statements regarding modeling assumptions and expected results of operations for the fiscal year ending January 31, 2026, statements regarding the Company's ability to reduce inventory levels and enhance profitability and the impact of recent divestitures, and may include statements regarding Agriculture, Construction, Europe and Australia segment initiatives and improvements, segment revenue realization, growth and profitability expectations, inventory availability and customer demand expectations, and agricultural and construction equipment industry conditions and trends, involve known and unknown risks and uncertainties that may cause Titan’s actual results in future periods to differ materially from the forecasted assumptions and expected results. These risks and uncertainties include, among other things, our ability to successfully integrate, and realize growth opportunities and synergies in connection with the O'Connors acquisition and the risk that we have assumed unforeseen or other liabilities in connection with the O'Connors acquisition. In addition, risks and uncertainties also include the impact of the Russia-Ukraine conflict on our Ukrainian operations, our substantial dependence on CNH Industrial including CNH Industrial's ability to design, manufacture and allocate inventory to our stores necessary to satisfy our customers' demands, supply chain disruptions impacting our suppliers, including CNH Industrial, the continued availability of organic growth and acquisition opportunities, potential difficulties integrating acquired stores, industry supply levels, fluctuating agriculture and construction industry economic conditions, the success of recently implemented initiatives within the Company’s operating segments, the uncertainty and fluctuating conditions in the capital and credit markets, difficulties in conducting international operations, foreign currency risks, governmental agriculture policies, seasonal fluctuations, the ability of the Company to manage inventory levels, weather conditions, disruption in receiving sufficient inventory financing, and increased competition in the geographic areas served. These and other risks are described in Titan’s filings with the SEC. Titan conducts its business in a highly competitive and rapidly changing environment. Accordingly, new risks and uncertainties may arise. It is not possible for management to predict all such risks and uncertainties, nor to assess the impact of all such risks and uncertainties on Titan’s business or the extent to which any individual risk or uncertainty, or combination of risks and uncertainties, may cause results to differ materially from those contained in any forward-looking statement. Other than as required by law, Titan disclaims any obligation to update such risks and uncertainties or to publicly announce revisions to any of the forward-looking statements contained in this release to reflect future events or developments.
Investor Relations Contact:
ICR, Inc.
Jeff Sonnek, jeff.sonnek@icrinc.com
646-277-1263
| TITAN MACHINERY INC. | ||
|---|---|---|
| Consolidated Condensed Balance Sheets | ||
| (in thousands) | ||
| (Unaudited) | ||
| October 31, 2025 | January 31, 2025 | |
| Assets | ||
| Current Assets | ||
| Cash | $48,790 | $35,898 |
| Receivables, net of allowance for expected credit losses | 146,732 | 119,814 |
| Inventories, net | 1,010,734 | 1,108,672 |
| Prepaid expenses and other | 21,844 | 28,244 |
| Total current assets | 1,228,100 | 1,292,628 |
| Noncurrent Assets | ||
| Property and equipment, net of accumulated depreciation | 371,657 | 379,690 |
| Operating lease assets | 47,674 | 27,935 |
| Deferred income taxes | 8,901 | 2,552 |
| Goodwill | 63,906 | 61,246 |
| Intangible assets, net of accumulated amortization | 48,448 | 48,306 |
| Other | 674 | 1,581 |
| Total noncurrent assets | 541,260 | 521,310 |
| Total Assets | $1,769,360 | $1,813,938 |
| Liabilities and Stockholders' Equity | ||
| Current Liabilities | ||
| Accounts payable | $46,290 | $37,166 |
| Floorplan payable | 739,617 | 755,698 |
| Current maturities of long-term debt | 21,804 | 10,920 |
| Current operating lease liabilities | 4,207 | 5,747 |
| Deferred revenue | 24,130 | 91,933 |
| Accrued expenses and other | 68,007 | 59,492 |
| Total current liabilities | 904,055 | 960,956 |
| Long-Term Liabilities | ||
| Long-term debt, less current maturities | 154,780 | 157,767 |
| Operating lease liabilities | 45,799 | 25,588 |
| Finance lease liabilities | 39,642 | 44,894 |
| Deferred income taxes | 7,380 | 8,818 |
| Other long-term liabilities | 5,078 | 1,838 |
| Total long-term liabilities | 252,679 | 238,905 |
| Stockholders' Equity | ||
| Common stock | — | — |
| Additional paid-in-capital | 265,608 | 262,097 |
| Retained earnings | 342,308 | 360,314 |
| Accumulated other comprehensive income (loss) | 4,710 | (8,334) |
| Total stockholders' equity | 612,626 | 614,077 |
| Total Liabilities and Stockholders' Equity | $1,769,360 | $1,813,938 |
| TITAN MACHINERY INC. | ||||
|---|---|---|---|---|
| Consolidated Condensed Statements of Operations | ||||
| (in thousands, except per share data) | ||||
| (Unaudited) | ||||
| Three Months Ended October 31, | Nine Months Ended October 31, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | ||||
| Equipment | $459,912 | $495,147 | $1,273,014 | $1,428,469 |
| Parts | 122,342 | 121,086 | 337,193 | 339,118 |
| Service | 48,944 | 51,122 | 141,761 | 143,468 |
| Rental and other | 13,312 | 12,469 | 33,305 | 31,145 |
| Total Revenue | 644,510 | 679,824 | 1,785,273 | 1,942,200 |
| Cost of Revenue | ||||
| Equipment | 422,448 | 458,345 | 1,181,203 | 1,292,821 |
| Parts | 83,564 | 83,542 | 231,217 | 230,932 |
| Service | 17,678 | 17,833 | 51,767 | 50,753 |
| Rental and other | 9,804 | 9,610 | 25,489 | 23,068 |
| Total Cost of Revenue | 533,494 | 569,330 | 1,489,676 | 1,597,574 |
| Gross Profit | 111,016 | 110,494 | 295,597 | 344,626 |
| Operating Expenses | 100,474 | 98,773 | 289,539 | 293,087 |
| Impairment of Goodwill | — | — | — | 531 |
| Impairment of Intangible and Long-Lived Assets | 238 | 264 | 827 | 1,206 |
| Income (Loss) from Operations | 10,304 | 11,457 | 5,231 | 49,802 |
| Other Income (Expense) | ||||
| Interest and other income (expense) | 3,442 | 3,097 | 5,591 | (4,239) |
| Floorplan interest expense | (6,183) | (9,993) | (19,521) | (26,275) |
| Other interest expense | (4,755) | (4,286) | (14,011) | (10,479) |
| Income (Loss) Before Income Taxes | 2,808 | 275 | (22,710) | 8,809 |
| Provision (Benefit) for Income Taxes | 1,610 | (1,438) | (4,704) | 1,959 |
| Net Income (Loss) | $1,198 | $1,713 | $(18,006) | $6,850 |
| Diluted Earnings (Loss) per Share | $0.05 | $0.07 | $(0.79) | $0.30 |
| Diluted Weighted Average Common Shares | 22,780 | 22,631 | 22,737 | 22,599 |
| TITAN MACHINERY INC. | ||
|---|---|---|
| Consolidated Condensed Statements of Cash Flows | ||
| (in thousands) | ||
| (Unaudited) | ||
| Nine Months Ended October 31, | ||
| 2025 | 2024 | |
| Operating Activities | ||
| Net (loss) income | $(18,006) | $6,850 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities | ||
| Depreciation and amortization | 28,175 | 28,687 |
| Impairment | 827 | 1,737 |
| Sale-leaseback financing expense | — | 11,159 |
| Other, net | (6,996) | 2,429 |
| Changes in assets and liabilities, net of effects of acquisitions | ||
| Inventories | 120,020 | (114,485) |
| Manufacturer floorplan payable | 24,819 | 78,714 |
| Receivables | (19,044) | 12,541 |
| Other working capital | (45,911) | (83,827) |
| Net Cash Provided by (Used for) Operating Activities | 83,884 | (56,195) |
| Investing Activities | ||
| Property and equipment purchases | (18,389) | (30,798) |
| Proceeds from sale of property and equipment | 4,777 | 1,490 |
| Acquisition consideration, net of cash acquired | (13,370) | (260) |
| Proceeds from business divestitures, net | 9,143 | — |
| Other, net | 813 | 129 |
| Net Cash Used for Investing Activities | (17,026) | (29,439) |
| Financing Activities | ||
| Net change in non-manufacturer floorplan payable | (56,213) | 77,990 |
| Net proceeds/(payments) from long-term debt and finance leases | 1,259 | (2,308) |
| Other, net | (776) | (4,714) |
| Net Cash (Used for) Provided by Financing Activities | (55,730) | 70,968 |
| Effect of Exchange Rate Changes on Cash | 1,764 | 20 |
| Net Change in Cash | 12,892 | (14,646) |
| Cash at Beginning of Period | 35,898 | 38,066 |
| Cash at End of Period | $48,790 | $23,420 |
| TITAN MACHINERY INC. | ||||||
|---|---|---|---|---|---|---|
| Segment Results | ||||||
| (in thousands) | ||||||
| (Unaudited) | ||||||
| Three Months Ended October 31, | Nine Months Ended October 31, | |||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |
| Revenue | ||||||
| Agriculture | $420,941 | $482,022 | (12.7)% | $1,151,082 | $1,353,744 | (15.0)% |
| Construction | 76,701 | 85,285 | (10.1)% | 220,817 | 236,971 | (6.8)% |
| Europe | 117,012 | 62,382 | 87.6% | 308,987 | 195,633 | 57.9% |
| Australia | 29,856 | 50,135 | (40.4)% | 104,387 | 155,852 | (33.0)% |
| Total | $644,510 | $679,824 | (5.2)% | $1,785,273 | $1,942,200 | (8.1)% |
| Income (Loss) Before Income Taxes | ||||||
| Agriculture | $6,109 | $1,846 | 230.9% | $(18,966) | $15,556 | (221.9)% |
| Construction | (1,715) | (941) | 82.3% | (7,110) | (5,566) | 27.7% |
| Europe | 3,516 | (1,195) | n/m | 13,373 | (2,115) | n/m |
| Australia | (3,770) | (298) | n/m | (6,438) | 578 | n/m |
| Segment Income (Loss) Before Income Taxes | 4,140 | (588) | n/m | (19,141) | 8,453 | n/m |
| Shared Resources | (1,332) | 863 | n/m | (3,569) | 356 | n/m |
| Total | $2,808 | $275 | n/m | $(22,710) | $8,809 | n/m |
| *n/m = not meaningful | ||||||
| TITAN MACHINERY INC. | ||||
|---|---|---|---|---|
| Non-GAAP Reconciliations | ||||
| (in thousands, except per share data) | ||||
| (Unaudited) | ||||
| Three Months Ended October 31, | Nine Months Ended October 31, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Adjusted Diluted Earnings (Loss) Per Share | ||||
| Diluted Earnings (Loss) Per Share | $0.05 | $0.07 | $(0.79) | $0.30 |
| Adjustments | ||||
| Impact of sale-leaseback financing expense (1) | — | — | — | 0.48 |
| Total Pre-Tax Adjustments | — | — | — | 0.48 |
| Less: Tax Effect of Adjustments (2) | — | — | — | (0.12) |
| Total Adjustments | — | — | — | 0.36 |
| Adjusted Diluted Earnings (Loss) Per Share | $0.05 | $0.07 | $(0.79) | $0.66 |
| EBITDA | ||||
| Net Income (Loss) | $1,198 | $1,713 | $(18,006) | $6,850 |
| Adjustments | ||||
| Interest expense, net of interest income | 4,531 | 4,139 | 13,365 | 10,119 |
| Floorplan interest expense | 6,183 | 9,993 | 19,521 | 26,275 |
| Provision (Benefit) for Income Taxes | 1,610 | (1,438) | (4,704) | 1,959 |
| Depreciation and amortization | 9,846 | 10,274 | 28,175 | 28,687 |
| EBITDA | 23,368 | 24,681 | 38,351 | 73,890 |
| Adjustments | ||||
| Floorplan interest expense | (6,183) | (9,993) | (19,521) | (26,275) |
| Impact of sale-leaseback financing expense (1) | — | — | — | 11,159 |
| Total Adjustments | (6,183) | (9,993) | (19,521) | (15,116) |
| Adjusted EBITDA | $17,185 | $14,688 | $18,830 | $58,774 |
| (1) Accounting impact of a non-cash, sale-leaseback financing expense related to the Company's umbrella purchase for 13 of its leased facilities. | ||||
| (2) The tax effect of U.S. related adjustments was calculated using a 25.5% tax rate, determined based on a 21% federal statutory rate and a 4.5% blended state income tax rate. | ||||
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