Titan Machinery Inc. Announces Results for Fiscal First Quarter Ended April 30, 2026

About this update from Titan Machinery Inc.

WEST FARGO, N.D. , June 09, 2026 (GLOBE NEWSWIRE) -- Titan Machinery Inc. (Nasdaq: TITN) ("Titan" or the "Company"), a leading network of full-service agricultural and construction equipment stores, today reported financial results for the fiscal first quarter ended April 30, 2026 . “Our fiscal 2027 first quarter results reflect continued progress on the inventory optimization and margin improvement priorities we established coming into the year,” stated Bryan Knutson , Titan Machinery’s President and Chief Executive Officer. “Equipment margins exceeded our internal expectations during the quarter, driven by our progress in reducing aged inventory within our Agriculture segment. While we are encouraged by this strong start to our fiscal year, the underlying demand environment for our agricultural customers remains challenged. In addition to our ongoing inventory optimization initiative, we remain focused on proactively strengthening our core footprint where we are best equipped to deliver long-term returns for our shareholders — and delivering results through disciplined execution, close customer engagement, and continued investment in technology and process improvements to deliver enhanced earnings power as industry conditions improve.” Fiscal 2027 First Quarter Results Consolidated Results For the first quarter of fiscal 2027, revenue was $522.4 million compared to $594.3 million in the first quarter last year. Equipment revenue was $364.7 million for the first quarter of fiscal 2027, compared to $436.8 million in the first quarter last year. Parts revenue was $103.8 million for the first quarter of fiscal 2027, compared to $105.6 million in the first quarter last year. Service revenue was $43.8 million for the first quarter of fiscal 2027, compared to $44.0 million in the first quarter last year. Rental and other revenue was $10.2 million for the first quarter of fiscal 2027, compared to $7.9 million in the first quarter last year. Gross profit for the first quarter of fiscal 2027 was $89.3 million , compared to $90.9 million in the first quarter last year. Gross profit margin was 17.1% in the first quarter of fiscal 2027, compared to 15.3% in the first quarter last year. The year-over-year improvement in gross profit margin primarily reflects stronger equipment margins given continued reductions in aged inventory, alongside a higher mix of parts and service revenue. Operating expenses decreased to $94.4 million for the first quarter of fiscal 2027, compared to $96.4 million in the first quarter last year. Operating expenses as a percentage of revenue was 18.1% for the first quarter of fiscal 2027, compared to 16.2% of revenue in the first quarter last year. Floorplan interest expense and other interest expense decreased to $8.2 million in the first quarter of fiscal 2027, compared to $11.1 million for the same period last year. The decrease was driven by lower inventory levels subject to interest. In the first quarter of fiscal 2027, net loss improved to $12.6 million , with loss per diluted share of $0.55 , compared to a net loss of $13.2 million , with loss per diluted share of $0.58 , for the same period last year. Adjusted EBITDA in the first quarter of fiscal 2027 was $1.0 million , compared to $2.6 million in the first quarter last year. Segment Results Agriculture Segment - Revenue for the first quarter of fiscal 2027 was $344.2 million , compared to $384.4 million in the first quarter last year, reflecting a same-store sales decrease of 8.2%. The decrease resulted from softening demand for equipment, driven by continued pressure on grower profitability. Pre-tax loss for the first quarter of fiscal 2027 improved to $6.2 million , compared to pre-tax loss of $12.8 million in the first quarter last year. Construction Segment - Revenue for the first quarter of fiscal 2027 was $67.5 million , compared to $72.1 million in the first quarter last year, reflecting a same-store sales decrease of 6.5%, which was primarily due to lower equipment sales. Pre-tax loss for the first quarter of fiscal 2027 improved to $0.6 million , compared to pre-tax loss of $4.2 million in the first quarter last year. Europe Segment - Revenue for the first quarter of fiscal 2027 was $60.4 million , including a $4.2 million benefit related to foreign currency fluctuations versus the prior year period, compared to $93.9 million in the first quarter last year. Net of the effect of these foreign currency fluctuations, revenue decreased $37.7 million , or 40.2%. The revenue decrease was primarily due to lower equipment demand compared to the prior year period, which had been driven by stronger sales resulting from European Union stimulus programs in Romania . Pre-tax loss for the first quarter of fiscal 2027 was $0.9 million , compared to pre-tax income of $4.7 million in the first quarter last year. Australia Segment - Revenue for the first quarter of fiscal 2027 was $50.3 million , including a $5.1 million benefit related to foreign currency fluctuations versus the prior year period, compared to $44.0 million in the first quarter last year. Net of the effect of these foreign currency fluctuations, revenue increased $1.2 million , or 2.8%. Pre-tax loss for the first quarter of fiscal 2027 was $1.8 million , compared to pre-tax loss of $0.6 million in the first quarter last year. Balance Sheet and Cash Flow Cash at the end of the first quarter of fiscal 2027 was $29.6 million . Total inventories increased by $11.7 million to $914.8 million as of first quarter end, as compared to January 31, 2026 . Equipment inventories increased by $10.4 million in the first quarter ended April 30, 2026 . Outstanding floorplan payables were $589.0 million on $1.5 billion total available floorplan and working capital lines of credit as of April 30, 2026 , compared to $553.8 million outstanding floorplan payables as of January 31, 2026 . For the three months ended April 30, 2026 , the Company's net cash used for operating activities was $23 .1 million, compared to net cash provided by operating activities of $6.2 million for the three months ended April 30, 2025 . The change in cash from operating activities was primarily attributable to timing of inventory receipts and changing mix in floorplan financing, which was partially offset by receivable collections compared to the prior year period. Additional Management Commentary Mr. Knutson continued, “The disciplined inventory and operational work our team has executed over the last two years has strengthened our foundation and positioned the business well for the next phase of the cycle. While our first quarter performance came in modestly better than expectations, the underlying industry demand environment remains challenged. As a result, we are reaffirming our modeling assumptions for the full year fiscal 2027. I am proud of our team's continued execution and confident our disciplined approach is setting us up to deliver stronger profitability when industry conditions improve.” Fiscal 2027 Modeling Assumptions The Company reaffirms its previously issued guidance; the following is a summary of its current expectations for fiscal 2027 modeling assumptions: (in millions, except per share data and percentages)   Current Expectations Fiscal 2027 Segment Revenue     Agriculture   Down 15% - Down 20% Construction   Flat - Up 5% Europe (1) (2)   Down 20% - Down 25% Australia   Up 10% - Up 15%       Adjusted EBITDA   $17.0 - $29.0       Adjusted Consolidated Pre-tax Loss (1)   ( $28.0 ) - ( $39.0 ) Tax Expense   $0.0 - $1.0 Adjusted Net Loss (1)   ( $28.0 ) - ( $40.0 ) Adjusted Diluted Loss Per Share (1)   ( $1.25 ) - ( $1.75 )       (1) Includes the full year impact of winding down the Company's German business throughout fiscal 2027. ( 2 ) The Company's German business recognized $53.9 million of revenue in fiscal 2026; due to the wind-down, the Company expects to recognize approximately $9.5 million of revenue from its German business in fiscal 2027.   Conference Call and Presentation Information The Company will host a conference call and audio webcast today at 7:30 a.m. Central time ( 8:30 a.m. Eastern time ). Investors interested in participating in the live call can dial (877) 704-4453 from the U.S. International callers can dial (201) 389-0920. A telephone replay will be available approximately two hours after the call concludes and will be available through Sunday, June 21, 2026 , by dialing (844) 512-2921 from the U.S ., or (412) 317-6671 from international locations, and entering confirmation code 13760008. A copy of the presentation that will accompany the prepared remarks on the conference call is available on the Company’s website under Investor Relations at www.titanmachinery.com. An archive of the audio webcast will be available on the Company’s website under Investor Relations at www.titanmachinery.com for 30 days following the audio webcast. Non-GAAP Financial Measures This press release and the attached financial tables contain a reconciliation of certain non-GAAP financial measures as defined under Securities and Exchange Commission (“SEC”) rules. As required by SEC rules, the Company has provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in the schedule included in this press release. The Company believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide more information to assist investors in evaluating current period performance and in assessing future performance. For these reasons, internal management reporting also includes non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to, and not superior to or as a substitute for, the GAAP financial measures presented in this release and the Company's financial statements and other publicly filed reports. Non-GAAP financial measures presented in this release may not be comparable to similarly titled measures used by other companies. Investors are encouraged to review the reconciliations of any adjusted financial measures used in this release to their most directly comparable GAAP financial measures. The reconciliation is attached to this release. The table included in the Non-GAAP Reconciliations section reconciles EBITDA and adjusted EBITDA to their most directly comparable financial measure. A reconciliation of Adjusted EBITDA, Adjusted Consolidated Pre-tax Loss, Adjusted Net Loss and Adjusted Diluted Loss Per Share, in each case for fiscal 2027 modeling assumptions, is not available without unreasonable effort due to the variability and low visibility of the factors that may impact the comparable GAAP financial measures. About Titan Machinery Inc. Titan Machinery Inc. , founded in 1980 and headquartered in West Fargo, North Dakota , owns and operates a network of full service agricultural and construction equipment dealer locations in North America , Europe and Australia , servicing farmers, ranchers and commercial applicators. The network consists of US locations in Colorado , Idaho , Iowa , Kansas , Minnesota , Nebraska , North Dakota , South Dakota , Wisconsin and Wyoming . The international network includes European stores located in Bulgaria , Romania , and Ukraine and Australian stores located in New South Wales , South Australia , and Victoria in Southeastern Australia . Our stores offer one or more of the CNH Industrial Brands, including Case IH, New Holland Agriculture, Case Construction , New Holland Construction , and CNH Industrial Capital . Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com . 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 fiscal 2027 modeling assumptions and expected results of operations for the fiscal year ending January 31, 2027 , and statements regarding the Company's ability to reduce inventory levels, operating expenses, floorplan interest expense, and enhance profitability 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, 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 , [email protected] 646-277-1263   TITAN MACHINERY INC. Consolidated Condensed Balance Sheets (in thousands) (Unaudited)               April 30, 2026   January 31, 2026 Assets           Current Assets           Cash $ 29,578     $ 28,164   Receivables, net of allowance for expected credit losses   109,579       127,031   Inventories, net   914,825       903,085   Prepaid expenses and other   30,664       31,700   Total current assets   1,084,646       1,089,980   Noncurrent Assets           Property and equipment, net of accumulated depreciation   362,126       360,983   Operating lease assets   48,233       47,197   Deferred income taxes   771       1,327   Goodwill   66,686       65,583   Intangible assets, net of accumulated amortization   51,719       51,233   Other   593       625   Total noncurrent assets   530,128       526,948   Total Assets $ 1,614,774     $ 1,616,928               Liabilities and Stockholders' Equity           Current Liabilities           Accounts payable $ 43,781     $ 35,156   Floorplan payable   588,992       553,754   Current maturities of long-term debt   26,112       21,410   Current operating lease liabilities   4,113       4,084   Deferred revenue   54,129       82,311   Accrued expenses and other   71,346       75,248   Total current liabilities   788,473       771,963   Long-Term Liabilities           Long-term debt, less current maturities   150,503       158,565   Operating lease liabilities   46,946       46,050   Finance lease liabilities   41,649       42,140   Deferred income taxes   10,329       10,151   Other long-term liabilities   10,397       8,761   Total long-term liabilities   259,824       265,667   Stockholders' Equity           Common stock   —       —   Additional paid-in-capital   267,247       266,905   Retained earnings   293,524       306,140   Accumulated other comprehensive income   5,706       6,253   Total stockholders' equity   566,477       579,298   Total Liabilities and Stockholders' Equity $ 1,614,774     $ 1,616,928                     TITAN MACHINERY INC. Consolidated Condensed Statements of Operations (in thousands, except per share data) (Unaudited)           Three Months Ended April 30 ,   2026   2025 Revenue       Equipment $ 364,654     $ 436,840   Parts   103,753       105,629   Service   43,768       44,017   Rental and other   10,206       7,850   Total Revenue   522,381       594,336   Cost of Revenue       Equipment   336,157       407,349   Parts   72,391       73,080   Service   17,297       16,609   Rental and other   7,253       6,363   Total Cost of Revenue   433,098       503,401   Gross Profit   89,283       90,935   Operating Expenses   94,382       96,404   Impairment of Intangible and Long-Lived Assets   502       266   Loss from Operations   (5,601 )     (5,735 ) Other Income (Expense)       Interest and other income (expense)   1,302       (488 ) Floorplan interest expense   (3,553 )     (6,526 ) Other interest expense   (4,623 )     (4,533 ) Loss Before Income Taxes   (12,475 )     (17,282 ) Provision (Benefit) for Income Taxes   141       (4,078 ) Net Loss $ (12,616 )   $ (13,204 )         Diluted Loss per Share $ (0.55 )   $ (0.58 ) Diluted Weighted Average Common Shares   22,849       22,669                     TITAN MACHINERY INC. Consolidated Condensed Statements of Cash Flows (in thousands) (Unaudited)           Three Months Ended April 30 ,   2026   2025 Operating Activities       Net loss $ (12,616 )   $ (13,204 ) Adjustments to reconcile net loss to net cash (used for) provided by operating activities       Depreciation and amortization   9,028       8,915   Impairment   502       266   Other, net   1,806       (3,240 ) Changes in assets and liabilities, net of effects of acquisitions       Inventories   (14,714 )     16,428   Manufacturer floorplan payable   4,135       18,721   Receivables   19,976       (3,828 ) Other working capital   (31,209 )     (17,863 ) Net Cash (Used for) Provided by Operating Activities   (23,092 )     6,195   Investing Activities       Property and equipment purchases   (2,544 )     (7,988 ) Proceeds from sale of property and equipment   1,567       2,432   Proceeds from business divestitures, net   2,030       —   Other, net   —       322   Net Cash Provided by (Used for) Investing Activities   1,053       (5,234 ) Financing Activities       Net change in non-manufacturer floorplan payable   28,664       (9,146 ) Net proceeds/(payments) from long-term debt and finance leases   (4,256 )     (5,935 ) Other, net   (959 )     (700 ) Net Cash Provided by (Used for) Financing Activities   23,449       (15,781 ) Effect of Exchange Rate Changes on Cash   4       436   Net Change in Cash   1,414       (14,384 ) Cash at Beginning of Period   28,164       35,898   Cash at End of Period $ 29,578     $ 21,514                     TITAN MACHINERY INC. Segment Results (in thousands) (Unaudited)       Three Months Ended April 30 ,   2026   2025   % Change Revenue           Agriculture $ 344,218     $ 384,386     (10.4 )% Construction   67,463       72,129     (6.5 )% Europe   60,435       93,858     (35.6 )% Australia   50,265       43,963     14.3 % Total $ 522,381     $ 594,336     (12.1 )%             (Loss) Income Before Income Taxes           Agriculture $ (6,181 )   $ (12,777 )   51.6 % Construction   (612 )     (4,180 )   85.4 % Europe   (933 )     4,710     n/m Australia   (1,781 )     (561 )   n/m Segment Loss Before Income Taxes   (9,507 )     (12,808 )   25.8 % Shared Resources   (2,968 )     (4,474 )   33.7 % Total $ (12,475 )   $ (17,282 )   27.8 % *n/m = not meaningful                         TITAN MACHINERY INC. Non-GAAP Reconciliations (in thousands, except per share data) (Unaudited)               Three Months Ended April 30 ,     2026   2025 EBITDA         Net Loss   $ (12,616 )   $ (13,204 ) Adjustments         Interest expense, net of interest income     4,406       10,918   Floorplan interest expense     3,553       6,526   Provision (Benefit) for Income Taxes     141       (4,078 ) Depreciation and amortization     9,028       8,915   EBITDA     4,512       9,077   Adjustments         Floorplan interest expense     (3,553 )     (6,526 ) Adjusted EBITDA   $ 959     $ 2,551                     Source: Titan Machinery Inc. 2026 GlobeNewswire, Inc., source Press Releases

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