Titan Machinery Inc. Announces Results for Fiscal First Quarter Ended April 30, 2026
Rhea-AI Summary
Titan Machinery (Nasdaq:TITN) reported fiscal Q1 2027 revenue of $522.4 million, down from $594.3 million, with gross profit of $89.3 million and a 17.1% gross margin. Net loss was $12.6 million, or $0.55 per diluted share; adjusted EBITDA was $1.0 million.
Segment results showed lower revenue in Agriculture, Construction, and Europe, and modest growth in Australia. Floorplan interest expense declined, but operating cash flow was negative. The company reaffirmed fiscal 2027 modeling assumptions, including adjusted EBITDA of $17–$29 million and an adjusted net loss of $28–$40 million.
Positive
- Gross margin increased to 17.1% from 15.3% year over year
- Floorplan and other interest expense declined to $8.2 million from $11.1 million
- Agriculture segment pre-tax loss improved to $6.2 million from $12.8 million
- Construction segment pre-tax loss improved to $0.6 million from $4.2 million
- Australia revenue up 2.8% in constant currency, with $50.3 million reported
- Company reaffirmed fiscal 2027 modeling assumptions, including adjusted EBITDA of $17–$29 million
Negative
- Consolidated revenue declined to $522.4 million from $594.3 million year over year
- Net loss was $12.6 million, or $0.55 per share, versus $13.2 million prior
- Adjusted EBITDA fell to $1.0 million from $2.6 million year over year
- Europe revenue decreased 40.2% in constant currency, with a shift to pre-tax loss
- Net cash used in operating activities was $23.1 million versus $6.2 million provided prior year
- Total inventories rose to $914.8 million and floorplan payables to $589.0 million
News Market Reaction – TITN
In the Jun 9 session, TITN declined 13.62%, reflecting a significant negative market reaction. Argus tracked a trough of -13.1% from its starting point during tracking. Our momentum scanner triggered 21 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 19 | Earnings call date | Neutral | -1.2% | Announced timing and access details for upcoming Q1 fiscal 2027 results call. |
| Mar 19 | Earnings results | Negative | -9.1% | Reported fiscal 2026 results with lower revenue and modest adjusted EBITDA. |
| Mar 05 | Earnings call date | Neutral | -4.2% | Provided schedule and access information for Q4 and full-year 2026 call. |
| Jan 07 | Conference appearance | Neutral | -4.9% | Announced management participation in the 2026 ICR Conference fireside chat. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent TITN news events, including results and conference participation, have often seen negative next-day price reactions, even around neutral or routine announcements.
Over the past six months, Titan Machinery’s key disclosures have focused on earnings and investor communications. On Mar 19, 2026, it reported fiscal 2026 results with lower revenue and an adjusted EBITDA of $13.9M, and the stock fell 9.09%. Multiple “earnings date” notices in Mar and a conference appearance in Jan also saw modest declines. Against this backdrop, the latest quarter’s margin improvement and reaffirmed fiscal 2027 assumptions follow a multi-quarter narrative of inventory reduction and cautious guidance.
Key Terms
floorplan interest expense financial
adjusted EBITDA financial
non-GAAP financial measures financial
GAAP financial
EBITDA financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Reaffirms Fiscal 2027 Modeling Assumptions
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
Gross profit for the first quarter of fiscal 2027 was
Operating expenses decreased to
Floorplan interest expense and other interest expense decreased to
In the first quarter of fiscal 2027, net loss improved to
Adjusted EBITDA in the first quarter of fiscal 2027 was
Segment Results
Agriculture Segment - Revenue for the first quarter of fiscal 2027 was
Construction Segment - Revenue for the first quarter of fiscal 2027 was
Europe Segment - Revenue for the first quarter of fiscal 2027 was
Australia Segment - Revenue for the first quarter of fiscal 2027 was
Balance Sheet and Cash Flow
Cash at the end of the first quarter of fiscal 2027 was
For the three months ended April 30, 2026, the Company's net cash used for operating activities was
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 | |
| Construction | Flat - Up | |
| Europe (1) (2) | Down | |
| Australia | Up | |
| Adjusted EBITDA | ||
| Adjusted Consolidated Pre-tax Loss (1) | ( | |
| Tax Expense | ||
| Adjusted Net Loss (1) | ( | |
| Adjusted Diluted Loss Per Share (1) | ( | |
| (1) Includes the full year impact of winding down the Company's German business throughout fiscal 2027. | ||
| (2) The Company's German business recognized | ||
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, jeff.sonnek@icrinc.com
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 | ||||
