- Achieves $98 Million Cumulative Inventory Reduction in First Nine Months of Fiscal 2026 -

- Increases Inventory Reduction Target for Fiscal 2026 to $150 Million

(from $100+ Million Previously) -

- Updates Modeling Assumptions for Fiscal 2026 -

WEST FARGO, N.D., Nov. 25, 2025 (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 third quarter ended October 31, 2025.

"Our third quarter results demonstrate continued progress on our inventory optimization initiatives, with cumulative inventory reductions of $98 million through the first nine months of the fiscal year, positioning us to increase our reduction target from $100 million up to $150 million for the full year fiscal 2026," stated Bryan Knutson, Titan's President and Chief Executive Officer. "Equipment margins beat expectations for the quarter driven by a more favorable sales mix and our improved inventory position, though we expect margins to moderate a bit in the fourth quarter as we look to continue our inventory optimization efforts. Additionally, as part of our broader footprint optimization strategy, we made select divestitures both domestically and in Germany, allowing us to focus our resources in markets where we can better leverage our operational expertise while delivering improved returns for our shareholders. Despite a challenging environment for the agriculture industry, our parts and service businesses continue to provide critical stability — keeping us closely engaged with our customers. We remain focused on positioning the business to emerge from this cycle stronger and better prepared for improved market conditions."

Fiscal 2026 Third Quarter Results

Consolidated Results

For the third quarter of fiscal 2026, revenue was $644.5 million compared to $679.8 million in the third quarter last year. Equipment revenue was $459.9 million for the third quarter of fiscal 2026, compared to $495.1 million in the third quarter last year. Parts revenue was $122.3 million for the third quarter of fiscal 2026, compared to $121.1 million in the third quarter last year. Service revenue was $48.9 million for the third quarter of fiscal 2026, compared to $51.1 million in the third quarter last year. Rental and other revenue was $13.3 million for the third quarter of fiscal 2026, compared to $12.5 million in the third quarter last year.

Gross profit for the third quarter of fiscal 2026 was $111.0 million, compared to $110.5 million in the third quarter last year. The Company's gross profit margin was 17.2% in the third quarter of fiscal 2026, compared to 16.3% in the third quarter last year. The third quarter of fiscal 2026 included a partial accrual for expected benefits related to manufacturer incentive plans of $3.7 million; there were no related accruals in the prior year comparative period.

Operating expenses were $100.5 million for the third quarter of fiscal 2026, compared to $98.8 million in the third quarter last year. Operating expense as a percentage of revenue was 15.6% for the third quarter of fiscal 2026, compared to 14.5% of revenue in the third quarter last year.

Floorplan interest expense and other interest expense was $10.9 million in the third quarter of fiscal 2026, compared to $14.3 million for the same period last year. Floorplan interest expense decreased in the third quarter of fiscal 2026 compared to the same period last year due to lower interest-bearing inventory levels.

In the third quarter of fiscal 2026, net income was $1.2 million, with earnings per diluted share of $0.05, compared to net income of $1.7 million, with earnings per diluted share of $0.07, for the same period last year.

EBITDA in the second quarter of fiscal 2026 was $23.4 million, compared to $24.7 million in the third quarter last year.

Segment Results

Agriculture Segment - Revenue for the third quarter of fiscal 2026 was $420.9 million, compared to $482.0 million in the third quarter last year, reflecting a same-store sales decrease of 12.3%. The revenue decrease resulted from a softening of demand for equipment, driven by lower commodity prices and sustained high interest rates, both of which are reducing farmer profitability. Pre-tax income for the third quarter of fiscal 2026 was $6.1 million, which includes the aforementioned $3.7 million accrual for benefits from manufacturer incentives, compared to $1.8 million of pre-tax income in the third quarter last year.

Construction Segment - Revenue for the third quarter of fiscal 2026 was $76.7 million, compared to $85.3 million in the third quarter last year, reflecting a same-store sales decrease of 10.1%. The decrease was driven by lower equipment sales. Pre-tax loss for the third quarter of fiscal 2026 was $1.7 million, compared to $0.9 million in the third quarter last year.

Europe Segment - Revenue for the third quarter of fiscal 2026 was $117.0 million, compared to $62.4 million in the third quarter last year, which includes a $6.1 million positive impact related to foreign currency fluctuations. Net of the effect of these foreign currency fluctuations, revenue increased $48.5 million, or 77.8%, largely driven by European Union stimulus programs in Romania. Pre-tax income for the third quarter of fiscal 2026 was $3.5 million, compared to pre-tax loss of $1.2 million in the third quarter last year.

Australia Segment - Revenue for the third quarter of fiscal 2026 was $29.9 million, compared to $50.1 million in the third quarter last year, which includes a $0.6 million negative impact related to foreign currency fluctuations. Net of the effect of these foreign currency fluctuations, revenue decreased $19.6 million or 39.1%. The decrease was driven by the normalization of sprayer deliveries in fiscal 2026 after having caught up on a multi-year backlog of deliveries during fiscal 2025. Pre-tax loss for the third quarter of fiscal 2026 was $3.8 million, compared to $0.3 million in the third quarter last year.

Balance Sheet and Cash Flow

Cash at the end of the third quarter of fiscal 2026 was $48.8 million. Total inventories decreased by $97.9 million to $1.0 billion as of third quarter end, as compared to January 31, 2025. Equipment inventories decreased by $96.9 million in the year-to-date period ended October 31, 2025. Outstanding floorplan payables were $739.6 million on $1.5 billion total available floorplan and working capital lines of credit as of October 31, 2025, compared to $755.7 million outstanding floorplan payables as of January 31, 2025.

For the nine months ended October 31, 2025, the Company's net cash provided by operating activities was $83.9 million, compared to net cash used for operating activities of $56.2 million for the nine months ended October 31, 2024. The change in cash from operating activities was primarily attributable to changes in inventory and a changing mix in floorplan financing, which was partially offset by a decrease in net income for the first nine months of fiscal 2026 compared to the prior year period.

Additional Management Commentary

Mr. Knutson continued, "Equipment margins in the third quarter were stronger than previously anticipated and this improvement has been reflected in our updated guidance. However, this improvement is being offset by an anticipated recognition of a non-cash valuation allowance that is expected to be recognized in the fourth quarter and result in an increase in our tax expense by approximately ($0.35) to ($0.45) per share, reflecting a variable that was not considered in our previous assumptions. We are also updating our segment revenue expectations to reflect year-to-date performance as we head into the final quarter of the fiscal year. This updated outlook reflects what we've been able to accomplish in a challenging demand environment, despite industry volumes below prior downturn levels. I am pleased that we've made significant progress on our inventory reduction initiatives as well as our footprint optimization, all of which position the business for improved performance as we move into fiscal 2027."

Fiscal 2026 Modeling Assumptions

The following are the Company's current expectations for fiscal 2026 modeling assumptions:

	Previous Assumptions	Current Assumptions
Segment Revenue ⁽¹⁾
Agriculture	Down 15% - Down 20%	Down 15% - Down 20%
Construction	Down 3% - Down 8%	Down 5% - Down 10%
Europe	Up 30% - Up 40%	Up 35% - Up 40%
Australia	Down 20% - Down 25%	Down 20% - Down 25%

Adjusted Diluted Loss Per Share ⁽²⁾⁽³⁾	($1.50) - ($2.00)	($1.50) - ($2.00)
_{⁽¹⁾ Includes the full year impact of the Farmers Implement and Irrigation and Bellevue Machinery acquisitions, which closed in May 2025 and October 2025, respectively, which are partially offset by the divestitures of our Great Falls, Moses Lake, and Marshall, MO locations in August, September, and October 2025, respectfully.} _{⁽²⁾ Includes the anticipated recognition of a non-cash valuation allowance on the Company's deferred tax assets within its Domestic business that was not previously forecasted, which is now expected to be recognized in the fourth quarter of fiscal 2026. The estimated impact is ($0.35) to ($0.45) per share and is not expected to be adjusted out of the Company's presentation of Adjusted Diluted Loss Per Share.} _{⁽³⁾ Excludes an estimated loss on the Germany divestitures with an estimated impact of ($0.10) to ($0.15) per share.}

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 Tuesday, November 25, 2025, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations, and entering confirmation code 13756235.

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 and Adjusted Diluted Earnings (Loss) per Share.

This press release and the attached financial tables contain a reconciliation of certain non-GAAP financial measures as defined under SEC rules. As required by Securities and Exchange Commission ("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, other than Adjusted Diluted Loss per Share for Fiscal 2026. 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 reconcile EBITDA and adjusted EBITDA and Adjusted Diluted (Loss) Earnings per Share for the periods presented, to their respective most directly comparable GAAP financial measures. A reconciliation of Adjusted Diluted Loss Per Share for fiscal 2026 is not available without unreasonable effort due to the variability and low visibility of factors that may impact comparable GAAP measure.

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, Germany, Romania, and Ukraine and Australian stores located in New South Wales, South Australia, and Victoria in Southeastern Australia. Our stores represent 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 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.}

Titan Machinery Inc. Announces Results for Fiscal Third Quarter Ended October 31, 2025