TITN 10-Q Quarterly Report April 30, 2025

TITAN MACHINERY INC.

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titn-20250430

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File No. 001-33866

TITAN MACHINERY INC.

(Exact name of registrant as specified in its charter)


Delaware						45-0357838
(State or Other Jurisdiction of Incorporation or Organization)						(IRS Employer Identification No.)

644 East Beaton Drive

West Fargo, ND 58078-2648

(Address of Principal Executive Offices)

Registrant’s telephone number (701) 356-0130

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.00001 par value per share	TITN	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 2, 2025, 23,084,569 shares of Common Stock, $0.00001 par value, of the registrant were outstanding.

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TITAN MACHINERY INC.

QUARTERLY REPORT ON FORM 10-Q

Table of Contents


		Page No.
PART I.	FINANCIAL INFORMATION	3
ITEM 1.	FINANCIAL STATEMENTS	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Income (Loss)	5
	Condensed Consolidated Statements of Stockholders' Equity	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Condensed Consolidated Financial Statements	8
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	19
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	27
ITEM 4.	CONTROLS AND PROCEDURES	27
PART II.	OTHER INFORMATION	28
ITEM 1.	LEGAL PROCEEDINGS	28
ITEM 1A.	RISK FACTORS	28
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	28
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	28
ITEM 4.	MINE SAFETY DISCLOSURES	28
ITEM 5.	OTHER INFORMATION	28
ITEM 6.	EXHIBITS	28
Exhibit Index		29
Signatures		30

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TITAN MACHINERY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except per share data)


	April 30, 2025		January 31, 2025

Assets
Current Assets
Cash	$	21,514	$	35,898
Receivables, net of allowance for expected credit losses	124,007		119,814
Inventories, net	1,099,394		1,108,672
Prepaid expenses and other	27,903		28,244


Total current assets	1,272,818		1,292,628
Noncurrent Assets
Property and equipment, net of accumulated depreciation	376,917		379,690
Operating lease assets	29,222		27,935
Deferred income taxes	7,664		2,552
Goodwill	61,608		61,246
Intangible assets, net of accumulated amortization	48,300		48,306
Other	1,158		1,581
Total noncurrent assets	524,869		521,310
Total Assets	$	1,797,687	$	1,813,938

Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable	$	49,268	$	37,166
Floorplan payable	769,613		755,698

Current maturities of long-term debt	11,354		10,920
Current operating lease liabilities	5,879		5,747
Deferred revenue	57,829		91,933
Accrued expenses and other	61,975		59,492

Total current liabilities	955,918		960,956
Long-Term Liabilities
Long-term debt, less current maturities	153,900		157,767
Operating lease liabilities	26,586		25,588
Finance lease liabilities	44,279		44,894
Deferred income taxes	8,959		8,818
Other long-term liabilities	2,601		1,838
Total long-term liabilities	236,325		238,905
Commitments and Contingencies
Stockholders' Equity
Common stock, par value $ .00001 per share, 45,000,000 shares authorized; 23,085,586 shares issued and outstanding at April 30, 2025; 23,124,768 shares issued and outstanding at January 31, 2025	—		—
Additional paid-in-capital	263,007		262,097
Retained earnings	347,110		360,314
Accumulated other comprehensive income	( 4,673 )		( 8,334 )
Total stockholders' equity	605,444		614,077
Total Liabilities and Stockholders' Equity	$	1,797,687	$	1,813,938

See Notes to Condensed Consolidated Financial Statements

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TITAN MACHINERY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share data)


	Three Months Ended April 30,
	2025		2024
Revenue
Equipment	$	436,840	$	468,089
Parts	105,629		108,226
Service	44,017		45,079
Rental and other	7,850		7,309
Total Revenue	594,336		628,703
Cost of Revenue
Equipment	407,349		412,239
Parts	73,080		73,151
Service	16,609		16,776
Rental and other	6,363		4,782
Total Cost of Revenue	503,401		506,948
Gross Profit	90,935		121,755
Operating Expenses	96,404		99,158

Impairment of Intangible and Long-Lived Assets	266		—

(Loss) Income from Operations	( 5,735 )		22,597
Other Income (Expense)
Interest and other (expense) income	( 488 )		( 288 )
Floorplan interest expense	( 6,526 )		( 7,064 )
Other interest expense	( 4,533 )		( 2,459 )
(Loss) Income Before Income Taxes	( 17,282 )		12,786
(Benefit) Provision for Income Taxes	( 4,078 )		3,345
Net (Loss) Income	$	( 13,204 )	$	9,441

(Loss) Earnings per Share:
Basic	$	( 0.58 )	$	0.41
Diluted	$	( 0.58 )	$	0.41

Weighted Average Common Shares:
Basic	22,669		22,542
Diluted	22,669		22,546

See Notes to Condensed Consolidated Financial Statements

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TITAN MACHINERY INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(in thousands)


	Three Months Ended April 30,
	2025		2024
Net (Loss) Income	$	( 13,204 )	$	9,441
Other Comprehensive (Loss) Income
Foreign currency translation adjustments	3,661		( 4,525 )
Comprehensive (Loss) Income	$	( 9,543 )	$	4,916

See Notes to Condensed Consolidated Financial Statements

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TITAN MACHINERY INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

(in thousands)


	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	Shares Outstanding	Amount
Balance at January 31, 2025	23,125	$	—	$	262,097	$	360,314	$	( 8,334 )	$	614,077
Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax	( 39 )	—		( 681 )		—		—		( 681 )
Stock-based compensation expense	—	—		1,591		—		—		1,591
Net loss	—	—		—		( 13,204 )		—		( 13,204 )
Other comprehensive income	—	—		—		—		3,661		3,661
Balance at April 30, 2025	23,086	$	—	$	263,007	$	347,110	$	( 4,673 )	$	605,444


	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	Shares Outstanding	Amount
Balance at January 31, 2024	22,848	$	—	$	258,657	$	397,225	$	1,760	$	657,642
Common stock issued on grant of restricted stock, net of restricted stock forfeitures and restricted stock withheld for employee withholding tax	( 30 )	—		( 794 )		—		—		( 794 )
Stock-based compensation expense	—	—		837		—		—		837
Net income	—	—		—		9,441		—		9,441
Other comprehensive loss	—	—		—		—		( 4,525 )		( 4,525 )
Balance at April 30, 2024	22,818	$	—	$	258,700	$	406,666	$	( 2,765 )	$	662,601

See Notes to Condensed Consolidated Financial Statements

TITAN MACHINERY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)


	Three Months Ended April 30,
	2025		2024
Operating Activities
Net (loss) income	$	( 13,204 )	$	9,441
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Depreciation and amortization	8,915		8,715
Impairment	266		—
Deferred income taxes	( 5,080 )		( 379 )
Stock-based compensation expense	1,591		837
Noncash interest expense	244		88
Noncash lease expense	1,027		2,374



Other, net	( 1,022 )		1,393
Changes in assets and liabilities, net of effects of acquisitions
Receivables	( 3,828 )		20,115
Prepaid expenses and other assets	( 357 )		6,815
Inventories	16,428		( 137,760 )
Manufacturer floorplan payable	18,721		92,084
Deferred revenue	( 34,375 )		( 30,670 )
Accounts payable, accrued expenses and other and other long-term liabilities	16,869		( 5,407 )


Net Cash Provided by (Used for) Operating Activities	6,195		( 32,354 )
Investing Activities
Rental fleet purchases	—		( 2,968 )
Property and equipment purchases (excluding rental fleet)	( 7,988 )		( 10,757 )
Proceeds from sale of property and equipment	2,432		950
Acquisition consideration, net of cash acquired	—		( 260 )
Other, net	322		131
Net Cash Used for Investing Activities	( 5,234 )		( 12,904 )
Financing Activities
Net change in non-manufacturer floorplan payable	( 9,146 )		46,442

Proceeds from long-term debt borrowings	1,318		—
Principal payments on long-term debt and finance leases	( 7,253 )		( 2,567 )

Other, net	( 700 )		( 794 )
Net Cash (Used for) Provided by Financing Activities	( 15,781 )		43,081
Effect of Exchange Rate Changes on Cash	436		( 205 )
Net Change in Cash	( 14,384 )		( 2,382 )
Cash at Beginning of Period	35,898		38,066
Cash at End of Period	$	21,514	$	35,684
Supplemental Disclosures of Cash Flow Information
Cash paid during the period
Income taxes, net of refunds	$	578	$	1,043
Interest	$	10,843	$	9,458
Supplemental Disclosures of Noncash Investing and Financing Activities
Net property and equipment financed with long-term debt, finance leases, accounts payable and accrued liabilities	$	( 1,680 )	$	508

Net transfer of assets to property and equipment from inventories	$	416	$	( 746 )

See Notes to Condensed Consolidated Financial Statements

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TITAN MACHINERY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 - BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. The quarterly operating results for Titan Machinery Inc. (the “Company”) are subject to fluctuation due to varying weather patterns and other factors influencing customer profitability, which may impact the timing and amount of equipment purchases, rentals, and after-sales parts and service purchases by the Company’s agriculture, construction and international customers. Therefore, operating results for the three-months ended April 30, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2026. The information contained in the consolidated balance sheet as of January 31, 2025 was derived from the audited consolidated financial statements of the Company for the fiscal year then ended. These Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2025 as filed with the SEC.

Nature of Business

The Company is engaged in the retail sale, service and rental of agricultural and construction machinery through its stores in the United States, Europe, and Australia. The Company’s North American stores are located in Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, South Dakota, Washington, Wisconsin, and Wyoming. Internationally, the Company's European stores are located in Bulgaria, Germany, Romania, and Ukraine and the Company's Australian stores are located in New South Wales, South Australia, and Victoria in Southeastern Australia.

Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, particularly related to realization of inventory, impairment of long-lived assets, goodwill, or indefinite lived intangible assets, collectability of receivables, and income taxes.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material accounts, transactions and profits between the consolidated companies have been eliminated in consolidation.

Recently issued accounting pronouncements not yet adopted

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ( “ ASU ” ) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional income tax disclosures in the rate reconciliation table for federal, state and foreign income taxes, in addition to more details about the reconciling items in some categories when items meet a certain quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 require public entities to disclose specified information about certain costs and expenses. Additionally, in January 2025, FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date to clarify the effective date of ASU 2024-03. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements.

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In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“VIE”), which provides clarifying guidance on determining the accounting acquirer in certain transactions involving VIEs. The update aims to improve consistency and comparability in financial reporting. The guidance will be effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption is permitted. Upon adoption, the guidance will be applied prospectively. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements.

NOTE 2 - EARNINGS PER SHARE

The following table sets forth the calculation of basic and diluted earnings per share (“EPS”):


	Three Months Ended April 30,
	2025		2024
	(in thousands, except per share data)
Numerator:
Net (loss) income	$	( 13,204 )	$	9,441
Allocation to participating securities	—		( 123 )
Net (loss) income attributable to Titan Machinery Inc. common stockholders	$	( 13,204 )	$	9,318
Denominator:
Basic weighted-average common shares outstanding	22,669		22,542
Plus: incremental shares from vesting of restricted stock units	—		4
Diluted weighted-average common shares outstanding	22,669		22,546

(Loss) Earnings Per Share:
Basic	$	( 0.58 )	$	0.41
Diluted	$	( 0.58 )	$	0.41

Anti-dilutive shares excluded from diluted weighted-average common shares outstanding:
Restricted stock units	10		—

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NOTE 3 - REVENUE

Revenue is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration we expect to collect in exchange for those goods or services. Sales, value added and other taxes collected from our customers concurrent with our revenue activities are excluded from revenue.

The following tables present our revenue disaggregated by revenue source and segment:


	Three Months Ended April 30, 2025
	Agriculture		Construction		Europe		Australia		Total
	(in thousands)
Equipment	$	277,765	$	46,684	$	77,278	$	35,113	$	436,840
Parts	73,033		12,683		13,372		6,541		105,629
Service	32,419		6,790		2,625		2,183		44,017
Other	919		294		417		126		1,756
Revenue from contracts with customers	384,136		66,451		93,692		43,963		588,242
Rental	250		5,678		166		—		6,094
Total revenue	$	384,386	$	72,129	$	93,858	$	43,963	$	594,336


	Three Months Ended April 30, 2024
	Agriculture		Construction		Europe		Australia		Total
	(in thousands)
Equipment	$	338,713	$	47,095	$	47,499	$	34,782	$	468,089
Parts	74,965		11,830		14,524		6,907		108,226
Service	32,943		6,800		2,757		2,579		45,079
Other	875		316		153		151		1,495
Revenue from contracts with customers	447,496		66,041		64,933		44,419		622,889
Rental	191		5,451		172		—		5,814
Total revenue	$	447,687	$	71,492	$	65,105	$	44,419	$	628,703

Unbilled Receivables and Deferred Revenue

Unbilled receivables from contracts with customers amounted to $ 31.1 million and $ 24.6 million as of April 30, 2025 and January 31, 2025, respectively. This increase in unbilled receivables is primarily the result of a seasonal increase in the volume of our service transactions in which we recognize revenue as our work is performed and prior to customer invoicing.

Deferred revenue from contracts with customers amounted to $ 57.6 million and $ 91.7 million as of April 30, 2025 and January 31, 2025, respectively. Our deferred revenue most often increases in the fourth quarter of each fiscal year due to a higher level of customer down payments or prepayments and longer time periods between customer payment and delivery of the equipment asset, and the related recognition of equipment revenue, prior to its seasonal use. During the three months ended April 30, 2025 and 2024, the Company recognized $ 61.6 million and $ 76.7 million, respectively, of revenue that was included in the deferred revenue balance as of January 31, 2025 and January 31, 2024, respectively. No material amount of revenue was recognized during the three months ended April 30, 2025 or 2024 from performance obligations satisfied in previous periods.

NOTE 4 - RECEIVABLES

The Company provides an allowance for expected credit losses on its nonrental receivables. To measure the expected credit losses, receivables have been grouped based on shared credit risk characteristics as shown in the table below.

Trade and unbilled receivables from contracts with customers have credit risk and the allowance is determined by applying expected credit loss percentages to aging categories based on historical experience that are updated each quarter. The rates may also be adjusted to the extent future events are expected to differ from historical results. In addition, the allowance is adjusted based on information obtained by continued monitoring of individual customer credit.

Short-term receivables from finance companies, other receivables due from manufacturers, and other receivables have not historically resulted in any credit losses to the Company. These receivables are short-term in nature and deemed to be of good

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credit quality and have no need for any allowance for expected credit losses. Management continually monitors these receivables and should information be obtained that identifies potential credit risk, an adjustment to the allowance would be made if deemed appropriate.

Trade and unbilled receivables from rental contracts are primarily in the United States and are specifically excluded from the accounting guidance in determining an allowance for expected losses. The Company provides an allowance for these receivables based on historical experience and using credit information obtained from continued monitoring of customer accounts.


	April 30, 2025		January 31, 2025
	(in thousands)
Trade and unbilled receivables from contracts with customers
Trade receivables due from customers	$	60,142	$	49,777
Unbilled receivables	31,063		24,584
Less allowance for expected credit losses	( 2,159 )		( 1,994 )
	89,046		72,367

Short-term receivables due from finance companies	18,640		16,793

Trade and unbilled receivables from rental contracts
Trade receivables	3,630		4,015
Unbilled receivables	743		580
Less allowance for expected credit losses	( 599 )		( 578 )
	3,774		4,017
Other receivables
Due from manufacturers	11,890		25,692
Other	657		945
	12,547		26,637
Receivables, net of allowance for expected credit losses	$	124,007	$	119,814

Following is a summary of allowance for credit losses on trade and unbilled accounts receivable by segment:


	Agriculture		Construction		Europe		Australia		Total
	(in thousands)
Balance at January 31, 2025	$	605	$	209	$	1,132	48		$	1,994
Current expected credit loss provision	4		( 15 )		182		10		181
Write-offs charged against allowance	( 30 )		( 53 )		—		—		( 83 )
Credit loss recoveries collected	2		6		—		—		8
Foreign exchange impact	—		—		58		1		59
Balance at April 30, 2025	$	581	$	147	$	1,372	$	59	$	2,159


	Agriculture		Construction		Europe		Australia		Total
	(in thousands)
Balance at January 31, 2024	$	164	$	177	$	2,638	59		$	3,038
Current expected credit loss provision	51		64		121		37		273
Write-offs charged against allowance	( 17 )		( 22 )		( 5 )		—		( 44 )
Credit loss recoveries collected	—		2		—		—		2
Foreign exchange impact	—		—		( 10 )		(6)		( 16 )
Balance at April 30, 2024	$	198	$	221	$	2,744	$	90	$	3,253

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The following table presents impairment losses (recoveries) on receivables arising from sales contracts with customers and receivables arising from rental contracts reflected in Operating Expenses in the Condensed Consolidated Statements of Operations:


	Three Months Ended April 30,
	2025		2024
	(in thousands)
Impairment losses (recoveries) on:
Receivables from sales contracts	$	181	$	274
Receivables from rental contracts	28		115
	$	209	$	389

NOTE 5 - INVENTORIES


	April 30, 2025		January 31, 2025
	(in thousands)
New equipment	$	610,977	$	611,916
Used equipment	302,277		313,867
Parts and attachments	180,922		177,719
Work in process	5,218		5,170
	$	1,099,394	$	1,108,672

NOTE 6 - PROPERTY AND EQUIPMENT


	April 30, 2025		January 31, 2025
	(in thousands)
Rental fleet equipment	$	74,916	$	76,447
Machinery and equipment	38,239		38,306
Vehicles	118,574		114,402
Furniture and fixtures	30,302		29,840
Land, buildings, and leasehold improvements	290,034		288,761
	552,065		547,756
Less accumulated depreciation	( 175,148 )		( 168,066 )
	$	376,917	$	379,690

The Company includes depreciation expense related to its rental fleet and its trucking fleet for hauling equipment in Cost of Revenue, which was $ 1.9 million for the three months ended April 30, 2025 and 2024. All other depreciation expense is included in Operating Expenses, which was $ 6.1 million and $ 6.0 million for the three months ended April 30, 2025 and 2024, respectively.

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NOTE 7 - INTANGIBLE ASSETS AND GOODWILL

Finite-Lived Intangible Assets

The Company's finite-lived intangible assets consist of customer relationships and covenants not to compete. The following is a summary of intangible assets with finite lives as of April 30, 2025 and January 31, 2025:


	April 30, 2025						January 31, 2025
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
	(in thousands)						(in thousands)
Covenants not to compete	975		(518)		457		1,125		(642)		483
Customer relationships	$	11,110	$	(2,545)	$	8,565	$	11,137	$	(2,278)	$	8,859

	$	12,085	$	(3,063)	$	9,022	$	12,262	$	(2,920)	$	9,342

Total expense related to the amortization of intangible assets, which is recorded in Operating Expenses in the Condensed Consolidated Statements of Operations, was $0.5 million for the three months ended April 30, 2025 and 2024.

Future amortization expense, as of April 30, 2025, is expected to be as follows:

Fiscal Year Ending January 31,


	Amount
	(in thousands)
2026 (remainder)	$	1,294
2027	1,765
2028	1,698
2029	1,578
2030	1,539
Thereafter	1,148
	$	9,022

Indefinite-Lived Intangible Assets

The Company's indefinite-lived intangible assets consist of distribution rights assets. The following is a summary of the changes in indefinite-lived intangible assets, by segment, for the three months ended April 30, 2025:


	Agriculture		Construction		Australia		Total
	(in thousands)
January 31, 2025	$	18,154	$	72	$	20,738	$	38,964

Foreign currency translation	—		—		314		314

April 30, 2025	$	18,154	$	72	$	21,052	$	39,278

Goodwill

The following presents changes in the carrying amount of goodwill, by segment, for the three months ended April 30, 2025:


	Agriculture		Australia		Total
	(in thousands)
January 31, 2025	$	37,820	$	23,426	$	61,246


Foreign currency translation	—		362		362
April 30, 2025	$	37,820	$	23,788	$	61,608

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NOTE 8 - FLOORPLAN PAYABLE/LINES OF CREDIT

As of April 30, 2025, the Company had floorplan and working capital lines of credit totaling $ 1.5 billion, which is primarily comprised of three floorplan lines of credit: (i) $ 875.0 million credit facility with CNH Industrial N.V. (“CNH”), (ii) $ 390.0 million floorplan line of credit and $110.0 million working capital line of credit under its credit agreement with a syndicate of banks “Bank Syndicate Agreement”), and (iii) $ 80.0 million credit facility with DLL Finance LLC (“DLL Finance”).

The Company's outstanding balances of floorplan lines of credit as of April 30, 2025 and January 31, 2025, consisted of the following:


	April 30, 2025		January 31, 2025
	(in thousands)
CNH	$	536,820	$	520,927
Bank Syndicate Agreement Floorplan Loan	119,682		127,154
DLL Finance	48,680		37,859
Other outstanding balances with manufacturers and non-manufacturers	64,431		69,758
	$	769,613	$	755,698

As of April 30, 2025, the interest-bearing floorplan payables carried a variable interest rate with a range of 3.95 % to 7.45 % compared to a range of 4.06 % to 9.15 % as of January 31, 2025. The Company had non-interest-bearing floorplan payables of $ 321.7 million and $ 302.4 million, as of April 30, 2025 and January 31, 2025, respectively.

NOTE 9 - LONG TERM DEBT

The following is a summary of the Company's long-term debt as of April 30, 2025 and January 31, 2025:


Description	Maturity Dates	Interest Rates	April 30, 2025		January 31, 2025
			(in thousands)
Mortgage loans, secured	Various through May 2039	2.1% to 7.3%	$	126,022	$	129,604
Sale-leaseback financing obligations	December 2028 to December 2030	6.1% to 6.2%	9,745		9,804

Vehicle loans, secured	Various through February 2031	2.1% to 7.6%	27,515		27,198
Other	Various through September 2029	2.4% to 7.4%	1,972		2,081
Total debt			165,254		168,687
Less: current maturities			( 11,354 )		( 10,920 )
Long-term debt, net			$	153,900	$	157,767

NOTE 10 - DERIVATIVE INSTRUMENTS

The Company holds derivative instruments for the purpose of minimizing exposure to fluctuations in foreign currency exchange rates to which the Company is exposed in the normal course of its operations.

From time to time, the Company uses foreign currency forward contracts to hedge the effects of fluctuations in exchange rates on outstanding intercompany loans. The Company does not formally designate and document such derivative instruments as hedging instruments; however, the instruments are an effective economic hedge of the underlying foreign currency exposure. Both the gain or loss on the derivative instrument and the offsetting gain or loss on the underlying intercompany loan are recognized in earnings immediately, thereby eliminating or reducing the impact of foreign currency exchange rate fluctuations on net income. The Company's foreign currency forward contracts generally have one-month to three-month maturities. The notional value of outstanding foreign currency contracts was $ 34.9 million and $ 46.1 million as of April 30, 2025 and January 31, 2025, respectively.

As of April 30, 2025 and January 31, 2025, the fair value of the Company's outstanding derivative instruments was not material. Derivative instruments recognized as assets are recorded in Prepaid expenses and other in the Condensed Consolidated Balance Sheets, and derivative instruments recognized as liabilities are recorded in Accrued expenses and other in the Condensed Consolidated Balance Sheets.

The following table sets forth the gains and losses recognized in income from the Company’s derivative instruments for the three months ended April 30, 2025 and 2024. Gains and losses are recognized in Interest and other income (expense) in the Condensed Consolidated Statements of Operations:


	Three Months Ended April 30,
	2025		2024
	(in thousands)
Foreign currency contract (loss) gain	$	( 2,046 )	$	153

NOTE 11 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following is a summary of the changes in accumulated other comprehensive income (loss), by component, for the three month periods ended April 30, 2025 and 2024:


	Foreign Currency Translation Adjustment		Net Investment Hedging Gain		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, January 31, 2025	$	( 11,045 )	$	2,711	$	( 8,334 )
Other comprehensive income	3,661		—		3,661
Balance, April 30, 2025	( 7,384 )		2,711		( 4,673 )


	Foreign Currency Translation Adjustment		Net Investment Hedging Gain		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, January 31, 2024	$	( 951 )	$	2,711	$	1,760
Other comprehensive loss	( 4,525 )		—		( 4,525 )
Balance, April 30, 2024	( 5,476 )		2,711		( 2,765 )

NOTE 12 - LEASES

As Lessor

Revenue generated from leasing activities is disclosed, by segment, in Note 3 - Revenue. The following is the balance of our dedicated rental fleet assets, included in Property and equipment, net of accumulated depreciation in the Condensed Consolidated Balance Sheets, of our Construction segment as of April 30, 2025 and January 31, 2025:


	April 30, 2025		January 31, 2025
	(in thousands)
Rental fleet equipment	$	74,916	$	76,447
Less accumulated depreciation	( 26,831 )		( 26,327 )
	$	48,085	$	50,120

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NOTE 13 - FAIR VALUE OF FINANCIAL INSTRUMENTS

As of April 30, 2025, the fair value of the Company's foreign currency contracts, which are either assets or liabilities measured at fair value on a recurring basis, was not material. These foreign currency contracts were valued using a discounted cash flow analysis, which is an income approach, utilizing readily observable market data as inputs, which is classified as a Level 2 fair value measurement.

The Company also has financial instruments that are not recorded at fair value in the Condensed Consolidated Balance Sheets, including cash, receivables, payables and long-term debt. The carrying amounts of these financial instruments approximated their fair values as of April 30, 2025 and January 31, 2025. The fair value of these financial instruments was estimated based on Level 2 fair value inputs. The estimated fair value of the Company's Level 2 long-term debt, which is provided for disclosure purposes only, is as follows:


	April 30, 2025		January 31, 2025
	(in thousands)
Carrying amount	$	155,509	$	158,883
Fair value	$	143,432	$	145,010

NOTE 14 - INCOME TAXES

Our effective tax rate was 23.6 % and 26.2 % for the three months ended April 30, 2025 and 2024, respectively. The effective tax rate for the three months ended April 30, 2025 and 2024, is subject to variation of the impact of certain discrete items, mainly the vesting of share-based compensation, the mix of domestic and foreign income and the impact of the recognition of valuation allowance on our foreign deferred tax assets.

NOTE 15 - BUSINESS COMBINATIONS

Fiscal 2025

The Company acquired Gose Landtechnik e.K. on March 1, 2024, which consists of one location in Germany and is included in the Europe segment. This acquisition is not considered material to the overall consolidated financial statements during the three months ended April 30, 2024 and has been included in the Condensed Consolidated Financial Statements from the date of the acquisition.

NOTE 16 - CONTINGENCIES

The Company is engaged in legal proceedings incidental to the normal course of business. Due to their nature, these legal proceedings involve inherent uncertainties, including but not limited to, court rulings, negotiations between affected parties and governmental intervention. Based upon the information available to the Company and discussions with legal counsel, it is the Company's opinion that the outcome of these various legal actions and claims will not have a material impact on its financial position, results of operations or cash flows. These matters, however, are subject to many uncertainties, and the outcome of any matter is not predictable.

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NOTE 17 - BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

The Company has four reportable segments: Agriculture, Construction, Europe and Australia. Revenue between segments is immaterial. The Company retains various unallocated income/(expense) items and assets at the general corporate level, which the Company refers to as “Shared Resources” in the table below. Shared Resources assets primarily consist of cash and property and equipment.

Net sales and long-lived assets by geographic area were as follows:


	Revenue
	Three Months Ended April 30,
	2025		2024
	(in thousands)
United States	$	456,515	$	519,179
Australia	43,963		44,419
Other international countries	93,858		65,105
	$	594,336	$	628,703


		Long-lived assets
		April 30, 2025		January 31, 2025
	(in thousands)
United States		$	359,899	$	363,672
Australia		26,327		24,512
Other international countries		20,602		20,323
		$	406,828	$	408,507

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Certain financial information for each of the Company's business segments is set forth below.


	Three Months Ended April 30, 2025
	(in thousands)
	Agriculture		Construction		Europe		Australia		Total
Revenue
Equipment	$	277,765	$	46,684	$	77,278	$	35,113	$	436,840
Parts	73,033		12,683		13,372		6,541		105,629
Service	32,419		6,790		2,625		2,183		44,017
Rental and other	1,169		5,972		583		126		7,850
	$	384,386	$	72,129	$	93,858	$	43,963	$	594,336
Cost of Revenue
Equipment	$	268,602	$	43,040	$	64,630	$	31,078
Parts	49,287		9,195		10,117		4,481
Service	12,119		2,269		1,467		754
Rental and other	1,497		4,247		360		258
Operating expense	59,548		15,157		11,208		7,115
Impairment charge (1)	266		—		—		—
Floorplan interest expense	3,865		1,186		764		569

Other segment expense (income), net (2)	1,979		1,215		602		269
Segment (loss) income before taxes	$	( 12,777 )	$	( 4,180 )	$	4,710	$	( 561 )	$	(12,808)
Shared resources unallocated expense									( 4,474 )
Loss before taxes									$	( 17,282 )

Depreciation and amortization	$	4,270	$	2,243	$	831	$	829
Capital expenditures	$	2,236	$	867	$	602	$	374	$	4,079
Shared Resources Assets Capital expenditures									3,909
Total Capital expenditures									$	7,988
(1) Impairment charge related to long-lived assets.
(2) Balance consists of other interest income (expense) and foreign currency.

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	Three Months Ended April 30, 2024
	(in thousands)
	Agriculture		Construction		Europe		Australia		Total
Revenue
Equipment	$	338,713	$	47,095	$	47,499	$	34,782	$	468,089
Parts	74,965		11,830		14,524		6,907		108,226
Service	32,943		6,800		2,757		2,579		45,079
Rental and other	1,066		5,767		325		151		7,309
	$	447,687	$	71,492	$	65,105	$	44,419	$	628,703
Cost of Revenue
Equipment	$	301,668	$	39,957	$	39,667	$	30,947
Parts	50,026		8,090		10,377		4,658
Service	12,287		2,095		1,540		855
Rental and other	868		3,531		159		223
Operating expense	64,744		15,621		10,605		7,290

Floorplan interest expense	5,113		1,259		1,000		509

Other segment expense (income), net (1)	( 64 )		671		407		423
Segment income (loss) before taxes	$	13,045	$	268	$	1,350	$	( 486 )	$	14,177
Shared resources unallocated expense									( 1,391 )
Income before taxes									$	12,786

Depreciation and amortization	$	3,249	$	2,106	$	810	$	912
Capital expenditures	$	2,302	$	115	$	840	$	1,462	$	4,719
Shared Resources Assets Capital expenditures									6,038
Total Capital Expenditures									$	10,757

(1) Balance consists of other interest income (expense) and foreign currency.


		Total Assets
		April 30, 2025		January 31, 2025
	(in thousands)
Agriculture		$	1,052,399	$	1,060,180
Construction		248,516		252,471
Europe		249,681		248,282
Australia		194,335		192,331
Shared Resources Assets (1)		$	52,756	$	60,674
		$	1,797,687	$	1,813,938
(1) Agriculture and Construction cash balances are held at Shared Resources.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our interim unaudited Condensed Consolidated Financial Statements and related notes included in Item 1 of Part I of this Quarterly Report, and the audited consolidated financial statements and related notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025.

Overview

We own and operate a network of full service agricultural and construction equipment stores in the United States, Australia, and Europe. Based upon information provided to us by CNH, we are the largest retail dealer of CaseIH Agriculture equipment in the world, one of the largest retail dealers of Case Construction equipment in North America and one of the largest retail dealers of New Holland Agriculture and New Holland Construction equipment in the United States. We operate our business through four reportable segments: Agriculture, Construction, Europe and Australia. Within each segment, we have four principal sources of revenue: new and used equipment sales, parts sales, service, and equipment rental and other activities.

Demand for agricultural equipment and, to a lesser extent, parts and service support, is impacted by agricultural commodity prices and net farm income. Based upon February 2025 U.S. Department of Agriculture publications, calendar year 2024 net farm income is estimated to have decreased by 23.6% compared to 2022.

The U.S. federal government recently imposed significant tariffs on imports from a broad range of countries. In response, some countries have enacted or are expected to enact retaliatory tariffs on U.S. exports.

Although the overall impact of these trade measures remains uncertain, we recognize the possibility of increases in the wholesale prices that we pay for our equipment and parts inventory. These higher wholesale prices could compress our margins if we are unable to fully pass on these cost increases to our retail customers. Additionally, retaliatory tariffs may negatively affect U.S. agricultural exports, which could have downstream effects on our core customer base in the farming sector. Some analysts have also cautioned that prolonged disruptions to global trade could increase the risk of broader macroeconomic challenges, including the possibility of a recession.

For the first quarter of fiscal 2026, our net loss was $13.2 million, or $0.58 per diluted share, compared to a fiscal 2025 first quarter net income of $9.4 million, or $0.41 per diluted share. Significant factors impacting the quarterly comparisons were:

• Revenue in the first quarter of fiscal 2026 decreased by 5.5% compared to the first quarter of fiscal 2025. The revenue decrease was led by softening of demand for equipment purchases due to the expected decline of net farm income this growing season.

• Gross profit margin decreased to 15.3% for the first quarter of fiscal 2026, as compared to 19.4% for the first quarter of fiscal 2025. The decrease in gross profit margin is due to lower equipment margins, driven by softer retail demand and elevated inventory levels across the industry.

Critical Accounting Policies and Estimates

Our critical accounting policies and estimates are included in the Management's Discussion and Analysis of Financial Condition and Results of Operations section of our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. There have been no changes in our critical accounting policies and estimates since January 31, 2025.

Key Financial Metrics

In addition to tracking our sales and expenses to evaluate our operational performance, we also monitor the following key financial metrics. The results of some of these metrics are discussed further throughout this Item 2.

Absorption

Absorption is an industry term that refers to the percentage of an equipment dealer's operating expense covered by the combined gross profit from parts, service and rental fleet activity. We calculate absorption by dividing our gross profit from sales of parts, service and rental fleet by our operating expenses, less commission expense on equipment sales, plus interest expense on rental fleet debt. This calculation of absorption does not include floorplan interest expense. We believe that absorption is an important management metric because during economic down cycles our customers tend to postpone new and used equipment purchases while continuing to run, maintain and repair their existing equipment. Thus, operating at a high absorption rate enables us to operate profitably throughout economic down cycles.

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Dollar Utilization

Dollar utilization is a measurement of asset performance and profitability used in the rental industry. We calculate the dollar utilization of our rental fleet equipment by dividing the rental revenue earned on our rental fleet by the average gross carrying value of our rental fleet (comprised of original equipment costs plus additional capitalized costs) for that period. While our rental fleet has variable expenses related to repairs and maintenance, its primary expense for depreciation is fixed. Low dollar utilization of our rental fleet has a negative impact on gross profit margin and gross profit dollars due to the fixed depreciation component. However, high dollar utilization of our rental fleet has a positive impact on gross profit margin and gross profit dollars.

Inventory Turnover

Inventory turnover measures the rate at which inventory is sold during the year. We calculate it by dividing cost of sales on equipment for the last twelve months by the average of the month-end balances of our equipment and parts inventories for the same twelve-month period. We believe that inventory turnover is an important management metric in evaluating the efficiency at which we are managing and selling our inventories.

Same-Store Results

Same-store sales for any period represent sales by stores that were part of the Company for the entire comparable period in the current and preceding fiscal years. We do not distinguish between relocated or recently expanded stores in this same-store analysis. Closed stores are excluded from the same-store analysis.

Results of Operations

The results presented below include the operating results of each acquisition made during these periods, from the date of acquisition, as well as the operating results of any stores closed or divested during these periods, up to the date of the store closure. The period-to-period comparisons included below are not necessarily indicative of future results. Segment information is provided later in the discussion and analysis of our results of operations. Additional information regarding our segments is included in Note 17, Business Segment and Geographic Information, in Item 1.

Comparative financial data for each of our four sources of revenue are expressed below.


	Three Months Ended April 30,
	2025			2024
	(dollars in thousands)
Equipment
Revenue	$	436,840		$	468,089
Cost of revenue	407,349			412,239
Gross profit	$	29,491		$	55,850
Gross profit margin	6.8		%	11.9		%
Parts
Revenue	$	105,629		$	108,226
Cost of revenue	73,080			73,151
Gross profit	$	32,549		$	35,075
Gross profit margin	30.8		%	32.4		%
Service
Revenue	$	44,017		$	45,079
Cost of revenue	16,609			16,776
Gross profit	$	27,408		$	28,303
Gross profit margin	62.3		%	62.8		%
Rental and other
Revenue	$	7,850		$	7,309
Cost of revenue	6,363			4,782
Gross profit	$	1,487		$	2,527
Gross profit margin	18.9		%	34.6		%

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The following table sets forth our statements of operations data expressed as a percentage of total revenue for the periods indicated:


	Three Months Ended April 30,
	2025		2024
Revenue
Equipment	73.5	%	74.5	%
Parts	17.8	%	17.2	%
Service	7.4	%	7.2	%
Rental and other	1.3	%	1.1	%
Total Revenue	100.0	%	100.0	%
Total Cost of Revenue	84.7	%	80.6	%
Gross Profit Margin	15.3	%	19.4	%
Operating Expenses	16.2	%	15.8	%


(Loss) Income from Operations	(1.0)	%	3.6	%
Other Expense	(1.9)	%	(1.6)	%
(Loss) Income Before Income Taxes	(2.9)	%	2.0	%
(Benefit) Provision for Income Taxes	(0.7)	%	0.5	%
Net (Loss) Income	(2.2)	%	1.5	%

Three Months Ended April 30, 2025 Compared to Three Months Ended April 30, 2024

Consolidated Results

Revenue


	Three Months Ended April 30,				Increase/		Percent
	2025		2024		(Decrease)		Change
	(dollars in thousands)
Equipment	$	436,840	$	468,089	$	(31,249)	(6.7)	%
Parts	105,629		108,226		(2,597)		(2.4)	%
Service	44,017		45,079		(1,062)		(2.4)	%
Rental and other	7,850		7,309		541		7.4	%
Total Revenue	$	594,336	$	628,703	$	(34,367)	(5.5)	%

Total revenue for the first quarter of fiscal 2026 declined by 5.5% or $34.4 million compared to the first quarter of fiscal 2025 primarily due to challenging industry conditions such as decreases in agricultural commodity prices and projected net farm income which have a negative effect on customer sentiment. Further, February 2025 U.S. Department of Agriculture publications estimated calendar year 2024 net farm income to have decreased by 23.6% compared to 2022.

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	Three Months Ended April 30,						Increase/			Percent
	2025			2024			(Decrease)			Change
	(dollars in thousands)
Gross Profit
Equipment	$	29,491		$	55,850		$	(26,359)		(47.2)	%
Parts	32,549			35,075			(2,526)			(7.2)	%
Service	27,408			28,303			(895)			(3.2)	%
Rental and other	1,487			2,527			(1,040)			(41.2)	%
Total Gross Profit	$	90,935		$	121,755		$	(30,820)		(25.3)	%
Gross Profit Margin
Equipment	6.8		%	11.9		%	(5.1)		%	(42.9)	%
Parts	30.8		%	32.4		%	(1.6)		%	(4.9)	%
Service	62.3		%	62.8		%	(0.5)		%	(0.8)	%
Rental and other	18.9		%	34.6		%	(15.7)		%	(45.4)	%
Total Gross Profit Margin	15.3		%	19.4		%	(4.1)		%	(21.1)	%
Gross Profit Mix
Equipment	32.4		%	45.9		%	(13.5)		%	(29.4)	%
Parts	35.8		%	28.8		%	7.0		%	24.3	%
Service	30.1		%	23.2		%	6.9		%	29.7	%
Rental and other	1.7		%	2.1		%	(0.4)		%	(19.0)	%
Total Gross Profit Mix	100.0		%	100.0		%

Gross profit for the first quarter of fiscal 2026 decreased 25.3% or $30.8 million, as compared to the same period last year. Gross profit margin declined to 15.3% in the current quarter from 19.4% in the prior year quarter. The decrease in gross profit margin was primarily due to lower equipment margins, driven by softer retail demand and the Company's initiatives to manage inventory to targeted levels.

Our Company-wide absorption rate decreased to 75.5% for the first quarter of fiscal 2026 compared to 77.1% during the same period last year. The decrease in our absorption rate was primarily due to lower gross profit in the first quarter of fiscal 2026 compared to the same period last year.

Operating Expenses


	Three Months Ended April 30,						Increase/			Percent
	2025			2024			(Decrease)			Change
	(dollars in thousands)
Operating Expenses	$	96,404		$	99,158		$	(2,754)		(2.8)	%
Operating Expenses as a Percentage of Revenue	16.2		%	15.8		%	0.4		%	2.5	%

Our operating expenses in the first quarter of fiscal 2026 decreased 2.8% as compared to the first quarter of fiscal 2025. The decrease was primarily driven by lower variable expenses associated with the year-over-year decline in revenue and profitability. Operating expenses as a percentage of revenue increased to 16.2% in the first quarter of fiscal 2026 from 15.8% in the first quarter of fiscal 2025.

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Impairment Charges

Three Months Ended April 30,

Increase/

Percent

2025

2024

(Decrease)

Change

(dollars in thousands)

Impairment of Intangible and Long-Lived Assets

266

—

n/m

*n/m - not meaningful

In the first quarter of fiscal 2026, we recognized $0.3 million in impairment expense related to other intangible and long-lived assets in our Agriculture segment.

Other Income (Expense)


	Three Months Ended April 30,				Increase/		Percent
	2025		2024		(Decrease)		Change
	(dollars in thousands)
Interest and other income (expense)	$	(488)	$	(288)	$	200	69.4	%
Floorplan interest expense	$	(6,526)	$	(7,064)	$	(538)	(7.6)	%
Other interest expense	$	(4,533)	$	(2,459)	$	2,074	84.3	%

The decrease in floorplan interest expense for the first quarter of fiscal 2026 as compared to the first quarter of fiscal 2025 was primarily due to a lower level of interest-bearing inventory. The increase in other interest expense in the first quarter of fiscal 2026 is the result of an increased amount of long-term debt outstanding resulting from the Company's acquisition of previously leased facilities in fiscal 2025 as well as an increase in facilities being financed with finance leases.

(Benefit) Provision for Income Taxes


	Three Months Ended April 30,				Increase/		Percent
	2025		2024		(Decrease)		Change
	(dollars in thousands)
(Benefit) Provision for Income Taxes	$	(4,078)	$	3,345	$	(7,423)	(221.9)	%

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Segment Results

Certain financial information for our Agriculture, Construction, Europe and Australia business segments is presented below. “Shared Resources” in the table below refers to the various unallocated income/(expense) items that we have retained at the general corporate level. Revenue between segments is immaterial.


	Three Months Ended April 30,				Increase/		Percent
	2025		2024		(Decrease)		Change
	(dollars in thousands)
Revenue
Agriculture	$	384,386	$	447,687	$	(63,301)	(14.1)	%
Construction	72,129		71,492		637		0.9	%
Europe	93,858		65,105		28,753		44.2	%
Australia	43,963		44,419		(456)		(1.0)	%
Total	$	594,336	$	628,703	$	(34,367)	(5.5)	%

(Loss) Income Before Income Taxes
Agriculture	$	(12,777)	$	13,045	$	(25,822)	n/m
Construction	(4,180)		268		(4,448)		n/m
Europe	4,710		1,350		3,360		248.9	%
Australia	(561)		(486)		(75)		(15.4)	%
Segment (Loss) Income Before Income Taxes	(12,808)		14,177		(26,985)		n/m
Shared Resources	(4,474)		(1,391)		(3,083)		(221.6)	%
Total	$	(17,282)	$	12,786	$	(30,068)	n/m
*n/m - not meaningful

Agriculture

Agriculture segment revenue for the first quarter of fiscal 2026 decreased 14.1% compared to the first quarter of fiscal 2025, primarily driven by a decrease in equipment revenue, which resulted from challenging industry conditions, such as decreases in agricultural commodity prices and projected net farm income, which negatively affected customer sentiment in the first quarter of fiscal 2026, as compared to the same period in the prior year. Changes in actual or anticipated net farm income generally have a direct correlation with the retail demand for equipment.

Agriculture segment loss before income taxes for the first quarter of fiscal 2026 was $12.8 million compared to income of $13.0 million before income taxes for the first quarter of fiscal 2025. The decrease in gross profit is primarily due to lower sales, which is being driven by softening demand, and lower equipment margins.

Construction

Construction segment revenue for the first quarter of fiscal 2026 increased 0.9% compared to the first quarter of fiscal 2025.

Our Construction segment loss before income taxes was $4.2 million for the first quarter of fiscal 2026 compared to $0.3 million income before income taxes in the first quarter of fiscal 2025. The decrease in segment results was primarily related to lower equipment margins compared to same period last year. Additionally, the dollar utilization of our rental fleet decreased from 21.7% in the first quarter of fiscal 2025 to 20.1% in the first quarter of fiscal 2026.

Europe

Europe segment revenue was $93.9 million for the first quarter of fiscal 2026 compared to $65.1 million in the first quarter of fiscal 2025. The increase in revenue resulted from an increase in equipment demand, which was driven by a stronger than expected response to European Union stimulus programs in Romania.

Our Europe segment income before income taxes was $4.7 million for the first quarter of fiscal 2026 compared to $1.4 million in the first quarter of fiscal 2025. The increase in segment pre-tax income was primarily the result of increased equipment sales as noted above.

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Australia

Australia segment revenue was $44.0 million for the first quarter of fiscal 2026 compared to $44.4 million in the first quarter of fiscal 2025.

Our Australia segment loss before income taxes was $0.6 million for the first quarter of fiscal 2026 compared to $0.5 million in the first quarter of fiscal 2025.

Shared Resources/Eliminations

We incur centralized expenses/income at our general corporate level, which we refer to as “Shared Resources,” and then allocate most of these net expenses to our segments. Since these allocations are set early in the year, unallocated balances may occur. Shared Resources loss before income taxes was $4.5 million for the first quarter of fiscal 2026 compared to $1.4 million for the same period last year.

Liquidity and Capital Resources

Sources of Liquidity

Our primary sources of liquidity are cash reserves, cash generated from operations, and borrowings under our floorplan and other credit facilities. We expect these sources of liquidity to be sufficient to fund our working capital requirements, acquisitions, capital expenditures and other investments in our business, service our debt, pay our tax and lease obligations and other commitments and contingencies, and meet any seasonal operating requirements for the foreseeable future. However, our borrowing capacity under our floorplan and other credit facilities is dependent on compliance with various covenants as further described in the “Risk Factors” section and Note 8 to our Condensed Consolidated Financial Statement contained in our Annual Report on Form 10-K.

Equipment Inventory and Floorplan and Working Capital Payable Credit Facilities

As of April 30, 2025, the Company had floorplan payable lines of credit for equipment purchases totaling $1.5 billion, which is primarily comprised of a $875.0 million credit facility with CNH, a $390.0 million floorplan payable line and a $110.0 million working capital line of credit under the Bank Syndicate Agreement, and a $80.0 million credit facility with DLL Finance.

Our equipment inventory turnover decreased from 2.0 times for the rolling 12 month period ended April 30, 2024 to 1.7 times for the rolling 12 month period ended April 30, 2025. The decrease in equipment turnover was attributable to an increase in equipment inventory over the rolling 12 month period ended April 30, 2025 and a decline in demand for equipment purchases. Our equity in equipment inventory, which reflects the portion of our equipment inventory balance that is not financed by floorplan payables, decreased to 21.2% as of April 30, 2025 from 25.9% as of January 31, 2025.

Adequacy of Capital Resources

Our primary uses of cash have been to fund our operating activities, including the purchase of inventories and providing for other working capital needs, meeting our debt service requirements, making payments due under our various leasing arrangements, funding capital expenditures, including rental fleet assets, and funding acquisitions. Based on our current operational performance, we believe our cash flow from operations, available cash and available borrowing capacity under our existing credit facilities will adequately provide for our liquidity needs for, at a minimum, the next 12 months.

During fiscal 2025, we received various letters from CNH and DLL Finance that waived the consolidated fixed charge coverage ratio covenant for the periods through January 31, 2026, and therefore as of April 30, 2025, we were not subject to this financial covenant under our CNH and DLL Finance credit agreements. We were also not subject to the fixed charge coverage ratio covenant under the Bank Syndicate Agreement as our adjusted excess availability plus eligible cash collateral (as defined therein) was not less than 15% of the lesser of (i) aggregate borrowing base and (ii) maximum credit amount as of April 30, 2025. The financial covenants also require us to maintain an adjusted debt to tangible net worth ratio of 3.5, which is measured on a quarterly basis.

While not expected to occur, if operating results were to create the likelihood of a future covenant violation, we would continue to work with our lenders on an appropriate modification or amendment to our financing arrangements.

Cash Flow

Cash Flow Provided by (Used for) Operating Activities

Net cash provided by operating activities was $6.2 million for the first three months of fiscal 2026, compared to net cash used for operating activities of $32.4 million for the three months ended April 30, 2024. The change in cash from operating

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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 three months of fiscal 2026 compared to the prior year period.

Cash Flow Used for Investing Activities

Net cash used for investing activities was $5.2 million for the first three months of fiscal 2026, compared to $12.9 million for the first three months of fiscal 2025. The decrease in net cash used for investing activities was primarily due to a decrease of purchases of property and equipment compared to the prior year period.

Cash Flow (Used for) Provided by Financing Activities

Net cash used for financing activities was $15.8 million for the first three months of fiscal 2026 compared to net cash provided by financing activities $43.1 million for the first three months of fiscal 2025. The change in cash from financing activities was primarily driven by lower non-manufacturing floorplan payables during the first three months of fiscal 2026.

Information Concerning Off-Balance Sheet Arrangements

As of April 30, 2025, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. Therefore, we are not exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in these relationships.

FORWARD-LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Forward-looking statements are contained in this Quarterly Report on Form 10-Q, including in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as in our Annual Report on Form 10-K for the year ended January 31, 2025, and in other materials filed by the Company with the Securities and Exchange Commission (and included in oral statements or other written statements made by the Company).

Forward-looking statements are statements based on future expectations and specifically may include, among other things, the impact of farm income levels on customer demand for agricultural equipment and services, the general market conditions of the agricultural and construction industries, equipment inventory levels and our ability to manage inventory down to target levels and the effects of these actions on future results, and our primary liquidity sources being sufficient to meet future business needs for the foreseeable future, and the adequacy of our capital resources to provide for our liquidity needs for the next 12 months. Any statements that are not based upon historical facts, including the outcome of events that have not yet occurred and our expectations for future performance, are forward-looking statements. 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. These forward-looking statements involve important risks and uncertainties that could significantly affect anticipated results or outcomes in the future and, accordingly, actual results or outcomes may differ from those expressed in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to, the impact of the Russia-Ukraine conflict on our Ukrainian operations, our ability to successfully integrate and realize growth opportunities and synergies in connection with the O'Connors acquisition, the risk that we have assumed unforeseen or other liabilities in connection with the O'Connors acquisition, the impact of those conditions and obligations imposed on us under the CaseIH dealer agreements entered into in connection with our acquisition of the Heartland companies', commercial application equipment business, our substantial dependence on CNH, including CNH's ability to design, manufacture and allocate inventory to our stores in quantities necessary to satisfy our customer's demands, disruptions of supply chains and associated impacts on the Company's supply vendors and their ability to provide the Company with sufficient and timely inventory to meet customer demand, adverse market conditions in the agricultural and construction equipment industries, and those matters identified and discussed under the section titled “Risk Factors” in our Annual Report on Form 10-K. In addition to those matters, there may exist additional risks and uncertainties not currently known to us or that we currently deem to be immaterial that may materially adversely affect our business, financial condition or results of operations and may cause results to differ materially from those contained in any forward-looking statement. Other than as required by applicable law, we disclaim any obligation to update such risks and uncertainties or to publicly announce results of revisions to any of the forward-looking statements contained in this Quarterly Report on Form 10-Q to reflect future events or developments.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to various market risks, including changes in interest rates and foreign currency exchange rates. Market risk is the potential loss arising from adverse changes in market rates and prices, such as interest rates and foreign currency exchange rates.

Interest Rate Risk

Exposure to changes in interest rates results from borrowing activities used to fund operations. For fixed rate debt, interest rate changes affect the fair value of financial instruments but do not impact earnings or cash flows. Conversely, for floating rate debt, interest rate changes generally do not affect the fair market value but do impact future earnings and cash flows, assuming other factors are held constant. We have both fixed and floating rate financing. Some of our floating rate credit facilities contain minimum rates of interest to be charged. Based upon our interest-bearing balances and interest rates as of April 30, 2025, holding other variables constant, a one percentage point change in interest rates for the next 12-month period would have a positive or negative impact to the pre-tax earnings and cash flow by approximately $4.5 million. At April 30, 2025, we had floorplan payables of $769.6 million, of which approximately $447.9 million was variable-rate and $321.7 million was non-interest bearing. In addition, at April 30, 2025, we had total long-term debt, including finance lease obligations, of $211.2 million, primarily all of which was fixed rate debt.

Foreign Currency Exchange Rate Risk

Our foreign currency exposures arise as the result of our foreign operations. We are exposed to transactional foreign currency exchange rate risk through our foreign entities’ holding assets and liabilities denominated in currencies other than their functional currency. In addition, the Company is exposed to foreign currency transaction risk as a result of certain intercompany financing transactions. The Company attempts to manage its transactional foreign currency exchange rate risk through the use of derivative financial instruments, primarily foreign exchange forward contracts, or through natural hedging instruments. Based upon balances and exchange rates as of April 30, 2025, holding other variables constant, we believe that a hypothetical 10% increase or decrease in all applicable foreign exchange rates would not have a material impact on our results of operations or cash flows. As of April 30, 2025, our Ukrainian subsidiary had $1.0 million of net monetary assets denominated in Ukrainian hryvnia (“UAH”). We have attempted to minimize our net monetary asset position in Ukraine through reducing overall asset levels in Ukraine and at times through borrowing in UAH which serves as a natural hedging instrument offsetting our net UAH denominated assets. Many of the currency and payment controls the National Bank of Ukraine imposed in February 2022, have been relaxed, making it more practicable to manage our UAH exposure. However, the continuation of the Russia/Ukraine conflict could lead to more significant UAH devaluations or more stringent payment controls in the future. The inability to fully manage our net monetary asset position and continued UAH devaluations for an extended period of time, could have a significant adverse impact on our results of operations and cash flows.

In addition to transactional foreign currency exchange rate risk, we are also exposed to translational foreign currency exchange rate risk as we translate the results of operations and assets and liabilities of our foreign operations from their functional currency to the U.S. dollar. As a result, our results of operations, cash flows and net investment in our foreign operations may be adversely impacted by fluctuating foreign currency exchange rates. We believe that a hypothetical 10% increase or decrease in all applicable foreign exchange rates, holding all other variables constant, would not have a material impact on our results of operations or cash flows.

ITEM 4. CONTROLS AND PROCEDURES

(a) Evaluation of disclosure controls and procedures . After evaluating the effectiveness of the Company’s disclosure controls and procedures pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) as of the end of the period covered by this Quarterly Report on Form 10-Q, the Company’s Chief Executive Officer and Chief Financial Officer, with the participation of the Company’s management, have concluded that the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) are effective.

(b) Changes in internal controls . There has not been any change in the Company's internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) during its most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are, from time to time, subject to claims and suits arising in the ordinary course of business. Such claims have, in the past, generally been covered by insurance. There can be no assurance that our insurance will be adequate to cover all liabilities that may arise out of claims brought against us, or that our insurance will cover all claims.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this Quarterly Report, including the important information in “Forward-Looking Statements,” you should carefully consider the information provided under “Risk Factors” and “Information Regarding Forward Looking Statements” in our Form 10-K for the fiscal year ended January 31, 2025, as filed with the Securities and Exchange Commission.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

On June 5, 2025, the Company entered into a First Amendment to Employment Agreement with Bryan J. Knutson, the Company’s Chief Executive Officer. The amendment increases Mr. Knutson’s incentive award opportunity to an amount equal to 0% to 250% of his base salary (prior agreement was 0% to 200%), with a target of 125% of base salary (prior agreement was 100%). The foregoing description of the amended employment agreement is qualified in its entirety by reference to the full text of the agreement, which is filed as Exhibit 10.1 to this Quarterly Report on Form 10-Q and is incorporated herein by reference.

On June 4, 2025, the Company entered into an Amended and Restated Employment Agreement with Robert Larsen, the Company’s Chief Financial Officer. The amended agreement increases Mr. Larsen’s incentive award opportunity to an amount equal to 0% to 200% of his base salary (prior agreement was 0% to 150%), with a target of 100% of base salary (prior agreement was 75%), sets his annual base salary at $450,000 and makes other minor updates to his prior agreement. The foregoing description of the amended employment agreement is qualified in its entirety by reference to the full text of the agreement, which is filed as Exhibit 10.2 to this Quarterly Report on Form 10-Q and is incorporated herein by reference.

(c) During the fiscal quarter ended April 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

ITEM 6. EXHIBITS

Exhibits - See “Exhibit Index” on page immediately prior to signatures.

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EXHIBIT INDEX

TITAN MACHINERY INC.

FORM 10-Q


No.						Description

10.1						First amendment to the Employment Agreement, dated June 5, 2025, between Bryan J. Knutson and the registrant.

10.2						Amended and Restated Employment Agreement, dated June 4, 2025, between Robert Larsen and the registrant.

31.1						Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2						Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1						Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2						Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101						Financial statements from the Quarterly Report on Form 10-Q of the Company for the quarter ended April 30, 2025, formatted in XBRL: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Stockholders’ Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) the Notes to the Condensed Consolidated Financial Statements.

101.SCH						Inline XBRL Taxonomy Extension Schema Document

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.


Dated:	June 5, 2025
		TITAN MACHINERY INC.


		By	/s/ Robert Larsen
			Robert Larsen
			Chief Financial Officer
			(Principal Financial Officer)

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Part I. Financial Information Item 1. Financial Statements Note 1 - Business Activity and Significant Accounting Policies Note 2 - Earnings Per Share Note 3 - Revenue Note 4 - Receivables Note 5 - Inventories Note 6 - Property and Equipment Note 7 - Intangible Assets and Goodwill Note 8 - Floorplan Payable/lines Of Credit Note 9 - Long Term Debt Note 10 - Derivative Instruments Note 11 - Accumulated Other Comprehensive Income (loss)Note 12 - Leases Note 13 - Fair Value Of Financial Instruments Note 14 - Income Taxes Note 15 - Business Combinations Note 16 - Contingencies Note 17 - Business Segment and Geographic Information Item 2. Management S Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II. Other Information Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 3. Defaults Upon Senior Securities Item 4. Mine Safety Disclosures Item 5. Other Information Item 6. Exhibits

Exhibits

10.1 First amendment to the Employment Agreement, dated June 5, 2025, between Bryan J. Knutson and the registrant. 10.2 Amended and Restated Employment Agreement, dated June 4, 2025, between Robert Larsen and the registrant. 31.1 Certification of Chief Executive Officer Pursuant to Section302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of Chief Financial Officer Pursuant to Section302 of the Sarbanes-Oxley Act of 2002 32.1 Certification of Chief Executive Officer Pursuant to Section906 of the Sarbanes-Oxley Act of 2002 32.2 Certification of Chief Financial Officer Pursuant to Section906 of the Sarbanes-Oxley Act of 2002

TITN 10-Q Quarter ended April 30, 2025

Exhibits