Titan International Inc.

11/13/2026 | Press release | Distributed by Public on 11/13/2026 07:12

Material Event (Form 8-K)

TITAN INTERNATIONAL, INC.
Unaudited Condensed Consolidated Statements of Operations
Recast for Discontinued Operations
(All amounts in thousands, except per share data)
Three months ended
June 30, 2026
March 31, 2026
June 30, 2025
March 31, 2025
Net sales
$
366,290
$
395,153
$
344,557
$
384,956
Cost of sales
309,522
337,078
292,034
329,458
Gross profit
56,768
58,075
52,523
55,498
Selling, general, and administrative expenses
44,558
44,235
44,968
42,984
Research and development expenses
3,711
3,159
2,805
2,830
Royalty expense
2,653
2,410
2,419
2,446
Restructuring and other charges
834
25,142
-
-
Income (loss) from operations
5,012
(16,871)
2,331
7,238
Interest expense
(10,054)
(9,887)
(9,674)
(9,534)
Interest income
2,317
1,898
2,094
1,950
Foreign exchange loss
(75)
(321)
(1,969)
(819)
Other income
506
756
993
697
Loss from continuing operations before income taxes
(2,294)
(24,425)
(6,225)
(468)
(Benefit) provision for income taxes
(1,032)
3,304
621
3,368
Net loss from continuing operations
(1,262)
(27,729)
(6,846)
(3,836)
Net income from discontinued operations, net of tax
7,602
3,479
3,242
3,858
Net income (loss)
6,340
(24,250)
(3,604)
22
Net income (loss) attributable to noncontrolling interests
576
(36)
941
671
Net income (loss) attributable to Titan and applicable to common shareholders
$
5,764
$
(24,214)
$
(4,545)
$
(649)
(Loss) earnings per common share:
Basic net loss from continuing operations per share
$
(0.02)
$
(0.43)
$
(0.11)
$
(0.06)
Basic net income (loss) per share attributable to Titan and applicable common stockholders
$
0.09
$
(0.38)
$
(0.07)
$
(0.01)
Diluted net loss from continuing operations per share
$
(0.02)
$
(0.43)
$
(0.11)
$
(0.06)
Diluted net income (loss) per share attributable to Titan and applicable common stockholders
$
0.09
$
(0.38)
$
(0.07)
$
(0.01)
Average common shares and equivalents outstanding:
Basic
64,384
64,072
63,722
63,283
Diluted
64,504
64,072
63,722
63,283
TITAN INTERNATIONAL, INC.
Unaudited Condensed Consolidated Statements of Cash Flows
Recast for Discontinued Operations
(All amounts in thousands)
Three months ended
Cash flows from operating activities:
June 30, 2026
March 31, 2026
June 30, 2025
March 31, 2025
Net income (loss)
$
6,340
$
(24,250)
$
(3,604)
$
22
Net income from discontinued operations, net of tax
7,602
3,479
3,242
3,858
Net loss from continuing operations
(1,262)
(27,729)
(6,846)
(3,836)
Adjustments to reconcile net loss to net cash provided by operating activities of continuing operations:
Depreciation and amortization
13,702
13,592
13,443
12,868
Restructuring and other charges
834
25,142
-
-
Deferred income tax (benefit) provision
(4,838)
1,155
3,379
(1,201)
(Gain) loss on fixed asset and investment sale
(20)
64
(2)
40
Stock-based compensation
1,221
565
1,405
(925)
Issuance of stock under 401(k) plan
420
418
431
396
Foreign currency (gain) loss
(1,217)
1,464
14,367
3,180
(Increase) decrease in assets:
Accounts receivable
24,481
(84,724)
35,047
(78,735)
Inventories
3,222
7,736
(12,895)
(2,318)
Prepaid and other current assets
(1,826)
955
(2,759)
(359)
Other assets
(2,912)
(3,245)
(2,961)
(1,417)
Increase in liabilities:
Accounts payable
(6,162)
17,671
(19,760)
39,282
Other current liabilities
1,986
5,903
(9,067)
106
Other liabilities
2,626
569
1,658
410
Net cash provided by (used for) operating activities of continuing operations
30,255
(40,464)
15,440
(32,509)
Net cash provided by (used for) operating activities of discontinued operations
8,894
(6,062)
(1,127)
(6,082)
Net cash provided by (used for) operating activities
39,149
(46,526)
14,313
(38,591)
Cash flows from investing activities:
Capital expenditures
(8,628)
(10,397)
(8,697)
(13,503)
Proceeds (loss) from sale of fixed assets
843
(25)
29
182
Net cash used for investing activities of continuing operations
(7,785)
(10,422)
(8,668)
(13,321)
Net cash used for investing activities of discontinued operations
(4,081)
(2,712)
(1,350)
(1,507)
Net cash used for investing activities
(11,866)
(13,134)
(10,018)
(14,828)
Cash flows from financing activities:
Proceeds from borrowings
17,362
57,698
28,327
26,604
Repayments of debt
(35,890)
(32,686)
(29,335)
(6,496)
Other financing activities
(22)
(195)
(133)
98
Net cash (used for) provided by financing activities of continuing operations
(18,550)
24,817
(1,141)
20,206
Net cash (used for) provided by financing activities of discontinued operations
(889)
1,377
(567)
(1,592)
Net cash (used for) provided by financing activities
(19,439)
26,194
(1,708)
18,614
Effect of exchange rate changes on cash
679
1,849
7,652
13,261
Net increase (decrease) in cash and cash equivalents
8,523
(31,617)
10,239
(21,544)
Cash and cash equivalents, beginning of period
171,262
202,879
174,430
195,974
Cash and cash equivalents, end of period
$
179,785
$
171,262
$
184,669
$
174,430
Supplemental information:
Interest paid
$
17,260
$
3,396
$
17,959
$
3,209
Income taxes paid, net of refunds received
4,299
2,137
4,714
3,421
The table below provides a reconciliation of net loss to EBITDA and adjusted EBITDA, which are non-GAAP financial measures, for the three months ended June 30, 2026, March 31, 2026, June 30, 2025 and March 31, 2025 (in thousands).
Three months ended
June 30, 2026
March 31, 2026
June 30, 2025
March 31, 2025
Net loss from continuing operations
$
(1,262)
$
(27,729)
$
(6,846)
$
(3,836)
Adjustments:
(Benefit) provision for income taxes
(1,032)
3,304
621
3,368
Interest expense, excluding financing fees amortization
9,897
9,972
9,759
9,592
Depreciation and amortization
13,702
13,592
13,443
12,868
EBITDA from continuing operations
$
21,305
$
(861)
$
16,977
$
21,992
Adjustments:
Foreign exchange loss
75
321
1,969
819
Restructuring and impairment expenses
834
25,142
-
-
Adjusted EBITDA from continuing operations
$
22,214
$
24,602
$
18,946
$
22,811
Adjusted EBITDA from discontinued operations
11,946
6,754
11,213
8,012
Adjusted EBITDA attributable to Titan and applicable to common shareholders
$
34,160
$
31,356
$
30,159
$
30,823
Titan International Inc. published this content on November 13, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 13, 2026 at 13:13 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]