$TWI

TITAN INTERNATIONAL INC

CIK:0000899751|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 484,766	$ 460,830	$ 989,839	$ 951,538
Cost of sales	409,842	391,557	843,466	813,621
Gross profit	74,924	69,273	146,373	137,917
Selling, general, and administrative expenses	52,722	52,353	105,120	102,208
Research and development expenses	5,401	4,341	10,685	8,885
Royalty expense	2,653	2,419	5,063	4,865
Restructuring and impairment expenses	834	0	25,976	0
Income (loss) from operations	13,314	10,160	(471)	21,959
Interest expense	(10,047)	(9,673)	(19,934)	(19,208)
Interest income	2,463	2,455	4,662	4,694
Foreign exchange gain (loss)	58	(2,995)	968	(4,380)
Other income	548	1,140	1,494	2,274
Income (loss) before income taxes	6,336	1,087	(13,281)	5,339
(Benefit) provision for income taxes	(4)	4,691	4,629	8,921
Net income (loss)	6,340	(3,604)	(17,910)	(3,582)
Net income attributable to noncontrolling interests	576	941	540	1,612
Net income (loss) attributable to Titan and applicable to common shareholders	$ 5,764	$ (4,545)	$ (18,450)	$ (5,194)
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.09	$ (0.07)	$ (0.29)	$ (0.08)
Diluted (in dollars per share)	$ 0.09	$ (0.07)	$ (0.29)	$ (0.08)
Average common shares and equivalents outstanding:
Basic (in shares)	64,384	63,722	64,229	63,504
Diluted (in shares)	64,504	63,722	64,229	63,504

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net (loss) income	$ (17,910)	$ (3,582)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation and amortization	34,293	32,494
Restructuring and impairment expenses	25,976	0
Deferred income tax (benefit) provision	(3,749)	2,410
Loss on fixed asset and investment sale	45	38
Stock-based compensation	1,786	479
Issuance of stock under 401(k) plan	838	827
Foreign currency (gain) loss	(3,332)	6,870
(Increase) decrease in assets:
Accounts receivable	(77,398)	(60,964)
Inventories	(9,559)	(13,172)
Prepaid and other current assets	(2,568)	(3,335)
Other assets	(8,889)	(4,800)
Increase (decrease) in liabilities:
Accounts payable	37,580	24,038
Other current liabilities	12,531	(7,499)
Other liabilities	2,979	1,918
Net cash used for operating activities	(7,377)	(24,278)
Cash flows from investing activities:
Capital expenditures	(26,005)	(25,121)
Proceeds from sale of fixed assets	1,005	275
Net cash used for investing activities	(25,000)	(24,846)
Cash flows from financing activities:
Proceeds from borrowings	76,607	54,936
Repayments of debt	(69,659)	(37,956)
Other financing activities	(193)	(74)
Net cash provided by financing activities	6,755	16,906
Effect of exchange rate changes on cash	2,528	20,913
Net decrease in cash and cash equivalents	(23,094)	(11,305)
Cash and cash equivalents, beginning of period	202,879	195,974
Cash and cash equivalents, end of period	179,785	184,669
Supplemental information:
Interest paid	20,656	21,168
Income taxes paid, net of refunds received	$ 6,436	$ 8,135

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 179,785	$ 202,879
Accounts receivable, net of allowance of $5,261 and $5,058, respectively	317,216	238,906
Inventories	479,993	470,549
Prepaid and other current assets	76,429	73,638
Total current assets	1,053,423	985,972
Property, plant and equipment, net	439,201	448,910
Operating lease assets	99,226	119,225
Goodwill	29,563	29,563
Intangible assets, net	10,259	10,889
Deferred income taxes	15,323	10,715
Other long-term assets	75,180	67,386
Total assets	1,722,175	1,672,660
Current liabilities
Short-term debt	34,401	21,185
Accounts payable	294,270	251,715
Operating leases	14,665	13,830
Other current liabilities	155,139	141,514
Total current liabilities	498,475	428,244
Long-term debt	558,850	564,717
Deferred income taxes	6,843	6,138
Operating leases	105,878	111,054
Other long-term liabilities	42,208	40,890
Total liabilities	1,212,254	1,151,043
Titan shareholders' equity
Common stock ($0.0001 par value, 120,000,000 shares authorized, 78,447,035 issued and 64,485,180 outstanding at June 30, 2026; 78,447,035 issued and 63,951,494 outstanding at December 31, 2025)	0	0
Additional paid-in capital	737,085	738,711
Retained earnings	82,119	100,569
Treasury stock (at cost, 13,961,855 shares at June 30, 2026 and 14,495,541 shares at December 31, 2025)	(111,621)	(115,871)
Accumulated other comprehensive loss	(206,318)	(209,029)
Total Titan shareholders’ equity	501,265	514,380
Noncontrolling interests	8,656	7,237
Total equity	509,921	521,617
Total liabilities and equity	$ 1,722,175	$ 1,672,660