Monday, March 02, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. Titan ended 2025 with another positive quarter as fourth quarter revenue, gross margin, and adjusted EBITDA exceeded fourth quarter 2024 results. These results are ahead of management’s revenue guidance and also better than adjusted EBITDA expectations. The EMC segment was the standout performer, with revenue growth of 21% and gross margin expansion of 3.4 percentage points.
4Q25 Results. Revenue grew 7.0% to $410.4 million. Ex foreign exchange, the Ag segment was flat, EMC up nicely, and Consumer down modestly. Adjusted EBITDA came in at $11 million, up 18% y-o-y. Due to non-cash valuation allowances, Titan recorded a GAAP net loss of $56 million in the quarter, compared to net income of $1.3 million in 4Q24. Adjusted net loss was $17.4 million, or $0.27/sh, compared to net income of $5.8 million, or $0.09/sh, in 4Q24.
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