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.
Investment. Yesterday, Graham announced the sale of $50 million of GHM common stock to certain accounts advised by T. Rowe Price Investment Management, Inc. Graham intends to use proceeds from the stock sale to further strengthen the Company’s balance sheet and financial flexibility through debt repayment and help fund future investment in organic and inorganic growth opportunities.
Details. The T. Rowe Price accounts will acquire 599,808 shares, approximately 5% of the outstanding common, of Graham common stock at $83.36 per share, based upon the 20-day average closing price of the company’s common stock on the New York Stock Exchange on April 13, 2026. The transaction is expected to close on April 16, 2026. The T. Rowe accounts will become the fourth largest shareholder following completion of the transaction. The shares will be registered for resale on a registration statement to be filed with the Securities and Exchange Commission within 30 days.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
The industrial sector just had its biggest IPO moment since 1999, and artificial intelligence deserves much of the credit.
Madison Air Solutions Corp. (NYSE: MAIR) debuted on the New York Stock Exchange Thursday, raising $2.23 billion after pricing 82.7 million shares at $27 each — the top of its marketed range. By early afternoon, shares were trading around $31.26, a 16% pop that gave the Chicago-based ventilation and filtration systems provider a market capitalization of approximately $13.2 billion.
The last time a US industrial company pulled off an IPO of this magnitude was when UPS raised $5.5 billion in 1999 — a listing that rode the wave of early e-commerce enthusiasm. Madison Air is riding a different wave: the data center buildout fueling the AI boom.
While the company operates across more than 30 brand names — including Nortek Data Center Cooling, Airxchange and Zephyr — and generates revenue from sectors spanning semiconductor manufacturing and life sciences, it is the data center angle that captured investor attention. Data centers account for roughly 20% of Madison Air’s commercial business, and that segment drove about two-thirds of total revenue in 2025. The company’s liquid, hybrid and air cooling products are increasingly critical infrastructure as hyperscalers race to build out AI compute capacity.
The pitch landed. Madison Air is entering the public markets at a moment when HVAC and thermal management companies tied to the data center buildout have become some of the most sought-after names in industrials. Comfort Systems USA surged more than 360% in the 12 months through Wednesday, while Modine Manufacturing roughly tripled over the same period. Madison Air’s IPO is the latest — and largest — in a string of high-profile industrial debuts, following Legence Corp., which surged 148% from its September IPO through Wednesday, and Forgent Power Solutions, which is up 20% since its February debut.
The company posted revenue of $3.34 billion and net income of $124 million for 2025, compared with $2.62 billion in revenue and $236 million in net income the year prior. The margin compression is worth noting — net income fell despite revenue growth — as tariffs added $51.3 million to the company’s cost of goods sold last year. CEO Jill Wyant said Madison Air is offsetting those pressures through pricing adjustments and is still evaluating the impact of more recent tariff changes on metals.
Founder Larry Gies retains control of the company through super-voting shares following the IPO. Madison Industries, which Gies controls, also participated in a concurrent $100 million private placement at the IPO price. The deal was led by Goldman Sachs, Barclays, Jefferies and Wells Fargo, with anchor interest from Morgan Stanley Investment Management, Durable Capital Partners and HRTG GPE — institutions that collectively expressed interest in up to $525 million of shares ahead of the offering.
Madison Air is not a small-cap story — at $13.2 billion, it clears the threshold by a wide margin. But its market debut matters to small and microcap investors for a clear reason: it validates the investability of the broader AI infrastructure supply chain at scale. The companies supplying cooling systems, filtration and thermal management to data centers — many of them smaller, less-covered names — are operating in what Madison Air estimates is a $40 billion market for specialized air systems. When an IPO of this size trades up 16% on day one, it sends a signal about where institutional capital is flowing. The picks-and-shovels trade around AI infrastructure is far from over.
Struggling footwear brand Allbirds shocked investors Wednesday with a dramatic pivot away from its core business, announcing plans to transition into artificial intelligence infrastructure—a move that sent its stock soaring more than 700% in a single session.
Shares of Allbirds, which had been trading below $3, surged to over $17 following the announcement, as investors rushed into what is now being rebranded as NewBird AI. Just a day earlier, the company’s market capitalization stood at roughly $21 million, a far cry from its peak valuation of over $4 billion.
From Sustainable Sneakers to AI Compute
The pivot comes after Allbirds effectively exited the footwear business. The company recently sold its intellectual property and key assets for $39 million to American Exchange Group, which will continue to operate the Allbirds brand independently.
Now, management is betting on a completely different future: AI compute infrastructure.
According to the company, NewBird AI plans to acquire high-performance, low-latency computing hardware and lease capacity to customers underserved by existing providers. The firm also announced it is seeking to raise up to $50 million in funding to support the transition.
The move places Allbirds among a growing list of companies attempting to capitalize on surging demand for AI infrastructure—a market fueled by rapid adoption of generative AI and dominated by players like Nvidia.
A Familiar Playbook for Troubled Companies
While the market reaction has been dramatic, the strategy itself is not entirely new. Historically, struggling companies have attempted to revive investor interest by pivoting toward high-growth sectors.
During the cryptocurrency boom, numerous firms rebranded or shifted their business models to blockchain-related ventures, often triggering short-term spikes in share prices. Many of those moves, however, failed to deliver long-term value.
Allbirds’ pivot raises similar questions: Is this a credible transformation, or a speculative attempt to ride the AI wave?
Execution Risk Remains High
Entering the AI infrastructure space presents significant challenges. The business is capital-intensive, highly competitive, and technologically complex. Established players—including hyperscalers and semiconductor leaders—already dominate the market.
For a company that recently shuttered its retail footprint and saw revenues decline sharply—from $298 million in 2022 to $152 million in 2025—the transition represents a steep uphill climb.
Moreover, success in AI infrastructure depends not only on hardware acquisition but also on customer relationships, scale, and operational expertise, areas where Allbirds has limited experience.
Market Reaction vs. Fundamental Reality
The surge in Allbirds’ stock highlights the continued enthusiasm surrounding AI-related investments. Even small-cap companies with limited exposure to the sector are seeing outsized moves when they announce AI strategies.
However, investors should be cautious. The gap between announcement-driven momentum and long-term execution can be substantial.
Allbirds’ transformation into NewBird AI marks one of the more unusual pivots in recent market history. While the stock’s explosive move reflects strong demand for AI exposure, the company’s ability to successfully transition from footwear to high-performance computing remains highly uncertain.
For investors, the story underscores a broader theme: in today’s market, AI narratives can drive rapid gains—but fundamentals ultimately determine staying power.
Accounts advised by T. Rowe Price to invest $50 million in Graham to acquire 599,808 shares (5%) of Graham common stock at $83.36 per share based on 20-day average closing price
The Company intends to use proceeds to further strengthen the Company’s balance sheet through debt repayment and help fund future investment in organic and inorganic growth opportunities
BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer, vacuum, and advanced mixing technologies for the Defense, Energy & Process, and Space industries, today announced the Company has agreed to sell $50 million of shares (5%) of common stock to certain accounts advised by T. Rowe Price Investment Management, Inc. (“T. Rowe Price”), a global investment management organization.
T. Rowe Price accounts will acquire 599,808 shares of Graham common stock at $83.36 per share, based upon the 20-day average closing price of the company’s common stock on the New York Stock Exchange on April 13, 2026. The transaction is expected to close on April 16, 2026, subject to customary closing conditions. Graham intends to use proceeds from the stock sale to further strengthen the Company’s balance sheet and financial flexibility through debt repayment and help fund future investment in organic and inorganic growth opportunities.
Matthew J. Malone, Graham’s President and Chief Executive Officer, said, “We are pleased to welcome T. Rowe Price as a long-term partner and shareholder. This investment underscores the strength of the Graham platform and our positioning across attractive, growing end markets. The proceeds from this stock sale enhance our financial flexibility and support our disciplined capital allocation strategy for us to continue to drive long-term shareholder value.”
The sale of shares will be made pursuant to a stock purchase agreement pursuant to which the shares will be registered for resale on a registration statement to be filed with the Securities and Exchange Commission (the “SEC”) within 30 days. Copies of these documents, as and when available, may be obtained, free of charge, at the SEC’s website at www.sec.gov.
About Graham Corporation Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer, vacuum, and advanced mixing technologies for the Defense, Energy & Process, and Space industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise, proprietary technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.
Safe Harbor Regarding Forward Looking Statements This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “continue,” “believes,” “intends,” “will,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, the use of proceeds from the stock sale are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission (the “SEC”), included under the heading entitled “Risk Factors”, and in other reports filed with the SEC.
Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
PDF VersionNN Increases its 2026 New Business Wins guidance range to $80 to $90 million; Q1 wins heavily concentrated in Electric Grid and Data Center markets
CHARLOTTE, N.C., April 14, 2026 (GLOBE NEWSWIRE) — NN, Inc. (“NN” or the “Company”) (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies with six sigma quality, today announced that its preliminary Q1 2026 net sales results are expected to demonstrate growth versus the prior year and the Company’s forecast.
The New Business program also delivered strong results in Q1. The Company was awarded approximately $43 million of new awards at peak annual sales, centered on the Electric Grid and Data Center markets. Notably, these awards continue NN’s strong recent momentum as the Company re-positions its overall portfolio in key secular high-growth markets and away from commodity automotive markets. With the strength of NN’s new business wins in Q1 and a strong start in Q2, the Company is raising its full-year guidance range, now expecting new business wins to fall within the range of $80 million to $90 million in 2026.
The launch of more than 60 new programs has resulted in a shippable backlog as orders outpaced production during the quarter. These newly launched programs and traction in key end markets are positioning NN to drive strong net sales growth through 2026 and beyond. NN is maintaining its guidance range on net sales, expecting results to come in toward the top half of its original guidance range of $445 million to $465 million.
Harold Bevis, Chief Executive Officer and President of NN, Inc., commented, “NN’s sales are growing as expected and trending towards the high end of our previously guided range. Electric Grid, Data Center, Defense, and Electronics end markets are doing well, while global auto is stabilizing. Additionally, we are underway with industrializing a large portion of our previously awarded growth programs. This is expected to support our sales growth targets for 2026 and beyond. These sales are being produced through a lower cost operating model that is strengthening margins. With the large value of Electric Grid and Data Center new awards in Q1, we are increasing our guidance in this area to approximately $80 to $90 million of expected new sales wins secured during 2026.”
“We are targeting strong sales growth in 2026 and beyond as well as increasing the amount and share of non-commodity auto business at the Company. Overall, our end markets and customers are healthy while global auto undergoes changes. We are currently running ahead of both our 2026 and long-term goals. We look forward to providing more information on the performance of the business when we release Q1 2026 earnings, which is planned for May 6, 2026.”
The Company is finalizing its financial results for the quarter ended March 31, 2026. The above information is based on preliminary information and management’s estimates for the quarter ended March 31, 2026, and is subject to the Company’s financial statement closing procedures.
ABOUT NN’S GROWTH PROGRAM
NN is underway with an intentional program to grow sales, improve its profit profile, and reposition its end-market exposure. NN is pursuing several target markets that (1) require products that deliver safety critical functionality at scale; (2) fit the Company’s engineering and manufacturing platform; and (3) allow for higher, accretive margins due to delivering higher value. The targeted end-markets include:
High-value auto parts – NN’s current #1 end market
Electric grid and data center parts – NN’s current #2 end market, on a plan to become NN’s #1 end market
Defense, weapons, and electronic parts
Medical equipment parts
ABOUT NN
NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, Europe, South America, and China. For more information about the Company and its products, please visit www.nninc.com.
Forward-Looking Statements
This press release contains express and implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding NN’s expect Q1 2026 net sales and expected new business wins and net sales for 2026 and other statements that are not historical facts. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “growth,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project”, “trajectory” or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are outside of management’s control and that may cause actual results to be materially different from such statements. Such factors include, among others, those related to the preliminary nature of NN’s quarter ended March 31, 2026 financial information, which is subject to completion of normal quarter-ended accounting procedures and closing adjustments; the assumptions underlying NN’s new business wins guidance for fiscal 2026, general economic conditions and economic conditions in the industrial sector; material changes in the costs and availability of raw materials; the level of our indebtedness; our ability to secure, maintain or enforce patents or other appropriate protections for our intellectual property; and cyber liability or potential liability for breaches of our or our service providers’ information technology systems or business operations disruptions. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s filings made with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.
Investor Relations: Joseph Caminiti or Abe Plimpton [email protected] 312-445-2870
CHICAGO, April 8, 2026 /PRNewswire/ — Titan International, Inc. will release its first quarter 2026 financial results before the opening of the market on Thursday, April 30, 2026 to be followed by a teleconference and webcast on Thursday, April 30, 2026 at 9:00 a.m. Eastern Time.
About Titan: Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, Illinois, the company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.
CHARLOTTE, N.C., March 27, 2026 (GLOBE NEWSWIRE) — NN, Inc. (“NN” or the “Company”) (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies with six sigma quality today announced that it has acquired the large-scale automated plating operations from a leading global provider of electrical infrastructure solutions. This seller is an existing customer which is moving from in-house manufacturing to outsourced operations with this decision.
The equipment acquisition will enable NN to significantly expand its processing capabilities in silver-plated busbars and terminals among other capabilities, which are ideal electrical components for electric grid and data center equipment. This further enables NN to broaden its market aperture on growth in this area, its second largest end market.
The plating line being acquired is substantially larger and more automated than NN’s current capabilities, featuring large plating baths designed for high-volume, low-cost production. The automated plating line will enable NN to process larger parts representing a transformative expansion of its product offering in terms of size, volume, and type of plated metal products that NN will be able to deliver to its electrical customers.
NN expects this new capability to be operational at an existing facility in the fall of 2026. Financially, the new business won from this line will be inclusive to the Company’s prior guidance of $70 million to $80 million of new business wins in 2026. The capex associated with this project is inclusive to the company’s capex guidance of $20 million to $22 million in 2026. The Company is funding this strategic addition from operating cash flow.
The key end markets that will be targeted with this new capability are electric grid equipment and data center equipment. The Company is initially focused on switchgear assemblies used in emergency power generation for the grid, hospitals, and data centers.
Harold Bevis, President and Chief Executive Officer of NN, Inc., commented, “This equipment acquisition is another stepping stone for NN’s strategic pivot into certain high-value verticals that fit its operational footprint. We are adding capabilities that open up the aperture for growth in the target markets of electric grid and data center. Our plating business is known in the industry as GMF and is one of the highest gross margin plants in the NN portfolio. This is accretive business for NN. The return on investment is consistent with the ROIs that we target for new business.”
Bevis continued, “This is precisely the type of high-value, capital-efficient growth opportunity that we are focused on securing as we execute our sales growth plan. GMF has a strong reputation for quality, on-time delivery, and deep expertise in the science of electroplating. This business is key to growth in electronics, defense, electric grid, and data center. This equipment is a logical addition to our capabilities and will unlock our prospecting into larger parts, higher volume parts, bigger programs, and more customers. The equipment was acquired from a long-term NN customer, that intends to repurpose its reclaimed floor space as data center and grid infrastructure markets take off, so this is a win-win for all parties.”
“This acquisition is consistent with NN’s broader strategic transformation plan, which has already delivered three consecutive years of improved adjusted EBITDA. The Company has exited dilutive, lower-value business and is actively replacing that rationalized volume with higher-margin, accretive new growth through engineering-led new products and new program wins. NN has secured more than $200 million of new awards from its technology-based new business development program, and NN expects to launch approximately 100 awarded programs during 2026. Launched in mid-2023 under new management, the new business program is focused on leveraging the Company’s technology and operational footprint strengths into new areas. The Company is guiding to a fourth consecutive year of improved adjusted EBITDA and a materially higher amount of operating cash flow.”
Bevis continued, “NN has a couple of other small acquisitions that we are focused upon and have been working on for about a year. They are also focused on non-automotive, high-value capability expansion and profitable growth. Over the last two years most of our operating cash flow was consumed by four plant closures and severing about 800 people, which was tough and brutal for those impacted but necessary for NN’s transition.
We have turned the page onto a new chapter and have a balanced approach to our revenue growth and repositioning. We are pursuing a few target markets that require safety critical features on linchpin metal parts and assemblies. We are extremely committed to a common engineering and manufacturing platform that can deliver value-added metal part solutions in several safety-critical end markets that offer high margins due to delivering high value. These include:
High-value auto parts – our #1 end market
Electric grid and data center parts – our #2 market, on a plan to become our #1 market
Defense, weapons, and electronic parts
Medical equipment parts
Bevis concluded, “We are intentionally pricing higher on low-value, low-margin business like commodity auto. Where we can, we are repurposing existing equipment, but when we must buy new equipment, we are doing so. We do not keep these kinds of records but 2026 will probably be the most amount of new equipment installed in our company. And it is all pre-loaded with new awards. The key enablers in our success are our engineering skills and our trade secrets regarding making metals deliver exceptional functionality at scale. This is code for world-class six sigma quality processes designed around error-proof, fail-proof design-for-manufacturability. We do this through our own knowledge, co-development with our customers, and emerging AI assistance. 2026 is shaping up to be a fun year focused upon engineering-driven revenue growth.”
ABOUT GMF
GMF has supported high-reliability programs across defense, aerospace, medical, and industrial markets for more than 50 years. The division provides manual rack, barrel, and vibratory plating, stainless steel electropolishing, and a broad range of precious and non-precious metal finishes that meet stringent military and commercial specifications. GMF holds NADCAP accreditation, ISO 13485:2016, and ISO 9001:2015 certifications, and processes millions of parts annually across more than 50,000 square feet of production space. The division is noted for its reputation in high-quality production, on-time delivery, and a 50% hit rate on quoted new business, which is well above industry averages. For more information, please visit www.genmetal.com.
ABOUT NN
NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, Europe, South America, and China. For more information about the Company and its products, please visit www.nninc.com.
Forward-Looking Statements
This press release contains express and implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding NN’s pursuit of new end markets, NN’s competitive position in the data center market, the success of NN’s investments to meet the requirements of awarded business, and expected new business wins for 2026 and other statements that are not historical facts. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “growth,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project”, “trajectory” or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are outside of management’s control and that may cause actual results to be materially different from such statements. Such factors include, among others, general economic conditions and economic conditions in the industrial sector; material changes in the costs and availability of raw materials; the level of our indebtedness; our ability to secure, maintain or enforce patents or other appropriate protections for our intellectual property; and cyber liability or potential liability for breaches of our or our service providers’ information technology systems or business operations disruptions. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s filings made with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.
Investor Relations: Joseph Caminiti or Abe Plimpton [email protected] 312-445-2870
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.
Consolidation. Last week, Titan announced a decision to consolidate production within its North American manufacturing footprint, which will result in the closure of its manufacturing facility in Jackson, Tennessee, by the end of October 2026. The Company expects production currently performed in Jackson to be transitioned to other existing Titan facilities over the coming months. We view this action as part of the Company’s ongoing efforts to optimize its manufacturing footprint and improve capacity utilization, given the uncertain operating environment.
Details. The Jackson closure is part of the ongoing synergies the Company expected to deliver from the Carlstar acquisition. The one-time costs for the plant closure and manufacturing relocation are estimated to be in the $7 million range, likely to hit in relatively equal amounts over the next three quarters. Estimated annual savings are in the $5 million range, with the full amount likely to begin in 2027.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
WEST CHICAGO, Ill., March 18, 2026 /PRNewswire/ — Titan International, Inc. (NYSE: TWI) (“Titan” or the “Company”), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today announced a decision to consolidate production within its North American manufacturing footprint, which will result in the closure of its manufacturing facility in Jackson, Tennessee by the end of October 2026.
The Company expects production currently performed in Jackson to be transitioned to other existing Titan facilities over the coming months. This action is part of Titan’s ongoing efforts to optimize its manufacturing footprint and improve capacity utilization.
“The decision to consolidate production and close the Jackson facility is difficult knowing the impact it has on our team members and their families,” said Paul Reitz, President and CEO of Titan International. “Titan continues to take deliberate actions to improve its operating efficiency while maintaining the flexibility and scale required to serve our customers.”
The closure of the Jackson, TN facility will impact approximately 140 people and Titan is committed to supporting affected employees through this transition. The Company will work closely with local leadership and provide assistance to impacted team members, including severance, benefits continuation and job placement support. The Company will continue to operate a robust network of manufacturing facilities across North America to support its customers across outdoor power equipment, powersports, agriculture, construction, earthmoving, and other off‑highway end markets.
About Titan: Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, Illinois, the company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.
ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Esselte®, Five Star®, GBC®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.com.
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. Despite continued demand challenges globally and tariff-related disruptions in the U.S., ACCO maintained or grew its market position in most categories, demonstrating the resilience and strength of the brand portfolio. ACCO delivered sales and adjusted EPS in-line with management’s outlook.
4Q25 Results. Net sales were $428.8 million, down 4.3% y-o-y, reflecting soft global demand for certain products, partially offset by growth in gaming accessories. We were at $435 million. Comp sales were down 7.8%. Adjusted EBITDA totaled $68.6 million, or a 16% margin, compared to $73.6 million and 16.4%, respectively, in 4Q24. ACCO reported adjusted EPS of $0.38, flat with the $0.39 reported in 4Q24. We were at $0.38.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Fourth quarter sales of $155 million, EPS of ($0.19), Adjusted EBITDA of $2.3 million
CVG named Zoox Robotaxi low voltage wire harness strategic supplier
Provides outlook and guidance for full year 2026
NEW ALBANY, Ohio, March 10, 2026 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Highlights(Compared with prior-year period, where comparisons are noted)
Revenue of $154.8 million, down 5.2% due primarily to softer North American demand.
Operating loss of $1.8 million, and adjusted operating loss of $0.9 million, improved compared to operating loss of $5.3 million and adjusted operating loss of $4.3 million. The decrease in operating loss was driven primarily by improved gross margin performance and lower SG&A expenses.
Net loss from continuing operations of $6.4 million, or $(0.19) per diluted share, compared to net loss of $35.0 million, or $(1.04) per diluted share. Net loss in the prior-year period included a non-cash tax valuation allowance of $28.8 million. Adjusted net loss from continuing operations of $6.0 million, or $(0.18) per diluted share, compared to adjusted net loss of $5.1 million, or $(0.15) per diluted share.
Adjusted EBITDA of $2.3 million, up 155.6%, with an adjusted EBITDA margin of 1.5%, up from 0.6%.
Free cash flow of $8.8 million, up $7.9 million, due to better working capital management.
Full Year 2025 Highlights(Compared with prior-year period, where comparisons are noted)
Revenue of $649.0 million, down 10.3%, driven by softer North American Class 8 production volumes.
Operating loss of $0.7 million, improved by $0.1 million, and adjusted operating income of $4.8 million, down $1.7 million. The change in adjusted operating income was due to lower sales volumes, partially offset by lower SG&A expenses.
Free cash flow of $34.0 million, up $21.5 million, due to better working capital management and reduced capital expenditures. Total debt decreased $29.1 million compared to year-ended 2024.
The Global Electrical Systems segment returned to growth driven by the contribution of new business ramps, with margin expansion supported by the continued shift of production capacity to new, lower-cost facilities in Morocco and Mexico.
James Ray, President and Chief Executive Officer, said, “We are encouraged by the resilience and consistency seen in our fourth quarter results. The actions we took to drive operational efficiencies and right-size our footprint continued to pay off, highlighted by the year-over-year gross margin improvement of 190 basis points seen last quarter. Our focus on our cost structure also drove a full year decline of $4.8 million in SG&A expenses in 2025. We expect to see continued operating leverage into 2026 as we ramp new business wins and our end markets stabilize and start to recover.”
Mr. Ray continued, “After returning to growth in the third quarter, we saw further acceleration in our Global Electrical Systems segment revenue and margins as we continue to ramp new wins in that business, most significantly the Zoox autonomous vehicle platform. We expect continued growth in 2026 in this segment. In our Global Seating segment, we saw operating margin expansion, even in a softer demand environment, driven by operational efficiencies and cost reductions. Our Trim Systems and Components segment faced continued weakness in the North American Class 8 truck market, but we have taken proactive steps that we believe will lead to improved profitability in this segment. I’m encouraged by the momentum we are building in our businesses, as a result of our operational efficiencies and in advance of end market recovery.”
Andy Cheung, Chief Financial Officer, added, “CVG delivered results consistent with our adjusted full-year guidance. We continue to see margin benefits from the strategic actions we’ve taken. Furthermore, our focus on working capital and capital expenditure reductions supported strong free cash flow, both in the fourth quarter and for the full year. Looking to 2026, we expect to see revenue and EBITDA growth for the company, prioritizing free cash flow for debt paydown.”
Consolidated Results from Continuing Operations
Fourth Quarter 2025 Results
Fourth quarter 2025 revenues were $154.8 million compared to $163.3 million in the prior year period, a decline of 5.2%. The decrease in revenues was due to lower sales as a result of a softening in North American customer demand in the Global Seating and Trim Systems & Components segments.
Operating loss for the fourth quarter 2025 was $1.8 million compared to operating loss of $5.3 million in the prior year period. Excluding special costs, the fourth quarter of 2025 adjusted operating loss was $0.9 million, compared to adjusted operating loss of $4.3 million in 2024. The improvement in adjusted operating loss was driven primarily by improved gross margin performance and lower SG&A expenses.
Interest expense was $4.2 million and $2.2 million for the fourth quarter ended December 31, 2025 and 2024, respectively, due to higher interest rates.
Net loss from continuing operations was $6.4 million, or $(0.19) per diluted share, for the fourth quarter 2025 compared to net loss of $35.0 million, or $(1.04) per diluted share, in the prior year period.
On December 31, 2025, the Company had $16.8 million of outstanding borrowings on its U.S. revolving credit facility and $1.4 million on its China credit facility, $33.3 million of cash and $101.8 million availability from the credit facilities (subject to customary borrowing base and other conditions), resulting in total liquidity of $135.1 million.
Fourth Quarter 2025 Segment Results (Compared with prior-year period, where comparisons are noted)
Global Seating Segment
Revenues were $70.7 million compared to $74.8 million for the prior year period, a decrease of 5.6% primarily due to lower sales volume as a result of decreased customer demand.
Operating income was $1.1 million compared to $0.7 million in the prior year period, an increase of $0.4 million, primarily due to lower SG&A expenses. The fourth quarter of 2025 adjusted operating income was $1.8 million compared to $0.6 million in the prior year period, an increase of 175.9%.
Global Electrical Systems Segment
Revenues were $49.7 million compared to $44.0 million in the prior year period, an increase of 12.7%, primarily as a result of ramping new business wins.
Operating income was $0.8 million compared to operating loss of $3.0 million, an increase of $3.8 million, primarily attributable to higher sales and operating efficiencies. The fourth quarter of 2025 adjusted operating income was $0.9 million compared to adjusted operating loss of $3.0 million in the prior year period, an increase of $3.9 million.
Trim Systems and Components Segment
Revenues were $34.4 million compared to $44.4 million in the prior year period, a decrease of 22.5%, primarily due to lower sales volumes.
Operating loss was $1.5 million compared to $0.1 million in the prior year period, a decrease of $1.4 million. The decrease in operating income was primarily attributable to lower demand. The fourth quarter of 2025 adjusted operating loss was $1.4 million compared to income of $0.9 million in the prior year period.
Outlook
CVG is providing the following outlook for the full year 2026:
This outlook reflects, among others, current industry forecasts for North American Class 8 truck builds. According to ACT Research’s February report, 2026 North American Class 8 truck production levels are expected to be approximately 260,000 units. The 2025 actual Class 8 truck builds according to the ACT Research was 251,247 units.
The outlook for the Construction end market reflects low-single digit growth in 2026.
GAAP to Non-GAAP Reconciliation
A reconciliation of GAAP to non-GAAP financial measures referenced in this release is included as Appendix A to this release.
Conference Call
A conference call to discuss this press release is scheduled for Wednesday, March 11, 2026, at 8:30 a.m. ET. Management intends to reference the Q4 2025 Earnings Call Presentation posted on our website during the conference call. To participate, dial (800) 549-8228 using conference code 45919. International participants dial (289) 819-1520 using conference code 45919.
This call is being webcast and can be accessed through the “Investors” section of CVG’s website at www.cvgrp.com, where it will be archived for one year.
A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (888) 660-6264 using access code 45919 and international callers can dial (289) 819-1325 using access code 45919.
Commercial Vehicle Group, Inc. and its subsidiaries, is a global provider of systems, assemblies and components to global commercial vehicle markets and electric vehicle markets. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. For this purpose, any statements contained herein that are not statements of historical fact, including without limitation, certain statements herein regarding industry outlook, the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction and agricultural equipment business, the Company’s prospects in the wire harness and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment, including global supply chain constraints, inflation and labor shortages, tariffs and counter-measures, financial covenant compliance, anticipated effects of acquisitions or divestitures, production of new products, plans for capital expenditures and our results of operations or financial position and liquidity, may be deemed to be forward-looking statements. Without limiting the foregoing, the words “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions, as they relate to us, are intended to identify forward-looking statements. The important factors discussed in “Item 1A – Risk Factors” in the Company’s Annual Report on Form 10-K, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Such forward-looking statements represent management’s current expectations and are inherently uncertain. Investors are warned that actual results may differ from management’s expectations. Additionally, various economic and competitive factors could cause actual results to differ materially from those discussed in such forward-looking statements, including, but not limited to, factors which are outside our control.
Any forward-looking statement that we make in this press release speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statement or to publicly announce the results of any revision to any of those statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data.
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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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
WEST CHICAGO, Ill., Feb. 26, 2026 /PRNewswire/ — Titan International, Inc. (NYSE: TWI) (“Titan” or the “Company”), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today reported financial results for the fourth quarter and year ended December 31, 2025. The full earnings release including a reconciliation of GAAP to Non-GAAP figures can be found in the investor relations section of the Company’s website at https://ir.titan-intl.com/news-and-events/news-releases/default.aspx.
Q4 2025 Key Figures
Revenues grew 7% to $410 million
Gross margin improved to 10.9%
Adjusted EBITDA increased 18% to $11 million
Paul Reitz, President and Chief Executive Officer, commented, “We wrapped-up 2025 with another positive quarter as our Q4 2025 results exceeded Q4 2024 in terms of revenue, gross margin and Adjusted EBITDA. Our EMC segment was a standout performer, with revenue growth of 21% and gross margin expansion of 3.4 percentage points. Importantly, we anticipate continued growth in this segment in 2026. Our Ag segment recorded a top-line increase of 2.6% in the fourth quarter, roughly flat excluding FX. Going into 2026 in Ag we expect demand for smaller equipment to outpace high-horsepower units as farmers continue to contend with elevated input costs and weaker commodity prices. In our Consumer segment, fourth quarter sales were up slightly within our Specialty division, while down modestly overall. Focusing on 2026, OEMs and their dealer networks look to have generally reached the end of their finished goods destocking and we expect to see some benefit from that as a result. A resumption in demand would therefore flow through to demand for tires, wheels and other components. It also bears repeating that our Consumer segment enjoys a high proportion of aftermarket sales and therefore is less susceptible to the OEM cycles.”
Mr. Reitz concluded, “Over the past couple years visibility across our end markets has been constrained — and that added complexity creates an advantage for Titan with our One Stop Shop strategy. Our diversified supply chain offers global manufacturing, strategic sourcing and JVs and this gives us flexibility to adapt quickly to the frequent changes we continue to see in trade policy and ultimately allows us to serve our customers better than anyone else. By keeping our customers at the forefront of everything we do, we continue to cement our market leadership position. We remain well positioned for an Ag market rebound and as always, we will continue to prioritize our customers and in doing so, we expect 2026 will be a good year for Titan.”
First Quarter and Fiscal Year 2026 Outlook
Tony Eheli, Chief Financial Officer, stated, “We ended the year with a strong balance sheet and maintained a disciplined expense profile that drove improvements in margin and profitability, while allowing us to continue to invest in our product, people, and processes. We expect to start 2026 with a seasonal uptick in activity with Q1 sales between $490 million and $510 million and Adjusted EBITDA between $28 million and $33 million. For the full year we are expecting revenue in the $1.85 to $1.95 billion range with Adjusted EBITDA between $105 million and $115 million.”
About Titan
Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, Illinois, the Company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.
Safe Harbor Statement
This press release contains forward-looking statements. These forward-looking statements are covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “would,” “could,” “potential,” “may,” “will,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, these assumptions are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond Titan International, Inc.’s control. As a result, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to, the effect of geopolitical instability; the effect of a recession on the Company and its customers and suppliers; changes in the Company’s end-user markets into which the Company sells its products as a result of domestic and world economic or regulatory influences or otherwise; changes in the marketplace, including new products and pricing changes by the Company’s competitors; the Company’s ability to maintain satisfactory labor relations; unfavorable outcomes of legal proceedings; the Company’s ability to comply with current or future regulations applicable to the Company’s business and the industry in which it competes or any actions taken or orders issued by regulatory authorities; availability and price of raw materials; levels of operating efficiencies; the effects of the Company’s indebtedness and its compliance with the terms thereof; changes in the interest rate environment and their effects on the Company’s outstanding indebtedness; unfavorable product liability and warranty claims; actions of domestic and foreign governments, including the imposition of additional tariffs; geopolitical and economic uncertainties relating to the countries in which the Company operates or does business; risks associated with acquisitions, including difficulty in integrating operations and personnel, disruption of ongoing business, and increased expenses; results of investments; the realization of projected synergies; the effects of potential processes to explore various strategic transactions, including potential dispositions; fluctuations in currency translations; risks associated with environmental laws and regulations; risks relating to our manufacturing facilities, including that any of our material facilities may become inoperable; risks relating to financial reporting, internal controls, tax accounting, and information systems; and the other risks and factors detailed in the Company’s periodic reports filed with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those reports. These forward-looking statements are made only as of the date hereof. The Company cautions that any forward-looking statements included in this press release are subject to a number of risks and uncertainties, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events, or for any other reason, except as required by law.
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