Titan Machinery reported a challenging first quarter of fiscal 2026, with revenue of $594.3 million, a 5.5% year-over-year decline, and a net loss of $13.2 million ($0.58 per diluted share). The quarter was characterized by ongoing cyclicality in domestic agricultural equipment demand, persistent margin pressure on used equipment, and a deliberate inventory-reduction program that aims to normalize balance sheet composition and reduce floor-plan interest expense over time. Management emphasized the resilience of parts and service, which is forecast to constitute roughly a quarter of revenue but more than half of gross profit, underscoring a durable service-centric profit pool even as equipment sales face cyclical pressure. A notable bright spot was Europe, especially Romania, where EU stimulus funds supported a meaningful increase in activity, contributing to a 44.2% YoY (47.5% constant currency) rise in Europe segment revenue to $93.9 million and a pretax income of $4.7 million. Titan reiterated its full-year guidance for an adjusted diluted loss per share in the range of $1.25 to $2, with consolidated equipment margins targeted at about 8%. The company also signaled ongoing inventory reductions (targeting an incremental $100 million) and improved balance sheet discipline that should reduce floor plan interest expense and position Titan for a more normalized profitability profile as the cycle begins to turn.