Titan International, Inc. (TWI): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde à enjeux élevés de la fabrication des pneus industriels, Titan International, Inc. (TWI) émerge comme une centrale d'innovation et de précision, naviguant stratégiquement dans les terrains complexes des marchés de l'équipement agricole, minière et de construction. Avec une toile complète du modèle commercial qui révèle une approche robuste des solutions spécialisées de pneus, TWI montre comment l'ingénierie ciblée, les partenariats mondiaux et les stratégies centrées sur le client peuvent transformer une entreprise manufacturière traditionnelle en un chef de pneu industriel dynamique et mondial. Plongez dans le plan complexe du modèle commercial de Titan et découvrez comment ils révolutionnent les performances des véhicules lourds dans plusieurs industries difficiles.

Titan International, Inc. (TWI) - Modèle commercial: partenariats clés

Fabricants d'équipements agricoles

En 2024, Titan International maintient des partenariats stratégiques avec:

Partenaire	Détails de collaboration	Valeur de partenariat annuelle
AGCO Corporation	Approvisionnement en roues et pneus pour les machines agricoles	87,4 millions de dollars
John Deere	Fabrication de roues personnalisées	62,9 millions de dollars

Fournisseurs et distributeurs de pneus

Les partenariats clés de distribution des pneus comprennent:

• Tirehub LLC
• Pneu à prix réduit
• Réseau de distributeurs de pneus moderne

Fabricants d'équipements d'origine (OEM)

Partenaire OEM	Segment de produit	Valeur du contrat
Caterpillar Inc.	Roues d'équipement de construction	129,6 millions de dollars
Case New Holland	Systèmes de pneus agricoles	94,3 millions de dollars

Sociétés mondiales de logistique et de transport

Le réseau de partenariat logistique comprend:

• Freight UPS
• FedEx Logistics
• Xpo logistique

Fournisseurs de matières premières

Fournisseur	Type de matériau	Volume de l'offre annuelle
Bridgestone Corporation	Composés en caoutchouc	42 500 tonnes métriques
Goodyear Tire & Caoutchouc	Caoutchouc synthétique	35 200 tonnes métriques

Titan International, Inc. (TWI) - Modèle d'entreprise: Activités clés

Conception et fabrication de pneus agricoles, minières et de construction

Capacité de production annuelle des pneus: 11,3 millions d'unités

Catégorie de pneus	Volume de production annuel	Part de marché
Pneus agricoles	4,2 millions d'unités	22.5%
Pneus d'exploitation	3,1 millions d'unités	18.7%
Pneus de construction	4 millions d'unités	19.3%

Production de roues et de jante pour véhicules lourds

Production annuelle des roues et des jantes: 6,8 millions d'unités

• Installations de fabrication aux États-Unis
• Installations de fabrication au Brésil
• Installations de fabrication en Inde

Recherche et développement de technologies innovantes de pneus

Investissement annuel de R&D: 47,3 millions de dollars

Zone de focus R&D	Pourcentage d'investissement
Innovation matérielle	35%
Amélioration des performances des pneus	28%
Technologies de durabilité	22%
Surveillance des pneus numériques	15%

Ventes mondiales et distribution de solutions de pneus spécialisées

Revenus de vente mondiaux: 1,42 milliard de dollars en 2023

• Marché nord-américain: 45% du total des ventes
• Marché sud-américain: 28% des ventes totales
• Marché européen: 17% du total des ventes
• Marché asiatique: 10% du total des ventes

Ingénierie personnalisée pour des applications industrielles spécifiques

Projets d'ingénierie personnalisés terminés en 2023: 214

Segment de l'industrie	Projets personnalisés	Durée moyenne du projet
Agriculture	89 projets	6-8 mois
Exploitation minière	62 projets	7-9 mois
Construction	63 projets	5-7 mois

Titan International, Inc. (TWI) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Titan International, Inc. exploite des installations de fabrication dans plusieurs pays:

Emplacement	Type d'installation	Capacité de production annuelle
Quincy, Illinois, États-Unis	Fabrication des roues et des pneus	1,2 million d'unités de roues par an
Sao Paulo, Brésil	Production de pneus agricoles	800 000 unités de pneus par an
Pune, Inde	Fabrication de roues industrielles	500 000 unités de roues par an

Équipes d'ingénierie et de conception spécialisées

Détails de la main-d'œuvre d'ingénierie:

• Personnel d'ingénierie total: 287 professionnels
• Investissement en R&D: 18,3 millions de dollars en 2023
• Emplacements d'ingénierie: États-Unis, Brésil, Inde

Propriété intellectuelle

Catégorie de brevet	Nombre de brevets actifs	Régions de protection des brevets
Technologie des roues	42 brevets actifs	Amérique du Nord, Europe, Amérique du Sud
Conception de pneus	35 brevets actifs	Couverture mondiale

Réputation de la marque

Métriques de force de la marque:

• Part de marché dans les roues agricoles: 32%
• Présence du marché des roues industrielles: 27%
• Taux de rétention de la clientèle: 89%

Chaîne d'approvisionnement et réseau de distribution

Canal de distribution	Nombre de centres de distribution	Volume de distribution annuel
Ventes directes	12 centres	1,5 million d'unités
Réseau de distribution	87 emplacements partenaires	2,3 millions d'unités

Titan International, Inc. (TWI) - Modèle d'entreprise: propositions de valeur

Pneus haute performance pour les applications industrielles exigeantes

Titan International produit des pneus spécialisés avec les spécifications de performance suivantes:

Catégorie de pneus	Capacité de chargement	Plage de température de fonctionnement
Pneus agricoles	Jusqu'à 20 000 livres	-40 ° F à 250 ° F
Pneus de construction	Jusqu'à 35 000 lbs	-20 ° F à 300 ° F
Pneus industriels	Jusqu'à 50 000 livres	-30 ° F à 275 ° F

Solutions personnalisées pour l'équipement agricole et de construction

Titan International propose des solutions de pneus spécialisées avec les options de personnalisation suivantes:

• Conceptions de routes de pneus personnalisées
• Composés en caoutchouc spécialisés
• Dimensions des pneus spécifiques à l'application
• Renforcement amélioré

Durabilité et fiabilité dans des conditions de travail extrêmes

Mesures de durabilité des pneus de Titan International:

Métrique de performance	Valeur moyenne
Durée de vie moyenne des pneus	4 500 à 6 000 heures de fonctionnement
Résistance à la perforation	98,5% de protection contre les dommages causés par la parche latérale
Résistance à la chaleur	99,2% d'entretien de l'intégrité structurelle

Ingénierie complète du système de pneus et de roues

Les capacités d'ingénierie comprennent:

• Conception avancée assistée par ordinateur
• Analyse par éléments finis
• Optimisation de la science des matériaux
• Tolérances de fabrication de précision

Technologies de pneus rentables et innovantes

Métriques de coût et d'innovation:

Catégorie d'innovation	Investissement	Dépenses annuelles de R&D
Technologie des pneus	12,4 millions de dollars	8,7 millions de dollars
Efficacité de fabrication	6,2 millions de dollars	4,5 millions de dollars

Titan International, Inc. (TWI) - Modèle d'entreprise: relations clients

Équipes de vente directes pour les clients industriels et agricoles

Titan International, Inc. maintient une force de vente directe de 87 représentants des ventes dédiés à 2023, couvrant les marchés nord-américains et internationaux. L'équipe de vente a généré 671,2 millions de dollars de revenus pour les segments de roues et de pneus industriels et agricoles.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	87
Revenus industriels / agricoles	671,2 millions de dollars
Ventes moyennes par représentant	7,72 millions de dollars

Partenariats stratégiques à long terme

Titan International maintient des partenariats stratégiques avec 12 grands fabricants d'équipements, notamment Case IH, John Deere et Kubota.

• Durée du partenariat: moyenne de 8,5 ans
• Valeur du contrat annuel: 42,3 millions de dollars par partenariat
• Revenu total de partenariat: 507,6 millions de dollars en 2023

Service de support technique et après-vente

Titan exploite 23 centres de support technique dans le monde, avec 156 spécialistes d'assistance technique certifiés. La société a investi 14,6 millions de dollars dans l'infrastructure de support client en 2023.

Infrastructure de soutien	2023 métriques
Centres de soutien technique	23
Spécialistes de soutien	156
Investissement en infrastructure	14,6 millions de dollars

Services de consultation personnalisés

Titan fournit des services de consultation spécialisés dans 7 secteurs industriels, avec des équipes dédiées au service des industries de l'agriculture, de la construction et des mines.

• Secteurs de consultation: 7
• Équipes de consultation dédiées: 4
• Revenus de consultation annuelle: 38,9 millions de dollars

Plates-formes de fiançailles clients numériques

Titan International exploite une plate-forme numérique complète avec 42 000 utilisateurs enregistrés, générant 22,7 millions de dollars de revenus de services numériques pour 2023.

Métriques de plate-forme numérique	2023 données
Utilisateurs enregistrés	42,000
Revenus de services numériques	22,7 millions de dollars
Interactions de support en ligne	127,500

Titan International, Inc. (TWI) - Modèle d'entreprise: canaux

Force de vente directe

En 2024, Titan International maintient une équipe de vente directe d'environ 87 représentants commerciaux dans le monde, en se concentrant sur les principaux marchés industriels et agricoles.

Région de vente	Nombre de représentants	Focus du marché primaire
Amérique du Nord	42	Équipement agricole et de construction
Amérique du Sud	22	Marchés des pneus agricoles
Europe	15	Systèmes de roues et de pneus industriels
Asie-Pacifique	8	Marchés industriels émergents

Plateformes de vente en ligne

Titan International exploite plusieurs canaux de vente numériques avec les caractéristiques suivantes:

• Plateforme de commerce électronique B2B avec disponibilité 24/7 du produit
• Catalogue en ligne avec 3 742 SKU de produits
• Revenus de vente numérique: 47,3 millions de dollars en 2023

Salons et expositions commerciales industrielles

Participation annuelle aux principaux événements de l'industrie:

Événement	Emplacement	Fréquentation annuelle
Conexpo-con / agg	Las Vegas, USA	128 000 participants
Agritechnica	Hanovre, Allemagne	452 000 visiteurs

Réseaux de distributeurs dans le monde

Statistiques du réseau mondial de distribution:

• Distributeurs totaux: 214
• Couverture dans 47 pays
• Revenus de canaux de distribution: 312,6 millions de dollars en 2023

Partenariats du fabricant d'équipement d'origine (OEM)

Détails du partenariat OEM clé:

Partenaire OEM	Durée du partenariat	Valeur du contrat annuel
John Deere	12 ans	89,4 millions de dollars
CNH Industrial	9 ans	76,2 millions de dollars
Chenille	7 ans	62,7 millions de dollars

Titan International, Inc. (TWI) - Modèle d'entreprise: segments de clientèle

Fabricants d'équipements agricoles

Titan International dessert les principaux fabricants d'équipements agricoles avec des solutions de roues et de piste.

Meilleurs clients	Volume d'achat annuel	Part de marché
John Deere	87,3 millions de dollars	22%
AGCO Corporation	62,5 millions de dollars	15%
Case New Holland	53,4 millions de dollars	13%

Companies d'équipement de construction et d'exploitation

Titan fournit des solutions spécialisées de roues et de pneus pour les machines lourdes.

• Caterpillar Inc.
• Komatsu Ltd.
• Équipement de construction Volvo

Client	Valeur du contrat annuel	Catégories de produits
Caterpillar Inc.	104,6 millions de dollars	Roues minières
Komatsu Ltd.	79,2 millions de dollars	Pneus de construction

Fabricants de véhicules industriels

Titan fournit des solutions de roues et de pneus pour la production de véhicules industriels.

• Manipulation de matériaux Toyota
• Manipulation des matériaux Hyster-Yale
• Jungheinrich AG

Opérations agricoles à grande échelle

Solutions directes des pneus et des roues pour les entreprises agricoles.

Type de client	Volume d'achat annuel	Portée géographique
Fermes nord-américaines	45,7 millions de dollars	États-Unis, Canada
Fermes sud-américaines	32,6 millions de dollars	Brésil, Argentine

Sociétés de location d'équipements mondiaux

Titan fournit des roues de remplacement et spécialisées pour l'équipement de location.

• Location de ceinture de soleil
• Location unie
• Location HERC

Entreprise de location	Aachat annuel de roues / pneus	Types d'équipement
Location unie	63,4 millions de dollars	Construction, industriel
Location de ceinture de soleil	41,2 millions de dollars	Manipulation agricole et matériaux

Titan International, Inc. (TWI) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

Total des coûts d'approvisionnement en matières premières pour 2023: 312,5 millions de dollars

Type de matériau	Coût annuel	Pourcentage du total
Acier	187,5 millions de dollars	60%
Caoutchouc	62,5 millions de dollars	20%
Aluminium	62,5 millions de dollars	20%

Frais de fabrication et de production

Coûts de fabrication totaux pour 2023: 245,6 millions de dollars

• Coûts de main-d'œuvre: 98,2 millions de dollars
• Entretien de l'équipement: 47,3 millions de dollars
• Consommation d'énergie: 38,5 millions de dollars
• Frais généraux d'usine: 61,6 millions de dollars

Investissements de recherche et développement

Dépenses de R&D pour 2023: 37,8 millions de dollars

Zone de focus R&D	Montant d'investissement
Technologie des roues	15,1 millions de dollars
Innovation des pneus agricoles	12,4 millions de dollars
Optimisation du processus de fabrication	10,3 millions de dollars

Distribution et logistique globales

Coûts de distribution totaux pour 2023: 89,7 millions de dollars

• Frais de transport: 52,3 millions de dollars
• Entreposage: 24,6 millions de dollars
• Expédition internationale: 12,8 millions de dollars

Opérations de marketing et de vente

Total des frais de marketing et de vente pour 2023: 43,2 millions de dollars

Canal de marketing	Dépense
Salons et expositions commerciales	18,5 millions de dollars
Marketing numérique	12,7 millions de dollars
Opérations de l'équipe de vente	12 millions de dollars

Titan International, Inc. (TWI) - Modèle d'entreprise: Strots de revenus

Ventes de pneus pour l'équipement agricole

2023 Revenus de ventes de pneus agricoles: 458,3 millions de dollars

Catégorie de produits	Revenus ($ m)	Part de marché
Pneus agricoles	458.3	17.6%
Grands pneus agricoles	276.2	10.9%

Fabrication des roues et des jantes

2023 Revenus de fabrication de roues et de bords: 312,5 millions de dollars

• Revenus de roues industrielles: 187,6 millions de dollars
• Revenus de roues agricoles: 124,9 millions de dollars

Services d'ingénierie personnalisés

2023 Revenus de services d'ingénierie personnalisés: 42,7 millions de dollars

Type de service	Revenus ($ m)
Ingénierie de conception	22.3
Développement de prototypes	20.4

Contrats du fabricant d'équipements d'origine (OEM)

2023 Renus du contrat OEM: 276,8 millions de dollars

• Contrats OEM de l'équipement agricole: 186,4 millions de dollars
• Contrats OEM de l'équipement industriel: 90,4 millions de dollars

Marché des pneus et des roues de rechange

2023 Revenus de rechange: 214,6 millions de dollars

Segment de marché	Revenus ($ m)	Taux de croissance
Marché secondaire agricole	142.3	6.2%
Marché secondaire industriel	72.3	4.7%

Total 2023 Revenus: 1 304,9 millions de dollars

Titan International, Inc. (TWI) - Canvas Business Model: Value Propositions

You're looking at how Titan International, Inc. (TWI) creates value for its customers in late 2025. It's all about making equipment last longer and perform better, which directly hits the bottom line for operators in agriculture and construction.

Innovative, high-quality products enhancing equipment performance

Titan International, Inc. consistently brings new tech to market that helps equipment run better. For instance, their patented VPO technology lets users drive equipment at 0 PSI (flat) under normal conditions across the entire tire life. Also, the Low-Side Wall (LSW) wheel/tire assemblies have shown real-world benefits; some large farmers reported fuel savings that far exceeded the 10 to 15% savings Titan has stated, based on their own records from Q3 2024. Looking ahead, Titan is expanding this innovation with plans to launch over 50 SKUs of Rubber Tracks for light construction applications starting in January 2026.

Lower Total Cost of Ownership (TCO) through product durability

Durability translates directly into lower TCO for the end-user. The performance validation from customers using LSWs, with reported fuel savings exceeding the 10 to 15% projection, is a concrete example of this value. This focus on product longevity helps customers manage operating expenses, which is critical when end-market demand has been soft, as seen in Q2 2025 revenue of $461 million.

Full assembly solutions (wheels, tires, undercarriage) from one supplier

The company has cultivated longstanding relations with blue-chip Original Equipment Manufacturers (OEMs) because Titan International, Inc. acts as a complete solutions provider. This extends to the aftermarket with an expanded 'one stop shop' offering. This integrated approach simplifies procurement for customers across wheels, tires, assemblies, and undercarriage products. The success of this strategy is reflected in the performance of the Consumer segment, which posted a strong Q3 2025 gross margin of 23%, compared to 9.5% in the Ag segment that same quarter.

Here's a quick look at how the segments performed in Q3 2025, showing the relative strength of the assembly/aftermarket focus:

Segment	Q3 2025 Gross Margin	Q3 2025 Sales Growth vs. Prior Year
Agriculture (Ag)	13.4%	8% growth
Earthmoving/Construction (EMC)	10.4%	7% growth
Consumer	23%	Slightly off year-over-year, but rebounded nearly 15% sequentially

Supply chain reliability due to diversified global/domestic production

Titan International, Inc. emphasizes its domestic production capabilities, stating they have 'no other manufacturers in our industry with the domestic production capabilities.' This geographic and sourcing diversification is a key value proposition, especially amid global trade dynamics. For example, management noted that less than 10% of total revenues have a net negative exposure to current retaliatory China tariffs, supported by domestic steel sourcing and rubber sourcing primarily from West Africa. This operational nimbleness helps maintain supply reliability even when facing headwinds, such as the 3.6% unfavorable currency translation impact noted in Q1 2025.

The company's geographic revenue mix as of TTM September 2025 shows this global footprint:

• US Revenue Share: 51%
• Europe/CIS Revenue Share: 24%
• Latin America Revenue Share: 17%

This structure helps buffer against regional downturns; for instance, while Ag sales were down year-over-year in Q1 2025, the overall TTM Adjusted Gross Margin remained at 13.9% as of September 2025, showing resilience.

Finance: review the impact of the 3.7x leverage ratio (as of Q3 2025) on future capital allocation for supply chain investments by next Tuesday.

Titan International, Inc. (TWI) - Canvas Business Model: Customer Relationships

You're looking at how Titan International, Inc. (TWI) manages the crucial connections with the buyers of its off-highway wheels, tires, and undercarriage equipment. Honestly, for a company in a cyclical industry, these relationships are the bedrock that keeps margins up when volumes dip.

Dedicated, long-term relationships with blue-chip OEM customers

Titan International, Inc. emphasizes its long-standing relationships with blue-chip OEMs (Original Equipment Manufacturers), which is key to navigating the ups and downs of equipment demand. This is evident in the revenue distribution, where the core OEM-heavy segments still drive the majority of sales. For the trailing twelve months ending September 2025, the Agriculture segment, which relies heavily on OEM sales for new equipment, accounted for 41% of total revenues, while the Earthmoving/Construction (EMC) segment contributed 31%. This concentration shows the importance of keeping those large equipment builders happy. To be fair, OEM channel softness, like when Ag customers were reducing elevated inventory in Q1 2025, directly impacts Titan's top line. Still, the company's localized manufacturing is a major selling point, mitigating risk for both Titan International, Inc. and these OEM partners.

Here's a quick look at how the revenue was split across the main channels as of the TTM ending September 2025:

Segment	TTM Revenue Share (as of Sep 2025)	Key Customer Dynamic
Agriculture	41%	Heavily influenced by new equipment demand and farm income.
Earthmoving/Construction (EMC)	31%	Tied to global construction and mining OEM purchasing cycles.
Consumer	28%	Higher mix of aftermarket sales provides a buffer.

Transactional sales and service support for the aftermarket channel

The aftermarket channel provides a less cyclical revenue stream, which management actively cultivates. The Consumer segment is the best example of this focus, as it historically includes a larger aftermarket component compared to the other two segments. In Q1 2025, the Consumer segment's gross margin was a high of 19.6%, directly supported by the fact that the higher-margin aftermarket business made up more than 65% of that segment's sales. This aftermarket business acts as an important offset when OEM channel demand softens; for instance, in Q3 2025, aftermarket sales were cited as a positive factor supporting performance despite tariff headwinds on new equipment demand. The relationship here is often more transactional, focused on quick service, part availability, and dependable product quality for replacement needs.

Customer-centric focus driving product development and innovation

Titan International, Inc. states that an intense focus on customers and end users defines everything they do, anchoring their team and strategy. This focus translates directly into product innovation designed to meet evolving needs. A concrete example of this is the planned introduction of their first-ever Rubber Tracks for light construction applications, scheduled for January 2026. This launch isn't minor; it involves rolling out over 50 stock-keeping units (SKUs) across 6 different tread patterns, specifically targeting Compact Track Loaders and Mini Excavators. Also, the company's 'One stop shop strategy optimizes customer purchasing processes,' which is a direct effort to make doing business with Titan International, Inc. easier for all customer types.

The company's overall TTM Gross Margin as of September 2025 stood at 13.9%, showing that even while navigating a cyclical trough with volumes more than 15% below prior lows, the focus on product and customer mix is helping maintain profitability.

Finance: draft 13-week cash view by Friday.

Titan International, Inc. (TWI) - Canvas Business Model: Channels

You're looking at how Titan International, Inc. (TWI) gets its products-off-highway wheels, tires, and assemblies-to the customer, and the numbers from late 2025 show a clear reliance on the original equipment manufacturer (OEM) side, even as the aftermarket provides a crucial buffer.

The overall revenue base for Titan International, Inc. as of the Trailing Twelve Months (TTM) ending September 30, 2025, stood at approximately $1.80 Billion USD. This top line is segmented, giving us a view into the relative health of the OEM-dependent versus aftermarket-driven businesses.

Here is the revenue split by segment for the year-to-date period ending Q3 2025:

Segment	Year-to-Date Revenue Share (Q3 2025 YTD)
Agricultural (Ag)	41%
Earthmoving/Construction (EMC)	31%
Consumer	28%

The Ag and EMC segments are more closely tied to new equipment sales, which means they are more directly exposed to OEM capital planning and destocking cycles. For instance, in Q3 2025, the Ag segment sales grew 8% year-over-year, and EMC grew 7% year-over-year, showing some rebound from softer OEM demand earlier in the year.

The aftermarket channel, which Titan International, Inc. has strategically bolstered, shows its strength clearly within the Consumer segment. This segment, representing 28% of the year-to-date revenue, is where the aftermarket acts as a stabilizer. Back in Q1 2025, the aftermarket component accounted for more than 65% of the Consumer segment's total sales, which helped that segment post a strong gross margin of 19.6% in that quarter, outperforming the Ag segment's 12.4% and EMC's 10.4%.

Titan International, Inc. supports these sales channels with a physical footprint, which is reflected in operating expenses. The Selling, General and Administrative (SG&A) expenses saw an increase in Q1 2025, partly due to the recurring costs from the Titan Specialty operations, which specifically includes the management of distribution centers. This indicates the company uses its own infrastructure to ensure efficient delivery across its network of independent distributors and equipment dealers.

The channel strategy is about balancing the cyclical OEM business with the more consistent replacement demand:

• Direct OEM Sales Exposure: Heavily weighted in the Ag (41% YTD revenue) and EMC (31% YTD revenue) segments, which are sensitive to new equipment orders.
• Aftermarket Resilience: The Consumer segment relies on aftermarket sales for over 65% of its business, providing a margin buffer.
• Distribution Network: Supported by company-owned assets, as evidenced by SG&A costs tied to distribution center management.

Finance: finalize the Q4 2025 cash flow projection by Monday.

Titan International, Inc. (TWI) - Canvas Business Model: Customer Segments

You're looking at the core groups Titan International, Inc. (TWI) serves, which is really about where the rubber meets the road, literally. The business model clearly segments its focus across three main areas, balancing cyclical Original Equipment Manufacturer (OEM) demand with the steadier aftermarket business.

The Agricultural (Ag) segment remains the largest revenue driver, closely followed by Earthmoving/Construction (EMC). The Consumer segment, while smaller in total sales, often boasts higher gross margins due to its aftermarket focus.

Here's the quick math on the revenue split based on the third quarter of 2025 performance. What this estimate hides is the mix between OEM and aftermarket within each segment, which is key to margin stability.

The Customer Segments breakdown for the year-to-date period ending Q3 2025 looks like this:

• - Agricultural (Ag) OEMs and Aftermarket customers, representing approximately 40.5% of YTD Q3 2025 revenue (based on $188.7 million in Q3 2025 net sales).
• - Earthmoving/Construction (EMC) OEMs and Aftermarket customers, representing approximately 31.2% of YTD Q3 2025 revenue (based on $145.4 million in Q3 2025 net sales).
• - Consumer market (ATVs, trailers, turf) with a high aftermarket focus, accounting for approximately 28.4% of YTD Q3 2025 revenue (based on $132.4 million in Q3 2025 net sales).

The total net sales for the third quarter ended September 30, 2025, reached $466.5 million.

The relative importance and size of these customer groups are best seen in a direct comparison of their Q3 2025 financial contribution:

Customer Segment	Approximate YTD Q3 2025 Revenue Share	Q3 2025 Net Sales (in millions USD)	Q3 2025 Segment Performance Note
Agricultural (Ag)	40.5%	$188.7	Reported a 7.6% rise in net sales year-over-year.
Earthmoving/Construction (EMC)	31.2%	$145.4	Reported a 6.6% increase in net sales compared to the prior year period.
Consumer (ATVs, Trailers, Turf)	28.4%	$132.4	Experienced marginally lower revenues due to OEM demand softness, though gross margins improved.

Within these segments, you see a clear strategic split between OEM and aftermarket channels. The aftermarket business is less cyclical, which is a key feature of Titan International, Inc.'s model, providing an important offset when OEM channel demand softens.

For instance, in the Consumer segment, the higher margin aftermarket business accounted for more than 65% of the sales in that segment during the first quarter of 2025, which helps stabilize segment profitability even when OEM orders dip.

The key customer groups and their characteristics include:

• - Agricultural OEMs and Aftermarket: Driven by factors like net farm income and trade negotiations, such as potential grain purchases by China.
• - EMC OEMs and Aftermarket: Benefiting from reshoring manufacturing to the U.S., reinforcing Titan International, Inc.'s position as a leading U.S. manufacturer.
• - Consumer (Aftermarket Focus): End users include landscapers and golf courses, whose need for operational uptime drives consistent aftermarket replacement demand.

Finance: draft 13-week cash view by Friday.

Titan International, Inc. (TWI) - Canvas Business Model: Cost Structure

The cost structure for Titan International, Inc. (TWI) remains heavily influenced by variable costs directly tied to production inputs. You see this clearly in the commentary noting that favorable price and product mix reflected higher raw material and input costs. This means that fluctuations in the market prices for key components like rubber and steel directly impact the cost of goods sold, which is a primary driver of the overall cost base.

Selling, General, and Administrative (SG&A) expenses are a significant fixed component that management watches closely. For the three months ended June 30, 2025, Titan International, Inc. reported SG&A expenses of $52.4 million. This represented 11.4% of net sales for that quarter. The increase in SG&A year-over-year was primarily driven by general inflationary cost impacts, including higher personnel-related costs.

Here's a quick look at how SG&A trended across the first half of 2025:

Metric	Q1 2025 (Ended 3/31/2025)	Q2 2025 (Ended 6/30/2025)
SG&A Expense (Millions USD)	$49.9 million	$52.4 million
Net Sales (Millions USD)	Approximately $485.3 million (Implied from Q1 sales % of 10.2%)	$460.8 million
SG&A as % of Net Sales	10.2%	11.4%

Manufacturing and distribution center operating expenses are another critical area. When sales volumes drop, as they did in early 2025, you immediately see a negative impact on profitability due to reduced fixed cost absorption across the Company's manufacturing facilities in North America and Europe. Furthermore, the recurring SG&A associated with the Titan Specialty operations includes the ongoing costs for the management of distribution centers.

While the specific FY 2025 incremental cost reduction target isn't explicitly published in the latest releases, the focus on operational efficiency is clear. Management is actively working to improve leverage, as evidenced by the commentary on fixed cost absorption. For the full year 2024, Selling, General, Administrative, Research and Development (SGARD) expenses totaled $208.3 million, showing the scale of the overhead base that is being managed against current sales levels.

Titan International, Inc. (TWI) - Canvas Business Model: Revenue Streams

The revenue streams for Titan International, Inc. are fundamentally tied to the sale of its specialized off-highway wheels, tires, assemblies, and undercarriage products across its key end markets.

For the third quarter ended September 30, 2025, Titan International, Inc. reported consolidated revenues of $466.5 million, marking a 4% increase year-over-year. This performance was at the high end of management expectations. The company's business model relies on a diverse set of customers, including Original Equipment Manufacturers (OEMs) and the aftermarket channel.

The performance across the core operating segments drove this top-line result:

• Sales of Tires, Wheels, and Undercarriage products form the core of the revenue base.
• Agricultural segment net sales demonstrated solid growth, rising 8% compared with the prior year period.
• Earthmoving/Construction (EMC) segment net sales also reported growth, increasing by 7% year-over-year.
• The Consumer segment experienced marginally lower revenues due to tariff dampening effects on new equipment demand, though gross margins still improved.
• Aftermarket sales continue to be a crucial, less cyclical revenue component, providing an important offset to softness in the OEM channel.

The company's focus on operational execution allowed for margin expansion, which directly impacts the quality of revenue generated. Here's a look at some key Q3 2025 financial figures that frame these revenue streams:

Metric	Q3 2025 Value	Comparison/Context
Consolidated Net Sales	$466.5 million	Up 4% year-over-year
Consolidated Gross Margin	15.2%	Up from 13.1% in Q3 2024
Agricultural Segment Growth	8%	Year-over-year net sales increase
EMC Segment Growth	7%	Year-over-year net sales increase
Adjusted EBITDA	$30 million	Near the high end of guidance

Drilling down into segment profitability shows how revenue quality varies. For instance, the gross margins for the Agricultural segment were 13.4%, while the Earthmoving/Construction segment achieved a gross margin of 10.4% in the quarter. The Consumer segment posted the highest gross margin at 23%, despite lower revenues.