How did Titan Machinery's revenue and expenses trend in Q3 2025?

Titan Machinery Inc. (TITN) experienced a decline in revenue and a significant increase in expenses in Q3 2025 compared to the same period in the previous year.

1. **Revenue Trend**:
- Titan Machinery's total revenue for Q3 2025 was $679.8 million.
- This represents a decrease of 2.1% compared to the revenue of $694.1 million in Q3 2024.
- The decline in revenue was primarily due to lower demand for equipment purchases, as evidenced by a 10.5% decrease in same-store sales.
2. **Expense Trend**:
- Gross profit for Q3 2025 was $110 million, which reflected a gross profit margin contraction of 360 basis points to 16.3%.
- Operating expenses increased by 7.2% to $98.8 million compared to the prior year.
- The rise in operating expenses was driven by strategic initiatives such as acquisitions, which have been a key factor in the company's expansion.
3. **Net Profit Trend**:
- Net income for Q3 2025 was $1.7 million, or $0.07 per diluted share.
- This represents a significant decline from the net income of $30.2 million, or $1.32 per diluted share, in Q3 2024.
- The decrease in net income was primarily due to the decline in revenue and the increase in expenses, resulting in a gross profit margin contraction and a significant decrease in profit margin percentage.

In conclusion, Titan Machinery faced a challenging quarter in Q3 2025 with a decline in revenue and a rise in expenses, leading to a significant decrease in net income. The company's strategic initiatives, such as inventory reductions and acquisitions, have had an impact on both revenue and expenses.