Titanium Transportation Group Reports Strong FY 2022 Financial Results

Bolton, Ontario, CANADA

Revenue up 24% to Record $496 million and Adjusted EBITDA up 94% to $60.8 million
Earnings Per Share More than Quadruples from 12 cents per share to 55 cents per share

BOLTON, Ontario, March 13, 2023 (GLOBE NEWSWIRE) -- Titanium Transportation Group Inc. ("Titanium" or the "Company") (TSX:TTNM, OTCQX:TTNMF), a leading provider of transportation and logistics services throughout North America, is pleased to report its financial results for the three-month and fiscal year ended December 31, 2022. All amounts are in Canadian currency.

Q4/FY 2022 Financial Highlights

  • Total net income per share was $0.55, fully diluted for FY 2022, compared with $0.12 per share in FY 2021—a 358.3% improvement.
  • Consolidated adjusted EBITDA(1) rose to $14.9 million – or 69.8% -- in Q4 2022 compared to Q4 2021. Adjusted EBITDA margin (1) was 15.9% in the quarter -- a 720 basis point improvement over the same quarter in 2021. On an annual basis, consolidated adjusted EBITDA was $60.7 million in FY 2022 -- an increase of 93.9% -- and adjusted EBITDA Margin(1) came in at of 14.2%.
  • Consolidated revenue remained mainly constant in Q4 2022, despite market headwinds, at $110.8 million – a slight dip of 0.4% from Q4 2021. For the entire fiscal year 2022, consolidated revenue came in at $496.4 million – an increase of 24.3% over 2021.
  • In Q4 2022, logistics segment revenue was $61.1 million – a decrease of 10.4% compared to Q4 2021 -- mainly reflecting pricing softness in the United States market. However, on an annual basis, logistics segment revenue reached $287.2 million in FY 2022 -- an increase of 23.6% over the previous year.
  • Logistics segment adjusted EBITDA was $6.6 million in Q4 2022 – an increase of $1.8 million or 36.4% versus Q42021-- and an adjusted EBITDA margin(1)  of 12.2% was recorded -- a 460 basis point improvement. Logistics segment adjusted EBITDA rose by 76.6% in FY 2022 to $29.9 million and the adjusted EBITDA margin(1)  for the year was 11.7%.
  • Truck transportation segment revenue was $51.3 million in Q4 2022 – an increase of 15.2% compared to Q4 2021. For FY 2022, Truck transportation segment revenue increased by 25.1% over 2021 to $214.2 million.
  • Truck transportation segment adjusted EBITDA (2) in Q4 2022 was $9.4 million – an increase of 96.2% compared to the same quarter in 2021 -- and adjusted EBITDA margin (1) rose 1,030 basis points quarter-over-quarter to 22.9%. On an annual basis, truck transportation Adjusted EBITDA improved by 97.0% in FY 2022 over FY 2021 to $34.5 million and adjusted EBITDA Margin(1)  came in at 19.4%.
  • Acquired all outstanding shares, land and building of Bert and Son’s Cartage Limited (“BSC”), a truckload carrier based on Brantford, ON.

“Fourth quarter results topped off a third consecutive year of growth and profitability highlighted by a record top line revenue of $496 million, reflecting effective execution of our operational strategy and continuous deployment of new technology across our logistics and trucking segments,” said Ted Daniel, CEO, Titanium Transportation Group. “This enabled us to drive consolidated EBITDA margin expansion, exceeding expectations.”

“We successfully offset persistent inflationary cost and pricing pressures that emerged in Q3 2022 and continued into the balance of Q4 by focusing on growth in our US and Canadian logistics capacity, including new offices in Atlanta, GA, Fayetteville, AR and Montreal, QC while keeping a laser focus on trucking optimization and efficiency,” he said.

Summary of Q4 2022 Financial Results ($C ‘000s)
 Q4 2022Q4 2021% Change FY 2022FY 2021% Change
Consolidated Results
Revenue110,849111,283(0.4%) 496,374399,44324.3%
EBITDA14,9128,78369.8% 60,68831,30493.9%
EBITDA margin(1)15.9%8.7%  14.2%8.6% 
Net Income4,8001,573205.1% 24,8825,035394.2%
Net Income per share0.110.04  0.550.12 
Logistics Segment
Revenue61,06168,152(10.4%) 287,231232,31123.6%
EBITDA6,5884,83136.4% 29,96816,96876.6%
EBITDA margin(1)12.2%7.6%  11.7%7.8% 
Truck Transportation Segment
Revenue51,29844,52615.2% 214,201171,24525.1%
EBITDA9,3994,79196.2% 34,49517,51397.0%
EBITDA margin(1)22.6%12.3%  19.4%11.5% 
1)   EBITDA margin is calculated as EBITDA as a percentage of revenue before fuel surcharge.


“Looking ahead to 2023, we expect ongoing upward pressure on interest rates by central banks in response to high inflation will continue to have a dampening effect on aggregate demand and therefore on the demand for freight and logistics services. Although timing remains uncertain, we expect industry growth to moderate, leading to lower volumes and persistent price and cost pressure,“ said Daniel.

“Nevertheless, we remain optimistic that by drawing on our proprietary systems, including our Titanium Fusion Portal, and experienced team, Titanium will continue to execute on our growth plan and deliver another year of profitable organic growth in 2023,” he concludes. “We have scaled up our U.S. freight brokerage operations and expect to add two more locations this year. On the trucking side, current economic conditions are fostering an exciting pipeline of potential M&A opportunities that we will continue to explore.”

2023 Guidance

Titanium’s guidance for 2023, assumes no change in the current economic environment and excludes the impact of any acquisitions.

  • Revenue $500 million - $520 million
  • Adjusted EBITDA Margin 9.5% - 11.5%

Conference Call

The Company will also hold a conference call on Tuesday, March 14, 2023, at 8:00 a.m. Eastern Time, to discuss these results. Business media are also invited to listen to the call.

Dial-In Details:

Interested parties can join the call by dialing 1-888-886-7786 (North America) or 1-416-764-8658 (International).

Replay Details:

A replay of the conference call can be accessed until midnight on March 28, 2023 by dialing 1-877-674-7070 (North America) or 1-416-764-8692 (International) and entering the passcode 359374#.

About Titanium

Titanium is a leading North American transportation company with asset-based trucking operations and logistics brokerages servicing Canada and the United States, with approximately 800 power units, 3,000 trailers and 1,100 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, logistics, and warehousing and distribution to over 1,000 customers. In the U.S. Titanium has established operations in Charlotte, Atlanta, Chicago, Nashville, Denver and Arkansas. In February 2021, Titanium completed its largest acquisition since its founding, establishing Titanium as the 12th largest Canadian transportation company. Titanium is a recognized purchaser of asset-based trucking companies, having completed twelve (12) transactions since 2011. Titanium ranked among top 500 companies in the inaugural Financial Times Americas’ Fastest Growing Companies in 2020. The Company was ranked by Canadian Business as one of Canada's Fastest Growing Companies for eleven (11) consecutive years. For two (2) consecutive years, Titanium has also been ranked one of Canada’s Top Growing Companies by the Globe and Mail’s Report on Business of Canada. Titanium is currently listed on the Toronto Stock Exchange under the symbol “TTNM" and “TTNMF” on the OTCQX.


The following financial measures do not have any standardized meaning under IFRS and may not be comparable to similar measures employed by other companies:

"Earnings before interest, income taxes, depreciation and amortization" ("EBITDA") is calculated as net income before depreciation, amortization, asset impairments, gains or losses on the sale of equipment, finance income and costs, gains or losses on foreign exchange, income tax expense, transaction costs, accelerated customer list amortization and goodwill impairment.

"EBITDA margin" is calculated as EBITDA as a percentage of revenue before fuel surcharge.

“Free cash flow” is calculated as cash flow from operations plus proceeds from finance lease receivables and proceeds from disposition, less capital expenditures.

"Adjusted net income" is calculated as net income before items that are not in the normal course of business, such as accelerated customer list amortization and goodwill impairment.

Management of the Company believes that these financial measures are useful for investors and other readers, when used in conjunction with other IFRS financial measures, as they are measurers used internally by management to evaluate performance. However, these financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of financial performance prepared in accordance with IFRS.


Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding Titanium's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to Titanium's future outlook and anticipated events, and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Titanium. Particularly, statements regarding future acquisitions, the availability of credit, performance, achievements, prospects or opportunities for Titanium or the industry in which it operates are forward-looking statements. In some cases, forward-looking information can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

The forward-looking statements made in this press release are dated, and relate only to events or information, as of the date of this press release. Except as specifically required by law, Titanium undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.


Titanium Transportation Group Inc.
Ted Daniel, CPA, CA
Chief Executive Officer
(905) 266-3011