Titanium Transportation Group Reports Q1 2023 Results; Highlighted By 52% EBITDA Growth in Trucking Segment

Bolton, Ontario, CANADA

  • First quarter consolidated EBITDA Margins1 improved 230 basis points YoY to 13.8%
  • Expanded U.S. based freight-brokerage operations to six locations
  • Truck Transportation segment delivered 690 basis point margin expansion and 52% increase in EBITDA1.

BOLTON, Ontario, May 15, 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 period ended March 31, 2023. All amounts are in Canadian currency.

Q1 2023 Financial Highlights compared with Q1 2022:

  • Consolidated revenue of $106 million, compared to $136 million in Q1 2022
  • Consolidated EBITDA of $12.6 million, compared to $13.9 million in Q1 2022
  • Consolidated EBITDA Margin1 of 13.8%, an increase of 230 basis points from Q1 2022
  • Fully diluted net income per share of $0.08, compared to Fully diluted net income per share of $0.13 in Q1 2023.
  • Expanded its U.S. based freight-brokerage operations with the opening of its sixth U.S. office in Fayetteville, Arkansas.

Ted Daniel, Chief Executive Officer, Titanium Transportation Group commented, “Despite softening market conditions, Titanium delivered yet another profitable quarter, generating $15.3 million in cash flow from operating activities and $3.6 million in net income in the first quarter of 2023. We are confident in our ability to maintain profitability while navigating through economic challenges, thanks to our superior customer and supplier solutions, internally developed Titanium Fusion portal, and experienced freight transportation team.”

“In the Truck Transportation segment, we leveraged our technology-driven business intelligence to optimize our pricing strategy, leading to a year-over-year increase in segment revenue, and 690 basis points of EBITDA margin improvement. While our asset-based segment remained resilient despite economic conditions, our logistics segment faced significant pricing pressure and moderate demand normalization but remained strong. Our first quarter results are a testament to Titanium’s ability to leverage its assets, people and technology to drive operational efficiencies throughout its business,” continued Mr. Daniel.

Summary of Q1 2023 Financial Results (in thousands $CAD)

 Q1 2023Q1 2022% Change
Consolidated Results   
EBITDA margin113.80%11.50% 
Net Income3,5885,969(39.9)%
Net Income per share0.080.14 
Truck Transportation   
EBITDA margin120.30%13.40% 
EBITDA margin19.30%11.50% 


“For the remainder of 2023, it is likely that the North American economy will continue to face headwinds due to various geopolitical and economic factors such as interest rates, high levels of inflation and supply chain challenges. Despite these challenges, Titanium is well-positioned to navigate our core business through these headwinds and capitalize on potential accretive opportunities as they arise. With our investment in proprietary technology and people, we remain cautiously optimistic and focused on generating value for our shareholders during these difficult times. While we do not anticipate significant growth in 2023, we remain focused on our operations and committed to providing sustainable, long-term growth to our shareholders through prudent investments,” added Mr. Daniel.

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, May 16, 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:

Date: Tuesday, May 16, 2023
Time: 8:00 a.m. ET
North America dial-in number: 1-888-886-7786
International dial-in number: 1-416-764-8658

Replay Details:

North America dial-in number: 1-877-674-7070
International dial-in number: 1-416-764-8692
Conference ID: 66043239
Passcode: 043239#

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.

Q1 2023 EBITDA reconciliation (in thousands $CAD)

 Q1 2023Q1 2022
Net Income 3,588   5,969  
Gain on sale of equipment(1,559)(845)
Finance costs1,658 918 
Finance income(108)(51)
Foreign exchange248 (25)
Income taxes1,455 2,180 
Operating Income 5,282   8,145  
Depreciation6,967 5,444 
Amortization of intangible assets327 327 
EBITDA 12,576   13,917  


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

For Investors Relations
James Bowen