Shares of Titan Machinery slid after the company reported declining revenue and a bigger loss in its fiscal second quarter.

The stock was down 3.7% at $18.11 on Thursday. Shares are still 20% higher than where they started the year.

The seller of agricultural and construction equipment posted a loss of $9.2 million, or 40 cents a share, for the quarter ended July 31.

That is steeper than the loss of $6 million, or 26 cents a share, in the same quarter a year earlier, as well as the 36 cents a share that analysts polled by FactSet had been projecting.

Revenue fell more than 9% to $496.4 million, which is higher than the $483.8 million that analysts expected. Operating expenses meanwhile ticked up.

Chief Executive Bryan Knutson said demand remains pressured across its North American agriculture business. "Fundamentals are suggesting that calendar year 2026 could be the bottom of this cycle," he said.