Iteris (ITI) investor relations material

Iteris Q1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Q1 2025 earnings summary8 Aug, 2024

Executive summary

  • Achieved record Q1 revenue of $45.8M, up 5.1% year over year, with growth in both product and service revenues.

  • Net new bookings reached $48.8M, driving record trailing 6-month net bookings of $102.1M and record backlog of $126.8M, up 2.4% year over year.

  • Net income for the quarter was $0.4M, down from $2.1M in the prior year, due to higher operating expenses.

  • Strong customer adoption of the Clear Mobility platform, new sensor launches, and strategic partnerships expanded market reach.

  • Annual recurring revenue represented 26% of total revenue, up from 24.5% a year ago.

Financial highlights

  • Gross profit was $17.3M (37.9% margin), up 3% year over year, but gross margin declined 70 basis points.

  • Adjusted EBITDA was $2.9M (6.3% margin), down from $4.0M (9.2%) in the prior year.

  • Cash and cash equivalents at quarter end were $21.4M, down from $25.9M in the prior quarter.

  • Operating income was $0.3M, down from $2.0M in Q1 FY2024.

  • Adjusted net income was $2.8M ($0.06 per share), down from $4.0M ($0.09 per share) year over year.

Outlook and guidance

  • FY25 revenue expected between $188M and $194M, representing 11% organic growth at midpoint.

  • FY25 adjusted EBITDA margin expected at 8%-10%, a 150 bps improvement at midpoint.

  • Q2 revenue guidance of $44M-$48M, 6% organic growth at midpoint; Q2 adjusted EBITDA margin expected at 6%-7%.

  • Vision 2027 targets: $245M-$265M revenue and 16%-19% adjusted EBITDA margin, 14% 5-year organic CAGR.

  • Management expects continued investment in software and R&D, and possible release of deferred tax asset valuation allowance if profitability is sustained.

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Frequently asked questions

Iteris provides intelligent transportation systems technology solutions in Canada and Europe. Through real time data acquisition and analysis, Iteris solutions capture the movement of vehicles and pedestrians that are used by transportation agencies to manage traffic flow by controlling traffic signals, street lights and intersections. Intelligent Transportation Systems are used today in major cities throughout North America and Europe. Iteris, Inc. was incorporated in 1987 and is headquartered in Santa Ana, California.

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