Ituran Location and Control (ITRN) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of $102.7 million, up 19% year-over-year, surpassing the $100 million milestone for the first time.

• Subscription revenue grew 21% year-over-year to $75.4 million, representing 73% of total revenue, with 40,000 net new subscribers added, reaching 2,670,000 at quarter-end.

• Net income increased 15% year-over-year to $16.8 million, with diluted EPS of $0.85.

• Strong performance in core markets (Israel, Latin America) and expansion of new initiatives, including US market entry, Big Data analytics, and IturanMob.

• Continued expansion of OEM partnerships, notably with Stellantis and the launch of Connect Fiat in South America.

Financial highlights

• EBITDA rose 15% year-over-year to $26.7 million, or 26% of revenues.

• Product revenues increased 12% year-over-year to $27.3 million.

• Gross profit was $49.4 million (48.2% margin), up 18% year-over-year.

• Operating income reached $22.1 million (21.5% margin), up 18% year-over-year.

• Cash flow from operations was $18.2 million for the quarter; net cash including marketable securities stood at $108 million as of March 31, 2026.

Outlook and guidance

• Expect to add 160,000–180,000 net subscribers for the full year 2026.

• Confident in continued growth and profitability throughout 2026, supported by new product launches, OEM partnerships, and expansion in core and new markets.

• Long-term strategy focuses on transforming the company into a significantly larger entity through new products and market segments.