Iteris, Inc. - $ITI STOCK NEWS

Iteris, Inc. (ITI) reported record revenue of $129.2 million for the fiscal year 2024, representing a 14% increase year over year. The company also achieved a 4% year over year increase in revenue for the fiscal 2024 third quarter, reaching $42.1 million. Gross margins improved significantly, reaching 37.6% for the fiscal year, and 36.9% for the third quarter, up 1,250 basis points and 780 basis points year over year, respectively. Adjusted EBITDA for the nine-month period was $10.0 million, a substantial $18.1 million improvement from the prior year. The company's cash and cash equivalents stood at $21.2 million as of December 31, 2023, reflecting positive net cashflow of $0.9 million. Iteris also announced a new partnership with Arity, a mobility data and analytics company. The company is tightening its full-year total revenue guidance to a range of $171.0 million to $173.0 million, representing organic growth of 10% year over year at the mid-point. Despite the positive financial performance, temporary customer delays due to current budget uncertainty and agency labor constraints are impacting the full-year outlook.

Iteris, Inc. (NASDAQ: ITI) has announced a new agreement with Arity, a mobility data and analytics company, to integrate a broader suite of traffic data solutions from Arity into Iteris’ ClearMobility® Platform. Arity collects nearly four million trips every hour from its 40 million users, or 15% of US licensed drivers, generating extensive near-real-time trip data. This partnership aims to improve traffic flow, intersection signal timing, and urban bottlenecks, ultimately making transportation smarter, safer, and more efficient.

Iteris, Inc. (NASDAQ: ITI) will conduct a conference call to discuss its financial results for the fiscal third quarter ended December 31, 2023. The call will be hosted by president and CEO Joe Bergera and CFO Kerry Shiba. It will include a live Q&A session with sell-side analysts and pre-submitted questions. The call will take place on Thursday, February 8th at 4:30 p.m. Eastern time (1:30 p.m. Pacific time).

Iteris, Inc. (NASDAQ: ITI) has been awarded contracts for traffic engineering, signal coordination, and signal timing services for two Illinois-based transportation agencies, with a combined value of approximately $6.0M. The contracts aim to improve safety, mobility, and sustainability by reducing stops and traffic congestion, minimizing delays, and reducing emissions from vehicles. These contracts further solidify Iteris' presence in the Midwest region and enhance its large presence in the Chicago suburban area.

Iteris, Inc. (NASDAQ: ITI) launches Vantage CV™, a cutting-edge integrated detection and connected vehicle system for safer intersections. Vantage CV combines traffic detection, cellular vehicle-to-everything (C-V2X) transportation infrastructure communications, and connected vehicle safety applications into a single solution with advanced safety features, scalable design, and complete intersection coverage. The system integrates traffic detection data from Iteris' Vantage Apex® or Vantage Next® detection systems and software to generate real-time safety alerts distributed to connected vehicles via the BlueTOAD® Spectra CV roadside unit. As part of the launch, Iteris also released VantageARGUS CV™, an essential software component providing CV data visualization, travel times, dynamic corridor analysis, and other system monitoring and analytics capabilities.

Iteris, Inc. (NASDAQ: ITI) introduces VantageCare®, a cloud-enabled managed service program to optimize traffic detection technologies for transportation agencies. The program offers three plans - Standard, Maintenance Assist, and Performance Assist - to provide increasing levels of support and features for efficient, safe, and reliable travel through intersections. VantageCare is compatible with Vantage Next®, Vantage Apex®, and VantageRadius® detection systems and is a key component of Iteris’ ClearMobility® Platform.

Iteris, Inc. (NASDAQ: ITI) announces participation in Northland Capital Markets Virtual Artificial Intelligence Investor Conference. President and CEO Joe Bergera and CTO Todd Kreter will discuss the company's use of AI machine learning in the Iteris ClearMobility® Platform for transportation purposes.

Iteris, Inc. (NASDAQ: ITI) has been awarded a $13.3 million contract by the Metropolitan Transportation Commission (MTC) to provide managed services supporting traveler information and toll lane operations in the San Francisco Bay Area. The contract, extending through June 2027, entails Iteris continuing to support MTC's 511 Traveler Information and Bay Area Express Lanes Operations Programs, which includes real-time traffic operations and monitoring of 125 miles of Bay Area Express Lanes on I-680, I-880, and US-101.

Iteris, Inc. (NASDAQ: ITI) reported a $2.9 million Adjusted EBITDA, an $8.1 million improvement year over year. The company also posted record revenue of $43.6 million, a 11% increase, and notable new contracts, including a $9.5 million deal with the US Department of Transportation. Fiscal 2024 third quarter total revenue guidance is in the range of $41.0 million to $43.0 million, with a full-year total revenue guidance raised to a range of $171.0 million to $175.0 million.