Itron and the City of Tucson Collaborate on New AMI Project to Enhance Water Conservation

Rhea-AI Summary

Itron (NASDAQ: ITRI) is deploying its AMI Essentials for water in partnership with the City of Tucson to advance water conservation and operations. The program includes 250,000 Itron Cellular 500W modules, Itron’s cellular Network-as-a-Service and Temetra meter data management.

The rollout began in Q3 2025 and is expected to be completed by the end of 2029. Modules transmit consumption data in 15-minute intervals, support leak detection, and use battery-powered endpoints designed for up to 20 years of operation. Itron will manage connectivity and headend services leveraging its experience with over 100 million endpoints globally.

Positive

• Deployment of 250,000 cellular water modules across Tucson
• Program timeline: Q3 2025 start to end of 2029 completion
• Data collection at 15-minute intervals for higher visibility
• Battery-powered modules with up to 20-year operational life
• Use of Itron Temetra for centralized cloud meter data management

Negative

• Multi-year rollout through 2029 delays full citywide benefits

Key Figures

Smart water modules 250,000 units Itron AMI deployment for City of Tucson

Plan horizon 2100 One Water 2100 Plan long-term water strategy

Project completion End of 2029 Expected full completion of Tucson AMI project

Module battery life Up to 20 years Design life of Itron water communication modules

Data interval 15-minute reads Water consumption data transmission interval via cellular

Managed endpoints Over 100 million Endpoints managed globally under Itron’s cellular NaaS

Market Reality Check

$98.28 Last Close

Volume Volume 387,861 is below the 20-day average 750,193 (relative volume 0.52). low

Technical Price 96.74 is below the 200-day MA at 116.66, and sits well under the 142.00 52-week high.

Peers on Argus

ITRI was down 1.15% with mixed peer moves: BMI -1.58%, VNT -1.52%, MKSI -0.25% while ESE +0.48% and ST +0.45%, suggesting stock-specific factors rather than a unified sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 04	Annual meeting update	Neutral	-0.9%	Set date and nomination window for the 2026 shareholder meeting.
Nov 19	Smart lighting deal	Positive	-1.0%	Partnered with CLS to expand smart lighting in Australian municipalities.
Nov 18	Water contract UK	Positive	-1.0%	Won Cyble 5-based metering contract with Northumbrian Water through 2029.
Nov 17	Locusview acquisition	Positive	-1.3%	Signed definitive agreement to buy Locusview for <b>$525M</b> in cash.
Oct 30	Q3 2025 earnings	Negative	-21.1%	Reported lower revenue and EPS YoY despite stronger margins and cash flow.

Pattern Detected

Recent history shows Itron often trading lower after positive strategic announcements, with the last earnings release drawing a notably sharp negative reaction.

Recent Company History

Over the past months, Itron reported Q3 2025 results with lower revenue and EPS but stronger margins and cash flow, followed by a steep -21.12% reaction. It then announced a $525M Locusview acquisition and multiple water and lighting contracts in the UK and Australia, plus routine annual meeting details. Despite generally constructive strategic news, most items were followed by modestly negative price moves, providing context for today’s Tucson AMI partnership.

Market Pulse Summary

This announcement highlights a sizeable AMI deployment with Tucson Water, including 250,000 smart water modules, cellular NaaS and the Temetra cloud platform, with completion expected by the end of 2029. It extends Itron’s focus on smart water and conservation, echoing prior partnership wins in other regions. Investors may watch how such projects translate into recurring outcomes revenue, how integration with existing AMR systems progresses, and whether large contracts help offset pressures seen in recent earnings.

Key Terms

advanced metering infrastructure (ami) technical

"enhance water conservation efforts with Itron’s Advanced Metering Infrastructure (AMI) Essentials"

Advanced metering infrastructure (AMI) is a network of digital electric, gas, or water meters that automatically measure and transmit usage data in near real time to utilities and customers. Think of it as replacing old utility meters with a connected system — like swapping a simple thermometer for a weather app that reports constantly — which lets companies manage supply, detect outages, and offer time-based pricing; investors care because AMI affects revenue accuracy, operating costs, regulatory compliance, and new service opportunities.

network-as-a-service (naas) technical

"includes 250,000 smart water communication modules, Itron’s cellular Network-as-a-Service (NaaS)"

Network-as-a-service (NaaS) is a way companies rent managed networking capabilities — like secure connections, routing and traffic control — from a provider instead of building and running their own hardware. Think of it like paying for utility-grade internet plumbing rather than installing pipes yourself; for investors it signals subscription-style, recurring revenue for providers and can lower customers' upfront costs and scaling risk, affecting demand and margins.

meter data management technical

"Temetra meter data management solution, will help streamline the utility’s transformation"

Meter data management is the system that collects, validates, stores and organizes utility meter readings (like electricity, gas or water) so they can be used for billing, reporting and operational decisions. Think of it as a central, cleaned-up ledger that turns thousands of raw receipts from individual meters into accurate bills, performance reports and alerts. Investors care because reliable meter data reduces billing errors, supports regulatory compliance, improves operational efficiency and enables new revenue or cost-saving services.

smart meters technical

"module, quickly transforming existing water meters into smart meters."

Smart meters are digital devices that replace traditional utility meters to record and transmit electricity, gas, or water use in near real time. Like a fitness tracker for a home’s energy, they give detailed, time-stamped usage data and can communicate with the utility to enable remote readings and demand management. Investors care because smart meters change revenue and cost dynamics for utilities, enable new services and tariffs, and drive spending on infrastructure, data analytics, and cybersecurity.

automated meter reading (amr) technical

"Transitioning from an automated meter reading (AMR) system to an AMI system"

Automated meter reading (AMR) is technology that automatically collects consumption data from utility meters (electricity, water, gas) and transmits it to the supplier without a person visiting the site. For investors, AMR matters because it cuts operating costs, reduces billing errors, and provides more reliable usage data that supports better demand forecasting, pricing and new customer services—think of it as a remote data feed that replaces manual meter checks.

cloud-based platform technical

"Temetra is Itron’s cloud-based platform that supports multiple meter types"

A cloud-based platform is a service that delivers software and data storage over the internet, allowing users to access and use applications from any device with an internet connection. It works like a virtual workspace hosted online, eliminating the need for physical servers or software installed on individual computers. For investors, it often indicates a company's reliance on modern, scalable technology that can reduce costs and improve flexibility.

non-revenue water technical

"Temetra can use this data to identify peaks in water usage and uncover non-revenue water loss."

Non-revenue water is the volume of water produced and put into a distribution system that does not generate billing income, because it is lost through leaks, theft, meter under-registration, or unbilled usage. For investors, it signals inefficiency and hidden costs in a utility or infrastructure business—like money flowing through a pipe with holes—because reducing those losses can improve margins, cash flow, and the value of maintenance and investment decisions.

AI-generated analysis. Not financial advice.

Tucson Water Enters New Era of Innovation with Cellular-Based AMI

LIBERTY LAKE, Wash., Dec. 09, 2025 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), which is innovating new ways for utilities and cities to manage energy and water, is working with the City of Tucson | Tucson Water in Arizona to enhance water conservation efforts with Itron’s Advanced Metering Infrastructure (AMI) Essentials for water. AMI Essentials for water is Itron’s new standard bundled AMI solution, tailored to better serve small- to medium-sized water utilities in the United States. In geographical areas where water preservation is at the forefront of sound water resource management, effective conservation requires greater visibility into the water distribution network. This deployment marks a new era of innovation for the city as it lays the technological foundation to advance its water conservation goals and improve operations with AMI.

Itron’s pre-integrated, end-to-end solution, which includes 250,000 smart water communication modules, Itron’s cellular Network-as-a-Service (NaaS) and Temetra meter data management solution, will help streamline the utility’s transformation and help advance its One Water 2100 Plan, which aims to ensure a resilient, diverse water supply into the future. This deployment aligns with the plan, which emphasizes equitable access, sustainable resource management, and community-driven conservation strategies. The AMI project began in Q3 2025 and is expected to be fully completed by the end of 2029.

Tucson is globally recognized for its water conservation efforts. The city primarily source is water from the Colorado River that is recharged in local aquifers. As a result of these challenges, water conservation is deeply rooted within the city's water resource management practices. Deploying Itron’s AMI Essentials for water gives Tucson an easy on-ramp to AMI, reinforcing its commitment to preserving this vital resource.

Key benefits of Itron’s AMI Essentials for water include:

• Water Conservation: Itron’s AMI solution will enable Tucson to conserve water by identifying data signatures that indicate a potential leak at the customer site. Additionally, with detailed water consumption information from the system, the City of Tucson | Tucson Water can empower customers to reduce their water usage and create water-conscious consumption decisions.
• Enhanced Customer Service: If there is an unusual spike in water usage, such as a leak, Itron’s water communication module will proactively send an alert to the city over the cellular network, enabling the city to respond swiftly and resolve the issue to reduce water loss. The battery-powered module is designed for reliable operations for up to 20 years.
• Improved Operational Efficiency: The modules automatically collect data and share it with the utility using public cellular networks, saving time and resources.
  

The bundled AMI Essentials for water solution includes three main components, each playing a critical role in modernizing Tucson's water operations:

1. Itron Cellular 500W Modules: Each endpoint across the city will be equipped with the Itron Cellular 500W module, quickly transforming existing water meters into smart meters. These modules collect water consumption data and transmit it back to the city in 15-minute intervals via cellular communications.
2. Itron’s Cellular NaaS: Transitioning from an automated meter reading (AMR) system to an AMI system includes taking advantage of Itron’s cellular NaaS. With NaaS, Itron manages the complete solution – both the network and the headend software suite - on the city’s behalf to securely collect and manage consumption data. Itron brings the experience of managing over 100 million endpoints globally.
3. Itron Temetra Meter Data Management: To manage the modules as well as unify reads from the entire distribution system, the City of Tucson is deploying Temetra, Temetra is Itron’s cloud-based platform that supports multiple meter types and protocols, enabling smooth migration from AMR to AMI. With map-based routing and AI-powered asset management, Tucson can proactively identify infrastructure risks and optimize operations. It allows the city and its customers to access water consumption data from all its endpoints, meaning the city will be able to read existing meters as well as new ones and gain visibility into all endpoints across its distribution system. End customers can use this data to gain awareness of their consumption habits and reduce their water bill. Temetra can use this data to identify peaks in water usage and uncover non-revenue water loss.
   

“Deploying AMI is an essential investment in the reliability and long-term resilience of our water system. This technology gives us real-time insight that helps us reduce water loss, improve operational efficiency, and empower our customers with information they can use to manage their own water use. Tucson Water has a long tradition of responsible water stewardship. This project strengthens our ability to plan, operate, and serve our community for generations to come,” said Tucson Water Deputy Director Silvia Amparano.

“For many water utilities and cities, like Tucson, reducing water loss is a key challenge. The first step to address this is gaining greater visibility into the water distribution network. Itron’s AMI Essentials for water provides that visibility, enabling utilities to detect leaks sooner, reduce non-revenue water loss and improve operational efficiency. The scalable and flexible solution also allows utilities to bridge the gap from AMR to AMI quickly, affordably and reliably,” said Don Reeves, senior vice president of Outcomes at Itron. “We look forward to enabling these benefits in Tucson, ensuring a smarter and more efficient water management system built for the future.”

Together, Itron and the City of Tucson | Tucson Water are laying the groundwork for a smarter, more resilient water future—one that empowers communities to conserve, adapt, and thrive.

Forward-Looking Statements

This press release contains forward-looking statements regarding Itron’s business, financial performance, and future plans. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially. Factors that could affect actual results include, but are not limited to, changes in market conditions, regulatory developments, customer demand, and other risks detailed in Itron’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Itron undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

About Itron

Itron is transforming how the world manages energy, water and city services. Our trusted intelligent infrastructure solutions help utilities and cities improve efficiency, build resilience and deliver safe, reliable and affordable service. With edge intelligence, we connect people, data insights and devices so communities can better manage the essential resources they rely on to live and thrive. Join us as we create a more resourceful world: www.itron.com.

Itron^®, the Itron Logo, and Temetra are registered trademarks of Itron, Inc in the United States and other countries and regions. All third-party trademarks are property of their respective owners, and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

For additional information, contact:

Itron, Inc.

Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
PR@Itron.com

Paul Vincent
Vice President, Investor Relations
512-560-1172
Investors@itron.com

Itron, Inc.

• LinkedIn: www.linkedin.com/company/itroninc
• X: www.x.com/itroninc
• Newsroom: https://itron.com/newsroom
• Blog: https://itron.com/blog

FAQ

What did Itron (ITRI) announce for Tucson on December 9, 2025?

Itron announced a partnership to deploy AMI Essentials for water with 250,000 cellular modules to modernize Tucson Water; the project runs from Q3 2025 to end of 2029.

How many endpoints will Itron install in Tucson under the ITRI AMI project?

The deployment includes 250,000 Itron Cellular 500W modules across the Tucson distribution system.

When will Tucson's ITRI AMI deployment be completed and what is the timeline?

The AMI project began in Q3 2025 and is expected to be fully completed by the end of 2029.

How often will Itron's modules send water usage data in the Tucson ITRI project?

Modules will transmit consumption data every 15 minutes via cellular communications.

What meter data management will Itron use for the Tucson ITRI deployment?

Tucson will use Itron Temetra, a cloud-based meter data management platform that supports multiple meter types and protocols.

What conservation benefits does the ITRI AMI project provide to Tucson residents?

The system enables earlier leak detection, customer alerts for usage spikes, and access to consumption data to help reduce water use and non-revenue water loss.