Iteris, Inc. - ITI STOCK NEWS

Iteris, Inc. (NASDAQ: ITI), a leader in smart mobility infrastructure management, has announced its acquisition by Almaviva S.p.A., an Italian digital innovation group, in an all-cash transaction valued at approximately $335 million. Iteris shareholders will receive $7.20 per share, representing a 68% premium to the closing share price on August 8, 2024. The transaction, unanimously approved by Iteris' Board of Directors, is expected to close in 2024, subject to shareholder and regulatory approvals.

Iteris' ClearMobility Platform, used by over 10,000 public agencies and private enterprises, will benefit from Almaviva's global network and digital innovation expertise. Upon completion, Iteris will become a privately held company and delist from Nasdaq. The acquisition aims to enhance Iteris' position in intelligent transportation systems and expand the global adoption of its technology.

Iteris (NASDAQ: ITI) reported record quarterly revenue of $45.8 million for its fiscal first quarter ended June 30, 2024, up 5.1% year over year. The company achieved record trailing six-month net bookings of $102.1 million and a record ending backlog of $126.8 million. Gross profit was $17.3 million, or 37.9% of revenue. GAAP net income was $0.4 million, or $0.01 per diluted share, compared to $2.1 million in the same quarter last year. Adjusted EBITDA was $2.9 million, or 6.3% of revenue.

Iteris reiterated its full-year fiscal 2025 outlook, projecting total revenues of $188.0 million to $194.0 million and adjusted EBITDA margin of 8.0% to 10.0%. The company announced strategic partnerships and new product launches, including Vantage PedSafe™ sensor and Vantage Apex® Rackmount, which are expected to accelerate revenue growth in the second half of fiscal 2025.

Iteris, Inc. (NASDAQ: ITI) has been chosen by the City of Lakeland, Florida to provide smart mobility infrastructure management technologies for the city's Intersection Crash Avoidance Safety Program (iCASP). The project involves deploying Vantage Next® video detection system and VantageLive!® web-based data service at 19 high-impact intersections to improve safety and reduce red light running incidents.

The initiative also includes the use of BlueTOAD® roadside units for real-time Bluetooth detection and vehicle-to-everything (V2X) connectivity. These technologies are part of Iteris' ClearMobility® Platform, which uses cloud computing, AI, advanced sensors, and managed services to optimize mobility infrastructure. The project aims to address the high number of crashes attributed to red light running in Lakeland and enhance overall road user safety.

Iteris (NASDAQ: ITI), a leader in smart mobility infrastructure management, has scheduled its fiscal Q1 2025 earnings call for August 8, 2024, at 4:30 p.m. ET. CEO Joe Bergera and CFO Kerry Shiba will host the call, discussing financial results for the quarter ended June 30, 2024. The company will release its financial results before the call.

Investors can join via phone (+1 800-715-9871 toll-free, +1 646-307-1963 international) or webcast on the Iteris website. A Q&A session will follow, addressing questions from analysts and select pre-submitted inquiries. Questions can be sent to iti@mkr-group.com by August 7, 2024, at 5 p.m. ET. A replay will be available for one week after the call.

Iteris (NASDAQ: ITI) has been awarded a $3.75 million contract by the Metropolitan Transportation Commission (MTC) for ongoing operational support in the San Francisco Bay Area. The contract extends Iteris' partnership with MTC for three additional years, continuing to provide the 511 SF Bay Interactive Voice Response (IVR) phone system and operations support services for the nine-county region.

This new contract builds on Iteris' existing relationship with MTC, following a four-year, $13.3 million contract extension awarded last year for 511 and Express Lanes operational staffing services. Iteris, a leader in traveler information services, has implemented seven statewide and regional systems across the nation, providing essential traffic and incident data to assist travelers in making informed routing decisions.

Iteris has been awarded a five-year IDIQ contract worth up to $2 million by the Texas Department of Transportation (TxDOT) to provide smart mobility and traffic signal timing services in the Houston District. This contract marks the fourth consecutive signal timing contract between Iteris and TxDOT Houston District and the eighth major contract awarded by TxDOT to Iteris in the past six years. The partnership aims to reduce traffic congestion, enhance safety, and promote sustainability across over 1,000 signalized intersections in Houston. Iteris has so far provided $15 million worth of ITS, traffic engineering, and signal timing services to TxDOT.

Iteris (NASDAQ: ITI) has been selected to support a safety evaluation project in Northwestern Illinois, focusing on traffic safety enhancement in Stephenson County and the Blackhawk Hills Regional Council region. As a subconsultant to Kaskaskia Engineering Group, Iteris will provide safety and equity analyses and identify safety improvement measures. Funded by the Safe Streets and Roads for All (SS4A) initiative under the Infrastructure Investment and Jobs Act (IIJA), this project aims to address safety challenges and support crash reduction goals. The initiative also prioritizes the needs of historically disadvantaged communities. The USDOT is expected to allocate $5 billion in SS4A grants over five years.

Iteris (NASDAQ: ITI) reported record fiscal 2024 full-year revenue of $172.0 million, up 10% year-over-year. The fourth quarter saw a 1% revenue increase to $42.8 million with net new bookings of $53.3 million, up 20% year-over-year. Gross margins rose by 558 basis points to 37.4%. The annual net income was $3.1 million, or $0.07 per share, compared to a net loss of $14.9 million the previous year. Adjusted EBITDA for the year was $12.9 million, a significant improvement from a $6.6 million loss in fiscal 2023. Cash reserves increased to $25.9 million, a 55.8% year-over-year increase. The company projects fiscal 2025 revenues between $188.0 and $194.0 million, with an adjusted EBITDA margin of 8-10%.

Iteris (NASDAQ: ITI) will participate in the Northland Capital Markets Virtual Growth Conference on June 25, 2024. Iteris' President and CEO Joe Bergera, along with CFO Kerry Shiba, will host virtual one-on-one meetings with institutional investors. The company is known for its smart mobility infrastructure management technology. For more details or to schedule a meeting, investors can contact Northland Capital Markets or Iteris' investor relations firm, MKR Investor Relations.