Iteris, Inc. - ITI STOCK NEWS

Iteris has launched two cloud-enabled managed services aimed at enhancing smart mobility infrastructure management for public agencies and commercial enterprises. These services focus on congestion management and asset management, utilizing Iteris' industry expertise to reduce traffic congestion, ensure improved safety, and promote sustainable infrastructure. The positive market reception is evidenced by early adopters, including the City of Lake Forest and the Georgia Department of Transportation, who seek to improve traffic operations and maintenance.

Iteris has secured a $940,000 contract with the City of Fremont to enhance traffic flow and safety along a 10-mile section of Fremont Boulevard. The Fremont Boulevard Safe and Smart Corridor project will implement advanced detection systems and a SaaS solution to improve traffic management. This initiative highlights the growing demand for Iteris’ smart mobility technologies in Northern California, contributing towards improved safety for all road users and reduced emissions.

Iteris, Inc. announced a new contract with the New Hampshire Department of Safety to expand the use of its commercial vehicle operations (CVO) software-as-a-service (SaaS) solutions. The contract extends the use of Iteris Inspect™ for five years, aiding law enforcement in achieving compliance with federal standards. These solutions can reduce inspection time by up to 50%, thereby enhancing safety and optimizing transportation efficiency. Iteris is the largest provider of CVO solutions in the U.S., with deployments in 22 states.

Iteris has secured a new open-ended contract from the City of Suffolk, Virginia, valued at up to $1 million, to enhance traffic signal optimization. Under this four-year renewable contract, Iteris will develop timing plans for key intersections, hurricane evacuation, and interstate highway diversion strategies. This project underscores the demand for Iteris' consulting services in the Mid-Atlantic region, aiming to improve safety and mobility while reducing environmental impact through innovative traffic management solutions.

Iteris has launched Vantage Apex, the first 1080p HD video and 4D radar sensor integrated with AI algorithms. This innovative sensor enhances detection, tracking, and classification of vehicles, pedestrians, and cyclists, significantly improving traffic management. The technology supports vehicle-to-everything (V2X) communications, enabling critical infrastructure data for connected vehicles. This launch expands Iteris' leading smart sensor portfolio, vital for its ClearMobility Platform, aimed at optimizing mobility infrastructure.

Iteris, Inc. (NASDAQ: ITI) has been invited to participate in two virtual investor conferences on September 9, including the Colliers 2021 Institutional Conference and the D.A. Davidson 20th Annual Software and Internet Conference. Iteris' President and CEO Joe Bergera, along with CFO Douglas Groves, will host one-on-one meetings with institutional investors. The D.A. Davidson conference will feature a fireside chat at 8:30 AM PT, accessible via the company’s investor relations webpage. Iteris specializes in smart mobility infrastructure management, leveraging advanced technologies for efficient mobility.

Iteris, Inc. (NASDAQ: ITI) announced a new $1.5 million contract with the Delaware Valley Regional Planning Commission to implement a traffic signal timing program across four New Jersey counties. This contract highlights the ongoing demand for Iteris' consulting services and supports the region's Transportation Improvement Program.

The program aims to enhance safety and mobility for both passengers and freight while reducing delays, CO2 emissions, and fuel consumption through innovative signal retiming techniques.

Iteris, Inc. (NASDAQ: ITI) has partnered with Wejo to enhance connected vehicle data services for public and commercial customers in North America. This collaboration provides access to real-time data from over 11 million connected vehicles, integrating it with Iteris’ ClearMobility™ Cloud for improved traffic management, safety, and efficiency. This move addresses the growing demand for connected vehicle data, with industry leaders like Microsoft and General Motors investing in Wejo. The partnership aims to create safer and more efficient roadways, benefiting both drivers and the transportation infrastructure.

Iteris, Inc. (NASDAQ: ITI) reported its fiscal Q1 2022 results, showcasing a 22% increase in total revenue to $34.1 million year-over-year. The company also reached a record backlog of $79.9 million, up 18%. GAAP net income from continuing operations was $0.6 million, or $0.01 per diluted share, reflecting a $0.2 million improvement. Adjusted EBITDA rose to $2.5 million, an 11% increase. The company raised its fiscal 2022 revenue guidance midpoint to $134.0 million to $142.0 million, anticipating 15% to 21% year-over-year growth.