Iteris, Inc. - $ITI STOCK NEWS

Iteris, Inc. (NASDAQ: ITI) secures a new contract with the Virginia Department of Transportation for a smart mobility initiative. The contract involves developing a Traffic Operations Strategic Plan (TOSP) to enhance safety, accessibility, and efficiency statewide.

Iteris, Inc. (ITI) secures $2 million in contracts from the Federal Highway Administration for training programs aimed at improving transportation safety and mobility nationwide. The five-year deal highlights Iteris' expertise in developing and delivering educational courses for transportation professionals over two decades.

Iteris, Inc. (NASDAQ: ITI) secures a $900,000 contract with the City of Downey in Los Angeles County, California for a regional smart mobility project. The project aims to improve traffic flow for bus transportation by installing technology to enable buses to request priority at signalized intersections. This initiative is part of Iteris' Intelligent Transportation Systems (ITS) Build initiative, offering specialized ITS installation services for traffic sensors and other hardware, with benefits including streamlined procurement, accelerated implementation, and cost savings.

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.