Iteris, Inc. - ITI STOCK NEWS

Iteris, Inc. has secured a $1.3 million contract with the Utah Department of Transportation (UDOT) for its ClearData data-as-a-service (DaaS) solution. This contract marks the first statewide procurement of ClearData, enhancing UDOT's ability to access real-time and historical traffic data. The ClearMobility platform, which integrates ClearData and ClearGuide, will support UDOT’s traffic management operations and improve collaboration with other agencies. The contract aligns with UDOT's goals of enhancing safety, mobility, and efficient operations. Iteris aims to offer improved service delivery through its advanced data analytics capabilities.

Iteris (NASDAQ: ITI) has secured a $13.2 million contract to provide traffic and incident management services to the Virginia Department of Transportation (VDOT) through its Traffic Operation Center (TOC) Services Program. This two-year agreement extends an existing partnership and highlights Iteris' expertise in smart mobility infrastructure management. The program will have a statewide impact across all Virginia cities and counties, focusing on improving safety, mobility, and sustainability. Iteris will provide program leadership, operations strategy, process and training development, and operations staffing, demonstrating VDOT’s ongoing trust in its consulting services.

Iteris, Inc. (NASDAQ: ITI) has secured a $2.5 million contract from the San Bernardino County Transportation Authority to monitor and enhance traffic signal systems across San Bernardino County. This initiative involves the development of a Smart County Master Plan aimed at improving mobility through advanced technology.

The project will leverage Iteris' ClearMobility™ Platform to optimize traffic management and infrastructure. This marks a significant demand for the company's services in a crucial market, emphasizing their commitment to enhancing transportation safety and efficiency in California.

Iteris has announced a multi-year agreement with HERE Technologies to enhance its ClearMobility® Platform. The collaboration aims to provide public agencies with improved traffic solutions using HERE's high-quality maps and real-time traffic data. This partnership builds on a decade-long relationship and will enable more than 50 agencies to better manage safety and mobility. Key features include contextual services from HERE Traffic Products, enhanced insights for transportation planners, and support for roadway safety initiatives. The agreement focuses on integrating advanced location services into the ClearMobility Platform for data-driven decision-making.

Iteris, Inc. (NASDAQ: ITI) has secured a multi-year contract worth $1.2 million with the Illinois Department of Transportation (IDOT) District One for traffic signal plan preparation and review projects. The contract aims to enhance the accessibility and safety of transportation systems in the Chicagoland area, which includes over 28,060 centerline miles of roads. Under the agreement, Iteris will develop plans for Accessible Pedestrian Systems and conduct reviews of existing traffic signal infrastructures. This initiative aligns with IDOT’s Long Range Transportation Plan and ADA Transition Plan, promoting innovative and sustainable transportation solutions.

Global Traffic Technologies (GTT) has successfully demonstrated its Opticom™ Transit Signal Priority (TSP) in a Cellular Vehicle-to-Everything (C-V2X) environment, partnering with Iteris, Inc. (NASDAQ: ITI). This solution enhances communication between transit vehicles and traffic signals, significantly improving operational performance. The Opticom TSP will be integrated with the Iteris ClearMobility® Platform, allowing access to real-time TSP grant status and signal phase extension. GTT plans to make the Opticom V2X Application available on partners' hardware or its V2X hub later in 2023, promoting widespread adoption and improving the transit experience for passengers globally.

Iteris, Inc. (NASDAQ: ITI) reported strong fiscal Q3 2023 results, with total revenue rising 27.1% year-over-year to $40.7 million. Product revenue surged 44.0% to $22.9 million while service revenue increased 10.5% to $17.8 million. Despite a GAAP net loss of $2.0 million, an improvement from the prior year's loss, the company achieved significant recovery in product gross margins, driven by supply chain management initiatives. The ending backlog rose 22% to a record $112.2 million. Looking ahead, Q4 revenue is projected between $39.4 million and $41.4 million, indicating 18.0% growth at midpoint, with full-year revenue expected to be $152 million to $155 million.

Iteris, Inc. (NASDAQ: ITI) has announced a conference call on February 2, 2023, at 4:30 p.m. Eastern time to discuss its financial results for the fiscal third quarter ending December 31, 2022. The call will feature CEO Joe Bergera and CFO Douglas Groves, followed by a Q&A session. Interested parties can join by dialing +1 888-506-0062 (toll-free) or +1 973-528-0011 (international). The results will be released prior to the call, and a replay will be available for one week after the event. For more information, visit Iteris' investor relations page.

Iteris has secured a $2.8 million contract from the San Bernardino County Transportation Authority to provide design services for the widening of the I-10 freeway.

This project will add one express lane in each direction over 11 miles, including new auxiliary lanes and enhanced toll infrastructure. Iteris’ role focuses on advanced technologies, including CCTVs and fiber optics, supporting critical improvements in transportation efficiency. This contract highlights the ongoing demand for Iteris' consulting services in a strategic market.