Iteris, Inc. - ITI STOCK NEWS

Iteris has secured a four-year contract with the North Carolina Department of Transportation (NCDOT) to deliver its ClearGuide SaaS solution, enhancing traffic performance and mobility analytics statewide. This advanced solution enables real-time and historical traffic data analysis, providing features like bottleneck detection, dynamic maps, and historical trend reports. The ClearGuide solution is integral to Iteris' ClearMobility Platform, aimed at improving roadway safety and efficiency across North Carolina.

Iteris, Inc. reported an 18% year-over-year revenue increase in Q2 2023, reaching a record $39.3 million. Service revenue rose 19% to $18.5 million, while product revenue increased 17% to $20.8 million despite shipping delays. The company narrowed its fiscal 2023 revenue guidance to $150-$155 million, indicating a 14% increase year-over-year. However, Iteris reported a GAAP net loss of $7.4 million and an adjusted EBITDA loss of $5.2 million due to supply chain constraints. Management expects revenue growth of 20% in the second half of the fiscal year and improved profitability.

Iteris, Inc. (NASDAQ: ITI) will hold a conference call on November 8, 2022, at 4:30 p.m. Eastern time to discuss its financial results for Q2 FY2022, ending September 30, 2022. The financial results will be released prior to the call. Management, including CEO Joe Bergera and CFO Douglas Groves, will answer questions from analysts. Participants can access the call via toll-free and international numbers, with a replay available post-call. More information can be found on their website.

Iteris announced the receipt of a $2.95 million task order under a $19.5 million IDIQ contract from the Federal Highway Administration. This task order is the fourth in a series aimed at advancing the ARC-IT framework and supporting public agencies nationwide in implementing Intelligent Transportation Systems (ITS). The project positions Iteris as a trusted advisor to the U.S. Department of Transportation and focuses on preparing cities and states for developments in connected and automated vehicle technology.

Iteris, Inc. (NASDAQ: ITI) has secured a Multi Award Schedule (MAS) contract from the General Services Administration effective until 2027. This contract provides rapid access to Iteris' consulting services for federal, state, and local agencies, enhancing their capabilities in technical and engineering services. The MAS program streamlines procurement and supports the deployment of funds from the Infrastructure Investment & Jobs Act, allowing Iteris to better serve existing clients and expand into new government business.

Iteris has been awarded a sub-contract by the Virginia Department of Transportation (VDOT) to develop a connected and automated vehicle (CAV) data strategic plan. This initiative marks the first of its kind in Virginia and aims to support VDOT's transition to future transportation systems management. The project will help VDOT enhance its understanding of CAV data needs and improve safety and congestion management. Iteris' involvement highlights the ongoing demand for its specialized consulting services within this key geographic market.

Iteris has secured a five-year contract with the New York State Department of Motor Vehicles for its commercial vehicle information exchange solution, CVIEWplus. This contract aims to enhance compliance with federal safety regulations, improve goods movement, and ensure the safety of truck drivers and inspectors. Iteris will provide cloud-hosted services that automate commercial vehicle screening and facilitate the management of permits. The company remains the largest provider of Commercial Vehicle Operations solutions in the U.S., serving over half the country.