AUSTIN, Texas, June 17, 2025 (GLOBE NEWSWIRE) -- Iteris, Inc., the world’s trusted technology ecosystem for smart mobility infrastructure management and part of Almaviva Group, today announced Dubai Road and Transport Authority (RTA) has selected Iteris’ ClearGuide® software to monitor the city’s roadways and intersections. The 42-month, multimillion-dollar software-as-a-service contract will bring ClearGuide to the most populous city in the United Arab Emirates and one of the fastest-growing cities in the ...

NEW YORK, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Iteris, Inc. (Nasdaq: ITI), relating to its proposed merger with Almaviva S.p.A. Under the terms of the agreement, Iteris shares will automatically be converted into the right to receive ...

Group 1 - Monteverde & Associates PC is investigating Iteris, Inc. regarding its proposed merger with Almaviva S.p.A., where Iteris shares will be converted into $7.20 in cash [1] - Monteverde & Associates PC has been recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report, indicating its successful track record in recovering money for shareholders [1][2] - The firm operates from the Empire State Building in New York City and specializes in class action securities litigation [2][3] Group 2 - The firm emphasizes that no company, director, or officer is above the law, encouraging shareholders with concerns to seek additional information [3] - Monteverde & Associates PC has a successful history in trial and appellate courts, including cases that reached the U.S. Supreme Court [2]

Financial Data and Key Metrics Changes - Iteris reported record total revenue of $45.8 million for Q1 fiscal 2025, a 5% increase year-over-year [4] - Total net bookings reached $48.8 million, with a record trailing 6-month total net bookings of $102.1 million [4][5] - Ending backlog was $126.8 million, representing a 2% increase year-over-year [5] Business Line Data and Key Metrics Changes - Revenue from sensors and third-party hardware was $24.4 million, a 3% increase year-over-year [6] - Service revenue reached a record $21.4 million, an 8% increase year-over-year, driven by strong demand for the ClearGuide SaaS solution [8] Market Data and Key Metrics Changes - The smart mobility infrastructure management market is expected to see significant long-term opportunities due to trends in cloud infrastructure, AI, and connected vehicles [14] - The introduction of new products is anticipated to expand the serviceable addressable market significantly, particularly with the new pedestrian detection system [16] Company Strategy and Development Direction - Iteris aims to evolve into a platform-based business model, enhancing strategic and financial benefits [9] - The company plans to release several major products, including a new AI-based detection system and cloud-connected solutions, to drive growth [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving progressive improvements in financial performance over the next several quarters [10] - The company expects fiscal 2025 total revenue to be in the range of $188 million to $194 million, representing organic growth of 11% year-over-year [17] Other Important Information - Adjusted EBITDA for Q1 fiscal 2025 was $2.9 million, down from $4 million in the same quarter last year [13] - Total cash and cash equivalents at the end of Q1 fiscal 2025 were $21.4 million, down from $25.9 million at the end of the previous quarter [13] Q&A Session Summary Question: Can you touch on the timing elements regarding the second half revenue cadence? - Management implied high teens organic revenue growth in the second half, driven by product releases in September [21] Question: How should we think about the cadence of gross margin as the year progresses? - Management expects gross margins to trend upwards as revenue leverage improves [23] Question: Any updates on the pedestrian detection product with Sumitomo? - The product has been launched and is actively being sold, with favorable market response and pilot initiatives underway [27] Question: How is the Orange County Transportation order progressing? - The project is on schedule, with revenue recognition expected to remain constant throughout the contract duration [44] Question: Any updates on the litigation? - The trial for Wavetronix is expected to occur in September, with a specific date yet to be determined [53]

Core Viewpoint - Ademi LLP is investigating Iteris for potential breaches of fiduciary duty and other legal violations related to its transaction with Almaviva [1][3]. Group 1: Transaction Details - Iteris stockholders will receive $7.20 in cash for each share, valuing the company at approximately $335 million in equity [2]. - The transaction agreement imposes significant penalties on Iteris if it accepts competing bids, which limits potential competing transactions [2]. Group 2: Board Conduct Investigation - The investigation focuses on whether Iteris' board of directors is fulfilling their fiduciary duties to all shareholders [3]. - Ademi LLP specializes in shareholder litigation involving buyouts, mergers, and individual shareholder rights [3].

Iteris (NASDAQ:ITI) stock is soaring higher on Friday after the intelligent transportation systems technology solutions company announced a new acquisition deal. This will see Iteris be acquired by the private digital innovation group Almaviva. It will use cash to purchase Iteris for $335 million. That offer has Almaviva valuing shares of ITI stock at $7.20 each. This represents a roughly 68% premium to the stock's prior closing price. Joe Bergera, president and CEO of Iteris, said the following about the d ...

Iteris (ITI) came out with quarterly earnings of $0.06 per share, beating the Zacks Consensus Estimate of $0.05 per share. This compares to earnings of $0.05 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 20%. A quarter ago, it was expected that this vehicle detection and traffic control company would post earnings of $0.03 per share when it actually produced breakeven earnings, delivering a surprise of -100%. Over the last ...

Financial Performance - Adjusted EBITDA for the three months ended June 30, 2024, was $2.9 million, down from approximately $4.0 million for the same period in 2023, representing a decrease of 27.5%[105] - Adjusted Net Income for the three months ended June 30, 2024, was $2.8 million, compared to approximately $4.0 million for the same period in 2023, indicating a decline of 30%[105] - Basic Adjusted EPS for the three months ended June 30, 2024, was $0.06, down from $0.09 in the same period of 2023, reflecting a decrease of 33.3%[118] - Net income for the three months ended June 30, 2024, was $0.4 million, a significant decrease from $2.1 million in the same period of 2023[116] - The company reported a net income per share of $0.01 for the three months ended June 30, 2024, compared to $0.05 for the same period in 2023[119] Revenue and Bookings - Total revenues for the three months ended June 30, 2024 increased 5.1% to $45.8 million, compared to $43.5 million in the corresponding period in the prior year[126] - Annual Recurring Revenue (ARR) for the three-month period ended June 30, 2024 was approximately 26.0% of total revenue, up from 24.5% in the same period of 2023[125] - The Company added approximately $48.8 million of new bookings during the first quarter of Fiscal 2025, with total ending backlog increasing 2.4% to approximately $126.8 million as of June 30, 2024[127] Expenses - Gross profit for the three months ended June 30, 2024 was $17.3 million, a 3.2% increase from $16.8 million in the prior year[128] - Research and development expense increased approximately 36.6% to $2.9 million for the three months ended June 30, 2024, compared to $2.1 million in the prior year[133] - General and administrative expense increased approximately 8.7% to $6.3 million for the three months ended June 30, 2024, compared to $5.8 million in the prior year[131] - Sales and marketing expense increased approximately 15.3% to $7.3 million for the three months ended June 30, 2024, compared to $6.3 million in the prior year[132] Tax and Amortization - The effective tax rate for the three months ended June 30, 2024 was 10.9% of pretax income, compared to 4.3% for the same period in 2023[138] - Total amortization expense for intangible assets was approximately $1.0 million for the three months ended June 30, 2024, compared to $0.8 million in the prior year[135] Cash Flow and Working Capital - As of June 30, 2024, the company had $34.3 million in working capital, an increase from $32.6 million at March 31, 2024[144] - Net cash used in operating activities for the three months ended June 30, 2024 was $3.6 million, a decrease of $7.6 million compared to net cash provided of $4.0 million for the same period last year[144] - Net cash used in investing activities during the same period was $0.1 million, down from $0.8 million in the prior year, primarily due to a $0.5 million decrease in capitalized software development costs[144] - Net cash used in financing activities was $0.6 million, compared to net cash provided of $0.3 million in the prior year, reflecting $0.6 million in share repurchase activity[145] Climate and Sustainability - The company continues to enhance the design of its sensors to withstand increasingly extreme weather conditions, addressing climate change risks[102] - The company is focused on reducing carbon emissions through improved efficiency in mobility infrastructure management solutions[102] - The company is committed to ongoing assessments of physical climate risk to mitigate potential impacts on its operations[101] Seasonality - The company experiences seasonality affecting product sales in the third and fourth fiscal quarters due to reduced construction and repairs during winter months[148] - Service revenues are also impacted seasonally, particularly in the third fiscal quarter, due to increased holidays reducing available billable hours[148]

Exhibit 99.1 Iteris Reports Record Quarterly Revenue of $45.8 Million Record trailing six-month net bookings of $102.1 million and record ending backlog of $126.8 million AUSTIN, TX – August 8, 2024 – Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today reported financial results for its fiscal first quarter ended June 30, 2024. Fiscal 2025 First Quarter Financial Highlights • Revenues of $45.8 million, up 5.1% year over year compared to an unusually strong prior ...

NEW YORK, Aug. 01, 2024 (GLOBE NEWSWIRE) -- EXL [NASDAQ: EXLS], a leading data analytics and digital operations and solutions company, announced the acquisition of ITI Data, a data management solutions firm that works with the world's largest banks, financial services and healthcare companies. Founded in 1999, ITI Data is headquartered in New York City and has offices in the U.K., Australia and India. The company delivers enterprise business solutions for clients processing significant data volumes with com ...