Core Insights - Ituran Location and Control Ltd. surpassed 2.5 million subscribers, achieving a net addition of 99,000 subscribers in the first quarter of 2025, and raised its 2025 net subscriber-add forecast to between 220,000 and 240,000 [1][3][6] Financial Performance - Revenues for the first quarter of 2025 were $86.5 million, a 2% increase from $85.0 million in the same quarter of 2024 [4][8] - Subscription fee revenues accounted for 72% of total revenues, amounting to $62.2 million, which is a 2% increase year-over-year [4][5] - Product revenues were $24.3 million, reflecting a 1% increase year-over-year [7][8] - Gross profit for the quarter was $42.0 million, representing 48.6% of revenues, a 6% increase compared to $39.5 million in Q1 2024 [7][9] - Operating income rose to $18.7 million, a 10% increase year-over-year [8][9] - Net income increased to $14.6 million, a 12% increase compared to $13.0 million in Q1 2024 [10][8] - EBITDA for the quarter was $23.3 million, up 4% from $22.3 million in the same quarter last year [10][8] Subscriber Growth - The subscriber base expanded to 2,508,000 by the end of March 2025, marking a quarterly increase of 99,000 [6][8] - The growth was significantly driven by a new telematics service agreement with Stellantis, the largest car manufacturer in Latin America [3][6] Dividend Declaration - The Board declared a quarterly dividend of $10 million, equivalent to $0.50 per share, reflecting the company's strong profitability and positive cash flow [8][12] Cash Flow and Balance Sheet - Cash flow from operations for the quarter was $15.5 million [11] - As of March 31, 2025, the company had net cash, including marketable securities, of $75.7 million, with no debt [11]