Itron(US:ITRI)2025-10-30 14:00Financial Performance - Q3 2025 - Revenue reached $582 million[4], a decrease of 5% year-over-year, or 6% in constant currency, due to portfolio optimization and project deployment timing[9] - Adjusted EBITDA was $97 million[4], representing a 10% increase year-over-year, with an adjusted EBITDA margin of 16.7%, up 230 bps[10] - Non-GAAP diluted EPS was $1.54[4], a decrease of 16% year-over-year, impacted by higher non-GAAP income tax expense[10] - Free cash flow surged to $113 million[4], a 93% increase year-over-year, driven by improved working capital, decreased tax payments, and higher earnings[10] Bookings and Backlog - Q3 2025 bookings amounted to $380 million[6], resulting in a book-to-bill ratio of 0.65[6] - The trailing twelve months (TTM) book-to-bill ratio stood at 1.15[6] - Ending backlog reached $4.3 billion[6] Segment Performance - Q3 2025 - Device Solutions revenue decreased by 16% (19% in constant currency)[21], while gross margin increased by 370 bps and operating margin increased by 240 bps[21] - Networked Solutions revenue decreased by 6%[25], but gross margin increased by 340 bps and operating margin increased by 330 bps[26, 27] - Outcomes segment revenue increased by 11% (10% in constant currency)[30], with gross margin up 390 bps and operating margin up 520 bps[31, 32] Outlook - Q4 2025 revenue is projected to be between $555 million and $565 million[37], a 9% decrease at the midpoint compared to Q4 2024[37] - Q4 2025 non-GAAP diluted EPS is expected to be between $2.15 and $2.25[37], a 63% increase at the midpoint compared to Q4 2024, including a discrete tax benefit[37] - Full-year 2025 revenue is projected to be between $2.35 billion and $2.36 billion[38], a 3% decrease at the midpoint compared to 2024[39] - Full-year 2025 non-GAAP EPS is projected to be between $6.84 and $6.94[38], a 23% increase at the midpoint compared to 2024[39]