Itron Announces Second Quarter 2025 Financial Results

LIBERTY LAKE, Wash., July 31, 2025 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced today financial results for its second quarter ended June 30, 2025. Key results for the quarter include (compared with the second quarter of 2024): Revenue of $607 million;Gross profit of $224 million, increased 6%;GAAP net income attributable to Itron, Inc. of $68 million, increased $17 million;GAAP diluted earnings per share of $1.47, increased $0.37 per share;Non-GAAP diluted EPS of $1.62, increased $0.41 per share;Adjusted EBITDA of $90 million, increased 16%; andFree cash flow of $91 million, increased $46 million. "Itron delivered solid second quarter results driving quarterly record levels of margin, profitability, and cash flow," said Tom Deitrich, Itron’s president and CEO. "The market environment remains dynamic with long-term growth, against a backdrop of near-term macroeconomic uncertainty and trade policy volatility. We remain focused on supporting our customers as they adapt to balance many competing priorities and weigh complex decisions." Summary of Second Quarter Consolidated Financial Results(All comparisons made are against the prior year period unless otherwise noted) RevenueTotal second quarter revenue of $607 million compared to $609 million in the prior year. This comparison reflects catch-up of previously constrained revenue that occurred during Q2'24. Device Solutions revenue decreased 5%, or 8% in constant currency, due to lower legacy electricity product sales related to portfolio optimization, partially offset by increased water sales. Networked Solutions revenue decreased 1% when compared to the second quarter of 2024 due to no constrained revenue catch-up as well as the timing of shipments and project deployments. Outcomes revenue increased 9%, due to increased recurring revenue and software licenses. Gross MarginItron's second quarter gross margin of 36.9% increased 230 basis points from the prior year due to product and customer mix. Operating Expenses and Operating IncomeGAAP operating expenses of $147 million increased $1 million from the prior year. Non-GAAP operating expenses of $141 million were unchanged compared to the prior year. GAAP operating income of $76 million was $12 million higher than the prior year and non-GAAP operating income of $82 million was $13 million higher than the prior year. Both increases were due to higher gross profit. Net Income and Earnings per ShareNet income attributable to Itron, Inc. for the quarter was $68 million, or $1.47 per diluted share, compared with net income attributable to Itron, Inc. of $51 million, or $1.10 per diluted share in 2024. The increase was driven by higher GAAP operating income and higher interest income. Non-GAAP net income attributable to Itron, Inc., which excludes the expenses associated with amortization of intangible assets, amortization of debt placement fees, restructuring, (gain) loss on sale of business, acquisition and integration related expenses, and the tax effect of excluding these expenses, was $75 million, or $1.62 per diluted share, compared with $56 million, or $1.21 per diluted share, in 2024. The increase was due to higher non-GAAP operating income and higher interest income. Cash FlowNet cash provided by operating activities was $97 million in the second quarter compared with $52 million in the prior year. Free cash flow was $91 million in the second quarter compared with $45 million in the prior year. The increase in free cash flow was primarily due to higher earnings, higher interest income, and decreased tax payments. Other Measures Total backlog at quarter end was $4.5 billion compared with $4.1 billion in the prior year. Bookings in the quarter totaled $454 million. Q3 2025 Outlook and Full Year 2025 Outlook Update Outlook for the third quarter of 2025 is as follows: Revenue between $570 and $585 millionNon-GAAP diluted EPS between $1.45 and $1.55 Itron's outlook for the full year 2025 has been updated as follows: Revenue between $2.35 to $2.4 billionNon-GAAP diluted EPS between $6.00 to $6.20 Earnings Conference CallItron will host a conference call to discuss the financial results contained in this release at 10 a.m. EDT on July 31, 2025. Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the company’s website at https://investors.itron.com/events-presentations. Participants should access the webcast 10 minutes prior to the start of the call. A webcast replay of the conference call will be available through Aug. 7, 2025 and may be accessed on the company's website at https://investors.itron.com/events-presentations. About ItronItron is transforming how the world manages energy, water and city services. Our trusted intelligent infrastructure solutions help utilities and cities improve efficiency, build resilience and deliver safe, reliable and affordable service. With edge intelligence, we connect people, data insights and devices so communities can better manage the essential resources they rely on to live and thrive. Join us as we create a more resourceful world: www.itron.com Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated. Cautionary Note Regarding Forward Looking StatementsThis release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plans, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws, regulations, tariffs, sanctions, trade policies and retaliatory responses, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including without limitation those resulting from extraordinary events or circumstances and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our Annual Report on Form 10-K for the year ended Dec 31, 2024 and other reports on file with the Securities and Exchange Commission. Itron undertakes no obligation to update or revise any information in this press release. Non-GAAP Financial InformationTo supplement our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (GAAP), we use certain adjusted or non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share (EPS), adjusted EBITDA, free cash flow, and constant currency. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. When providing future outlooks and/or earnings guidance, a reconciliation of forward-looking non-GAAP diluted EPS to the GAAP diluted EPS has not been provided because we are unable to predict with reasonable certainty the potential amount or timing of restructuring related expenses and their related tax effects without unreasonable effort. These costs are uncertain, depend on various factors and could have a material impact on GAAP results for the guidance period. A more detailed discussion of why we use non-GAAP financial measures, the limitations of using such measures, and reconciliations between non-GAAP and the nearest GAAP financial measures are included in this press release. For additional information, contact: Itron, Inc. Paul VincentVice President, Investor Relations(512) 560-1172 David MeansDirector, Investor Relations(737) 242-8448Investors@itron.com Itron, Inc. LinkedIn: https://www.linkedin.com/company/itroninc X: https://twitter.com/ItronInc Newsroom: https://itron.com/newsroom Blog: https://itron.com/blog ITRON, INC.CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Revenues Product revenues$517,184 $532,907 $1,040,325 $1,060,729 Service revenues 89,577 76,162 173,587 151,782 Total revenues 606,761 609,069 1,213,912 1,212,511 Cost of revenues Product cost of revenues 337,394 356,747 683,836 713,454 Service cost of revenues 45,749 41,862 89,239 83,218 Total cost of revenues 383,143 398,609 773,075 796,672 Gross profit 223,618 210,460 440,837 415,839 Operating expenses Sales, general and administrative 87,615 88,413 174,526 174,384 Research and development 53,810 53,053 103,900 105,454 Amortization of intangible assets 4,543 4,511 9,022 8,497 Restructuring 1,237 (99) 684 99 (Gain) loss on sale of business — (65) 79 (42) Total operating expenses 147,205 145,813 288,211 288,392 Operating income 76,413 64,647 152,626 127,447 Other income (expense) Interest income 12,303 5,128 24,013 8,974 Interest expense (5,648) (2,290) (11,241) (4,183) Other income (expense), net 414 (445) 363 18 Total other income (expense) 7,069 2,393 13,135 4,809 Income before income taxes 83,482 67,040 165,761 132,256 Income tax provision (14,730) (15,180) (31,659) (28,609)Net income 68,752 51,860 134,102 103,647 Net income attributable to noncontrolling interests 412 542 288 608 Net income attributable to Itron, Inc.$68,340 $51,318 $133,814 $103,039 Net income per common share - Basic$1.50 $1.12 $2.94 $2.25 Net income per common share - Diluted$1.47 $1.10 $2.89 $2.22 Weighted average common shares outstanding - Basic 45,633 45,745 45,486 45,698 Weighted average common shares outstanding - Diluted 46,380 46,526 46,276 46,441 ITRON, INC.SEGMENT INFORMATION (Unaudited, in thousands) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Product revenues Device Solutions$111,939 $117,929 $237,326 $243,837 Networked Solutions 379,481 387,351 754,003 768,656 Outcomes 25,764 27,627 48,996 48,236 Total Company$517,184 $532,907 $1,040,325 $1,060,729 Service revenues Device Solutions$821 $621 $1,305 $1,465 Networked Solutions 29,453 25,353 57,663 51,564 Outcomes 59,303 50,188 114,619 98,753 Total Company$89,577 $76,162 $173,587 $151,782 Total revenues Device Solutions$112,760 $118,550 $238,631 $245,302 Networked Solutions 408,934 412,704 811,666 820,220 Outcomes 85,067 77,815 163,615 146,989 Total Company$606,761 $609,069 $1,213,912 $1,212,511 Gross profit Device Solutions$33,591 $31,231 $71,344 $61,295 Networked Solutions 157,243 152,157 305,957 303,182 Outcomes 32,784 27,072 63,536 51,362 Total Company$223,618 $210,460 $440,837 $415,839 Operating income Device Solutions$25,454 $23,725 $55,925 $45,428 Networked Solutions 120,999 117,444 237,108 234,122 Outcomes 15,687 10,651 30,017 19,742 Corporate unallocated (85,727) (87,173) (170,424) (171,845) Total Company$76,413 $64,647 $152,626 $127,447 Total Gross Margin 36.9% 34.6% 36.3% 34.3% ITRON, INC.CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands)June 30, 2025 December 31, 2024ASSETS Current assets Cash and cash equivalents$1,224,257 $1,051,237 Accounts receivable, net 340,321 350,473 Inventories 283,297 270,725 Other current assets 140,998 143,457 Total current assets 1,988,873 1,815,892 Property, plant, and equipment, net 115,595 115,428 Deferred tax assets, net 318,595 310,280 Other long-term assets 42,460 41,827 Operating lease right-of-use assets, net 35,411 28,957 Intangible assets, net 34,426 43,109 Goodwill 1,088,408 1,052,130 Total assets$3,623,768 $3,407,623 LIABILITIES AND EQUITY Current liabilities Accounts payable$123,127 $144,929 Other current liabilities 62,283 61,241 Wages and benefits payable 106,837 137,384 Taxes payable 13,636 19,689 Current portion of debt, net 458,334 — Current portion of warranty 13,312 14,302 Unearned revenue 195,530 150,720 Total current liabilities 973,059 528,265 Long-term debt, net 787,023 1,242,424 Long-term warranty 7,455 7,839 Pension benefit obligation 65,864 59,537 Deferred tax liabilities, net 661 565 Operating lease liabilities 27,061 25,350 Other long-term obligations 128,221 132,215 Total liabilities 1,989,344 1,996,195 Equity Common stock 1,728,667 1,689,835 Accumulated other comprehensive loss, net (59,869) (109,931) Accumulated deficit (55,490) (189,304) Total Itron, Inc. shareholders' equity 1,613,308 1,390,600 Noncontrolling interests 21,116 20,828 Total equity 1,634,424 1,411,428 Total liabilities and equity$3,623,768 $3,407,623 ITRON, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands)Six Months Ended June 30, 2025 2024 Operating activities Net income$134,102 $103,647 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of intangible assets 24,182 26,263 Non-cash operating lease expense 5,843 7,634 Stock-based compensation 33,396 21,845 Amortization of prepaid debt fees 3,581 1,867 Deferred taxes, net (9,664) (8,725) (Gain) loss on sale of business 79 (42) Restructuring, non-cash (25) (171) Other adjustments, net (354) (591)Changes in operating assets and liabilities, net of acquisition and sale of business: Accounts receivable 18,789 (13,557) Inventories (7,413) (13,216) Other current assets 6,409 (510) Other long-term assets 3,479 (1,885) Accounts payable, other current liabilities, and taxes payable (31,868) (7,128) Wages and benefits payable (34,884) (28,700) Unearned revenue 46,431 39,039 Warranty (1,876) 810 Restructuring (10,252) (14,628) Other operating, net (11,153) (18,927) Net cash provided by operating activities 168,802 93,025 Investing activities Net proceeds related to the sale of business — 405 Acquisitions of property, plant, and equipment (10,656) (14,255) Business acquisitions, net of cash and cash equivalents acquired — (34,126) Other investing, net 5 156 Net cash used in investing activities (10,651) (47,820) Financing activities Proceeds from borrowings — 805,000 Issuance of common stock 5,436 2,972 Payments on call spread for convertible offering — (108,997) Repurchase of common stock — (100,000) Prepaid debt fees (178) (21,495) Other financing, net (507) (641) Net cash provided by financing activities 4,751 576,839 Effect of foreign exchange rate changes on cash and cash equivalents 10,118 (3,454)Increase in cash and cash equivalents 173,020 618,590 Cash and cash equivalents at beginning of period 1,051,237 302,049 Cash and cash equivalents at end of period$1,224,257 $920,639 About Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, free cash flow, and constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and other companies may define such measures differently. For a reconciliation of each non-GAAP measure to the most comparable financial measure prepared and presented in accordance with GAAP, please see the table captioned Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures. We use these non-GAAP financial measures for financial and operational decision making and/or as a means for determining executive compensation. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. These non-GAAP financial measures facilitate management's internal comparisons to our historical performance, as well as comparisons to our competitors' operating results. Our executive compensation plans exclude non-cash charges related to amortization of intangibles and certain discrete cash and non-cash charges, such as restructuring, (gain) loss on sale of business, or acquisition and integration related expenses. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they provide greater transparency with respect to key metrics used by management in its financial and operational decision making and because they are used by our institutional investors and the analyst community to analyze the health of our business. Non-GAAP operating expenses and non-GAAP operating income – We define non-GAAP operating expenses as operating expenses excluding certain expenses related to the amortization of intangible assets, restructuring, (gain) loss on sale of business, and acquisition and integration related expenses. We define non-GAAP operating income as operating income excluding the expenses related to the amortization of intangible assets, restructuring, (gain) loss on sale of business, and acquisition and integration related expenses. Acquisition and integration related expenses include costs, which are incurred to affect and integrate business combinations, such as professional fees, certain employee retention and salaries related to integration, severances, contract terminations, travel costs related to knowledge transfer, system conversion costs, and asset impairment charges. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of expenses that are not related to our core operating results. By excluding these expenses, we believe that it is easier for management and investors to compare our financial results over multiple periods and analyze trends in our operations. For example, in certain periods, expenses related to amortization of intangible assets may decrease, which would improve GAAP operating margins, yet the improvement in GAAP operating margins due to this lower expense is not necessarily reflective of an improvement in our core business. There are some limitations related to the use of non-GAAP operating expenses and non-GAAP operating income versus operating expenses and operating income calculated in accordance with GAAP. We compensate for these limitations by providing specific information about the GAAP amounts excluded from non-GAAP operating expense and non-GAAP operating income and evaluating non-GAAP operating expense and non-GAAP operating income together with GAAP operating expense and operating income. Non-GAAP net income and non-GAAP diluted EPS – We define non-GAAP net income as net income attributable to Itron, Inc. excluding the expenses associated with amortization of intangible assets, amortization of debt placement fees, restructuring, (gain) loss on sale of business, acquisition and integration related expenses, and the tax effect of excluding these expenses. We define non-GAAP diluted EPS as non-GAAP net income divided by diluted weighted-average shares outstanding during the period calculated on a GAAP basis and then reduced to reflect any anti-dilutive impact of the convertible notes hedge transactions. We consider these financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income. The same limitations described above regarding our use of non-GAAP operating income apply to our use of non-GAAP net income and non-GAAP diluted EPS. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP measures and evaluating non-GAAP net income and non-GAAP diluted EPS together with GAAP net income attributable to Itron, Inc. and GAAP diluted EPS. For interim periods the budgeted annual effective tax rate (AETR) is used, adjusted for any discrete items, as defined in Accounting Standards Codification (ASC) 740 - Income Taxes. The budgeted AETR is determined at the beginning of the fiscal year. The AETR is revised throughout the year based on changes to our full-year forecast. If the revised AETR increases or decreases by 200 basis points or more from the budgeted AETR due to changes in the full-year forecast during the year, the revised AETR is used in place of the budgeted AETR beginning with the quarter the 200 basis point threshold is exceeded and going forward for all subsequent interim quarters in the year. We continue to assess the AETR based on latest forecast throughout the year and use the most recent AETR anytime it increases or decreases by 200 basis points or more from the prior interim period. Adjusted EBITDA – We define adjusted EBITDA as net income (a) minus interest income, (b) plus interest expense, depreciation and amortization, restructuring, (gain) loss on sale of business, acquisition and integration related expenses, and (c) excluding income tax provision or benefit. Management uses adjusted EBITDA as a performance measure for executive compensation. A limitation to using adjusted EBITDA is that it does not represent the total increase or decrease in the cash balance for the period and the measure includes some non-cash items and excludes other non-cash items. Additionally, the items that we exclude in our calculation of adjusted EBITDA may differ from the items that our peer companies exclude when they report their results. We compensate for these limitations by providing a reconciliation of this measure to GAAP net income. Free cash flow – We define free cash flow as net cash provided by operating activities less cash used for acquisitions of property, plant and equipment. We believe free cash flow provides investors with a relevant measure of liquidity and a useful basis for assessing our ability to fund our operations and repay our debt. The same limitations described above regarding our use of adjusted EBITDA apply to our use of free cash flow. We compensate for these limitations by providing specific information regarding the GAAP amounts in the reconciliation. Constant currency – We refer to the impact of foreign currency exchange rate fluctuations in our discussions of financial results, which references the differences between the foreign currency exchange rates used to translate operating results from the entity's functional currency into U.S. dollars for financial reporting purposes. We also use the term "constant currency", which represents financial results adjusted to exclude changes in foreign currency exchange rates as compared with the rates in the comparable prior year period. We calculate the constant currency change as the difference between the current period results and the comparable prior period's results restated using current period foreign currency exchange rates. The tables below reconcile the non-GAAP financial measures of operating expenses, operating income, net income, diluted EPS, adjusted EBITDA, and free cash flow with the most directly comparable GAAP financial measures. ITRON, INC.RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURESTO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES(Unaudited, in thousands, except per share data) TOTAL COMPANY RECONCILIATIONSThree Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 NON-GAAP OPERATING EXPENSES GAAP operating expenses$147,205 $145,813 $288,211 $288,392 Amortization of intangible assets (4,543) (4,511) (9,022) (8,497) Restructuring (1,237) 99 (684) (99) Gain (loss) on sale of business — 65 (79) 42 Acquisition and integration (33) (90) (84) (408) Non-GAAP operating expenses$141,392 $141,376 $278,342 $279,430 NON-GAAP OPERATING INCOME GAAP operating income$76,413 $64,647 $152,626 $127,447 Amortization of intangible assets 4,543 4,511 9,022 8,497 Restructuring 1,237 (99) 684 99 (Gain) loss on sale of business — (65) 79 (42) Acquisition and integration 33 90 84 408 Non-GAAP operating income$82,226 $69,084 $162,495 $136,409 NON-GAAP NET INCOME & DILUTED EPS GAAP net income attributable to Itron, Inc.$68,340 $51,318 $133,814 $103,039 Amortization of intangible assets 4,543 4,511 9,022 8,497 Amortization of debt placement fees 1,757 935 3,494 1,779 Restructuring 1,237 (99) 684 99 (Gain) loss on sale of business — (65) 79 (42) Acquisition and integration 33 90 84 408 Income tax effect of non-GAAP adjustments (796) (588) (1,953) (387) Non-GAAP net income attributable to Itron, Inc.$75,114 $56,102 $145,224 $113,393 Non-GAAP diluted EPS$1.62 $1.21 $3.14 $2.44 Non-GAAP weighted average common shares outstanding - Diluted 46,380 46,526 46,276 46,441 ADJUSTED EBITDA GAAP net income attributable to Itron, Inc.$68,340 $51,318 $133,814 $103,039 Interest income (12,303) (5,128) (24,013) (8,974) Interest expense 5,648 2,290 11,241 4,183 Income tax provision 14,730 15,180 31,659 28,609 Depreciation and amortization 12,114 13,519 24,182 26,263 Restructuring 1,237 (99) 684 99 (Gain) loss on sale of business — (65) 79 (42) Acquisition and integration 33 90 84 408 Adjusted EBITDA$89,799 $77,105 $177,730 $153,585 FREE CASH FLOW Net cash provided by operating activities$96,685 $51,717 $168,802 $93,025 Acquisitions of property, plant, and equipment (6,017) (7,110) (10,656) (14,255) Free Cash Flow$90,668 $44,607 $158,146 $78,770

Itron Announces Second Quarter 2025 Financial Results

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