Q1 2025 Iteris Inc Earnings Call Transcript
Key Points
- Iteris Inc (ITI) reported record total revenue of $45.8 million for the fiscal 2025 first quarter, marking a 5% increase year over year.
- The company achieved record trailing six-month total net bookings of $102.1 million, surpassing their $100 million target for the first six months of 2024.
- Iteris Inc (ITI) launched new products, including the Vantage PedSafe sensor and Vantage Next and Vantage Radius advanced connectivity solutions, which are expected to drive future growth.
- Record service revenue of $21.4 million was reported, representing an 8% increase year over year, driven by strong demand for their software as a service solution, ClearGuide.
- The company maintains a strong backlog of $126.8 million, a 2% increase year over year, reflecting firm customer orders.
- Fiscal 2025 first-quarter bookings decreased by 8% compared to the previous year's highest quarterly bookings period.
- Gross margin for the first quarter was 37.9%, which is 70 basis points lower than the same period last year, due to product mix and negative inventory adjustments.
- Operating expenses increased by 15% compared to the same period last year, with significant rises in sales and marketing, research and development, and general administrative expenses.
- Adjusted EBITDA for the first quarter was $2.9 million, down from $4 million in the same quarter last year.
- Cash and cash equivalents decreased to $21.4 million from $25.9 million at the end of the preceding quarter, primarily due to increased accounts receivable and stock repurchases.
Good day, and welcome to the Iteris' fiscal first-quarter 2025 conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Jim Byers of MKR Investor Relations. Please go ahead.
Thank you, operator. Good afternoon, everyone, and thank you for participating in today's conference call to discuss Iteris's financial results for its fiscal 2025 first quarter ended June 30, 2024. Joining us today are Iteris's President and CEO, Mr. Joe Bergera; and the company's CFO, Mr. Kerry Shiba.
Following their remarks, we'll open the call for questions from the company's covering sell-side analyst. Then we will answer investor questions, if any, that were submitted to the company in advance of the call per the instructions in our press release dated July 29, 2024.
Before we continue, we would like to remind all participants during this call, we may make forward-looking statements regarding future events for the future performance of the company.
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