Overview
- Itron reported revenue of $587 million with adjusted EBITDA of $92 million, non‑GAAP EPS of $1.49, and free cash flow of $79 million.
- Management said some first‑half Networked Solutions rollouts moved ahead of schedule, which helped produce $476 million in bookings and a $4.4 billion backlog.
- Annual recurring revenue reached $414 million, up 28% year over year, as the Outcomes software line grew 22% and the new Resiliency Solutions unit contributed $16 million with strong margins.
- Adjusted gross margin improved to 40.7%, while recent acquisitions raised GAAP operating expenses and left the company with $713 million in cash and $1.61 billion of debt for net leverage of about 2.4x.
- Guidance calls for Q2 revenue of $560 million to $570 million and non‑GAAP EPS of $1.25 to $1.35, with executives expecting most of 2026’s performance to arrive in the second half.