Thu, Jun 13, 8:43 PM (86 days ago)
**Iteris, Inc. Financial Summary for Fiscal Year Ended March 31, 2024** **Financial Performance:** - **Total Revenues:** $172.0 million, up 10.2% from $156.1 million in FY 2023. - **Product Revenues:** $91.8 million, up 7.9% from $85.1 million. - **Service Revenues:** $80.2 million, up 13.0% from $71.0 million. - **Net Income:** $3.1 million, compared to a net loss of $14.9 million in FY 2023. - **Gross Profit:** $64.6 million, up 53.7% from $42.0 million. - **Gross Margin:** 37.6%, up from 26.9%. - **Adjusted EBITDA:** $12.9 million, up from $(6.6) million. **Key Metrics:** - **Annual Recurring Revenue (ARR):** Approximately 25% of total revenues. - **Backlog:** $123.8 million, up 8.4% from $114.2 million. **Operating Expenses:** - **General and Administrative:** $23.9 million, up 8%. - **Sales and Marketing:** $25.3 million, up 11%. - **Research and Development:** $10.0 million, up 20%. **Strategic Overview:** - Continued investment in technology and product development. - Focus on leveraging existing technologies and enhancing smart mobility solutions. **Future Outlook:** - Expect to maintain focus on securing new contracts and extending existing relationships. - Anticipate continued investment in research and development. **Risk Factors:** - Dependence on government contracts. - Potential impacts from supply chain disruptions. - Changes in government funding and political agendas. **Financial Condition:** - **Working Capital:** $32.6 million. - **Cash and Cash Equivalents:** $26.0 million. **Market Position Changes:** - Increased revenues and profitability due to improved supply chain conditions and strong demand for products and services. This financial summary highlights Iteris, Inc.'s improved financial performance, strategic investments, and future outlook, providing a comprehensive overview for portfolio managers, traders, and finance professionals.