Itron, Inc. (ITRI) SEC Filings & Earnings Calls

Product Revenue Decline

“Product revenues decreased to $453.5 million from $517.2 million in Q2 2025 (-12.3%)”

Cash Burn from Financing Activities

“Cash and cash equivalents decreased to $745.2 million from $1,020.4 million at Dec 31, 2025”

Increased Operating Expenses

“Total operating expenses increased to $154.6 million from $147.2 million in Q2 2025 (+5.0%)”

Revenue decline of 7% driven by Networked Solutions project timing and lower legacy electricity product sales

“Total second quarter revenue of $563 million compared to $607 million in the prior year. The decrease was driven primarily by lower Networked Solutions revenue.” · word for word

GAAP net income decreased $15M due to lower interest income and higher effective tax rate

“The decrease was driven by lower interest income and a higher effective tax rate.” · word for word

Revenue decline in core segments

“Total revenue decreased 3% YoY; Device Solutions and Networked Solutions both declined due to portfolio optimization and project timing.”

Integration risk from acquisitions

“Operating expenses increased due to additions of Urbint and Locusview; Resiliency Solutions segment is new.”

Revenue decline in product segment

“Product revenues $477,801...2025 $523,141”

High leverage from convertible debt

“Total debt $1,610,000”

Integration risk from Locusview acquisition

“On January 5, 2026, we completed the acquisition of 100% of the outstanding equity of Locusview, Ltd.” · word for word

Cybersecurity incident may lead to litigation, fines, reputational damage, and regulatory scrutiny.

“Forward-looking statements mention potential investigations, litigation, fines, costs, losses, and adverse effects on relationships.”

Potential dilution from convertible notes if converted.

“0.00% Convertible Senior Note due 2032” · word for word

High leverage and debt service risk

“As of December 31, 2025, our total outstanding indebtedness was $1.3 billion as described under Liquidity and Capital Resources.” · word for word

Customer concentration risk

“Our primary customers are within the utility industry, which has exhibited lengthy sales cycles and irregular capital spending patterns, each of which could cause our operating results to fluctuate significantly.” · word for word

Regulatory dependency risk

“If government regulations regarding the smart grid and smart metering are delayed, revised to permit lower or different investment levels in metering infrastructure, or terminated altogether, this could have a material adverse effect on our results of operations, cash flows, and financial condition.” · word for word

Revenue decline in Device Solutions and Networked Solutions due to portfolio optimization and project timing may indicate structural headwinds in legacy hardware.

“Device Solutions revenue decreased 3%... due to lower legacy electricity product sales related to portfolio optimization in EMEA and lower North American project deployments. Networked Solutions revenue decreased 15%, due to the timing of project deployments.”

Acquisition integration risk from Urbint and Locusview; new Resiliency Solutions segment is nascent ($3M revenue).

“Resiliency Solutions revenue was $3 million which only includes revenue from Urbint since the acquisition closed on November 3, 2025.” · word for word

Integration risk and execution of acquisition; $525M cash outlay.

“Acquisition of Locusview for $525M in cash; expected close in January 2026.”

Revenue decline of 5% driven by portfolio optimization and project timing; legacy product sales decreasing.

“Revenue of $582 million, decreased 5%... The decrease was driven primarily by portfolio optimization and the timing of project deployments.”

Device Solutions segment revenue down 16% due to lower legacy electricity and water product sales.

“Device Solutions revenue decreased 16%, or 19% in constant currency, due to lower legacy electricity product sales related to portfolio optimization in EMEA and lower North American water volumes.” · word for word

Supply Chain and Inflation Risk

“Inflation in our raw materials and component costs, freight charges, sanctions, tariffs, and labor costs may increase above historical levels.” · word for word

Customer Concentration Risk

“One customer represented a significant portion of revenue in prior periods.”