Iteris $ITI stock is a turnaround play candidate after the company continues announcing department of motor vehicle contracts.
New York State Department of Motor Vehicles Awards a Contract for Iteris’ Commercial Vehicle Operations SaaS Solution to Improve Safety and Mobility Statewide
On August 11, 2022, Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, announced that it had been awarded a new contract by the New York State Department of Motor Vehicles (NYS DMV) for Iteris’ CVIEWplus software-as-a-service (SaaS) solution.
Under the terms of the five-year contract, Iteris will provide the cloud-hosted CVIEWplus solution, including oversize/overweight permit system integration to the NYS DMV. Iteris’ SaaS solution supports the state’s goals of maintaining compliance with the Federal Motor Carrier Safety Administration’s (FMCSA) Innovative Technology Deployment (ITD) program, improving goods movement, and enhancing safety for truck drivers and roadside inspectors. Iteris will upload International Fuel Tax Association (IFTA) data to the FMCA’s Safety and Fitness Electronic Records (SAFER) system and International Registration Plan (IRP) data to the IRP Data Repository (IDR) and download interstate and federal data from FMCSA systems that are critical for NYS DMV’s ITD program compliance.
As a one-stop shop for NYS DMV users, CVIEWplus data services automate commercial vehicle screening processes, allowing registration personnel to evaluate carrier operating authority and safety status before issuing IRP, IFTA, and other credentials. CVIEWplus data services also permit compliant carriers to bypass weigh stations and enforcement personnel to focus on driver and carrier education to reduce defects, benefiting the safety and mobility of the broader transportation network.
Iteris’ suite of CVO SaaS solutions is a critical component of its ClearMobility® Platform – the world’s most complete solution to continuously monitor, visualize and optimize mobility infrastructure. ClearMobility applies cloud computing, artificial intelligence, advanced sensors, advisory services, and managed services to help ensure roads are safe, efficient travel, and communities thrive.
“The increased adoption of Iteris’ CVO services and SaaS solutions across the U.S. is a testament to the growing demand among state transportation and law enforcement agencies for smart mobility infrastructure management technologies,” said Whitney Raya, director of product management, Commercial Vehicle Operations at Iteris. “We are pleased to announce this new contract for Iteris’ CVIEWplus SaaS solution, which will increase goods movement and enhance safety for truck drivers, roadside inspectors, and law enforcement, as well as improve mobility and safety throughout New York State’s wider transportation network.”
Iteris is the world’s trusted technology ecosystem for smart mobility infrastructure management. Delivered through Iteris’ ClearMobility Platform, our cloud-enabled end-to-end solutions monitor, visualize and optimize mobility infrastructure worldwide, and help bridge legacy technology silos to unlock the future of transportation.
Iteris Reports Fiscal 2023 First Quarter Total Revenue of $33.7 Million and Record Ending Total Backlog of $109 Million, Up 36% Year Over Year
On August 4, 2022, Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, reported financial results for its first fiscal quarter of 2023 ended June 30, 2022. Iteris reported Q1 adjusted EBITDA of ($2.4M) versus $2.5M from last year. The company reported Q1 revenue of $33.7M versus the consensus estimate of $34.3M.
“In our fiscal 2023 first quarter, we continued to experience high levels of demand for Iteris’ ClearMobility Platform, with total net bookings increasing 18% year over year to reach a record $42.6 million,” said Joe Bergera, president and CEO of Iteris. “While supply chain issues significantly affected revenue recognition and costs of goods sold in the period, we made significant progress against our supply chain mitigation program, which we expect will start to unlock our record total ending backlog of $109 million beginning in the fiscal 2023 second quarter. Therefore, we continue to forecast full-year double-digit organic revenue growth and positive adjusted EBITDA for fiscal 2023.”
Iteris awarded up to $20M contract from Virginia Department of Transportation
On July 19, 2022, Iteris announced that the Virginia Department of Transportation had awarded it a new contract, or VDOT, for smart mobility, safety, and sustainability programs, representing continued demand for Iteris’ platform as a service offering and mobility consulting services in a key geographic market.
The deal begins its initial phase of a multi-year contract with an $11.4M order. The eventual total contract value is expected to exceed $20M. Under the terms of the new multi-year contract, Iteris will provide VDOT platform-as-a-service capabilities, including an extensive data portal, next-generation real-time traveler information system, new incident management tools, and upgraded video distribution services on a statewide basis. Additionally, Iteris will lead a team of subject-matter experts to rearchitect and modernize several operations and content systems that support the safe and efficient movement of people and goods across the Commonwealth of Virginia. The core services include data, video, and traveler information. The Data Service will revise and expand on the highly successful SmarterRoads distribution platform. It will provide VDOT with more significant data management and usage tools as the number of data sets, real-time feeds, and registered users grow. The Video Service will fully leverage VDOT’s new statewide fiber network to significantly lower operational costs while providing access to over 1,600 cameras and video feeds for operational and broadcast use via agency partners and media portals.
“We are thrilled that VDOT continues to recognize Iteris as a trusted partner to provide these services, and it demonstrates the agency’s continued commitment to improving safety, mobility, and sustainability in the Commonwealth of Virginia,” said Dr. Moe Zarean, General Manager, Mobility Operations Services at Iteris. “Furthermore, we are proud to support a program that will increase the value, effectiveness, and resilience of the region’s existing transportation infrastructure while also improving air quality and reducing fuel consumption through improved traffic operations.”
Iteris awarded $3.2M contract by the City of Baton Rouge
On June 16, 2022, Iteris announced that it had been awarded a $3.2M contract by the City of Baton Rouge for smart mobility, safety, and sustainability initiative, demonstrating demand for Iteris’ advanced detection systems in a key southern U.S. market.
According to mobility data collected by Texas A&M’s Urban Mobility Scorecard, Baton Rouge is one of the country’s most congested mid-size urban areas. Under the terms of the contract, Iteris will upgrade over 200 key signalized intersections across hundreds of miles in Baton Rouge, representing almost 50% of signalized intersections in the city, to improve traffic flow, safety, and sustainability.
“We are thrilled to support the City of Baton Rouge’s goal of improving safety and mobility for drivers, cyclists, and pedestrians while maximizing efficiency and improving air quality throughout the city,” said Mark Nogaki, senior vice president, sales at Iteris. “This new contract, which is a testament to the spirit of innovation at the City of Baton Rouge, demonstrates the increasing demand for Iteris’ leading solutions for the smart mobility infrastructure management market and underscores the city’s commitment to a technology framework that will serve its communities for decades to come.”
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Iteris $ITI Chart Technical Analysis
Iteris $ITI stock is in a weak technical uptrend. The chart shows a classic turnaround pattern. The market is highly overbought, so profit taking or a trend reversal is likely.