ITRI

EX-99.1

2 exh_991.htm

PRESS RELEASE

EdgarFiling

EXHIBIT 99.1

Itron Announces First Quarter 2026 Financial Results

LIBERTY LAKE, Wash., April 28, 2026 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), which is innovating new ways for utilities and cities to manage energy and water, announced today financial results for its first quarter ended March 31, 2026. Key results for the quarter include (compared with the first quarter of 2025):

Revenue of $587 million, decreased 3%; GAAP net income attributable to Itron, Inc. of $53 million, decreased $12 million; GAAP diluted earnings per share of $1.18, decreased $0.24 per share; Non-GAAP diluted EPS of $1.49, decreased $0.03 per share; Adjusted EBITDA of $92 million, increased 5%; and Free cash flow of $79 million, increased $11 million.

"Itron’s first quarter results were ahead of our expectations on strong execution and certain projects running ahead of schedule, resulting in record gross profit", said Tom Deitrich, Itron’s president and CEO. "Our utility customers are prioritizing resiliency and affordability. This multi-year investment trend to add intelligence to the grid is structural and aligns well with Itron leading positions in essential networks, analytics, and operational intelligence applications."

Summary of First Quarter Consolidated Financial Results (All comparisons made are against the prior year period unless otherwise noted)

Revenue Total first quarter revenue of $587 million compared to $607 million in the prior year. The decrease was driven primarily by portfolio optimization and the timing of project deployments.

Device Solutions revenue decreased 1%, or 9% in constant currency, due to lower legacy electricity product sales related to portfolio optimization in EMEA and lower North American project deployments.

Networked Solutions revenue decreased 13%, or 14% in constant currency, due to the timing of project deployments.

Outcomes revenue increased 22%, or 20% in constant currency, due to increased recurring and services revenue.

Resiliency Solutions revenue was $16 million which now includes revenue from both Urbint and Locusview. The Locusview acquisition closed in January 2026.

Adjusted Gross Margin Itron's first quarter adjusted gross margin of 40.7% increased 490 basis points from the prior year due to customer and product mix and operational efficiencies.

Operating Expenses and Operating Income GAAP operating expenses of $169 million increased $28 million from the prior year. Non-GAAP operating expenses of $154 million increased $17 million from the prior year. Both increases were due to higher sales, and general & administrative expenses largely due to the additions of Urbint and Locusview.

GAAP operating income of $68 million was $9 million lower than the prior year due to higher operating expenses, partially offset by higher gross profit.

Non-GAAP operating income of $84 million was $4 million higher than the prior year due to higher gross profit, partially offset by higher operating expenses.

Net Income and Earnings per Share (EPS) Net income attributable to Itron, Inc. for the quarter was $53 million, or $1.18 per diluted share, compared with net income attributable to Itron, Inc. of $65 million, or $1.42 per diluted share in 2025. The decrease was driven by lower GAAP operating income and lower interest income.

Non-GAAP net income attributable to Itron, Inc., which excludes the expenses associated with amortization of intangible assets, amortization of debt placement fees, restructuring, loss on sale of business, strategic initiative expense, acquisition and integration related expenses, and the tax effect of excluding these expenses, was $68 million, or $1.49 per diluted share, compared with $70 million, or $1.52 per diluted share, in 2025. The decrease was driven by lower interest income, partially offset by higher Non-GAAP operating income.

Cash Flow Net cash provided by operating activities was $86 million in the first quarter compared with $72 million in the prior year. Free cash flow was $79 million in the first quarter compared with $67 million in the prior year. The increase in free cash flow was primarily due to lower tax payments.

Other Measures

Total backlog at quarter end was $4.4 billion compared with $4.7 billion in the prior year. Bookings in the quarter totaled $476 million.

Q2 2026 Outlook

Outlook for the second quarter of 2026 is as follows:

Revenue between $560 and $570 million Non-GAAP diluted EPS between $1.25 and $1.35

Earnings Conference Call Itron will host a conference call to discuss the financial results contained in this release at 10:00 a.m. EDT on April 28, 2026. Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the company’s website at https://investors.itron.com/events-presentations. Participants should access the webcast 10 minutes prior to the start of the call. A webcast replay

Form 8-KFalse000078057100007805712026-02-172026-02-17iso4217:USDxbrli:sharesiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported):  February 17, 2026

Itron, Inc. (Exact name of registrant as specified in its charter)

Washington000-2241891-1011792 (State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.) 2111 N. Molter Road Liberty Lake, Washington 99019 (Address of Principal Executive Offices) (Zip Code) (509) 924-9900 (Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registered Common stock, no par valueITRINASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 17, 2026, Itron, Inc. issued a press release announcing its financial results for the three months and full year ended December 31, 2025. A copy of this press release and accompanying financial statements are attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d)        Exhibits.

Exhibit Number Description

99.1 Press Release Dated February 17, 2026. * 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

*This exhibit is intended to be furnished and shall not be deemed "filed" for purposes of the Exchange Act.

Forward Looking Statements

This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plans, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of

Form 8-KFalse000078057100007805712025-10-302025-10-30iso4217:USDxbrli:sharesiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported):  October 30, 2025

Itron, Inc. (Exact name of registrant as specified in its charter)

Washington000-2241891-1011792 (State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.) 2111 N. Molter Road Liberty Lake, Washington 99019 (Address of Principal Executive Offices) (Zip Code) (509) 924-9900 (Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registered Common stock, no par valueITRINASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 30, 2025, Itron, Inc. issued a press release announcing its financial results for the three and nine months ended September 30, 2025. A copy of this press release and accompanying financial statements are attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d)       Exhibits.

Exhibit Number Description

99.1 Press Release Dated October 30, 2025.* 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

*This exhibit is intended to be furnished and shall not be deemed "filed" for purposes of the Exchange Act.

Forward Looking Statements

This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plans, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current c