Here are 1-2 brief analogies to describe Itron (ITRI):

• Cisco for smart utilities: Itron provides the essential digital network infrastructure for electricity, gas, and water companies, connecting smart meters and grid devices, similar to how Cisco builds networking backbones for businesses.
• A specialized Schneider Electric for smart energy and water grids: Like Schneider Electric, Itron is a leader in energy management and industrial automation, but Itron focuses entirely on providing the technology for utilities to modernize and digitally manage their distribution systems.

• Smart Utility Meters: Devices for accurately measuring and communicating electricity, gas, and water consumption for residential, commercial, and industrial use.
• Communication Networks & Infrastructure: Systems and technology that enable utilities to connect, monitor, and control their smart meters and grid devices, facilitating data collection and command delivery.
• Software & Analytics Platforms: Applications for meter data management, grid operations, distribution automation, forecasting, and data analytics to optimize utility performance and customer engagement.
• Professional & Managed Services: Expert support for the planning, implementation, integration, and ongoing operation of Itron's technology solutions for utilities worldwide.

Itron (ITRI) primarily sells its products and services to other companies, specifically to **electric, gas, and water utility companies** and municipalities globally. It operates on a business-to-business (B2B) model, providing smart networks, software, services, and devices to manage energy and water resources.

While Itron does not publicly disclose a definitive list of its "major customers" by specific revenue contribution percentages (unless a single customer accounts for 10% or more of revenue, which they would state in their 10-K without necessarily naming the customer), based on their public announcements and business descriptions, their major customers are large utility providers and city governments. Examples of public utility companies Itron has publicly announced partnerships or projects with, representing their customer base, include:

• Duke Energy (NYSE: DUK): A large electric and gas utility company in the U.S.
• Consolidated Edison, Inc. (NYSE: ED): An investor-owned energy company providing electric, gas, and steam to customers in New York City and Westchester County.
• Portland General Electric Company (NYSE: POR): An electric utility company serving customers in Oregon.
• Sempra Energy (NYSE: SRE): The parent company of utilities like San Diego Gas & Electric (SDG&E) and Southern California Gas Company (SoCalGas), both of which have worked with Itron on various initiatives.
• Hawaiian Electric Company, Inc. (NASDAQ: HE): The principal subsidiary of Hawaiian Electric Industries, providing power to 95% of Hawaii's population.

These examples illustrate the types of major utilities that constitute Itron's customer base, rather than an exhaustive list of all major customers by revenue.

Tom Deitrich, President and Chief Executive Officer

Tom Deitrich was appointed President and Chief Executive Officer of Itron in August 2019, also joining the company's board of directors at that time. He initially joined Itron in 2015 as Executive Vice President and Chief Operating Officer. Mr. Deitrich possesses over 25 years of experience in global operations within leading technology firms, where he held various executive management positions focusing on transforming and significantly improving business results. His career includes leadership roles at Freescale Semiconductor Inc., Flextronics International Inc., Sony Ericsson Mobile Communications Inc., and General Electric Corp. Prior to his tenure at Itron, he served as the Senior Vice President and General Manager for Digital Networking at Freescale Semiconductor. Mr. Deitrich also currently serves as an Independent Director for ON Semiconductor Corp. since 2020 and was a Director at Ferric, Inc. from 2016 to 2020.

Joan Hooper, Senior Vice President and Chief Financial Officer

Joan Hooper has served as the Senior Vice President and Chief Financial Officer of Itron, Inc. since June 5, 2017. She is recognized as a senior finance executive with a strong ability to drive strategy, develop high-performing teams, build infrastructure, and execute across both large and small organizations.

Laurie Hahn, Senior Vice President, Human Resources

Laurie Hahn is the Senior Vice President of Human Resources at Itron.

Chris Ware, Senior Vice President, General Counsel & Corporate Secretary

Chris Ware holds the position of Senior Vice President, General Counsel & Corporate Secretary at Itron.

John Marcolini, Senior Vice President, Networked Solutions

John Marcolini serves as the Senior Vice President of Networked Solutions for Itron.

The accelerating proliferation of distributed energy resources (DERs) such such as rooftop solar, battery storage, and electric vehicles, combined with rapid advancements in artificial intelligence and machine learning, is fueling the rise of highly specialized, software-first companies. These new entrants are focused on grid edge intelligence, virtual power plants (VPPs), and advanced DER orchestration. Often hardware-agnostic and built on cloud-native architectures, these companies threaten to disintermediate traditional utility infrastructure providers like Itron by offering superior, more agile, and AI-driven platforms for managing the increasing complexity of a decentralized grid. This trend could shift the core intelligence and value proposition for critical grid operations away from Itron's integrated smart network and software solutions.

Itron (ITRI) operates in several significant addressable markets related to energy and water resource management. The company's main products and services contribute to the following market sizes:

• Global Smart Metering and Industrial IoT (IIoT) Market: This combined market is expected to reach approximately $544 billion by 2029.
• Global Smart Meter Market: The smart meter market is projected to reach $257.78 billion by 2030. Another report indicates the global smart meter market size is expected to reach USD 36.3 billion by 2028, growing from an estimated USD 23.1 billion in 2023.
• Global Water Metering and Monitoring Systems Market: This market is projected to grow from $6.1 billion in 2025 to $11.5 billion by 2034.
• Global Smart Water Meters Market: This market is forecasted to reach USD 9.04 billion by 2030, increasing from an estimated USD 4.61 billion in 2024. Another projection estimates the global smart water metering market size to reach US$ 7.36 billion by 2031, from US$ 3.80 billion in 2023.
• Global Smart Grid Technology Market: The market for smart grid technology is projected to be approximately USD 72.8 billion in 2025 and is expected to reach USD 165.5 billion by 2035.
• Global Grid Modernization Market: This market was valued at USD 42,640.50 million in 2024 and is anticipated to reach USD 158,269.32 million by 2032.
• U.S. Smart Meter Market: The U.S. smart meter market size was estimated at USD 4.37 billion in 2024 and is projected to reach USD 8.50 billion by 2033.

Itron (ITRI) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion of the Outcomes Segment and High-Margin Software Solutions: Itron is focused on growing its Outcomes segment, which includes higher-margin software, data analytics, and recurring services. This is evidenced by a significant year-over-year increase in licensed Distributed Intelligence (DI) applications by 119%, and the Outcomes segment growing 11% year-over-year, driven by recurring revenue. Strategic acquisitions, such as Urbint, are expected to further enhance Itron's portfolio in operational resilience solutions and contribute to this software-oriented growth.
2. Increased Global Utility Investment in Smart Grid and Digital Infrastructure: A fundamental driver for Itron is the ongoing and projected substantial investments by utilities worldwide in modernizing their infrastructure. For instance, US utilities are forecasted to invest approximately $197 billion annually through 2027, and European utilities will require €800 billion for grid expansion by 2030. This global push for digitalization and smart grid solutions directly fuels demand for Itron's intelligent networks, devices, and services.
3. Acceleration of Large Project Deployments from Existing Backlog: While Itron has experienced some near-term delays in large project deployments and bookings, a robust backlog of $4.3 billion (as of Q3 2025) and a 25% increase in the opportunity pipeline since the start of the year indicate a significant pool of future revenue. The eventual clearing of regulatory approvals and logistical bottlenecks is expected to accelerate these deployments, converting the strong project pipeline into recognized revenue.
4. Advancements in Grid Edge Technology, Including AI and Machine Learning: Itron is enhancing its technological offerings, particularly in grid edge intelligence. The company's collaboration with Gordian Technologies to integrate artificial intelligence (AI) and machine learning (ML) capabilities at the grid edge aims to improve operational efficiency and resilience for utilities. These innovations are crucial for deepening Itron's software capabilities and generating higher recurring revenue streams, addressing the evolving needs of its utility customers.

Share Repurchases

• In September 2024, Itron's Board of Directors authorized a new share repurchase program of up to $100 million of its common stock over an 18-month period.
• A previous share repurchase program of up to $100 million was announced in May 2023, valid for 18 months.

Share Issuance

• Itron's shares outstanding increased by 0.77% in 2024, reaching 0.046 billion.
• Shares outstanding increased by 1.63% in 2023, reaching 0.046 billion.
• Shares outstanding increased by 1.81% in 2022, totaling 0.045 billion.

Outbound Investments

• In October 2025, Itron announced a definitive agreement to acquire Urbint, Inc. for $325 million, which will be funded through cash on hand. Urbint is a privately held software company specializing in AI-powered operational resilience solutions.
• In March 2024, Itron completed the acquisition of Elpis2, Inc. (Elpis Squared), a privately held software and services company focused on utility grid analytics, for $35 million in cash.

Capital Expenditures

• Capital expenditures were $30.56 million in 2024, $26.88 million in 2023, and $19.75 million in 2022.
• Expected capital expenditures for 2025 are $22.04 million.
• Itron possesses the financial strength to support new organic growth investments and allocate capital to research and development (R&D) to drive future growth.