Itron Inc

Itron Inc. announced on September 22 that its Riva S and Riva T IEC electricity meters are now available to utilities across the Asia-Pacific region, marking the first deployment of its Gen6 network platform devices in the area. The expansion builds on more than 25 years of Adelaide operations and targets markets such as Australia, where roughly one in three homes uses rooftop solar. The Riva meters act as grid sensors and control points for distributed energy resources, using high-frequency sampling and localized edge computing to detect voltage swings, transformer loading issues, emerging faults, and power outages in real time. Itron has already shipped more than 18 million distributed intelligence-enabled meters and licensed over 27 million distributed intelligence applications. The launch comes as second-quarter 2026 revenue fell 7% year-over-year to $563 million, with Networked Solutions down 17% on project timing, while Annual Recurring Revenue rose 21% to $417 million and adjusted gross margin hit a record 41.4%. CEO Tom Deitrich cited structurally better earnings power and raised the full-year 2026 outlook to revenue of $2.37 billion to $2.41 billion and non-GAAP EPS of $6.30 to $6.50.

Itron announced a technology collaboration with Crytica Security on September 22 to embed real-time threat detection directly into its smart meters and edge endpoints. The partnership addresses a critical vulnerability in utility field infrastructure, where resource-constrained smart meters cannot host traditional endpoint security software; Crytica's lightweight probe continuously scans devices to detect unauthorized instruction modifications within seconds without impacting device performance. The move reinforces Itron's strategic shift toward higher-margin, software-centric outcomes, following Q2 2026 results released on July 28 in which adjusted gross margin expanded 460 basis points year-over-year to 41.4%, ARR surged 21% to $417 million, and adjusted EBITDA grew 8% despite top-line headwinds, prompting management to raise full-year non-GAAP EPS guidance to a range of $6.30 to $6.50 per share. Total revenue nonetheless contracted 7% year-over-year in Q2 2026 to $563 million from $607 million, dragged by a 17% drop in Networked Solutions revenue, while total backlog edged down to $4.4 billion from $4.5 billion a year ago. The Crytica deal carries no immediate financial disclosure or revenue timeline.

The global smart meter market is projected to grow from USD 31.60 billion in 2026 to USD 50.82 billion by 2031, registering a 10.0% compound annual growth rate, according to a new report added to ResearchAndMarkets.com's offering. Growth is being driven by government programs addressing future electricity demand, carbon reduction targets, renewable energy integration, grid modernization, and improved utility resource management. Residential is expected to be the fastest-growing end-user segment, while hardware is expected to retain the larger share of the component split between hardware and software. Europe is expected to become the world's second-largest regional market, led by France, Germany, Italy, Spain, and the UK, with the European Green Deal and Fit for 55 initiative accelerating grid modernization. The report profiles key players including Landis+Gyr of Switzerland, Itron Inc. of the US, Sagemcom of France, Schneider Electric of France, OSAKI Electric Co., Ltd. of Japan, and Siemens of Germany, and cites recent developments such as Siemens' March 2025 partnership with CPFL Energia to modernize approximately 1.6 million residential smart meters in Sao Paulo by 2029.

Itron, Inc. announced the launch of Itron Enterprise Edition Cloud AI, the next evolution of its IEE Meter Data Management platform, built on a modern cloud architecture and integrated with Itron's Intelligent Edge Operating System. The solution gives utilities a standardized way to access, share and act on trusted data across electricity, gas and water operations, reducing data silos and supporting AI-enabled workflows for outage insights, grid visibility, anomaly detection, revenue assurance, forecasting and load management. Utilities can also use Itron Managed Services, under which Itron manages IEE Cloud AI on their behalf, providing ongoing AI-enabled enhancements, security updates and platform maintenance. Don Reeves, senior vice president of Outcomes at Itron, said utilities face rapid data growth and rising regulatory expectations but need a practical path that protects their trusted data foundation. IEE Cloud AI will be available globally in January 2027 for all utilities, with industry standard interoperability and seamless migration for cloud-hosted, customer-hosted and other configurations.

Shares of Itron jumped 17.4% this week after the utility technology provider reported second-quarter non-GAAP earnings per share of $1.59, well above analyst expectations of $1.29, and raised its full-year earnings guidance to $6.40 at the midpoint. The company makes utility meters and grid intelligence technology that helps manage electricity demand volatility, a growing need amid the current artificial intelligence boom. Management commentary indicated significant demand for Itron's products and services for electric grid stability as the AI infrastructure build-out continues. After the pop, Itron trades at just below $100, giving it a forward price-to-earnings ratio a touch above 15.

Itron shares surged 26.23 percent on Tuesday to close at $107.02 after the company reported second-quarter earnings that exceeded its own expectations and raised its full-year 2026 revenue guidance. Non-GAAP diluted earnings per share came in at $1.59, above the forecast range of $1.25 to $1.35, while revenue of $563 million fell within the guided $560 million to $570 million range. President and CEO Tom Deitrich highlighted record gross margin and strong free cash flow, citing durable demand for grid expansion and resiliency. For the third quarter, Itron projects revenue of $590 million to $600 million and non-GAAP EPS of $1.50 to $1.60. The company lifted its full-year 2026 revenue outlook to $2.37 billion to $2.41 billion, up from the prior range of $2.35 billion to $2.45 billion, and expects non-GAAP EPS of $6.30 to $6.50. Hedge fund participation declined to 38 funds from 46 in the previous quarter, but combined holdings rose to $538 million from $456 million, signaling stronger conviction among existing investors.

Itron stock could be 28.4% undervalued relative to its intrinsic value, according to a Discounted Cash Flow analysis, following news of a smart water meter upgrade with Watercare in Auckland. The DCF model, using a latest twelve-month free cash flow of about $392.8 million and assuming continued growth, estimates an intrinsic value of about $121 per share, implying a 28.4% discount to the current market price. On an earnings basis, Itron trades at a P/E of about 13.3x, well below the Electronic industry average of roughly 32.1x and a tailored fair P/E of 21.2x, further suggesting undervaluation. The long-term contracted nature of the Auckland project supports projected cash flows, though execution and timing risks remain. The stock has declined 35.5% over the past year, yet screens as undervalued on all six valuation checks.

Itron is working with Watercare Services on New Zealand's largest smart water meter upgrade, replacing mechanical meters with 100,000 Itron Intelis wSource digital water meters. The deployment is part of Watercare's broader plan to connect almost 500,000 smart meters across Auckland. The meters will use an NB-IoT network to provide frequent consumption data, improving leak detection, billing accuracy, and asset visibility. Designed to operate for 15 years with minimal maintenance in Auckland's harsh marine environment, the project supports a long-duration hardware deployment model for utility customers.

The global smart electric meter market is projected to grow from USD 27.24 billion in 2025 to USD 59.22 billion by 2035, expanding at a compound annual growth rate of 8.27 percent, according to a new report from SNS Insider. The Asia Pacific region led the market in 2025 with a 45.19 percent revenue share and is expected to remain the fastest-growing region at an 8.82 percent CAGR through 2035, driven by large-scale smart grid installations and urbanization. Single-phase smart meters dominated the phase-type segment with 68.29 percent of revenue in 2025, while smart electricity meters held the largest product-type share at 34.12 percent. RF Mesh communication technology captured a 31.44 percent share, and consumption monitoring was the leading application at 32.11 percent. Key players include Landis+Gyr, Itron Inc., Siemens AG, and Schneider Electric SE.