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|||||
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|
|
Record revenue of $92.3 million and added 40,000 net new subscribers in the quarter
AZOUR, Israel, Nov. 18, 2025 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN) today announced its consolidated financial results for the third quarter, ended September 30, 2025.
Highlights of the Third Quarter of 2025
Management Comment
Eyal Sheratzky, Co-CEO of Ituran said, "The third quarter marked a strong quarter for Ituran, in particular, we showed strong subscription revenue growth. Ituran's overall subscriber growth is being driven by our long-term efforts and success in bringing customers new value-adding telematics and connected-car products and services, as well as adding additional OEM partners to our growing roster."
Continued Mr. Sheratzky, "I am excited that during the quarter, following its success in Brazil, we have launched operations for IturanMOB in the United States. IturanMOB is our unique smart-mobility solution enabling remote vehicle access, real-time telematics and efficient fleet management for shared-mobility and rental-fleet application. We believe this creates an additional long term growth engine for Ituran with a large untapped addressable market alongside our core telematics and subscriber-based businesses."
Concluded Mr. Sheratzky, "In celebration of 20 years as a public company and 30 years as a Company, we look forward to opening the Nasdaq market on November 25 and we thank both the Nasdaq as well as our shareholders for their long-term support of our business."
Third Quarter 2025 Results
Revenues for the quarter were $92.3 million, an increase of 11% compared with $83.5 million in the third quarter of 2024. 73% of revenues were from location-based service subscription fees and 27% were from product revenues.
Revenues from subscription fees for the quarter were $67.6 million, an increase of 13% year-over-year. The subscriber base grew to 2,588,000 by the end of September 2025, marking a quarterly increase of 40,000 and a year-over-year increase of 219,000.
Product revenues for the quarter were $24.7 million, an increase of 4% year-over-year.
Gross profit for the quarter was $46.4 million (50.3% of revenues), a 16% increase compared with $40.2 million (48.1% of revenues) in the third quarter of 2024.
Gross margin on subscription revenues was 60.1%, compared to 58.8% last year. Gross margin on product revenues was 23.6%, compared to 21.5% last year. The variance in the product gross margin between quarters reflects changes in the mix of products sold in the quarter.
Operating income for the quarter was $19.6 million (21.3% of revenues), a 7% increase compared with $18.4 million (22.0% of revenues) in the third quarter of 2024.
EBITDA for the quarter was $24.6 million (26.7% of revenues), a 6% increase compared with $23.3 million (27.9% of revenues) in the third quarter of 2024.
Net income for the quarter was $14.6 million (15.9% of revenues), or $0.74 per diluted share, an increase of 7% compared to $13.7 million (16.4% of revenues), or $0.69 per diluted share, in the third quarter of 2024.
Cash flow from operations for the quarter was $21.3 million.
On the balance sheet, as of September 30, 2025, the Company had net cash, including marketable securities, of $93.1 million, compared with $77.3 million at year-end 2024.
Dividend
The Board of Directors declared a dividend of $10.0 million for the quarter. The current dividend takes into account the Company's continuing strong profitability, ongoing positive cash flow, and strong balance sheet.
Buy Back
During the quarter, Ituran purchased $1.5 million in shares under its Buy Back program. There remains approximately $5.2 million available under the buy-back program.
Conference Call Information
The Company will be hosting a video conference call via the Zoom platform later today, Tuesday, November 18, 2025 at 9am Eastern Time and 4pm Israel time.
On the call, management will review and discuss the results and will be available to answer investor questions.
To participate in the Zoom call, please register at the following link:
https://us06web.zoom.us/webinar/register/WN_FseStmWFR6SpOakhbm71ow https://us06web.zoom.us/webinar/register/WN_v7fBVdwwT-KnDOQ7OfgoBA
For those unable to listen to the live call, a replay of the call will be available from the day after the call in the investor relations section of Ituran's website.
Certain statements in this press release are "forward-looking statements" within the meaning of the Securities Act of 1933, as amended. These forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors, as well as other factors.
About Ituran
Ituran is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management & control services for vehicles, cargo and personal security for the retail, insurance, financing industries and car manufacturers. Ituran is the largest OEM telematics provider in Latin America. Its products and applications are used by customers in over 20 countries. Ituran is also the founder of the Tel-Aviv based DRIVE startup incubator to promote the development of smart mobility technology.
Ituran's subscriber base has been growing significantly since the Company's inception to over 2.5 million subscribers using its location-based services with a market leading position in Israel and Latin America. Established in 1995, Ituran has approximately 2,800 employees worldwide, with offices in Israel, Brazil, Argentina, Mexico, Ecuador, Columbia, India, Canada and the United States.
For more information, please visit Ituran's website, at: www.ituran.com
|
Company Contact Udi Mizrahi Deputy CEO & VP Finance, Ituran (Israel) +972 3 557 1348 |
International Investor Relations Ehud Helft EK Global Investor Relations (US) +1 212 378 8040 |
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ITURAN LOCATION AND CONTROL LTD. |
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|||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
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|
|||||||
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|||||||
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US dollars |
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|
||||||
|
|
September 30, |
|
|
December 31, |
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|
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|||
|
(In thousands) |
2025 |
|
|
2024 |
|
|
|
|
|
|
|
|||
|
|
(unaudited) |
|
|
|
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|
|
|
|
|
|
|||
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
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|
|||||||||||
|
Cash and cash equivalents |
|
|
93,072 |
|
|
77,357 |
|
|
|
|
|
|
|
|
|
Investments in marketable securities |
2 |
|
|
10 |
|
|
|
|
|
|
|
|||
|
Accounts receivable (net of provision for credit loss) |
62,059 |
|
|
47,688 |
|
|
|
|
|
|
|
|||
|
Other current assets |
49,396 |
|
|
46,067 |
|
|
|
|
|
|
|
|||
|
Inventories |
25,672 |
|
|
23,434 |
|
|
|
|
|
|
|
|||
|
|
230,201 |
|
|
194,556 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Long-term investments and other assets |
|
|
|
|
|
|
|
|
|
|
|
|||
|
Investments in affiliated companies |
494 |
|
|
519 |
|
|
|
|
|
|
|
|||
|
Investments in other companies |
1,833 |
|
|
1,491 |
|
|
|
|
|
|
|
|||
|
Other non-current assets |
5,290 |
|
|
5,853 |
|
|
|
|
|
|
|
|||
|
Deferred income taxes |
14,828 |
|
|
12,273 |
|
|
|
|
|
|
|
|||
|
Funds in respect of employee rights upon retirement |
26,495 |
|
|
21,823 |
|
|
|
|
|
|
|
|||
|
|
48,940 |
|
|
41,959 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Property and equipment, net |
39,970 |
|
|
33,080 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Operating lease right-of-use assets, net |
8,323 |
|
|
8,947 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Intangible assets, net |
8,932 |
|
|
9,011 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Goodwill |
39,690 |
|
|
39,325 |
|
|
|
|
|
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|
|||
|
|
|
|
|
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|
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|
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|
|||
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|
|||
|
|
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|
|
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|
|||
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|
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|
|
|
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|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total assets |
376,056 |
|
|
326,878 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
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|
|
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|
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|
ITURAN LOCATION AND CONTROL LTD. |
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|||||||
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|
|||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS (cont.) |
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|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
US dollars |
|
|
|
|
|
|
|
||||||
|
|
September 30, |
|
|
December 31, |
|
|
|
|
|
|
|
|||
|
(In thousands) |
2025 |
|
|
2024 |
|
|
|
|
|
|
|
|||
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|||
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
||||||||||||||
|
Credit from banking institutions |
|
- |
|
|
114 |
|
|
|
|
|
|
|
||
|
Accounts payable |
20,380 |
|
|
18,847 |
|
|
|
|
|
|
|
|||
|
Deferred revenues |
26,620 |
|
|
22,857 |
|
|
|
|
|
|
|
|||
|
Other current liabilities |
55,398 |
|
|
45,904 |
|
|
|
|
|
|
|
|||
|
|
102,398 |
|
|
87,722 |
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|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Long-term liabilities |
|
|
|
|
|
|
|
|
|
|
|
|||
|
Deferred income taxes |
520 |
|
|
418 |
|
|
|
|
|
|
|
|||
|
Liability for employee rights upon retirement |
32,754 |
|
|
27,593 |
|
|
|
|
|
|
|
|||
|
Deferred revenues |
14,637 |
|
|
12,231 |
|
|
|
|
|
|
|
|||
|
Operating lease liabilities, non-current |
4,852 |
|
|
5,562 |
|
|
|
|
|
|
|
|||
|
Other non-current liabilities |
2,385 |
|
|
2,095 |
|
|
|
|
|
|
|
|||
|
|
55,148 |
|
|
47,899 |
|
|
|
|
|
|
|
|||
|
|
|
|
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|
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|||
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|
|||
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|
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|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Stockholders' equity |
211,997 |
|
|
185,227 |
|
|
|
|
|
|
|
|||
|
Non-controlling interests |
6,513 |
|
|
6,030 |
|
|
|
|
|
|
|
|||
|
Total equity |
218,510 |
|
|
191,257 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
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|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total liabilities and equity |
376,056 |
|
|
326,878 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITURAN LOCATION AND CONTROL LTD. |
||||||||
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|
||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
|
|
||||||||
|
|
|
US dollars |
||||||
|
|
|
Nine months period |
|
Three months period |
||||
|
(in thousands, except earnings per share) |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenues: Telematics services |
|
(unaudited)
|
|
(unaudited)
|
||||
|
|
193,486 |
|
180,943 |
|
67,550 |
|
59,591 |
|
|
Telematics products |
|
72,040 |
|
72,431 |
|
24,728 |
|
23,888 |
|
|
|
265,526 |
|
253,374 |
|
92,278 |
|
83,479 |
|
Cost of revenues: Telematics services |
|
79,684 |
|
75,320 |
|
26,950 |
|
24,574 |
|
Telematics products |
|
54,477 |
|
58,550 |
|
18,903 |
|
18,748 |
|
|
|
134,161 |
|
133,870 |
|
45,853 |
|
43,322 |
|
Gross profit |
|
131,365 |
|
119,504 |
|
46,425 |
|
40,157 |
|
Research and development expenses |
|
15,654 |
|
13,607 |
|
5,734 |
|
4,490 |
|
Selling and marketing expenses |
|
13,491 |
|
11,291 |
|
4,857 |
|
4,019 |
|
General and administrative expenses |
|
45,586 |
|
41,571 |
|
16,217 |
|
13,264 |
|
Other expenses (income), net |
|
18 |
|
(99) |
|
(9) |
|
24 |
|
Operating income |
|
56,616 |
|
53,134 |
|
19,626 |
|
18,360 |
|
Financing income (expenses), net |
|
(1,122) |
|
165 |
|
(340) |
|
34 |
|
Income before income tax |
|
55,494 |
|
53,299 |
|
19,286 |
|
18,394 |
|
Income tax expenses |
|
(11,221) |
|
(11,234) |
|
(3,892) |
|
(4,029) |
|
Share in losses of affiliated companies, net |
|
(31) |
|
(301) |
|
(13) |
|
(179) |
|
Net income for the period |
|
44,242 |
|
41,764 |
|
15,381 |
|
14,186 |
|
Less: net income attributable to non-controlling interest |
|
(1,552) |
|
(1,948) |
|
(736) |
|
(533) |
|
Net income attributable to the company |
|
42,690 |
|
39,816 |
|
14,645 |
|
13,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share attributable to company's stockholders |
|
2.15 |
|
2.00 |
|
0.74 |
|
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average number of shares outstanding |
|
19,892 |
|
19,894 |
|
19,889 |
|
19,894 |
|
ITURAN LOCATION AND CONTROL LTD. |
|||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
||||||||||||||
|
|
|
US dollars |
|
||||||||||||
|
|
|
Nine months period |
|
Three months period |
|
||||||||||
|
(in thousands) |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
||||||
|
|
|
(unaudited) |
|
(unaudited) |
|
||||||||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
||||||
|
Net income for the period |
|
44,242 |
|
41,764 |
|
15,381 |
|
14,186 |
|
||||||
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
||||||
|
Depreciation and amortization |
|
14,240 |
|
15,586 |
|
5,010 |
|
4,935 |
|
||||||
|
Loss in respect of trading marketable securities and other investments |
|
8 |
|
85 |
|
- |
|
50 |
|
||||||
|
Increase in liability for employee rights upon retirement |
|
2,134 |
|
2,245 |
|
512 |
|
565 |
|
||||||
|
Share in losses of affiliated companies, net |
|
31 |
|
301 |
|
13 |
|
179 |
|
||||||
|
Deferred income taxes |
|
(891) |
|
(1,340) |
|
(504) |
|
(104) |
|
||||||
|
Capital loss on sale of property and equipment, net |
|
99 |
|
14 |
|
10 |
|
109 |
|
||||||
|
Decrease (increase) in accounts receivable |
|
(8,458) |
|
(4,792) |
|
(767) |
|
1,752 |
|
||||||
|
Decrease (increase) in other current and non-current assets |
|
6,203 |
|
(5,328) |
|
1,403 |
|
(957) |
|
||||||
|
Decrease (increase) in inventories |
|
(911) |
|
2,591 |
|
(853) |
|
1,062 |
|
||||||
|
Decrease in accounts payable |
|
(812) |
|
(2,382) |
|
(688) |
|
(4,198) |
|
||||||
|
Increase (decrease) in deferred revenues |
|
2,315 |
|
186 |
|
961 |
|
(186) |
|
||||||
|
Increase (decrease) in other current and non-current liabilities |
|
1,028 |
|
2,645 |
|
865 |
|
(158) |
|
||||||
|
Net cash provided by operating activities |
|
59,228 |
|
51,575 |
|
21,343 |
|
17,235 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Cash flows from investment activities |
|
|
|
|
|
|
|
|
|
||||||
|
Increase in funds in respect of employee rights upon retirement, net of withdrawals |
|
(2,322) |
|
(2,337) |
|
(1,470) |
|
(822) |
|
||||||
|
Capital expenditures |
|
(17,169) |
|
(9,144) |
|
(5,295) |
|
(2,835) |
|
||||||
|
Return from (investments in) affiliated and other companies, net |
|
(49) |
|
(2) |
|
61 |
|
(59) |
|
||||||
|
Repayment of (Investment in) long-term deposit |
|
35 |
|
(81) |
|
58 |
|
(104) |
|
||||||
|
Proceeds from sale of property and equipment |
|
564 |
|
389 |
|
110 |
|
96 |
|
||||||
|
Net cash used in investment activities |
|
(18,941) |
|
(11,175) |
|
(6,536) |
|
(3,724) |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
||||||
|
Short term credit from banking institutions |
|
(114) |
|
(384) |
|
- |
|
(53) |
|
||||||
|
Acquisition of company shares |
|
(1,475) |
|
- |
|
(1,475) |
|
- |
|
||||||
|
Dividend paid |
|
(27,652) |
|
(20,291) |
|
(9,947) |
|
(7,758) |
|
||||||
|
Dividend paid to non-controlling interests |
|
(1,677) |
|
(3,261) |
|
- |
|
(1,631) |
|
||||||
|
Net cash used in financing activities |
|
(30,918) |
|
(23,936) |
|
(11,442) |
|
(9,442) |
|
||||||
|
Effect of exchange rate changes on cash and cash equivalents |
|
6,346 |
|
(2,433) |
|
952 |
|
186 |
|
||||||
|
Net change in cash and cash equivalents |
|
15,715 |
|
14,031 |
|
4,337 |
|
4,255 |
|
||||||
|
Balance of cash and cash equivalents at beginning of period |
|
77,357 |
|
53,434 |
|
88,735 |
|
63,210 |
|
||||||
|
Balance of cash and cash equivalents at end of period |
|
93,072 |
|
67,465 |
|
93,072 |
|
67,465 |
|
||||||
Supplementary information on financing activities not involving cash flows:
In August 2025, the Company declared a dividend in an amount of US$10 million. The dividend was paid in October 2025.
Logo - https://mma.prnewswire.com/media/1972820/Ituran_logo.jpg
SOURCE Ituran Location and Control Ltd.
| Nov-24 | |
| Nov-19 | |
| Nov-18 | |
| Nov-18 | |
| Oct-28 | |
| Oct-20 | |
| Oct-13 | |
| Aug-26 | |
| Aug-21 | |
| Aug-19 | |
| Aug-19 | |
| Aug-18 | |
| Jul-16 | |
| Jun-12 | |
| Jun-07 |
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