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iteris Iteris Reports Record 22 % Revenue Growth Year Over Year Significant Increases in GAAP Net Income and Adjusted EBITDA for Fiscal First Quarter SANTA ANA , Calif . – August 5 , 2021 – Iteris , Inc. ( NASDAQ : ITI ) , the global leader in smart mobility infrastructure management , today reported financial results for its fiscal first quarter 2022 ended June 30 , 2021. During the first quarter of fiscal 2021 , the company completed the sale of its Agriculture and Weather Analytics segment to DTN , LLC . The results of the Agriculture and Weather Analytics segment are reported as discontinued operations for all periods presented in this release . Fiscal First Quarter 2022 Financial Highlights Record total revenue of $ 34.1 million , up 22 % year over year Record total ending backlog of $ 79.9 million , up 18 % year over year GAAP net income from continuing operations of $ 0.6 million , or $ 0.01 per diluted share , a $ 0.2 million improvement to net income year over year Record adjusted EBITDA of $ 2.5 million , an 11 % , or $ 0.3 million , improvement year over year Fiscal Full Year 2022 Outlook Exhibit 99.1 Raises the midpoint of total revenue guidance range by moving the range to $ 134.0 million to $ 142.0 million , which would represent year - over - year growth of 15 % at the low end and 21 % at the high end Maintains adjusted EBITDA guidance range of 7 % to 8 % of fiscal full year 2022 revenue , which would represent year over - year growth of 10 % at the low end and 27 % at the high end Management Commentary : " We are pleased with our strong financial results for the period ending June 30 , 2021 and excited about the market's response to our ClearMobility Platform , " said Joe Bergera , president and CEO of Iteris . " Our end market is vibrant due to the need for cities and states to modernize their aging mobility infrastructure , and for various industries to better understand the infrastructure they use . Given we enter the second quarter of fiscal 2022 with record total ending backlog and a robust product roadmap , we expect to continue to gain share in the highly fragmented smart mobility infrastructure management market . " GAAP Fiscal First Quarter 2022 Financial Results Total revenue in the first quarter of fiscal 2022 increased 22 % to $ 34.1 million , compared with $ 28.0 million in the same quarter a year ago , primarily driven by the addition of revenues from Traffic Cast , and continued strong demand for both hardware and software solutions . Operating expenses in the first quarter increased 27 % to $ 13.4 million , compared with $ 10.5 million the same quarter a year ago . The increase was a result of the TrafficCast acquisition , and continued investment in research and development , and sales and marketing . Operating income from continuing operations in the first quarter was approximately $ 0.7 million , compared with an operating income of approximately $ 0.4 million in the same quarter a year ago . Net income from continuing operations in the first quarter was approximately $ 0.6 million , or $ 0.01 per diluted share , compared with net income from continuing operations of approximately $ 0.4 million , or $ 0.01 per diluted share , in the same quarter a year ago . Non - GAAP Fiscal First Quarter 2022 Financial Results Page 1 of 7