Page 1

Itron FOR IMMEDIATE RELEASE Itron Announces Second Quarter 2021 Financial Results and Updated Full - Year 2021 Guidance LIBERTY LAKE , Wash .-- ( BUSINESS WIRE ) -- Aug . 5 , 2021 — Itron , Inc. ( NASDAQ : ITRI ) announced today financial results for its second quarter ended June 30 , 2021. Key results for the quarter include ( compared with the second quarter of 2020 ) : Revenue of $ 489 million , compared with $ 510 million ; Gross margin of 30.6 % ; compared with 27.2 % ; GAAP net loss of $ ( 33 ) million , compared with $ ( 63 ) million ; GAAP loss per share ( EPS ) of $ ( 0.73 ) , compared with $ ( 1.56 ) ; Non - GAAP diluted EPS of $ 0.28 , compared with $ 0.03 ; Adjusted EBITDA of $ 36 million , compared with $ 31 million ; Free cash flow of $ 64 million compared with $ ( 10 ) million ; and Total backlog of $ 3.5 billion , compared with $ 2.9 billion . " While we saw demand recovery in the second quarter , our results were negatively impacted by component constraints , which affected both our ability to meet customer demand and our cost structure , " said Tom Deitrich , Itron's president and chief executive officer . " We anticipate that the component supply will remain constrained in the second half of the year and into 2022. Despite these near - term challenges , we remain positive on the overall outlook for the company as we continued to execute on our strategy and see demand recovery from the COVID - 19 pandemic . With our strong balance sheet , I believe we are well positioned to drive our business forward . " Summary of Second Quarter Consolidated Financial Results ( All comparisons made are against the prior year period unless otherwise noted ) Revenue Total second quarter revenue decreased 4 % to $ 489 million , or 7 % , excluding the impact of changes in foreign currency exchange rates . The decrease was primarily due to component constraints , which negatively impacted revenue by approximately $ 40- $ 50 million . Device Solutions revenue increased 26 % and Outcomes revenue increased 10 % . Networked Solutions revenue decreased 18 % with the majority of the decline due to component constraints in the quarter . ITRON 2111 North Molter Road Liberty Lake , WA 99019 www.itron.com