ITURAN PRESENTS THIRD QUARTER 2025 RESULTS
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
udi_m@ituran.com
Deputy CEO & VP Finance, Ituran
(Israel) +972 3 557 1348
International Investor Relations
Ehud Helft
ituran@ekgir.com
EK Global Investor Relations
(US) +1 212 378 8040
ITURAN LOCATION AND CONTROL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
US dollars
September 30,
December 31,
(In thousands)
2025
2024
(unaudited)
Current assets
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
Total assets
376,056
326,878
ITURAN LOCATION AND CONTROL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS (cont.)
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
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
Stockholders' equity
211,997
185,227
Non-controlling interests
6,513
6,030
Total equity
218,510
191,257
Total liabilities and equity
376,056
326,878
ITURAN LOCATION AND CONTROL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
US dollars
Nine months period
ended September 30,
Three months period
ended September 30,
(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
ended September 30,
Three months period
ended September 30,
(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.
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SOURCE Ituran Location and Control Ltd.