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. $(ITRN)$ today announced its consolidated financial results for the third quarter, ended September 30, 2025.
Highlights of the Third Quarter of 2025
-- Added 40,000 net subscribers in the quarter.
-- Revenue of $92.3 million, an 11% increase year-over-year.
-- Net income increased to $14.6 million, a 7% increase year-over-year.
-- EBITDA totaled $24.6 million, a 6% increase year-over-year.
-- The Board declared a quarterly dividend of $10.0 million, or $0.50 per
share.
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 International Investor Relations Udi Mizrahi Ehud Helft udi_m@ituran.com ituran@ekgir.com Deputy CEO & VP Finance, Ituran EK Global Investor Relations (Israel) +972 3 557 1348 (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 Three months period
ended September 30, ended September 30,
(in thousands, except
earnings per share) 2025 2024 2025 2024
--------------------- ---------- ---------- ---------- ----------
(unaudited) (unaudited)
Revenues:
Telematics services 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
ended September period ended
30, 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.
(END) Dow Jones Newswires
November 18, 2025 06:30 ET (11:30 GMT)
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