Itron Annual Report 2024

FY2024 Annual Report · Itron
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We Create A More Resourceful World






















TO OUR SHAREHOLDERS,
For nearly 50 years, Itron’s innovations have 
helped utilities solve complex challenges and 
better manage energy and water resources. 
Amid rapidly increasing and unpredictable 
demand, aging infrastructure, rising 
consumer expectations, physical and digital 
threats, extreme weather and sustainability 
initiatives, utilities and cities must manage 
energy and water more efﬁciently while 
providing safe, reliable and affordable service. 
Itron’s solutions improve our customers’ 
operational efﬁciency, system resilience and 
reliability, consumer engagement, demand 
management and proﬁtability. 
 
The opportunity ahead of us is immense and 
we are committed to innovating new ways for 
utilities and cities to better manage energy 
and water.
 
2024 HIGHLIGHTS 
2024 was a record year for Itron in many 
respects. Our Outcomes and Networked 
Solutions business lines saw record annual 
revenues, and we achieved record total 
company backlog of $4.7 billion. We attained 
record total company annual gross margin, 
adjusted EBITDA, non-GAAP EPS and free 
cash ﬂow. The strength of our Grid Edge 
Intelligence portfolio continued to expand, 
with more than 13 million total DI-enabled 
meters shipped.
 
We also continued toward an asset-light 
strategy to realign our global footprint 
to increase efﬁciency, proﬁtability and 
competitiveness and have completed the 
most signiﬁcant portions of this effort. 
 
Our customers continue to invest in our 
solutions to address challenges related to 
grid resiliency, demand growth, safety and 
automation. This year, we deployed our 
technology platform with leading utilities, 
including Xcel Energy and PG&E in the U.S., 
to enable visibility and control at the grid 
edge, leveraging agile infrastructure and 
distributed intelligence (DI).
 
We continue to build on our solid foundation, 
launching our Grid Edge Intelligence portfolio, 
and streamlining the path to grid edge 
intelligence with our pre-integrated Grid 
Edge Essentials solution. We bolstered our 
Grid Edge Intelligence portfolio by acquiring 
Elpis Squared, enhancing our grid planning, 
operations and engineering capabilities. We 
also embarked on strategic collaborations 
with GE Vernova, Schneider Electric, The 
Mobility House and VODA.ai to support our 
customers with their digital transformations.
 
We helped water utilities, including Cairns 
Regional Council in Australia and Severn 
Trent Water in the U.K., improve leak 
detection and consumer engagement. And 
we have shipped more than 2.5 million 

Intelis gas meters to utilities across the U.S., 
including to CenterPoint Energy and Spire 
Energy, to enhance safety and improve 
operations.
 
We unveiled our CityEdge portfolio, which 
combines our smart city and smart lighting 
solutions to enhance urban resilience, and 
helped utilities like Fluvius in Belgium reduce 
energy consumption and increase operational 
efﬁciencies with smart street lighting. 
 
Itron’s leadership and innovation in edge 
computing were recognized with a 2024 
Edge Computing Excellence Award from 
IoT Evolution World. We also received 
accolades from NAVEX with two 2024 
Excellence Awards: Excellence in Ethics & 
Compliance Award and Risk & Compliance 
Program of the Year. And our workplace was 
honored with U.S. News & World Report’s 
Best Companies to Work For Award and 
Newsweek’s Greatest Workplaces, Greatest 
Workplaces for Diversity and Greatest 
Workplaces for Women awards.
 
THE ROAD AHEAD
Itron’s strategic direction continues to 
be validated through our operational and 
ﬁnancial results and continued backlog 
growth driven by strong customer interest 
and engagement. It is clear we are on the 
right path to expand our business. The 
targets we set for higher margin contribution 
and increased free cash ﬂow by 2027 remain 
on track.
 
Our customers depend on us to increase 
resilience against the unpredictable – whether 
geopolitical, weather-related, societal or yet 
unknown. As part of this, Artiﬁcial Intelligence 
will present challenges and opportunities as it 
creates massive energy demand and enables 
large scale beneﬁts in asset utilization and 
improved productivity for utilities – and for Itron. 
 
To thrive in the modern world, aging utility 
infrastructure needs to be updated and 
become more efﬁcient. Our Grid Edge 
Intelligence portfolio lays the foundation for 
utilities to deal with the ever-changing and 
rapidly evolving challenges they face. Itron 
is leading the effort to provide utilities with 
greater visibility and control at the edge of 
their distribution network, at scale.
 
Our commitment to helping our customers 
create a more resourceful world remains 
steadfast. We are optimistic and excited 
about the future and look forward to the 
opportunity to continue to provide customer 
and shareholder value. 
Sincerely, 
Thomas L. Deitrich
President and Chief Executive Ofﬁcer

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DIRECTORS
Diana D. Tremblay
Chair of the Board
Thomas L. Deitrich
President and Chief Executive Ofﬁcer 
Mary C. Hemmingsen
Frank M. Jaehnert
Jerome J. Lande
Timothy M. Leyden
Sanjay Mirchandani
Santiago Perez
Lynda L. Ziegler
EXECUTIVE OFFICERS
Thomas L. Deitrich
President and Chief Executive Ofﬁcer
Joan S. Hooper
Senior Vice President 
and Chief Financial Ofﬁcer 
Laurie A. Hahn
Senior Vice President, 
Human Resources
John F. Marcolini
Senior Vice President,
Networked Solutions
Justin K. Patrick
Senior Vice President,
Device Solutions
Donald L. Reeves
Senior Vice President,
Outcomes
Christopher E. Ware
Senior Vice President, General Counsel
and Corporate Secretary
CORPORATE & 
SHAREHOLDER 
INFORMATION
Corporate Headquarters
Itron, Inc.
2111 North Molter Road
Liberty Lake, WA 99019
www.itron.com
Shareholder Inquiries
Please contact Investor Relations
at (800) 635-5461 or
investors@itron.com
Common Stock
Itron’s Common Stock is traded on 
the NASDAQ Global Select Market 
under the symbol ITRI 
Independent Auditors
Deloitte & Touche LLP
Seattle, Washington
Transfer Agent
Computershare
PO Box 30170
College Station, TX 77842-3170
(877) 277-9949
www.computershare.com/investor

Publication # 102088CP-01
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