Iteris Inc (NASDAQ:ITI) stock fell 7.46% (As on June 14, 12:32:50 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 23. Net loss from continuing operations in the fourth quarter was approximately $0.5 million, or $(0.01) per share, compared with a net loss from continuing operations of approximately $3.0 million, or $(0.07) per share, in the same quarter a year ago. The improvement was primarily attributable to the reduced impact. Adjusted EBITDA in the fourth quarter of fiscal 2023 was approximately $1.4 million, or 3.3% of total revenues, compared with approximately $1.1 million loss, or (3.1)% of total revenues, in the same quarter a year ago. The company posted Record backlog of $114.2 million as of March 31, 2023, up 14% year over year

ITI in the fourth quarter of FY 23 has reported the adjusted loss per share of 1 cents, missing the analysts’ estimates for the adjusted earnings per share by 5 cents. The company had reported 24 percent rise in the adjusted revenue to $42.44 million in the fourth quarter of FY 23, beating the analysts’ estimates for revenue by $1.97 million. This revenue growth was driven primarily by increased demand for Iteris’ ClearMobility Platform, including in particular its sensor products. Operating expenses in the fourth quarter decreased 1% in absolute terms to $13.9 million, compared with $14.1 million in the same quarter a year ago. This represents an 820 basis point decline when measured as a percentage of revenue.

For fiscal 2024, total revenue is expected to be in the range of $168.0 million to $175.0 million, representing organic growth of 10% year over year at the mid-point of the guidance range, Adjusted EBITDA is expected to be in the range of 7% to 9% of fiscal 2024 revenue, which would represent a significant year over year improvement, assuming the continued recovery and stabilization of the Company’s supply chain and Net cash flow is expected to be in the range of $12.0 million to $16.0 million, driven by adjusted EBITDA improvement and continued working capital management.

Looking ahead, the company believes the demand environment for smart mobility infrastructure will remain favorable due to positive secular trends and already committed federal funding for the Infrastructure Investment and Jobs Act. Therefore, the company expects to experience strong demand for the Iteris ClearMobility Platform and a five-year organic revenue CAGR of approximately 14% consistent with the Vision 2027 targets.