As we begin 2024, I can’t help but reminisce about what an exciting year we had at Iteris. The year was a remarkable journey for the company and our team, full of milestones and challenges that have shaped our course.
The addition of Kerry Shiba as our new Chief Financial Officer marked an important point in the company’s development. Kerry quickly integrated himself into our operations, making an immediate impact on our business performance. Shortly after Kerry’s arrival, we were also excited to welcome the arrival of Gary Hall and Kimberly Valentine-Poska to our board. Both of them will enrich our perspectives and enhance our strategic planning.
In the fast lane of progress, we continued to push boundaries with product launches and upgrades (Vantage Next Max, VantageCare and Vantage CV, to name a few). Our commitment to staying ahead of the curve in traffic technology, coupled with the incorporation of AI, connected vehicles and world-class detection grows every year, keeping us at the forefront of smart mobility.
There was a moment this year when the sheer volume of products to ship had us all-hands-on-deck. I chipped in by packing boxes of our Next sensors, as well as helping to assemble our Apex sensors. Although some of the boxes I packed may have been a bit lopsided, we managed to hit our shipping targets.
We had a great year of software wins. ClearGuide won a large three-year contract to provide volume data to Ventura County, CA; Georgia DOT signed on for two years of ClearGuide Safety to reduce speeding hotspots throughout the state; and the City of Bellevue, WA secured a large SS4A planning grant in part by illustrating how ClearGuide would be used to improve roadway safety. These are just a few examples—I don’t have time to list them all!
Due to our strong product and commercial execution, we outperformed the Russell 2000 index—one of the most referenced stock market benchmarks in the US—for the second year in a row. As I write this letter, Iteris’ share price increased 79.8% over last year compared to the Russell 2000 index which increased 17.9%. And, Iteris’ share price increased 34.9% over the last two years compared to the Russell 2000 index which declined 8.2%.
Our employees are the heartbeat of Iteris. Their dedication and unparalleled expertise are what made this year a success. Likewise, their passion for mobility and willingness to take risks drive our industry-leading innovation. This special team with unique multidisciplinary expertise truly sets Iteris apart.
Throughout the year, we found ourselves prominently exhibiting at all the major trade shows, which gave us a great opportunity to connect with peers, share insights, and showcase our latest innovations. Amidst all these exciting interactions, our annual partner meeting in Dallas stood out. It was a Texan-sized celebration dedicated to the fantastic partnerships that propel us forward, and an excellent time to recognize the amazing work these partners are doing in their respective territories. We are grateful to our partners for helping to amplify the Iteris brand and continuing to delight our customers.
I'm very proud of what we accomplished together in 2023. The year was characterized by resilience, determination and collaboration – traits that define our identity as a company. Due to our progress in 2023, we are in a strong position for the year ahead where we will be focused on advancing our industry, improving our communities, and creating new opportunities for our team members to succeed.
It's an honor to lead this company alongside such a dedicated team—thank you for a fantastic 2023 and Happy New Year!
