Strong performance reflects continued momentum across ITG's scaled national platform, driven by continued strong demand for digital infrastructure services coupled with successful execution; initial 2026 outlook1 reflects ~35% revenue and ~36% Adjusted EBITDA growth
SECOND QUARTER 2026 HIGHLIGHTS
- Revenue increased 38% year-over-year to $404.6 million
- Net Income of $1.8 million
- Adjusted EBITDA2 increased 21% year-over-year to $52.2 million
- Free Cash Flow2 increased 66% year-over-year to $44.8 million
- NTM Backlog3 of $1,517 million as of June 30, 2026, compared to $1,259 million as of June 30, 2025 and $1,430 million as of March 31, 2026, supporting strong revenue visibility
- Strong order activity, including significant broadband fiber deployment awards with customers such as Ziply Fiber and Intrepid Fiber Networks
- Completed initial public offering subsequent to quarter end; net proceeds primarily applied to debt repayment
- Record levels in the quarter for revenue, Adjusted EBITDA and NTM Backlog
- Statements related to our initial full-year 2026 financial outlook are forward-looking, and actual results may differ materially. Refer to the “Forward Looking Statements” in the Appendix of this document for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
- Non-GAAP measure – Refer to the Appendix of this document for definitions of non-GAAP measures, reconciliations of these measures to the most directly comparable U.S. GAAP measure and a discussion of why management believes these non-GAAP measures are useful. As discussed below, ITG is not providing reconciliations of forward-looking non-GAAP measures because such reconciliations are not available without unreasonable effort.
- Next Twelve Month (NTM) Backlog represents total committed future revenue over the next twelve months supported by executed contracts, historical activity levels, customer guidance, and / or management estimates. Timing for revenue from projects included in NTM Backlog is subject to change based on a number of factors. Actual results may differ materially.
FORT LAUDERDALE, Fla., Aug. 12, 2026 (GLOBE NEWSWIRE) -- ITG, Inc. (Nasdaq: ITG) (“ITG” or "the Company”), a leading provider of end-to-end services to the digital infrastructure industry, today announced financial results for its second quarter ended June 30, 2026.
ITG supports the planning, design, construction, operation, maintenance, and expansion of broadband, wireless, data center, utility, and civil infrastructure. ITG’s operating model spans both recurring maintenance and fulfillment activity and larger infrastructure deployment projects, enabling it to support customers across the lifecycle of network build, upgrade, and ongoing operations. With a workforce operating across 49 states, ITG is positioned to build and maintain the digital backbone powering the future.
"Our second quarter results reflect continued momentum across the business and strong execution of our growth strategy," said Andy Parrott, Chief Executive Officer of ITG. "Performance was driven by contributions from recent acquisitions, expansion of existing and new customer programs, increased activity under recently awarded contracts, and supported by broadly favorable demand trends. Growth was generated from both our Engineering & Maintenance and Infrastructure Deployment service lines, reflecting continued investment in network maintenance, upgrades, and deployment activity.”
"The completion of our initial public offering marked an important milestone for ITG. We entered the public markets with a scaled national platform and significant revenue visibility, supported by a strong backlog and long-standing customer relationships. This positions us well to capitalize on favorable digital infrastructure investment trends expected in coming years, including the national build-out of data center capacity,” Mr. Parrott noted. “We believe our differentiated operating model, national workforce and proprietary FUSE360 technology platform strengthen our competitive position and supports our ability to execute consistently at scale.”
Mr. Parrott concluded, "We remain focused on executing for our customers, investing in our workforce and fleet, and pursuing strategic opportunities that enhance our capabilities and market presence. We are pleased to introduce our initial 2026 financial outlook, reflecting our confidence in the opportunities ahead."
2026 FINANCIAL OUTLOOK1
(in millions, except margin, effective tax rate, CapEx, and shares outstanding)
Q3 2026YoY Growth2FY 2026YoY Growth2Revenue$440+42%
$1,556
+35%
Adjusted Net Income3$31
+239%
$74
+80%
Adjusted EBITDA3$63
+61%
$202
+36%
Adjusted EBITDA Margin314.4%
+170 bps13.0%
+20 bpsForecast AssumptionsEffective Tax Rate ~19% CapEx (% of Revenue) ~2.6% Net Interest Expense ~$62 Depreciation Expense ~$52 Amortization Expense ~$32 Diluted Shares Outstanding ~124.4
- Statements related to our initial full-year 2026 financial outlook are forward-looking, and actual results may differ materially. Refer to the “Forward Looking Statements” in the Appendix of this document for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
- Represents year-over-year growth compared to the prior year period. “Bps” represents basis points of change on percentage data.
- Non-GAAP measures – Refer to the Appendix of this document for definitions of non-GAAP measures, reconciliations of these measures to the most directly comparable U.S. GAAP measure and a discussion of why management believes these non-GAAP measures are useful. As discussed below, ITG is not providing reconciliations of forward-looking non-GAAP measures because such reconciliations are not available without unreasonable effort.
SECOND QUARTER 2026 COMMENTARY
ITG has posted its Second Quarter 2026 Commentary on the Investors section of ITG’s website at ir.itgcomm.com. This document provides detailed commentary on ITG's second quarter 2026 financial and operating performance, business trends and outlook and should be reviewed in conjunction with the earnings release and conference call.
CONFERENCE CALL INFORMATION
ITG will host a webcast of its quarterly earnings call to discuss these results on Thursday, August 13, 2026, at 8:00 a.m. ET, which can be accessed through the Investors section of ITG’s website at ir.itgcomm.com. A replay of the webcast also will be available following the live event.
ABOUT ITG, INC.
ITG is a leading provider of end-to-end services to the communications and digital infrastructure industries throughout the United States. ITG supports the planning, design, construction, operation, maintenance, and expansion of broadband, wireless, data center, utility, and civil infrastructure. With a workforce operating across 49 states, ITG is positioned to build and maintain the digital backbone powering our future.
APPENDIX
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our management’s beliefs and assumptions and on information currently available to our management. These statements include, but are not limited to, statements regarding our expectations of future performance, including guidance for our revenue, Adjusted Net Income, Adjusted EBITDA and Adjusted EBITDA Margin for the fiscal year ending December 31, 2026, and our NTM Backlog as of June 30, 2026. Forward-looking statements can be identified by terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “predict”, “project”, “seek”, “should”, “will”, “would” or similar expressions and the negatives of those terms. Such statements are not historical facts but rather are based on the Company’s current expectations or beliefs concerning future events. Forward-looking statements involve known and unknown risks, uncertainties and other factors, that may cause our actual results to be materially different from any future results contemplated by the forward-looking statements, including those described in the registration statements and periodic reports the Company files with the Securities and Exchange Commission (the “SEC”), including the Company’s final prospectus dated June 30, 2026 and filed with the SEC on July 2, 2026. Given these uncertainties, you should not place undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date on which it was made, and the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Company’s registration statements and periodic reports.
Non-GAAP Financial Measures
This press release includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted EPS and Free Cash Flow. Management uses these non-GAAP financial measures to evaluate the Company’s operating performance, cash generation, liquidity, leverage profile and ability to execute its strategic priorities. The Company believes these measures provide useful supplemental information to investors in evaluating period-to-period operating performance and financial position.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in accordance with GAAP. These measures may not be comparable to similarly titled measures used by other companies. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are provided below.
The Company is providing guidance for certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow. The Company is not providing quantitative reconciliations of these forward-looking non-GAAP measures to the most directly comparable GAAP measures due to the uncertainty and inherent difficulty of predicting certain items that affect GAAP results, including, as applicable, acquisition-related costs, stock-based compensation, changes in working capital, interest expense, depreciation and amortization, tax impacts, and other items that may be material and difficult to forecast. Accordingly, a reconciliation is not available without unreasonable effort. The variability of these items could have a significant impact on the Company’s future GAAP financial results.
FINANCIAL STATEMENTS
ITG Parent, LLCCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per unit amount) Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Revenue $404,633 $292,405 $738,555 $517,792 Cost of revenue, excluding depreciation and amortization 332,581 237,091 613,647 423,696 Selling, general and administrative 28,141 15,765 53,713 30,546 Depreciation and amortization 21,014 13,988 41,439 27,245 Change in fair value of contingent liabilities 300 170 2,186 337 Total 382,036 267,014 710,985 481,824 Interest expense (19,534) (6,919) (37,759) (13,745)Other expense, net (1,008) (1,042) (1,927) (2,030)Income (loss) before provision for income taxes 2,055 17,430 (12,116) 20,193 Provision (benefit) for income taxes 267 5,829 (746) 7,013 Net income (loss) $1,788 $11,601 $(11,370) $13,180 Earnings (loss) per unit – Class A Basic and diluted $0.01 $0.07 $(0.07) $0.08 Weighted average number of units – Class A Basic and Diluted 160,000 160,000 160,000 160,000
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands) June 30, 2026 December 31, 2025ASSETS Current assets Cash and cash equivalents $ 2,486 $ 3,719 Accounts receivable, net 148,855 141,314 Contract assets 309,825 222,094 Prepaid expenses and other current assets 23,855 17,310 Total current assets 485,021 384,437 Property and equipment, net 161,300 158,492 Operating lease right-of-use assets 28,107 27,926 Finance lease right-of-use assets 2,375 3,019 Goodwill 189,193 187,748 Intangible assets, net 194,888 211,383 Other long-term assets 4,894 — Due from related party 2,832 2,832 Total assets $ 1,068,610 $ 975,837 LIABILITIES AND MEMBERS’ EQUITY Current liabilities Accounts payable $ 65,136 $ 41,221 Accrued expenses 57,456 57,245 Current portion of operating lease obligations 11,183 10,969 Current portion of finance lease obligations 1,264 1,221 Current portion of equipment loans 21,588 22,493 Current portion of term loans 16,500 16,500 Total current liabilities 173,127 149,649 Equipment loans, net 76,746 65,804 Revolving line of credit 112,000 30,000 Term loans, net 617,167 623,463 Operating lease obligations, net 17,581 17,608 Finance lease obligations, net 1,250 1,905 Other long-term liabilities 2,831 7,100 Contingent liabilities 17,836 20,088 Deferred tax liability 15,696 16,475 Total liabilities 1,034,234 932,092 Commitments and contingencies Members’ equity 34,376 43,745 Total liabilities and members’ equity $ 1,068,610 $ 975,837
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)
Six Months Ended
June 30, 2026 2025 Cash flows from operating activities: Net (loss) income (11,370) 13,180 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation 24,944 12,942 Amortization of intangible assets 16,495 14,303 Amortization of debt issuance costs 2,429 605 Amortization of operating right of use assets 8,672 3,955 Deferred income taxes (779) (2,823) Loss (gain) on sale of assets 85 (66) Change in fair value of contingent liabilities 2,186 337 Equity-based compensation 2,339 1,270 Changes in assets and liabilities, net of business acquisitions: Accounts receivable (6,228) (12,940) Contract assets (87,731) (7,297) Prepaid expenses and other current assets (7,019) 428 Accounts payable and accrued expenses 19,979 (8,293) Operating lease liabilities (8,022) (3,856) Payments of contingent liabilities (3,022) — Net cash (used in) provided by operating activities (47,042) 11,745 Cash flows from investing activities: Purchase of property and equipment (15,969) (28,627)Proceeds from sale of property and equipment 1,225 1,239 Acquisitions, net of cash acquired (3,440) (8,448)Net cash used in investing activities (18,184) (35,836)Cash flows from financing activities: Payments of acquisition amounts due to sellers (5,891) — Payments of contingent liabilities (1,416) — Payments made on term loans (8,251) (11,812)Proceeds from line of credit 373,000 67,000 Payments made on line of credit (291,000) (53,500)Payments on finance leases (612) — Distributions to members (338) — Proceeds from equipment loans 11,332 22,279 Payments made on equipment loans (12,831) (6,135)Payments of debt costs — (262)Net cash provided by financing activities 63,993 17,570 NET DECREASE IN CASH AND CASH EQUIVALENTS (1,233) (6,521)Cash and cash equivalents – beginning of period 3,719 7,367 Cash and cash equivalents – end of period $2,486 $846
Adjusted EBITDA and Free Cash Flow Reconciliation
The following table reconciles net income, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA and Free Cash Flow, and calculations of Adjusted EBITDA Margin and Free Cash Flow Conversion for the three and six months ended June 30, 2026 and 2025:
ITG Parent, LLC For the Three Months
Ended June 30, For the Six Months
Ended June 30, 2026 2025 2026 2025 (in thousands, except for percentages) Net income (loss) $1,788 $11,601 $(11,370) $13,180 Interest expense 19,534 6,919 37,759 13,745 Income tax expense (benefit) 267 5,829 (746) 7,013 Depreciation expense 12,766 6,787 24,944 12,942 Amortization of intangibles 8,248 7,201 16,495 14,303 Other expense, net 1,008 1,042 1,927 2,030 Equity-based compensation 1,170 625 2,339 1,270 Transaction costs(1) 1,907 714 3,365 1,620 Restructuring, integration, and business optimization costs(2) 5,206 2,460 11,516 4,317 Change in fair value of contingent liabilities(3) 300 170 2,186 337 Adjusted EBITDA $52,194 $43,348 $88,415 $70,757 Adjusted EBITDA Margin 13.0% 14.8% 12.0% 13.7%Purchase of property and equipment $7,440 $16,163 $15,969 $28,627 Free Cash Flow $44,754 $27,185 $72,446 $42,130 Free Cash Flow Conversion 85.7% 62.7% 81.9% 59.5%
- Represents professional, legal and advisory fees incurred in connection with acquisitions completed during the presented period.
- Represents non-recurring expenses associated with the restructuring of management positions, start-up costs for new markets and service offerings and exiting locations that we do not expect will impact the go forward operations of the business.
- Represents non-recurring earnout amounts accrued to certain sellers in connection with the acquisitions completed during the presented period.
INVESTOR CONTACT
629-282-9862