Itron sells technology to utilities and municipalities that helps them manage energy, water, and city infrastructure. The core product is a combination of smart meters and sensors, communication networks, and software that together enable utilities to collect, transmit, and act on real-time data from the grid. The classic use case is advanced metering infrastructure (AMI): a utility replaces old mechanical meters with Itron's smart meters, which feed data back through Itron's network to software that helps with billing, outage detection, grid health monitoring, and load control. Itron serves roughly 8,000 customers globally, selling directly to large utilities and through distributors and partners for smaller customers. Itron operates four segments: Networked Solutions (the core AMI hardware and network business), Device Solutions (standard meters sold without Itron's communications layer, a business Itron has been intentionally shrinking), Outcomes (software and services that convert grid data into actionable insights, with primarily recurring revenue), and the newly formed Resiliency Solutions (built from two recent acquisitions, covering emergency preparedness, worker safety, and digital construction management). Itron's core growth strategy is to migrate revenue up the value stack from one-time hardware sales toward recurring software and services. A key enabler is Distributed Intelligence, which lets software applications run directly on deployed meters and sensors in the field. As more of these capable endpoints deploy, utilities license applications from Itron's platform, creating a recurring, software-like revenue stream. Large AMI deployments are multi-year contracts with a 9–12 month lag from booking to revenue, so Itron's ~$4.5B backlog provides meaningful forward visibility.