Itron's stock experienced a sharp pre-market decline of 5.07% on Tuesday, following the release of its first-quarter financial results for fiscal year 2026.

The energy and water management technology company reported a significant year-over-year decline in GAAP net income, which fell 18.46% to $53 million. Revenue also decreased by 3% to $587 million, driven by portfolio optimization and the timing of project deployments. While adjusted earnings per share of $1.49 beat analyst expectations, the weaker GAAP results and a second-quarter revenue outlook of $560 million to $570 million likely contributed to negative investor sentiment.

Itron's outlook for the current quarter includes projected non-GAAP diluted EPS between $1.25 and $1.35. The company noted that its utility customers are prioritizing grid resiliency and affordability, supporting multi-year investment trends that align with Itron's market positions.