ITG (ITG ) Registration filing summary

Company overview and business model

• Provides mission-critical, technology-enabled services for digital and utility infrastructure across the U.S., supporting broadband, fiber, wireless, data centers, and utilities.

• Operates two main service lines: Engineering & Maintenance (E&M) and Infrastructure Deployment, covering the full lifecycle from planning to maintenance.

• National footprint with over 10,000 workforce (2,900 employees, 7,400 subcontractors), serving 49 states and 240+ field locations.

• Proprietary FUSE360 platform drives operational efficiency, real-time visibility, and scalability.

• Revenue model is underpinned by long-term master service agreements (MSAs), with high renewal rates and recurring revenue.

Financial performance and metrics

• 2025 revenue: $1.15 billion; net income: $6.2 million; Adjusted EBITDA: $148.3 million (12.8% margin).

• Revenue CAGR of 34% (2022–2025); organic revenue CAGR of 17%.

• 2025 net income margin: 0.5%; free cash flow: $91.1 million; free cash flow conversion: 61.4%.

• 2025 backlog: $2.9 billion, with $1.3 billion expected to be completed in the next fiscal year.

• 2025 net revenue retention rate: 113%; 92% of 2025 revenue from MSAs.

• Top two customers accounted for 60% of 2025 revenue.

Use of proceeds and capital allocation

• Net proceeds of ~$361 million (at $20.50/share) to repay $120 million of revolving credit and $241 million of term loan debt; any remainder for general corporate purposes.

• If underwriters exercise their option, proceeds will be used to redeem LLC interests from certain equity owners.