ITG (ITG ) Registration filing summary

Financial performance and metrics

• Revenue grew from $998.0M in 2024 to $1.15B in 2025, with a 34% CAGR from 2022–2025.

• Net income for 2025 was $6.2M, with an Adjusted EBITDA of $148.3M and a 12.8% Adjusted EBITDA margin.

• Free cash flow in 2025 was $91.1M, with a free cash flow conversion rate of 61.4%.

• Backlog increased from $1.95B at end of 2024 to $2.9B at end of 2025, with $1.3B expected to be realized in the next fiscal year.

• Top two customers accounted for 60% of 2025 revenue, indicating high customer concentration.

Company overview and business model

• Provides mission-critical, technology-enabled services for digital and utility infrastructure, including engineering, maintenance, and large-scale network deployment.

• Operates through two main service lines: Engineering & Maintenance (59% of 2025 revenue) and Infrastructure Deployment (41%).

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

• Proprietary FUSE360 platform integrates operational workflows, driving efficiency and real-time visibility.

• 92% of 2025 revenue from long-term master service agreements, with near-100% renewal rates.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to repay borrowings under the $185M Revolving Credit Facility and $660M Term Loan Facility, and for general corporate purposes to support growth.

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

• No proceeds from shares sold by the selling stockholder will go to the company.