Key Highlights

  • Third-quarter 2026 Revenue grew 49% year over year, about 5% ahead of plan, with the engineering and maintenance service line up 39% and infrastructure deployment up 63%, according to the chief financial officer.
  • Adjusted EBITDA was USD 64.5 million, up 63%, and the adjusted EBITDA Margin was 14%, an increase of 120 basis points from a year earlier and a similar rise from the second quarter.
  • Next-12-month Backlog was USD 1.54 billion at quarter end, up 27% year over year, and new awards in the quarter were about USD 237 million, largely direct fiber build contracts.
  • Management now expects full-year 2026 adjusted EBITDA growth of 37%, up from 35% projected a quarter earlier, alongside 37% revenue growth, while free Cash Flow was a notable use in the quarter.

Revenue Growth of 49% Beats Plan on Both Service Lines

ITG (NYSE:ITG) held its second Earnings Call as a public company on November 11, 2026. The chief financial officer said revenue rose 49% year over year, helped by acquisitions and organic growth, and that all Business lines grew. Engineering and maintenance rose 39% on stable core customer volumes and new customers, while infrastructure deployment rose 63% on the seasonal project ramp and Data Center work. Charter and Comcast, the top customers, grew a combined more than 20% year over year and were stable sequentially. The call gave no dollar revenue figure.

Margins Improve but Cash Flow Goes the Other Way

Adjusted EBITDA of USD 64.5 million was slightly ahead of management's forecast. The margin of 14% rose as start-up costs on new business eased and acquisitions changed the mix, though higher fuel costs, a little under 1% of sales year over year, remain a headwind. Free cash flow was a notable use of cash, which management tied to about USD 18 million of acquired contract assets, a large seasonal build in work in progress and slow invoicing it called a timing difference. It expects more stable Working Capital in the fourth quarter and sees a chance of positive free cash flow in 2027.

USD 1.54 Billion Backlog, Full Circle Fiber and Guidance Detail

Backlog of USD 1.54 billion rose slightly from the second quarter, with infrastructure deployment backlog up 31% year over year and engineering and maintenance up 24%. In August the company bought certain Assets of Full Circle Fiber, which management expects to add at least USD 50 million of annual sales at corporate average margins. Data center backlog was above USD 500 million entering the year, and about USD 0.5 billion remains, with bids outstanding. Fourth-quarter growth is guided lower because of annualizing acquisitions, fewer working days around the holidays and winter weather effects, and management assumes some customer slippage.

Where Things Stand

ITG (NYSE:ITG) burned cash because the work grew faster than collections: acquired contract assets of about USD 18 million, a seasonal build in work in progress and slow invoicing absorbed the cash behind USD 64.5 million of adjusted EBITDA. Management called this timing and expects improvement in the fourth quarter. The operating picture is strong, with 49% revenue growth, a 14% margin and a USD 1.54 billion backlog, but fuel and health care costs and capital spending remain pressures. Next markers are fourth-quarter cash collection, outstanding data center bids and the formal 2027 outlook promised for next quarter.