A near-$330 million jump in ITG’s near-term backlog is pointing toward accelerating revenue potential for the digital infrastructure services firm through the remainder of fiscal 2026.
ITG, Inc. (ITG) reported that its NTM Backlog climbed to $1,539 million, compared with $1,209 million in the same period a year earlier, reflecting a substantial pipeline of work ahead.
Free cash flow also surged dramatically, reaching $62.8 million in the third quarter against just $26.2 million in Q3 2025, underscoring the company’s improving ability to convert revenue into usable capital.
Those operational gains arrived alongside a 64% year-over-year rise in Adjusted EBITDA, which reached $64.542 million compared with $39.333 million in the prior-year period.
The Adjusted EBITDA margin came in at 13.4%, with the company describing both third-quarter revenue and Adjusted EBITDA as record figures that exceeded its own prior outlook.
Revenue for the quarter hit $461.5 million, a 49.3% increase year-over-year that also surpassed analyst expectations by $17.82 million, demonstrating unusually strong demand for ITG’s end-to-end digital infrastructure services.
Despite that top-line and operational momentum, the company posted a net loss of $6.15 million for the quarter, reflecting ongoing cost pressures even as the broader business scales rapidly.
Looking into Q4, ITG anticipates Adjusted EBITDA growth of 31% year-over-year, targeting approximately $51 million and maintaining an Adjusted EBITDA margin of 13.4%.
On the full-year picture, the company lifted its fiscal 2026 revenue forecast to $1.578 billion from a prior estimate of $1.556 billion, representing roughly 37% growth compared with the previous fiscal year.
Full-year Adjusted EBITDA guidance was nudged upward to $203 million from the earlier figure of $202 million, also reflecting approximately 37% year-over-year growth across both metrics.
The updated full-year Adjusted EBITDA margin projection sits at 12.9%, a modest step down from the 13% the company had previously estimated, suggesting some cost absorption as scale increases.
ITG shares closed Tuesday’s session on the Nasdaq at $5.34, a decline of 0.74%, even as the company delivered results and forward guidance that broadly exceeded prior expectations.
