Revenue is growing fast, yet the company is still losing money.
ITG installs, builds, and maintains networks for broadband, wireless, and fiber customers. The company's revenue took a big jump. In the three months ending March 31, 2026, ITG reported $333.9 million in revenue, up from $225.4 million in the same period of 2025.
But the bottom line tells a different story. ITG posted a net loss of $13.2 million for those three months in 2026. A year earlier, it had made a net profit of $1.58 million.
Two giant customers accounted for 60% of all revenue last year. That kind of concentration is a risk - lose one big client and revenue takes a serious hit.
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Customer concentration is a common concern for investors evaluating infrastructure service providers. ITG's reliance on two customers for the majority of its revenue amplifies the financial impact if either were to switch providers. Furthermore, with Oaktree Capital retaining majority voting control after the IPO, public shareholders will have limited say in corporate governance. This structure is typical for private-equity-backed companies going public, where the sponsor seeks to maintain strategic control while accessing public capital markets.
The IPO market in 2026 is booming. Through late June, U.S. IPOs raised $126.7 billion, compared with just $16.7 billion in the same period of 2025. Most of that surge came from SpaceX's listing. That wave of investor appetite helped ITG go public now.
Oaktree Capital Management, an alternative investment firm, bought ITG along with management in 2021. After the IPO, Oaktree will keep majority voting control. That means the same team that took the company private is still calling the shots. The offering's lead underwriters included Morgan Stanley, Citigroup, UBS, and Stifel Financial.
For investors, ITG presents a mixed picture. The company's revenue is growing rapidly, but it is not yet profitable, and its customer concentration poses a risk. The discounted IPO price suggests that the market is cautious about its valuation. Meanwhile, Oaktree Capital's continued majority control means that public shareholders will have limited influence on corporate decisions, a common structure in private-equity-backed listings.
ITG's stock will begin trading on the Nasdaq the day following the pricing, using the ticker symbol ITG. The company has fast-growing revenue but a net loss and heavy customer concentration. Investors will watch to see if ITG can turn its top-line growth into real profits.
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