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FLORHAM PARK, N.J. - Conduent Transportation (NASDAQ:CNDT), a $431 million market cap company currently trading at $2.73, announced Tuesday it has secured a contract with the Richmond Metropolitan Transportation Authority (RMTA) to implement a Pay-by-Plate toll collection system as part of RMTA’s transition to all-electronic tolling (AET). According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimates.
The new system will be delivered through Conduent’s Tolling-as-a-Service (TaaS) model, allowing motorists to pay tolls using digital wallets, credit cards and debit cards. Conduent will manage all aspects of the tolling system from image-based transaction processing to invoicing and payment collection. This contract comes as the company, which generates annual revenue of $3.11 billion, faces a challenging period with a 14.36% revenue decline in the last twelve months.
Implementation will begin later this year on the 3.4-mile Powhite Parkway, eliminating toll booths and enabling drivers to pay without stopping via E-ZPass transponders or the new Pay-by-Plate technology. Similar upgrades are planned for RMTA’s Downtown Expressway and Boulevard Bridge, with full implementation expected by 2027.
"This forward-looking approach optimizes toll collection by integrating advanced system features that prioritize customer experience," said Adam Appleby, Group President, Public Sector Solutions at Conduent, according to the company’s press release.
The RMTA contract follows Conduent’s recent work implementing an Express Lanes tolling system for the Virginia Department of Transportation on I-64 in the Hampton Roads region. The company has also completed similar implementations for the Ohio Turnpike and Infrastructure Commission and the Oklahoma Turnpike Authority.
Conduent Transportation (NASDAQ:CNDT) provides mobility services and solutions for transportation agencies in more than 20 countries, processing nearly 13 million tolling transactions daily according to information provided in the company statement. With its next earnings report due in 22 days, investors can access detailed analysis and comprehensive metrics through InvestingPro’s exclusive Research Report, which provides in-depth insights into the company’s financial health, currently rated as FAIR by InvestingPro’s proprietary scoring system.
In other recent news, Conduent Incorporated reported its Q2 2025 earnings, showing an earnings per share (EPS) of -$0.13, which was better than the anticipated -$0.15. However, the company did not meet its revenue expectations, reporting $754 million compared to the projected $777 million. Moody’s Ratings recently downgraded Conduent’s corporate family rating to B2 from B1, citing concerns over high financial leverage and reduced liquidity. The downgrade also affected Conduent’s probability of default rating and its speculative grade liquidity rating, both lowered to B2-PD and SGL-3, respectively. Additionally, Moody’s downgraded Conduent Business Services, LLC’s backed senior secured bank credit facility and senior secured notes.
In related personnel news, Robert Houser has been appointed as the new Chief Financial Officer of Repay Holdings Corporation, effective September 8, 2025. Houser transitions from Conduent, where he was the Group CFO of the Public Sector and Advisor. These developments reflect ongoing changes within Conduent and related entities.
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