Bentley Systems Gains Momentum with AI Road Monitoring Pilot

Shares in infrastructure engineering software firm Bentley Systems are seeing notable activity following a key announcement from the Hawaii Department of Transportation (Hawaii DOT). The department has formally adopted Blyncsy, Bentley’s artificial intelligence-powered solution, for its “Eyes on the Road” initiative. This development, coupled with a reaffirmed “Wide Moat” rating from Morningstar, comes as the stock consolidates near $38.10, approximately 4% below its recent high of $39.69.

Strategic Acquisition and Financial Performance

Bentley’s recent strategic moves provide context for this contract win. The company finalized the acquisitions of Talon Aerolytics and certain technical assets from Pointivo in late December 2025. These integrations aim to enhance site-survey automation and drone data processing, bolstering applications for 5G network rollouts and modernization projects.

Financially, the company’s asset analytics segment is showing strong traction. Chief Financial Officer Werner Andre cited a run rate of approximately $50 million for this business, with ambitions for double-digit growth in annual recurring revenue (ARR) and subscription-based cash flows. Morningstar’s analysis underscores Bentley’s robust financial health, highlighting a dominant position in infrastructure engineering software, an 81.27% gross margin, and a net revenue retention rate of about 109%.

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Details of the Hawaii DOT Contract

The Hawaii pilot program represents a significant commercial application of Bentley’s Infrastructure Cloud strategy. It utilizes Blyncsy’s machine learning capabilities to analyze crowdsourced imagery from roughly 1,000 high-resolution dashboard cameras in private vehicles. The system is designed to detect road hazards—including pavement cracks, damaged guardrails, and encroaching vegetation—in near real-time. This shift from reactive to proactive maintenance is a core value proposition. The contract is explicitly noted as serving as a proof-of-concept for Blyncsy’s potential scalability to other regions.

Market Position and Future Catalysts

Morningstar’s reiterated “Wide Moat” assessment points to Bentley’s entrenched market position, supported by high switching costs within its MicroStation software ecosystem. From a technical perspective, the stock is finding support around the $38.00 level. A further potential valuation support is the company’s expanded share repurchase program, authorized for up to $500 million and extendable through the end of 2028.

Looking ahead, the market will focus on Bentley’s preliminary Q4 2025 results, scheduled for release on February 24, 2026. Analyst consensus projects earnings per share (EPS) of $0.22, compared to $0.17 in the same quarter the previous year. Achieving management’s stated goal of double-digit ARR growth in 2026 will likely depend on securing additional contract validations within the asset analytics segment, making the success and expansion of the Hawaii Blyncsy pilot a critical watchpoint for investors.