PowerFleet Inc

PowerFleet, Inc. engages in the provision of fleet management solutions for logistics, industrial, and vehicles. It offers wireless Internet of Things and machine to machine solutions for securing, controlling, tracking, and managing enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicle and truck fleets. It operates through the following geographical segments: United States, Israel, and Other. The company was founded in 1993 and is headquartered in Woodcliff Lake, NJ.

Earnings data Q1 2024

PowerFleet reports Q1 revenue growth and strategic expansion plans

Despite macroeconomic pressures and FX headwinds, PowerFleet's Q1 '23 showed growth in revenue and profitability. The company is strategically focused on optimizing operations, expanding its sales pipeline, and realizing cost savings.

PWFL reports strong Q2 performance, eyes European expansion in 2024

PWFL's Q2 2023 performance showcased a strategic shift towards recurring SaaS revenue and high-margin software sales. Despite macro challenges, the company is confident in its strategic objectives, recent sales wins, and the integration of Movingdots. Anticipated growth in Europe and a focus on core markets position PWFL for future success.

PowerFleet reports strong Q3 results, eyes growth through SaaS and safety solutions

PowerFleet's Q3 performance reflects strong revenue growth and a strategic shift towards SaaS. While facing challenges in specific markets and pricing pressure from competitors, the company is well-positioned to capitalize on the MiX business combination and the potential of its Unity platform. Safety solutions present a significant opportunity for future growth.

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WOODCLIFF LAKE, N.J. , April 16, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) will host a virtual fireside chat for analysts and shareholders 30 days into the business combination with MiX Telematics, which created a top-tier global AIoT SaaS provider with total revenue of $284 million and EBITDA of $43 million, as well as the opportunity to reach Rule of 40 performance within two years.

Powerfleet to Host Virtual Analyst and Investor Fireside Chat on April 30, 2024

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Unity Platform Celebrated for its Innovative AIoT Capabilities WOODCLIFF LAKE, N.J. , April 9, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) today was announced as a finalist by the Business Intelligence Group for the Artificial Intelligence Excellence Awards program.

Powerfleet Selected as an Artificial Intelligence Excellence Awards Finalist

WOODCLIFF LAKE, N.J. , April 5, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) today announced its intention to adjust its historical accounting treatment for the redemption premium associated with its Series A convertible preferred stock, which was fully redeemed in connection with the closing of the Company's business combination with MiX Telematics Limited on April 2, 2024, due to a technical accounting issue.

POWERFLEET ANNOUNCES RESTATEMENT OF ACCOUNTING TREATMENT OF LEGACY CONVERTIBLE PREFERRED STOCK INSTRUMENT, WHICH HAS NO ADVERSE IMPACT ON PREVIOUSLY REPORTED REVENUE, CASH FLOW OR ADJUSTED EBITDA

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A Scaled Day-One Business with Total Revenue of $284 Million, Including $215 Million of Recurring High-Margin SaaS Revenues and Combined Service Gross Margins of 65% Combined Customer Base Begins with More than 1.8m Subscribers In Addition to a Significant Growth Opportunity, Combination Expected to Unlock a Compelling $25m+ EBITDA Expansion Within First Two Years Expected to Deliver Significant Cross-Sell and Upsell Opportunities for Combined Solution Portfolio into Joint Base of 7,500 Enterprise Customers Virtual Investor Fireside Chat Scheduled for 9:30 AM ET on Tuesday, April 30, 2024 WOODCLIFF LAKE, N.J., April 2, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) and MiX Telematics Limited have successfully closed their previously announced business combination, forming one of the world's largest mobile asset Artificial Intelligence of Things (AIoT) Software-as-a-Service (SaaS) providers.

Powerfleet and MiX Telematics Close Business Combination, Creating New Top-Tier Global AIoT SaaS Provider

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PowerFleet, Inc. (PWFL) Q4 2023 Earnings Call Transcript

PowerFleet (PWFL) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of a loss of $0.01. This compares to earnings of $0.01 per share a year ago.

PowerFleet (PWFL) Reports Q4 Loss, Tops Revenue Estimates

Fourth quarter total revenue of $34.5 million, up 9% YoY (constant currency), posting the best revenue quarter result in six quarters Fourth quarter service revenue increased 16% YoY (constant currency) and full year '23 service revenue increased 14% YoY (constant currency), demonstrating the company's transformation to a SaaS-centric business model Fourth quarter AEBITDA increased 110% YoY while second half '23 AEBITDA increased by 141% versus first half 2023, reflecting strong gross margins and lower adjusted cash operating expenses Resounding support from shareholders and financing finalized for the business combination with MiX Telematics, with the new combined entity on track to commence on April 2, 2024 WOODCLIFF LAKE, N.J. , March 12, 2024 /PRNewswire/ --  Powerfleet, Inc.  (Nasdaq: PWFL), reported results for the fourth quarter and full year ended December 31, 2023.

Powerfleet Reports Full Year 2023 and Fourth Quarter Financial Results

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WOODCLIFF LAKE, N.J. , Feb. 28, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) and MiX Telematics Limited (NYSE: MIXT, JSE: MIX) today announced they have received shareholder approval on the proposals related to the previously announced business combination between the parties.

Powerfleet and MiX Telematics Receive Shareholder Approval for Proposed Business Combination

WOODCLIFF LAKE, N.J. , Feb. 27, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) will hold a conference call on Tuesday, March 12, 2024, at 8:30 a.m.

Powerfleet Sets Fourth Quarter and Full Year 2023 Conference Call for Tuesday, March 12, 2024, at 8:30 a.m. ET

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Completion of Regulatory Milestones Results in Scheduled Shareholders Meetings WOODCLIFF LAKE, N.J. , Jan. 30, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) and MiX Telematics Limited (NYSE: MIXT, JSE: MIX) today announced that their respective shareholders meetings will be held virtually on Wednesday, February 28, 2024 to vote on the proposed business combination between the parties.

Powerfleet and MiX Telematics Announce Shareholders Meetings to Vote on Proposed Business Combination

The Pedestrian Proximity Detection offering meets growing demand to create safer workplaces worldwide WOODCLIFF LAKE, N.J. , Dec. 7, 2023 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) today launched its next-generation Pedestrian Proximity Detection solution, an artificial intelligence (AI)-powered safety system that proactively prevents accidents, bolsters pedestrian safety, and mitigates damage to material handling equipment (MHE) within warehouses and manufacturing facilities.

Powerfleet Launches AI-Powered Solution to Revolutionize Pedestrian Safety

ABI Research released commercial video telematics report recognizing Powerfleet for its innovation WOODCLIFF LAKE, N.J. , Dec. 5, 2023 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) today announced it was named a top innovator in ABI Research's Commercial Video Telematics Competitive Ranking.

Powerfleet Named a Top Innovator by ABI Research

BOCA RATON, Fla. & WOODCLIFF LAKE, N.J.--(BUSINESS WIRE)--MiX Telematics Limited (NYSE: MIXT, JSE: MIX) and Powerfleet (Nasdaq: PWFL) announced that they will be presenting at the Raymond James TMT and Consumer Conference being held December 4-6, 2023, at the Lotte New York Palace in New York, NY. MiX Telematics CEO Stefan Joselowitz and CFO Paul Dell alongside Powerfleet CFO David Wilson will be attending the event. MiX Telematics and Powerfleet previously announced a business combination, whi.

MiX Telematics and Powerfleet to Present at the Raymond James TMT and Consumer Conference on December 5, 2023

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PowerFleet, Inc. (PWFL) Q3 2023 Earnings Call Transcript

Q3 2023 total revenue increased 7% sequentially to $34.2 million, marking the highest revenue performance in four quarters Company's SaaS-centric business model transformation continues at pace with high-margin service revenue increasing 11% in Q3 2023 and 14% for the year to date compared to prior year periods (constant currency) AEBITDA increased threefold following the execution of annualized $4 million cost reduction measures to absorb AI and data science talent acquired with the Movingdots transaction North America total business grew 12% year over year in the quarter leading to service revenue YTD growth of 15%, reflecting the adoption of the Unity data platform for new and existing customers Previously announced transformative business combination with MiX Telematics expected to double revenue and provide the foundation for future Rule of 40 financial performance WOODCLIFF LAKE, N.J. , Nov. 9, 2023 /PRNewswire/ -- Powerfleet, Inc.  (Nasdaq: PWFL), reported results for the third quarter and nine months ended September 30, 2023.

Powerfleet Reports Third Quarter and Nine Month 2023 Financial Results

PowerFleet (PWFL) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

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National campaign is aimed at developing solutions to reduce serious injuries and create a future with zero roadway fatalities WOODCLIFF LAKE, N.J. , Nov. 2, 2023 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) today announced it has joined a U.S. Department of Transportation initiative to reduce the rising number of serious injuries and deaths on America's highways, roads, and streets.

News for PowerFleet Inc Stock (PWFL)