PowerFleet, Inc. - AIOT STOCK NEWS

Powerfleet, Inc. (Nasdaq: PWFL) has successfully closed the acquisition of Fleet Complete, a leading connected vehicle technology and fleet management company. This strategic move is expected to create a $400m+ revenue company, including $300m+ of recurring SaaS revenue and $85m EBITDA. The combined entity will have 2.6 million total subscribers, positioning Powerfleet as a global leader in the AIoT market.

CEO Steve Towe highlighted that this transformative and highly accretive transaction will immediately scale Powerfleet's presence in North America and Europe. It also unlocks significant growth opportunities through Fleet Complete's indirect channel partnerships, particularly in the U.S. and Canada. The acquisition enhances Unity's data capabilities, adds 600,000 new subscribers, expands cross-sell opportunities, and strengthens Powerfleet's position in the AI-powered video market with Fleet Complete's FC Vision solution.

Powerfleet (Nasdaq: AIOT) is set to host a fireside chat on October 2, 2024, at 8:30 a.m. Eastern Time to discuss its acquisition of Fleet Complete. This merger creates a leading entity in the global AIoT SaaS industry. The session will feature key leadership members from both companies, focusing on:

• The enhanced market position resulting from the combination
• The 'better together' plan for customers, shareholders, and employees
• Increased competitive advantages
• Accelerated growth opportunities
• Business efficiency execution plans

The event will include a question-and-answer session and will be accessible via toll-free and international call-in numbers, as well as through a live webcast on the company's investor relations website.

Powerfleet (Nasdaq: AIOT) has announced a strategic acquisition of Fleet Complete, a leading provider of connected vehicle technology and fleet management solutions. The $200 million transaction is expected to create an industry powerhouse with total revenue anticipated to exceed $400 million, including over $300 million in recurring high-margin SaaS revenue. The acquisition aims to strengthen Powerfleet's North American presence, fuel top-line growth in Europe and Australia, and extend its go-to-market reach through a scaled indirect channel.

Key highlights of the acquisition include:

• Combined subscriber base of 2.6 million
• Highly accretive deal representing 8x pre-synergy and 5x post-synergy adjusted EBITDA
• Expected to accelerate Powerfleet's momentum towards achieving 20%+ organic revenue growth and Rule of 40 performance
• Transaction expected to close on October 1, 2024

Powerfleet (Nasdaq: AIOT) reported strong Q1 2025 financial results following its business combination with MiX Telematics. Revenue grew 10.2% year-over-year to $75.4 million, driven by safety-centric solutions. Product revenue rose 29% to $18.7 million, while service revenue increased 5% to $56.7 million. Adjusted EBITDA surged 52.2% to $13.7 million, benefiting from topline growth and initial cost synergies.

The company secured $8.7 million in annual run-rate savings by the end of Q2. For full-year 2025, Powerfleet expects revenue to exceed $300 million and adjusted EBITDA to surpass $60 million. The integration strategy's success is evident in the financial performance, setting a solid foundation for sustained growth.

Powerfleet (Nasdaq: AIOT) has announced the successful resolution of an SEC comment letter regarding a non-cash accounting issue related to its recent business combination with MiX Telematics The company expects to file its Transition Report on Form 10-KT for the period ended March 31, 2024, and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, by August 23, 2024.

Powerfleet will report its first fiscal quarter 2025 results on August 22, 2024, and hold a conference call at 8:30 am ET. This marks the first fiscal quarter for the combined company following the MiX Telematics acquisition. The conference call will be accessible via toll-free and international numbers, with a participant access code provided.

Powerfleet (Nasdaq: AIOT) has received expected delinquency notification letters from Nasdaq due to non-compliance with Listing Rule 5250(c)(1). The company failed to timely file its Transition Report on Form 10-KT for the period ended March 31, 2024, and its Quarterly Report on Form 10-Q for Q2 2024. The delay is attributed to an SEC comment letter regarding the determination of the accounting acquirer in the recent business combination with MiX Telematics

Powerfleet has 60 calendar days (until October 7, 2024) to submit a compliance plan to Nasdaq. The company has already submitted its response to the SEC and aims to resolve the matter within August 2024. Powerfleet's common stock will continue trading on Nasdaq during this grace period, subject to other listing requirements.

Powerfleet (Nasdaq: AIOT) announced preliminary financial results for Q1 fiscal 2025 and raised its annual guidance. The company reported 10% pro forma annual revenue growth to approximately $75 million and an 11% increase in subscriber count to 1.95 million. Powerfleet expects to exceed $300 million in revenue and $60 million in adjusted EBITDA for fiscal 2025. However, the company has delayed its Q1 earnings call due to an SEC comment letter regarding the accounting acquirer in the MiX Telematics business combination. Preliminary Q1 2025 results show a pro forma net loss of $23 million, including $21 million in one-time costs. The company held net debt of $114 million as of June 30, 2024. A fireside chat is scheduled for August 6, 2024, to discuss these developments.

Powerfleet, Inc. (Nasdaq: AIOT) has announced its upcoming first quarter fiscal 2025 conference call, scheduled for Thursday, August 8, 2024, at 8:30 a.m. Eastern time. This marks the first quarterly report following Powerfleet's combination with Mix Telematics The company will discuss results for the quarter ended June 30, 2024. Financial results will be released in a press release prior to the call. Management will host the presentation, followed by a Q&A session. The call will be accessible via toll-free and international numbers, with a participant access code provided. Additionally, the conference call will be broadcast live and available for replay on the company's investor relations website.

Powerfleet (Nasdaq: AIOT) has announced the appointment of Deloitte & Touche as its new independent auditor, replacing Ernst & Young LLP, effective upon filing the Transition Report on Form 10-KT for the period from January 1, 2024, to March 31, 2024. This change aligns Powerfleet's auditor with that of MiX Telematics Despite delays in filing the transition report, Powerfleet has reiterated its financial guidance for the combined entity:

- Twelve months ending March 31, 2024: Revenue exceeding $285 million and adjusted EBITDA exceeding $40 million
- Twelve months ending March 31, 2025: Revenue of approximately $300 million and adjusted EBITDA of $60 million, including $5 million in cost synergies

CFO David Wilson expressed confidence in meeting future SEC reporting deadlines with Deloitte's partnership.