PowerFleet, Inc. - AIOT STOCK NEWS

Powerfleet (NASDAQ: AIOT) reported strong Q2 FY25 results with revenue up 7% to $77.0 million and Adjusted EBITDA up 41% to $14.5 million year-over-year. First half FY25 showed revenue growth of 9% to $152.4 million and Adjusted EBITDA increase of 46% to $28.2 million. The company achieved 50% of its planned two-year cost synergy target of $27 million within 6 months of the MiX combination. Product revenue rose 13% to $20.3 million with adjusted gross margins at 35%, while service revenue grew 5% to $56.7 million. The company reaffirmed its FY25 guidance expecting revenue to exceed $352.5 million and Adjusted EBITDA to exceed $72.5 million.

Powerfleet (Nasdaq: AIOT) has scheduled its second quarter fiscal 2025 earnings conference call for Tuesday, November 12, 2024, at 8:30 a.m. Eastern time. The company will release its financial results for the quarter ended September 30, 2024, via press release before the call. Management will host a presentation followed by a Q&A session. The call will be accessible through toll-free and international dial-in numbers, and will be broadcast simultaneously with a replay available on the company's investor relations website.

Powerfleet, Inc. (Nasdaq: AIOT) is set to host an Investor Day on November 20, 2024, at Sofitel New York and virtually. The event will run from 1:00 p.m. to 4:00 p.m. Eastern time, with a preceding lunch at noon. Senior leaders from Powerfleet and Fleet Complete will present on:

• Strategic, operating, and financial benefits of the Fleet Complete transaction
• Long-term strategy and value creation
• Pathways to accelerated double-digit growth
• Unity's AI-led innovations
• Indirect channel opportunities
• Expanded go-to-market approach
• Financial targets for the combined business

Select customers will share their experiences with Unity in digital transformation. The event will conclude with a live Q&A session. In-person attendance is by invitation only, but a live webcast will be available on both companies' investor relations websites.

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.