Powerfleet Reports Third Quarter 2025 Financial Results
Powerfleet (NASDAQ: AIOT) reported strong Q3 2025 financial results with revenue increasing 45% year-over-year to $106.4 million. Service revenue, representing 77% of total revenue, grew 45% to $81.7 million, while product revenue rose 42% to $24.7 million.
The company achieved significant margin improvements, with combined adjusted gross margin exceeding 60%, up from 55.5% in the prior year. Adjusted EBITDA increased 77% to $22.5 million, driven by the Fleet Complete acquisition, organic growth, and cost synergies.
Following strong performance, Powerfleet raised its FY2025 guidance, now expecting revenue to exceed $362.5 million (up $10 million from previous guidance) and adjusted EBITDA to exceed $75 million (up $2.5 million). The company reported over 2.6 million recurring revenue subscribers and secured $15 million in annualized cost savings.
Powerfleet (NASDAQ: AIOT) ha riportato risultati finanziari solidi per il terzo trimestre del 2025, con un aumento del fatturato del 45% rispetto all'anno precedente, raggiungendo 106,4 milioni di dollari. Il fatturato dai servizi, che rappresenta il 77% del fatturato totale, è cresciuto del 45% a 81,7 milioni di dollari, mentre il fatturato da prodotti è aumentato del 42% a 24,7 milioni di dollari.
La società ha ottenuto significativi miglioramenti dei margini, con un margine lordo rettificato combinato superiore al 60%, rispetto al 55,5% dell'anno precedente. EBITDA rettificato è aumentato del 77% a 22,5 milioni di dollari, grazie all'acquisizione di Fleet Complete, alla crescita organica e alle sinergie di costo.
Dopo performance forti, Powerfleet ha alzato le sue previsioni per l'anno fiscale 2025, ora prevedendo un fatturato superiore a 362,5 milioni di dollari (in aumento di 10 milioni rispetto alle previsioni precedenti) e un EBITDA rettificato superiore a 75 milioni di dollari (in aumento di 2,5 milioni). L'azienda ha riportato oltre 2,6 milioni di abbonati per ricavi ricorrenti e ha ottenuto 15 milioni di dollari in risparmi sui costi annualizzati.
Powerfleet (NASDAQ: AIOT) reportó resultados financieros sólidos para el tercer trimestre de 2025, con un aumento de ingresos del 45% interanual, alcanzando 106.4 millones de dólares. Los ingresos por servicios, que representan el 77% de los ingresos totales, crecieron un 45% a 81.7 millones de dólares, mientras que los ingresos por productos aumentaron un 42% a 24.7 millones de dólares.
La compañía logró mejoras significativas en los márgenes, con un margen bruto ajustado combinado superior al 60%, frente al 55.5% del año anterior. EBITDA ajustado aumentó un 77% a 22.5 millones de dólares, impulsado por la adquisición de Fleet Complete, el crecimiento orgánico y las sinergias de costos.
Tras un sólido desempeño, Powerfleet elevó su guía para el año fiscal 2025, ahora esperando que los ingresos superen los 362.5 millones de dólares (un incremento de 10 millones respecto a la guía anterior) y que el EBITDA ajustado exceda los 75 millones de dólares (un aumento de 2.5 millones). La empresa reportó más de 2.6 millones de suscriptores de ingresos recurrentes y aseguró 15 millones de dólares en ahorros de costos anuales.
파워플릿 (NASDAQ: AIOT)는 2025년 3분기 재무 결과가 강력하게 발표되어 전년 대비 매출이 45% 증가하여 1억 640만 달러에 도달했습니다. 총 매출의 77%를 차지하는 서비스 매출은 45% 성장하여 8,170만 달러에 이르렀고, 제품 매출은 42% 증가하여 2,470만 달러로 상승했습니다.
회사는 60%를 넘는 조정된 총 매출 마진 개선을 달성하였으며, 이는 지난해의 55.5%에서 증가한 것입니다. 조정된 EBITDA는 77% 증가하여 2,250만 달러로, Fleet Complete 인수, 유기적 성장 및 비용 시너지의 영향으로 증가했습니다.
강력한 실적에 따라, Powerfleet는 2025 회계연도 전망을 상향하여 이제 매출이 3억 6,250만 달러를 초과할 것으로 예상하며 (이전 전망보다 1천만 달러 증가) 조정된 EBITDA는 7천5백만 달러를 초과할 것으로 기대하고 있습니다 (2천5백만 달러 증가). 회사는 260만 명 이상의 반복 수익 구독자를 보유하고 있으며 1천5백만 달러의 연간 비용 절감을 확보했습니다.
Powerfleet (NASDAQ: AIOT) a rapporté des résultats financiers solides pour le troisième trimestre 2025, avec une augmentation des revenus de 45% par rapport à l'année précédente, atteignant 106,4 millions de dollars. Les revenus provenant des services, représentant 77% des revenus totaux, ont augmenté de 45%, atteignant 81,7 millions de dollars, tandis que les revenus de produits ont augmenté de 42% pour atteindre 24,7 millions de dollars.
L'entreprise a réalisé d'importantes améliorations de marges, avec une marge brute ajustée combinée dépassant 60%, contre 55,5% l'année précédente. EBITDA ajusté a augmenté de 77% pour atteindre 22,5 millions de dollars, soutenu par l'acquisition de Fleet Complete, la croissance organique et les synergies de coûts.
À la suite de cette performance solide, Powerfleet a relevé ses prévisions pour l'exercice 2025, s'attendant désormais à un chiffre d'affaires supérieur à 362,5 millions de dollars (en hausse de 10 millions par rapport aux prévisions précédentes) et à un EBITDA ajusté supérieur à 75 millions de dollars (en hausse de 2,5 millions). L'entreprise a rapporté plus de 2,6 millions d'abonnés aux revenus récurrents et a sécurisé 15 millions de dollars d'économies de coûts annualisées.
Powerfleet (NASDAQ: AIOT) hat für das dritte Quartal 2025 solide finanzielle Ergebnisse gemeldet, mit einem Umsatzanstieg von 45% im Jahresvergleich auf 106,4 Millionen Dollar. Der Serviceumsatz, der 77% des Gesamtumsatzes ausmacht, wuchs um 45% auf 81,7 Millionen Dollar, während der Produktumsatz um 42% auf 24,7 Millionen Dollar anstieg.
Das Unternehmen erzielte erhebliche Verbesserungen bei den Margen, mit einer kombinierten bereinigten Bruttomarge von über 60%, verglichen mit 55,5% im Vorjahr. Bereinigtes EBITDA stieg um 77% auf 22,5 Millionen Dollar, getrieben durch die Übernahme von Fleet Complete, organisches Wachstum und Kostensynergien.
Nach der starken Leistung hob Powerfleet seine Prognose für das Geschäftsjahr 2025 an und erwartet nun, dass die Umsätze 362,5 Millionen Dollar überschreiten (eine Steigerung von 10 Millionen Dollar gegenüber der vorherigen Prognose) und das bereinigte EBITDA 75 Millionen Dollar überschreiten wird (eine Steigerung von 2,5 Millionen Dollar). Das Unternehmen berichtete von über 2,6 Millionen wiederkehrenden Umsatzabonnenten und sicherte sich jährliche Kosteneinsparungen in Höhe von 15 Millionen Dollar.
- Revenue increased 45% YoY to $106.4 million
- Adjusted EBITDA grew 77% to $22.5 million
- Service revenue increased 45% to $81.7 million
- Combined adjusted gross margin improved to over 60% from 55.5%
- Raised FY2025 revenue guidance by $10 million to $362.5 million
- Secured $15 million in annualized cost savings
- 2.6 million recurring revenue subscribers
- Net loss of $0.11 per share compared to $0.05 loss in prior year
- Adjusted net income decreased to $0.01 per share from $0.03
- Net debt position of $229.7 million
- Higher transaction costs, interest expense and taxes
Insights
Powerfleet's Q3 2025 results reveal a compelling transformation story driven by strategic M&A execution. The 45% revenue growth to $106.4M and 77% increase in adjusted EBITDA to $22.5M demonstrate the success of their scale-building strategy. What's particularly noteworthy is the quality of these results:
The revenue mix has shifted significantly toward high-margin recurring services, now at 77% of total revenue. This transition is important as it provides:
- Enhanced revenue predictability with 2.6M recurring subscribers
- Improved profitability potential, evidenced by service margins reaching 69.3%
- Greater operational leverage, supporting the 77% EBITDA growth despite revenue growing at 45%
The integration of Fleet Complete appears ahead of schedule, with $15M in annualized cost synergies already secured. The increased FY25 guidance ($362.5M revenue, $75M adjusted EBITDA) suggests management's confidence in executing their integration roadmap.
However, investors should monitor the $229.7M net debt position. While below guidance, this leverage requires strong free cash flow generation to maintain financial flexibility. The $25-30M potential contract with a major beverage company and 52% growth in AI camera solutions indicate robust commercial momentum that could support deleveraging efforts.
The margin expansion story is particularly compelling - total adjusted gross margins exceeding 60% (up from 55.5%) reflect both scale benefits and improved operational efficiency. This positions Powerfleet for stronger profitability as they leverage their expanded market presence through telecom channel partnerships.
Q3 revenue rises to
representing
Adjusted EBITDA climbs to
surpassing
FY25 full year guidance increased
EBITDA
Meaningful increase in adjusted gross margin performance, with total adjusted gross
margins now above
Post-M&A integration ahead of schedule, priming for double digit growth trajectory in FY26
THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS
- Total revenue: Increased by
45% to$106.4 million - Service revenue: Accounted for
77% of total revenue, increasing45% to$81.7 million - Product revenue: Grew
42% to$24.7 million - Gross profit: Increased by
44% to$58.8 million $23.3 million 57% , to$64.2 million - Combined adjusted gross margin: Exceeded
60% , an increase from55.5% in the prior year, with adjusted service margins expanding by4.4% to69.3% and product margins improving by5.3% to30.6% . - Adjusted EBITDA: Increased
77% to$22.5 million $12.7 million - Exits the quarter with over 2.6 million recurring revenue subscribers actively leveraging the company's comprehensive suite of solutions
MANAGEMENT COMMENTARY
"Our strategic focus on achieving global scale through accretive M&A transactions has fundamentally reshaped our business. With the rapid follow-up of the Fleet Complete acquisition after the MiX combination, we have built a scaled P&L that sets the stage for long-term growth," said CEO Steve Towe.
"With these strong financial foundations in place, our primary focus is now on seamlessly integrating the combined businesses, executing our strategic priorities, and positioning Powerfleet for accelerated top-line growth."
"The process of integration is well underway, as we align our organizational structure to drive sustainable growth and enhance operational excellence. Simultaneously, our cost synergy program remains on track, with
"On the commercial front, the Fleet Complete acquisition has significantly expanded our market opportunity through scaled channel partnerships with leading telecommunications providers. Our direct sales efforts continue to drive high-value wins, including a major Unity in-warehouse safety solution deal with one of the largest beverage companies in
THIRD QUARTER 2025 FINANCIAL RESULTS
Total revenue increased
Gross profit increased by
Operating expenses totaled
Adjusted EBITDA increased
Net debt exiting the quarter was
FULL-YEAR 2025 FINANCIAL OUTLOOK
We are raising our full-year 2025 guidance to reflect the strength of our year-to-date financial performance and the accounting impact of Fleet Complete's conversion from Canadian accounting standards to
- Annual revenue is now expected to exceed
$362.5 million $10 million $352.5 million - Adjusted EBITDA is now expected to exceed
$75 million $2.5 million $72.5 million $5 million
INVESTOR CONFERENCE CALL
As previously announced, Powerfleet will hold a conference call on Monday, February 10, 2025, at 8:30 a.m. Eastern time (5:30 a.m. Pacific time) to discuss results for the third quarter fiscal 2025 ended December 31, 2024.
Management will make prepared remarks followed by a question-and-answer session.
Date: Monday, February 10, 2025
Time: 8:30 a.m. Eastern time (5:30 a.m. Pacific time)
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 466496
The conference call will be broadcast simultaneously and available for replay here and via the investor section of Powerfleet's website at ir.powerfleet.com.
NON-GAAP FINANCIAL MEASURES
To supplement its financial statements presented in accordance with Generally Accepted Accounting Principles (GAAP), Powerfleet provides certain non-GAAP measures of financial performance. These non-GAAP measures include adjusted EBITDA, adjusted gross margin, adjusted gross profit, adjusted service margin, adjusted operating expenses, adjusted net income per share and net debt. Reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but are not a substitute for, or superior to, GAAP results. These non-GAAP measures are provided to enhance investors' overall understanding of Powerfleet's current financial performance. Specifically, Powerfleet believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses and fluctuations in currency rates that may not be indicative of its core operating results and business outlook. These non-GAAP measures are not measures of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income, gross margin, gross profit, cash flow from operating activities or earnings per share as an indicator of operating performance or liquidity. Because Powerfleet's method for calculating the non-GAAP measures may differ from other companies' methods, the non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliation of all non-GAAP measures included in this press release to the most directly comparable GAAP measures can be found in the financial tables included in this press release.
ABOUT POWERFLEET
Powerfleet (Nasdaq: AIOT; JSE: PWR) is a global leader in the artificial intelligence of things (AIoT) software-as-a-service (SaaS) mobile asset industry. With more than 30 years of experience, Powerfleet unifies business operations through the ingestion, harmonization, and integration of data, irrespective of source, and delivers actionable insights to help companies save lives, time, and money. Powerfleet's ethos transcends our data ecosystem and commitment to innovation; our people-centric approach empowers our customers to realize impactful and sustained business improvement. The company is headquartered in
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of federal securities laws. Powerfleet's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements may be identified by words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions.
These forward-looking statements include, without limitation, our expectations with respect to our beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions and future performance, as well as anticipated financial impacts of our transactions with MiX Telematics and Fleet Complete. Forward-looking statements involve significant known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. Most of these factors are outside our control and are difficult to predict. The risks and uncertainties referred to above include, but are not limited to, risks related to: (i) future economic and business conditions; (ii) integration of our, MiX Telematics' and Fleet Complete's businesses and the ability to recognize the anticipated synergies and benefits of the transactions with MiX Telematics and Fleet Complete; (iii) the loss of any of our key customers or reduction in the purchase of our products by any such customers; (iv) the failure of the markets for our products to continue to develop; (v) the negative effects of the transactions on the market price of our securities; (vi) our inability to adequately protect our intellectual property; (vii) our inability to manage growth; (viii) the effects of competition from a wide variety of local, regional, national and other providers of wireless solutions; and (ix) such other factors as are set forth in the periodic reports filed by us with the Securities and Exchange Commission (SEC), including but not limited to those described under the heading "Risk Factors" in our annual reports on Form 10-K, quarterly reports on Form 10-Q and any other filings made with the SEC from time to time, which are available via the SEC's website at http://www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.
The forward-looking statements included in this press release are made only as of the date of this press release, and except as otherwise required by applicable securities law, we assume no obligation, nor do we intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.
Powerfleet Investor Contacts
Carolyn Capaccio and Jody Burfening
Alliance Advisors IR
AIOTIRTeam@allianceadvisors.com
Powerfleet Media Contact
Jonathan Bates
jonathan.bates@powerfleet.com
+44 121 717-5360
POWERFLEET, INC. AND SUBSIDIARIES | |||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||
2023 | 2024 | 2023 | 2024 | ||||
Pro Forma | Consolidated | Pro Forma | Consolidated | ||||
Revenues: | |||||||
Products | $ 17,402 | $ 24,687 | $ 49,872 | $ 63,718 | |||
Services | 56,233 | 81,742 | 164,210 | 195,159 | |||
Total revenues | 73,635 | 106,429 | 214,082 | 258,877 | |||
Cost of revenues: | |||||||
Cost of products | 12,996 | 17,129 | 35,381 | 43,809 | |||
Cost of services | 19,762 | 30,517 | 58,312 | 75,294 | |||
Total cost of revenues | 32,758 | 47,646 | 93,693 | 119,103 | |||
Gross profit | 40,877 | 58,783 | 120,389 | 139,774 | |||
Operating expenses: | |||||||
Selling, general and administrative | 38,957 | 55,405 | 110,473 | 147,522 | |||
Research and development expenses | 3,434 | 4,621 | 11,060 | 11,157 | |||
Total operating expenses | 42,391 | 60,026 | 121,533 | 158,679 | |||
Loss from operations | (1,514) | (1,243) | (1,144) | (18,905) | |||
Interest income | 341 | 359 | 853 | 831 | |||
Interest expense | (1,742) | (7,942) | (3,111) | (14,675) | |||
Bargain purchase - Movingdots | 1,517 | — | 1,800 | — | |||
Other income/(expense), net | 58 | (2,011) | (266) | (961) | |||
Net loss before income taxes | (1,340) | (10,837) | (1,868) | (33,710) | |||
Income tax expense | (670) | (3,513) | (5,097) | (4,821) | |||
Net loss before non-controlling interest | (2,010) | (14,350) | (6,965) | (38,531) | |||
Non-controlling interest | (32) | 1 | (38) | (17) | |||
Net loss | (2,042) | (14,349) | (7,003) | (38,548) | |||
Accretion of preferred stock | (1,878) | — | (5,484) | — | |||
Preferred stock dividend | (1,129) | — | (3,385) | (25) | |||
Net loss attributable to common | $ (5,049) | $ (14,349) | $ (15,872) | $ (38,573) | |||
Net loss per share attributable to | $ (0.05) | $ (0.11) | $ (0.15) | $ (0.33) | |||
Weighted average common shares | 106,335 | 132,189 | 106,367 | 115,650 | |||
POWERFLEET, INC. AND SUBSIDIARIES | ||||
March 31, 2024 | December 31, 2024 | |||
Pro Forma Combined | Consolidated | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 51,091 | $ 33,634 | ||
Restricted cash | 86,104 | 5,011 | ||
Accounts receivables, net | 55,008 | 82,167 | ||
Inventory, net | 25,800 | 27,985 | ||
Deferred costs - current | 42 | 6 | ||
Prepaid expenses and other current assets | 17,784 | 25,455 | ||
Total current assets | 235,829 | 174,258 | ||
Fixed assets, net | 48,306 | 55,257 | ||
Goodwill | 121,713 | 374,939 | ||
Intangible assets, net | 40,444 | 263,396 | ||
Right-of-use asset | 11,222 | 12,308 | ||
Severance payable fund | 3,796 | 4,461 | ||
Deferred tax asset | 3,874 | 5,766 | ||
Other assets | 19,090 | 18,284 | ||
Total assets | $ 484,274 | $ 908,669 | ||
LIABILITIES | ||||
Current liabilities: | ||||
Short-term bank debt and current maturities of long-term debt | $ 22,109 | $ 34,596 | ||
Accounts payable and accrued expenses | 60,763 | 86,481 | ||
Deferred revenue - current | 12,236 | 17,912 | ||
Lease liability - current | 2,648 | 4,763 | ||
Total current liabilities | 97,756 | 143,752 | ||
Long-term debt - less current maturities | 113,810 | 233,750 | ||
Deferred revenue - less current portion | 4,892 | 3,949 | ||
Lease liability - less current portion | 8,773 | 8,268 | ||
Accrued severance payable | 4,597 | 4,906 | ||
Deferred tax liability | 18,669 | 52,461 | ||
Other long-term liabilities | 2,980 | 3,042 | ||
Total liabilities | 251,477 | 450,128 | ||
Convertible redeemable preferred stock: Series A | 90,273 | — | ||
STOCKHOLDERS' EQUITY | ||||
Preferred stock | — | — | ||
Common stock | 63,842 | 1,339 | ||
Additional paid-in capital | 200,218 | 669,492 | ||
Accumulated deficit | (78,516) | (193,345) | ||
Accumulated other comprehensive loss | (17,133) | (7,578) | ||
Treasury stock | (25,997) | (11,518) | ||
Total stockholders' equity | 142,414 | 458,390 | ||
Non-controlling interest | 110 | 151 | ||
Total equity | 142,524 | 458,541 | ||
Total liabilities, convertible redeemable preferred stock, and | $ 484,274 | $ 908,669 | ||
POWERFLEET, INC. AND SUBSIDIARIES | ||||
Nine Months Ended December 31, | ||||
2023 | 2024 | |||
Pro Forma | Consolidated | |||
Cash flows from operating activities | ||||
Net loss | $ (7,003) | $ (38,548) | ||
Adjustments to reconcile net loss to cash provided by/(used in) operating | ||||
Non-controlling interest | 38 | 17 | ||
Gain on bargain purchase | (1,800) | — | ||
Inventory reserve | 1,821 | 1,571 | ||
Stock based compensation expense | 3,903 | 8,438 | ||
Depreciation and amortization | 21,179 | 33,042 | ||
Right-of-use assets, non-cash lease expense | 2,156 | 4,284 | ||
Derivative mark-to-market adjustment | — | (475) | ||
Bad debts expense | 4,900 | 7,229 | ||
Deferred income taxes | 2,935 | 676 | ||
Shares issued for transaction bonuses | — | 889 | ||
Lease termination and modification losses | — | 232 | ||
Other non-cash items | 3,907 | 727 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivables | (11,552) | (15,245) | ||
Inventories | (2,030) | 2,623 | ||
Prepaid expenses and other current assets | 381 | 2,062 | ||
Deferred costs | (6,323) | (5,124) | ||
Deferred revenue | (292) | 1,031 | ||
Accounts payable and accrued expenses | 6,117 | (15,655) | ||
Lease liabilities | (2,157) | (4,098) | ||
Accrued severance payable, net | (21) | (562) | ||
Net cash provided by/(used in) operating activities | 16,159 | (16,886) | ||
Cash flows from investing activities: | ||||
Acquisition, net of cash assumed | — | (137,112) | ||
Proceeds from sale of fixed assets | — | 256 | ||
Capitalized software development costs | (7,203) | (7,310) | ||
Capital expenditures | (15,140) | (16,607) | ||
Deferred consideration paid | (1,414) | — | ||
Repayment of loan advanced to external parties | — | 294 | ||
Net cash used in investing activities | (23,757) | (160,479) | ||
Cash flows from financing activities: | ||||
Repayment of long-term debt | (3,079) | (2,140) | ||
Short-term bank debt, net | 10,268 | 11,887 | ||
Purchase of treasury stock upon vesting of restricted stock | (643) | (2,836) | ||
Repayment of financing lease | (129) | — | ||
Payment of preferred stock dividend and redemption of preferred stock | (3,385) | (90,298) | ||
Proceeds from private placement, net | — | 66,459 | ||
Proceeds from long-term debt | — | 125,000 | ||
Payment of long-term debt costs | — | (1,410) | ||
Proceeds from exercise of stock options, net | 36 | 912 | ||
Cash paid on dividends to affiliates | (4,002) | (6) | ||
Net cash (used in)/provided by financing activities | (934) | 107,568 | ||
Effect of foreign exchange rate changes on cash and cash equivalents | (1,600) | (1,222) | ||
Net decrease in cash and cash equivalents, and restricted cash | (10,132) | (71,019) | ||
Cash and cash equivalents, and restricted cash at beginning of the period | 55,746 | 109,664 | ||
Cash and cash equivalents, and restricted cash at end of the period | $ 45,614 | $ 38,645 | ||
Reconciliation of cash, cash equivalents, and restricted cash, beginning | ||||
Cash and cash equivalents | 54,656 | 24,354 | ||
Restricted cash | 1,090 | 85,310 | ||
Cash, cash equivalents, and restricted cash, beginning of the period | $ 55,746 | $ 109,664 | ||
Reconciliation of cash, cash equivalents, and restricted cash, end of the | ||||
Cash and cash equivalents | 44,441 | 33,634 | ||
Restricted cash | 1,173 | 5,011 | ||
Cash, cash equivalents, and restricted cash, end of the period | $ 45,614 | $ 38,645 | ||
Supplemental disclosure of cash flow information: | ||||
Cash paid for: | ||||
Taxes | $ 1,757 | $ 1,052 | ||
Interest | $ 1,828 | $ 11,517 | ||
Noncash investing and financing activities: | ||||
Common stock issued for transaction bonus | $ — | $ 9 | ||
Shares issued in connection with MiX Combination | $ — | $ 362,005 | ||
Shares issued in connection with Fleet Complete acquisition | $ — | $ 21,343 | ||
Value of licensed intellectual property acquired in connection with | $ 1,517 | $ — | ||
Preferred stock dividends paid in shares | $ 1,108 | $ — | ||
POWERFLEET, INC. AND SUBSIDIARIES | |||||||
RECONCILIATION OF GAAP TO ADJUSTED EBITDA FINANCIAL MEASURES | |||||||
(In thousands) | |||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||
2023 | 2024 | 2023 | 2024 | ||||
Pro Forma | Consolidated | Pro Forma | Consolidated | ||||
Net loss attributable to common stockholders | $ (5,049) | $ (14,349) | $ (15,872) | $ (38,573) | |||
Non-controlling interest | 32 | (1) | 38 | 17 | |||
Preferred stock dividend and accretion | 3,007 | — | 8,870 | 25 | |||
Interest expense, net | 1,095 | 7,583 | 2,257 | 13,844 | |||
Other expense, net | 8 | — | 32 | — | |||
Income tax expense | 670 | 3,513 | 5,097 | 4,821 | |||
Depreciation and amortization | 7,602 | 13,643 | 21,179 | 33,042 | |||
Stock-based compensation | 1,385 | 1,138 | 3,903 | 8,438 | |||
Foreign currency losses | 637 | 543 | 1,055 | 1,288 | |||
Restructuring-related expenses | 144 | 841 | 741 | 3,108 | |||
Gain on bargain purchase - Movingdots | (1,517) | — | (1,800) | — | |||
Derivative mark-to-market adjustment | — | 1,722 | — | (475) | |||
Recognition of pre-October 1, 2024 | — | 2,041 | — | 2,041 | |||
Net profit on fixed assets | (45) | — | (49) | — | |||
Contingent consideration remeasurement | (511) | — | (1,049) | — | |||
Acquisition-related expenses | 4,885 | 5,301 | 7,136 | 20,872 | |||
Integration-related expenses | — | 520 | — | 2,259 | |||
Non-recurring transitional service | 361 | — | 482 | — | |||
Adjusted EBITDA | $ 12,704 | $ 22,495 | $ 32,020 | $ 50,707 | |||
POWERFLEET, INC. AND SUBSIDIARIES | |||||||
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME FINANCIAL MEASURES | |||||||
(In thousands) | |||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||
2023 | 2024 | 2023 | 2024 | ||||
Pro Forma | Consolidated | Pro Forma | Consolidated | ||||
Net loss | $ (2,042) | $ (14,349) | $ (7,003) | $ (38,548) | |||
Incremental intangible assets amortization | — | 5,393 | — | 9,551 | |||
Stock-based compensation (non- | — | — | — | 4,693 | |||
Foreign currency losses | 637 | 543 | 1,055 | 1,288 | |||
Income tax effect of net foreign exchange | (644) | 1,631 | (110) | (225) | |||
Restructuring-related expenses | 144 | 841 | 741 | 3,108 | |||
Income tax effect of restructuring costs | — | (30) | (7) | (154) | |||
Derivative mark-to-market adjustment | — | 1,722 | — | (475) | |||
Acquisition-related expenses | 4,885 | 5,301 | 7,136 | 20,872 | |||
Integration-related expenses | — | 520 | — | 2,259 | |||
Non-recurring transitional service | 361 | — | 482 | — | |||
Contingent consideration remeasurement | (511) | — | (1,049) | — | |||
Income tax effect of contingent | — | — | — | — | |||
Non-GAAP net income | $ 2,830 | $ 1,572 | $ 1,245 | $ 2,369 | |||
Weighted average shares outstanding | 106,335 | 132,189 | 106,367 | 115,650 | |||
Non-GAAP net income per share - basic | $ 0.03 | $ 0.01 | $ 0.01 | $ 0.02 | |||
POWERFLEET, INC. AND SUBSIDIARIES | |||||||
ADJUSTED GROSS PROFIT MARGINS | |||||||
(In thousands) | |||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||
2023 | 2024 | 2023 | 2024 | ||||
Pro Forma Combined | Consolidated | Pro Forma Combined | Consolidated | ||||
Revenues: | |||||||
Products | $ 17,402 | $ 24,687 | $ 49,872 | $ 63,718 | |||
Services | 56,233 | 81,742 | 164,210 | 195,159 | |||
Total revenues | 73,635 | 106,429 | 214,082 | 258,877 | |||
Cost of revenues: | |||||||
Cost of products | 12,996 | 17,129 | 35,381 | 43,809 | |||
Cost of services | 19,762 | 30,517 | 58,312 | 75,294 | |||
Total cost of revenues | 32,758 | 47,646 | 93,693 | 119,103 | |||
Gross profit | $ 40,877 | $ 58,783 | $ 120,389 | $ 139,774 | |||
Product margin | 25.3 % | 30.6 % | 29.1 % | 31.2 % | |||
Service margin | 64.9 % | 62.7 % | 64.5 % | 61.4 % | |||
Total gross profit margin | 55.5 % | 55.2 % | 56.2 % | 54.0 % | |||
Incremental intangible assets | $ — | $ 5,393 | $ — | $ 9,551 | |||
Inventory rationalization | $ — | $ 6 | $ — | $ 740 | |||
Product margin | 25.3 % | 30.6 % | 29.1 % | 32.4 % | |||
Service margin | 64.9 % | 69.3 % | 64.5 % | 66.3 % | |||
Adjusted total gross profit margin | 55.5 % | 60.3 % | 56.2 % | 58.0 % | |||
POWERFLEET, INC. AND SUBSIDIARIES | |||||||
ADJUSTED OPERATING EXPENSES | |||||||
(In thousands) | |||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||
2023 | 2024 | 2023 | 2024 | ||||
Pro Forma | Consolidated | Pro Forma | Consolidated | ||||
Total operating expenses | $ 42,391 | $ 60,026 | $ 121,533 | $ 158,679 | |||
Adjusted for once-off costs | |||||||
Acquisition-related expenses | 4,885 | 5,301 | 7,136 | 20,872 | |||
Integration-related costs | — | 520 | — | 2,259 | |||
Stock-based compensation (non- | — | — | — | 4,693 | |||
Restructuring-related expenses | 144 | 841 | 741 | 3,108 | |||
5,029 | 6,662 | 7,877 | 30,932 | ||||
Adjusted operating expenses | $ 37,362 | $ 53,364 | $ 113,656 | $ 127,747 | |||
POWERFLEET, INC. AND MiX TELEMATICS | |||||||
Three Months Ended December 31, 2023 | |||||||
Powerfleet Inc | MiX Telematics | Adjustments to | Pro Forma | ||||
Revenues: | |||||||
Products | $ 12,916 | $ 5,430 | $ (944) | $ 17,402 | |||
Services | 21,634 | 33,655 | 944 | 56,233 | |||
Total revenues | 34,550 | 39,085 | — | 73,635 | |||
Cost of revenues: | |||||||
Cost of products | 10,009 | 3,645 | (658) | 12,996 | |||
Cost of services | 7,162 | 11,942 | 658 | 19,762 | |||
Total cost of revenues | 17,171 | 15,587 | — | 32,758 | |||
Gross profit | 17,379 | 23,498 | — | 40,877 | |||
Operating expenses: | |||||||
Selling, general and administrative | 19,337 | 19,620 | — | 38,957 | |||
Research and development expenses | 2,010 | 1,424 | — | 3,434 | |||
Total operating expenses | 21,347 | 21,044 | — | 42,391 | |||
(Loss)/income from operations | (3,968) | 2,454 | — | (1,514) | |||
Interest income | 34 | 307 | — | 341 | |||
Interest expense | (1,138) | (604) | — | (1,742) | |||
Bargain purchase - Movingdots | 1,517 | — | — | 1,517 | |||
Other (expense)/income, net | (8) | 66 | — | 58 | |||
Net (loss)/income before income taxes | (3,563) | 2,223 | — | (1,340) | |||
Income tax benefit/(expense) | 92 | (762) | — | (670) | |||
Net (loss)/income before non-controlling | (3,471) | 1,461 | — | (2,010) | |||
Non-controlling interest | (32) | — | — | (32) | |||
Net (loss)/income | (3,503) | 1,461 | — | (2,042) | |||
Accretion of preferred stock | (1,878) | — | — | (1,878) | |||
Preferred stock dividend | (1,129) | — | — | (1,129) | |||
Net (loss)/income attributable to | $ (6,510) | $ 1,461 | $ — | $ (5,049) | |||
Net (loss)/income per share attributable | $ (0.18) | $ 0.02 | $ (0.05) | ||||
Weighted average common shares | 35,706 | 70,629 | 106,335 | ||||
POWERFLEET, INC. AND MiX TELEMATICS | |||||||
Nine Months Ended December 31, 2023 | |||||||
Powerfleet Inc | MiX Telematics | Adjustments to | Pro Forma | ||||
Revenues: | |||||||
Products | $ 37,232 | $ 14,895 | $ (2,255) | $ 49,872 | |||
Services | 63,652 | 98,303 | 2,255 | 164,210 | |||
Total revenues | 100,884 | 113,198 | — | 214,082 | |||
Cost of revenues: | |||||||
Cost of products | 27,402 | 9,938 | (1,959) | 35,381 | |||
Cost of services | 22,980 | 33,373 | 1,959 | 58,312 | |||
Total cost of revenues | 50,382 | 43,311 | — | 93,693 | |||
Gross profit | 50,502 | 69,887 | — | 120,389 | |||
Operating expenses: | |||||||
Selling, general and administrative | 54,312 | 56,161 | — | 110,473 | |||
Research and development expenses | 6,657 | 4,403 | — | 11,060 | |||
Total operating expenses | 60,969 | 60,564 | — | 121,533 | |||
(Loss)/income from operations | (10,467) | 9,323 | — | (1,144) | |||
Interest income | 79 | 774 | — | 853 | |||
Interest expense | (1,466) | (1,645) | — | (3,111) | |||
Bargain purchase - Movingdots | 1,800 | — | — | 1,800 | |||
Other expense, net | (32) | (234) | — | (266) | |||
Net (loss)/income before income taxes | (10,086) | 8,218 | — | (1,868) | |||
Income tax expense | (197) | (4,900) | — | (5,097) | |||
Net (loss)/income before non-controlling | (10,283) | 3,318 | — | (6,965) | |||
Non-controlling interest | (38) | — | — | (38) | |||
Net (loss)/income | (10,321) | 3,318 | — | (7,003) | |||
Accretion of preferred stock | (5,484) | — | — | (5,484) | |||
Preferred stock dividend | (3,385) | — | — | (3,385) | |||
Net (loss)/income attributable to | $ (19,190) | $ 3,318 | $ — | $ (15,872) | |||
Net (loss)/income per share attributable | $ (0.54) | $ 0.05 | $ (0.15) | ||||
Weighted average common shares | 35,655 | 70,712 | 106,367 | ||||
POWERFLEET, INC. AND MiX TELEMATICS | |||||
March 31, 2024 | |||||
Powerfleet Inc | MiX Telematics | Pro Forma | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ 24,354 | $ 26,737 | $ 51,091 | ||
Restricted cash | 85,310 | 794 | 86,104 | ||
Accounts receivables, net | 30,333 | 24,675 | 55,008 | ||
Inventory, net | 21,658 | 4,142 | 25,800 | ||
Deferred costs - current | 42 | — | 42 | ||
Prepaid expenses and other current assets | 8,091 | 9,693 | 17,784 | ||
Total current assets | 169,788 | 66,041 | 235,829 | ||
Fixed assets, net | 12,719 | 35,587 | 48,306 | ||
Goodwill | 83,487 | 38,226 | 121,713 | ||
Intangible assets, net | 19,652 | 20,792 | 40,444 | ||
Right-of-use asset | 7,428 | 3,794 | 11,222 | ||
Severance payable fund | 3,796 | — | 3,796 | ||
Deferred tax asset | 2,781 | 1,093 | 3,874 | ||
Other assets | 9,029 | 10,061 | 19,090 | ||
Total assets | $ 308,680 | $ 175,594 | $ 484,274 | ||
LIABILITIES | |||||
Current liabilities: | |||||
Short-term bank debt and current maturities of long- | $ 1,951 | $ 20,158 | $ 22,109 | ||
Accounts payable and accrued expenses | 34,008 | 26,755 | 60,763 | ||
Deferred revenue - current | 5,842 | 6,394 | 12,236 | ||
Lease liability - current | 1,789 | 859 | 2,648 | ||
Total current liabilities | 43,590 | 54,166 | 97,756 | ||
Long-term debt - less current maturities | 113,810 | — | 113,810 | ||
Deferred revenue - less current portion | 4,892 | — | 4,892 | ||
Lease liability - less current portion | 5,921 | 2,852 | 8,773 | ||
Accrued severance payable | 4,597 | — | 4,597 | ||
Deferred tax liability | 4,465 | 14,204 | 18,669 | ||
Other long-term liabilities | 2,496 | 484 | 2,980 | ||
Total liabilities | 179,771 | 71,706 | 251,477 | ||
Convertible redeemable preferred stock: Series A | 90,273 | — | 90,273 | ||
STOCKHOLDERS' EQUITY | |||||
Preferred stock | — | — | — | ||
Common stock | 387 | 63,455 | 63,842 | ||
Additional paid-in capital | 202,607 | (2,389) | 200,218 | ||
Accumulated deficit | (154,796) | 76,280 | (78,516) | ||
Accumulated other comprehensive loss | (985) | (16,148) | (17,133) | ||
Treasury stock | (8,682) | (17,315) | (25,997) | ||
Total stockholders' equity | 38,531 | 103,883 | 142,414 | ||
Non-controlling interest | 105 | 5 | 110 | ||
Total equity | 38,636 | 103,888 | 142,524 | ||
Total liabilities, convertible redeemable preferred | $ 308,680 | $ 175,594 | $ 484,274 | ||
POWERFLEET, INC. AND MiX TELEMATICS | |||||
Nine Months Ended December 31, 2023 | |||||
Powerfleet Inc | MiX Telematics | Pro Forma | |||
Cash flows from operating activities | |||||
Net (loss)/income | $ (10,321) | $ 3,318 | $ (7,003) | ||
Adjustments to reconcile net (loss)/income to cash (used | |||||
Non-controlling interest | 38 | — | 38 | ||
Gain on bargain purchase | (1,800) | — | (1,800) | ||
Inventory reserve | 1,498 | 323 | 1,821 | ||
Stock based compensation expense | 3,076 | 827 | 3,903 | ||
Depreciation and amortization | 7,155 | 14,024 | 21,179 | ||
Right-of-use assets, non-cash lease expense | 2,156 | — | 2,156 | ||
Bad debts expense | 1,339 | 3,561 | 4,900 | ||
Deferred income taxes | (378) | 3,313 | 2,935 | ||
Other non-cash items | 58 | 3,849 | 3,907 | ||
Changes in operating assets and liabilities: | |||||
Accounts receivables | (2,284) | (9,268) | (11,552) | ||
Inventories | (1,506) | (524) | (2,030) | ||
Prepaid expenses and other current assets | 876 | (495) | 381 | ||
Deferred costs | 440 | (6,763) | (6,323) | ||
Deferred revenue | (292) | — | (292) | ||
Accounts payable and accrued expenses | 4,765 | 1,352 | 6,117 | ||
Lease liabilities | (2,157) | — | (2,157) | ||
Accrued severance payable, net | (21) | — | (21) | ||
Net cash provided by operating activities | 2,642 | 13,517 | 16,159 | ||
Cash flows from investing activities: | |||||
Capitalized software development costs | (2,949) | (4,254) | (7,203) | ||
Capital expenditures | (2,364) | (12,776) | (15,140) | ||
Deferred consideration paid | — | (1,414) | (1,414) | ||
Net cash used in investing activities | (5,313) | (18,444) | (23,757) | ||
Cash flows from financing activities: | |||||
Repayment of long-term debt | (3,079) | — | (3,079) | ||
Short-term bank debt, net | 4,322 | 5,946 | 10,268 | ||
Purchase of treasury stock upon vesting of restricted stock | (97) | (546) | (643) | ||
Repayment of financing lease | (129) | — | (129) | ||
Payment of preferred stock dividend and redemption of | (3,385) | — | (3,385) | ||
Proceeds from exercise of stock options, net | 36 | — | 36 | ||
Cash paid on dividends to affiliates | — | (4,002) | (4,002) | ||
Net cash (used in)/from financing activities | (2,332) | 1,398 | (934) | ||
Effect of foreign exchange rate changes on cash and cash | (754) | (846) | (1,600) | ||
Net decrease in cash and cash equivalents, and restricted | (5,757) | (4,375) | (10,132) | ||
Cash and cash equivalents, and restricted cash at beginning of | 25,089 | 30,657 | 55,746 | ||
Cash and cash equivalents, and restricted cash at end of | $ 19,332 | $ 26,282 | $ 45,614 | ||
Reconciliation of cash, cash equivalents, and restricted | |||||
Cash and cash equivalents | 24,780 | 29,876 | 54,656 | ||
Restricted cash | 309 | 781 | 1,090 | ||
Cash, cash equivalents, and restricted cash, beginning of the | $ 25,089 | $ 30,657 | $ 55,746 | ||
Reconciliation of cash, cash equivalents, and restricted | |||||
Cash and cash equivalents | 19,022 | 25,419 | 44,441 | ||
Restricted cash | 310 | 863 | 1,173 | ||
Cash, cash equivalents, and restricted cash, end of the period | $ 19,332 | $ 26,282 | $ 45,614 | ||
Supplemental disclosure of cash flow information: | |||||
Cash paid for: | |||||
Taxes | $ 170 | $ 1,587 | $ 1,757 | ||
Interest | $ 1,273 | $ 555 | $ 1,828 | ||
Noncash investing and financing activities: | |||||
Value of licensed intellectual property acquired in | $ 1,517 | $ — | $ 1,517 | ||
Preferred stock dividends paid in shares | $ 1,108 | $ — | $ 1,108 | ||
POWERFLEET, INC. ANDMiX TELEMATICS | |||||
RECONCILIATION OF GAAP TO ADJUSTED EBITDA FINANCIAL MEASURES | |||||
(In thousands) | |||||
Three Months Ended December 31, 2023 | |||||
Powerfleet Inc | MiX Telematics | Pro Forma | |||
Net (loss)/profit attributable to common stockholders | $ (6,510) | $ 1,461 | $ (5,049) | ||
Non-controlling interest | 32 | — | 32 | ||
Preferred stock dividend and accretion | 3,007 | — | 3,007 | ||
Interest expense, net | 798 | 297 | 1,095 | ||
Other expense, net | 8 | — | 8 | ||
Income tax (benefit)/expense | (92) | 762 | 670 | ||
Depreciation and amortization | 2,348 | 5,254 | 7,602 | ||
Stock-based compensation | 1,123 | 262 | 1,385 | ||
Foreign currency (gains)/losses | 144 | 493 | 637 | ||
Restructuring-related expenses | 144 | — | 144 | ||
Gain on bargain purchase - Movingdots | (1,517) | — | (1,517) | ||
Net profit on fixed assets | — | (45) | (45) | ||
Contingent consideration remeasurement | — | (511) | (511) | ||
Acquisition-related expenses | 3,685 | 1,200 | 4,885 | ||
Non-recurring transitional service agreement costs | — | 361 | 361 | ||
Adjusted EBITDA | $ 3,170 | $ 9,534 | $ 12,704 | ||
POWERFLEET, INC. AND MiX TELEMATICS | |||||
RECONCILIATION OF GAAP TO ADJUSTED EBITDA FINANCIAL MEASURES | |||||
(In thousands) | |||||
Nine Months Ended December 31, 2023 | |||||
Powerfleet Inc | MiX Telematics | Pro Forma | |||
Net (loss)/profit attributable to common stockholders | $ (19,190) | $ 3,318 | $ (15,872) | ||
Non-controlling interest | 38 | — | 38 | ||
Preferred stock dividend and accretion | 8,870 | — | 8,870 | ||
Interest expense, net | 1,386 | 871 | 2,257 | ||
Other expense, net | 32 | — | 32 | ||
Income tax expense | 197 | 4,900 | 5,097 | ||
Depreciation and amortization | 7,155 | 14,024 | 21,179 | ||
Stock-based compensation | 3,076 | 827 | 3,903 | ||
Foreign currency translation | (291) | 1,346 | 1,055 | ||
Restructuring-related expenses | 711 | 30 | 741 | ||
Gain on Bargain purchase - Movingdots | (1,800) | — | (1,800) | ||
Net profit on fixed assets | — | (49) | (49) | ||
Contingent consideration remeasurement | — | (1,049) | (1,049) | ||
Acquisition-related expenses | 5,140 | 1,996 | 7,136 | ||
Non-recurring transitional service agreement costs | — | 482 | 482 | ||
Adjusted EBITDA | $ 5,324 | $ 26,696 | $ 32,020 | ||
POWERFLEET, INC. ANDMiX TELEMATICS | |||||
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME FINANCIAL MEASURES | |||||
(In thousands) | |||||
Three Months Ended December 31, 2023 | |||||
Powerfleet Inc | MiX Telematics | Pro Forma | |||
Net (loss)/income | $ (3,503) | $ 1,461 | $ (2,042) | ||
Foreign currency losses | 144 | 493 | 637 | ||
Income tax effect of net foreign exchange losses | — | (644) | (644) | ||
Restructuring-related expenses | 144 | — | 144 | ||
Acquisition-related expenses | 3,685 | 1,200 | 4,885 | ||
Non-recurring transitional service agreement costs | — | 361 | 361 | ||
Contingent consideration remeasurement | — | (511) | (511) | ||
Non-GAAP net income | $ 470 | $ 2,360 | $ 2,830 | ||
Weighted average shares outstanding | 35,706 | 70,629 | 106,335 | ||
Non-GAAP net income per share - basic | $ 0.01 | $ 0.03 | $ 0.03 | ||
POWERFLEET, INC. ANDMiX TELEMATICS | |||||
RECONCILIATION OF GAAP TO NON-GAAP NET (LOSS)/INCOME FINANCIAL MEASURES | |||||
(In thousands) | |||||
Nine Months Ended December 31, 2023 | |||||
Powerfleet Inc | MiX Telematics | Pro Forma | |||
Net (loss)/income | $ (10,321) | $ 3,318 | $ (7,003) | ||
Foreign currency (gains)/losses | (291) | 1,346 | 1,055 | ||
Income tax effect of net foreign exchange losses | — | (110) | (110) | ||
Restructuring-related expenses | 711 | 30 | 741 | ||
Income tax effect of restructuring costs | — | (7) | (7) | ||
Acquisition-related expenses | 5,140 | 1,996 | 7,136 | ||
Non-recurring transitional service agreement costs | — | 482 | 482 | ||
Contingent consideration remeasurement | — | (1,049) | (1,049) | ||
Non-GAAP net (loss)/income | $ (4,761) | $ 6,006 | $ 1,245 | ||
Weighted average shares outstanding | 35,655 | 70,712 | 106,367 | ||
Non-GAAP net (loss)/income per share - basic | $ (0.13) | $ 0.08 | $ 0.01 | ||
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SOURCE Powerfleet
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