MiX Telematics passes a million active subscribers, releases full year results

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MiX Telematics reaches one million active subscribers, reports 10% YoY revenue growth

Positive

• MiX Telematics has reached a significant milestone of one million active subscribers across their fleet and consumer customer base. The company also expanded its adjusted EBITDA margin to 25% and generated strong positive free cash flow. Total revenue for the year was $145 million, up 10% year-over-year at constant currency. Recurring revenue accounted for 87% of the total.

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• None.

BOCA RATON, Fla. , May 26, 2023 /PRNewswire/ --  MiX Telematics (NYSE: MIXT) (JSE: MIX), a leading global SaaS provider of connected fleet and asset management solutions announced yesterday that the business has accumulated more than one million active subscribers across their combined fleet and consumer customer base.

This significant milestone comes on the back of continued subscriber growth throughout the financial year ending 31 March 2023. 

"Closing out the fiscal year, we are exceptionally proud to have surpassed this significant milestone. We also expanded our adjusted EBITDA margin to 25% and continue to generate strong, positive free cash flow," said CEO Stefan Joselowitz.

MiX Telematics has customers in more than 120 countries globally and provides consumers and commercial fleets of all sizes with solutions for efficiency, safety, compliance, security and sustainability. Total revenue for the year was $145 million, up 10% year-over-year at constant currency. Recurring revenue made up 87% of that.

Joselowitz added: "As we move into fiscal year 2024, despite general uncertainties in the macro-economic environment, we remain confident that we have what it takes to maintain our balanced approach to growth while also delivering strong cash flow and profitability. I would like to take this opportunity to sincerely thank our teams across the globe for their commitment to delivering great products and services to our customers. Everyone has worked extremely hard to achieve this milestone and deliver this strong set of results," he concludes.

About MiX Telematics

MiX Telematics is a leading global provider of fleet and mobile asset management solutions delivered as SaaS to 1 million global subscribers spanning more than 120 countries. The company's products and services provide enterprise fleets, small fleets and consumers with solutions for efficiency, safety, compliance and security. For more information, visit www.mixtelematics.com. 

View original content:https://www.prnewswire.com/news-releases/mix-telematics-passes-a-million-active-subscribers-releases-full-year-results-301835597.html

SOURCE MiX Telematics

FAQ

What is the milestone achieved by MiX Telematics?

MiX Telematics has reached one million active subscribers across their fleet and consumer customer base.

What is the total revenue for the year?

The total revenue for the year was $145 million, up 10% year-over-year at constant currency.

What percentage of the total revenue is recurring revenue?

Recurring revenue accounted for 87% of the total revenue.

What is the adjusted EBITDA margin?

The adjusted EBITDA margin expanded to 25%.

What is the outlook for fiscal year 2024?

Despite uncertainties in the macro-economic environment, MiX Telematics remains confident in maintaining a balanced approach to growth, strong cash flow, and profitability.