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MiX Telematics (NYSE: MIXT) announced the addition of over 3,000 new subscribers in Latin America within the last two quarters. This growth includes partnerships with major companies in the bus and coach industry, notably in Goiania, Brazil, where a public transport company aims to cut fuel consumption using MiX's technology. Additionally, a large mining firm and a rental service are implementing MiX's telematics to enhance safety and reduce maintenance costs. The return of a major passenger transport group from a competitor underscores the company's strong customer service.
MiX Telematics reported a strong performance for Q3 fiscal 2023, with total revenue reaching $37.8 million, up 14% year-over-year. Subscription revenue also grew to $32.5 million, a 17% increase. The annual recurring revenue (ARR) stood at $131.8 million, reflecting a 17% rise. The company achieved net income of $2.8 million, a significant increase from $0.6 million last year. Adjusted EBITDA improved to $8.4 million, with a margin of 22.2%. The subscriber base expanded by 44,600, reaching over 959,000.