Welcome to our dedicated page for MiX Telematics news (Ticker: MIXT), a resource for investors and traders seeking the latest updates and insights on MiX Telematics stock.
MiX Telematics Limited (NYSE: MIXT, JSE: MIX) is a premier global provider of fleet and mobile asset management solutions. Established in 1996, the company offers Software-as-a-Service (SaaS) products that enhance efficiency, safety, compliance, and security for a wide range of customers, including enterprise fleets, small fleets, and individual consumers. MiX Telematics operates in over 120 countries across six continents, managing more than 523,000 mobile assets, from trucks and buses to vans, cars, motorbikes, and trailers.
Headquartered in South Africa, MiX Telematics maintains a strong global presence with offices in the United Kingdom, the United States, Uganda, Brazil, Australia, and the United Arab Emirates. The company employs over 1,000 people and has a network of more than 130 fleet partners worldwide. MiX Telematics is publicly traded on both the Johannesburg Stock Exchange (JSE: MIX) and the New York Stock Exchange (NYSE: MIXT).
Recently, MiX Telematics announced a significant partnership with Parksafe Group, a leading supplier and manufacturer for the automotive industry. This collaboration aims to help MiX customers comply with Direct Vision Standards (DVS) and Fleet Operator Recognition Scheme (FORS) accreditations, enhancing road safety and operational compliance.
In another monumental development, MiX Telematics and PowerFleet, Inc. (Nasdaq: PWFL) entered into a definitive agreement to form one of the world's largest mobile asset IoT SaaS providers. The combined entity will cater to 1.7 million subscribers, offering innovative solutions for safety, risk management, compliance, sustainability, and operational efficiency. This partnership seeks to drive market consolidation and deliver transformative growth, leveraging their combined scale and expertise in AI and data-powered software solutions.
Financially, MiX Telematics is a robust and profitable organization with a strong balance sheet. The company is set to benefit from the combined entity's $75 million in incremental debt financing, aimed at redeeming outstanding convertible preferred stock and covering transaction-related expenses.
MiX Telematics (NYSE: MIXT) announced a new five-year contract with Horizon Power in Western Australia. This partnership aims to enhance driver behavior and fleet safety through advanced video telematics and driver engagement tools. Horizon Power operates a fleet of 130 vehicles, and the implemented solutions will improve efficiency, compliance, and safety, supporting their digitalization efforts. MiX Telematics serves over 838,300 subscribers globally, providing fleet management solutions across more than 120 countries.
MiX Telematics (NYSE: MIXT) has announced a definitive agreement to acquire Trimble's Field Service Management (FSM) business, adding over 40,000 subscribers to its base. This strategic move enhances MiX's scale in North America and diversifies its offerings across industry verticals. CEO Stefan Joselowitz emphasized the focus on customer satisfaction and seamless integration. The acquisition is expected to be immediately accretive for MiX. Trimble's FSM will not materially impact its financial results, as it will continue to focus on core transportation capabilities.
MiX Telematics (NYSE: MIXT) has partnered with Hino Trucks to become an authorized data services partner, enhancing data accessibility for customers in North America operating Hino trucks. This collaboration will provide valuable data sets to improve vehicle maintenance, safety, and compliance, eliminating the need for aftermarket hardware. With increasing demand for OEM integrations in commercial vehicle telematics, MiX aims to enhance fleet and driver safety through robust data analytics.
MiX Telematics reported its first quarter fiscal 2023 results, revealing total revenues of $35.1 million and subscription revenues of $31.0 million. Annual recurring revenue (ARR) rose to $123.2 million, up 0.9% sequentially. The company added 23,200 net subscribers, totaling over 838,300. However, net income fell to $0.7 million, down from $3.5 million a year prior. Adjusted EBITDA stood at $6.0 million, with a margin of 17.1%. Cash and equivalents totaled $24.6 million at quarter-end.
MiX Telematics (NYSE: MIXT) will report Q1 fiscal year 2023 results for the period ending June 30, 2022, on July 28, 2022. Management will discuss these results in a conference call at 8:00 a.m. EDT and 2:00 p.m. SAST. The call will be accessible through the company’s investor page and various dial-in options are provided for attendees. MiX Telematics, a global provider of connected fleet solutions, serves over 815,000 subscribers across 120 countries, focusing on efficiency, safety, compliance, and security.
MiX Telematics (NYSE: MIXT), a global leader in Software-as-a-Service connected fleet management, announced its participation at the William Blair Growth Stock Conference in Chicago on June 7, 2021, at 12:00 p.m. Central Time. CEO Stefan Joselowitz, CFO John Granara, and Chief Accounting Officer Paul Dell will present, with a live webcast available. MiX Telematics serves over 815,000 subscribers across 120 countries, offering solutions for efficiency, safety, compliance, and security.
MiX Telematics reported Q4 FY2022 revenues of $36.1 million and subscription revenues of $31.3 million, reflecting a 5.1% increase year-over-year. Annual Recurring Revenue (ARR) rose to $127.1 million, up 9.1% on a constant currency basis. Net income was $3.5 million with an adjusted EBITDA of $8.2 million (22.8% margin). Cash and cash equivalents stood at $33.7 million. The company experienced a net addition of 24,700 subscribers, bringing the total to 815,200. The CFO announced his departure, and Paul Dell will succeed him.
On May 16, 2022, MiX Telematics announced significant subscriber expansions in South America, notably with two major customers. The first, a global industrial gases distributor, increased connections to over 250 across Brazil, Peru, Ecuador, and Argentina, optimizing driving safety through MiX's telemetry solutions. The second customer, a major Brazilian road infrastructure company, expanded its fleet coverage to over 200 subscribers. MiX aims for further growth in Latin America and emphasizes a strong reputation in the region.
MiX Telematics (NYSE: MIXT) announces it will report its fourth quarter and fiscal year 2022 results for the period ending March 31, 2022, on May 26, 2022. A conference call will be held at 8:00 a.m. EDT to discuss financial results and business outlook. MiX Telematics offers SaaS-based fleet management solutions to over 815,000 subscribers across more than 120 countries, emphasizing safety, compliance, and efficiency. The company's stock is traded on both the NYSE and Johannesburg Stock Exchange.
MiX Telematics (NYSE: MIXT) has announced an innovative partnership with CANGO Mobility to enhance fleet management solutions. This collaboration aims to leverage CANGO's advanced CANBUS technology to improve the analysis and utilization of vehicle data within MiX's SaaS framework. With a customer base spanning over 120 countries, MiX Telematics delivers notable ROI, typically 10:1, and aims to optimize fleet data access for both new and existing vehicles. This partnership highlights MiX's commitment to providing comprehensive solutions that extend beyond OEM capabilities.
FAQ
What is the market cap of MiX Telematics (MIXT)?
What is MiX Telematics Limited?
Where is MiX Telematics headquartered?
What is the significance of the partnership between MiX Telematics and PowerFleet?
How many mobile assets does MiX Telematics manage?
On which stock exchanges are MiX Telematics shares traded?
Who are some of the partners of MiX Telematics?
What are the core services provided by MiX Telematics?
How many employees does MiX Telematics have?
What is the business focus of the combined MiX Telematics and PowerFleet entity?
What is the purpose of the $75 million debt financing secured by MiX Telematics and PowerFleet?
