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 (JSE: MIX, NYSE: MIXT) recently donated laptops to top TRAC South Africa students, aiding ICT education in the Western Cape. TRAC, a Stellenbosch University program, supports learners from underprivileged backgrounds in applied mathematics, science, and technology. The donation reflects MiX's commitment to enhancing knowledge in the ICT sector. MiX Telematics serves 750,000 global subscribers across over 120 countries, offering fleet management solutions since 1996.
MiX Telematics (NYSE: MIXT) announced that CEO Stefan Joselowitz and CFO John Granara will present at the William Blair Growth Stock Conference on June 3, 2021, at 10:20 a.m. ET (4:20 p.m. South Africa Time). The presentation will be available via webcast. An archive will be accessible on the company's Investors page.
MiX Telematics reported preliminary Q4 and fiscal year 2021 results, highlighting subscription revenues of $30.8 million, down 2.2% year-over-year, and total revenues of $34.3 million, a 5.2% decrease. The company’s subscriber base contracted by 4,800, primarily due to a large customer’s fleet reduction. Gross margin improved to 64.5%, with net income of $2.8 million versus a loss of $2.4 million in Q4 2020. Fiscal 2021 subscription revenues totaled $113.4 million, a decline of 11.1%. The company has suspended financial guidance due to COVID-19 uncertainties.
MiX Telematics (NYSE: MIXT) has launched the MyMiX Tracking app in the U.S., allowing real-time tracking of drivers without embedded hardware. This mobile-based solution aims to enhance fleet safety and efficiency, particularly for sub-contractor and leased vehicles. The app captures risky driving behaviors and provides immediate feedback to improve driver performance. Available for download on the App Store and Google Play, MyMiX Tracking addresses the demand for simpler telematics options that can grow with fleet management needs.
MiX Telematics has launched MiX Vision AI, an advanced update to their video telematics solutions aimed at enhancing driver safety and minimizing fleet operating costs. The solution utilizes machine vision technology to identify unsafe driving behaviors, such as fatigue and distraction, providing real-time alerts to drivers. The system aims to improve road safety and reduce crashes, offering evidence-based footage for better driver coaching and liability mitigation. MiX Telematics remains well-positioned in the growing video telematics market.
MiX Telematics (NYSE: MIXT) plans to release its fourth quarter and fiscal year 2021 results on May 27, 2021, before U.S. markets open. The company will host a conference call and audio webcast at 8:00 a.m. EDT to discuss these results and its business outlook. MiX Telematics provides SaaS solutions for connected fleet and mobile asset management, serving 750,000 subscribers across over 120 countries. The company's aim is to enhance efficiency, safety, compliance, and security for enterprise and small fleets.
MiX Telematics (NYSE: MIXT) supports COVID-19 efforts by providing connected vehicle solutions to help oxygen suppliers like Linde optimize their logistics during the pandemic. With increased demand for oxygen, Linde expanded its operations, employing more drivers and improving on-site storage. MiX’s fleet management technology allows real-time vehicle monitoring, enhancing safety and efficiency. This collaboration strengthens their partnership, enabling Linde to respond quickly to supply demands. MiX Telematics operates globally, serving 750,000 subscribers across over 120 countries.
MiX Telematics (NYSE: MIXT) has renewed its contract with Reading Buses for an additional three years. This partnership enables Reading Buses to continue utilizing MiX's solutions, including the MiX Fleet Manager and real-time coaching tools, to enhance safety and efficiency in their operations. The collaboration aims to further integrate with existing systems and provide crucial vehicle data, supporting Reading Buses' commitment to comfort and safety. MiX Telematics, active in over 120 countries, serves 750,000 subscribers globally.
MiX Telematics (NYSE: MIXT) has been selected by Iberdrola as its long-term global connected fleet partner for over 6,000 vehicles across Spain, the UK, and North America. This partnership aims to enhance fleet safety, efficiency, and utilization through advanced vehicle telemetry and fuel efficiency data. Iberdrola, a global leader in renewable energy, chose MiX after a competitive selection process due to its global capabilities and innovative product offerings. MiX Telematics serves 750,000 subscribers in 120 countries, focusing on fleet efficiency and safety solutions.
MiX Telematics (JSE: MIX, NYSE: MIXT) has launched the MyMiX Tracking app, which allows real-time tracking of drivers without the need for embedded hardware. This innovative app leverages mobile technology to monitor risky driving behaviors, offering insights into speeding, harsh braking, and more. The solution targets various vehicle types, making it cost-effective for fleet managers. The product aims to enhance driver safety and operational efficiency, with a soft launch for existing customers and a broader rollout planned for March 2021.
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