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 reported its third-quarter financial results for the period ending December 31, 2020, showing a 10.2% decline in subscription revenues at $29.1 million. Total revenues fell by 6.5% to $34.1 million amid a challenging economic landscape due to COVID-19. The subscriber base contracted by 18,300, primarily affecting low ARPU asset tracking. However, the company noted strong profitability and free cash flow of $8.7 million and reported a net income of $5.9 million. Cash reserves improved to $44.0 million from $18.0 million earlier in the year.
MiX Telematics (NYSE: MIXT) announced it will report its Q3 fiscal 2021 results for the period ending December 31, 2020, on January 28, 2021, before U.S. markets open. Management will host a conference call at 8:00 a.m. EDT to discuss financial results and business outlook. The company provides fleet and mobile asset management solutions globally, serving over 750,000 subscribers in 120 countries. MiX Telematics emphasizes efficiency, safety, compliance, and security in its SaaS offerings.
On December 10, 2020, MiX Telematics (NYSE: MIXT) announced the renewal of its partnership with Translink, Northern Ireland's major public transport provider. This ongoing collaboration, which has lasted over 10 years, aims to enhance fleet efficiency and safety through MiX's advanced solutions. Translink operates a fleet of 1,400 vehicles, utilizing MiX's Fleet Manager for real-time feedback and improved KPIs, including reduced harsh braking and idling. Management from both companies expressed optimism about further improvements in vehicle efficiency and passenger satisfaction.
MiX Telematics Limited (NYSE: MIXT) announced participation in the Raymond James Technology Investors Conference. CEO Stefan Joselowitz and CFO John Granara will present on December 8, 2020, at 3:20 p.m. ET. The presentation will be available via webcast, with an archived version accessible on the company’s Investors page for a limited time. MiX Telematics offers SaaS solutions for fleet and mobile asset management, serving over 750,000 subscribers across 120 countries. Founded in 1996, the company is headquartered in Boca Raton, Florida, with a global presence.
MiX Telematics (NYSE: MIXT) announced a webinar titled “7 Steps To Get Started Monitoring and Modifying Driver Behavior,” scheduled for November 17, 2020, at 2 PM ET. Hosted by Heavy Duty Trucking magazine, the webinar aims to educate fleets on leveraging telematics to enhance driver safety. Notably, statistics from FMCSA indicate that in 2017, large trucks were involved in 4,889 fatal crashes, emphasizing the importance of monitoring driver behavior. Attendees will learn how to utilize existing ELD data and best practices for effective driver communication.
MiX Telematics Limited (NYSE: MIXT) has canceled its conference call to discuss fiscal Q2 2021 financial results due to technical issues with the vendor. Despite this setback, the company remains a major provider of fleet and mobile asset management solutions, overseeing over 767,000 assets globally across approximately 120 countries. MiX Telematics plans to post remarks prepared for the conference call on its investor relations website later today.
MiX Telematics reported second-quarter fiscal 2021 results, demonstrating profitability and cash generation ahead of expectations, despite a challenging economic environment due to COVID-19. Subscription revenues fell by 13.9% year-over-year to $27.6 million, constituting 89.3% of total revenues of $30.9 million, down 15.6%. The subscriber base decreased by 20,000. Net income rose to $3.5 million, with earnings per share stable at 0.6 U.S. cents. Free cash flow improved to $8.8 million, driven by strategic cost management, although financial guidance remains suspended amidst ongoing uncertainty.
MiX Telematics (NYSE: MIXT) has launched a new customizable driver scoring solution as part of its premium fleet management offering, MiX Fleet Manager. This innovative SaaS module allows users to adapt scoring methodologies to their specific organizational needs, enhancing driver education and incentive programs. Unlike typical telematics solutions, it includes a wide range of performance indicators and integrates seamlessly with the MyMiX driver application. MiX Telematics operates in over 120 countries, supporting diverse fleet management needs.
MiX Telematics (NYSE: MIXT) announced it will report its second quarter fiscal 2021 results before U.S. markets open on October 29, 2020. The conference call will take place at 8:00 a.m. EDT, discussing financial results and business outlook. The company, a leading provider of SaaS fleet management solutions, serves over 750,000 subscribers globally. MiX Telematics aims to enhance efficiency, safety, and compliance for its clients. For more details, visit their Investor Information page.
MiX Telematics (JSE: MIX, NYSE: MIXT) has announced a strategic partnership with Navistar, enhancing value for mutual customers through improved telematics solutions. This collaboration will allow for seamless access to remote diagnostics and fleet management services via factory-installed devices. The integration of vehicle data into MiX's platform aims to improve uptime and repair support globally, leveraging MiX's presence in over 120 countries. This initiative aligns with MiX's vision to enhance fleet operation management.
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