PowerFleet, Inc. - PWFL STOCK NEWS

Powerfleet (Nasdaq: PWFL) will join the Russell 2000® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective July 1, 2024. The company also announced a ticker symbol change to 'AIOT' to better reflect its identity as a global AIoT SaaS provider. CEO Steve Towe emphasized the company's growth and penetration into blue-chip customer markets. The Russell 2000® Index ranks the 4,000 largest US stocks by market capitalization, capturing them as of April 30, 2024.

Powerfleet (Nasdaq: PWFL), a leader in AIoT SaaS for the mobile asset industry, announced its participation in upcoming Spring 2024 investor conferences. Management will discuss business changes and digital transformation at the 21st Annual Craig-Hallum Institutional Investor Conference on May 29th and the William Blair Growth Stock Conference on June 4th at 2:00 PM CT. A live webcast of the William Blair presentation will be available on Powerfleet’s website.

Powerfleet (Nasdaq: PWFL) has announced the winners of its inaugural Customer Awards at its annual Heartbeat conference, held in Chicago. The event, which is in its second year, gathered customers and partners to discuss the future of artificial intelligence of things (AIoT) and Powerfleet's data science-led solutions for business improvement. The new Customer Awards recognize companies excelling in safety, sustainability, AIoT innovation, and overall excellence. Notable winners include Nucor for safety, Cardiff Bus for sustainability, IMC Companies for AIoT innovation, and Walmart for overall excellence.

Chief Customer Officer Catherine Lewis emphasized the importance of customer feedback in enhancing Powerfleet's mission-critical solutions. She noted that the company's recent business combination with MiX Telematics strengthens their customer-first approach.

Powerfleet, Inc. (Nasdaq: PWFL) has changed its fiscal year end to March 31 from December 31 to align with MiX Telematics's fiscal year end due to a recent business combination. They will file a Transition Report on Form 10-KT for the transition period. The company reiterates revenue and adjusted EBITDA guidance exceeding $285 million and $40 million, respectively, for the twelve months ended March 31, 2024. Powerfleet also filed its delayed 10-K for the year ended December 31, 2023, and plans to report quarterly results for the first quarter of fiscal year 2025 on August 8, 2024.

Powerfleet, Inc. (Nasdaq: PWFL) has appointed Andrew Martin from PCM to its board as an independent director. Martin's experience in investment research and shareholder value will aid Powerfleet's growth strategy post the MiX Telematics merger.

Powerfleet, Inc. (PWFL) will host a virtual fireside chat on April 30, 2024, to update analysts and shareholders on the business combination with MiX Telematics, creating a top-tier global AIoT SaaS provider with $284 million in revenue and $43 million in EBITDA. The chat aims to discuss the path to Rule of 40 performance within two years, EBITDA expansion, revenue growth plan, and Unity platform strategy.

Powerfleet, Inc. (PWFL) has been recognized as a finalist for the Artificial Intelligence Excellence Awards for its innovative Unity platform, which leverages AIoT capabilities to provide actionable insights for fleet management. The platform harmonizes data from various sources, implements machine vision for safety practices, and enhances automation and machine learning proficiencies. Unity's real-world applications include driver identification for forklift assets and preemptive collision prevention through fatigue and distraction monitoring.

Powerfleet, Inc. (PWFL) announces restatement of financial statements due to historical accounting treatment adjustment for Series A convertible preferred stock redemption. The restatement will impact fiscal years 2021, 2022, and interim periods of 2022 and 2023 but is not expected to adversely affect previous financial metrics.

Powerfleet, Inc. (PWFL) and MiX Telematics have completed their business combination, forming a global AIoT SaaS provider with total revenue of $284 million and recurring high-margin SaaS revenues of $215 million. The combination is expected to unlock a $25m+ EBITDA expansion within two years and deliver cross-sell opportunities to a joint base of 7,500 enterprise customers.