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    Powerfleet Reports Annual FY2025 Results: A Breakout Year of Strategic Transformation and Scaled Growth

    6/16/25 7:00:00 AM ET
    $AIOT
    Telecommunications Equipment
    Telecommunications
    Get the next $AIOT alert in real time by email

    Total revenue growth for fiscal 2025 of 26% to $362.5 million, with ~75% SaaS recurring revenue.

    Annual adjusted EBITDA climbed 65% year-over-year to $71 million, with adjusted EBITDA margin expanding 500 basis points to 20%.

    Q4 total revenue increased 42% year-over-year to $103.6 million, with Service revenue increasing 49% to $81.8m, while adjusted EBITDA grew 84% to $20.4 million.

    Q4 total adjusted gross margin exceeded 60%, compared to 53% in the prior year.

    Extended Conference Call to be Held at 8:30am ET; Slide Presentation Accessible Here

    WOODCLIFF LAKE, N.J., June 16, 2025 /PRNewswire/ -- Powerfleet, Inc. (NASDAQ:AIOT) reported its financial results for the fiscal year and the fourth quarter ended March 31, 2025.

    Powerfleet (PRNewsfoto/Powerfleet)

    MANAGEMENT COMMENTARY

    "Fiscal 2025 was a true milestone year for Powerfleet – a period in which we executed a bold reinvention strategy integrating two major acquisitions in just 12 months, achieved our organic growth and profitability metrics, and established Powerfleet as a global AIoT SaaS leader – with the Unity platform at the center of our customer value creation strategy," said Steve Towe, Powerfleet CEO.

    "As we enter fiscal 2026, we do so as a stronger, more focused company, by proactively eliminating low-quality and non-strategic revenue from the acquired businesses. Our go-forward, high-quality revenue streams delivered strong organic growth year-over-year in FY25, with AI video growing more than 20% and in-warehouse safety solutions growing 17%. While we remain mindful of macroeconomic headwinds, we are confident in expanding our growth in FY26, particularly in the second half, driven by a strong, expanding pipeline and supported by the resilience of our international operations which grew organically by 13% in FY25."

    Towe added, "With our Unity data highway as the central engine, we're ready to scale faster, deliver greater value to customers, and continue unlocking the full potential of the company within the dynamic market we serve."

    FISCAL YEAR 2025 OPERATIONAL AND FINANCIAL HIGHLIGHTS 

    Powerfleet delivered an accelerated transformation of the business in FY25 - executing an aggressive M&A strategy and unlocking the foundation for scalable, high-margin growth.

    Full Year Financial Performance Highlights: Pro Forma Basis Reflecting FY'24 MiX Combination Comparatives 

    • Total revenue increased 26% to $362.5 million, with ~75% derived from high-margin, recurring SaaS revenue - underscoring the successful pivot to a subscription-first business model. 



    • Adjusted EBITDA increased 65% year-over-year to $71 million, with adjusted EBITDA margins expanding by 5% to 20%, reflecting disciplined execution, cost synergy realization and operating leverage. 



    • The combined business achieved $16 million in annualized cost synergies during FY25, with $11 million flowing through to in-year adjusted EBITDA performance. 

    Operational Scale and Reach 

    • The subscriber base expanded 4x to 2.8 million, positioning Powerfleet among the top three global AIoT SaaS providers. 



    • Customer base multiplied to 48,000, including over half the Fortune 500 - across 8 verticals primed for cross-sell and upsell opportunities. 



    • Sales coverage doubled across North America, Europe, and Australasia. Indirect channel network has tripled to over 320 strategic alliances, including leading global telcos, vehicle and asset OEMs, and insurance partners. 

    Go To Market Momentum 

    • 600+ midmarket and enterprise customer logos were added in FY25, across key verticals such as logistics, food and beverage, automotive, and industrials. 



    • Accelerated double-digit organic growth in key strategic solution sets of AI video and in-warehouse safety, alongside 13% year on year growth in international operations.



    • Sales efforts continued to drive high-value wins, including a major Q4 Unity AI video safety partnership win with a large North American student transportation company managing 9,000 drivers across 34 states,

       
    • Exiting the year with 50%+ of all new sales - high value AI video and in-warehouse safety and compliance solutions, representing a significant global sales motion shift year on year.

    Technology and Innovation 

    • Unity recognized as the #1 global solution and platform portfolio by ABI Research, reflecting leadership in platform depth, AI maturity, and usability. 



    • Quadrupled Unity Data Highway-dedicated engineering headcount to over 400 full time employees, fueling platform innovation

       
    • Gained momentum and sales traction with device-agnostic, single pane of glass solution

    FOURTH QUARTER 2025 FINANCIAL RESULTS: PRO FORMA BASIS REFLECTING FY'24 MIX COMBINATION COMPARATIVES 

    Total revenue grew 42% year-over-year to $103.6 million, driven by the Fleet Complete acquisition and AI video solutions. Service revenue rose 49% to $81.8 million while product revenue grew 23% to $21.9 million,

    Gross profit increased 42% to $54.8 million. On an adjusted basis, excluding the amortization of acquisition-related intangibles and post-acquisition inventory rationalization, gross profit rose by $24.0 million, or 62%, to $62.6 million. Adjusted service gross margin expanded significantly, increasing by 7.6 percentage points to 68.8%, after excluding $5.2 million in non-cash amortization. 

    Adjusted product gross margin also improved, rising to 28.7% from 27.3% in the prior year, after excluding $2.6 million in acquisition-related inventory write-offs. As a result, total adjusted gross margin exceeded 60%, compared to 53.0% in the prior year. 

    Operating expenses totaled $61.7 million, including $7.5 million in one-time transaction, integration, and restructuring costs, consistent with the level of one-time expenses incurred in the prior year. Excluding one-time items, adjusted operating expenses were $54.2 million, up from $37.6 million, with the increase primarily driven by the addition of Fleet Complete. 

    Adjusted EBITDA increased 84% to $20.4 million, up from $11.1 million in the prior year, reflecting contributions from the Fleet Complete acquisition, organic growth, gross margin expansion and cost synergies. Net loss attributable to common stockholders was $0.09 per share, compared to $0.19 per share in the prior year, reflecting improved financial performance and an increase in shares outstanding. After adjusting for one-time expenses and amortization of acquisition-related intangibles, adjusted net income was $0.02 per share, up from a loss of $0.01 per share in the prior year. 

    Net debt at quarter end was $225.0 million, consisting of $48.8 million in cash and $273.8 million total debt. Net debt, adjusted for $3.6 million in unsettled transaction costs, was $228.6 million, outperforming our year-end guidance of approximately $235 million by $6.4 million. 

    INVESTOR CONFERENCE CALL AND BUSINESS UPDATE

    Powerfleet management will hold a conference call on Monday, June 16, 2025, at 8:30 a.m. Eastern time (5:30 a.m. Pacific time) to discuss results for the fourth quarter and fiscal year ended March 31, 2025, and provide a business update.

    Date: Monday, June 16, 2025

    Time: 8:30 a.m. Eastern time (5:30 a.m. Pacific time)

    Toll Free: 888-506-0062

    International: 973-528-0011

    Participant Access Code: 539753

    The conference call will be broadcast simultaneously and available for replay here. Additionally, both the webcast and accompanying slide presentation will be available via the investor section of Powerfleet's website at ir.powerfleet.com.

    NON-GAAP FINANCIAL MEASURES 

    To supplement its financial statements presented in accordance with Generally Accepted Accounting Principles (GAAP), Powerfleet provides certain non-GAAP measures of financial performance. These non-GAAP measures include adjusted EBITDA, adjusted gross margin, adjusted gross profit, adjusted service margin, adjusted product margin, adjusted operating expenses, adjusted net income per share and net debt. Reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but are not a substitute for, or superior to, GAAP results. These non-GAAP measures are provided to enhance investors' overall understanding of Powerfleet's current financial performance. Specifically, Powerfleet believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses and fluctuations in currency rates that may not be indicative of its core operating results and business outlook. These non-GAAP measures are not measures of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income, gross margin, gross profit, total debt, cash flow from operating activities or earnings per share as an indicator of operating performance or liquidity. Because Powerfleet's method for calculating the non-GAAP measures may differ from other companies' methods, the non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliation of all non-GAAP measures included in this press release to the most directly comparable GAAP measures can be found in the financial tables included in this press release.

    ABOUT POWERFLEET

    Powerfleet (NASDAQ:AIOT, JSE: PWR)) is a global leader in the artificial intelligence of things (AIoT) software-as-a-service (SaaS) mobile asset industry. With more than 30 years of experience, Powerfleet unifies business operations through the ingestion, harmonization, and integration of data, irrespective of source, and delivers actionable insights to help companies save lives, time, and money. Powerfleet's ethos transcends our data ecosystem and commitment to innovation; our people-centric approach empowers our customers to realize impactful and sustained business improvement. The company is headquartered in New Jersey, United States, with offices around the globe. Explore more at www.powerfleet.com. Powerfleet has a primary listing on The Nasdaq Global Market and a secondary listing on the Main Board of the Johannesburg Stock Exchange (JSE).

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    This press release contains forward-looking statements within the meaning of federal securities laws. Powerfleet's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements may be identified by words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions.

    These forward-looking statements include, without limitation, our expectations with respect to our beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions and future performance, as well as anticipated financial impacts of our transactions with MiX Telematics and Fleet Complete. Forward-looking statements involve significant known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. Most of these factors are outside our control and are difficult to predict. The risks and uncertainties referred to above include, but are not limited to, risks related to: (i) future global economic and business conditions, including the effect of conflicts in certain geographies and the potential imposition of tariffs; (ii) integration of our, MiX Telematics' and Fleet Complete's businesses and the ability to recognize the anticipated synergies and benefits of the transactions with MiX Telematics and Fleet Complete; (iii) the commercial, financial, reputational and regulatory risks to our business that may arise as a consequence of operating across multiple geographies; (iv) disruptions in our global supply chain or failures by subcontractors; (v) the loss of any of our key customers or reduction in the purchase of our products by any such customers; (vi) reliance on third-party channel partner relationships; (vii) our inability to adequately protect our intellectual property; (viii) changes in technology or products, which may be more difficult or costly, or less effective, than anticipated; (ix) potential breaches of our information technology systems; (x) our ability to obtain additional capital to fund our operations; and (xi) such other factors as are set forth in the periodic reports filed by us with the Securities and Exchange Commission (SEC), including but not limited to those described under the heading "Risk Factors" in our annual reports on Form 10-K, quarterly reports on Form 10-Q and any other filings made with the SEC from time to time, which are available via the SEC's website at http://www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

    The forward-looking statements included in this press release are made only as of the date of this press release, and except as otherwise required by applicable securities law, we assume no obligation, nor do we intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

    Powerfleet Investor Contacts

    Carolyn Capaccio and Jody Burfening

    LHA Investor Relations

    [email protected]

    Powerfleet Media Contact

    Jonathan Bates

    [email protected] 

    +44 121 717-5360

     

    POWERFLEET, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share data)





    Three Months Ended March 31,



    Year Ended March 31,



    2024



    2025



    2024



    2025



    Pro Forma

    Combined



    Consolidated



    Pro Forma

    Combined



    Consolidated

    Revenues:















    Products

    $             17,793



    $             21,866



    $             67,665



    $             85,584

    Services

    55,029



    81,772



    219,239



    276,931

    Total revenues

    72,822



    103,638



    286,904



    362,515

















    Cost of revenues:















    Cost of products

    12,935



    18,152



    48,316



    61,961

    Cost of services

    21,324



    30,723



    79,636



    106,017

    Total cost of revenues

    34,259



    48,875



    127,952



    167,978

















    Gross profit

    38,563



    54,763



    158,952



    194,537

















    Operating expenses:















    Selling, general and administrative

    expenses

    41,366



    56,839



    151,839



    204,361

    Research and development expenses

    3,733



    4,904



    14,793



    16,061

    Total operating expenses

    45,099



    61,743



    166,632



    220,422

















    Loss from operations

    (6,536)



    (6,980)



    (7,680)



    (25,885)

















    Interest income

    627



    95



    1,480



    926

    Interest expense

    (1,410)



    (5,655)



    (4,521)



    (20,330)

    Bargain purchase - Movingdots

    —



    —



    1,800



    —

    Other expense, net

    —



    (202)



    (266)



    (1,163)

















    Net loss before income taxes

    (7,319)



    (12,742)



    (9,187)



    (46,452)

















    Income tax (expense) benefit

    (1,917)



    304



    (7,014)



    (4,517)

















    Net loss before non-controlling interest

    (9,236)



    (12,438)



    (16,201)



    (50,969)

    Non-controlling interest

    (12)



    (1)



    (50)



    (18)

















    Net loss

    (9,248)



    (12,439)



    (16,251)



    (50,987)

















    Accretion of preferred stock

    (9,996)



    —



    (15,480)



    —

    Preferred stock dividend

    (1,129)



    —



    (4,514)



    (25)

















    Net loss attributable to common

    stockholders

    $            (20,373)



    $            (12,439)



    $            (36,245)



    $            (51,012)

















    Net loss per share attributable to

    common stockholders - basic and

    diluted

    $                (0.19)



    $                (0.09)



    $                (0.34)



    $                (0.43)

















    Weighted average common shares

     outstanding - basic and diluted

    106,894



    132,793



    106,894



    119,877

     

    POWERFLEET, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except per share data)







    March 31, 2024



    March 31, 2025





    Pro Forma

    Combined



    Consolidated

    ASSETS









    Current assets:









    Cash and cash equivalents



    $                    51,091



    $                    44,392

    Restricted cash



    86,104



    4,396

    Accounts receivables, net



    55,008



    78,623

    Inventory, net



    25,800



    18,350

    Prepaid expenses and other current assets



    17,826



    23,319

    Total current assets



    235,829



    169,080

    Fixed assets, net



    48,306



    58,011

    Goodwill



    121,713



    383,146

    Intangible assets, net



    40,444



    258,582

    Right-of-use asset



    11,222



    12,339

    Severance payable fund



    3,796



    3,796

    Deferred tax asset



    3,874



    3,934

    Other assets



    19,090



    21,183

    Total assets



    $                  484,274



    $                  910,071











    LIABILITIES









    Current liabilities:









    Short-term bank debt and current maturities of long-term debt



    $                    22,109



    $                    41,632

    Accounts payable



    27,174



    41,599

    Accrued expenses and other current liabilities



    33,589



    45,327

    Deferred revenue - current



    12,236



    17,375

    Lease liability - current



    2,648



    5,076

    Total current liabilities



    97,756



    151,009

    Long-term debt - less current maturities



    113,810



    232,160

    Deferred revenue - less current portion



    4,892



    5,197

    Lease liability - less current portion



    8,773



    8,191

    Accrued severance payable



    4,597



    6,039

    Deferred tax liability



    18,669



    57,712

    Other long-term liabilities



    2,980



    3,021

    Total liabilities



    251,477



    463,329











    Convertible redeemable preferred stock: Series A



    90,273



    —











    STOCKHOLDERS' EQUITY









    Preferred stock



    —



    —

    Common stock



    63,842



    1,343

    Additional paid-in capital



    200,218



    671,400

    Accumulated deficit



    (78,516)



    (205,783)

    Accumulated other comprehensive loss



    (17,133)



    (8,850)

    Treasury stock



    (25,997)



    (11,518)











    Total stockholders' equity



    142,414



    446,592

    Non-controlling interest



    110



    150

    Total equity



    142,524



    446,742





















    Total liabilities, convertible redeemable preferred stock,

    and stockholders' equity



    $                  484,274



    $                  910,071

     

    POWERFLEET, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)







    Year Ended March 31,





    2024



    2025





    Pro Forma

    Combined



    Consolidated

    Cash flows from operating activities









    Net loss



    $                (16,251)



    $                (50,987)

    Adjustments to reconcile net loss to cash provided by (used in) operating

    activities:









    Non-controlling interest



    50



    18

    Gain on bargain purchase



    (1,800)



    —

    Inventory write-downs



    2,172



    4,480

    Stock-based compensation expense



    5,214



    9,362

    Depreciation and amortization



    29,548



    47,494

    Impairment of long-lived assets



    139



    —

    Right-of-use assets, non-cash lease expense



    2,919



    5,007

    Derivative mark-to-market adjustment



    —



    (504)

    Bad debts expense



    7,534



    9,418

    Deferred income taxes



    3,235



    (4,872)

    Shares issued for transaction bonuses



    —



    889

    Lease termination and modification losses



    —



    295

    Other non-cash items



    6,338



    1,061

    Changes in operating assets and liabilities:









    Accounts receivables



    (9,298)



    (14,048)

    Inventory



    (601)



    5,729

    Prepaid expenses and other current assets



    (1,078)



    5,474

    Deferred costs



    (8,514)



    (8,437)

    Deferred revenue



    (180)



    1,748

    Accounts payable and accrued expenses



    9,731



    (12,162)

    Lease liabilities



    (2,851)



    (4,558)

    Accrued severance payable



    15



    1,248











    Net cash provided by (used in) operating activities



    26,322



    (3,345)











    Cash flows from investing activities:









    Acquisition, net of cash assumed



    —



    (137,112)

    Proceeds from sale of fixed assets



    —



    12

    Capitalized software development costs



    (9,512)



    (13,782)

    Capital expenditures



    (20,709)



    (20,008)

    Deferred consideration paid



    —



    —

    Repayment of loan advanced to external parties



    —



    294











    Net cash used in investing activities



    (30,221)



    (170,596)











    Cash flows from financing activities:









    Repayment of long-term debt



    (14,116)



    (2,642)

    Short-term bank debt, net



    (158)



    19,551

    Deferred consideration paid



    (1,955)



    —

    Purchase of treasury stock upon vesting of restricted stock



    (674)



    (2,836)

    Repayment of financing lease



    (129)



    —

    Payment of preferred stock dividend and redemption of preferred stock



    (3,385)



    (90,298)

    Proceeds from private placement, net



    —



    66,459

    Proceeds from long-term debt



    115,000



    125,000

    Payment of long-term debt costs



    (1,081)



    (1,410)

    Proceeds from exercise of stock options, net



    36



    1,898

    Cash paid on dividends to affiliates



    (5,320)



    —











    Net cash provided by financing activities



    88,218



    115,722











    Effect of foreign exchange rate changes on cash and cash equivalents



    (2,870)



    (2,657)

    Net increase (decrease) in cash and cash equivalents, and restricted cash



    81,449



    (60,876)

    Cash and cash equivalents, and restricted cash at beginning of the period



    55,746



    109,664











    Cash and cash equivalents, and restricted cash at end of the period



    $                137,195



    $                  48,788











    Reconciliation of cash, cash equivalents, and restricted cash, beginning

    of the period









    Cash and cash equivalents



    54,656



    24,354

    Restricted cash



    1,090



    85,310

    Cash, cash equivalents, and restricted cash, beginning of the period



    $                  55,746



    $                109,664











    Reconciliation of cash, cash equivalents, and restricted cash, end of the

    period









    Cash and cash equivalents



    51,091



    44,392

    Restricted cash



    86,104



    4,396

    Cash, cash equivalents, and restricted cash, end of the period



    $                137,195



    $                  48,788











    Supplemental disclosure of cash flow information:









    Cash paid for:









    Taxes



    $                    3,381



    $                    4,283

    Interest



    $                    2,414



    $                  15,335











    Noncash investing and financing activities:









    Common stock issued for transaction bonus



    $                         —



    $                           9

    Shares issued in connection with MiX Combination



    $                         —



    $                362,005

    Shares issued in connection with Fleet Complete acquisition



    $                         —



    $                  21,343

    Value of licensed intellectual property acquired in connection with

    Movingdots acquisition



    $                    1,517



    $                         —

    Preferred stock dividends paid in shares



    $                    1,108



    $                         —

    Issuance of derivative on long-term debt



    $                    2,226



    $                         —

     

    POWERFLEET, INC. AND SUBSIDIARIES

    RECONCILIATION OF GAAP TO ADJUSTED EBITDA FINANCIAL MEASURES

    (In thousands)



















    Three Months Ended March 31,



    Year Ended March 31,



    2024



    2025



    2024



    2025



    Pro Forma

    Combined



    Consolidated



    Pro Forma

    Combined



    Consolidated

    Net loss attributable to common stockholders

    $         (20,373)



    $            (12,439)



    $            (36,245)



    $        (51,012)

    Non-controlling interest

    12



    1



    50



    18

    Preferred stock dividend and accretion

    11,125



    —



    19,994



    25

    Interest expense, net

    935



    5,560



    3,192



    19,404

    Other expense, net

    55



    —



    87



    —

    Income tax expense (benefit)

    1,917



    (304)



    7,014



    4,517

    Depreciation and amortization

    8,369



    14,452



    29,548



    47,494

    Stock-based compensation

    1,311



    924



    5,214



    9,362

    Foreign currency losses

    438



    502



    1,493



    1,790

    Restructuring-related expenses

    324



    6,969



    1,065



    10,077

    Gain on bargain purchase - Movingdots

    —



    —



    (1,800)



    —

    Impairment of long-lived assets

    139



    —



    139



    —

    Derivative mark-to-market adjustment

    —



    (29)



    —



    (504)

    Recognition of pre-October 1, 2024

    contract assets (Fleet Complete)

    —



    1,768



    —



    3,809

    Net profit on fixed assets

    (66)



    —



    (115)



    —

    Contingent consideration remeasurement

    (250)



    —



    (1,299)



    —

    Acquisition-related expenses

    7,177



    428



    14,313



    21,300

    Integration-related expenses

    —



    2,592



    —



    4,851

    Non-recurring transitional service

    agreement costs

    —



    —



    482



    —

    Adjusted EBITDA

    $           11,113



    $              20,424



    $             43,132



    $          71,131

     

    POWERFLEET, INC. AND SUBSIDIARIES

    RECONCILIATION OF GAAP TO NON-GAAP NET (LOSS) INCOME FINANCIAL MEASURES

    (In thousands)



















    Three Months Ended March 31,



    Year Ended March 31,



    2024



    2025



    2024



    2025



    Pro Forma

    Combined



    Consolidated



    Pro Forma

    Combined



    Consolidated

    Net loss

    $              (9,248)



    $            (12,439)



    $            (16,251)



    $            (50,987)

    Incremental intangible assets amortization

    expense as a result of MiX Telematics and

    Fleet Complete business combinations

    —



    5,201



    —



    14,752

    Stock-based compensation (non-

    recurring/accelerated cost)

    —



    —



    —



    4,693

    Foreign currency losses

    438



    502



    1,493



    1,790

    Income tax effect of net foreign exchange

    (losses) gains

    389



    (377)



    279



    (602)

    Restructuring-related expenses

    324



    6,969



    1,065



    10,077

    Income tax effect of restructuring costs

    —



    (53)



    (7)



    (207)

    Derivative mark-to-market adjustment

    —



    (29)



    —



    (504)

    Acquisition-related expenses

    7,177



    428



    14,313



    21,300

    Integration-related expenses

    —



    2,592



    —



    4,851

    Non-recurring transitional service

    agreement costs

    —



    —



    482



    —

    Income tax effect of non-recurring

    transitional service agreement costs

    (130)



    —



    (130)



    —

    Contingent consideration remeasurement

    (250)



    —



    (1,299)



    —

    Non-GAAP net (loss) income

    $              (1,300)



    $                2,794



    $                   (55)



    $               5,163

















    Weighted average shares outstanding

    106,894



    132,793



    106,894



    119,877

















    Non-GAAP net (loss) income per share -

    basic

    $                (0.01)



    $                  0.02



    $              (0.001)



    $                 0.04

     

    POWERFLEET, INC. AND SUBSIDIARIES

    ADJUSTED GROSS PROFIT MARGINS

    (In thousands)



















    Three Months Ended March 31,



    Year Ended March 31,



    2024



    2025



    2024



    2025



    Pro Forma

    Combined



    Consolidated



    Pro Forma

    Combined



    Consolidated

    Revenues:















    Products

    $          17,793



    $         21,866



    $          67,665



    $         85,584

    Services

    55,029



    81,772



    219,239



    276,931

    Total revenues

    72,822



    103,638



    286,904



    362,515

















    Cost of revenues:















    Cost of products

    12,935



    18,152



    48,316



    61,961

    Cost of services

    21,324



    30,723



    79,636



    106,017

    Total cost of revenues

    34,259



    48,875



    127,952



    167,978

















    Gross profit

    $          38,563



    54,763



    $        158,952



    $       194,537

















    Product margin

    27.3 %



    17.0 %



    28.6 %



    27.6 %

    Service margin

    61.2 %



    62.4 %



    63.7 %



    61.7 %

    Total gross profit margin

    53.0 %



    52.8 %



    55.4 %



    53.7 %

















    Incremental intangible assets

    amortization expense as a result of

    MiX Telematics and Fleet Complete

    business combinations

    $                 —



    $           5,201



    $                 —



    $         14,752

    Inventory rationalization

    $                 —



    $           2,570



    $                 —



    $           3,310

















    Product margin

    27.3 %



    28.7 %



    28.6 %



    31.5 %

    Service margin

    61.2 %



    68.8 %



    63.7 %



    67.0 %

    Adjusted total gross profit margin

    53.0 %



    60.3 %



    55.4 %



    58.6 %

     

    POWERFLEET, INC. AND SUBSIDIARIES

    ADJUSTED OPERATING EXPENSES

    (In thousands)



















    Three Months Ended March 31,



    Year Ended March 31,



    2024



    2025



    2024



    2025



    Pro Forma

    Combined



    Consolidated



    Pro Forma

    Combined



    Consolidated

    Total operating expenses

    $             45,099



    $             61,743



    $           166,632



    $           220,422

    Adjusted for once-off costs















    Acquisition-related expenses

    7,177



    428



    14,313



    21,300

    Integration-related costs

    —



    2,592



    —



    4,851

    Stock-based compensation (non-

    recurring/accelerated cost)

    —



    —



    —



    4,693

    Restructuring-related expenses

    324



    4,499



    1,065



    6,767



    7,501



    7,519



    15,378



    37,611

















    Adjusted operating expenses

    $             37,598



    $             54,224



    $           151,254



    $           182,811

     

    POWERFLEET, INC. AND MiX TELEMATICS

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share data)



    Three Months Ended March 31, 2024



    Powerfleet Inc.



    MiX Telematics



    Adjustments to

    align disclosure



    Pro Forma

    Combined

    Revenues:















    Products

    $             12,081



    $               6,705



    $                 (993)



    $             17,793

    Services

    21,659



    32,377



    993



    55,029

    Total revenues

    33,740



    39,082



    —



    72,822

















    Cost of revenues:















    Cost of products

    9,513



    4,690



    (1,268)



    12,935

    Cost of services

    8,024



    12,032



    1,268



    21,324

    Total cost of revenues

    17,537



    16,722



    —



    34,259

















    Gross profit

    16,203



    22,360



    —



    38,563

















    Operating expenses:















    Selling, general and administrative

    expenses

    21,832



    19,534



    —



    41,366

    Research and development expenses

    2,018



    1,715



    —



    3,733

    Total operating expenses

    23,850



    21,249



    —



    45,099

















    (Loss) income from operations

    (7,647)



    1,111



    —



    (6,536)

















    Interest income

    259



    368



    —



    627

    Interest expense

    (708)



    (702)



    —



    (1,410)

    Other (expense) income, net

    (55)



    55



    —



    —

















    Net (loss) income before income taxes

    (8,151)



    832



    —



    (7,319)

















    Income tax expense

    (352)



    (1,565)



    —



    (1,917)

















    Net loss before non-controlling interest

    (8,503)



    (733)



    —



    (9,236)

    Non-controlling interest

    (12)



    —



    —



    (12)

















    Net loss

    (8,515)



    (733)



    —



    (9,248)

















    Accretion of preferred stock

    (9,996)



    —



    —



    (9,996)

    Preferred stock dividend

    (1,129)



    —



    —



    (1,129)

















    Net loss attributable to common

    stockholders

    $            (19,640)



    $                 (733)



    $                    —



    $            (20,373)

















    Net loss per share attributable to

    common stockholders - basic and diluted

    $                (0.55)



    $                (0.01)







    $                (0.19)

















    Weighted average common shares

    outstanding - basic

    35,813



    71,081







    106,894

     

    POWERFLEET, INC. AND MiX TELEMATICS

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share data)





    Year Ended March 31, 2024



    Powerfleet Inc.



    MiX Telematics



    Adjustments to

    align disclosure



    Pro Forma

    Combined

    Revenues:















    Products

    $             49,313



    $             21,600



    $              (3,248)



    $             67,665

    Services

    85,311



    130,680



    3,248



    219,239

    Total revenues

    134,624



    152,280



    —



    286,904

















    Cost of revenues:















    Cost of products

    36,916



    14,628



    (3,228)



    48,316

    Cost of services

    31,003



    45,405



    3,228



    79,636

    Total cost of revenues

    67,919



    60,033



    —



    127,952

















    Gross profit

    66,705



    92,247



    —



    158,952

















    Operating expenses:















    Selling, general and administrative

    expenses

    76,144



    75,695



    —



    151,839

    Research and development expenses

    8,675



    6,118



    —



    14,793

    Total operating expenses

    84,819



    81,813



    —



    166,632

















    (Loss) income from operations

    (18,114)



    10,434



    —



    (7,680)

















    Interest income

    338



    1,142



    —



    1,480

    Interest expense

    (2,174)



    (2,347)



    —



    (4,521)

    Bargain purchase - Movingdots

    1,800



    —



    —



    1,800

    Other expense, net

    (87)



    (179)



    —



    (266)

















    Net (loss) income before income taxes

    (18,237)



    9,050



    —



    (9,187)

















    Income tax expense

    (549)



    (6,465)



    —



    (7,014)

















    Net (loss) income before non-controlling

    interest

    (18,786)



    2,585



    —



    (16,201)

    Non-controlling interest

    (50)



    —



    —



    (50)

















    Net (loss) income

    (18,836)



    2,585



    —



    (16,251)

















    Accretion of preferred stock

    (15,480)



    —



    —



    (15,480)

    Preferred stock dividend

    (4,514)



    —



    —



    (4,514)

















    Net (loss) income attributable to

    common stockholders

    $            (38,830)



    $               2,585



    $                    —



    $            (36,245)

















    Net (loss) income per share attributable

    to common stockholders - basic

    $                (1.09)



    $                 0.04







    $                (0.34)

















    Weighted average common shares

    outstanding - basic

    35,694



    71,200







    106,894

     

    POWERFLEET, INC. AND MiX TELEMATICS

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except per share data)





    March 31, 2024



    Powerfleet Inc.



    MiX Telematics



    Pro Forma

    Combined

    ASSETS











    Current assets:











    Cash and cash equivalents

    $             24,354



    $             26,737



    $             51,091

    Restricted cash

    85,310



    794



    86,104

    Accounts receivables, net

    30,333



    24,675



    55,008

    Inventory, net

    21,658



    4,142



    25,800

    Prepaid expenses and other current assets

    8,133



    9,693



    17,826

    Total current assets

    169,788



    66,041



    235,829

    Fixed assets, net

    12,719



    35,587



    48,306

    Goodwill

    83,487



    38,226



    121,713

    Intangible assets, net

    19,652



    20,792



    40,444

    Right-of-use asset

    7,428



    3,794



    11,222

    Severance payable fund

    3,796



    —



    3,796

    Deferred tax asset

    2,781



    1,093



    3,874

    Other assets

    9,029



    10,061



    19,090

    Total assets

    $           308,680



    $           175,594



    $           484,274













    LIABILITIES











    Current liabilities:











    Short-term bank debt and current maturities of long-term debt

    $               1,951



    $             20,158



    $             22,109

    Accounts payable

    20,025



    7,149



    27,174

    Accrued expenses and other current liabilities

    13,983



    19,606



    33,589

    Deferred revenue - current

    5,842



    6,394



    12,236

    Lease liability - current

    1,789



    859



    2,648

    Total current liabilities

    43,590



    54,166



    97,756

    Long-term debt - less current maturities

    113,810



    —



    113,810

    Deferred revenue - less current portion

    4,892



    —



    4,892

    Lease liability - less current portion

    5,921



    2,852



    8,773

    Accrued severance payable

    4,597



    —



    4,597

    Deferred tax liability

    4,465



    14,204



    18,669

    Other long-term liabilities

    2,496



    484



    2,980

    Total liabilities

    179,771



    71,706



    251,477













    Convertible redeemable preferred stock: Series A

    90,273



    —



    90,273













    STOCKHOLDERS' EQUITY











    Preferred stock

    —



    —



    —

    Common stock

    387



    63,455



    63,842

    Additional paid-in capital

    202,607



    (2,389)



    200,218

    Accumulated deficit

    (154,796)



    76,280



    (78,516)

    Accumulated other comprehensive loss

    (985)



    (16,148)



    (17,133)

    Treasury stock

    (8,682)



    (17,315)



    (25,997)













    Total stockholders' equity

    38,531



    103,883



    142,414

    Non-controlling interest

    105



    5



    110

    Total equity

    38,636



    103,888



    142,524

























    Total liabilities, convertible redeemable preferred

    stock, and stockholders' equity

    $           308,680



    $           175,594



    $           484,274

     

    POWERFLEET, INC. AND MiX TELEMATICS

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)









    Year Ended March 31, 2024





    Powerfleet Inc.



    MiX Telematics



    Pro Forma

    Combined



    Cash flows from operating activities













    Net (loss) income

    $            (18,836)



    $               2,585



    $            (16,251)



    Adjustments to reconcile net (loss) income to cash provided

    by operating activities:













    Non-controlling interest

    50



    —



    50



    Gain on bargain purchase

    (1,800)



    —



    (1,800)



    Inventory reserve

    1,557



    615



    2,172



    Stock based compensation expense

    4,104



    1,110



    5,214



    Depreciation and amortization

    9,098



    20,450



    29,548



    Impairment of long-lived assets

    —



    139



    139



    Right-of-use assets, non-cash lease expense

    2,919



    —



    2,919



    Bad debts expense

    2,309



    5,225



    7,534



    Deferred income taxes

    (281)



    3,516



    3,235



    Other non-cash items

    (55)



    6,393



    6,338



    Changes in operating assets and liabilities:













    Accounts receivables

    (1,538)



    (7,760)



    (9,298)



    Inventories

    (780)



    179



    (601)



    Prepaid expenses and other current assets

    (564)



    (514)



    (1,078)



    Deferred costs

    481



    (8,995)



    (8,514)



    Deferred revenue

    (180)



    —



    (180)



    Accounts payable and accrued expenses

    8,786



    945



    9,731



    Lease liabilities

    (2,851)



    —



    (2,851)



    Accrued severance payable, net

    15



    —



    15

















    Net cash provided by operating activities

    2,434



    23,888



    26,322

















    Cash flows from investing activities:













    Capitalized software development costs

    (3,540)



    (5,972)



    (9,512)



    Capital expenditures

    (3,673)



    (17,036)



    (20,709)

















    Net cash used in investing activities

    (7,213)



    (23,008)



    (30,221)

















    Cash flows from financing activities:













    Repayment of long-term debt

    (14,116)



    —



    (14,116)



    Short-term bank debt, net

    (5,708)



    5,550



    (158)



    Deferred consideration paid

    —



    (1,955)



    (1,955)



    Purchase of treasury stock upon vesting of restricted stock

    (128)



    (546)



    (674)



    Repayment of financing lease

    (129)



    —



    (129)



    Payment of preferred stock dividend and redemption of

    preferred stock

    (3,385)



    —



    (3,385)



    Proceeds from long-term debt

    115,000



    —



    115,000



    Payment of long-term debt costs

    (1,081)



    —



    (1,081)



    Proceeds from exercise of stock options, net

    36



    —



    36



    Cash paid on dividends to affiliates

    —



    (5,320)



    (5,320)

















    Net cash from (used in) financing activities

    90,489



    (2,271)



    88,218

















    Effect of foreign exchange rate changes on cash and cash

    equivalents

    (1,135)



    (1,735)



    (2,870)



    Net increase (decrease) in cash and cash equivalents, and

    restricted cash

    84,575



    (3,126)



    81,449



    Cash and cash equivalents, and restricted cash at beginning of

    the period

    25,089



    30,657



    55,746

















    Cash and cash equivalents, and restricted cash at end of

    the period

    $           109,664



    $             27,531



    $           137,195

















    Reconciliation of cash, cash equivalents, and restricted

    cash, beginning of the period













    Cash and cash equivalents

    24,780



    29,876



    54,656



    Restricted cash

    309



    781



    1,090



    Cash, cash equivalents, and restricted cash, beginning of the

    period

    $             25,089



    $             30,657



    $             55,746

















    Reconciliation of cash, cash equivalents, and restricted

    cash, end of the period













    Cash and cash equivalents

    24,354



    26,737



    51,091



    Restricted cash

    85,310



    794



    86,104



    Cash, cash equivalents, and restricted cash, end of the period

    $           109,664



    $             27,531



    $           137,195

















    Supplemental disclosure of cash flow information:













    Cash paid for:













    Taxes

    $                  432



    $               2,949



    $               3,381



    Interest

    $               1,720



    $                  694



    $               2,414

















    Noncash investing and financing activities:













    Value of licensed intellectual property acquired in

    connection with Movingdots acquisition

    $               1,517



    $                    —



    $               1,517



    Preferred stock dividends paid in shares

    $               1,108



    $                    —



    $               1,108



    Issuance of derivative on long-term debt

    $               2,226



    $                    —



    $               2,226



     

    POWERFLEET, INC. AND MiX TELEMATICS

    RECONCILIATION OF GAAP TO ADJUSTED EBITDA FINANCIAL MEASURES

    (In thousands)















    Three Months Ended March 31, 2024



    Powerfleet Inc.



    MiX Telematics



    Pro Forma

    Combined

    Net loss attributable to common stockholders

    $            (19,640)



    $                 (733)



    $        (20,373)

    Non-controlling interest

    12



    —



    12

    Preferred stock dividend and accretion

    11,125



    —



    11,125

    Interest expense, net

    601



    334



    935

    Other expense, net

    55



    —



    55

    Income tax expense

    352



    1,565



    1,917

    Depreciation and amortization

    1,943



    6,426



    8,369

    Stock-based compensation

    1,028



    283



    1,311

    Foreign currency losses

    43



    395



    438

    Restructuring-related expenses

    324



    —



    324

    Impairment of long-lived assets

    —



    139



    139

    Net profit on fixed assets

    —



    (66)



    (66)

    Contingent consideration remeasurement

    —



    (250)



    (250)

    Acquisition-related expenses

    6,078



    1,099



    7,177

    Adjusted EBITDA

    $               1,921



    $               9,192



    $          11,113

     

    POWERFLEET, INC. AND MiX TELEMATICS

    RECONCILIATION OF GAAP TO ADJUSTED EBITDA FINANCIAL MEASURES

    (In thousands)















    Year Ended March 31, 2024



    Powerfleet Inc.



    MiX Telematics



    Pro Forma

    Combined

    Net (loss) profit attributable to common stockholders

    $            (38,830)



    $               2,585



    $            (36,245)

    Non-controlling interest

    50



    —



    50

    Preferred stock dividend and accretion

    19,994



    —



    19,994

    Interest expense, net

    1,987



    1,205



    3,192

    Other expense, net

    87



    —



    87

    Income tax expense

    549



    6,465



    7,014

    Depreciation and amortization

    9,098



    20,450



    29,548

    Stock-based compensation

    4,104



    1,110



    5,214

    Foreign currency translation

    (248)



    1,741



    1,493

    Restructuring-related expenses

    1,035



    30



    1,065

    Gain on Bargain purchase - Movingdots

    (1,800)



    —



    (1,800)

    Impairment of long-lived assets

    —



    139



    139

    Net profit on fixed assets

    —



    (115)



    (115)

    Contingent consideration remeasurement

    —



    (1,299)



    (1,299)

    Acquisition-related expenses

    11,218



    3,095



    14,313

    Non-recurring transitional service agreement costs

    —



    482



    482

    Adjusted EBITDA

    $               7,244



    $             35,888



    $             43,132

     

    POWERFLEET, INC. AND MiX TELEMATICS

    RECONCILIATION OF GAAP TO NON-GAAP NET (LOSS) INCOME FINANCIAL MEASURES

    (In thousands)















    Three Months Ended March 31, 2024



    Powerfleet Inc.



    MiX Telematics



    Pro Forma

    Combined

    Net (loss) income

    $              (8,515)



    $                 (733)



    $              (9,248)

    Foreign currency losses

    43



    395



    438

    Income tax effect of net foreign exchange losses

    —



    389



    389

    Restructuring-related expenses

    324



    —



    324

    Acquisition-related expenses

    6,078



    1,099



    7,177

    Non-recurring transitional service agreement costs

    —



    —



    —

    Income tax effect of non-recurring transitional service agreement

    costs

    —



    (130)



    (130)

    Contingent consideration remeasurement

    —



    (250)



    (250)

    Non-GAAP net (loss) income

    $              (2,070)



    $                  770



    $              (1,300)













    Weighted average shares outstanding

    35,813



    71,081



    106,894













    Non-GAAP net income per share - basic

    $                (0.06)



    $                 0.01



    $                (0.01)

     

    POWERFLEET, INC. AND MiX TELEMATICS

    RECONCILIATION OF GAAP TO NON-GAAP NET (LOSS) INCOME FINANCIAL MEASURES

    (In thousands)















    Year Ended March 31, 2024



    Powerfleet Inc.



    MiX Telematics



    Pro Forma

    Combined

    Net (loss) income

    $            (18,836)



    $               2,585



    $            (16,251)

    Foreign currency (gains) losses

    (248)



    1,741



    1,493

    Income tax effect of net foreign exchange losses

    —



    279



    279

    Restructuring-related expenses

    1,035



    30



    1,065

    Income tax effect of restructuring costs

    —



    (7)



    (7)

    Acquisition-related expenses

    11,218



    3,095



    14,313

    Non-recurring transitional service agreement costs

    —



    482



    482

    Income tax effect of non-recurring transitional service

    agreement costs

    —



    (130)



    (130)

    Contingent consideration remeasurement

    —



    (1,299)



    (1,299)

    Non-GAAP net (loss) income

    $              (6,831)



    $               6,776



    $                   (55)













    Weighted average shares outstanding

    35,694



    71,200



    106,894













    Non-GAAP net (loss) income per share - basic

    $                (0.19)



    $                 0.10



    $              (0.001)

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/powerfleet-reports-annual-fy2025-results-a-breakout-year-of-strategic-transformation-and-scaled-growth-302481935.html

    SOURCE Powerfleet

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