Powerfleet, Inc.

Listed Company

AIOTCIK 0001774170NasdaqAcceleratedCommunications Equipment, NecDelawareFY ends Mar 31

Period

FY 2025

Revenue

$362.51M

Net Income

$-50.99M

Total Assets

$910.07M

Equity

$446.59M

Shares Out

134.15M

Op. Cash Flow

$-3.35M

Business

Powerfleet, Inc. provides AIoT solutions that deliver business intelligence for managing high-value enterprise and mid-market assets through its Unity data highway and SaaS ecosystem. Its main products and services include AI-powered asset tracking and condition monitoring devices, analytics and machine learning platforms, video and safety systems, and hosted SaaS along with maintenance, support and consulting services. Key business segments include Powerfleet for Warehouse and Factory (in-facility asset and operator management) and Powerfleet for On-Road (vehicle, trailer and cargo visibility). The company sells globally to commercial and government customers across industries via direct sales and indirect channels such as OEMs, distributors, telecom partners and equipment dealers.

Summary from filing dated 2025-06-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Total revenues	363	134	136	126	114
Total cost of revenues	168	67	71	66	55
Gross profit	195	67	65	60	59
Selling, general and administrative expenses	204	71	63	56	52
Research and development expenses	16	8	8	11	11
Total operating expenses	220	80	72	68	62
Loss from operations	−26	−13	−7	−8	−3
Interest income	926,000	103,000	71,000	45,000	55,000
Interest expense, net	−20	−2	994,000	—	—
Bargain purchase - Movingdots	0	9	0	—	—
Other income (expense), net	−1	−29,000	24,000	8,000	−102,000
Net loss before income taxes	−46	−5	−6	−11	−8
Income tax expense	−5	−589,000	−870,000	−2	−1
Net loss before non-controlling interest	−51	−6	−7	−13	−9
Non-controlling interest	−18,000	−35,000	−2,000	5,000	3,000
Net loss	−51	−6	−7	−13	−9
Accretion of preferred stock	0	−7	−6	−5	—
Preferred stock dividend	−25,000	−4	−4	−4	−4
Net loss attributable to common stockholders	−51	−17	−17	−22	−14
Net loss attributable to common stockholders	−51	−17	−17	—	—
Net loss per share attributable to common stockholders - basic (in dollars per share)	−0.43	−0.49	−0.48	−0.64	−0.46
Net loss per share attributable to common stockholders - diluted (in dollars per share)	−0.43	−0.49	−0.48	−0.64	—
Weighted average common shares outstanding - basic (in shares)	120	36	35	34,571	—
Weighted average common shares outstanding - diluted (in shares)	120	36	35	34,571	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2023 2023-06-30
Cash and cash equivalents	44	24	19	19	22
Restricted cash	4	85	310,000	310,000	309,000
Accounts receivable, net of allowance for credit losses of $3,197 and $4,057 as of March 31, 2024 and 2025, respectively	79	30	32	34	31
Inventory, net	18	22	23	21	22
Prepaid expenses and other current assets	23	8	8	9	7
Total current assets	169	170	82	83	83
Fixed assets, net	58	13	12	10	10
Goodwill	383	83	83	83	83
Intangible assets, net	259	20	20	21	22
Right-of-use asset	12	7	6	6	7
Severance payable fund	4	4	4	3	4
Deferred tax asset	4	3	3	2	2
Other assets	21	9	7	7	7
Total assets	910	309	218	217	218
Short-term bank debt and current maturities of long-term debt	42	2	21	12	11
Accounts payable	42	20	—	—	—
Accrued expenses and other current liabilities	45	14	—	—	—
Deferred revenue - current	17	6	6	6	6
Lease liability - current	5	2	2	2	2
Total current liabilities	151	44	59	47	43
Long-term debt - less current maturities	232	114	—	10	10
Deferred revenue - less current portion	5	5	5	5	5
Lease liability - less current portion	8	6	5	4	5
Accrued severance payable	6	5	5	4	4
Deferred tax liability	58	4	4	4	4
Other long-term liabilities	3	2	2	2	2
Total liabilities	463	180	80	77	73
Commitments and Contingencies (Note 18)	—	—	—	—	—
Convertible redeemable preferred stock: Series A - 100 shares authorized, $0.01 par value; 60 and 0 shares issued and outstanding at March 31, 2024 and 2025, respectively, at redemption value of $90,273 at March 31, 2024	0	90	80	78	77
Preferred stock; authorized 50,000 shares, $0.01 par value	0	0	—	—	—
Common stock; authorized 175,000 shares, $0.01 par value; 38,709 and 135,379 shares issued at March 31, 2024 and March 31, 2025, respectively; shares outstanding, 37,212 and 133,316 at March 31, 2024 and 2025, respectively	1	387,000	387,000	387,000	377,000
Additional paid-in capital	671	203	213	215	216
Accumulated deficit	−206	−155	−146	−143	−139
Accumulated other comprehensive loss	−9	−985,000	−616,000	−2	−998,000
Treasury stock; 1,497 and 2,063 common shares at cost at March 31, 2024 and 2025, respectively	−12	−9	−9	−9	−9
Total Powerfleet, Inc. stockholders equity	447	39	58	62	68
Non-controlling interest	150,000	105,000	102,000	63,000	63,000
Total equity	447	39	58	62	68
Total liabilities, convertible redeemable preferred stock, and stockholders equity	910	309	218	217	218

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Inventory write-downs	4	2	149,000	—	—
Stock-based compensation expense	9	4	4	5	4
Depreciation and amortization	47	9	8	9	8
Right-of-use assets, non-cash lease expense	5	3	3	—	—
Derivative mark-to-market adjustment	−504,000	0	0	—	—
Bad debts expense	9	2	66,000	997,000	1
Deferred income taxes	−5	−6,000	708,000	2	359,000
Shares issued for transaction bonuses	889,000	0	0	—	—
Lease termination and modification losses	295,000	0	0	—	—
Other non-cash items	1	103,000	707,000	305,000	23,000
Accounts receivable	−14	−1	−1	−10	2
Inventory	6	−2	−4	−6	3
Prepaid expenses and other current assets	5	791,000	−816,000	−3	2
Deferred costs	−8	679,000	2	—	—
Deferred revenue	2	−295,000	−627,000	−2	−4
Accounts payable and accrued expenses	−12	4	−533,000	8	−2
Lease liabilities	−5	−3	−3	−3	−3
Accrued severance payable	1	−21,000	−42,000	—	—
Net cash provided by (used in) operating activities	−3	4	1	−5	9
Acquisition, net of cash assumed	−137	9	0	—	—
Purchase of investments	0	−100,000	−100,000	—	—
Proceeds from sale of fixed assets	12,000	0	0	—	—
Capitalized software development costs	−14	−4	−2	—	—
Capital expenditures	−20	−3	−4	—	—
Repayment of loan advanced to external parties	294,000	0	0	—	—
Net cash (used in) provided by investing activities	−171	2	−6	−3	−3
Repayment of long-term debt	−3	−4	−6	−6	−3
Short-term bank debt, net	20	4	6	−270,000	−262,000
Purchase of treasury stock upon vesting of restricted stock	−3	−141,000	−211,000	—	—
Repayment of financing lease	0	−129,000	−121,000	−138,000	—
Payment of preferred stock dividend and redemption of preferred stock	−90	−3	0	−4	—
Proceeds from private placement, net	66	0	0	—	—
Proceeds from long-term debt	125	0	0	—	—
Payment of long-term debt costs	−1	0	0	—	—
Proceeds from exercise of stock options, net	2	36,000	0	229,000	556,000
Net cash (used in) provided by financing activities	116	−4	−282,000	16	−4
Effect of foreign exchange rate changes on cash and cash equivalents	−3	−877,000	−3	531,000	128,000
Net (decrease) increase in cash and cash equivalents, and restricted cash	−61	1	−9	8	2
Taxes	4	175,000	63,000	58,000	47,000
Interest	15	2	1	1	2
Issuance of derivative on long-term debt	0	0	0	—	—
Common stock issued for transaction bonus	9,000	0	0	—	—
Value of warrant issued in connection with Movingdots acquisition	0	1	0	—	—
Value of licensed intellectual property acquired in connection with Movingdots acquisition	0	2	0	—	—
Preferred stock dividends paid in shares	0	1	4	—	—

Filings

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