Latest news with #SteveTowe
Yahoo
24-06-2025
- Automotive
- Yahoo
Powerfleet Expands AI Video Safety Deployment With EverDriven
PowerFleet Inc. (NASDAQ:AIOT) is one of the best small cap tech stocks with biggest upside potential. On June 16, Powerfleet announced an expanded partnership with EverDriven Technologies. EverDriven is increasing its deployment of Powerfleet's advanced AI video safety solution to enhance student transportation across 34 states. EverDriven currently has a network of 9,000+ drivers completing more than 2 million trips annually. Due to strong interest from its school district partners, EverDriven will scale its relationship with Powerfleet to ~4,000 subscribers. The CEO of Powerfleet, Steve Towe, highlighted that this growing partnership signifies increasing demand for Powerfleet Unity's AI-powered safety solutions in North America, which is a top priority market for the company. A close-up of a hand reaching out to touch a virtual animation, demonstrating the power of the company's IoT technology. The CEO of EverDriven, Mitch Bowling, stated that implementing AI video technology represents an advancement in the company's safety protocols. Powerfleet Unity's AI video technology uses ML and computer vision to detect critical events, assess driving behavior, and facilitate real-time interventions. PowerFleet Inc. (NASDAQ:AIOT) provides Internet-of-Things solutions in the US, Israel, and internationally. EverDriven is a prominent provider of alternative student transportation across the US. While we acknowledge the potential of AIOT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-06-2025
- Business
- Yahoo
Powerfleet Reports Annual FY2025 Results: A Breakout Year of Strategic Transformation and Scaled Growth
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. 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, 2025Time: 8:30 a.m. Eastern time (5:30 a.m. Pacific time)Toll Free: 888-506-0062International: 973-528-0011Participant Access Code: 539753The 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 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 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 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 ContactsCarolyn Capaccio and Jody BurfeningLHA Investor RelationsAIOTIRTeam@ Powerfleet Media ContactJonathan +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 31,2024202520242025Pro Forma CombinedConsolidatedPro Forma CombinedConsolidated Revenues:Products $ 17,793$ 21,866$ 67,665$ 85,584 Services 55,02981,772219,239276,931 Total revenues 72,822103,638286,904362,515 Cost of revenues:Cost of products 12,93518,15248,31661,961 Cost of services 21,32430,72379,636106,017 Total cost of revenues 34,25948,875127,952167,978 Gross profit 38,56354,763158,952194,537 Operating expenses:Selling, general and administrative expenses 41,36656,839151,839204,361 Research and development expenses 3,7334,90414,79316,061 Total operating expenses 45,09961,743166,632220,422 Loss from operations (6,536)(6,980)(7,680)(25,885) Interest income 627951,480926 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 106,894132,793106,894119,877 POWERFLEET, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data)March 31, 2024March 31, 2025 Pro Forma CombinedConsolidated ASSETS Current assets: Cash and cash equivalents$ 51,091$ 44,392 Restricted cash86,1044,396 Accounts receivables, net55,00878,623 Inventory, net25,80018,350 Prepaid expenses and other current assets17,82623,319 Total current assets235,829169,080 Fixed assets, net48,30658,011 Goodwill121,713383,146 Intangible assets, net40,444258,582 Right-of-use asset11,22212,339 Severance payable fund3,7963,796 Deferred tax asset3,8743,934 Other assets19,09021,183 Total assets$ 484,274$ 910,071LIABILITIES Current liabilities: Short-term bank debt and current maturities of long-term debt$ 22,109$ 41,632 Accounts payable27,17441,599 Accrued expenses and other current liabilities33,58945,327 Deferred revenue - current12,23617,375 Lease liability - current2,6485,076 Total current liabilities97,756151,009 Long-term debt - less current maturities113,810232,160 Deferred revenue - less current portion4,8925,197 Lease liability - less current portion8,7738,191 Accrued severance payable4,5976,039 Deferred tax liability18,66957,712 Other long-term liabilities2,9803,021 Total liabilities251,477463,329Convertible redeemable preferred stock: Series A90,273—STOCKHOLDERS' EQUITY Preferred stock—— Common stock63,8421,343 Additional paid-in capital200,218671,400 Accumulated deficit(78,516)(205,783) Accumulated other comprehensive loss(17,133)(8,850) Treasury stock(25,997)(11,518)Total stockholders' equity142,414446,592 Non-controlling interest110150 Total equity142,524446,742 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, 20242025 Pro Forma CombinedConsolidated Cash flows from operating activities Net loss$ (16,251)$ (50,987) Adjustments to reconcile net loss to cash provided by (used in) operatingactivities: Non-controlling interest5018 Gain on bargain purchase(1,800)— Inventory write-downs2,1724,480 Stock-based compensation expense5,2149,362 Depreciation and amortization29,54847,494 Impairment of long-lived assets139— Right-of-use assets, non-cash lease expense2,9195,007 Derivative mark-to-market adjustment—(504) Bad debts expense7,5349,418 Deferred income taxes3,235(4,872) Shares issued for transaction bonuses—889 Lease termination and modification losses—295 Other non-cash items6,3381,061 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 expenses9,731(12,162) Lease liabilities(2,851)(4,558) Accrued severance payable151,248Net cash provided by (used in) operating activities26,322(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—294Net 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 debt115,000125,000 Payment of long-term debt costs(1,081)(1,410) Proceeds from exercise of stock options, net361,898 Cash paid on dividends to affiliates(5,320)—Net cash provided by financing activities88,218115,722Effect of foreign exchange rate changes on cash and cash equivalents(2,870)(2,657) Net increase (decrease) in cash and cash equivalents, and restricted cash81,449(60,876) Cash and cash equivalents, and restricted cash at beginning of the period55,746109,664Cash and cash equivalents, and restricted cash at end of the period$ 137,195$ 48,788Reconciliation of cash, cash equivalents, and restricted cash, beginningof the period Cash and cash equivalents54,65624,354 Restricted cash1,09085,310 Cash, cash equivalents, and restricted cash, beginning of the period$ 55,746$ 109,664Reconciliation of cash, cash equivalents, and restricted cash, end of theperiod Cash and cash equivalents51,09144,392 Restricted cash86,1044,396 Cash, cash equivalents, and restricted cash, end of the period$ 137,195$ 48,788Supplemental disclosure of cash flow information: Cash paid for: Taxes$ 3,381$ 4,283 Interest$ 2,414$ 15,335Noncash 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 withMovingdots 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 31,2024202520242025Pro FormaCombinedConsolidatedPro FormaCombinedConsolidated Net loss attributable to common stockholders $ (20,373)$ (12,439)$ (36,245)$ (51,012) Non-controlling interest 1215018 Preferred stock dividend and accretion 11,125—19,99425 Interest expense, net 9355,5603,19219,404 Other expense, net 55—87— Income tax expense (benefit) 1,917(304)7,0144,517 Depreciation and amortization 8,36914,45229,54847,494 Stock-based compensation 1,3119245,2149,362 Foreign currency losses 4385021,4931,790 Restructuring-related expenses 3246,9691,06510,077 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, 2024contract assets (Fleet Complete) —1,768—3,809 Net profit on fixed assets (66)—(115)— Contingent consideration remeasurement (250)—(1,299)— Acquisition-related expenses 7,17742814,31321,300 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 31,2024202520242025Pro FormaCombinedConsolidatedPro FormaCombinedConsolidated Net loss $ (9,248)$ (12,439)$ (16,251)$ (50,987) Incremental intangible assets amortizationexpense as a result of MiX Telematics andFleet Complete business combinations —5,201—14,752 Stock-based compensation (non-recurring/accelerated cost) ———4,693 Foreign currency losses 4385021,4931,790 Income tax effect of net foreign exchange(losses) gains 389(377)279(602) Restructuring-related expenses 3246,9691,06510,077 Income tax effect of restructuring costs —(53)(7)(207) Derivative mark-to-market adjustment —(29)—(504) Acquisition-related expenses 7,17742814,31321,300 Integration-related expenses —2,592—4,851 Non-recurring transitional service agreement costs ——482— Income tax effect of non-recurringtransitional 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 106,894132,793106,894119,877 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 31,2024202520242025Pro FormaCombinedConsolidatedPro FormaCombinedConsolidated Revenues:Products $ 17,793$ 21,866$ 67,665$ 85,584 Services 55,02981,772219,239276,931 Total revenues 72,822103,638286,904362,515 Cost of revenues:Cost of products 12,93518,15248,31661,961 Cost of services 21,32430,72379,636106,017 Total cost of revenues 34,25948,875127,952167,978 Gross profit $ 38,56354,763$ 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 Completebusiness 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 31,2024202520242025Pro Forma CombinedConsolidatedPro Forma CombinedConsolidated Total operating expenses $ 45,099$ 61,743$ 166,632$ 220,422 Adjusted for once-off costsAcquisition-related expenses 7,17742814,31321,300 Integration-related costs —2,592—4,851 Stock-based compensation (non-recurring/accelerated cost) ———4,693 Restructuring-related expenses 3244,4991,0656,7677,5017,51915,37837,611 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, 2024Powerfleet TelematicsAdjustments toalign disclosurePro Forma Combined Revenues:Products $ 12,081$ 6,705$ (993)$ 17,793 Services 21,65932,37799355,029 Total revenues 33,74039,082—72,822 Cost of revenues:Cost of products 9,5134,690(1,268)12,935 Cost of services 8,02412,0321,26821,324 Total cost of revenues 17,53716,722—34,259 Gross profit 16,20322,360—38,563 Operating expenses:Selling, general and administrativeexpenses 21,83219,534—41,366 Research and development expenses 2,0181,715—3,733 Total operating expenses 23,85021,249—45,099 (Loss) income from operations (7,647)1,111—(6,536) Interest income 259368—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 commonstockholders $ (19,640)$ (733)$ —$ (20,373) Net loss per share attributable tocommon stockholders - basic and diluted $ (0.55)$ (0.01)$ (0.19) Weighted average common sharesoutstanding - basic 35,81371,081106,894 POWERFLEET, INC. AND MiX TELEMATICS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Year Ended March 31, 2024Powerfleet TelematicsAdjustments toalign disclosurePro FormaCombined Revenues:Products $ 49,313$ 21,600$ (3,248)$ 67,665 Services 85,311130,6803,248219,239 Total revenues 134,624152,280—286,904 Cost of revenues:Cost of products 36,91614,628(3,228)48,316 Cost of services 31,00345,4053,22879,636 Total cost of revenues 67,91960,033—127,952 Gross profit 66,70592,247—158,952 Operating expenses:Selling, general and administrativeexpenses 76,14475,695—151,839 Research and development expenses 8,6756,118—14,793 Total operating expenses 84,81981,813—166,632 (Loss) income from operations (18,114)10,434—(7,680) Interest income 3381,142—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-controllinginterest (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 attributableto common stockholders - basic $ (1.09)$ 0.04$ (0.34) Weighted average common shares outstanding - basic 35,69471,200106,894 POWERFLEET, INC. AND MiX TELEMATICS CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) March 31, 2024Powerfleet TelematicsPro FormaCombined ASSETSCurrent assets:Cash and cash equivalents $ 24,354$ 26,737$ 51,091 Restricted cash 85,31079486,104 Accounts receivables, net 30,33324,67555,008 Inventory, net 21,6584,14225,800 Prepaid expenses and other current assets 8,1339,69317,826 Total current assets 169,78866,041235,829 Fixed assets, net 12,71935,58748,306 Goodwill 83,48738,226121,713 Intangible assets, net 19,65220,79240,444 Right-of-use asset 7,4283,79411,222 Severance payable fund 3,796—3,796 Deferred tax asset 2,7811,0933,874 Other assets 9,02910,06119,090 Total assets $ 308,680$ 175,594$ 484,274 LIABILITIESCurrent liabilities:Short-term bank debt and current maturities of long-term debt $ 1,951$ 20,158$ 22,109 Accounts payable 20,0257,14927,174 Accrued expenses and other current liabilities 13,98319,60633,589 Deferred revenue - current 5,8426,39412,236 Lease liability - current 1,7898592,648 Total current liabilities 43,59054,16697,756 Long-term debt - less current maturities 113,810—113,810 Deferred revenue - less current portion 4,892—4,892 Lease liability - less current portion 5,9212,8528,773 Accrued severance payable 4,597—4,597 Deferred tax liability 4,46514,20418,669 Other long-term liabilities 2,4964842,980 Total liabilities 179,77171,706251,477 Convertible redeemable preferred stock: Series A 90,273—90,273 STOCKHOLDERS' EQUITYPreferred stock ——— Common stock 38763,45563,842 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 38,531103,883142,414 Non-controlling interest 1055110 Total equity 38,636103,888142,524 Total liabilities, convertible redeemable preferredstock, 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 TelematicsPro Forma CombinedCash flows from operating activities Net (loss) income $ (18,836)$ 2,585$ (16,251)Adjustments to reconcile net (loss) income to cash providedby operating activities: Non-controlling interest 50—50Gain on bargain purchase (1,800)—(1,800)Inventory reserve 1,5576152,172Stock based compensation expense 4,1041,1105,214Depreciation and amortization 9,09820,45029,548Impairment of long-lived assets —139139Right-of-use assets, non-cash lease expense 2,919—2,919Bad debts expense 2,3095,2257,534Deferred income taxes (281)3,5163,235Other non-cash items (55)6,3936,338Changes 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 8,7869459,731Lease liabilities (2,851)—(2,851)Accrued severance payable, net 15—15 Net cash provided by operating activities 2,43423,88826,322 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 ofpreferred stock (3,385)—(3,385)Proceeds from long-term debt 115,000—115,000Payment of long-term debt costs (1,081)—(1,081)Proceeds from exercise of stock options, net 36—36Cash 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 cashequivalents (1,135)(1,735)(2,870)Net increase (decrease) in cash and cash equivalents, andrestricted cash 84,575(3,126)81,449Cash and cash equivalents, and restricted cash at beginning ofthe period 25,08930,65755,746 Cash and cash equivalents, and restricted cash at end ofthe period $ 109,664$ 27,531$ 137,195 Reconciliation of cash, cash equivalents, and restricted cash, beginning of the period Cash and cash equivalents 24,78029,87654,656Restricted cash 3097811,090Cash, cash equivalents, and restricted cash, beginning of theperiod $ 25,089$ 30,657$ 55,746 Reconciliation of cash, cash equivalents, and restricted cash, end of the period Cash and cash equivalents 24,35426,73751,091Restricted cash 85,31079486,104Cash, 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$ 3,381Interest $ 1,720$ 694$ 2,414 Noncash investing and financing activities: Value of licensed intellectual property acquired in connection with Movingdots acquisition $ 1,517$ —$ 1,517Preferred stock dividends paid in shares $ 1,108$ —$ 1,108Issuance 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, 2024Powerfleet TelematicsPro FormaCombined 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 601334935 Other expense, net 55—55 Income tax expense 3521,5651,917 Depreciation and amortization 1,9436,4268,369 Stock-based compensation 1,0282831,311 Foreign currency losses 43395438 Restructuring-related expenses 324—324 Impairment of long-lived assets —139139 Net profit on fixed assets —(66)(66) Contingent consideration remeasurement —(250)(250) Acquisition-related expenses 6,0781,0997,177 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, 2024Powerfleet TelematicsPro FormaCombined 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 1,9871,2053,192 Other expense, net 87—87 Income tax expense 5496,4657,014 Depreciation and amortization 9,09820,45029,548 Stock-based compensation 4,1041,1105,214 Foreign currency translation (248)1,7411,493 Restructuring-related expenses 1,035301,065 Gain on Bargain purchase - Movingdots (1,800)—(1,800) Impairment of long-lived assets —139139 Net profit on fixed assets —(115)(115) Contingent consideration remeasurement —(1,299)(1,299) Acquisition-related expenses 11,2183,09514,313 Non-recurring transitional service agreement costs —482482 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, 2024Powerfleet TelematicsPro FormaCombined Net (loss) income $ (8,515)$ (733)$ (9,248) Foreign currency losses 43395438 Income tax effect of net foreign exchange losses —389389 Restructuring-related expenses 324—324 Acquisition-related expenses 6,0781,0997,177 Non-recurring transitional service agreement costs ——— Income tax effect of non-recurring transitional service agreementcosts —(130)(130) Contingent consideration remeasurement —(250)(250) Non-GAAP net (loss) income $ (2,070)$ 770$ (1,300) Weighted average shares outstanding 35,81371,081106,894 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, 2024Powerfleet TelematicsPro FormaCombined Net (loss) income $ (18,836)$ 2,585$ (16,251) Foreign currency (gains) losses (248)1,7411,493 Income tax effect of net foreign exchange losses —279279 Restructuring-related expenses 1,035301,065 Income tax effect of restructuring costs —(7)(7) Acquisition-related expenses 11,2183,09514,313 Non-recurring transitional service agreement costs —482482 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 35,69471,200106,894 Non-GAAP net (loss) income per share - basic $ (0.19)$ 0.10$ (0.001) View original content to download multimedia: SOURCE Powerfleet
Yahoo
16-06-2025
- Automotive
- Yahoo
EverDriven Expands AI Video Safety Partnership with Powerfleet to Enhance Student Transportation Across 34 States
WOODCLIFF LAKE, N.J., June 16, 2025 /PRNewswire/ -- Powerfleet (Nasdaq: AIOT), a global leader in AI-powered data intelligence, today announced an expanded deployment of its advanced AI video safety solution with EverDriven Technologies, a trusted leader in alternative student transportation across the United States. EverDriven operates across 34 states with 9,000+ drivers completing over 2 million trips annually. Due to the overwhelming interest from their school district partners, EverDriven will complete a major AI video safety deployment, scaling its relationship with Powerfleet to circa 4,000 subscribers. This initiative enhances driver safety, automated coaching, and real-time risk detection, reinforcing EverDriven's safety-first mission. "Our growing partnership with EverDriven highlights the increasing demand for Unity's AI-powered safety solutions in North America," said Steve Towe, CEO of Powerfleet. "We are proud to support EverDriven in delivering safer, more reliable mobility for students across the country. This collaboration further demonstrates the growth of our Unity safety solutions in our number one priority market." Powerfleet Unity's AI video technology leverages machine learning and computer vision to detect critical events, assess driving behavior, and provide real-time interventions. By identifying risks and enabling targeted coaching, it improves student safety and school district confidence. "At EverDriven, our primary mission is to ensure that every student has access to safe, reliable transportation to and from school," said Mitch Bowling, CEO of EverDriven. "Our exclusive partnership with Powerfleet and the implementation of AI video technology marks a significant advancement in our safety protocols. The AI-powered capabilities have already proven to enhance driver performance, provide peace of mind, and, most importantly, help ensure the well-being of the students we serve. With the growing adoption of this technology across districts, our decision to significantly expand deployment reflects our confidence in the benefits of AI video and our commitment to setting new standards in student transportation." For more information on Powerfleet's AI-driven Unity safety solutions, visit About Powerfleet Powerfleet (Nasdaq: AIOT) is a global leader in AI-powered data intelligence, optimizing mobile asset performance, safety, and sustainability. Powerfleet's award winning Unity SaaS solution portfolio integrates AI, machine learning, and IoT connectivity to provide mission-critical insights for industrial, logistics, and transportation sectors. With 48,000 customers across 120 countries, Powerfleet empowers businesses with data-driven intelligence to enhance operational efficiency, safety, and workforce productivity. Learn more at About EverDriven EverDriven is the trusted leader in alternative student transportation, dedicated to ensuring that the most vulnerable children in the U.S. have access to safe and reliable transportation. Operating across 34 states with a network of over 9,000 drivers completing more than 2 million trips annually, EverDriven partners with school districts nationwide to eliminate transportation barriers and support student success. For more information, visit Powerfleet Investor ContactsCarolyn Capaccio and Jody BurfeningAlliance Advisors IRAIOTIRTeam@ Powerfleet Media ContactJonathan +44 7921 242 892 View original content to download multimedia: SOURCE Powerfleet
