Financial Performance - Powerfleet, Inc. reported preliminary financial results for the fiscal year ended March 31, 2025[5]. - The company has not provided specific financial metrics or performance guidance in this report[5]. Business Integration and Strategy - The company is in the process of integrating its business with MiX Telematics and Fleet Complete, aiming to recognize anticipated synergies[7]. - The company emphasizes the importance of protecting its intellectual property and managing growth effectively[7]. Risks and Uncertainties - Forward-looking statements indicate potential impacts from tariffs and economic conditions on future performance[7]. - Risks include the loss of key customers and competition from various providers of wireless solutions[7]. - The report includes a cautionary note regarding the reliance on forward-looking statements due to inherent uncertainties[7]. - The company has no obligation to update forward-looking statements unless required by law[8]. Management - David Wilson serves as the Chief Financial Officer of Powerfleet, Inc.[13]. Additional Information - The press release detailing financial results is included as Exhibit 99.1[10].

Revenue Growth - Total revenue for Q3 2025 increased by 45% year-over-year to $106.4 million, with service revenue accounting for 77% of total revenue[3] - Total revenues for the three months ended December 31, 2024, were $106,429 million, representing a 44.5% increase compared to $73,635 million for the same period in 2023[22] - Product revenue grew 42% to $24.7 million, driven by the Fleet Complete acquisition and strong in-warehouse product sales[3] - Total revenues for the nine months ended December 31, 2023, reached $214.1 million, with Powerfleet Inc. contributing $100.9 million and MiX Telematics contributing $113.2 million[37] Adjusted EBITDA - Adjusted EBITDA rose 77% to $22.5 million, up from $12.7 million in the prior year, driven by the Fleet Complete acquisition and organic growth[9] - The company achieved an adjusted EBITDA of $12.704 million for the three months ended December 31, 2023, compared to $22.495 million for the same period in 2024[28] - Adjusted EBITDA for Powerfleet Inc. was $3,170,000, while MiX Telematics reported $9,534,000, leading to a pro forma combined adjusted EBITDA of $12,704,000 for the same period[43] - The adjusted EBITDA for the nine months ended December 31, 2023, was $5,324,000 for Powerfleet Inc. and $26,696,000 for MiX Telematics, totaling $32,020,000 on a pro forma basis[44] Operating Expenses - Operating expenses totaled $60.0 million, including $6.7 million in one-time transaction and restructuring costs[8] - The company reported a total operating expense of $60,026 million for the three months ended December 31, 2024, which is an increase from $42,391 million in the same period of 2023[22] - Operating expenses amounted to $121.5 million, with selling, general, and administrative expenses accounting for $110.5 million[37] - The company incurred acquisition-related expenses of $4.885 million for the three months ended December 31, 2023, compared to $5.301 million in the same period of the previous year[33] Net Loss and Profit - The net loss attributable to common stockholders for the three months ended December 31, 2024, was $14,349 million, compared to a net loss of $5,049 million for the same period in 2023[22] - PowerFleet's net loss attributable to common stockholders for the three months ended December 31, 2023, was $5.049 million, an improvement from a net loss of $14,349 million in the same period of the previous year[29] - The net loss attributable to common stockholders was $15.9 million, translating to a net loss per share of $0.15[37] - Powerfleet Inc. reported a net loss of $6,510,000 for the three months ended December 31, 2023, while MiX Telematics reported a net profit of $1,461,000, resulting in a pro forma combined net loss of $5,049,000[43] Cash and Assets - Cash and cash equivalents at the end of the period were $38,645 million, down from $45,614 million at the beginning of the period, reflecting a decrease of 15.5%[27] - Total assets as of March 31, 2024, were $484,274 million, compared to $908,669 million as of December 31, 2024[24] - Total current assets were $235.8 million, while total liabilities stood at $251.5 million, indicating a current ratio of approximately 0.93[39] Acquisition and Market Expansion - The Fleet Complete acquisition has significantly expanded market opportunities through partnerships with leading telecommunications providers[5] - The company secured $15 million in annualized savings from its cost synergy program, with a target of over $16 million by fiscal year-end[5] - The company reported a bargain purchase gain of $1,800 million related to the acquisition of Movingdots[22] - Powerfleet Inc. recorded a bargain purchase gain of $1.8 million from the acquisition of Movingdots[37] Research and Development - Research and development expenses for the nine months ended December 31, 2024, were $11,157 million, slightly increasing from $11,060 million in the same period of 2023[22] - The companies incurred $11.1 million in research and development expenses, reflecting a commitment to innovation[37] Shareholder Information - The weighted average common shares outstanding for the three months ended December 31, 2024, were 132,189 million, compared to 106,335 million for the same period in 2023[22] - The weighted average shares outstanding for the combined companies was 106,367[46]

Financial Performance - Powerfleet reported a net loss attributable to common stockholders, which was understated due to accounting errors related to Series A convertible preferred stock[158]. - Revenues increased by $42.8 million, or 124.9%, to $77.0 million in the three months ended September 30, 2024, from $34.2 million in the same period in 2023[215]. - Revenues from products increased by $7.1 million, or 53.4%, to $20.3 million in the three months ended September 30, 2024, from $13.2 million in the same period in 2023[216]. - Revenues from services increased by $35.7 million, or 170.0%, to $56.7 million for the three months ended September 30, 2024, primarily due to the MiX Telematics business acquisition[217]. - Revenues increased by $86.1 million, or 129.8%, to $152.4 million for the six months ended September 30, 2024, compared to $66.3 million in the same period in 2023[224]. - Revenues from services increased by $71.4 million, or 169.9%, to $113.4 million for the six months ended September 30, 2024, primarily due to the MiX Telematics acquisition[226]. - Gross profit margin improved to 53.7% in 2024 from 50.0% in 2023[213]. - Total operating expenses decreased to 52.9% of revenues in 2024 from 59.0% in 2023[213]. - The net loss before income taxes improved to (2.1)% in 2024 from (9.5)% in 2023[213]. - Net loss attributable to common stockholders was $1.9 million, or $(0.02) per share, for the three months ended September 30, 2024, compared to a net loss of $6.5 million, or $(0.18) per share, for the same period in 2023[223]. - Adjusted EBITDA for the six months ended September 30, 2024, was $28.2 million, compared to $2.2 million for the same period in 2023[238]. Acquisitions and Strategic Moves - The MiX Combination, completed on April 2, 2024, is expected to provide operational synergies and access to a broader customer base, with MiX Telematics serving over one million global subscribers[166]. - Fleet Complete was acquired on October 1, 2024, enhancing Powerfleet's offerings in fleet, asset, and mobile workforce management across North America, Australia, and Europe[169]. - On April 2, 2024, the company completed the MiX Combination, making MiX Telematics a wholly owned subsidiary[266]. - On October 1, 2024, the company completed the FC Acquisition, making Fleet Complete a wholly owned subsidiary[267]. - The company drew down $125 million under the New RMB Term Facility on October 1, 2024, to pay a portion of the Purchase Price for the FC Acquisition[256]. - The company used $90.3 million to repay Series A Preferred Stock following the MiX Combination, while receiving $61.9 million from a Private Placement[263]. Cash and Liquidity - Cash and cash equivalents and restricted cash totaled $89.0 million as of September 30, 2024, sufficient to fund projected operations for at least the next 12 months[210]. - As of September 30, 2024, the company had cash and cash equivalents of $89.0 million and working capital of $81.2 million, down from $109.7 million and $126.2 million respectively as of March 31, 2024[258]. - During the six months ended September 30, 2024, net cash used in operating activities was $10.8 million, compared to $2.1 million for the same period in 2023[261]. - Net cash provided by investing activities for the six months ended September 30, 2024 was $12.9 million, primarily due to $27.5 million in net cash assumed from the MiX Combination[262]. - The company has $61.9 million in restricted cash from the Private Placement, which was used for the FC Acquisition[258]. - As of September 30, 2024, approximately $12.1 million had been utilized under the Hapoalim Revolving Facilities[247]. Operational Efficiency and Product Development - Powerfleet's solutions include Powerfleet for Warehouse, Logistics, and Vehicles, designed to improve asset management and operational efficiency[170][171][172]. - The company has 51 patents and over 25 years of experience in IoT device development, positioning it well for future innovations[174]. - Customers typically achieve a return on investment in less than 12 months from the deployment of Powerfleet's solutions[175]. - Powerfleet's applications provide real-time intelligence for organizations, enhancing visibility, safety, and compliance across various industries[179][180]. - The company aims to automate processes and increase employee productivity through its applications, addressing labor resource allocation and operational efficiency[184]. - Powerfleet's car-sharing solution allows rental companies to remotely control and monitor vehicles, enhancing customer service and operational efficiency[186]. Expense Management - Cost of revenues increased by $18.5 million, or 108.2%, to $35.7 million for the three months ended September 30, 2024, with MiX Telematics contributing $17.5 million[218]. - Selling, general and administrative (SG&A) expenses increased by $19.6 million, or 110.0%, to $37.3 million for the three months ended September 30, 2024, largely due to the MiX Telematics acquisition[221]. - SG&A expenses increased by $57.1 million, or 163.4%, to $92.1 million for the six months ended September 30, 2024, with a decrease in SG&A expenses as a percentage of revenues to 44.5%[230]. - Research and development (R&D) expenses increased by $1.0 million, or 41.6%, to $3.4 million for the three months ended September 30, 2024, with R&D expenses as a percentage of revenues decreasing to 4.5%[222].

Revenue Performance - Q2 FY25 revenue increased by 7% year-over-year to $77.0 million, with product revenue rising 13% to $20.3 million[4] - First half FY25 revenue reached $152.4 million, up 9% year-over-year, exceeding annual guidance[6] - Full-year 2025 revenue is expected to exceed $352.5 million, with adjusted EBITDA anticipated to exceed $72.5 million[15] - Total revenues for the three months ended September 30, 2024, increased to $77,018 thousand, up from $72,004 thousand in the same period of 2023, representing a growth of 6.0%[22] - Total revenues for Powerfleet, Inc. reached $66,335,000, while MiX Telematics reported $74,112,000, leading to a combined pro forma revenue of $140,447,000[34] Profitability and Margins - Adjusted EBITDA for Q2 FY25 grew by 41% to $14.5 million, benefiting from expanded gross profit and cost synergies[5] - Adjusted gross margins for product revenue expanded by 3% sequentially to 35%, exceeding guidance of +30%[4] - Gross profit for the six months ended September 30, 2024, was $80,991 thousand, compared to $79,512 thousand for the same period in 2023, reflecting a slight increase of 1.9%[22] - The total gross profit margin for the three months ended September 30, 2024, was 53.1%, down from 56.1% in the same period of 2023[31] - The service margin for the three months ended September 30, 2024, was 60.5%, down from 62.7% in the same period of 2023[31] Expenses and Cost Management - Achieved $13.5 million in annual cost synergies within the first six months of the MiX combination, representing 50% of the two-year target of $27 million[2] - Operating expenses for the three months ended September 30, 2024, decreased to $40,770 thousand from $41,003 thousand in the same period of 2023, a reduction of 0.6%[22] - Adjusted operating expenses for the three months ended September 30, 2024, were $36,885 thousand, a decrease from $38,819 thousand in the same period of 2023, indicating a reduction of 5.0%[32] - Research and development expenses for the six months ended September 30, 2024, were $6,536 thousand, down from $7,626 thousand in the same period of 2023, a decrease of 14.3%[22] - Acquisition-related expenses for the six months ended September 30, 2023, were $2,251,000, with a significant increase to $15,571,000 projected for 2024[30] Net Income and Loss - Adjusted earnings per basic share improved to $0.02, compared to a loss of $(0.01) in the prior period[12] - Net loss attributable to common stockholders for the three months ended September 30, 2024, was $1,888 thousand, compared to a net loss of $6,262 thousand in the same period of 2023, indicating an improvement of 69.8%[22] - The net loss for 2023 Pro Forma Combined was $4,959,000, while the consolidated net loss for 2024 is projected to be $24,200,000[24] - The company reported a net loss before income taxes of $1,627 thousand for the three months ended September 30, 2024, compared to a net loss of $709 thousand in the same period of 2023[22] - The net loss attributable to common stockholders for the three months ended September 30, 2024, was $(6,510) thousand, compared to a net income of $248 thousand in the same period of 2023[33] Cash Flow and Liquidity - Cash and cash equivalents decreased from $51,091 thousand as of March 31, 2024, to $25,962 thousand as of September 30, 2024[23] - The company experienced a net decrease in cash and cash equivalents of $5,924,000 in 2023, with a larger decrease of $20,628,000 expected in 2024[25] - Cash provided by operating activities for 2023 was $11,366,000, but it is expected to be a cash used of $10,792,000 in 2024[24] - The total cash and cash equivalents at the end of the period for 2023 was $49,822,000, compared to $89,036,000 for 2024[27] - Cash flows from operating activities showed a net cash used of $2,072 for Powerfleet Inc. and a net cash provided of $13,438 for MiX Telematics, resulting in a pro forma combined cash flow of $11,366[37] Balance Sheet and Financial Position - Pro forma net debt increased to $121 million, primarily due to higher net working capital following strong top-line performance[14] - Total assets increased significantly from $484,274 thousand to $748,335 thousand between March 31, 2024, and September 30, 2024[23] - Total liabilities rose from $251,477 thousand to $297,225 thousand during the same period, indicating a growth of 18.2%[23] - The company’s accumulated deficit increased from $(78,516) thousand to $(178,996) thousand between March 31, 2024, and September 30, 2024[23] - The company reported a total stockholders' equity of $142,414,000, with Powerfleet, Inc. at $38,531,000 and MiX Telematics at $103,883,000[36]

Market Overview - U.S. stocks traded lower, with the S&P 500 down approximately 0.2% on Wednesday, closing at 5,622.88 [1] - The Dow Jones Industrial Average decreased by 0.21% to 41,520.08, while the NASDAQ fell 0.25% to 17,584.86 [1] Sector Performance - Real estate shares increased by 0.2% on Wednesday [1] - Financials shares experienced a decline of 0.3% [1] Housing Market - U.S. housing starts rose by 9.6% from the previous month, reaching an annualized rate of 1.356 million units for August [2][8] - Building permits in the U.S. increased by 4.9% to an adjusted annual rate of 1.475 million in August [2][8] Notable Stock Movements - Intuitive Machines, Inc. (LUNR) shares surged 49% to $8.03 after securing a NASA contract valued at up to $4.82 billion [2] - Applied Therapeutics, Inc. (APLT) saw a 67% increase to $7.76 following the FDA's decision to forgo an advisory committee meeting [2] - PowerFleet, Inc. (AIOT) shares rose 15% to $5.32 after announcing a $200 million acquisition of Fleet Complete [2] Declining Stocks - NANO Nuclear Energy Inc. (NNE) shares fell 10% to $11.14 [3] - Wheeler Real Estate Investment Trust, Inc. (WHLR) shares dropped 18% to $7.62 due to a 1-for-3 reverse stock split announcement [3] - Cibus, Inc. (CBUS) shares decreased by 25% to $3.7786 after pricing a $12 million offering of 3 million shares at $4.00 each [3] Commodity Prices - Oil prices decreased by 0.8% to $70.65, while gold prices increased by 0.3% to $2,599.90 [4] - Silver prices fell by 0.3% to $30.90, and copper prices rose by 0.6% to $4.2990 [4] European Market Insights - The annual inflation rate in the Eurozone decreased to 2.2% in August, down from 2.6% in the previous month [5] - Construction output in the Eurozone fell by 2.2% year-over-year in July, compared to a revised 1.3% decline in the previous month [5] Asian Market Performance - Asian markets closed mostly higher, with Japan's Nikkei 225 and China's Shanghai Composite Index both gaining 0.49% [6] Japanese Trade Data - Japan's trade deficit narrowed to JPY 695.30 billion in August from JPY 940.10 billion in the same month last year, better than market expectations [7]

Financial Performance - Powerfleet reported a net loss attributable to common stockholders, which was understated due to accounting errors related to Series A convertible preferred stock[120]. - Revenues increased by $43.3 million, or 135.0%, to $75.4 million in the three months ended June 30, 2024, from $32.1 million in the same period in 2023[162]. - Revenues from products increased by $7.7 million, or 69.1%, to $18.7 million, primarily due to the MiX Telematics business acquired, which contributed $8.8 million in product revenues[162]. - Revenues from services increased by $35.7 million, or 169.9%, to $56.7 million, mainly due to the MiX Telematics business acquired, contributing $34.9 million in service revenues[162]. - Gross profit was $39.6 million in the three months ended June 30, 2024, compared to $16.0 million for the same period in 2023, with gross profit margin increasing to 52.6%[163]. - Net loss attributable to common stockholders was $22.3 million, or $(0.21) per share, for the three months ended June 30, 2024, compared to a net loss of $6.2 million, or $(0.17) per share, for the same period in 2023[167]. - Adjusted EBITDA for the three months ended June 30, 2024, was $13.735 million, compared to $0.365 million for the same period in 2023[171]. Acquisition and Integration - The MiX Telematics acquisition, completed on April 2, 2024, is expected to provide operational synergies and access to over one million global subscribers across more than 120 countries[125]. - The company changed its fiscal year end from December 31 to March 31 to align with the MiX Combination and improve financial reporting efficiency[126]. - The MiX Combination, completed on April 2, 2024, is expected to be a source of positive cash flow and contributed approximately 58% to consolidated revenues for the three months ended June 30, 2024[196][203]. - The integration of MiX Telematics is ongoing, including the adoption of a uniform ERP system across the group[205][208]. Operational Efficiency and Innovation - Powerfleet's solutions include asset management for industrial trucks and logistics, enhancing visibility and operational efficiency across global supply chains[127][128]. - The analytics platform provides real-time insights and KPIs to help organizations improve operational efficiency and safety[137]. - Powerfleet's applications automate processes, increasing employee productivity and optimizing resource allocation[139]. - Customers typically achieve a return on investment in less than 12 months from the deployment of Powerfleet's SaaS solutions[130]. - The company has developed 49 patents and patent applications, positioning itself for continued innovation in IoT device development[128]. Financial Challenges and Cash Flow - The company had an accumulated deficit of $177.1 million as of June 30, 2024[158]. - The company is in the process of implementing a remediation plan to address identified material weaknesses in internal controls over financial reporting[204]. - The company has not generated sufficient cash flow solely from operating activities to fund its operations, indicating potential liquidity challenges[189]. - Net cash used in operating activities for the three months ended June 30, 2024, was $7.6 million, compared to $0.5 million for the same period in 2023, representing a significant increase in cash outflow[191]. - Net cash used in financing activities was $89.5 million for the three months ended June 30, 2024, primarily due to the repayment of Series A Preferred Stock of $90.3 million[193]. Cost and Expense Management - Cost of revenues increased by $19.7 million, or 122.6%, to $35.8 million, with the MiX Telematics business contributing $19.4 million to cost of revenues[163]. - Cost of services increased by $15.5 million, or 206.1%, to $23.0 million, with gross profit for services decreasing to 59.4% due to amortization of acquisition-related intangibles[165]. - SG&A expenses increased by $37.6 million, or 218.5%, to $54.8 million for the three months ended June 30, 2024, compared to $17.2 million in the same period in 2023[166]. - R&D expenses rose by $0.9 million, or 39.6%, to $3.1 million for the three months ended June 30, 2024, compared to $2.2 million in the same period in 2023[167]. Market and Strategic Outlook - The company aims to become a leading global provider of IoT SaaS solutions, focusing on vertical markets and expanding customer base[152]. - The company plans to pursue strategic acquisitions and establish relationships with global distributors to expand into new applications and markets[153]. - The company expects long sales cycles and sporadic large orders, which may cause revenue and operational results to vary significantly[157]. Cash and Debt Management - As of June 30, 2024, the company had cash and cash equivalents of $31.4 million, down from $109.7 million as of March 31, 2024, indicating a decrease of approximately 71.4%[189]. - The Hapoalim Term Facilities have an aggregate principal amount of $30 million, maturing on March 18, 2029, with interest rates of Hapoalim's prime rate + 2.2% and + 2.3%[182]. - RMB Facilities provided an aggregate principal amount of $85 million, with interest rates of 8.699% and 8.979% per annum, repayable in one installment on March 31, 2027, and March 31, 2029, respectively[186]. - As of June 30, 2024, MiX Telematics had not borrowed under the RMB General Facility, which has a term of 365 days and an interest rate calculated at South African prime rate minus 0.75%[187]. - The CFC Overdraft Facility allows MiX Telematics to utilize a maximum amount of R70.0 million (approximately $3.8 million), with $0.6 million utilized as of June 30, 2024[187]. Economic and Market Conditions - Inflation and macroeconomic conditions have led to increased costs of raw materials, freight, and labor, impacting operating costs[195].

Group 1 - PowerFleet, Inc. reported revenue of $75.43 million for the first quarter of 2024, which is a significant increase of 129.27% compared to the analyst estimate of $32.90 million [1]

Financial Performance - Total revenue for Q1 2025 increased by 10.2% year-over-year to $75.4 million, up from $68.4 million in the same period last year[4] - Product revenue rose by 29% year-over-year to $18.7 million, contributing to a 7% expansion in product gross margin[2] - Adjusted EBITDA increased by 52.2% to $13.7 million from $9.0 million in the previous year, driven by strong topline performance[6] - Full-year 2025 revenue is expected to exceed $300 million, with adjusted EBITDA anticipated to exceed $60 million[7] - Service revenue grew by 5% year-over-year to $56.7 million, highlighting the strength of the Unity product strategy[4] - The company reported a net loss attributable to common stockholders of $22.3 million, or $(0.21) per share, compared to $(0.04) in the prior year[5] - Combined gross margin was 52.6%, with an adjusted gross margin of 56.5% excluding non-cash expenses[5] - Total revenues for the three months ended June 30, 2024, increased to $75,430 thousand, up from $68,443 thousand in the same period of 2023, representing a growth of approximately 12.9%[21] - Gross profit for the three months ended June 30, 2024, was $39,648 thousand, slightly up from $39,131 thousand in the prior year, indicating a stable gross profit margin[21] - Non-GAAP net income for the three months ended June 30, 2024, was $326 thousand, compared to a non-GAAP net loss of $203 thousand in the same period of 2023[20] - The adjusted total gross profit margin for the three months ended June 30, 2024, was 56.5%, down from 57.2% in the prior year[21] - The company reported a net loss attributable to common stockholders of $36,245 thousand for the year ended March 31, 2024, compared to a net loss of $4,634 thousand for the year ended March 31, 2023[24] - Total revenues for Powerfleet, Inc. and MiX Telematics combined for the year ended March 31, 2024, were $286,904,000, a slight increase from $280,469,000 in the previous year[31][32] Expenses and Liabilities - Operating expenses totaled $57.9 million, including $20.4 million in one-time costs related to the MiX transaction[5] - Total operating expenses for the three months ended June 30, 2024, increased to $57,883 thousand from $38,140 thousand in the same period of 2023, reflecting a rise of approximately 51.7%[22] - Total liabilities increased to $294,365 thousand as of June 30, 2024, from $251,477 thousand[16] - The company incurred $2,901,000 in preferred stock dividend and accretion during the reporting period[29] - Acquisition-related expenses for the three months ended June 30, 2024, amounted to $14,494 thousand, significantly higher than $223 thousand in the same period of 2023[22] - Interest expense for Powerfleet, Inc. rose to $2,174,000 in 2024 from $757,000 in 2023, indicating increased borrowing costs[31][32] Cash Flow and Assets - The company ended the quarter with net debt of $108.2 million, comprising $31.4 million in cash and $139.6 million in total debt[6] - Cash and cash equivalents, along with restricted cash, decreased to $31,393 thousand at the end of the period from $49,902 thousand[18] - Cash used in operating activities for the three months ended June 30, 2024, was $(7,615) thousand, compared to $4,522 thousand in the prior year[17] - The total current assets for Powerfleet were $169,788,000, and for MiX Telematics, they were $66,041,000, leading to a pro forma total of $235,829,000[26] - Cash flows from operating activities showed a net cash used of $457,000 for PowerFleet Inc. and a net cash provided of $4,979,000 for MiX Telematics, resulting in a pro forma combined cash flow of $4,522,000[27] Stock and Shares - The weighted average shares outstanding for the three months ended June 30, 2024, were 107,136, compared to 106,390 in the same period of 2023[20] - The weighted average common shares outstanding for Powerfleet, Inc. increased to 35,813,000 in 2024 from 35,548,000 in 2023, reflecting potential dilution for existing shareholders[31][32] Research and Development - Research and development expenses for Powerfleet, Inc. increased to $8,675,000 in 2024 from $7,458,000 in 2023, highlighting a focus on innovation[31][32] Acquisitions - The company made an acquisition net of cash assumed amounting to $27,531 thousand during the period[17] - The company reported a bargain purchase gain of $1,800,000 related to Movingdots in 2024, contributing positively to the financial results[32]

Core Insights - Powerfleet, Inc. is a global leader in the artificial intelligence of things (AIoT) software-as-a-service (SaaS) mobile asset industry, focusing on driving business change and digital transformation for its customers [2][3]. Company Overview - Powerfleet has over 30 years of experience in unifying business operations through data ingestion, harmonization, and integration, providing actionable insights that help companies save lives, time, and money [3]. - The company is headquartered in New Jersey, United States, and has a global presence with offices around the world [3]. Upcoming Events - Management is scheduled to meet with investors at the Northland Capital Markets Growth Conference on June 25, 2024, to discuss the company's impact on customer business transformation [2]. - An investor presentation will be available on Powerfleet's website [2].

Core Insights - Powerfleet, Inc. has announced that IMC Logistics, LLC, the largest marine drayage provider in the U.S., has deployed its Unity platform, which offers real-time visibility and harmonization of data across North America [7] - The Unity platform consolidates data from various sources and IoT devices, eliminating the challenges associated with multiple providers and portals, thus providing a future-proof solution for IMC [1][7] - IMC Logistics has leveraged Powerfleet's hardware and SaaS solutions to achieve complete asset visibility from port to final destination, enhancing operational efficiency [2] Company Overview - IMC Logistics, LLC is recognized as the largest marine drayage company in the United States, operating a vast fleet of trucks and chassis, along with an integrated network of secure depots and transloading facilities [8] - Powerfleet is a global leader in the AIoT SaaS mobile asset industry, with over 30 years of experience in unifying business operations through data integration and actionable insights [9] Partnership Impact - The partnership between IMC and Powerfleet exemplifies the transformative power of data in unifying operations to meet business objectives, with IMC revolutionizing the transportation space [8] - The implementation of the Unity platform has addressed asset visibility challenges for IMC, reducing the need for constant equipment search and re-evaluation [12]