PowerFleet(PWFL) - 2024 Q4 - Annual Results

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]