Powerfleet, Inc.(US:AIOT)2025-07-10 07:38Company Overview - PowerFleet is a leading global B2B mobile fleet and asset management company[5] - The company has over 500,000 monthly subscription units, with over 57% of revenue being high-margin recurring revenue[5] - PowerFleet is an essential service provider to the industrial, logistics, and commercial vehicle industries[5] Market Opportunity and Growth - The global logistics market is projected to grow from $8.1 trillion in 2015 to $15.5 trillion in 2023, representing a 7.5% CAGR[17] - The global asset tracking market is estimated to reach $32 billion by 2024[18] - The global cold chain market is projected to reach $447 billion by 2025, with the North American cold chain market reaching $142.5 billion by 2024[18] - The global warehouse management system market is expected to grow from $2.1 billion in 2018 to $4.8 billion in 2024, a 15.2% CAGR[20] - The connected vehicle market is projected to grow from $73.2 billion in 2018 to $237 billion in 2025, a 14.2% CAGR[20] - Worldwide spending on the Internet of Things (IoT) is forecast to reach $745 billion in 2019, a 15.4% increase over the $646 billion spent in 2018[23] Financial Performance (Q1 2020) - Total revenue was $30.8 million[38] - Service revenue accounted for $17.6 million (57% of total revenue)[38] - Product revenue accounted for $13.2 million (43% of total revenue)[38] - Gross margins were 48.3%, with service margins at 62.3% and product margins at 29.6%[38] - Operating cash flow was $2.8 million[38] Financial Performance (Annual) - The company's target model aims for $200 million+ in revenue, with 50% ($100 million) from services/recurring revenue, a 55% gross profit ($110 million), and a 25% adjusted EBITDA ($50 million)[43]