PowerFleet Q1 services revenue up 17% constant currency; GAAP net income $3.5M on bargain purchase gain

Powerfleet, Inc.

2023-Q1 EPS reported $0.11 revenue$32,839,000

Services revenue $20.4M, up 9% GAAP and 17% constant currency YoY; total revenue $32.8M.
Gross margin expanded to 51% from 43%; core business gross margin 53%, services gross margin 71%.
Adjusted EBITDA improved to $1.4M from $(0.6)M; operating loss improved 49%.
Net income $3.5M ($0.10 basic EPS) includes $7.2M bargain purchase gain from Movingdots acquisition.
Ended quarter with $25.1M cash; expects Q2 revenue growth and EBITDA expansion from core business.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Powerfleet, Inc. reported first quarter ended March 31, 2023 results: revenue $32.8 million, net income $3.5 million, EPS $0.08 per fully diluted share.

Period: first quarter ended March 31, 2023
Revenue: $32.8 million
Net income: $3.5 million
EPS: $0.08 per fully diluted share
Result: reported results

Exact text from the filing

to deliver our strategic foundational pillars - sustainable top-line growth, increased profitability, and cash flow.” FIRST QUARTER 2023 FINANCIAL RESULTS Total revenue was $32.8 million, compared to $33.2 million in the same year-ago period, with growth in services revenue offsetting lower product sales. On a constant currency basis, total revenue would have

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Source: SEC EDGAR

accession 0001493152-23-015937

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