PowerFleet Q2 2023 revenue $32.1M; services revenue 66% of total; net loss $4.3M

Powerfleet, Inc.

2023-Q2 EPS reported $0.01 revenue$64,889,000

Total revenue $32.1M (down 7% YoY) as product sales decrease offset service revenue growth of 13% constant currency.
Services revenue $21M (66% of total) vs 57% prior year; core service gross margin 71%.
Net loss attributable to common stockholders $4.3M ($0.12/sh) vs $1.3M ($0.04/sh) in Q2 2022.
Adjusted EBITDA $647K vs $3.3M prior year; EBITDA improved sequentially 31% to $1.8M pro forma for Movingdots.
Subscriber count 697,177, up 9% YoY; cost savings of $4M annualized to make Movingdots EBITDA neutral exiting Q3.

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