---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-24-009629"
form_type: "8-K"
ticker: "AIOT"
cik: "0001774170"
company_name: "Powerfleet, Inc."
filed_at: "2024-03-12T23:59:59+00:00"
generated_at: "2026-06-04T23:10:52.684314+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Powerfleet Q4 revenue $34.5M (+9% CC), AEBITDA $2.9M (+110% YoY); MiX deal on track for Apr 2

## Summary
- Q4 total revenue $34.5M (+9% YoY constant currency); service revenue $21.7M (+16% CC).
- Adjusted EBITDA of $2.9M, up 110% YoY; net loss $(0.13)/share includes $1.5M gain on bargain purchase.
- Full-year service revenue grew 14% CC to $84.2M (63% of total revenue); gross margin expanded to 50.2% from 47.5%.
- Entered $85M facility with RMB (two $42.5M tranches, 3yr and 5yr maturities) to redeem Series A preferred and for corp purposes.
- Business combination with MiX Telematics on track to close April 2, 2024.

## SEC filing metadata
- accession: 0001493152-24-009629
- form_type: 8-K
- ticker: AIOT
- cik: 0001774170
- company_name: Powerfleet, Inc.
- filed_at: 2024-03-12T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1774170/000149315224009629/0001493152-24-009629-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1774170/000149315224009629/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-24-009629
- JSON: https://secwatch.observer/filing/0001493152-24-009629.json
- Plain text: https://secwatch.observer/filing/0001493152-24-009629.txt

## Key facts
- Debt Financings
  Powerfleet, Inc. incurred term loan of $85 million with FirstRand Bank Limited (acting through its Rand Merchant Bank division) maturing three years following the closing date.
  - Instrument: term loan
  - Principal: $85 million
  - Counterparty: FirstRand Bank Limited (acting through its Rand Merchant Bank division)
  - Maturity: three years following the closing date
  - Event: incurrence
  source text: RMB has agreed to provide the Company with two term loan facilities in an aggregate principal amount of $85 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774170/000149315224009629/0001493152-24-009629-index.htm
- Earnings Releases
  Powerfleet, Inc. reported the fiscal quarter ended December 31, 2023 results: revenue $34.5 million.
  - Period: the fiscal quarter ended December 31, 2023
  - Revenue: $34.5 million
  - Result: reported results
  source text: Total revenue was $34.5 million, compared to $33.1 million in the same year-ago period, an increase of 4% on an absolute basis and 9% on a constant currency basis.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774170/000149315224009629/0001493152-24-009629-index.htm
- Earnings Releases
  Powerfleet, Inc. reported financial results for the fiscal year ended December 31, 2023.
  - Period: the fiscal year ended December 31, 2023
  - Result: reported results
  source text: Service revenue increased 14% year-over-year (constant currency) to $84.2 million, or 63% of total revenue up from 58% in 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774170/000149315224009629/0001493152-24-009629-index.htm
- Material Agreements
  Powerfleet, Inc. entered into Facilities Agreement with FirstRand Bank Limited (acting through its Rand Merchant Bank division) valued at $85 million (effective 2024-03-07).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: FirstRand Bank Limited (acting through its Rand Merchant Bank division)
  - Value: $85 million
  - Effective: 2024-03-07
  source text: On March 7, 2024, PowerFleet, Inc. (the “Company”), together with I.D. Systems, Inc. (“IDSY”) and Movingdots GmbH (“Movingdots” and, collectively with the Company and IDSY, the “Obligors”), each a wholly owned subsidiary of the Company, entered into a Facilities Agreement (the “Facilities Agreement”) with FirstRand Bank Limited (acting through its Rand Merchant Bank division) (“RMB”), pursuant to which RMB has agreed to provide the Company with two term loan facilities in an aggregate principal amount of $85 million, comprised of two facilities in the aggregate principal amount of $42.5 million and $42.5 million, respectively (the “Term A Facility” and “Term B Facility,” respectively, and, collectively, the “Term Facilities”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774170/000149315224009629/0001493152-24-009629-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.