Powerfleet, Inc. — fact timeline

Powerfleet, Inc. reported fiscal year ended March 31, 2026 results: revenue $443.8 million, net income $20.6 million, EPS $(0.15).

“● Revenue increased 22% to $443.8 million, at the top of the guidance range ● Services revenue increased 30% to $359.8 million ● Gross margin increased 180 basis points to 55.5% ● Net loss improved 60% to $20.6 million, or $(0.15) per share, compared to $(0.43)”

Powerfleet, Inc. reported fourth quarter ended March 31, 2026 results: revenue $114.5 million, net income $2.7 million, EPS $(0.02).

“● Revenue increased 11% to $114.5 million ● Services revenue increased 14% to $92.9 million ● Gross margin increased to 56.5% from 52.8% in the prior-year quarter ● Net loss improved 78% to $2.7 million, and loss per share improved by 7 cents to $(0.02) from $(0.09) in the prior-year quarter”

Mike Powell departed as Chief Innovation Officer at Powerfleet, Inc..

“Effective May 29, 2026, Mike Powell will depart from his role as Chief Innovation Officer of Powerfleet, Inc.”

Powerfleet, Inc. amended term loan of $85 million with FirstRand Bank Limited (acting through its Rand Merchant Bank division) at 4.85% plus the applicable term SOFR reference rate maturing March 31, 2028.

“(acting through its Rand Merchant Bank division) (“RMB”), pursuant to which RMB agreed to provide the Company with two term loan facilities in an aggregate principal amount of $85 million, composed 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,”

Jim Zeitunian resigned as Chief Technology Officer at Powerfleet, Inc..

“On January 2, 2025, Jim Zeitunian notified Powerfleet, Inc. (the “Company”) of his resignation as Chief Technology Officer of the Company. Mr. Zeitunian will be leaving the Company effective as of January 30, 2025.”

Powerfleet, Inc. completed an acquisition involving Golden Eagle Topco, LP and other sellers for $200 million (closed 2024-10-01).

“in exchange for payment by the Purchasers of an aggregate purchase price of $200 million”

Powerfleet, Inc.: Changed fiscal year end from December 31 to March 31 effective immediately (effective 2024-05-08).

“On May 8, 2024, the Board of Directors of Powerfleet, Inc. (the “Company”) approved a change in the Company’s fiscal year end from December 31 to March 31, effective immediately.”

Andrew Martin was elected as Director at Powerfleet, Inc..

“On April 29, 2024, Andrew Martin was elected to the Board of Directors (the “Board”) of Powerfleet, Inc. (the “Company”).”

Powerfleet, Inc. reported that prior financial statements should not be relied upon.

“On April 5, 2024, the audit committee of the board of directors of the Company (the “Audit Committee”), following a comprehensive review with the Company’s management, concluded that the Company’s previously released financial statements for the fiscal years ended December 31, 2021 and 2022, and for each of the interim periods during the 2022 and 2023 fiscal years (collectively, the “Non-Reliance Periods”), should no longer be relied upon.”

Powerfleet, Inc. received a nasdaq deficiency notice notice regarding late filing (rules 5250(c)(1)).

“April 2, 2024, Powerfleet, Inc. (the “Company”) received written notice (the “Nasdaq Notification Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it did not timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”), as required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5250(c)(1). Under Nasdaq rules, the Company has 60 calendar days from the date of the Nasdaq Notification Letter to submit to Nasdaq a plan to regain compliance with”

Powerfleet, Inc. completed an acquisition involving MiX Telematics Limited for 0.12762 shares of Company Common Stock for each MiX Ordinary Share (closed 2024-04-02).

“ADSs”), from MiX Telematics shareholders in exchange for shares of common stock, par value $0.01 per share, of the Company (the “Company Common Stock”) at an exchange ratio of 0.12762 shares of Company Common Stock for each MiX Ordinary Share (and in the case of MiX ADSs, 3.19056 shares of Company Common Stock for each MiX ADS) (the “Scheme Consideration”)”

Michael McConnell was appointed as Director at Powerfleet, Inc..

“Ian Jacobs and Michael McConnell were appointed to the board of directors of the Company”

Ian Jacobs was appointed as Director at Powerfleet, Inc..

“Ian Jacobs and Michael McConnell were appointed to the board of directors of the Company”

Medhini Srinivasan resigned as Director at Powerfleet, Inc..

“Anders Bjork, Michael Casey, Charles Frumberg, Elchanan Maoz and Medhini Srinivasan resigned as directors of the Company”

Elchanan Maoz resigned as Director at Powerfleet, Inc..

“Anders Bjork, Michael Casey, Charles Frumberg, Elchanan Maoz and Medhini Srinivasan resigned as directors of the Company”

Charles Frumberg resigned as Director at Powerfleet, Inc..

“Anders Bjork, Michael Casey, Charles Frumberg, Elchanan Maoz and Medhini Srinivasan resigned as directors of the Company”

Michael Casey resigned as Director at Powerfleet, Inc..

“Anders Bjork, Michael Casey, Charles Frumberg, Elchanan Maoz and Medhini Srinivasan resigned as directors of the Company”

Anders Bjork resigned as Director at Powerfleet, Inc..

“Anders Bjork, Michael Casey, Charles Frumberg, Elchanan Maoz and Medhini Srinivasan resigned as directors of the Company”

Powerfleet, Inc. amended A&R Credit Agreement with Bank Hapoalim B.M. valued at aggregate principal amount of $30 million (effective 2024-03-18).

“On March 18, 2024, Powerfleet Israel Ltd. (“Powerfleet Israel”) and Pointer Telocation Ltd. (“Pointer” and, together with Powerfleet Israel, the “Borrowers”), each a wholly owned subsidiary of PowerFleet, Inc. (the “Company”), entered into an amended and restated credit agreement (the “A&R Credit Agreement”) with Bank Hapoalim B.M. (“Hapoalim”), which refinances the facilities under, and amends and restates, the existing credit agreement, dated August 19, 2019 (as amended, the “Prior Credit Agreement”).”

Powerfleet, Inc. reported financial results for the fiscal year ended December 31, 2023.

“Service revenue increased 14% year-over-year (constant currency) to $84.2 million, or 63% of total revenue up from 58% in 2022.”

Powerfleet, Inc. reported the fiscal quarter ended December 31, 2023 results: revenue $34.5 million.

“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.”

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.

“RMB has agreed to provide the Company with two term loan facilities in an aggregate principal amount of $85 million”

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).

“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”).”

Powerfleet, Inc. shareholders approved Advisory (non-binding) approval of the compensation that may become payable to certain named executive officers in connection with the transactions contemplated by the Implementation Agreement at the 2024-02-28 meeting.

“The approval, on an advisory (non-binding) basis, of the compensation that may become payable to certain named executive officers of the Company in connection with, and upon, the consummation of the transactions contemplated by the Implementation Agreement: For Against Abstain Broker Non-Votes 16,832,173 9,791,758 1,945,851 0”

Powerfleet, Inc. shareholders approved Approval of an amendment of the Company’s amended and restated certificate of incorporation to increase the number of authorized shares of common stock from 75 million to 175 million at the 2024-02-28 meeting.

“The approval of an amendment of the Company’s amended and restated certificate of incorporation to increase the number of authorized shares of the Company’s common stock from 75 million to 175 million: For Against Abstain Broker Non-Votes 28,497,953 69,795 2,034 0”

Powerfleet, Inc. shareholders approved Approval of the issuance of shares of common stock of the Company to shareholders of MiX Telematics Limited pursuant to the Implementation Agreement at the 2024-02-28 meeting.

“The approval of the issuance of shares of common stock of the Company to shareholders of MiX Telematics Limited (“MiX”) pursuant to an implementation agreement, dated as of October 10, 2023 (the “Implementation Agreement”), by and among the Company, MiX and Main Street 2000 Proprietary Limited: For Against Abstain Broker Non-Votes 28,512,190 47,833 9,759 0”

Powerfleet, Inc. reported financial results for the nine months ended September 30, 2023.

“Powerfleet, Inc. (Nasdaq: PWFL), reported results for the third quarter and nine months ended September 30, 2023.”

Powerfleet, Inc. reported the third quarter ended September 30, 2023 results: revenue total revenue of $34.2 million, net income Net loss attributable to common stockholders totaled $(5.0) million, or $(0.14) per basic and diluted share, EPS $(0.14) per basic and diluted share.

“--- EX-99.1 () --- EX-99.1 2 ex99-1.htm Exhibit 99.1 Powerfleet Reports Third Quarter and Nine Month 2023 Financial Results Q3 2023 total revenue increased 7% sequentially to $34.2 million, marking the highest revenue performance in four quarters Company’s SaaS-centric business model transformation continues at pace with high-margin service revenue increasing 11%”

Powerfleet, Inc. entered into Implementation Agreement with MiX Telematics Limited (effective 2023-10-10).

“On October 10, 2023, PowerFleet, Inc., a Delaware corporation (the “Company”), entered into an Implementation Agreement (the “Agreement”), by and among the Company, Main Street 2000 Proprietary Limited, a private company incorporated in the Republic of South Africa and a wholly owned subsidiary of the Company (“Powerfleet Sub”), and MiX Telematics Limited, a public company incorporated under the laws of the Republic of South Africa (“MiX Telematics”),”

Powerfleet, Inc. shareholders approved Approval of the Plan Amendment at the 2023-07-20 meeting.

“5. The stockholders approved the Plan Amendment. The voting results were as follows: For Against Abstain Broker Non-Votes 22,402,543 4,517,596 208,067 3,584,814”

Powerfleet, Inc. shareholders approved Advisory resolution on frequency of future stockholder advisory votes on executive compensation at the 2023-07-20 meeting.

“4. The stockholders approved an advisory resolution on the frequency of future stockholder advisory votes on executive compensation. The voting results were as follows: 1 Year 2 Years 3 Years Abstain 26,548,662 12,074 472,809 3,584,813”

Powerfleet, Inc. shareholders approved Advisory resolution on executive compensation at the 2023-07-20 meeting.

“3. The stockholders approved an advisory resolution on executive compensation. The voting results were as follows: For Against Abstain Broker Non-Votes 19,504,446 6,433,815 1,189,945 3,584,814”

Powerfleet, Inc. shareholders approved Ratification of appointment of Ernst & Young LLP as independent registered public accounting firm at the 2023-07-20 meeting.

“2. The stockholders ratified the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023. The voting results were as follows: For Against Abstain Broker Non-Votes 30,471,552 44,993 196,473 —”

Powerfleet, Inc. shareholders approved Election of five directors at the 2023-07-20 meeting.

“1. The election of each of Messrs. Brodsky, Casey, Frumberg, Maoz and Towe as directors of the Company to serve until the 2024 annual meeting of stockholders and until their respective successors are duly elected and qualified was approved as follows: For Withheld Broker Non-Votes Michael Brodsky 19,749,732 7,378,475 3,584,812 Michael Casey 21,986,050 5,142,157 3,584,812 Charles Frumberg 22,437,422 4,690,785 3,584,813 Nani Maoz 26,929,701 198,506 3,584,812 Steve Towe 26,866,489 261,719 3,584,812”

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.

“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”

Patrick Maley resigned as Chief Revenue Officer at Powerfleet, Inc..

“On April 4, 2023, Patrick Maley notified PowerFleet, Inc. (the “Company”) of his resignation as Chief Revenue Officer of the Company.”

Powerfleet, Inc. reported fiscal year ended December 31, 2022 results: revenue Total revenue increased 7% to $135.2 million, net income GAAP net loss improved to $7.0 million from $13.3 million in 2021..

“Total revenue increased 7% to $135.2 million and 10% on a constant currency basis ● High-margin services revenue increased 8% to $78.8 million (58% of total revenue), and 11% on a constant currency basis. ● Gross profit increased 7% to $64.2 million (47% of total revenue) ● GAAP net loss improved to $7.0 million from $13.3 million in 2021. ● Adjusted EBITDA, a non-GAAP metric, increased 19% to $7.3 million.”

David Wilson was appointed as Chief Financial Officer at Powerfleet, Inc..

“On January 4, 2023, the Company announced that David Wilson was appointed as the Chief Financial Officer of the Company, effective as of January 4, 2023.”

Powerfleet, Inc. reported the third quarter ended September 30, 2022 results: revenue $34.3 million, EPS $(0.10) per basic and diluted share.

“assets and resources to unify business operations, reported results for the third quarter ended September 30, 2022. Third Quarter 2022 Financial Highlights ● Total revenue was $34.3 million, an increase of 17% year-over-year. ● High margin, recurring and services revenue increased 10% to $20.3 million, or 59% of total revenue. ● Product gross margin increased to”

Offer Lehmann was appointed as Chief Operating Officer at Powerfleet, Inc..

“On November 2, 2022, PowerFleet, Inc. (the “Company” or “Powerfleet”) appointed Offer Lehmann as the Chief Operating Officer of the Company.”

Powerfleet, Inc. incurred revolving credit of $10 million with Bank Hapoalim B.M. at Secured Overnight Financing Rate plus 2.59% maturing October 30, 2023.

“The Amendment provides for, among other things, a new revolving credit facility to Pointer in the aggregate principal amount of $10 million (the “New Revolver”).”

Powerfleet, Inc. amended Credit Agreement with Bank Hapoalim B.M. valued at $10 million (effective 2022-10-31).

“On October 31, 2022, Powerfleet Israel Ltd. (“Powerfleet Israel”) and Pointer Telocation Ltd. (“Pointer” and, together with Powerfleet Israel, the “Borrowers”), each a wholly owned subsidiary of PowerFleet, Inc. (the “Company”), entered into a third amendment (the “Amendment”) to the Credit Agreement, dated as of August 19, 2019, by and among the Borrowers and Bank Hapoalim B.M. (“Hapoalim”).”

Elchanan (Nani) Maoz was elected as Director at Powerfleet, Inc..

“On October 14, 2022, Elchanan (Nani) Maoz was elected to the Board of Directors (the “Board”) of PowerFleet, Inc. (the “Company”).”

Ned Mavrommatis resigned as Chief Financial Officer at Powerfleet, Inc..

“On April 2, 2022, Ned Mavrommatis notified PowerFleet, Inc. (the “Company”) of his resignation as Chief Financial Officer of the Company. Mr. Mavrommatis will be leaving the Company effective as of May 15, 2022.”

Chris Wolfe retired as Chief Executive Officer and director at Powerfleet, Inc..

“Chris Wolfe, who retired from his position as Chief Executive Officer and as a director of the Company effective January 4, 2022.”

Steve Towe was appointed as Chief Executive Officer at Powerfleet, Inc..

“Steve Towe has been appointed the Chief Executive Officer of the Company effective January 5, 2022.”

Elizabeth Elkins resigned as Chief Product Officer at Powerfleet, Inc..

“On July 13, 2021, Elizabeth Elkins, the Chief Product Officer of PowerFleet, Inc. (the “Company”), notified the Company of her resignation as Chief Product Officer of the Company, effective as of August 13, 2021.”