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Powerfleet appoints Paul Lalljie as President & CFO; David Wilson exits
Paul Lalljie named President and CFO, effective Aug 11, 2026; succeeds David Wilson.
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Powerfleet Q1 FY27 revenue up 6.4% to $110.8M, adjusted EBITDA $21.5M, updates FY27 guidance
Revenue $110.8M (+6.4% YoY); services revenue $94.3M (+9.1%, 85% of total); gross margin 55.2% vs 54.2%.
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Powerfleet Q4 revenue $114.5M (+11% YoY), Adj. EBITDA $26.4M (+42%); guides FY2027 rev $485-490M
Q4 revenue $114.5M (+11% YoY); services rev $92.9M (+14%); net loss improved 78% to $2.7M.
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Powerfleet Q3 revenue up 7% to $113.5M, services up 11%, adjusted EBITDA +26%
Total revenue $113.5M (record, +7% YoY); services revenue $91.1M (+11% YoY, 80% of total).
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Powerfleet subsidiary awarded 60-month fleet management contract by South Africa National Treasury
MiX Telematics Enterprise (Powerfleet subsidiary) awarded contract by National Treasury of South Africa.
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Powerfleet Q2 FY26 revenue $111.7M, up 45% YoY; raises FY26 guidance
Total revenue record $111.7M, +45% YoY and +7% sequentially; organic revenue growth 9% YoY.
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Powerfleet Q1: Services revenue up 6% sequentially; raises FY26 revenue guidance
Services revenue $86.5M (+6% seq, +53% YoY); record 83% of total revenue.
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Powerfleet FY2025 revenue $362.5M (+26%), adjusted EBITDA $71M (+65%)
Total revenue $362.5M (+26% YoY); ~75% recurring SaaS; adjusted EBITDA $71M (+65%), margin 20% (+500 bps).
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Powerfleet reports preliminary FY2025 revenue $362.5M (+25% YoY), adj. EBITDA $71M (+65% YoY)
Revenue ~$362.5M, +25% YoY; adjusted EBITDA ~$71M, +65% YoY, in line or ahead of guidance.
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Powerfleet Q3 revenue $106.4M (+45%), adj. EBITDA $22.5M (+77%), raises FY25 guidance
Q3 total revenue $106.4M (+45% YoY); service revenue $81.7M (77% of total); product revenue $24.7M (+42%).
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Powerfleet CTO resigns; appoints Mike Powell as Chief Innovation Officer
Jim Zeitunian resigns as CTO, effective January 30, 2025.
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Powerfleet completes Fleet Complete acquisition; acquired entity had FY2023 revenue CAD $139.3M and net loss CAD $17.4M
Acquisition closed Oct 1, 2024; purchase agreement dated Sep 18, 2024.
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Powerfleet Q2 FY25 revenue up 7% to $77M, adjusted EBITDA +41% to $14.5M; reaffirms FY25 guidance
Total revenue $77.0M (+7% YoY); product revenue $20.3M (+13%); service revenue $56.7M (+5%).
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Powerfleet closes $200M Fleet Complete acquisition, expects $400M+ revenue, $85M EBITDA
Acquired Fleet Complete for $200M using $125M term loan, $70M private placement (20M shares at $3.50), and $15M in rollover shares to OTPP.
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Powerfleet to acquire Fleet Complete for $200M; expects combined revenue >$400M
Total purchase price $200M; $125M senior debt, $70M PIPE at $3.50/share, $15M stock to OTPP.
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Powerfleet Q1 revenue up 10% to $75.4M, adjusted EBITDA up 52% to $13.7M
Total revenue $75.4M (+10.2% YoY); product revenue $18.7M (+29% YoY).
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Powerfleet receives Nasdaq delinquency notices for late filings due to SEC comment; targets August resolution
Received Nasdaq notices on Aug 8 and Aug 15 for failure to timely file Form 10-KT (transition period ended Mar 31, 2024) and Form 10-Q (quarter ended Jun 30, 2024).
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Powerfleet receives Nasdaq delisting notice over late 10-KT filing; SEC comment on MiX Telematics M&A
Nasdaq notified Powerfleet on Aug 8, 2024, for failing to timely file Form 10-KT for transition period ended March 31, 2024.
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Powerfleet Q1 preliminary revenue $75M (+10% YoY), raises FY2025 guidance; SEC comment letter delays filings
Preliminary Q1 FY2025 revenue of ~$75M, up 10% YoY pro forma; adjusted EBITDA >$13.5M, up >40%.
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Powerfleet dismisses EY as auditor, appoints Deloitte; cites material weaknesses
EY dismissed effective upon filing Form 10-KT for transition period Jan 1-Mar 31, 2024.
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Powerfleet reports pro forma net loss of $21.4M for combined year; acquisition of MiX Telematics at $362M
Pro forma combined net loss of $21.4M for FY2023; diluted EPS ($0.20) on 107.7M shares.
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Powerfleet changes fiscal year end to March 31, files delayed 10-K, reiterates guidance
Board approved change of fiscal year end from Dec 31 to March 31, effective immediately; aligns with MiX Telematics post-combination.
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Powerfleet appoints large shareholder Andrew Martin from PCM to board as independent director
Andrew Martin, partner at Private Capital Management (PCM), elected to Powerfleet board effective April 29, 2024.
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Powerfleet restates FY2021-2023 financials over preferred stock accounting; Nasdaq late-filing notice received
Restatement corrects Series A preferred redemption premium: increases net loss by ~$5M (2021), $6M (2022), $5M (9M 2023).
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Powerfleet closes MiX Telematics acquisition; pro forma revenue $284M, $215M SaaS recurring
Combined revenue of $284M includes $215M recurring SaaS revenue; service gross margins of 65%.
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Powerfleet will miss extended deadline for 2023 Form 10-K filing
Previously disclosed inability to file 2023 10-K by original March 15, 2024 due date.
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Powerfleet Q4 revenue $34.5M (+9% CC), AEBITDA $2.9M (+110% YoY); MiX deal on track for Apr 2
Q4 total revenue $34.5M (+9% YoY constant currency); service revenue $21.7M (+16% CC).
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Powerfleet and MiX Telematics shareholders approve business combination; close expected April 2024
Shareholders approved issuance of shares to MiX holders (28,512,190 for) and increase in authorized shares to 175M.
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PowerFleet and MiX Telematics schedule shareholder votes for Feb 28, expect deal close in early April 2024
Shareholder meetings to approve business combination set for Feb 28, 2024; PowerFleet meeting at 10 a.m. ET, MiX at 2:30 p.m. SAST.
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PowerFleet Q3 revenue $34.2M (+7% seq); adj EBITDA triples to $2.0M; MiX deal to double revenue
Q3 total revenue $34.2M, up 7% sequentially; service revenue up 11% YoY constant currency to $21.0M.
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PowerFleet to acquire MiX Telematics in stock deal; MiX holders to own ~65.5%
MiX shareholders receive 0.12762 PowerFleet shares per ordinary share (or 3.19056 per ADS).
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PowerFleet Q2 2023 revenue $32.1M; services revenue 66% of total; net loss $4.3M
Total revenue $32.1M (down 7% YoY) as product sales decrease offset service revenue growth of 13% constant currency.
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PowerFleet Q1 services revenue up 17% constant currency; GAAP net income $3.5M on bargain purchase gain
Services revenue $20.4M, up 9% GAAP and 17% constant currency YoY; total revenue $32.8M.