POWERFLEET INC - Audited financial statements for the fiscal year ended March 31, 2026

Audited financial statements for the fiscal year ended March 31, 2026

POWERFLEET, INC.
Incorporated in the United States of America
(File number: 7272486)
Nasdaq share code: AIOT JSE share code: PWR
ISIN: US73931J1097
LEI 2549007NKEFPYEH4MF81
("Powerfleet" or "Company")


AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED MARCH 31, 2026


Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, Powerfleet stockholders are advised that a Form
10-K (the "Form 10-K") has been filed with the U.S. Securities and Exchange Commission. The Form 10-K discloses,
among other things, the audited annual financial statements for the fiscal year ended March 31, 2026 ("audited AFS").

Summarized Financial Metrics

                                                                        Year ended March 31,
                                                                       2026             2025         % change

 (All figures in USD'000, except per share data)

 Revenue                                                            443,777          362,515              22%
 Operating profit/(loss)                                             19,576         (25,885)             176%
 Basic loss per share                                                (0.15)           (0.43)              65%
 Headline loss                                                     (20,661)         (51,021)              60%
 Headline loss per share                                             (0.15)           (0.43)              65%
 Adjusted EBITDA                                                     97,032           67,322              44%
 Net asset value                                                    475,606          446,742               6%

Headline Loss Per Share

The inclusion of headline loss per share in this announcement is a requirement of our listing on the JSE. Basic and
diluted headline loss per share is calculated using net loss which has been determined based on accounting principles
generally accepted in the United States of America. Accordingly, this may differ to the headline loss/earnings per share
calculation of other companies listed on the JSE as these companies may report their financial results under a different
financial reporting framework, including but not limited to, International Financial Reporting Standards.

The table below presents a reconciliation between net loss for the period attributable to common stockholders of the
Company to headline loss attributable to common stockholders of the Company for the fiscal years ended March 31,
2026 and 2025.

                                                                                            Year ended March 31,
                                                                                          2026              2025

 (All figures in thousands, except per share data)

 Net loss attributable to common stockholders                                   $     (20,552)     $    (51,012)
 Adjusted for:
  Loss/(profit) on sale of plant and equipment                                             328              (17)
  Impairment of intangibles                                                              (303)                 3
  Impairment of plant and equipment                                                      (153)                 -
  Tax effect                                                                                19                 5
 Headline loss                                                                  $     (20,661)     $    (51,021)

 Weighted average common shares outstanding on which the net loss                      133,761           119,877
 attributable to common shareholders per share and headline loss per share
 has been calculated - basic and diluted

 Net loss per share attributable to common stockholders – basic and diluted     $       (0.15)     $      (0.43)

 Headline loss per share attributable to common stockholders – basic and        $       (0.15)     $      (0.43)
 diluted

This announcement is the responsibility of the directors of Powerfleet and is only a summary of the information in the
audited AFS and does not contain full or complete details. Any investment decision by investors and/or stockholders of
the Company should be based on a consideration of, inter alia, the audited AFS.

The Form 10-K (which includes the audited AFS and the audit opinion thereon) has been filed with the Securities and
Exchange Commission and has been released on SENS and is available on the JSE cloudlink at
https://senspdf.jse.co.za/documents/2026/JSE/isse/PWRE/AFS2026.pdf. The audited AFS are also available for
viewing on the Company's website (https://ir.powerfleet.com/).

The audited AFS have been audited by Deloitte & Touche, which expressed an unmodified audit opinion thereon.

A copy of the Form 10-K can be found at: https://www.sec.gov/edgar/browse/?CIK=1774170&owner=exclude.

Powerfleet has a primary listing on The Nasdaq Global Market and a secondary listing on the Main Board of the JSE.

June 17, 2026


Sponsor
Java Capital

Date: 17-06-2026 08:00:00
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