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Unaudited financial results for fiscal year 2025
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")
UNAUDITED FINANCIAL RESULTS FOR FISCAL YEAR 2025
On June 16, 2025, Powerfleet (Nasdaq: AIOT) (JSE: PWR) reported its financial results for the fiscal year and fourth
quarter ended on March 31, 2025. A Form 8-K has been filed by Powerfleet (the "Form 8-K") with the U.S. Securities
and Exchange Commission ("SEC") in this regard pursuant to Section 13 or 15 (d) of the Securities Exchange Act of
1934.
Management Commentary
"Fiscal 2025 was a true milestone year for Powerfleet – a period in which we executed a bold reinvention strategy
integrating two major acquisitions in just 12 months, achieved our organic growth and profitability metrics, and
established Powerfleet as a global AIoT SaaS leader – with the Unity platform at the center of our customer value
creation strategy," said Steve Towe, Powerfleet CEO.
"As we enter fiscal 2026, we do so as a stronger, more focused company, by proactively eliminating low-quality and
non-strategic revenue from the acquired businesses. Our go-forward, high-quality revenue streams delivered strong
organic growth year-over-year in FY25, with AI video growing more than 20% and in-warehouse safety solutions
growing 17%. While we remain mindful of macroeconomic headwinds, we are confident in expanding our growth in
FY26, particularly in the second half, driven by a strong, expanding pipeline and supported by the resilience of our
international operations which grew organically by 13% in FY25."
Towe added, "With our Unity data highway as the central engine, we're ready to scale faster, deliver greater value to
customers, and continue unlocking the full potential of the company within the dynamic market we serve."
Fiscal Year 2025 Operational and Financial Highlights
Powerfleet delivered an accelerated transformation of the business in FY25 - executing an aggressive M&A strategy
and unlocking the foundation for scalable, high-margin growth.
Full Year Financial Performance Highlights: Pro Forma Basis Reflecting FY'24 MiX Combination
Comparatives
- Total revenue increased 26% to $362.5 million, with ~75% derived from high-margin, recurring SaaS revenue -
underscoring the successful pivot to a subscription-first business model.
- Adjusted EBITDA increased 65% year-over-year to $71 million, with adjusted EBITDA margins expanding by
5% to 20%, reflecting disciplined execution, cost synergy realization and operating leverage.
- The combined business achieved $16 million in annualized cost synergies during FY25, with $11 million flowing
through to in-year adjusted EBITDA performance.
Operational Scale and Reach
- The subscriber base expanded 4x to 2.8 million, positioning Powerfleet among the top three global AIoT SaaS
providers.
- Customer base multiplied to 48,000, including over half the Fortune 500 - across 8 verticals primed for cross-sell
and upsell opportunities.
- Sales coverage doubled across North America, Europe, and Australasia. Indirect channel network has tripled to
over 320 strategic alliances, including leading global telcos, vehicle and asset OEMs, and insurance partners.
Go To Market Momentum
- 600+ midmarket and enterprise customer logos were added in FY25, across key verticals such as logistics, food
and beverage, automotive, and industrials.
- Accelerated double-digit organic growth in key strategic solution sets of AI video and in-warehouse safety,
alongside 13% year on year growth in international operations.
- Sales efforts continued to drive high-value wins, including a major Q4 Unity AI video safety partnership win with
a large North American student transportation company managing 9,000 drivers across 34 states.
- Exiting the year with 50%+ of all new sales - high value AI video and in-warehouse safety and compliance
solutions, representing a significant global sales motion shift year on year.
Technology and Innovation
- Unity recognized as the #1 global solution and platform portfolio by ABI Research, reflecting leadership in
platform depth, AI maturity, and usability.
- Quadrupled Unity Data Highway-dedicated engineering headcount to over 400 full time employees, fueling
platform innovation.
- Gained momentum and sales traction with device-agnostic, single pane of glass solution.
Summarized Financial Metrics
Year ended March 31,
2025 2024(1) % change
(All figures in USD'000, except per share data)
Revenue 362,515 134,624 169%
Operating loss (25,885) (18,114) (43%)
Basic loss per share (0.43) (1.09) 61%
Adjusted EBITDA 71,131 7,244 882%
Headline loss per share(2) (0.43) (1.14) 62%
NAV per share 3.35 1.04 222%
(1) Prior period comparisons in the summarized financial metrics reflect only legacy Powerfleet numbers.
(2) The inclusion of headline loss per share is a requirement of Powerfleet's listing on the JSE. A reconciliation of
headline loss per share will be included in the Annual Report on Form 10-K, which will be filed with the SEC before
the end of June 2025.
Investor Conference Call and Business Update
As previously announced, Powerfleet management held a conference call on Monday, June 16, 2025, to discuss results
for the fourth quarter and fiscal year ended March 31, 2025 and provide a business update.
The conference call is available for replay at https://www.webcaster4.com/Webcast/Page/2467/52554 and via the
investor section of the Company's website at https://ir.powerfleet.com/.
Short-Form Announcement
This announcement is the responsibility of the directors of Powerfleet and is only a summary of the information in the
unaudited annual and fourth quarter 2025 financial results ("earnings announcement") and does not contain full or
complete details. Any investment decision by investors and/or stockholders should be based on a consideration of, inter
alia, the earnings announcement.
The earnings announcement has been filed with the SEC and has been released on SENS and is available on the JSE
website at https://senspdf.jse.co.za/documents/2025/JSE/isse/PWRE/Q2-2025.pdf
The earnings announcement is also available for viewing on the Company's website (https://ir.powerfleet.com/).
A copy of the Form 8-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, 2025
Sponsor
Java Capital
Date: 17-06-2025 07:05:00
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