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WOODCLIFF LAKE, N.J. - Powerfleet, Inc. (NASDAQ:AIOT) reported better-than-expected first quarter earnings and revenue growth on Monday.
The artificial intelligence of things (AIoT) company’s shares jumped 7.19% in pre-market trading after the earnings release.
The company posted adjusted earnings per share of $0.02, beating analyst estimates of breakeven. Revenue rose 42% YoY to $103.6 million, slightly above the consensus forecast of $103.32 million.
"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," said CEO Steve Towe.
Total (EPA:TTEF) revenue for fiscal 2025 increased 26% to $362.5 million, with approximately 75% coming from recurring SaaS revenue. Adjusted EBITDA climbed 65% YoY to $71 million, with margins expanding 500 basis points to 20%.
The company’s subscriber base expanded fourfold to 2.8 million, positioning Powerfleet among the top three global AIoT SaaS providers. Its customer base grew to 48,000, including over half of the Fortune 500 companies across 8 verticals.
For the first quarter, service revenue rose 49% to $81.8 million while product revenue grew 23% to $21.9 million. Adjusted EBITDA increased 84% to $20.4 million.
Powerfleet ended the quarter with $48.8 million in cash and $273.8 million in total debt. The company’s net debt of $228.6 million outperformed its year-end guidance by $6.4 million.
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