$AIOT

Powerfleet, Inc.

CIK:0001774170|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 110,793	$ 104,121
Cost of revenues:
Total cost of revenues	49,632	47,640
Gross profit	61,161	56,481
Operating expenses:
Selling, general and administrative expenses	56,531	53,663
Research and development expenses	4,360	4,857
Total operating expenses	60,891	58,520
(Loss) profit from operations	270	(2,039)
Interest income	234	196
Interest expense	(6,983)	(6,786)
Other expense	(405)	(1,243)
Net loss before income taxes	(6,884)	(9,872)
Income tax expense	(1,373)	(362)
Net loss	(8,257)	(10,234)
Non-controlling interest	(183)	0
Net loss attributable to common stockholders	(8,440)	(10,234)
Net loss attributable to common stockholders	$ (8,440)	$ (10,234)
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (0.06)	$ (0.08)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (0.06)	$ (0.08)
Weighted average common shares outstanding - basic (in shares)	134,169	133,313
Weighted average common shares outstanding - diluted (in shares)	134,169	133,313
Products
Revenues:
Total revenues	$ 16,480	$ 17,657
Cost of revenues:
Total cost of revenues	12,970	13,228
Services
Revenues:
Total revenues	94,313	86,464
Cost of revenues:
Total cost of revenues	$ 36,662	$ 34,412

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (8,440)	$ (10,234)
Adjustments to reconcile net loss to cash provided by operating activities:
Non-controlling interest	183	0
Inventory reserve	558	193
Stock-based compensation expense	3,107	1,853
Depreciation and amortization	16,207	16,031
Right-of-use assets, non-cash lease expense	1,205	974
Derivative mark-to-market adjustment	(919)	104
Bad debts expense	2,958	1,856
Deferred income taxes	(1,538)	(3,157)
Lease termination and modification losses	0	59
Other non-cash items	(1,168)	(513)
Changes in operating assets and liabilities:
Accounts receivable	893	(2,391)
Inventories	725	(4,733)
Prepaid expenses and other current assets	(2,144)	(1,284)
Deferred costs	(2,960)	(2,730)
Deferred revenue	71	(420)
Accounts payable, accrued expenses and other current liabilities	722	9,637
Lease liabilities	(1,033)	(881)
Accrued severance payable	16	357
Net cash provided by operating activities	8,443	4,721
Cash flows from investing activities
Proceeds from sale of fixed assets	1	16
Capitalized software development costs	(4,100)	(3,724)
Capital expenditures	(4,873)	(8,114)
Net cash used in investing activities	(8,972)	(11,822)
Cash flows from financing activities
Repayment of long-term debt	(1,679)	(1,341)
Short-term bank debt, net	(2,457)	(5,428)
Net cash used in financing activities	(4,136)	(6,769)
Effect of foreign exchange rate changes on cash and cash equivalents	566	725
Net decrease in cash and cash equivalents, and restricted cash	(4,099)	(13,145)
Cash and cash equivalents, and restricted cash at beginning of the period	40,818	48,788
Cash and cash equivalents, and restricted cash at end of the period	36,719	35,643
Reconciliation of cash and cash equivalents, and restricted cash
Cash and cash equivalents	36,496	44,392
Restricted cash	3,895	4,447
Cash, cash equivalents, and restricted cash	36,719	35,643
Cash paid for:
Taxes	1,721	873
Interest	$ 6,444	$ 5,994

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Current assets:
Cash and cash equivalents	$ 32,824	$ 36,496
Restricted cash	3,895	4,322
Accounts receivable, net of allowance for credit losses of $9,177 and $9,344 as of March 31, 2026 and June 30, 2026, respectively	91,399	93,820
Inventory, net	21,645	22,448
Prepaid expenses and other current assets	23,743	22,094
Total current assets	173,506	179,180
Fixed assets, net	63,800	62,398
Goodwill	421,062	411,995
Intangible assets, net	253,933	255,518
Right-of-use asset	16,189	15,893
Severance payable fund	4,863	4,445
Deferred tax asset	5,066	4,537
Other assets	24,143	21,599
Total assets	962,562	955,565
Current liabilities:
Short-term bank debt and current maturities of long-term debt	49,092	50,355
Accounts payable	44,455	46,353
Accrued expenses and other current liabilities	39,970	37,699
Deferred revenue - current	20,857	20,159
Lease liability - current	3,646	3,386
Total current liabilities	158,020	157,952
Long-term debt - less current maturities	229,300	229,669
Deferred revenue - less current portion	3,503	4,005
Lease liability - less current portion	13,576	13,505
Accrued severance payable	6,100	5,666
Deferred tax liability	60,840	60,063
Other long-term liabilities	2,331	3,090
Total liabilities	473,670	473,950
Commitments and Contingencies (Note 22)
REDEEMABLE NON-CONTROLLING INTERESTS
Redeemable non-controlling interests	6,192	6,009
STOCKHOLDERS’ EQUITY
Preferred stock; authorized 50,000 shares, $0.01 par value	0	0
Common stock; authorized 175,000 shares, $0.01 par value; 136,224 and 136,291 shares issued at March 31, 2026 and June 30, 2026, respectively; shares outstanding, 134,158 and 134,226 at March 31, 2026 and June 30, 2026, respectively	1,343	1,343
Additional paid-in capital	685,451	682,344
Accumulated deficit	(234,775)	(226,335)
Accumulated other comprehensive income	42,087	29,660
Treasury stock; 2,066 and 2,066 common shares at cost at March 31, 2026 and June 30, 2026, respectively	(11,518)	(11,518)
Total Powerfleet, Inc. stockholders’ equity	482,588	475,494
Non-controlling interest	112	112
Total equity	482,700	475,606
Total liabilities, redeemable non-controlling interests and stockholders’ equity	$ 962,562	$ 955,565