Powerfleet (AIOT) Company Report

PowerFleet (AIOT) has undergone significant transformation through M&A, projecting $440 million in revenue and $100 million in EBITDA this year, up from $135 million and $7 million respectively when the CFO joined.
The company achieved 12% year-over-year organic services revenue growth in the most recent quarter for its legacy MiX and PowerFleet businesses, demonstrating successful integration of MiX Telematics and Fleet Complete acquisitions.
Key growth drivers include the Unity solution for holistic data management, AI cameras, and in-warehouse safety solutions, with a medium-term target of 15% revenue growth.
Strategic partnerships with AT&T, TELUS, and MTN are expanding indirect sales, which are targeted to reach 40% of total bookings, alongside significant enterprise wins like the Pepsi deal, valued at $25 million-$30 million in the U.S..
The CFO views the stock as significantly undervalued, noting a disconnect between its accelerating top-line growth and current market valuation.

Dec 9, 2025, 6:40 PM

Transcript

PowerFleet CFO Discusses Strategic Transformation and Growth Drivers

AIOT

M&A

Guidance Update

Revenue Acceleration/Inflection

PowerFleet's CFO, David Wilson, highlighted the company's significant transformation, with revenue growing from $135 million and EBITDA from $7 million to a guided $440 million revenue and $100 million EBITDA this year, largely driven by the acquisitions of MiX Telematics and Fleet Complete.
The company reported 12% year-over-year organic services revenue growth for the legacy MiX and PowerFleet businesses as of the September close, indicating successful integration and amplification of the acquired entities.
PowerFleet is expanding its go-to-market strategy through indirect channels, including partnerships with AT&T, TELUS, and MTN, aiming to increase indirect sales from approximately 25% to 40% of total sales.
Key growth drivers include AI cameras, in-warehouse solutions, and the Unity platform, which addresses customer pain points by ingesting and harmonizing data from various telematics devices.
The company's leverage is projected to decrease from 2.9 times recently to 2.25 times by the end of this year, with a medium-term growth target of 15%.

Dec 9, 2025, 6:40 PM

Transcript

Powerfleet Showcases Unity Platform, Strategic Partnerships, and Strong Financial Guidance

AIOT

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Powerfleet's Unity platform, enhanced by Aura AI, provides an integrated data ecosystem for AIoT solutions, focusing on safety, compliance, and efficiency across various operations.
The company is expanding its market reach through strategic partnerships with Telus and AT&T, leveraging their networks and sales forces to deliver AI-driven solutions for warehouse and facility safety and AI video.
Powerfleet projects FY2027 revenue in the region of $485 million, with adjusted EBITDA expected to reach approximately $130 million in FY2027, representing a 45% CAGR from FY2024. The company also anticipates generating over $40 million in free cash flow in FY2027 and reducing net debt to adjusted EBITDA to approximately 1.5 times by the end of FY2027.
The company has transitioned to a SaaS-centric business model, driving service-driven growth and stronger margins, and has secured significant customer expansions, including a major deal with PepsiCo.

Nov 14, 2025, 2:00 PM

Transcript

Powerfleet Outlines Strong Financial Projections and Unity Platform Growth at 2025 Innovation Event

AIOT

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Powerfleet projects FY2027 revenue of approximately $485 million, with an annualized run rate approaching $500 million, and Adjusted EBITDA of around $130 million for the same period.
The company anticipates its Adjusted EBITDA margin will improve to over 25% in FY2027, driven by a shift to service revenue, which is expected to reach $400 million and comprise low-80% of total revenue.
Powerfleet's Unity platform demonstrates significant customer ROI, with one field service company recovering $1.8 million in revenue and achieving $390,000 in cost savings annually, and typical ROIs ranging from 3:1 to 5:1 over two to three years.
Strategic partnerships with TELUS, AT&T, and MTN are key growth drivers, expanding Powerfleet's reach in AI-driven warehouse safety, AI video solutions, and various sectors across North America and Africa.
Powerfleet expects to generate over $40 million in free cash flow in FY2027 and aims to reduce its net debt to Adjusted EBITDA ratio from 3.4 times at FY2025 end to approximately 1.5 times by FY2027 end.

Nov 14, 2025, 2:00 PM

Transcript

Powerfleet Outlines FY2027 Financial Projections and Highlights Unity Platform at 2025 Innovation Event

AIOT

Guidance Update

Product Launch

New Projects/Investments

Powerfleet's 2025 Innovation Event showcased its Unity platform, an AI-powered, end-to-end AIoT data highway designed to unify operations across on-road, warehouse, yard, and cargo, driving significant customer ROI, with one field service company achieving $2.2 million in annual value and payback in months.
The company provided FY2027 financial expectations, projecting revenue in the region of $485 million, with service revenue anticipated to be around $400 million.
Powerfleet expects Adjusted EBITDA to reach approximately $130 million in FY2027, representing a 45% compound annual growth rate from FY2024, with adjusted EBITDA margins improving to over 25% and composite gross margins rising to approximately 70%.
The company anticipates generating over $40 million in free cash flow in FY2027 and aims to reduce its net debt to adjusted EBITDA ratio from 3.4 times at fiscal year-end 2025 to approximately 1.5 times by the end of FY27.
Strategic partnerships, such as with AT&T, are expanding Powerfleet's reach in high-growth markets like AI video and connected sites, contributing to the company being recognized with the 2025 North America Product Leadership Award by Frost & Sullivan.

Nov 14, 2025, 2:00 PM

Transcript

Powerfleet, Inc. Amends and Restates Facilities Agreement

AIOT

Debt Issuance

Accounting Changes

Powerfleet, Inc. (AIOT) executed a First Amendment and Restatement Agreement with FirstRand Bank Limited (RMB) on October 31, 2025, modifying its existing Facilities Agreement originally dated March 7, 2024.
The amendment extends the final maturity date of the Term A Facility by 12 months to March 31, 2028.
The agreement also updates interest rates for the RMB Term Facilities and revises certain financial covenants to align with the company's other debt facilities.
Key updated financial covenants include a consolidated total net borrowings to consolidated EBITDA ratio, which must be less than 4.25 at March 31 and June 30, 2025, and progressively decrease to 2.50 thereafter. Additionally, the consolidated EBITDA to consolidated total finance costs ratio must exceed 3.00 from September 30, 2025, through September 29, 2026, and 3.50 thereafter.

Nov 6, 2025, 9:18 PM

8-K

Powerfleet Appoints Jeff Lautenbach as Chief Revenue Officer

AIOT

Management Change

Hiring

Revenue Acceleration/Inflection

Powerfleet, Inc. (Nasdaq: AIOT) has appointed Jeff Lautenbach as its new Chief Revenue Officer (CRO), effective immediately.
As CRO, Lautenbach will lead Powerfleet's worldwide revenue engine, driving global go-to-market strategy and execution, and optimizing sales performance to amplify SaaS revenue growth.
Lautenbach brings extensive experience, including leading global revenue organizations that generated $500 million in annual recurring revenue, and previously served as CRO at Conga.

Oct 7, 2025, 8:05 PM

Press Release

Powerfleet Launches AI-Driven Warehouse Solutions via TELUS Partnership

AIOT

Product Launch

Revenue Acceleration/Inflection

New Projects/Investments

Powerfleet announced the launch of its advanced Unity in-warehouse solutions through a strategic partnership with TELUS, aiming to boost warehouse safety, compliance, and operational efficiency in North America.
The new AI-driven solutions leverage advanced technologies such as machine learning and IoT connectivity, positioning the company for scalable revenue growth and further digital transformation.

Mar 10, 2025, 12:00 PM

Press Release

Powerfleet Reports Strong Q3 2025 Results and Raises Full-Year Guidance

AIOT

Earnings

Guidance Update

M&A

Powerfleet reported Q3 2025 revenue of $106 million, a 45% increase year-over-year, with service revenues accounting for 77% of the total. Adjusted EBITDA reached $22 million, growing 77% year-over-year, reflecting an annual run rate exceeding $85 million.
The company is on track to exceed $60 million in annualized cost synergies by year-end, having secured $15 million in annualized savings exiting the December quarter, and anticipates an additional $21 million over the next 18 months.
Powerfleet raised its fiscal 2025 guidance, with annual revenue now expected to exceed $362.5 million and annual EBITDA projected to exceed $75 million. Organic revenue growth is now projected at 7%, up from 5% previously.
The Fleet Complete acquisition significantly expanded the company's market reach, contributing close to $30 million in revenue for the quarter. This has enabled securing major deals, including an initial multi-million dollar order with a long-term potential of $25-$30 million total contract value with a large beverage company.

Feb 10, 2025, 1:30 PM

Transcript

Powerfleet Reports Q3 2025 Financial Results

AIOT

Earnings

Revenue Acceleration/Inflection

M&A

Guidance Update

Revenue Growth: Q3 revenue increased 45% year-over-year to $106.4 million, with service revenue comprising 77% of the total, driven by the Fleet Complete acquisition.
Adjusted EBITDA Increase: EBITDA rose 77% to $22.5 million, reflecting robust organic growth and cost synergies, while positioning the company with an annual run rate exceeding $85 million.
Raised Guidance: The FY25 outlook was improved by adding $10 million in revenue and $2.5 million in adjusted EBITDA, signaling enhanced performance expectations.
Integration Progress: Post-acquisition integration efforts—including those with Fleet Complete and MiX Telematics—are ahead of schedule, setting the stage for double-digit growth in FY26.