Subscriber Growth

FY 2025

180,000 to 200,000 net subscriber additions "

220,000 to 240,000 net subscriber growth " "

raised

EBITDA Guidance

FY 2025

$100 million EBITDA target "

no current guidance

no current guidance

Dividend Policy

FY 2025

no prior guidance

Quarterly dividend of $10 million; $0.50 per share; 6% annualized yield " "

no prior guidance

CapEx

FY 2025

no prior guidance

CapEx for Q1 2025 was higher than average with lower CapEx expected later "

no prior guidance

Gross Margin

FY 2025

no prior guidance

Telematics Services: expected slight improvement; Telematics Products: 20–25% " "

no prior guidance

R&D Expenses

FY 2025

no prior guidance

Approximately 5.5% of revenues "

no prior guidance

OEM Partnerships & Agreements

In Q4 2024, established OEM deals with Nissan, General Motors and discussions to expand in South America were highlighted. " " " In Q3 2024, the Nissan Chile deal and active discussions with multiple OEMs were emphasized. " " " " In Q2 2024, OEM expansion – including the Porsche collaboration and motorcycle telematics – was also on focus. " "

In Q1 2025, the new Stellantis telematics service agreement was a strategic milestone that drove bulk subscriber growth and signaled further global OEM expansion. " " " " " "

OEM Partnerships have strengthened with a shift from building regional relationships (e.g., Nissan and GM) to securing major global deals (Stellantis), indicating increased optimism and an expanded global focus.

Subscriber Growth & Bulk Onboarding Sustainability

Across Q2, Q3 and Q4 2024, steady quarterly net additions (35,000–40,000 subscribers) were reported with discussions about sustainable onboarding from both retail and OEM channels. " " " " "

Q1 2025 showed a one-time bulk addition of 99,000 subscribers from Stellantis, with expectations that future quarters will revert to a steady growth rate (40,000 new subscribers per quarter). " " "

Subscriber Growth remains robust; while a bulk onboarding event created an atypical spike in Q1 2025, the underlying model is expected to return to consistent, sustainable growth.

ARPU & Revenue Per User Dynamics

Q2 2024 discussions highlighted a decline in ARPU driven by FX depreciation but with local currency gains. " Q4 2024 emphasized stable ARPU with minor pricing mix effects. " In Q3 2024, there was no discussion on ARPU.

Q1 2025 noted that the ARPU for the Stellantis OEM deal is lower due to the service-only nature, though margins are higher and renewal potential may boost ARPU over time; local currency revenue growth is encouraging. " " "

ARPU dynamics are mixed – lower ARPU in OEM deals is offset by higher margins and future renewal potential; FX challenges persist but local currency performance remains strong.

Gross Margin & Operating Leverage

Q3 2024 reported an improved operating margin (22% vs. 20.8% YoY) driven by operating leverage. " Q2 2024 focused on the scalable operating leverage model, while Q4 2024 mentioned product mix variability affecting gross margin. " "

Q1 2025 highlighted improved gross margins for telematics services due to operating leverage, with telematics products showing variability because of cost savings and mix changes. "

Operating leverage continues to drive improved margins, although product mix volatility remains a factor; the trend shows consistent benefits from scale and efficient cost management.

Currency Volatility & FX Exposure

Q2, Q3, and Q4 2024 repeatedly noted that a strong U.S. dollar negatively affected results in USD terms even as local currencies showed robust growth. " " "

In Q1 2025, currency volatility was again noted, with the strengthening U.S. dollar deflating USD-reported revenue while local currencies revealed healthier, higher growth rates. " "

Currency volatility remains a constant concern – while FX headwinds continue to impact U.S. dollar figures, the underlying local currency performance is strong, confirming robust regional fundamentals.

Product Innovation & Market Expansion

Q2 2024 focused on launching SaaS for vehicle sharing and a new motorcycle telematics product, along with the Porsche collaboration. " " " Q3 2024 emphasized usage-based insurance (UBI) and innovative motorcycle insurance solutions, plus expanding OEM deals. " " Q4 2024 discussed both the motorcycle product launch and UBI growth. " "

Q1 2025 underscored product innovation by leveraging the new Stellantis agreement to drive subscriber growth and exploring further geographic expansion in Israel and South America, reaffirming strategic growth across new verticals. "

Consistent emphasis on innovation and market expansion – the company continues to diversify its offerings (from UBI to motorcycle solutions) and broaden its geographic reach, reinforcing a positive long‐term growth outlook.

Cost Control & Expense Management

In Q3 2024, improved operating margins were partly attributed to decreased G&A expenses. " Q4 2024 made indirect references through discussions of pricing adjustments and product mix impacts. " " Q2 2024 did not contain explicit discussion on these matters.

Q1 2025 provided detailed insights into cost control measures, noting stable R&D expenses (5.5% of revenues) and a planned CapEx decline after a high Q1 investment, contributing to margin improvements. " "

Focus on cost management has grown, with more detailed reporting in Q1 2025 indicating disciplined expense control and stable R&D spending, reinforcing improved efficiency and profitability.

Lengthy Sales Cycles for B2B Partnerships

Q3 2024 discussed prolonged sales cycles for B2B partnerships, citing strategic decisions, technical evaluations, and complex negotiations as the main challenges. "

Q1 2025 did not explicitly address lengthy sales cycles, though long-term OEM agreements were referenced, suggesting the sales cycle challenges are implicit rather than a focus of discussion. " "

Discussion of sales cycle length has diminished in the current period, which could imply either that the processes have streamlined or that management has shifted its emphasis toward longer-term results rather than cycle challenges.

Geopolitical & Economic Instability in Key Markets

In Q3 2024, geopolitical and economic instability, particularly the effects of war and economic slowdown in Israel, were discussed in detail, with implications for car theft rates and market demand. "

Q1 2025 did not mention geopolitical or economic instability, with no explicit reference to such issues in key markets.

Focus on geopolitical and economic instability has lessened in Q1 2025 compared to Q3 2024, possibly indicating that such issues have stabilized or are currently deemed less impactful on operational performance.

Product Sales & Mix Volatility

Q2 2024 provided an in-depth discussion on product sales volatility due to inventory and geographical differences, while Q4 2024 noted that product mix significantly impacted gross margins. " " Q3 2024 focused on revenue growth without emphasizing mix volatility.

Q1 2025 mentioned product mix volatility as a factor affecting telematics product gross margins, with variability explained by cost savings and changes in the mix of orders from OEMs. " "

Product mix volatility remains a recurring theme – while the underlying sales continue to grow, the variability in product mix continues to influence gross margins, a consistent concern across periods.