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Powerfleet Announces Preliminary Financial Results for First Quarter of Fiscal 2025; Raises Fiscal 2025 Annual Guidance
Outpaces Expectations with 10% Preliminary Pro Forma Annual Revenue Growth to Approximately $75 Million Subscriber Count Increases Year-over-Year by 11% to
About this update from Powerfleet, Inc.
[{"type":"text","content":"Outpaces Expectations with 10% Preliminary Pro Forma Annual Revenue Growth to Approximately $75 Million\nSubscriber Count Increases Year-over-Year by 11% to 1.95 Million\nCost Synergies and EBITDA Growth Outperform Expectations Due to Effective Integration\nDelays Q1 Fiscal 2025 Conference Call and Related Filings Due to SEC Comment Letter on Accounting Acquirer in MiX Telematics Business Combination\nCompany to Hold Fireside Chat on Tuesday, August 6th at 8:30am ET\nWOODCLIFF LAKE, N.J., Aug. 5, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: AIOT) today announced a delay of its earnings call for the first fiscal quarter ended June 30, 2024, originally scheduled for August 8, 2024. This follows the receipt of a comment letter from the U.S. Securities and Exchange Commission (SEC) requesting additional information solely regarding Powerfleet's determination of the accounting acquirer in the recent business combination with MiX Telematics Ltd.\n\n \n \n \n \n \n \n\n \nThis accounting issue is not expected to have any impact on the Company's cash flows. Powerfleet is actively engaged with its auditors, financial, and legal advisors to address the SEC's comment and targets to resolve this matter within the month of August. However, this ongoing process will delay the company's ability to file its Transition Report on Form 10-KT for the period from January 1 to March 31, 2024, as well as its Form 10-Q for the first fiscal quarter of 2025 ended June 30, 2024.\nIn addition, Powerfleet announced preliminary results for the first quarter of fiscal 2025 ended June 30, 2024 and pro forma results for the fiscal year ended March 31, 2024.\nPreliminary Results for First Quarter 2025 Ended June 30, 2024\nPowerfleet anticipates reporting preliminary revenue for the first quarter of fiscal 2025 of approximately $75 million, representing an increase of 10% compared to the combined revenue of Powerfleet, Inc. and MiX Telematics Ltd. in the same period last year.\nAdditionally, preliminary pro forma adjusted EBITDA, a non-GAAP metric, is projected to exceed $13.5 million, exclusive of $14 million in one-time expenses, reflecting an increase of over 40% versus the combined adjusted EBITDA from the prior year's comparable period.\nThe preliminary pro forma net loss attributable to common stockholders for the first quarter of fiscal 2025 is expected ...