Business
PowerFleet Reports First Quarter 2021 Financial Results
WOODCLIFF LAKE, N.J. , May 05, 2021 (GLOBE NEWSWIRE) -- PowerFleet, Inc. (Nasdaq: PWFL), a global leader and provider of subscription-based wireless IoT and
About this update from Powerfleet, Inc.
[{"type":"text","content":"WOODCLIFF LAKE, N.J. , May 05, 2021 (GLOBE NEWSWIRE) -- PowerFleet, Inc. (Nasdaq: PWFL), a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets, reported results for the first quarter ended March 31, 2021. First Quarter 2021 Financial Highlights Total revenue was $29.0 million.High margin, recurring and services revenue was $17.6 million, or 61% of total revenue.Services gross margin was 64%, an improvement from 62% in the same year-ago period.At quarter end, cash and cash equivalents totaled $41.0 million and $53.2 million of working capital. First Quarter 2021 and Recent Operational Highlights Provided Comasco with an IoT solution for real-time tracing and inventory management of their rented crane parts.Pointer by PowerFleet Argentina formed a strategic alliance with Edenred along with its collaboration with BP gas stations to develop and offer comprehensive services for fleet operators.Selected by Panhandle Transportation Group (PTG) to monitor and remotely manage refrigerated trailers and cargo through PowerFleet’s reefer solution, the LV-400.Chosen by Nucor Tubular Products to improve safety, compliance, and utilization by using PowerFleet's telematics solutions.Signed a deal with McGuire Transportation, a regional dry van trucking company, to upgrade its trailer management solution for its U.S.-based operations.Shipped initial 1,000 weight on axle sensor units to American Intermodal Management.Commenced migration of 4,500 legacy industrial units to the company’s next-gen hardware platforms and recurring revenue model for one of the world’s largest automotive companies. Management Commentary“During the first quarter of 2021 we continued to execute on our strategic roadmap, which is focused on expanding our high-value solution offerings, growing our business in our targeted markets, and continuously increasing our high-margin recurring services revenues,” said Chris Wolfe, PowerFleet CEO. “While we delivered consistent financial results in the quarter, our revenues would have been $1.8 million dollars higher had we not experienced a temporarily supply issue due to a third-party electrical component supplier, which impacted some of our product lines as well as many industries globally. Fortunately, our supply chain acted...