Business
PowerFleet Reports First Quarter 2022 Financial Results
Total Revenue up 14% Year-Over-Year to $33.2 Million and High Margin, Recurring and Services Revenue up 7% Year-Over-Year to $18.8 million WOODCLIFF LAKE,
About this update from Powerfleet, Inc.
[{"type":"text","content":"Total Revenue up 14% Year-Over-Year to $33.2 Million and High Margin, Recurring and Services Revenue up 7% Year-Over-Year to $18.8 million\nWOODCLIFF LAKE, N.J., May 10, 2022 (GLOBE NEWSWIRE) -- PowerFleet, Inc. (Nasdaq: PWFL), a global leader of SaaS-based data insight solutions that manage enterprise assets for seamless business operations, reported results for the first quarter ended March 31, 2022. First Quarter 2022 Financial Highlights Total revenue was $33.2 million, up 14% year-over-year.High margin, recurring and services revenue increased 7% year-over-year to $18.8 million, or 57% of total revenue.$20.9 million in cash and cash equivalents and working capital of $40.5 million at quarter-end. Management Commentary “The first quarter marked a solid start to the year, highlighted by 14% year-over-year revenue growth,” said PowerFleet CEO Steve Towe. “The double-digit growth we realized in the quarter was driven by ongoing deployments with major customers, including Walmart, Albertsons, and American Intermodal Management. Additionally, we saw growth across our core verticals and markets, particularly in Mexico and our Pointer operation, both of which are realizing solid growth with key partners. “Operationally, we continue to navigate through the global supply chain and electronic component challenges to deliver solutions that our valued customers rely on for their business operations. As we progress through 2022, we expect product gross profit to improve as we begin to realize the benefits from our operational and product reengineering initiatives. Longer term, we are confident these measures will give us better control over our supply chain and how we deliver products to customers. In parallel, we're working hard to expand recurring revenue while reducing operating expenses through even closer integration of our business units. “Our companywide focus in 2022 is on establishing a world-class SaaS and AI platform to maximize the impact we make for our customers and increase the wallet share we can derive in the future. PowerFleet is well positioned to capitalize on this opportunity thanks to the depth and breadth of our technology, specifically the rich history of innovative devices, sensors, suite of software applications and data, coupled with the growing need for real-time AI-based insights across our SaaS offerings. We...