Business
PowerFleet Reports Fourth Quarter and Full Year 2020 Financial Results
Record Annual Revenue of $113.6 Million and Operating Cash Flow of $8.8 MillionQuarterly Revenue Up 7% Sequentially to $29.4 Million, Driving 4% Sequential
About this update from Powerfleet, Inc.
[{"type":"text","content":"Record Annual Revenue of $113.6 Million and Operating Cash Flow of $8.8 MillionQuarterly Revenue Up 7% Sequentially to $29.4 Million, Driving 4% Sequential Increase in High Margin, Recurring and Services Revenue to $17.3 Million WOODCLIFF LAKE, N.J., Feb. 25, 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 fourth quarter and full year ended December 31, 2020. Fourth Quarter and Full Year 2020 Financial Highlights Total revenue increased 7% sequentially to $29.4 million.Solid gross profit margin of 51.6%, an improvement from 47.4% in Q4 2019.High margin, recurring and services revenue increased 4% sequentially to $17.3 million.Generated $8.8 million of operating cash for the full year of 2020.At quarter end, cash and cash equivalents totaled $18.1 million and $28.9 million of working capital. Pro forma cash and cash equivalent position, including the net proceeds from the underwritten public offering closed on February 1, 2021, was $45.0 million. Fourth Quarter 2020 and Recent Operational Highlights 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.Deployed hundreds of IoT-enabled defibrillators in Israel, which were installed across the country in telephone booths, lottery stalls and supermarkets as part of a $2 million deployment program.Leveraged Pointer’s best-in-class IoT solutions to secure multiple new contracts with companies.Signed a deal with McGuire Transportation, a regional dry van trucking company, to upgrade its trailer management solution for its U.S.-based operations. Management Commentary“The fourth quarter was a solid finish to a very unpredictable 2020,” said PowerFleet CEO Chris Wolfe. “Our continued execution against strategic initiatives, including focus on driving profitable growth, and our leaner cost structure enabled us to deliver 7% sequential topline growth, 4% sequential increase in high margin recurring and services revenue, and improved GAAP and non-GAAP profitability measure...