Business
PowerFleet Reports Second Quarter 2020 Financial Results
The Company Elects to Terminate “At-The-Market” Equity Offering Program WOODCLIFF LAKE, N.J., Aug. 06, 2020 (GLOBE NEWSWIRE) -- PowerFleet, Inc. (Nasdaq:
About this update from Powerfleet, Inc.
[{"type":"text","content":"The Company Elects to Terminate “At-The-Market” Equity Offering Program\nWOODCLIFF LAKE, N.J., Aug. 06, 2020 (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 second quarter ended June 30, 2020.\n Second Quarter Financial and Operational Highlights Generated $25.8 million in total revenue, including $16.4 million (63.5% of total revenue) of high margin, recurring and services revenueProduced $4.4 million in operating cash for the first six months of 2020Maintained healthy on-air subscriber units at over 550,000Maintained solid liquidity position with $21.5 million in cash and cash equivalents and $28.9 million of working capital Management Commentary“Our performance for the second quarter was solid, especially given the headwinds and challenges presented by COVID-19,” said CEO Chris Wolfe. “We delivered solid top- and bottom-line results, including $25.8 million in revenue, $2.1 million in adjusted EBITDA and $1.7 million in operating cash flow, again demonstrating the resiliency of our financial model. “Despite the slowdown globally in Q2, we signed several significant deals in our Logistics business, including wins with Rusken Packaging and Day & Ross, one of Canada’s largest fleets. These combined multi-million-dollar deals started shipping in June and July. We also extended and expanded our strategic partnership with Jungheinrich, which continues to exceed expectations. Since launching our white-labeled enterprise solution with Jungheinrich a year ago, sales were 40% higher than planned. We look forward to building on our partnership’s momentum by pursuing new market opportunities for both companies. “While our business continues to operate according to our post-COVID plan, we are also encouraged by the strength of our financial foundation. Our subscriber base of more than 550,000 has remained very resilient. Our optimized cost-structure coupled with the $21.5 million in cash on our balance sheet, gives us confidence that we will not only weather this storm but come out stronger when the situation recovers. In the face of today’s uncertain and constantly evolving environment, we remain confident in our ability to extend our position as on...