Business
PowerFleet Reports Third Quarter 2021 Financial Results
WOODCLIFF LAKE, N.J., Nov. 04, 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., Nov. 04, 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 third quarter and nine months ended September 30, 2021. Third Quarter 2021 Financial Highlights Total revenue was $29.2 million, up 6% year-over-year.High margin, recurring and services revenue increased 10% year-over-year to $18.5 million, or 63% of total revenue.At quarter end, cash and cash equivalents totaled $33.8 million and working capital was $49.4 million. Nine Month 2021 Financial Highlights Total revenue was $91.8 million, up 9% year-over-year.High margin, recurring and services revenue increased 7% to $54.1 million, or 59% of total revenue. Third Quarter 2021 and Recent Operational Highlights Selected by Hyundai Translead, the leading van trailer manufacturer in North America, to provide telematics for its HT LinkSense platform.Expanded deployment of LV-500 solar-powered trailer tracking solution with Day & Ross.Signed a follow-on order for 10,000 LV-500 and freight camera systems with deliveries starting in Q4 2021.Received the 2021 IoT Evolution Asset Tracking Award for LV-500 solar tracking solution with the LV-710 freight camera from IoT Evolution World and IoT Evolution Magazine. Management Commentary“We delivered 6% topline growth and 10% recurring revenue growth in the third quarter despite the cargo ship container backup at the Port of Los Angeles, which severely affected new forklift builds and deliveries,” said PowerFleet CEO Chris Wolfe. “Our Logistics sales in the period were exceptionally strong and could have potentially supplemented the shortfall in Industrial sales, but we were unable to procure the necessary parts due to the industrywide electronic component shortage. However, based on our current visibility, we believe these external supply chain issues will normalize by early next year. “Operationally, we had several notable successes in the third quarter, including our team in Israel shipping and installing over 7,800 of units in August, which marked a new monthly record. In the U.S., our Logistics team secured a follow-on order for 10,000 LV500 container telemetry devices and our Industrial team launched the first site at a m...