Powerfleet, Inc. Files Q2 2024 10-Q
Ticker: AIOT · Form: 10-Q · Filed: Aug 28, 2024 · CIK: 1774170
| Field | Detail |
|---|---|
| Company | Powerfleet, Inc. (AIOT) |
| Form Type | 10-Q |
| Filed Date | Aug 28, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-filing, financials
TL;DR
Powerfleet Q2 2024 10-Q filed. No major new issues.
AI Summary
Powerfleet, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter of 2024. There were no material subsequent events identified by the directors as of the filing date, August 28, 2024.
Why It Matters
This filing provides investors with the latest financial performance and operational updates for Powerfleet, Inc. during the second quarter of 2024.
Risk Assessment
Risk Level: low — This is a routine quarterly filing with no immediately apparent significant negative developments.
Key Players & Entities
- Powerfleet, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240828 (date) — Filing date of the 10-Q
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 28, 2024.
Are there any material subsequent events reported?
No, the directors are not aware of any matter material or otherwise arising since June 30, 2024, and up to the date of this report.
What is the company's Central Index Key (CIK)?
The company's Central Index Key is 0001774170.
What is the company's Standard Industrial Classification (SIC) code?
The company's SIC code is 3669, for Communications Equipment, NEC.
Filing Stats: 4,665 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-08-28 09:26:30
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share AIOT The Nasdaq Global Market
Filing Documents
- aiot-20240630.htm (10-Q) — 1347KB
- exhibit101-creditagreement.htm (EX-10.1) — 529KB
- exhibit311-q12025xcertific.htm (EX-31.1) — 10KB
- exhibit312-q12025xcertific.htm (EX-31.2) — 10KB
- exhibit32-q12025xcertifica.htm (EX-32) — 7KB
- 0001628280-24-038616.txt ( ) — 9276KB
- aiot-20240630.xsd (EX-101.SCH) — 71KB
- aiot-20240630_cal.xml (EX-101.CAL) — 114KB
- aiot-20240630_def.xml (EX-101.DEF) — 309KB
- aiot-20240630_lab.xml (EX-101.LAB) — 755KB
- aiot-20240630_pre.xml (EX-101.PRE) — 536KB
- aiot-20240630_htm.xml (XML) — 1276KB
- FINANCIAL INFORMATION 3
Part I - FINANCIAL INFORMATION 3
Financial Statements (Unaudited) 3
Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and June 30, 2024 3 Condensed Consolidated Statements of Operations - for the three months ended June 30, 2023 and 2024 5 Condensed Consolidated Statements of Comprehensive Loss - for the three months ended June 30, 2023 and 2024 6 Condensed Consolidated Statement of Changes in Stockholders' Equity - for the three months ended June 30, 2023 and 2024 7 Condensed Consolidated Statements of Cash Flows - for the three months ended June 30, 2023 and 2024 8 Notes to Condensed Consolidated Financial Statements 10
Management's Discussion and Analysis of Financial Condition and Results of Operations 33
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33
Quantitative and Qualitative Disclosures About Market Risk 48
Item 3. Quantitative and Qualitative Disclosures About Market Risk 48
Controls and Procedures 49
Item 4. Controls and Procedures 49
- OTHER INFORMATION
Part II - OTHER INFORMATION
Legal Proceedings 51
Item 1. Legal Proceedings 51
Risk Factors 52
Item 1A. Risk Factors 52
Unregistered Sales of Equity Securities and Use of Proceeds 53
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53
Exhibits 53
Item 6. Exhibits 53 S ignatures 54 2
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) POWERFLEET, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) March 31, 2024 * June 30, 2024 ASSETS Current assets: Cash and cash equivalents $ 24,354 $ 30,242 Restricted cash 85,310 1,151 Accounts receivables, net of allowance for credit losses of $ 3,197 and $ 3,727 as of March 31, 2024 and June 30, 2024, respectively 30,333 60,132 Inventory, net 21,658 25,832 Deferred costs - current 42 24 Prepaid expenses and other current assets 8,091 16,498 Total current assets 169,788 133,879 Fixed assets, net 12,719 49,705 Goodwill 83,487 300,775 Intangible assets, net 19,652 170,093 Right-of-use asset 7,428 10,722 Severance payable fund 3,796 3,760 Deferred tax asset 2,781 3,544 Other assets 9,029 12,435 Total assets $ 308,680 $ 684,913 LIABILITIES Current liabilities: Short-term bank debt and current maturities of long-term debt $ 1,951 $ 27,604 Accounts payable and accrued expenses 34,008 68,771 Deferred revenue - current 5,842 10,019 Lease liability - current 1,789 2,441 Total current liabilities 43,590 108,835 Long-term debt - less current maturities 113,810 111,957 Deferred revenue - less current portion 4,892 4,825 Lease liability - less current portion 5,921 8,555 Accrued severance payable 4,597 4,533 Deferred tax liability 4,465 52,645 Other long-term liabilities 2,496 3,015 Total liabilities 179,771 294,365 Commitments and Contingencies (Note 22) Convertible redeemable preferred stock: Series A - 100 shares authorized, $ 0.01 par value; 60 and 0 shares issued and outstanding at March 31, 2024 and June 30, 2024, respectively, at redemption value of $ 90,273 at March 31, 2024 90,273 — STOCKHOLDERS' EQUITY Preferred stock; authorized 50,000 shares, $ 0.01 par value — — 3 Common stock; authorized 175,000 shares, $ 0.01 par value; 38,709 and 109,641 s hares issued at March 31, 2024 and June 30, 2024, respectivel