Powerfleet, Inc. Files 10-Q for Period Ending 12/31/24

TL;DR

Powerfleet 10-Q filed. Financials for 9 months and Q4 2024 vs 2023 out.

AI Summary

Powerfleet, Inc. filed its 10-Q for the period ending December 31, 2024. The company reported financial results for the nine months and three months ended December 31, 2024, comparing them to the same periods in 2023. Specific financial figures for revenue, cost of revenue, gross profit, operating expenses, and net income/loss are detailed within the filing.

Why It Matters

This filing provides investors with a detailed look at Powerfleet's financial performance and operational status for the specified periods, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial details and any disclosed risks within the full report could indicate higher risk.

Key Numbers

• 2024-12-31 — Reporting Period End Date (Indicates the end of the fiscal period covered by the report.)
• 2023-12-31 — Comparative Period End Date (Provides a point of comparison for financial performance.)

Key Players & Entities

• Powerfleet, Inc. (company) — Filer of the 10-Q
• 2024-12-31 (date) — End of the reporting period
• 2023-12-31 (date) — Comparative period end

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share AIOT The Nasdaq Global Market

Filing Documents

• aiot-20241231.htm (10-Q) — 1777KB
• exhibit311-q32025xcertific.htm (EX-31.1) — 10KB
• exhibit312-q32025xcertific.htm (EX-31.2) — 10KB
• exhibit32-q32025xcertifica.htm (EX-32) — 7KB
• 0001628280-25-004642.txt ( ) — 10400KB
• aiot-20241231.xsd (EX-101.SCH) — 73KB
• aiot-20241231_cal.xml (EX-101.CAL) — 124KB
• aiot-20241231_def.xml (EX-101.DEF) — 391KB
• aiot-20241231_lab.xml (EX-101.LAB) — 901KB
• aiot-20241231_pre.xml (EX-101.PRE) — 638KB
• aiot-20241231_htm.xml (XML) — 1561KB

- 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 December 31, 2024 3 Condensed Consolidated Statements of Operations - for the three and nine months ended December 31, 2023 and 2024 5 Condensed Consolidated Statements of Comprehensive Loss - for the three and nine months ended December 31, 2023 and 2024 6 Condensed Consolidated Statement of Changes in Stockholders' Equity - for the periods April 1, 2023 through December 31, 2023 and April 1, 2024 through December 31,2024 7 Condensed Consolidated Statements of Cash Flows - for the nine months ended December 31, 2023 and 2024 10 Notes to Condensed Consolidated Financial Statements 12

Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures About Market Risk 54

Item 3. Quantitative and Qualitative Disclosures About Market Risk 54

Controls and Procedures 55

Item 4. Controls and Procedures 55

- OTHER INFORMATION 57

Part II - OTHER INFORMATION 57

Legal Proceedings 57

Item 1. Legal Proceedings 57

Risk Factors 58

Item 1A. Risk Factors 58

Unregistered Sales of Equity Securities and Use of Proceeds 61

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61

Exhibits 61

Item 6. Exhibits 61 S ignatures 62 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 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 24,354 $ 33,634 Restricted cash 85,310 5,011 Accounts receivables, net of allowance for credit losses of $ 3,197 and $ 5,483 as of March 31, 2024 and December 31, 2024, respectively 30,333 82,167 Inventory, net 21,658 27,985 Deferred costs - current 42 6 Prepaid expenses and other current assets 8,091 25,455 Total current assets 169,788 174,258 Fixed assets, net 12,719 55,257 Goodwill 83,487 374,939 Intangible assets, net 19,652 263,396 Right-of-use asset 7,428 12,308 Severance payable fund 3,796 4,461 Deferred tax asset 2,781 5,766 Other assets 9,029 18,284 Total assets $ 308,680 $ 908,669 LIABILITIES Current liabilities: Short-term bank debt and current maturities of long-term debt $ 1,951 $ 34,596 Accounts payable and accrued expenses 34,008 86,481 Deferred revenue - current 5,842 17,912 Lease liability - current 1,789 4,763 Total current liabilities 43,590 143,752 Long-term debt - less current maturities 113,810 233,750 Deferred revenue - less current portion 4,892 3,949 Lease liability - less current portion 5,921 8,268 Accrued severance payable 4,597 4,906 Deferred tax liability 4,465 52,461 Other long-term liabilities 2,496 3,042 Total liabilities 179,771 450,128 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 December 31, 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 134,556 s hares issued at March 31, 2024 and December 31, 2024

View Full Filing

View this 10-Q filing on SEC EDGAR