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Mar 31, 2020
Powerfleet Q1 2020 Earnings Report
Powerfleet's first quarter results for 2020 showed revenue growth driven by the acquisition of Pointer Telocation Ltd, with some orders postponed due to the COVID-19 pandemic.
Key Takeaways
Powerfleet reported a revenue of $30.8 million for Q1 2020, compared to $13.6 million in the same period last year. The company experienced some order postponements in late March due to the COVID-19 pandemic but maintained profitability through recurring and services revenue. They are implementing cost-saving measures to ensure financial stability.
Total revenue increased to $30.8 million from $13.6 million year-over-year.
Services revenue was $17.6 million, representing 57.1% of total revenue.
Gross profit increased to $14.9 million from $7.0 million year-over-year.
Net loss attributable to common stockholders totaled $4.5 million or $(0.16) per basic and diluted share.
Revenue by Segment
Forward Guidance
PowerFleet anticipates the start of the second quarter to be impacted by order postponements, but this may change as countries and states open up their economies in May. The proactive cost savings measures will allow them to drive their business forward.
Challenges Ahead
- Start of the second quarter being impacted by order postponements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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