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Mar 31, 2023
Powerfleet Q1 2023 Earnings Report
Estimated Revenue:$33.1M
+3.1% YoY
Estimated EPS:-$0.0615
19.0% YoY
Key Takeaways
Powerfleet's first quarter 2023 saw a focus on profitable growth and SaaS recurring revenue expansion, with total revenue at $32.8 million. Services revenue increased to $20.4 million, representing 62% of total revenue. Gross profit margin expanded to 51%. Net income attributable to common stockholders was $3.5 million, or $0.10 per basic share.
Total revenue was $32.8 million, compared to $33.2 million in the same year-ago period.
Services revenues totaled $20.4 million, up $1.7 million year-over-year, accounting for 62% of total revenue.
Gross profit margin expanded to 51% in Q1 2023 from 43% in the prior year.
Net income attributable to common stockholders totaled $3.5 million, or $0.10 per basic share.
Powerfleet
Powerfleet
Powerfleet Revenue by Segment
Revenue by Segment
Services Revenue
CapyFin.com Forward Guidance
Powerfleet expects revenue growth and EBITDA expansion in Q2 from its core business, with an even stronger performance in the second half of 2023. The company remains on track executing its transformation plan to deliver its strategic foundational pillars - sustainable top-line growth, increased profitability, and cash flow.
Positive Outlook
- Expect revenue growth in Q2 from core business.
- Expect EBITDA expansion in Q2 from core business.
- Expect stronger performance in the second half of 2023.
- Remain on track executing transformation plan.
- Delivering strategic foundational pillars.
Challenges Ahead
- Incremental transitional investments in Opex are expected.
- Short-term fluctuation in cost base is expected.
- Challenging macroeconomic pressures.
- Highly significant FX headwinds.
- Moderates overall total revenue growth in the short term.
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Key Statistics
Market Cap
$623M
P/E Ratio
-13.78
Sector
Electronic Technology
Industry
Telecommunications Equipment
52-Week High
$8.48
52-Week Low
$3.79