Powerfleet Q2 2020 Earnings Report
Key Takeaways
Powerfleet reported solid Q2 2020 results with $25.8 million in revenue and $2.1 million in adjusted EBITDA, demonstrating the resilience of its financial model despite COVID-19 headwinds. The company secured significant deals in the Logistics business and extended its partnership with Jungheinrich. With a strong subscriber base and $21.5 million in cash, Powerfleet is confident in its ability to navigate the uncertain environment.
Total revenue increased to $25.8 million from $16.3 million in the same year-ago period.
Services revenue was $16.4 million, representing 63.5% of total revenue.
Gross profit increased to $14.0 million, or 54.5% of total revenue.
The company had $21.5 million in cash and cash equivalents at quarter-end.
Powerfleet
Powerfleet
Powerfleet Revenue by Segment
Forward Guidance
Powerfleet is confident in its ability to navigate the uncertain environment and extend its position as a leading global B2B mobile fleet and asset management company.
Revenue & Expenses
Visualization of income flow from segment revenue to net income