Powerfleet Q2 2021 Earnings Report
Key Takeaways
Powerfleet reported a 30% increase in total revenue to $33.5 million, driven by a measurable pickup in new sales activity across geographic regions. The company's focus on predictable revenue streams resulted in an 11% year-over-year increase in high margin, recurring and services revenue. PowerFleet's financial performance reflects the continued execution of its long-term strategy to increase high margin recurring and services revenue.
Total revenue increased by 30% year-over-year to $33.5 million.
Services revenue accounted for 54% of total revenue, amounting to $18.1 million.
Product revenue increased to $15.5 million, representing 46% of total revenue.
Net loss attributable to common stockholders totaled $2.6 million, or $(0.08) per basic and diluted share.
Powerfleet
Powerfleet
Forward Guidance
PowerFleet has entered the second half of 2021 with encouraging momentum, giving them confidence in their growth prospects and are making meaningful progress on their financial goals.