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Jun 30, 2022
Powerfleet Q2 2022 Earnings Report
Reported a 10-quarter revenue high and improved bottom line performance.
Key Takeaways
Powerfleet reported a 10-quarter revenue high of $34.6 million, marking the third consecutive quarter of year-over-year revenue growth. The company's rationalization initiatives drove a 58% sequential improvement in loss from operations. High margin, recurring and services revenue were up 9% year-over-year to $19.8 million.
Total revenue increased 3% to $34.6 million from $33.5 million in the same year-ago period.
Services revenue was $19.8 million, or 57% of total revenue, an improvement compared to $18.1 million, or 54% of total revenue, in the same year-ago period.
Rationalization initiatives drove a 58% sequential improvement in loss from operations in Q2.
Non-GAAP net income totaled $2.0 million, or $0.06 per basic and $0.05 per diluted share
Powerfleet
Powerfleet
Powerfleet Revenue by Segment
Revenue by Segment
Services Revenue
CapyFin.comProduct Revenue
CapyFin.com Forward Guidance
PowerFleet entered the second half of 2022 in a strong position, supported by building customer engagement, a growing pipeline, and several strategic opportunities on the horizon.
Positive Outlook
- Building customer engagement
- Growing pipeline
- Several strategic opportunities on the horizon
- Sufficient runway to execute strategy
- Executing well on driving transformation and accelerating our vision
Challenges Ahead
- Ongoing macro headwinds
- Supply chain issues affecting our industry
- Supply chain issues affecting our competitors
- Supply chain issues affecting companies globally
- Foreign currency translation losses of $0.7 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income