Loading...
•
Sep 30, 2023
Powerfleet Q3 2023 Earnings Report
Reported highest revenue performance in four quarters, driven by an 7% sequential increase in total revenue and an 11% increase in high-margin service revenue.
Key Takeaways
Powerfleet reported Q3 2023 results with a 7% sequential increase in total revenue to $34.2 million, marking the highest revenue performance in four quarters. The company's transformation to a SaaS-centric business model continues, with high-margin service revenue increasing 11%. Adjusted EBITDA increased threefold due to cost reduction measures. A transformative business combination with MiX Telematics is expected to double revenue.
Total revenue increased 7% sequentially to $34.2 million, the highest in four quarters.
High-margin service revenue increased 11% in Q3 2023 and 14% year-to-date (constant currency).
Adjusted EBITDA increased threefold following $4 million in annualized cost reduction measures.
North America total business grew 12% year-over-year, with service revenue up 15% year-to-date.
Powerfleet
Powerfleet
Forward Guidance
The company anticipates that the transformative business combination with MiX Telematics will double revenue and provide the foundation for future Rule of 40 financial performance.
Positive Outlook
- Expected doubling of revenue through the MiX Telematics combination.
- Foundation for future Rule of 40 financial performance.
- Deepened opportunity to create meaningfully increased shareholder value.
- Addressing the current balance sheet overhang.
- Excitement about the momentum being built.