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Powerfleet, Inc. Financials

AIOT
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE March

This page shows Powerfleet, Inc. (AIOT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AIOT FY2025

FY2025 became an externally financed scale-up, with revenue expansion arriving alongside heavier goodwill, debt, and cash-use demands.

The striking change is that scale came from balance-sheet expansion, not gradual operating improvement: from FY2023 to FY2025, revenue reached $362.5M while goodwill climbed to $383.1M. At the same time, cash conversion weakened, with EBITDA at $21.6M but operating cash flow at -$3.3M, suggesting the larger business still absorbs cash before its added size becomes self-funding.

Gross margin reached 53.7% in FY2025 versus 50.2% in FY2023. But operating margin remained -7.1% as SG&A rose to $204.4M, pointing to better unit economics that are still outweighed by platform overhead.

Near-term flexibility tightened as the current ratio slipped to 1.1x from 1.4x. That happened even with $115.7M of financing inflow, and with free cash flow at -$23.4M the business is leaning more on external capital than on internally generated cash.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 40 / 100
Financial Health Score 40/100

Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Powerfleet, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
33

Powerfleet, Inc. has an operating margin of 4.4%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 33/100, indicating healthy but not exceptional operating efficiency. This is up from -7.1% the prior year.

Growth
97

Powerfleet, Inc.'s revenue surged 22.4% year-over-year to $443.8M, reflecting rapid business expansion. This strong growth earns a score of 97/100.

Leverage
26

Powerfleet, Inc. has elevated debt relative to equity (D/E of 0.48), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 26/100, reflecting increased financial risk.

Liquidity
25

Powerfleet, Inc.'s current ratio of 1.13 is below the typical benchmark, resulting in a score of 25/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
27

While Powerfleet, Inc. generated $30.5M in operating cash flow, capex of $21.6M consumed most of it, leaving $8.8M in free cash flow. This results in a low score of 27/100, reflecting heavy capital investment rather than weak cash generation.

Returns
34

Powerfleet, Inc.'s ROE of -4.3% shows moderate profitability relative to equity, earning a score of 34/100. This is up from -11.4% the prior year.

Altman Z-Score Distress
0.86

Powerfleet, Inc. scores 0.86, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($500.5M) relative to total liabilities ($473.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong
7/9

Powerfleet, Inc. passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
-1.48x

For every $1 of reported earnings, Powerfleet, Inc. generates $-1.48 in operating cash flow ($30.5M OCF vs -$20.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
0.7x

Powerfleet, Inc. earns $0.7 in operating income for every $1 of interest expense ($19.6M vs $27.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$443.8M
YoY+22.4%
5Y CAGR+31.3%

Powerfleet, Inc. generated $443.8M in revenue in fiscal year 2026. This represents an increase of 22.4% from the prior year.

EBITDA
$79.9M
YoY+269.5%
5Y CAGR+74.3%

Powerfleet, Inc.'s EBITDA was $79.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 269.5% from the prior year.

Net Income
-$20.6M
YoY+59.7%

Powerfleet, Inc. reported -$20.6M in net income in fiscal year 2026. This represents an increase of 59.7% from the prior year.

EPS (Diluted)
$-0.15
YoY+65.1%

Powerfleet, Inc. earned $-0.15 per diluted share (EPS) in fiscal year 2026. This represents an increase of 65.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$8.8M
YoY+137.9%
5Y CAGR+9.3%

Powerfleet, Inc. generated $8.8M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 137.9% from the prior year.

Cash & Debt
$36.5M
YoY-17.8%
5Y CAGR+15.0%

Powerfleet, Inc. held $36.5M in cash against $229.7M in long-term debt as of fiscal year 2026.

Dividends Per Share
N/A
Shares Outstanding
134M
YoY+0.6%

Powerfleet, Inc. had 134M shares outstanding in fiscal year 2026. This represents an increase of 0.6% from the prior year.

Margins & Returns

Gross Margin
55.5%
YoY+1.9pp
5Y CAGR+3.6pp

Powerfleet, Inc.'s gross margin was 55.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 1.9 percentage points from the prior year.

Operating Margin
4.4%
YoY+11.6pp
5Y CAGR+7.4pp

Powerfleet, Inc.'s operating margin was 4.4% in fiscal year 2026, reflecting core business profitability. This is up 11.6 percentage points from the prior year.

Net Margin
-4.6%
YoY+9.4pp
5Y CAGR+3.3pp

Powerfleet, Inc.'s net profit margin was -4.6% in fiscal year 2026, showing the share of revenue converted to profit. This is up 9.4 percentage points from the prior year.

Return on Equity
-4.3%
YoY+7.1pp
5Y CAGR+7.0pp

Powerfleet, Inc.'s ROE was -4.3% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 7.1 percentage points from the prior year.

Capital Allocation

R&D Spending
$18.4M
YoY+14.3%
5Y CAGR+11.6%

Powerfleet, Inc. invested $18.4M in research and development in fiscal year 2026. This represents an increase of 14.3% from the prior year.

Share Buybacks
$0
YoY-100.0%

Powerfleet, Inc. spent $0 on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures
$21.6M
YoY+8.0%
5Y CAGR+46.7%

Powerfleet, Inc. invested $21.6M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 8.0% from the prior year.

AIOT Income Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Revenue $114.5M+0.9% $113.5M+1.6% $111.7M+7.3% $104.1M+0.5% $103.6M-2.6% $106.4M+38.2% $77.0M+2.1% $75.4M
Cost of Revenue $49.8M-1.9% $50.8M+3.5% $49.1M+3.0% $47.6M-2.5% $48.9M+2.6% $47.6M+33.6% $35.7M-0.3% $35.8M
Gross Profit $64.7M+3.2% $62.7M+0.2% $62.6M+10.8% $56.5M+3.1% $54.8M-6.8% $58.8M+42.2% $41.3M+4.3% $39.6M
R&D Expenses $4.7M+3.6% $4.6M+9.0% $4.2M-13.7% $4.9M-1.0% $4.9M+6.1% $4.6M+34.5% $3.4M+10.8% $3.1M
SG&A Expenses $48.9M-5.5% $51.8M-4.4% $54.2M+0.9% $53.7M-5.6% $56.8M+2.6% $55.4M+48.4% $37.3M-31.8% $54.8M
Operating Income $11.0M+73.7% $6.3M+49.5% $4.2M+308.1% -$2.0M+70.8% -$7.0M-461.5% -$1.2M-316.9% $573K+103.1% -$18.2M
Interest Expense $6.9M+1.1% $6.8M-1.9% $7.0M+2.8% $6.8M+20.0% $5.7M-28.8% $7.9M+96.5% $4.0M+50.2% $2.7M
Income Tax $4.1M+35.9% $3.0M+135.3% $1.3M+251.1% $362K+218.7% -$305K-108.7% $3.5M+1272.3% $256K-75.7% $1.1M
Net Income -$2.7M+20.7% -$3.4M+21.5% -$4.3M+58.1% -$10.2M+17.6% -$12.4M+13.5% -$14.3M-660.0% -$1.9M+91.5% -$22.3M
EPS (Diluted) N/A $-0.030.0% $-0.03+62.5% $-0.08 N/A $-0.11-450.0% $-0.02+90.5% $-0.21

AIOT Balance Sheet

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Total Assets $955.6M-0.4% $959.5M+2.4% $936.9M+0.7% $930.8M+2.3% $910.1M+0.2% $908.7M+21.4% $748.3M+9.3% $684.9M
Current Assets $179.2M+2.3% $175.1M+4.3% $167.8M0.0% $167.8M-0.8% $169.1M-3.0% $174.3M-10.8% $195.3M+45.9% $133.9M
Cash & Equivalents $36.5M+16.9% $31.2M+11.9% $27.9M-10.6% $31.2M-29.7% $44.4M+32.0% $33.6M+29.6% $26.0M-14.2% $30.2M
Inventory $22.4M+1.7% $22.1M-1.8% $22.5M-6.0% $23.9M+30.2% $18.4M-34.4% $28.0M+19.1% $23.5M-9.1% $25.8M
Accounts Receivable $93.8M+1.7% $92.2M+8.5% $85.0M+4.4% $81.5M+3.6% $78.6M-4.3% $82.2M+26.8% $64.8M+7.8% $60.1M
Goodwill $412.0M-0.3% $413.3M+3.0% $401.2M+1.7% $394.7M+3.0% $383.1M+2.2% $374.9M+24.9% $300.3M-0.2% $300.8M
Total Liabilities $473.9M-0.1% $474.3M+1.4% $467.9M-0.4% $469.9M+1.4% $463.3M+2.9% $450.1M+51.4% $297.2M+1.0% $294.4M
Current Liabilities $158.0M-1.3% $160.0M+2.4% $156.3M-0.2% $156.6M+3.7% $151.0M+5.0% $143.8M+26.0% $114.1M+4.9% $108.8M
Long-Term Debt $229.7M-0.6% $231.2M-0.3% $231.9M-0.4% $233.0M+0.3% $232.2M-0.7% $233.8M+110.6% $111.0M-0.8% $112.0M
Total Equity $475.5M-2.0% $485.0M+3.5% $468.8M+1.8% $460.7M+3.2% $446.6M-2.6% $458.4M+1.6% $451.0M+15.5% $390.4M
Retained Earnings -$226.3M-1.2% -$223.7M-1.5% -$220.3M-2.0% -$216.0M-5.0% -$205.8M-6.4% -$193.3M-8.0% -$179.0M-1.1% -$177.1M

AIOT Cash Flow Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Operating Cash Flow $10.0M-1.9% $10.2M+84.9% $5.5M+17.0% $4.7M-65.1% $13.5M+322.2% -$6.1M-91.8% -$3.2M+58.3% -$7.6M
Capital Expenditures $3.9M-25.9% $5.3M+21.4% $4.3M-46.5% $8.1M+138.6% $3.4M-44.7% $6.2M+26.4% $4.9M-12.9% $5.6M
Free Cash Flow $6.1M+23.6% $4.9M+317.5% $1.2M+134.9% -$3.4M-133.5% $10.1M+182.8% -$12.2M-52.2% -$8.0M+39.1% -$13.2M
Investing Cash Flow -$7.8M+3.4% -$8.1M+33.1% -$12.1M-2.0% -$11.8M-16.9% -$10.1M+94.2% -$173.4M-2478.3% -$6.7M-134.2% $19.6M
Financing Cash Flow $2.1M+61.1% $1.3M-61.3% $3.4M+150.8% -$6.8M-183.0% $8.2M-93.7% $129.9M+93.4% $67.2M+175.1% -$89.5M
Dividends Paid N/A $0 $0 $0 N/A $0-100.0% $2K-50.0% $4K
Share Buybacks $0 $0 $0 $0 $0 $0 $0-100.0% $2.8M

AIOT Financial Ratios

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Gross Margin 56.5%+1.2pp 55.2%-0.8pp 56.0%+1.8pp 54.3%+1.4pp 52.8%-2.4pp 55.2%+1.5pp 53.7%+1.1pp 52.6%
Operating Margin 9.6%+4.0pp 5.6%+1.8pp 3.8%+5.8pp -2.0%+4.8pp -6.7%-5.6pp -1.2%-1.9pp 0.7%+24.9pp -24.2%
Net Margin -2.3%+0.6pp -3.0%+0.9pp -3.8%+6.0pp -9.8%+2.2pp -12.0%+1.5pp -13.5%-11.0pp -2.5%+27.2pp -29.6%
Return on Equity -0.6%+0.1pp -0.7%+0.2pp -0.9%+1.3pp -2.2%+0.6pp -2.8%+0.4pp -3.1%-2.7pp -0.4%+5.3pp -5.7%
Return on Assets -0.3%+0.1pp -0.4%+0.1pp -0.5%+0.6pp -1.1%+0.3pp -1.4%+0.2pp -1.6%-1.3pp -0.3%+3.0pp -3.3%
Current Ratio 1.13+0.0 1.09+0.0 1.070.0 1.07-0.0 1.12-0.1 1.21-0.5 1.71+0.5 1.23
Debt-to-Equity 0.480.0 0.48-0.0 0.49-0.0 0.51-0.0 0.520.0 0.51+0.3 0.25-0.0 0.29
FCF Margin 5.3%+1.0pp 4.4%+3.3pp 1.1%+4.3pp -3.3%-13.0pp 9.8%+21.3pp -11.5%-1.1pp -10.4%+7.0pp -17.5%

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Frequently Asked Questions

Powerfleet, Inc. (AIOT) reported $443.8M in total revenue for fiscal year 2026. This represents a 22.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Powerfleet, Inc. (AIOT) revenue grew by 22.4% year-over-year, from $362.5M to $443.8M in fiscal year 2026.

No, Powerfleet, Inc. (AIOT) reported a net income of -$20.6M in fiscal year 2026, with a net profit margin of -4.6%.

Powerfleet, Inc. (AIOT) reported diluted earnings per share of $-0.15 for fiscal year 2026. This represents a 65.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Powerfleet, Inc. (AIOT) had EBITDA of $79.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2026, Powerfleet, Inc. (AIOT) had $36.5M in cash and equivalents against $229.7M in long-term debt.

Powerfleet, Inc. (AIOT) had a gross margin of 55.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

Powerfleet, Inc. (AIOT) had an operating margin of 4.4% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

Powerfleet, Inc. (AIOT) had a net profit margin of -4.6% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Powerfleet, Inc. (AIOT) has a return on equity of -4.3% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

Powerfleet, Inc. (AIOT) generated $8.8M in free cash flow during fiscal year 2026. This represents a 137.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Powerfleet, Inc. (AIOT) generated $30.5M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

Powerfleet, Inc. (AIOT) had $955.6M in total assets as of fiscal year 2026, including both current and long-term assets.

Powerfleet, Inc. (AIOT) invested $21.6M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Powerfleet, Inc. (AIOT) invested $18.4M in research and development during fiscal year 2026.

Powerfleet, Inc. (AIOT) had 134M shares outstanding as of fiscal year 2026.

Powerfleet, Inc. (AIOT) had a current ratio of 1.13 as of fiscal year 2026, which is considered adequate.

Powerfleet, Inc. (AIOT) had a debt-to-equity ratio of 0.48 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

Powerfleet, Inc. (AIOT) had a return on assets of -2.1% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

Powerfleet, Inc. (AIOT) has an Altman Z-Score of 0.86, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Powerfleet, Inc. (AIOT) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Powerfleet, Inc. (AIOT) has an earnings quality ratio of -1.48x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Powerfleet, Inc. (AIOT) has an interest coverage ratio of 0.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Powerfleet, Inc. (AIOT) scores 40 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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