PowerFleet Inc - PWFL STOCK NEWS

Powerfleet, Inc. (PWFL) has been recognized as a finalist for the Artificial Intelligence Excellence Awards for its innovative Unity platform, which leverages AIoT capabilities to provide actionable insights for fleet management. The platform harmonizes data from various sources, implements machine vision for safety practices, and enhances automation and machine learning proficiencies. Unity's real-world applications include driver identification for forklift assets and preemptive collision prevention through fatigue and distraction monitoring.

Powerfleet, Inc. (PWFL) announces restatement of financial statements due to historical accounting treatment adjustment for Series A convertible preferred stock redemption. The restatement will impact fiscal years 2021, 2022, and interim periods of 2022 and 2023 but is not expected to adversely affect previous financial metrics.

Powerfleet, Inc. (PWFL) and MiX Telematics have completed their business combination, forming a global AIoT SaaS provider with total revenue of $284 million and recurring high-margin SaaS revenues of $215 million. The combination is expected to unlock a $25m+ EBITDA expansion within two years and deliver cross-sell opportunities to a joint base of 7,500 enterprise customers.

Powerfleet, Inc. (PWFL) reports strong financial results for Q4 2023, with total revenue reaching $34.5 million, up 9% YoY in constant currency. Service revenue increased by 16% YoY, reflecting a shift to a SaaS-centric model. AEBITDA surged by 110% YoY in Q4 and by 141% in the second half of 2023. Shareholders show strong support for the upcoming business combination with MiX Telematics.

Powerfleet, Inc. (PWFL) and MiX Telematics Limited have received shareholder approval for their business combination, expected to close in April 2024. The combined entity will be known as Powerfleet, focusing on AIoT SaaS services for accelerated growth in revenues and profitability.

Powerfleet, Inc. (PWFL) will discuss Q4 and year-end 2023 results in a conference call on March 12, 2024. Financial results will be released before the call. Management will lead the presentation and Q&A session.

Powerfleet, Inc. (PWFL) and MiX Telematics Limited (MIXT, MIX) have announced that their respective shareholders meetings will be held virtually on February 28, 2024, to vote on the proposed business combination between the parties. The completion of regulatory milestones has prepared the companies to realize anticipated strategic and financial benefits from the combination, with the transaction expected to close in April 2024, subject to the satisfaction of customary conditions.

Powerfleet, Inc. (Nasdaq: PWFL) has launched its next-generation Pedestrian Proximity Detection solution, an AI-powered safety system that proactively prevents accidents, bolsters pedestrian safety, and mitigates damage to material handling equipment within warehouses and manufacturing facilities. The solution has experienced 57% subscriber growth for its safety solutions in North America since 2020 and offers an immediate ROI, helping prevent and significantly reduce costly accidents.

Powerfleet, Inc. (Nasdaq: PWFL) has been recognized as a top innovator in ABI Research's Commercial Video Telematics Competitive Ranking. The influential report ranked Powerfleet based on its comprehensive solutions, user experience, key use cases, cameras and sensors, driving monitoring systems, and reporting and analytics capabilities. Powerfleet's advanced video solutions, data-driven safety and security enterprise application, and its device-agnostic fleet intelligence platform Unity were specifically highlighted. The company is excited to continue delivering groundbreaking AI-led and data-driven solutions in the future. Powerfleet's software capabilities encompass pre-collision warning, incident prevention, driver identification, incident review, driver coaching and risk mitigation, cargo monitoring, and more. The top innovator recognition follows the announcement of a business combination with MiX Telematics that will further accelerate their Artificial Intelligence of Things (AIoT) innovations and customer expansion opportunities for over 1.7 million subscribers worldwide.