PowerFleet, Inc. Stock Price, News & Analysis

PowerFleet, Inc. (NASDAQ: PWFL) has announced a reseller agreement with Mitsubishi Logisnext Americas to introduce the PowerFleet® Enterprise Telematic Solution across North America. This integrated system will be a factory-installed option on various forklift trucks, providing clients with real-time data analytics for enhanced decision-making. Key features include operator access control, electronic pre-shift checklists, and automated reporting, aimed at improving safety compliance and fleet performance. The solution supports diverse fleet sizes and product mixes.

PowerFleet, a leader in wireless IoT and M2M solutions, announced its participation in the 16th Annual Needham Virtual Technology & Media Conference scheduled for May 19, 2021, at 11:45 p.m. Eastern time. CEO Chris Wolfe and CFO Ned Mavrommatis will present, and the event will be webcast for later viewing. Interested parties can schedule one-on-one meetings for further discussions. PowerFleet specializes in securing and managing high-value enterprise assets, enhancing efficiency, and reducing costs across various industries.

PowerFleet (Nasdaq: PWFL) has been selected by White Oak Transportation to provide a trailer tracking solution for their fleet of 875 trailers. Utilizing the LV-500 device, White Oak will upgrade from 3G to 4G/LTE wireless service, enhancing asset visibility and operational efficiency. The LV-500 offers dual power options, quick installation, and contributes to reduced costs related to underutilized trailers. This partnership aims to improve client service, prioritize driver safety, and enhance maintenance planning.

PowerFleet (Nasdaq: PWFL) announced a significant contract with the Israel Police to provide technological services for over 7,500 police vehicles for four years, with an option to extend. This contract includes a fleet management and driver identification solution that enhances vehicle tracking and operational efficiency. The system will utilize advanced 4G/LTE technology, allowing real-time data analysis and alerts. This achievement marks PowerFleet as a critical partner for key rescue forces in Israel, enhancing their command and control capabilities.

PowerFleet, Inc. (PWFL) reported Q1 2021 results with total revenue of $29 million, down from $30.8 million year-over-year. Recurring services revenue remained stable at $17.6 million, comprising 61% of total revenue. The net loss attributable to common stockholders narrowed to $3 million ($0.09 per share), compared to a loss of $4.5 million the previous year. PowerFleet held $41 million in cash and $53.2 million in working capital at quarter-end. The company cited temporary supply chain issues impacting product revenue but noted an increase in new sales activity and a significant backlog of orders.

PowerFleet (PWFL) announced the successful implementation of its IoT solution for Comasco, enhancing real-time tracing and inventory management of rented crane parts. This innovation replaces a labor-intensive process with automation, providing complete visibility across various job sites regardless of weather conditions. The solution includes hardware and software integration with Comasco's ERP system, ensuring security and efficient management of assets. Comasco's Chairman expressed pride in modernizing logistics, while PowerFleet's President highlighted increased productivity through constant asset control.

PowerFleet, Inc. (Nasdaq: PWFL) will hold a conference call on May 5, 2021, at 8:00 a.m. Eastern time to discuss its first-quarter financial results for 2021. A press release with the financial results will be issued prior to the call. The call will feature a presentation followed by a Q&A session. Interested parties can join via phone or listen to the broadcast online through the company's investor relations website.

PowerFleet reported a record annual revenue of $113.6 million for 2020, up from $81.9 million in 2019. The fourth-quarter revenue increased by 7% sequentially to $29.4 million, with high-margin recurring revenue at $17.3 million. Operating cash flow for 2020 was $8.8 million, with cash and equivalents totaling $18.1 million. The company incurred a net loss of $3.5 million for Q4, slightly improved from last year. Adjusted EBITDA rose to $3.2 million. The 2021 outlook highlights a growing demand across its mobility platforms.

PowerFleet (Nasdaq: PWFL) will hold a conference call on February 25, 2021, at 8:00 a.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2020. The press release containing the financial results will be issued on the same day before the call. Interested parties can participate via U.S. dial-in or international dial-in and view the call through the company’s investor website. PowerFleet specializes in subscription-based wireless IoT and M2M solutions for managing high-value assets globally.