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Powerfleet, Inc. (AIOT+31.09%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a significant increase in revenues to $106.4 million from $34.6 million in the same quarter the previous year. This increase is attributed to the acquisitions of MiX Telematics and Fleet Complete.
Cost of revenues for the quarter was $47.6 million, representing 44.8% of sales, compared to 49.7% in the same quarter of the previous year. The decrease in cost ratio is due to a larger proportion of sales being driven by higher margin product lines.
The company reported a gross profit of $58.8 million for the quarter, compared to $17.4 million in the previous year, with the increase attributed to the acquired businesses.
Selling, general, and administrative expenses increased to $55.4 million from $19.3 million, primarily due to acquisition-related expenses and integration costs.
Net loss for the quarter was $14.3 million, compared to $6.5 million in the previous year. After preferred dividends, net loss attributable to common stockholders was $14.3 million, compared to $6.5 million in the previous year.
Cash used in operating activities was $16.9 million, while cash used in investing and financing activities was $160.5 million and $107.6 million, respectively.
Powerfleet had cash and cash equivalents of $38.6 million as of December 31, 2024. The company expects its cash, cash equivalents, and credit facilities to be sufficient to fund operations for at least the next 12 months.
The filing also details the acquisitions of MiX Telematics and Fleet Complete, which are expected to provide operational synergies and access to a broader customer base.
Powerfleet does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting, which are being addressed through a remediation plan.
Powerfleet continues to focus on integrating the acquired businesses and leveraging their capabilities to enhance its market position.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Powerfleet, Inc. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.