PowerFleet Reports 22.4% Revenue Growth to $443.8 Million for Fiscal Year Ending March 31, 2026

PowerFleet, Inc. reported a significant increase in revenue for the fiscal year ending March 31, 2026, with total revenues reaching $443.8 million, a 22.4% increase from $362.5 million in the previous year. This growth was primarily driven by a 29.9% rise in service revenues, which amounted to $359.8 million, largely attributed to the acquisition of Fleet Complete, contributing $55.8 million in incremental service revenues. In contrast, product revenues slightly decreased by 1.9% to $84.0 million, reflecting a strategic shift towards bundled service offerings and the impact of higher tariffs in the U.S.

The company's gross profit also improved, rising to $246.4 million, or 55.5% of total revenues, compared to 53.7% in the prior year. This increase in gross profit margin was primarily due to the higher proportion of service revenues, which constituted 81.1% of total revenues in 2026. Operating expenses decreased to 51.1% of revenues, down from 60.8% in the previous year, leading to a net loss attributable to common stockholders of $20.6 million, a significant reduction from the $51.0 million loss reported in 2025.

Strategically, PowerFleet completed two major acquisitions during the fiscal year: the MiX Combination and the Fleet Complete acquisition. The MiX Combination, finalized on April 2, 2024, integrated MiX Telematics as a wholly owned subsidiary, while the Fleet Complete acquisition on October 1, 2024, further expanded PowerFleet's service offerings. These acquisitions have been pivotal in enhancing operational synergies and expanding the company's market presence, particularly in the AIoT solutions sector.

Operationally, PowerFleet reported a customer base of over 50,000 enterprise and mid-market customers across various industries, including logistics, automotive, and manufacturing. The company also noted an increase in its employee headcount to 2,658 as of March 31, 2026, reflecting its growth strategy and the integration of acquired businesses. The company continues to focus on enhancing its Unity platform, which integrates AI-driven insights for asset management, aiming to improve operational efficiencies for its clients.

Looking ahead, PowerFleet anticipates continued growth driven by the integration of its recent acquisitions and the expansion of its service offerings. The company aims to leverage its AIoT capabilities to enhance customer engagement and operational efficiency, while also navigating macroeconomic challenges such as inflation and supply chain disruptions. Management believes that the current cash balances, expected cash flows from operations, and available borrowing capacity will be sufficient to meet operational and capital requirements for at least the next 12 months.