AIOT

EX-99.1

2 ex99-1.htm

EX-99.1

Exhibit 99.1

Powerfleet Reports Results for Second Quarter Fiscal 2027

●Record revenue of $115.7 million, 4% sequential growth.

●Agreed to terms for a device financing facility to support growth at scale.

●Profit from operations increased to $1.4 million.

●Strong momentum in On-Site, AI Video, and IoT & Connected Services.

●Affirm guidance for FY2027.

WOODCLIFF

LAKE, N.J., November 9, 2026 /PRNewswire/ - Powerfleet, Inc. (“Powerfleet” or the “Company”) (Nasdaq: AIOT), a global leader in the artificial intelligence of things (AIoT) software-as-a-service (SaaS) mobile asset industry, today reported its financial results for the second fiscal quarter ended September 30, 2026.

“Q2 results demonstrate disciplined execution against our plan, with record revenue of $115.7 million and sequential margin improvement,” said Steve Towe, CEO of Powerfleet. “Continued momentum across three differentiated growth engines - On-Site, AI Video, and IoT & Connected Services, combined with our major South African contract progressing ahead of our original expectations, reinforces that we are on track to deliver on our full-year objectives.”

“Services revenue grew 7% year-over-year, underscoring the strength of our services-led business,” said Paul Lalljie, President and Chief Financial Officer of Powerfleet. “The device financing facility is designed to fund our largest growth opportunity as it scales. We remain on track to deliver our full-year guidance and targeted exit run-rate of $495 million and 27% EBITDA margins heading into next fiscal year.”

Second Quarter Fiscal 2027 Financial Results

Results for the Second Quarter Fiscal 2027 Compared with the Second Quarter Fiscal 2026

●Revenue increased 4% to $115.7 million, compared to $111.7 million.

●Services revenue increased 7% to $95.2 million, compared to $89.3 million.

●Services revenue mix was 82%, compared to 80%.

●Gross margin was 53%, compared to 56%.

●Net loss attributable to common stockholders was $6.9 million, compared to $4.3 million.

●Adjusted EBITDA was $24.9 million, compared to $24.8 million.

Adjusted EBITDA is a non-GAAP financial measure. See the accompanying non-GAAP disclosures and reconciliations.

New Device Financing Facility

The Company has agreed in principle to enter into a device financing facility with Rand Merchant Bank (RMB) primarily to support deployment under its South African National Treasury contract. Under the proposed facility, RMB is expected to fund the upfront cost of devices and would be repaid from contracted customer payments over the life of the contract. The Company keeps the customer relationship and continues to provide and bill the service. The proposed facility is expected to support our hardware-as-a-service model, so rollout costs scale with customer demand rather than with the Company’s cash. The proposed facility remains subject to definitive documentation.

Product Innovation and Market Expansion

Powerfleet continues to expand its Unity platform capabilities through the introduction of new AI-powered solutions designed to extend customer value and address a broader range of connected assets.

●Unity Foresight: Launching today, Unity Foresight is an AI predictive analytics solution designed to deliver enhanced operational insights, which the Company believes creates opportunities for incremental recurring revenue across On-Site and On-Road customer segments.

●Unity Asset Intelligence: Also launching today, Unity Asset Intelligence extends Powerfleet’s capabilities beyond vehicles to include pallets, containers, equipment, and a broad range of powered and non-powered assets, opening new opportunities across asset-intensive industries, a total addressable market estimated at over 100 million assets and $30 billion of potential connected services.

Discussion of Second Fiscal Quarter Results

Results for the Second Quarter Fiscal 2027 Compared with the Second Quarter Fiscal 2026

Total revenue increased $4.0 million, or 4%, to $115.7 million from $111.7 million. Services revenue increased $5.9 million, or 7%, to $95.2 million. Product revenue decreased $1.8 million, or 8%, to $20.5 million.

Operating expense increased 4% to $60.5 million from $58.3 million. Selling, general and administrative expense increased to $55.7 million from $54.2 million, primarily reflecting a planned investment in selling and marketing, partially offset by lower general and administrative expense and depreciation and amortization reported in operating expense. Research and development expense increased to $4.8 million from $4.2 million.

Net interest expense decreased to $6.0 million from $6.7 million, while other expense increased to $1.8 million from $0.5 million.

Net loss attributable to common stockholders was $6.9 million, compared with $4.3 million.

Adjusted EBITDA increased to $24.9 million from $24.8 million.

A reconciliation of adjusted EBITDA to its most directly comparable GAAP measure