Start here if you're new
what it is
It sells software and devices that help companies track, manage, and secure fleets and other assets.
how it gets paid
FY2025 Powerfleet reported $362.5M total revenue (+26% YoY pro forma basis in the release) with ~75% from high-margin recurring SaaS.
why it's growing
YoY growth is not “900%+” once you use the company’s pro forma MiX combination math—FY2025 was +26% to $362.5M. Q4 FY2025 revenue $103.6M (+42% YoY). Adjusted gross margin profile improved materially vs. prior year (release cites adjusted total gross margin >60%).
what just happened
Q4 FY2025: revenue $103.6M; net loss $(0.09)/share vs. $(0.19) prior-year quarter (Jun. 16, 2025 release).
At a glance
C++ balance sheet — some cracks in the foundation
45/100 earnings predictability — expect surprises
-$0.43 fy2024 eps est
FY2025 revenue $362.5M (+26% YoY)
Adj. EBITDA margin ~20% FY2025 ($71M)
xvary composite: 49/100 — below average
What they do
It sells software and devices that help companies track, manage, and secure fleets and other assets.
You are not buying one app. You are buying a system tied to forklifts, rental cars, and airport gear. Powerfleet sells under three brands and reaches 120+ countries. That spread matters because your replacement cost is not one login, it is a whole fleet rollout. It also has 1,954 employees keeping the machine alive.
How they make money
$362.5M
FY2025 revenue · +26% YoY (pro forma basis per release)
Recurring SaaS (approx.)
~$272M
mix
Other / hardware & services
~$91M
The products that matter
recurring fleet software
SaaS & subscriptions
$272M · 75% of revenue
This is the engine. It generated $272M last year and grew 26%, which is why the market is willing to treat this like more than a hardware installer.
75% recurring mix
driver safety and video analytics
AI video solutions
no standalone breakout
Management does not break out revenue for this suite. That matters. You know it sits inside the software push, but you cannot yet model it as its own profit engine from the snapshot data.
thin disclosure
devices and implementation
Hardware & other
$91M · 25% of revenue
This $91M piece still matters because it gets devices into the field, but management is clearly trying to make it a smaller share of the story over time.
transition pressure
Key numbers
$362.5M
FY2025 revenue
FY2025 total revenue per the Jun. 16, 2025 release—post-MiX / Fleet Complete integration story, so always read footnotes on “pro forma.”
$71M
FY2025 adj. EBITDA
Adjusted EBITDA $71M with ~20% margin—management’s preferred profitability lens alongside GAAP net loss quarters.
~$274M
total debt (Q4’25)
Release: total debt ~$273.8M, cash ~$48.8M, net debt ~$225M—pair with market cap when you stress-test leverage.
1.3
beta
Beta tells you how wild the stock is versus the market. At 1.3, your portfolio feels the swings more than the index does.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 10 / 100
- long-term debt see FY2025 release for debt/cash (net debt ~$225M Q4’25)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for AIOT right now.
source: institutional data · return history unavailable
What just happened
FY2025 print
Q4 FY2025 revenue $103.6M (+42% YoY); net loss $(0.09)/share vs. $(0.19) prior-year quarter.
Jun. 16, 2025 (fiscal year ended Mar. 31, 2025): FY revenue $362.5M (+26%); adjusted EBITDA $71M (20% margin); Q4 adjusted EBITDA $20.4M (+84% YoY). After adjustments, company cited $0.02/share adjusted net income vs. $(0.01) prior-year quarter.
$103.6M
Q4 revenue
$(0.09)
Q4 GAAP EPS
$20.4M
Q4 adj. EBITDA
what mattered
Whether recurring SaaS mix stays ~75% while adjusted EBITDA scales—integration charges should fade, but debt still matters.
sources: Powerfleet IR (Jun. 16, 2025)
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk here is deleveraging after the MiX Telematics merger. Powerfleet has to grow recurring software revenue while carrying $243M in net debt.
med
debt still dominates the equity story
Net debt ~$225M against a ~$420M market cap (order-of-magnitude) leaves little room if SaaS growth stumbles—recompute leverage off your live EV/debt screens.
If operating progress stalls, more of the value accrues to fixing the balance sheet than to rewarding the stock.
med
the software mix can plateau
SaaS and subscriptions are 75% of revenue and grew 26%, while hardware and other make up the remaining 25% and are stepping down. That mix shift is the thesis.
If recurring revenue stops outrunning hardware shrinkage, you are left with slower growth and a weaker case for a software-style multiple.
med
merger-driven growth can fade fast
Reported revenue jumped 171.1% last year after the 2024 MiX Telematics deal. That makes the headline look great, but it also makes future comps harder and integration execution more important.
If cross-sell and cost discipline do not show up after the merger, the growth narrative gets a lot less impressive a lot faster.
$243M in net debt against a $420M market cap means mistakes hit a relatively small equity cushion.
source: institutional data · regulatory filings · risk analysis
Pay attention to
balance sheet
net debt needs to move toward $220M
Management's end-FY2026 target is $220M, down from $243M now. This is the cleanest scoreboard item on the page.
recurring mix
watch whether 75% SaaS mix keeps rising
If recurring revenue mix holds or improves, the transition is intact. If it slips, the market will notice before management explains it.
calendar
Q4 FY26 has to confirm the full-year lift
The company raised its full-year revenue outlook. Next results need to back that up with numbers, not just a better tone.
execution
keep an eye on operating profit versus net loss
Q3 produced $6.3M of operating profit but still ended in a net loss. That gap needs to narrow if this story is going to rerate.
Analyst rankings
earnings predictability
45 / 100
In human-speak: analysts do not see this as a clean, easy-to-model earnings story.
balance sheet view
C++
That grade means the capital structure is below average for comfort, especially beside $243M of net debt.
street target
$10.88
The street sees large upside from $4.78. Translation: analysts are betting the transition works better than the stock price suggests.
source: institutional data
Institutional activity
institutional ownership data for AIOT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive