Powerfleet Q2 Adj. EBITDA Rises; Reaffirms 2024 Guidance

(RTTNews) - Powerfleet, Inc. (AIOT) posted a second quarter net loss attributable to common stockholders of $1.9 million, or $0.02 per share, compared to a loss of $0.06 in the prior year. After adjusting for one-time expenses and the amortization of acquisition-related intangibles, adjusted earnings per basic share was $0.02 compare to a loss of $0.01 in the prior period. Adjusted EBITDA increased by 41% to $14.5 million from $10.3 million in the previous year.

Total revenue increased by 7% year-over-year to $77.0 million, up from $72.0 million in the same period of the prior year. Service revenue grew by 5% year-over-year to $56.7 million.

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