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Here are 1-2 brief analogies for PowerFleet (AIOT):

• PowerFleet is like Samsara for industrial fleets and material handling equipment.
• PowerFleet is like Verizon Connect for global supply chain assets and industrial operations.

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• Industrial Fleet Management: Provides telematics and safety solutions for forklifts and other material handling equipment to optimize warehouse operations and enhance safety.
• Container and Cargo Tracking: Offers IoT devices and software for real-time visibility, security, and tracking of high-value cargo and containers across the global supply chain.
• Vehicle and Trailer Telematics: Delivers GPS tracking, monitoring, and analytics for commercial trucks and trailers to improve fleet efficiency, security, and compliance.
• IoT Software Platform: A cloud-based platform that aggregates data from their various devices, providing analytics and actionable insights for comprehensive asset and fleet management.

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PowerFleet (AIOT) primarily sells its fleet management and asset tracking solutions to other companies (B2B).

According to PowerFleet's SEC filings (e.g., their annual 10-K report), no single customer accounts for 10% or more of their total revenue. This indicates a highly diversified customer base rather than reliance on a few dominant "major customers" in terms of revenue contribution.

However, PowerFleet serves a wide range of industries and partners with prominent companies. One publicly disclosed significant partner and customer is:

• Hyster-Yale Group (NYSE: HY) - A leading global forklift original equipment manufacturer (OEM) that integrates PowerFleet's telematics solutions into its lift truck models.

PowerFleet also serves a diverse base of large enterprises, mid-market businesses, and small businesses across various sectors including transportation & logistics, manufacturing, rental, dealer networks, service & delivery, ground support equipment, and port & terminal operations, although specific major customer names beyond the mentioned strategic partner are not individually disclosed due to their diversified revenue streams.

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Steve Towe, Chief Executive Officer
With a proven track record of scaling high-value, global technology organizations, Steve Towe joined PowerFleet in January 2022. Prior to PowerFleet, he served as President and Chief Operating Officer for five years at Aptos, a global leader of unified commerce solutions in the retail enterprise SaaS market. He has over 16 years of strategic leadership experience on the global SaaS IoT stage, working with both publicly traded and private equity-backed companies. Notably, he was Chief Commercial Officer of Masternaut, a global telematics provider, from 2011 to 2016, where he contributed to robust revenue growth and profit expansion. Towe also achieved significant international organic growth and market consolidation as Managing Director of Cybit, a highly acquisitive telemetry data business. He held senior executive positions for Fleetstar Information Systems, a fleet management subsidiary of the Trafficmaster Group.

David Wilson, Chief Financial Officer
David Wilson was appointed Chief Financial Officer of PowerFleet in January 2023, bringing over 20 years of executive leadership and finance experience in both public and private markets. He has successfully guided companies through business transformations, high-multiple merger and acquisition transactions, and capital raises totaling over $1 billion. Before joining PowerFleet, Wilson held CFO roles at several B2B SaaS businesses, including NSONE Inc., Symphony Communications (a privately held encrypted communication company with over $1 billion in valuation), and Ooyala Inc. At Ooyala Inc., he played a critical role in its sale to Telstra. His public market experience includes serving as CFO for Alaska Communications Systems, a former Nasdaq-listed telecommunications provider.

Melissa Ingram, Chief Corporate Development Officer
Melissa Ingram serves as PowerFleet's Chief Corporate Development Officer.

Jeff Lautenbach, Chief Revenue Officer
Jeff Lautenbach joined PowerFleet as Chief Revenue Officer in October 2025. Prior to this role, he was the Chief Revenue Officer at Conga, an enterprise SaaS company specializing in Revenue Lifecycle Management. He also served as President of Global Field Operations for Cornerstone OnDemand, a cloud-based talent management and learning software company, and as President of Worldwide Field Operations at Jive Software.

Jonathan Bates, Chief Product Officer
Jonathan Bates is PowerFleet's Chief Product Officer. He previously held the role of Executive Vice President of Marketing at MiX and was the Marketing Director in Europe. He began his career at MiX as a Product Manager in November 2012. Before joining MiX, he held several managerial positions from September 2005 to October 2012 within the PSA Peugeot Citroen (now Stellantis) Group, focusing on sales, marketing, product management, customer success, and project management functions.

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Key Risks to PowerFleet (AIOT)

1. High Leverage and Liquidity Concerns: PowerFleet carries a significant debt load, with net debt reported at 5.63 times EBITDA, which is substantially higher than the market average. The total debt, including short and long-term obligations, exceeds its cash balance by more than eight times. This high level of indebtedness poses refinancing risk and could lead to increased interest costs if cash flow does not keep pace. It also limits the company's operational flexibility and increases its vulnerability to market interest rate fluctuations.

2. Ongoing Profitability Challenges: PowerFleet has not yet achieved GAAP (Generally Accepted Accounting Principles) profitability, consistently reporting net losses and accumulating significant deficits. The company experiences negative return on invested capital and operating margins. This raises questions about its ability to generate sufficient cash flow to fund its growth and eventually achieve sustained profitability, despite improvements in adjusted EBITDA.

3. Integration Risks and Customer Churn from Acquisitions: PowerFleet's growth strategy heavily relies on recent significant acquisitions, such as MiX Telematics and Fleet Complete. Integrating these businesses presents considerable operational, cultural, and logistical challenges. There is uncertainty regarding the full realization of anticipated synergies, and any hiccups in the integration process could adversely affect financial performance, customer relationships, and erode expected benefits. Additionally, the company has experienced "legacy churn" from clients of the acquired entities, impacting recurring revenue.

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The increasing prevalence of embedded telematics solutions directly from Original Equipment Manufacturers (OEMs) for commercial vehicles, trailers, and industrial equipment represents a clear emerging threat. OEMs are integrating advanced tracking, diagnostics, and fleet management capabilities into their products as standard or optional features. This trend allows customers to obtain essential telematics services directly from the vehicle or equipment manufacturer, potentially reducing the demand for aftermarket and third-party solutions offered by companies like PowerFleet. This parallels historical instances where integrated features in a primary product (e.g., a camera in a smartphone) eroded the market for standalone specialized devices.

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PowerFleet (AIOT) operates in several key markets related to AIoT (Artificial Intelligence of Things) solutions, primarily focusing on fleet management, asset tracking, and industrial IoT. The addressable markets for their main products and services are sizable and global in scope.

Fleet Management and Telematics

The global commercial telematics market was valued at USD 16.87 billion in 2020 and is projected to reach USD 63.98 billion by 2030, growing at a compound annual growth rate (CAGR) of 14.3% from 2021 to 2030. Another estimate places the global telematics market at USD 129.2 billion in 2024, with a projection to reach USD 681.8 billion by 2035, at a CAGR of 16.33% from 2025 to 2035. The vehicle telematics market specifically was valued at USD 79.17 billion in 2023 and is projected to grow to USD 170.35 billion by 2032, at a CAGR of 8.9%. Europe dominated the global vehicle telematics market with a 35.82% share in 2023, while the U.S. market is projected to reach USD 26.15 billion by 2032. The global automotive telematics market is anticipated to increase from USD 51.85 billion in 2024 to USD 240.84 billion by 2034, with a CAGR of 16.6%. Asia Pacific held the largest share of the automotive telematics market at 56.8% in 2022.

Asset Tracking

The global asset tracking market size was estimated at USD 24.14 billion in 2024 and is projected to reach USD 51.59 billion by 2030, growing at a CAGR of 14.9% from 2025 to 2030. Another report valued the global asset tracking market at USD 23.42 billion in 2024, expecting it to reach USD 59.64 billion by 2032, with a CAGR of 12.6%. North America dominated the asset tracking market, accounting for approximately 39.0% of the revenue share in 2024. The North American asset tracking market in the U.S. is expected to grow significantly at a CAGR of 14.8% from 2025 to 2030. The global asset tracking software market is projected to grow from USD 20.32 billion in 2024 to USD 62.18 billion by 2035, at a CAGR of 10.7% from 2025 to 2035.

Warehouse Management Systems (WMS) and Material Handling Equipment Telematics

The global warehouse management system market size was estimated at USD 2.88 billion in 2024 and is anticipated to reach USD 8.38 billion in 2030, growing at a CAGR of 19.9% from 2025 to 2030. Europe dominated the WMS market with a 30.8% share in 2024. Other estimates for the global WMS market include USD 4.04 billion in 2025, forecasted to reach USD 9.97 billion by 2030, at an 18.28% CAGR. North America held a 35.93% share of the warehouse management system market in 2024, with Asia-Pacific anticipated to register a 19.06% CAGR between 2025 and 2030. The global material handling equipment telematics market size was valued at USD 7.2 billion in 2024 and is expected to reach USD 33.7 billion by 2034, growing at a CAGR of 16.7%. North America leads this market with a 43.2% share, totaling USD 3.11 billion in 2024. The forklift telematics market specifically reached USD 2.45 billion in 2024 and is projected to expand at a CAGR of 13.2% to reach USD 6.56 billion by 2033.

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Here are 3-5 expected drivers of future revenue growth for PowerFleet (AIOT) over the next 2-3 years:

1. Strategic Acquisitions and Integration: The successful integration of major acquisitions, such as MiX Telematics and Fleet Complete, is a significant driver. These integrations have substantially expanded PowerFleet's subscriber base fourfold to 2.8 million and grown its customer base to 48,000, including over half of the Fortune 500 companies across 8 verticals. The company views these acquisitions as fundamentally transforming its business and providing a platform for accelerated growth.
2. Growth in High-Margin SaaS Revenue: PowerFleet is emphasizing its strength in Software-as-a-Service (SaaS), with approximately 75% of its total revenue for fiscal 2025 coming from recurring SaaS. Service revenue, which is predominantly SaaS, has shown strong year-over-year growth, increasing by 49% in the first quarter of fiscal year 2025 and 45% in Q3 2025. This focus on high-margin SaaS revenue is expected to continue contributing to strong financial performance.
3. Expansion of AIoT and Safety-Centric Solutions: The company's strategic focus on Artificial Intelligence of Things (AIoT) and safety solutions, including AI video and in-warehouse safety offerings, is driving revenue growth. Specifically, in-warehouse safety solutions have shown over 40% growth in the U.S. and 15% in Europe and the Middle East, with AI camera solutions gaining strong traction, evidenced by a 52% year-over-year increase in sales volumes through its largest channel partner.
4. International Expansion and Enhanced Sales Efforts: PowerFleet is accelerating growth through international expansion, particularly in Europe, supported by new sales leadership. The company has also increased its sales teams by 200% across North America, Europe, and Australia, indicating a concerted effort to expand its market reach and customer acquisition globally.
5. Leveraging Strategic Partnerships: Expanding reach and market penetration through strategic relationships with major telecom partners, such as AT&T and Telus, is identified as an opportunity for future growth. These partnerships are expected to enable PowerFleet to capitalize on increased demand in diverse market segments for its solutions.

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Share Issuance

• PowerFleet issued $21.343 million in shares in connection with the Fleet Complete acquisition for the fiscal year ended March 31, 2025.
• The company raised $66.5 million through a private placement to finance the Fleet Complete acquisition.
• Common stock amounting to $9 thousand was issued for a transaction bonus for the year ended June 30, 2024.

Inbound Investments

• PowerFleet secured $66.5 million through a private placement.
• Director Michael J. McConnell purchased 10,000 shares of the company's stock, valued at $46,400, on August 18, 2025.

Outbound Investments

• PowerFleet strategically acquired Fleet Complete for a total transaction value of $200 million.
• The company completed the MiX Telematics combination, which significantly expanded its global presence and product offerings.
• PowerFleet acquired licensed intellectual property in connection with the Movingdots acquisition for $1.517 million for the fiscal year ended March 31, 2025.

Capital Expenditures

• Capital expenditures for the fiscal year ended March 31, 2025, amounted to $17.036 million.
• Capital expenditures for the fiscal year ended March 31, 2024, were $20.709 million.
• PowerFleet's 2025 cybersecurity budget increased by 25% year-over-year, indicating a focus on this area.