PowerFleet, Inc. (NASDAQ: AIOT), a global leader in the artificial intelligence of things (AIoT) software-as-a-service (SaaS) mobile asset industry, saw its stock surge 7.47% in pre-market trading on Monday, November 12, 2024. The rally was fueled by the company's impressive second-quarter fiscal 2025 results, which surpassed analyst estimates on both the top and bottom lines.
For the quarter ended September 30, 2024, PowerFleet reported revenue of $77.0 million, a 6.9% year-over-year increase, beating the consensus estimate of $74.4 million. The strong revenue growth was driven by the continued success of the company's differentiated safety-centric product solutions, with product revenue rising 13% to $20.3 million.
The company's profitability also witnessed significant improvement, with adjusted EBITDA (a non-GAAP metric) soaring 41% to $14.5 million compared to the prior year. This growth was driven by the flow through of expanded gross profit and the realization of cost synergies, following the recent combination with MiX Telematics Ltd.
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