Powerfleet, Inc.AIOT

Powerfleet, Inc. filed its annual 10-K on 15 June 2026, reporting total revenues of $443.8 million for the year ended 31 March 2026, up from $362.5 million the year before. The jump was driven entirely by services, which rose 29.9% to $359.8 million and now represent 81.1% of group sales, while product revenues slipped 1.9% to $84.0 million. Net income attributable to the parent was a $20.6 million loss, and operating income clocked in at $19.6 million. Diluted EPS came in at negative fifteen cents on 133.8 million weighted shares.

Under the bonnet, Powerfleet sells two flavours of IoT: On-Road for fleet telematics-think real-time visibility, driver insights, and compliance tools for trucks-and On-Site for warehouse forklifts, where Unity, its SaaS AIoT platform, ingests data from devices, OEMs, and third-party apps to give managers “real-time visibility across your entire operation.” The product pages promise predictive analytics, faster responses, and safer operations, but the filings do not reveal how many of those promised insights actually converted into signed renewal contracts or cash collected.

Cash generation remains thin: operating cash flow was $30.5 million for the year, capex was $21.6 million, and cash and equivalents stood at $36.5 million. Inventories rose $4.5 million to $22.4 million, which the company attributes to planned stock builds for anticipated demand rather than unsold pallets of doomed hardware. R&D expense was $18.4 million, a figure that sits between “we’re still innovating” and “we’re still hoping the next billable feature arrives.” The balance sheet shows $955.6 million of assets against $473.9 million of liabilities and $475.5 million of shareholders’ equity, so the firm is technically solvent but not exactly flush enough to declare victory.

The SEC filings do not provide a segment split of On-Road versus On-Site revenues, nor do they disclose customer concentration metrics. The company’s 11-K for its employee savings plan shows the plan bought $20,155 of shares and sold $133,455 during 2025, an amount that is material to plan participants but immaterial to the company’s $443.8 million revenue base. Guidance is absent from the latest filings; the 8-K dated 15 June 2026 merely restates headline numbers without ranges.