Powerfleet, Inc.

Powerfleet, Inc. announced that its board of directors has authorized a new stock repurchase program. Under this program, the company may repurchase up to an aggregate of $30 million of its outstanding common stock over the next 24 months. This initiative is part of Powerfleet's broader capital allocation strategy, allowing for opportunistic share repurchases.

Powerfleet, Inc. completed two significant acquisitions in 2024: MiX Telematics on April 2, 2024, and Fleet Complete on October 1, 2024. These strategic transactions accelerate the company's objective to become a leading global provider of AIoT SaaS solutions for high-value enterprise and mid-market assets. The company's Unity platform, recognized by ABI Research in 2025, is central to its strategy, offering end-to-end visibility and AI-driven insights across warehouse, yard, and road operations. Powerfleet aims to expand its customer base and service revenue through long-term SaaS contracts.

Powerfleet, Inc. reported strong financial results for the fourth quarter and full fiscal year ended March 31, 2026. The company saw an 11% year-over-year increase in Q4 revenue to $114.5 million, driven by a 14% rise in services revenue. Significant improvements were noted in profitability, with Q4 income from operations turning positive at $11.0 million and net loss narrowing by 78%. A major highlight was the signing of a five-year agreement with the South African National Treasury, valued between $100 million and $120 million. The company also provided optimistic guidance for fiscal year 2027, projecting continued revenue growth and expanded Adjusted EBITDA margins.

Powerfleet, Inc. announced that Mike Powell will depart from his role as Chief Innovation Officer, effective May 29, 2026. The company received notice of his departure on May 18, 2026. Powerfleet expressed gratitude for his contributions and plans to provide an update on its enhanced technology leadership team during its earnings call on June 15, 2026.