PowerFleet, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 07:03 am EST
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PowerFleet, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 34.2 million compared to USD 34.29 million a year ago. Net loss was USD 3.67 million compared to USD 2.3 million a year ago. Basic loss per share from continuing operations was USD 0.14 compared to USD 0.1 a year ago. Diluted loss per share from continuing operations was USD 0.14 compared to USD 0.1 a year ago.
For the nine months, revenue was USD 99.08 million compared to USD 102.04 million a year ago. Net loss was USD 1.88 million compared to USD 5.35 million a year ago. Basic loss per share from continuing operations was USD 0.16 compared to USD 0.25 a year ago. Diluted loss per share from continuing operations was USD 0.16 compared to USD 0.25 a year ago.
Powerfleet, Inc. is a provider of artificial Internet of things (AIoT) software-as-a-service (SaaS) solution, which includes valuable business intelligence for managing high-value enterprise assets. The Company delivers advanced mobility solutions that connect assets to increase visibility operational efficiency and profitability by leveraging its Unity platform product strategy. Its Powerfleet for Warehouse solutions are designed to provide on-premises or in-facility asset and operator management, monitoring, and visibility for warehouse trucks. Its Powerfleet for Logistics solutions are designed to provide bumper-to-bumper asset management, monitoring, and visibility for over-the-road based assets. Its Powerfleet for Vehicles solutions are designed both to enhance the vehicle fleet management process, whether itâs a rental car, a private fleet, or automotive original equipment manufacturer (OEM) partners. Its offerings are sold under the Powerfleet, Pointer, and Cellocator brands.