Reiterates Revenue and Adjusted EBITDA
Guidance for Twelve Months Ending March 31,
2024 and 2025
WOODCLIFF LAKE, N.J., July 25,
2024 /PRNewswire/ -- Powerfleet, Inc.
(Nasdaq: AIOT) today announced that, on July
19, 2024, the audit committee of Powerfleet's board of
directors approved the appointment of Deloitte & Touche, the
incumbent auditor of MiX Telematics Ltd., as its independent
registered public accounting firm for the fiscal year ending
March 31, 2025 subject to
satisfactory completion of Deloitte & Touche's client
acceptance procedures, which are in the process of being
completed.
Deloitte & Touche will replace Ernst & Young LLP, who
has served as Powerfleet's independent auditor since 2019,
effective upon the filing Powerfleet's Transition Report on Form
10-KT for the period from January 1,
2024, to March 31, 2024.
"While it is taking longer than we would have liked to file our
transition report on Form 10-KT, we are confident in reiterating
our guidance, for Powerfleet and MiX Telematics on a combined
basis, of revenue exceeding $285
million and adjusted EBITDA exceeding $40 million for the twelve months ended
March 31, 2024; and revenue of
approximately $300 million and
adjusted EBITDA of $60 million,
inclusive of an incremental $5
million in secured exit run rate cost synergies, for the
twelve months ending March 31, 2025.
We are looking forward to partnering with Deloitte to ensure we
meet our SEC reporting deadlines going forward," said David Wilson, Powerfleet's Chief Financial
Officer.
ABOUT POWERFLEET
Powerfleet (Nasdaq: AIOT; JSE: PWR;
TASE: PWFL) is a global leader in the artificial intelligence of
things (AIoT) software-as-a-service (SaaS) mobile asset industry.
With more than 30 years of experience, Powerfleet unifies business
operations through the ingestion, harmonization, and integration of
data, irrespective of source, and delivers actionable insights to
help companies save lives, time, and money. Powerfleet's ethos
transcends our data ecosystem and commitment to innovation; our
people-centric approach empowers our customers to realize impactful
and sustained business improvement. The company is headquartered in
New Jersey, United States, with offices around the globe.
Explore more at www.powerfleet.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking
statements within the meaning of federal securities laws.
Powerfleet's actual results may differ from its expectations,
estimates and projections and consequently, you should not rely on
these forward-looking statements as predictions of future events.
Forward-looking statements may be identified by words such as
"expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions.
These forward-looking statements include, without limitation,
Powerfleet's expectations with respect to its beliefs, plans,
goals, objectives, expectations, anticipations, assumptions,
estimates, intentions and future performance, as well as
anticipated financial impacts of the transaction with MiX
Telematics. Forward-looking statements involve significant known
and unknown risks, uncertainties and other factors, which may cause
their actual results, performance or achievements to be materially
different from the future results, performance or achievements
expressed or implied by such forward-looking statements. All
statements other than statements
of historical fact are statements that could be forward-looking
statements. Most of these factors are outside Powerfleet's control
and are difficult to predict. The risks and uncertainties referred
to above include, but are not limited to, risks related to: (i)
future economic and business conditions, including the conflict
between Israel and Hamas; (ii)
integration of our and MiX Telematics' businesses and the ability
to recognize the anticipated synergies and benefits of the
transaction with MiX Telematics; (iii) the loss of any of our key
customers or reduction in the purchase of our products by any such
customers; (iv) the failure of the markets for our products to
continue to develop; (v) the negative effects of the transaction on
the market price of our securities; (vi) our inability to
adequately protect our intellectual property; (vii) our inability
to manage growth; (viii) the effects of competition from a wide
variety of local, regional, national and other providers of
wireless solutions; and (ix) such other factors as are set forth in
the periodic reports filed by Powerfleet with the Securities and
Exchange Commission ("SEC"), including but not limited to those
described under the heading "Risk Factors" in its annual reports on
Form 10-K, quarterly reports on Form 10-Q and any other filings
made with the SEC from time to time, which are available via the
SEC's website at http://www.sec.gov. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove to be incorrect, actual results may vary
materially from those indicated or anticipated by these
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements.
Powerfleet does not provide a reconciliation for non-GAAP
adjusted EBITDA to Net Income (Loss) for forecasts because it
cannot, without unreasonable effort, predict the special items that
could arise, and Powerfleet is unable to address the probable
significance of the unavailable information.
The forward-looking statements included in this press release
are made only as of the date of this press release, and except as
otherwise required by applicable securities law, Powerfleet assumes
no obligation, nor does Powerfleet intend to publicly update or
revise any forward-looking statements to reflect subsequent events
or circumstances.
Powerfleet Investor Contacts
Carolyn Capaccio and Jody Burfening
LHA Investor Relations
AIOTIRTeam@lhai.com
Powerfleet Media Contact
Andrea Hayton
ahayton@powerfleet.com
+1 (610) 401-1999
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SOURCE Powerfleet