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May 5 , 2021 POWER FLEET® PowerFleet Reports First Quarter 2021 Financial Results WOODCLIFF LAKE , N.J. , May 05 , 2021 ( GLOBE NEWSWIRE ) -- PowerFleet , Inc. ( Nasdaq : PWFL ) , a global leader and provider of subscription - based wireless loT and M2M solutions for securing , controlling , tracking , and managing high - value enterprise assets , reported results for the first quarter ended March 31 , 2021 . First Quarter 2021 Financial Highlights • Total revenue was $ 29.0 million . • High margin , recurring and services revenue was $ 17.6 million , or 61 % of total revenue . • Services gross margin was 64 % , an improvement from 62 % in the same year - ago period . • At quarter end , cash and cash equivalents totaled $ 41.0 million and $ 53.2 million of working capital . First Quarter 2021 and Recent Operational Highlights • Provided Comasco with an loT solution for real - time tracing and inventory management of their rented crane parts . • Pointer by PowerFleet Argentina formed a strategic alliance with Edenred along with its collaboration with BP gas stations to develop and offer comprehensive services for fleet operators . • Selected by Panhandle Transportation Group ( PTG ) to monitor and remotely manage refrigerated trailers and cargo through PowerFleet's reefer solution , the LV - 400 . • Chosen by Nucor Tubular Products to improve safety , compliance , and utilization by using PowerFleet's telematics solutions . • Signed a deal with McGuire Transportation , a regional dry van trucking company , to upgrade its trailer management solution for its U.S. - based operations . • Shipped initial 1,000 weight on axle sensor units to American Intermodal Management . • Commenced migration of 4,500 legacy industrial units to the company's next - gen hardware platforms and recurring revenue model for one of the world's largest automotive companies . Management Commentary " During the first quarter of 2021 we continued to execute on our strategic roadmap , which is focused on expanding our high - value solution offerings , growing our business in our targeted markets , and continuously increasing our high - margin recurring services revenues , " said Chris Wolfe , PowerFleet CEO . " While we delivered consistent financial results in the quarter ,