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August 5 , 2021 PowerFleet PowerFleet Reports Second Quarter 2021 Financial Results WOODCLIFF LAKE , N.J. , Aug. 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 second quarter ended June 30 , 2021 . Second Quarter 2021 Financial Highlights • Total revenue was $ 33.5 million , a 30 % increase year - over - year . High margin , recurring and services revenue was $ 18.1 million , or 54 % of total revenue . • At quarter end , cash and cash equivalents totaled $ 39.9 million and $ 53.3 million of working capital . Second Quarter 2021 and Recent Operational Highlights • Launched ' Vista ' , an advanced vehicle video solution with artificial intelligence capabilities to analyze and proactively manage risky driving situations across fleets . • Entered into a reseller agreement with Mitsubishi Logisnext Americas Group ( Logisnext ) to introduce PowerFleet Enterprise Telematic Solution to their North American customers and dealer network . • Selected by White Oak Transportation to equip their 875 - trailer fleet with PowerFleet's LV - 500 solution for better asset visibility , and operational efficiencies . • Chosen by the Israeli Police to provide technological services for more than 7,500 vehicles for the next four years . • Provided Comasco with an loT solution for real - time tracing and inventory management of their rented crane parts . Management Commentary " The measurable pickup we experienced in new sales activity across our geographic regions was a key driver of the robust revenue growth we generated in the second quarter , " said Chris Wolfe , PowerFleet CEO . " The acceleration we are seeing across our end markets drove a 16 % sequential increase and 30 % year - over - year increase in total revenue , while our focus on building predictable revenue streams produced an 11 % year - over - year increase in high margin , recurring and services revenue . Our financial performance also demonstrates the leverage in our business model , reflected by our expanding profitability metrics . Overall , our second quarter results reveal the continued execution of our long - term strategy to increase high margin recurring and services revenue by expanding our high