Earnings release
Page 1
November 4 , 2021 PowerFleet PowerFleet Reports Third Quarter 2021 Financial Results WOODCLIFF LAKE , N.J. , Nov. 04 , 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 third quarter and nine months ended September 30 , 2021 . Third Quarter 2021 Financial Highlights • Total revenue was $ 29.2 million , up 6 % year - over - year . High margin , recurring and services revenue increased 10 % year - over - year to $ 18.5 million , or 63 % of total revenue . • At quarter end , cash and cash equivalents totaled $ 33.8 million and working capital was $ 49.4 million . Nine Month 2021 Financial Highlights • Total revenue was $ 91.8 million , up 9 % year - over - year . • High margin , recurring and services revenue increased 7 % to $ 54.1 million , or 59 % of total revenue . Third Quarter 2021 and Recent Operational Highlights • Selected by Hyundai Translead , the leading van trailer manufacturer in North America , to provide telematics for its HT LinkSense platform . • Expanded deployment of LV - 500 solar - powered trailer tracking solution with Day & Ross . Signed a follow - on order for 10,000 LV - 500 and freight camera systems with deliveries starting in Q4 2021 . • Received the 2021 loT Evolution Asset Tracking Award for LV - 500 solar tracking solution with the LV - 710 freight camera from loT Evolution World and loT Evolution Magazine . Management Commentary " We delivered 6 % topline growth and 10 % recurring revenue growth in the third quarter despite the cargo ship container backup at the Port of Los Angeles , which severely affected new forklift builds and deliveries , " said PowerFleet CEO Chris Wolfe . " Our Logistics sales in the period were exceptionally strong and could have potentially supplemented the shortfall in Industrial sales , but we were unable to procure the necessary parts due to the industrywide electronic component shortage . However , based on our current visibility , we believe these external supply chain issues will normalize by early next year .