Hello and welcome to the 2025 Powerfleet Innovation Event. After the speaker's remarks, there'll be a brief Q&A session. You can submit your web questions during the event by typing them into the question panel at the bottom of your screen. Any questions not addressed during the Q&A session will be followed up afterwards. I'd now like to turn the call over to Carolyn Capaccio. Carolyn? Thank you, Operator. Good morning, everyone. Today's presentation contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to Powerfleet's beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors which may be beyond Powerfleet's control, and which may cause actual results, performance, or achievements to be materially different from 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. For example, forward-looking statements include statements regarding prospects for additional customers, potential contract values, market forecasts, projections of earnings, revenues, synergies, accretion, or other financial information, emerging new products and plans, strategies, and objectives of management for future operations, including growing revenue, controlling operating costs, increasing production volumes, and expanding business with core customers. The risks and uncertainties referred to above include, but are not limited to, risks detailed from time to time in Powerfleet's filings with the Securities and Exchange Commission, including Powerfleet's annual report on Form 10-K for the year ending March 31, 2025. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of Powerfleet. Unless otherwise required by applicable law, Powerfleet assumes no obligation to update the information contained in this presentation and expressly disclaims any obligation to do so, whether a result of new information, future events, or otherwise. Now it's my pleasure to turn it over to Powerfleet's Chief Executive Officer, Steve Towe. Steve? Good morning, everyone, and welcome. It's a real pleasure to have you with us for this special Unity Innovation Event. When I look at how far Powerfleet has evolved, I'm filled with an enormous sense of pride. It's been a seismic transformation in a short period of time. We now have truly differentiated solutions driving expanded growth and solving mission-critical challenges for enterprises around the world. We've built an exceptional team that's creating true partnership with an impressive and rapidly expanding customer base. From the outset, we had a bold vision and strategy to unify people, assets, and data through end-to-end connected intelligence, and to do it in a way that helps customers make meaningful change to their organizations. Today, you're going to see how that vision became a reality. You'll hear directly from our customers, our partners, and our own teams about what makes Unity so powerful and so different. We'll help you understand how we help customers to grow in our solution, increasing stickiness, client value, and wallet share. You'll see why our fresh-market approach is redefining what happens to operate safely, efficiently, and compliantly in complex environments. To guide you through the event, we have two of our key leaders, Melissa Ingram, our Chief Corporate Development Officer, and Mike Powell, our Chief Innovation Officer. Mel, Mike, over to you. Thank you, Steve. We're delighted you're with us for the Unity Innovation Event. We're hoping by the end of this session, you'll truly appreciate firsthand the value we're delivering for our customers and the customer community of fans that we're fostering, how Unity's differentiation comes to life for our customers, and that you'll see the depth and passion of our talented team executing the vision with amplified pace. Here's what's coming over the next couple of hours. As you can see, today's session is packed with product differentiation, real customer stories, and a look inside how Unity is digitally transforming customer operations with Unity's enterprise solutions. We will finish with David Wilson, our CFO, providing perspective on our future financial trajectory, followed by Q&A. You're going to see how Unity comes to life from turning raw data from any device, any sensor, any system into clear, AI-driven insights. We'll show you what customers are achieving today and how our technology is helping them solve the biggest challenges in safety, compliance, efficiency, and sustainability across diverse industries. You'll go behind the scenes with our customers, our partners, and our own teams. You'll see live demos, authentic stories, and the innovation driving measurable change in the world of connected operations. It's going to move fast, so buckle up. To start, here's a glimpse into how Unity is transforming connected business operations around the world. In a global market of over 275 million commercial vehicles, today's industries are all trying to solve critical challenges across key business drivers. Those industries still suffer from fragmented data silos because the old world of telematics is disconnected and broken. Leaders are craving a single source of truth, a way to truly unlock the power of their data. Unity is Powerfleet's differentiated answer, a powerful end-to-end AIoT data highway delivering connected intelligence, transforming business performance across every market driver, and keeping organizations operating safely, compliantly, and sustainably. With enterprise-grade solutions guided by agentic AI driving performance across complex operations, we help keep 5 million drivers and operators safe in the warehouse, yard, and on road. From global enterprises to mid-market businesses across 25-plus diverse industries, our growing community of customers relies on Powerfleet to scale, perform, and grow with confidence. Through the broadest and deepest array of AI-powered applications for every stakeholder in the value chain, and through unified operations deeply integrated into the systems customers use to drive performance. Proven as a multi-award-winning platform and portfolio, Unity is the new way through connected intelligence, powerfully transforming business performance. That's the heartbeat of Unity, a wide variety of use cases, data, and impact. Now, let's look at the broader market context, the challenges and opportunities our customers face. Across every industry, leaders are carrying major responsibilities, keeping people safe, staying compliant in an increasingly complex regulatory landscape, and still driving performance. All of that is happening while they're under pressure to do more with less. Absolutely. Safety and compliance, along with sustainability and efficiency, are the foundation of trust and performance. Yet for many organizations, the insights that could prevent incidents or simplify compliance are buried across disconnected systems, or manual processes are holding them back from driving high performance. They need digital transformation to automate what should be driven by AI, freeing up people to do high-value-add work. Despite this being the biggest priority for the C-suite, most organizations are struggling to get there because their data is fragmented in silos, or they do not have the tools and people to connect their operations. That is why we built Unity, to bring that information together into one clear view. It connects a multitude of assets, operators, compliance records, and data points, then simplifies and refines that data into connected intelligence so leaders can act before small risks become big problems. Ultimately, those high-quality data insights drive improved business performance. To dig into that intersection of safety, compliance, and culture, we're joined by someone who's lived it. Brian Fielkow is a recognized North American safety and transformation leader and a former operator who spent his career helping companies create strong, accountable cultures where people and performance thrive together. We're delighted to have him with us. Here's what Brian had to say. Hi, I'm Brian Fielkow. You know, when most people think about safety, they think about rules, compliance manuals, checklists. In today's environment, safety is so much more than that. Safety is an indicator of operational excellence, of leadership quality. The best organizations today do not treat safety as a department or a program or something that we just delegate to. Rather, they treat it as a non-negotiable core value that is woven into the fabric of the organization. They understand that safety is at the foundation of operational excellence, profitability, and reputation. Today, I want to share with you how the best companies approach safety, not as a cost, but as one of the smartest investments they can make. When it comes to the business case for safety, at the executive level, safety is a board and C-level imperative. You see, when you think about a board and executive's primary mission, one of their primary missions is to manage enterprise risk. Now, let's think about the various components of enterprise risk: financial, legal, reputational, customer risks, employee risks, and name one area of an undertaking that safety does not impact. It impacts all of them. Safety has to be owned at the various highest levels in the organization. When we think about investments in safety, I'll have people say, "Well, you know, safety is expensive. It requires technology, people, et cetera." My comeback would be, "If you think that's expensive, consider the cost of continued unsafe practices." It dwarfs any safety investment that a company could make. Because really, safety is the lowest cost, highest return investment an organization can make. Strong safety can result in fewer claims, fewer injuries, and fewer incidents. That spills right over to insurance underwriting. Underwriters appreciate and credit companies that have a commitment to running safely. That comes right into your insurance calculations and your cost of risk. We are also in an unforgiving litigation environment. If a jury perceives that an organization has not invested in safety, watch out. That is when the verdicts really add up. Safety excellence generates a level of credibility and reputation that translates to opportunity. When I owned my logistics company, we did not just perform well on safety. We marketed it well, and we were able to attract value-aligned customers. While safety is such an important business proposition, how do we measure it? I heard this example once from a financial context, and it was this: no CFO in their right mind would say, "We didn't go bankrupt, so everything is well." Lack of bankruptcy is not a measure of financial success. I think the same thing is true with safety. A lack of injuries, a lack of crashes and incidents, that's great. Congratulations. That doesn't define success because I don't know, are we good or are we lucky? Safety is measured not by the absence of incidents, but rather by the presence of processes and systems. Every which way, technology has sped up how safety is executed, measured, and managed. Technology wrapped into a proper service also can help companies tear down silos. Silos occur when companies operate in their own little segments, right? The safety team is here, operations is here, finance is here, and nobody's looking at anything but what their own department or their own team is doing. You don't get a holistic view of the company. You lose the opportunity to see the big picture and make the improvements that need to happen. The same with technology. If we allow our systems to operate in silos, leadership may not see the full picture. As an example, companies need to address safety on the road and at their sites. The safety challenges often appear in similar venues. If you have maybe a telematics system, a compliance system, a shop maintenance system, operating system, if they're not talking to each other, you're only seeing part of the picture when yet the dots are probably all interconnected. Technology in an integrated fashion also helps companies identify their hidden risk. Hidden risks, in my mind, are at the root of many, many safety failures. There are things like deferred maintenance, shortcuts, lack of respect for process, poor communication, rushed hiring standards, inadequate or infrequent training. That is where you run into your problems. Fragmented systems will hide that risk. On the other hand, unified systems expose the trends. They expose things that are not always visible. They close those loops. In the end, safety excellence is built through disciplined systems, unified data, the big picture, strong leadership, and most importantly, I think, engaged employees. The companies that invest in safety holistically today are building trust, resilience, a pathway to growth, and long-term value. Thank you. Thank you, Brian. An insightful perspective. It's a reminder that safety and compliance are mission-critical drivers for the way enterprises run. There's nothing more important than sending people home safely, protecting reputations, and building trust from the ground up. That brings us to our next section, how Unity turns those principles into action with data that's unified, intelligent, and ready to drive safer operations. What Brian said hit home. Safety and compliance are the foundations of how great companies operate. Even with strong cultures and committed teams, it's hard to keep up when your data lives everywhere and nowhere at once. That is where Unity changes the game. It brings every signal together from vehicles, sensors, and sites into an intelligent platform that helps you see risks sooner, act faster, and stay compliant with the right balance of AI and human intervention. That is exactly what you'll see in the story we've got coming up now. When you think about global scale, few companies embody it like PepsiCo. With operations spanning more than 200 countries and territories, PepsiCo's products reach millions of people every single day. Behind that reach is a complex and sophisticated supply chain with thousands of assets, multiple distribution centers, production sites, and thousands of dedicated people working around the clock to keep the world refreshed. The objective is for the supply chain to perform seamlessly. Managing safety, performance, and consistency at that level requires precision, discipline, and data that drives the operation. That's where Unity comes in. Together, we're helping PepsiCo take safety and compliance to the next level. Let's take a look at PepsiCo before and after Powerfleet. Consider this scenario: over 18,000 forklifts and material handling vehicles running across hundreds of warehouses in North America every single day. That is the scale PepsiCo operates at. When you are moving that much product with that many people, safety is not something you hope for. It is something you engineer into every interaction, every inspection, every data point. Because true safety is not just compliance. It is visibility and predictability, knowing what is happening and why in real time. That is what Powerfleet helps make possible. How did it work before Powerfleet on-site solutions? Vehicle condition reports, or VCRs, were completed manually. An operator starts their shift, grabs a clipboard, fills out a pre-trip inspection by hand, drops off a copy, and goes to work. The next morning, someone collects those forms, types the information into a spreadsheet, and emails it around. Eventually, the fleet team gets copies and tries to locate any equipment marked with a defect. Now imagine that operator stepping away for a break. Anyone could hop on that forklift, trained or not, because there was no system verifying access. Minutes later, the lift is gone, somewhere in the warehouse moving, but no one knows who's driving it. Phantom damage shows up. Inspections get skipped. Accountability is guesswork. While the paperwork circulates, your team is already a day behind the data. Now watch what happens with Powerfleet. The operator badges in. Instantly, the system knows who they are, what equipment they're certified for, and whether their training is current. If everything aligns, access granted. If not, the equipment stays locked. A digital checklist appears on screen. The inspection happens right there, before the first move. Every answer is timestamped, stored, and shared across the Powerfleet Unity platform. No paper, no delays, no blind spots. During breaks, operators use brake lock to secure the unit. No one else can access it. When they return, their equipment is right where they left it. If a defect appears, say an oil leak, Powerfleet automatically locks out the asset, notifies the fleet team, and generates a work order. Behind the scenes, every action is captured in real time, feeding unified operational data that gives PepsiCo's management teams complete visibility across all sites and shifts. This is not just access control. It is a connected, data-driven safety ecosystem that unifies people, equipment, and processes under one intelligent platform. At PepsiCo, safety is more than a priority. It's part of our culture. Through our Courage to Care initiative, we focus on ensuring everyone goes home safe and healthy. Before Powerfleet, phantom damage was common. Previous inspections were inconsistent, and anyone could get on a forklift and go and operate it. Access control and electronic VCRs, that changed overnight. Now only our certified operators can start our equipment, and everything is digitally verified. What's most powerful is the visibility. Through integration of Scoops and Powerfleet Unity, we are improving both safety and our fleet performance. Everyone plays a role with the same safety standard, and that's how culture truly changes. Before Powerfleet, we dealt with paper everywhere. Manual meter reads, missing reports, defects that appeared out of nowhere. Now, when a defect is logged, our system alerts us immediately. Critical issues lock the unit automatically, and we can see its location in the Powerfleet Unity platform. Powerfleet's integrations with our maintenance and work order system give us real-time data. This helps us act on facts, not assumptions. That visibility saves hours every day and improves fleet availability with equipment across the network. Operational excellence in our business is straightforward. Keep people safe, run efficiently, deliver high-quality products on time. Before Powerfleet, our VCRs were manual in nature, and compliance was hard to manage across their 18,000 assets. Now it's 100% automated with engineered compliance. For the first time, we have data on how equipment is utilized, not just who completed a critical safety checklist. We can monitor operator behavior, improve our training plans, and claim maintenance proactively instead of reactively. Powerfleet connects our data across departments, from safety, fleet, maintenance, and operations. It's improving performance at every level, and it allows us to act on facts, not assumptions. What has changed? Pre-use compliance is now 100%. Unauthorized use eliminated. Phantom damage? Gone. Incidents that once took days to investigate can now be traced instantly through real-time data. The biggest win is in our operator safety behavior. With visibility into driving habits, impact alerts, and training trends, PepsiCo's teams are preventing issues before they happen. Safety is not just monitored. It is now measurable. This data intelligence is helping refine training, reduce downtime, and unlock continuous performance gains across every warehouse and region. When you unite technology and people under one data-driven safety strategy, you do not just reduce risk. You redefine excellence. PepsiCo engineers safety into every shift. See more, do more, risk less. Every insight, every alert, every decision is powered by Unity's data. Unified, intelligent, and actionable. Safety accountability, visibility, excellence. That is the Powerfleet Unity difference. Connected intelligence that is transforming PepsiCo's safety and compliance. Great to see PepsiCo now achieving unified insight. Whether it's a driver event, a warehouse alert, or a compliance check, Unity brings it all together to create one version of the truth. This is the story we hear regularly, the foundation of how Unity helps our customers. Let's take a closer look under the hood at the technology that makes this possible. Mike, walk us through Unity. Okay. Let's step through how Unity brings safety, compliance, and connected intelligence together in one seamless flow. Let's start on the left side of the Unity data highway. Every second, our customers generate millions of data points. A driver taps the brakes on a steep descent. A forklift enters a restricted zone. A pallet scan updates a shipment leaving port. A storm warning flashes across the delivery route. Even a driver's certification or an equipment inspection record gets updated. All of those moments matter. In most organizations, they live in isolation, buried in different systems, devices, and spreadsheets. That's when visibility breaks down and risk creeps in. Unity brings order to that chaos. We bring in data from anywhere: vehicles, forklifts, sensors, cameras, but also from shipping data feeds, weather services, energy, and fuel data, all into one place. Now we move into harmonization. Here, Unity takes all those different streams of data with all their disparate formats and translates them into a single, consistent language: the connective tissue. Now we can give customers a true single pane of glass, one view where safety alerts, compliance records, and operational data align coherently across the whole organization. Then comes simplification, and this is where data starts to take shape, reborn as connected intelligence. Think of it as a translation layer between raw data and real understanding. Unity's AI continuously processes every data point, learning patterns, identifying anomalies, and filtering out the noise. Only the signals that truly matter rise to the surface. It's what turns billions of data points into a handful of powerful insights. If a vehicle's behavior changes, if a compliance threshold is about to be breached, Unity sees it, understands it, and brings it forward instantly. AI simplification makes it effortless for safety teams, compliance officers, and operators to focus on what's important without drowning in data. Once data is harmonized and simplified, customers can consume their data however they want. One of the key ways is through a suite of AI-powered modular applications, each designed to solve real problems that customers face every day. These are focused, purpose-built modules augmented with an AI agent that drive measurable impact in the areas that matter most: safety, compliance, sustainability, and operational efficiency. Take safety, for example. It uses AI to identify patterns in driving and equipment behavior that signal potential risk before an incident happens. We will hear more about these apps shortly. Each module is built on the same unified data layer, so they work seamlessly together. Because Unity is modular, organizations can start wherever they need most value: safety, compliance, sustainability, and expand over time without disruption. These applications are how data becomes action and how insight becomes impact. Now let's talk about what happens when all that intelligence actually connects across the business. This is the unified operations layer, where the wheels of an organization turn. Even with the best data, most organizations still face one big barrier. Their systems don't talk to each other. That fragmentation slows everything down, from safety reporting to compliance checks to planning and forecasting. Unity's unified operations capability was built to change that. Here, all those harmonized, AI-simplified insights flow directly into the systems our customers already use to run their vital business processes. They can look after their people and their assets, from ERP to transport systems, warehouse management systems, and HR systems across the organization. Unity gives those applications the real-world truth across the whole operation to really transform business performance. That means a compliance manager can see an alert the moment it happens. Maintenance systems can automatically trigger scheduling. Training systems can instantly kick off driver coaching. A finance or HR team can track the cost, time, and workforce impact instantly and automatically. Leadership can make decisions based on one trusted view of the truth. Unified operations unlocks the full value of the systems customers already have, and to make organizations faster, safer, and more connected than ever before. Now let's take a closer look at what really powers Unity behind the scenes: our agentic AI engine called Aura. Aura isn't a separate product or something you bolt on later. It's the intelligence that runs through Unity, quietly working in the background across every data stream, application, and customer environment. Think of it as the brain and the heartbeat of Unity, always on, always learning, and always helping organizations make faster, smarter, and safer decisions. Mike, what's special about Aura is how naturally it works alongside people. From the operations manager on site to the compliance lead in the office to the driver on the road, Aura is the perfect companion. Exactly. When a risk starts to build, Aura notices it before anyone else. When compliance data begins to drift, Aura flags it early. It's insight in context, in real time, exactly when and where people need it most. You are going to see Aura at work throughout today's demos, not as a separate AI showpiece, but as an intelligent partner woven into every layer of Unity. You will notice it predicting outcomes, simplifying workflows, automating the routine, and freeing teams to focus on what really matters. Because that's the real power of Aura: people and AI working together. It helps companies protect their people, strengthen compliance, and run more efficiently by turning constant information into connected intelligence. As you watch the demos ahead, keep an eye out for Aura. You'll see how it brings everything to life, how it connects the dots in the background, and how it makes the complex suddenly simple. When you pull it all together, pulling in data from any source horizontally across industries and asset types, harmonizing it, simplifying it with AI, turning it into business value through modular AI applications, and unifying operations, that's the full power of Unity. Back to you, Melissa. Thanks, Mike. That's a great overview of the Unity ecosystem. To get even more under the hood, I talked to one of our key people responsible for our AI and IoT engineering, Kaz Kate. Let's hear what insights he had to offer. Today, I'm joined by Kaz Kate, Vice President of IoT Engineering. Kaz is the person responsible for uniting all those data points that make Powerfleet's technology so powerful. Kaz, great to have you here. Tell us a little bit about what you're doing. Thanks, Melissa. It's great to be here. We're connecting sensors in warehouses, devices on the road, and an AI layer that turns it all into rich data intelligence that our customers can actually act on. It's engineering with a purpose, and that's what makes this work so meaningful. You talked there about rich data intelligence. What does that mean in practice? It starts with unification. Every forklift, trailer, and vehicle a customer owns feeds into one intelligent data layer. Once that data is harmonized, we can deliver powerful analytics, automation, and predictive insights that give customers total visibility across their operations. That unified foundation is what every enterprise is trying to achieve: a single, trusted source of truth that helps them run faster, safer, and more efficiently. AI is a huge part of that story now. How are you applying it? By combining IoT with AI, we turn raw data into real-time operational intelligence. Our AI models analyze performance, productivity, and look for safety patterns that can automatically trigger actions that improve uptime, reduce waste, and protect people. Because our AI is built on verified and high-quality data, customers trust the way we're helping them to automate their operations. Kaz, why is this rich data intelligence such a growth engine for Powerfleet? Because it really sits at the center of every operational decision our customers make. When you can simplify and harmonize IoT data at scale and then overlay machine learning and agentic AI, you offer that rich data through multiple consumption channels and models to customers, and you create real business momentum. Our customers can connect everything they run, from forklifts and trailers to vehicles and on-site systems, through a single open platform. When they expand or acquire new operations, they can integrate those assets instantly through Unity's architecture. That kind of flexibility turns what used to be a six-month integration project into a same-day activation. That is a huge differentiator for us. It keeps customers agile and future-proof and integrated to our ecosystem. From there, the high-value premium layers kick in, which is like advanced analytics, automation, and AI insights that turn operational data into measurable ROI. For our growth, that means a scalable model that grows as our customers grow. Every new connection, every new data stream, it strengthens our platform, it widens our moat to competition, and it drives recurring high-margin revenue. Kaz, what excites you most about what's next for Powerfleet? I would say the scale of what we're delivering. We're already enabling real-time intelligence across warehouses, yards, and highways, and everything we're doing further builds our ecosystem for the future. Customers can start anywhere, whether it's the warehouse or road, and then bring everything together under one unified platform. That's when the real magic happens. We're creating the connected, intelligent operations ecosystem that companies have been chasing, and we make a real difference to our customers. Honestly, Powerfleet has the technology, the talent, and the energy to make that vision real. I'm thrilled to be part of it. Great insights there from Kaz under the hood of Unity. What stood out to me was how he described that shift from reacting to problems to anticipating them. That is what happens when data stops living in silos and starts working together. That is the role Unity plays. It takes complexity and makes it actionable across an entire business. Once Unity harmonizes data, the real advantage is flexibility. Clients can consume their data however it best fits their world, through our AI-powered modular applications, directly through their enterprise systems, or through unified operations where everything connects into one coordinated view. That flexibility matters. Every organization starts from a different place. Unity adapts to that reality, helping them to get value quickly without disrupting what already works. What we see consistently across industries is that Unity serves a remarkably broad range of stakeholders. You've got operators and safety teams focused on day-to-day execution, managers looking for visibility and control, and leadership teams trying to connect performance to business outcomes. Right. The challenge most organizations face is that each of those groups is looking at a different picture of the same operation. Data sits in separate systems, and people spend more time reconciling than acting. Unity changes that. It brings everyone from the field to the boardroom onto a shared platform where decisions are informed by the same real-time intelligence. That alignment is what drives safer operations, stronger compliance, and better financial performance all at once. It is what turns connected data into connected decision-making. That is when transformation really sticks, when every function is moving in the same direction. Now let's get another perspective: how this different approach is resonating externally outside of Powerfleet walls. We're now joined by someone who's an expert in discerning these industry shifts: Michael DeSalles, Principal Analyst at Frost & Sullivan. Michael has studied how technology is transforming North America operations, and he'll share his perspective on why the kind of unification we're talking about is so differentiated and valuable. Let's hear from him now. Hello, I'm Michael DeSalles, Principal Analyst with Frost & Sullivan. Traditionally, operations have relied on multiple disconnected systems, resulting in siloed data and limited insights. Powerfleet is transforming this with Unity, an AI-powered, fully integrated data ecosystem that connects on-road, warehouse, yard, and cargo operations. Enhanced by Aura AI intelligence, Unity delivers predictive insights, fast ROI, and flexible integration to meet each customer's unique operational and budget needs. Powerfleet's customer-first approach, strong internal culture, and commitment to innovation have fueled impressive growth across industries and regions. For its exceptional performance and leadership in the connected vehicle market, Frost & Sullivan is proud to recognize Powerfleet with the 2025 North America Product Leadership Award. Congratulations to the entire Powerfleet team. Thank you so much, Michael. That was such a powerful perspective. It's always encouraging to hear an independent view on how critical unified intelligence has become and how it's now a real competitive moat. Shifting gears again now, back into the execution of this strategy. Companies around the world are already seeing what happens when you break down silos, connect your data, and let intelligence flow across your operations, working in a true single pane of glass. Let's take a look at how that works inside Unity and how this unified view is changing the way organizations see and manage their world. Unity's extensible AIoT data highway offers our customers unified end-to-end visibility, interoperability, and actionable insights across complex operational ecosystems, helping optimize the reliance of technology to manage critical infrastructure and service delivery across multiple service providers. This includes high-velocity sectors like food and beverage, CPG, and retail, where operational visibility and timing are everything and must cover how goods are produced, moved, and delivered to the consumer. Unity provides device agnosticism, implemented through extensible data ingestion pipelines, where disparate IoT data and technology silos are consolidated and harmonized into one intelligent platform and presented as a single pane of glass. Traditionally, these IoT data sources have covered different vehicle and equipment fleets, including API providers, OEM data feeds, and a wide range of third-party devices and AI-enabled video cameras. We have moved beyond just telematics and become a hub for all operational data across the IoT ecosystem, providing context for how safely and efficiently those shipments were delivered by monitoring things such as driver safety and compliance throughout the journey, coupling shipping manifest data with the trailer weight, and ingesting temperature data for multi-zone refrigerated goods deliveries. Once ingested and harmonized into Unity, this data, which describes what is happening in the real world, becomes the source of truth upon which our Aura AI and analytic services deliver new value. The data highway provides actionable insights covering business problem domains such as safety, compliance, and efficiency, all available for customers to make better decisions more quickly than ever before. Insights are presented in the context of time and cost, making them more useful for business decision-makers. Further downstream, data is primed for external integrations into third-party enterprise applications. Gone are the days of our customers having to log into multiple platforms to understand what is happening and then interpret data across platforms in spreadsheets or other BI tools. The sheer amount of disparate data to have to sift through, refine, and consolidate in a manual way is far too time-consuming and costly to provide the right level of context that is required for accurate decision-making. Unity's single pane of glass does the heavy lifting for our customers, unlocking real-time operational oversight and optimizing business decision support. Not only does Unity's data highway increase visibility and the effectiveness of decision-making, it provides our customers with more agility. Supply chain and transport operations are never static. They are continually evolving and expanding, bringing in new technologies. Our data highway embraces new technology easily and, in the process, removes barriers to revenue expansion and enables customer innovation through operational efficiencies, giving them competitive advantage. For these reasons, Unity's data highway is the market disruptor and differentiator that C-level executives across diverse sectors and industries are turning to for their digital transformation journey. That's the power of the single pane of glass: total visibility across people, assets, and operations. When every part of the business is finally connected, leaders can move from reacting to risk to preventing it. Now let's hear from one of the companies benefiting using Unity to pull in and harmonize data to drive improved business performance. Montblanc Financial Services is redefining insurance. As a fast-growing leader in South Africa's short-term insurance market, they use Powerfleet's cutting-edge technology to deliver smart, personalized cover that goes beyond the norm. You know, Unity's been a game changer for Montblanc in reducing claims, and it's also been a game changer for our clients in understanding the data better. To understand the data, you actually need to have one single source of truth. That is where we use Unity. It basically brings a confluence of data into one place. It does not matter whether you're getting a feed from an OEM, different tracking companies are giving you telematics, and you're getting data from many sources. We bring it into one place, and that way you can actually get a big picture view. It's taking advantage of having multiple feeds from different sources, and you know, our clients have this. We are actually just using that to bring it into one place so that we can understand the data better and reduce the claims ratio. Lower claims ratio means your insurance company must reduce your claims. We found this to be true while using Unity. We've been able to make real cost correction on our clients' risk. That way, we're able to actually reduce their premium. A great example of what connected intelligence can do at scale. What you saw there is only part of the story. Behind that kind of transformation is the single pane of glass that brings it all together: one view where data from every source becomes clear and actionable. It is what allows customers to move from isolated systems to a single intelligent operating picture. Let's move on to the next value proposition that we wanted to share with you today. When we built Unity, one of our first priorities was to tackle safety. Traditionally, safety data has lived in silos. On-road tools help with safety transformation. On-site systems help with safe forklift or heavy equipment operation. All of it is important, but all of it traditionally has been disconnected. We asked one simple question: What if safety was not managed in parts, but as one unified platform across the entire operation? That is where Safety Plus was born. Safety Plus is the intelligence layer that brings safety together across the whole estate, whether you start on the road or on the warehouse floor. It connects vehicles, sites, people, and assets into one cohesive framework powered by Unity's AI and real-time data harmonization. A harsh braking event on the highway, a forklift collision alert in the yard, or a PPE compliance check inside a facility, all of it flows into the same platform, the same view, and the same decision-making fabric. That sounds truly transformative, particularly as I think about how that helps in building a safety culture that really needs everyone and every process to be properly connected. When everything is being managed all together, leaders can move from reacting risk to preventing it. Safety Plus is the what and the why, the technology and the vision that unify safety. On the flip side, it comes from how we deliver it through what we call Safety as a Service. Now I want to share a powerful demo of Safety Plus delivered through Safety as a Service in action from end to end. Safety as a Service combines people, processes, and technology to help customers achieve safety outcomes and develop a data-driven safety discipline. It's built on the foundation of Vision AI, Powerfleet's device-agnostic, video-based safety platform, and line of purpose-built video safety solutions that deliver AI event detection, safety scoring, coaching workflows, and Safeguard, a first-of-its-kind real-time risk assessment tool. On top of Vision AI, we first layer Safety Plus, AI-powered safety insights that turn video into a stream of actionable data. Finally, we add the Safety as a Service offering. Safety as a Service brings a team of safety agents at the Unity Operations Center to deliver the best of both worlds: the speed and scale of AI with human empathy, working together to stop accidents before they happen. The value of Vision AI goes far beyond a video platform or camera product line. Just over the past two years, AI and computer vision have transformed the scale of video data that an enterprise can deal with and the speed at which they can understand it and act on it. Safety Plus has capitalized on this transformation to protect lives. Every day, the service turns terabytes of video into a stream of data that customers can use to save billions of dollars on their bottom line and protect 5 million frontline employees across the globe. Vision AI is device-agnostic. It can ingest video from third-party and OEM solutions to add context and harmonize insights, and we feature best-in-class video solutions for everything that moves goods across the enterprise: forklifts, industrial equipment, containers, trailers, and on-the-road vehicles. The Unity Operations Center plays a critical role in scaling and optimizing customer safety programs, and it is the foundation of the Safety as a Service offering. At the Unity Operations Center, we pair a team of trained safety agents with Safeguard, our industry-first real-time risk assessment tool. Not all risk can be understood and mitigated through the detection of discrete safety events. Context and trends are key to predictive risk assessment. Vision AI features a state-of-the-art driver monitoring system, or DMS, which uses infrared sensors to monitor drivers and operators' body language, head position, and eye movements. These data, which we call micro-behaviors, are then fed into the cloud-side Safeguard to develop a real-time assessment of risk. An Aura AI can alert Unity Operations Center agents or customers of any escalating risk. Unity Operations Center agents monitor Safeguard proactively and will receive alerts when the application detects an escalating trend of fatigue or distraction. The Safeguard dashboard shows the real-time analysis of risk and ranks the riskiest vehicle drivers and forklift operators. A Unity Operations Center agent can monitor each individual's performance and investigate. They can review the real-time data behind the risk assessment. If necessary, they can open a live video stream to get human eyes on the situation in the cab. Agents have the tools they need to quickly assess a high-risk alert and execute interventions. This could involve making a call to the driver through the onboard camera. It is all based on a standard operating procedure that we develop with each customer during implementation. Powerfleet's enterprise Safety as a Service offering combines the technology with management and consultation services that help enterprise customers make the transition to a self-sufficient safety program that returns on their investment. Our team of customer success managers and safety experts partner with the customer to define the trajectory of their safety program transition. Throughout this engagement, Powerfleet develops and operates a tailored safety program on behalf of the customer. We manage the pace of change and establish a track record of success on safety outcomes while avoiding drowning the customer with new data that they are not yet equipped to act on. The Safety as a Service team is empowered to analyze customer safety data and regularly deliver safety insights that highlight trends across segments of their operation. We arm frontline supervisors with coaching best practices and work with them to support behavior change among drivers and operators. The Safety as a Service offering is achieving two complementary goals. We help customers achieve measurable safety improvements with bottom-line impact quickly post-implementation. We demonstrate the impact of these safety improvements across a broader set of safety stakeholders to help create a culture of shared ownership around safety outcomes. What you've just seen is Safety Plus in action: how we unify safety across every corner of an operation. Safety Plus connects the road, the site, and everything in between. Safety isn't managed in silos anymore. It's managed as one living intelligence system. We have some great examples of customers who have taken Unity and our Safety as a Service and embedded them deep into their cultures, driving safety excellence across their operations. Let's take a look. Everdriven is a trusted leader in alternative student transportation across the United States, complementing traditional school buses by efficiently serving students with unique needs. Our mission is simple but profound: to ensure every child has access to safe, consistent transportation across the entire country. Safety is not just a part of what we do. It defines every aspect and every decision that we make. We needed a technology partner who could bring visibility, accountability, and insights at scale. That is where Powerfleet came in. We wanted to move from reactive to proactive safety. Before Powerfleet, we had visibility gaps. It was difficult to quickly identify risky driving issues before they became incidents. Powerfleet's AI video safety solution and Safety as a Service model gave us the real-time visibility and insight that we needed. Everdriven served school districts across 36 states, transporting more than 31,000 students over 33 million miles last year, achieving a 99.9% accident-free record with 100% safety compliance. Because of that success, we're expanding our partnership and scaling Powerfleet's technology to thousands more vehicles so more districts, drivers, and students can benefit from proactive, AI-driven safety. Our partnership is turning data into protection for drivers, students, and the communities that we serve. At the end of the day, every safe trip is a success story. With Powerfleet, we're ensuring those stories happen millions of times a year. The Nestlé warehousing team has reimagined compliance across its locations, driving consistency, preventing costly damage, and fostering a culture of safety and high performance. For us, compliance is about accountability and assurance, knowing that every operator, vehicle, and process meets our standards. Warehouses are dynamic environments. We operate large fleets of forklifts and material handling equipment across multiple sites. Compliance means ensuring that every operator is authorized, trained, and safe, and that every asset is inspected, documented, and ready. With Powerfleet, we've automated these checks and connected our teams to real-time data, which keeps everyone aligned and our operations compliant by default. That is not just good enough for safety. It is critical for protecting infrastructure. One of the most expensive and avoidable incidents any warehouse is racking damage. Industry studies show that racking collapses and related incidents cost businesses more than $36 billion annually. Even a single major event can be $140,000 in direct and indirect costs, from repairs, downtime, to lost inventory and insurance claims. By ensuring the right operator is always on the right equipment and by enforcing daily inspections and checklists automatically, we've dramatically reduced near misses and damage. Powerfleet has helped us embed compliance into our culture, reduce risk, and protect both our people and our brand. Such a powerful story. They have turned safety into a shared mindset. We really wanted to be able to give you a perspective from the people who built this great solution too. I talked to Aaron Friedman, who is at the center of bringing our safety solutions to market. I am delighted to be here with Aaron Friedman, who leads our safety product portfolio. Hi, Aaron. Great to be talking with you. You have spent your career at the intersection of safety, technology, and human performance. What brought you to Powerfleet? Thanks, Melissa. It's great to be here. I came to Powerfleet to take safety to the next level. I have a background in video analytics and safety systems. What drew me here was the chance to combine what we can do with the technology and data side of things with human insights to make a real difference for customers. By incorporating the human element, Powerfleet is approaching safety differently and more comprehensively than anyone else. What makes Powerfleet's approach different? Having worked for some of our competitors, I can see clearly how Powerfleet is differentiating. Most of the market is really in the video business, selling cameras with cloud dashboards and coaching workflows. Our Safety as a Service offering goes further. It is a 360-degree ecosystem powered by AI on the edge and in the cloud, with human insights at its core. Our focus is delivering measurable safety outcomes, not just video clips or data for data's sake. Can you walk us through how that works? Sure. It starts with AI running on the edge to detect fatigue, distraction, unsafe behaviors, and driving conditions, and then giving drivers real-time feedback in the cab. These insights are fed into our Unity platform, where a specialized AI agent can assess real-time risk across millions of data points. When a rising risk level is detected, Unity automatically triggers real-time interventions and prevents incidents before they happen. Agents in our Unity Operations Center can then add human context, enriching data and addressing deeper patterns of risk. It's the best of both worlds: AI speed and human empathy working together to stop accidents before they happen. That's impressive. How broad is Powerfleet's reach when it comes to safety? We deliver safety across every environment: on the road, in the yard, and in the warehouse, all through one unified data layer. That's what makes us unique: one ecosystem that protects everything that moves. Tell me why this is such a powerful growth driver right now. Safety is vital to the enterprise customer. Even with technology, meeting ambitious safety goals is not a given. When efficiency, financial performance, and the well-being of your workforce is on the line, a managed safety service like this can be worth its weight in gold. Unity's open device-agnostic design means that new customers can focus on their highest safety priorities, whether that be forklifts, yard trucks, trailers, or long-haul vehicles. As we start to achieve real results, we can expand into other operations. Customers can scale horizontally across the enterprise and grow on Unity without ever needing to migrate solutions or change out hardware. Using this model, we deepen customer trust, build long-term relationships, and compound our data advantage with every deployment. Great perspective. Now let's move on to another topic. This is where everything connects from the first mile to the last, from the warehouse floor to the boardroom. You can see risk, performance, and opportunity all in the same place and act on it instantly. The full Powerfleet experience, Unity's end-to-end solutions in action. Let's take a look. Order fulfillment used to be a juggling act full of phone calls, paper tickets, and manual updates. Today, it's an intelligent, orchestrated process where systems, people, and equipment work together in real time. When connecting ERP systems like SAP, warehouse management systems like Manhattan Associates, transportation management systems such as Oracle, and Powerfleet's Unity platform, every movement is optimized, every risk is managed, and every delivery exceeds expectations. Let's see what the journey looks like from order to delivery when technology leads the orchestra. Let's start at the very beginning when a customer places an order. Within seconds, the ERP validates credit, checks available to promise inventory, and triggers the yard and warehouse management systems to create fulfillment tasks. The customer not only gets a confirmation, but a precise delivery window. That level of accuracy creates confidence and sets high expectations for speed and reliability. Now the action moves to the warehouse floor. The forklift operator receives the task wirelessly on their tablet or headset, retrieves pallet SKU 1, 2, 3, 4 from freezer 6 slot B3. Behind the scenes, the WMS is already integrated with the warehouse control system and Powerfleet, finding the best available operator-vehicle combination and mapping out the safest and most efficient travel path through the facility. Before moving, the driver authenticates with Powerfleet using their access ID, who confirms the driver is authorized to operate the vehicle and enforces a pre-use inspection through the forklift gateway. From that moment on, Powerfleet is monitoring activity using AI cameras to keep the operator safe, preventing high-risk encounters with people and other vehicles. This means no wasted time searching for pallets. The path is optimized. With the AI collision prevention technology, we cut risk dramatically, even in the busiest aisles. Because this is a frozen goods order, cold chain integrity is critical. In the yard, through unified operations of the WMS, YMS, and Powerfleet Unity systems, Powerfleet's cold chain solution automatically checks the door status and activates the chiller of the assigned reefer to pre-cool the chamber prior to loading the goods. No manual checks, no delays, just automated precision that cuts cost and human error. Back in the warehouse, the forklift turns into a busy aisle on the way to the pallet location, and the Powerfleet computer vision-based AI sensor on the forklift detects a pedestrian in a high-risk zone. Immediately, the driver and pedestrian are both alerted of the risk. Through the integrated Powerfleet speed controller, the forklift is automatically slowed to avoid a collision or injury and prevent a costly business disruption and safety accreditation. The operator locates the pallet, scans it with the RFID or barcode, and instantly the integrated WMS updates inventory. That pallet is digitally linked to its outbound shipment. Here's real life. As the operator approaches the dock, they hit a safety barrier, damaging the vehicle. Immediately, Powerfleet locks the vehicle from use, logs the event, captures a short video clip of what happened before, during, and after, and provides real-time coaching to the driver to correct behavior on the spot. Meanwhile, in the cloud, Powerfleet's Aura AI analyzes the event and removes the vehicle from service, uses the WMS integration to rebalance the load of the remainder of the day with one less vehicle, offsetting a potential 15% utilization shortfall, assigns the driver to mandatory post-shift refresher safety training through LMS integration, and triggers maintenance work creation in the maintenance management system to inspect the vehicle for damage. The WMS automatically assigns a new operator and vehicle to finish the task and guides them to dock 12, where a reefer is staged and ready with direction from the warehouse management system. The correct pallet picked, zero mischiefs. The combination of real-time data and video ensures accountability, faster resolution, and continuous improvement. Next, we move to truck driver preparation. In the background, Aura continually processes truck driver hours of service data and fatigue event data from Powerfleet's Vision AI camera to create predictive driver fitness profiles. Being compliant to regulated driving hours does not necessarily prevent drivers from becoming fatigued before or during a shift, as it does not factor in what they do when not working. The TMS syncs with the WMS, creating a fully digital load sheet and driver manifest. No paper, no errors. The manifest is routed to a driver cleared of fatigue risk. The driver logs into the Powerfleet ELD and re-verifies that they have enough hours available to complete the route. The driver continues through her pre-trip workflow to conduct a vehicle inspection using Powerfleet EasyCheck. A defect is logged, but not deemed critical, so the truck is fit for service today. Minimal effort with exceptionally high confidence in a safe trip. The vehicle inspection defect is received in real time in the Unity cloud. Aura AI correlates the truck's operational data in real time and determines that the truck is also due for its 10,000 mi preventative maintenance next week, as well as noting a real-time recurring fault code that needs attention. Aura AI automatically prompts the operations manager of the combined defect, upcoming planned maintenance, and recurring fault code. Through integration into the ERP, Aura AI can see the forward schedule of orders for the next day can be fulfilled without this truck. Workshop management integration allows Aura to see that there is space in the workshop tomorrow to complete the three required maintenance activities, clearing the truck for required work in two days, eliminating excessive downtime and multiple workshop visits. Aura AI prompts the operations manager to make the booking through one click, saving hours of manual effort and eliminating days of unnecessary downtime. As the driver departs the distribution center, real-time location data from the truck is transmitted to the Unity cloud and integrated with the TMS. Turn-by-turn routing updates are pushed from the TMS to the navigation system in the truck to minimize driving time and maximize fuel efficiency. Powerfleet Safeguard has pre-cleared the driver of any fatigue-related risks prior to the start of the trip, but it does not stop there. The Unity operations center also proactively monitors any changing risk conditions throughout the trip for significantly reduced on-road risk for the company and their drivers. Mid-route, the Vision AI camera detects the driver answering a phone call while driving. Instantly, a supervisor is alerted and speaks directly to the driver through the Powerfleet system, correcting the behavior in real time. Risky driving behaviors are logged against the driver's risk profile for post-trip coaching. Real-time temperature data is transmitted to the Unity cloud and monitored against the cargo's specific temperature profile. Further down the road, Powerfleet's cold chain monitoring flags an above-temperature violation alert to the operations control room. Using the integrated TMS, the operations manager messages the driver with instructions at the next stop to troubleshoot on the reefer control panel. It is less than an hour to unload at the customer, so the dispatcher does not have to redirect the truck to another facility to preserve the cargo. Safe load, compliant route, zero delays, and a proactive approach to safety that protects both the driver and the company. The store logistics manager receives real-time updates from the TMS using Powerfleet location data: when the truck departs, where it's located, and a live ETA within 15 minutes of arrival. At the store, the logistics manager can see exactly when their delivery will arrive and prepare staff and space to receive it. No waiting, no guessing. When the truck pulls up, the driver uses the ELD to capture proof of delivery right there with the store logistics manager, which is uploaded into the Unity cloud in real time and integrated with the ERP, WMS, and TMS. Once delivery is complete, the ERP and WMS automatically close out the order, recording total cycle time, safety checks, and even customer satisfaction metrics. The safety events that occurred, from forklift proximity alerts to collisions, are logged and analyzed by Aura AI for continuous improvement. Powerfleet merges data from WMS and TMS, linking both forklift and truck driver performance to outcomes. The journey is not over yet. With the same connected system, a last-mile delivery task is assigned with routing, factoring in walking in the customer's apartment building, meeting the organization's delivery service pledge. A real-time tracking link is supplied to the end customer. The customer sees exactly when their order leaves the store, where the driver is, and when it will arrive down to the minute. Upon delivery, proof of completion and customer confirmation flow instantly back into Unity and the ERP, closing the loop from warehouse to doorstep. The result? A seamless end-to-end experience that delights the customer and gives total visibility all the way home. That is how we turn every delivery into actionable intelligence. Through intelligent systems, AI-driven safety, and seamless data flow from order to delivery, we're not just moving products faster. We're building a safer, smarter, and more trusted supply chain. Wow, that really brought together how people, processes, and tech all move in harmony. Incredible what people can achieve when all the silos are gone. Now let's look at the beneficial impact on customers with this video. DP World Fast and Fresh stands as South Africa's leading provider of transport and logistics for temperature and time-sensitive goods, serving the fast-moving consumer goods sector. Leveraging Powerfleet technology, they've transformed their operations with a forward-thinking safety as a service model, setting new standards for efficiency and safety. With the system that is introduced by Powerfleet, users advance video analytics to automatically detect unsafe acts like PPE non-compliance or restricted zone entry, and that's in real time. Residents are then pushed straight to Unity operations center, where operations can verify the event, coordinating a response, and take immediate action. All the while, the system captures and analyzes the data over time, helping us to spot patterns and prevent future incidents. AI handles detection and prioritization. Humans handle decisions and actions, and analytics drive continuous improvement. Together, they make our operations both safer and more efficient. In DP World, I think one of our biggest values is safety and risk management, and therefore this is an immense help to us as management and to all our teams within the operation. Now we're going to hear from Clara Severino, who told me all about building these great end-to-end SaaS products in more detail. Product excellence is where Powerfleet's technology meets customer experience. At the center of that vision is Clara Severino, Senior Director of Product Management. Clara's team is shaping the Powerfleet platform into a seamless SaaS environment, one that delivers clarity, simplicity, and measurable results for customers around the world. Clara, tell us more. My goal is to make complexity feel simple. Powerfleet's customers operate in fast-moving, high-stakes environments across way more than even 10 verticals, and where decisions matter. My team's job is to design products that give them control, confidence, and insight through one connected platform. We translate an incredible amount of data into experiences that feel intuitive, immediate, and human. Clara, what makes Powerfleet's product approach stand out in a crowded field? It's the consistency of experience across everything we build. Whether you're managing forklifts in a warehouse, running trailers on the road, or analyzing safety metrics, it all happens inside one cohesive SaaS platform. Customers can start with a single module, say safety or visibility, and then seamlessly step into analytics, compliance, or automation without ever changing systems. The learning curve is flat, the data stays synchronized, and every new feature adds value across the entire ecosystem. How do you ensure the technology stays aligned with customer reality? We build with our customers, not just for them. My team spends a lot of time in their environments understanding workflows, challenges, and what effortless control and predictability really means for them. That is how we have designed features that do not just display information, but guide decision-making. When a product manager sits with a warehouse operator and sees them solve a problem instantly using our interface, that is when you know you have nailed it. What excites you most about where the platform is heading? The intelligence layer, for sure. As more assets connect, the data gets richer and the insights get sharper. Our AI modules are starting to anticipate issues before they happen, recommending actions, optimizing efficiency, and improving safety autonomously. It's SaaS evolving from a management tool into a proactive partner for our customers. That's an incredible leap. How does this translate into sustainable growth? Great product experience drives trust, and trust drives loyalty. When customers find genuine simplicity and continuous value, they stay and they expand. Every subscription builds on the last; every module adoption compounds engagement. That is how product design becomes a growth strategy, by creating a platform people love to use every day. Amazing, Clara. Thank you. I'm so excited about what your team are going to bring next to market. The seamless orchestration that was touched on there, I want us to take a really deep dive on how that comes together when we truly unify our customers' operations. The real power of Unity doesn't stop at visibility. It's in what happens next. When data automatically drives scheduling, when a compliance flag instantly triggers maintenance, when a risk trend adjusts a route before anyone even has time to intervene. This is what excites me the most, and digital transformation becomes real. Unified operations is where Unity plugs into the systems that already run the enterprise, from the likes of ERPs, warehouse management, and maintenance systems, turning every one of them into a single intelligent rhythm. Unity becomes the heartbeat of the business, uniting people and systems around shared insight and shared outcomes. Customers get a truly connected and highly automated organization, optimizing the business performance of the asset, the individual in charge of that asset, and the business process, all through fully connecting that intelligence into the systems that power customers' operations. Let's take a look at how unified operations comes to life inside our customers' worlds and how it's helping them work smarter, safer, and faster together. Picture a high-volume fulfillment center operating 24/7 with 300 employees and 80 pieces of material handling equipment: forklifts, reach trucks, and order pickers. Despite running at capacity, 40% of equipment sits idle during mid-shift, while certified operators are clocked in doing manual tasks. Night shifts consistently burn 20% over planned labor budgets. Here is the critical constraint: only 15% of the workforce is certified on reach trucks, creating bottlenecks that force expensive overtime for a handful of operators. Why? Because the systems managing people and assets operate in complete silos. Fleet management knows which forklift is idle. HR knows which operators are certified and scheduled, but neither system talks to the other. The result is a $1.5 million annual waste in underutilized assets, misallocated labor, and preventable overtime, invisible to management until it hits the P&L. We solve this by integrating two data streams that have never been connected: telematics from equipment and workforce data from HRIS platforms. Telematics tells us operator activity in real time, who's operating what equipment, for how long, in which zones, and when they finish. HR systems provide shift schedules, certifications, availability, and compliance limits. Unity brings these together to provide dynamic workforce visibility. Supervisors see live dashboards showing which certified operators just completed a picking run, which reach trucks are sitting idle, and who's approaching their 10-hour overtime threshold. Unity automatically flags mismatches: equipment waiting for operators who are available but assigned elsewhere, or coverage gaps, where demand exceeds certified headcount. It triggers mid-shift reassignments, optimizes break schedules around peak activity windows, and pinpoints exactly where cross-training investments deliver the highest ROI. This isn't predictive analytics or AI magic. It's operational synchronization that simply didn't exist before. Within 60 days of deployment, this facility saw operator utilization jump 28 percentage points, from 58% to 86%, meaning workers spend more time on productive tasks instead of waiting or idle. Equipment idle time dropped 35%, unlocking throughput capacity without buying a single additional forklift. Overtime costs fell 22%, saving over $7,000 per week. That's $360,000 annually from better workforce allocation alone. Cross-training coverage more than doubled, eliminating certification bottlenecks that were forcing premium pay. Here's what makes this powerful: every dollar of value comes from assets and people the company already owns. No new capital equipment, no additional headcount, just unlocking 25%-30% more productivity by connecting data that was always there but never synchronized. This is the future of workforce unified operations, turning invisible inefficiency into measurable margin expansion. Imagine you're the maintenance and repair director for a construction company with $100 million of excavators, dump trucks, and specialty equipment vital to keeping operations running and revenue flowing. The fleet includes 150 large excavators, each costing over $500,000 new, with an annual maintenance budget of $50,000 each, or $7.5 million in total. The excavator fleet was purchased over the past 10 years and supports 30 active projects a year, so operating hours, repair costs, and serviceability varies from one excavator to another. Your regional teams of in-house and contract mechanics, parts vendors, and construction teams depend on you to make real-time decisions on which equipment to repair, sell, or scrap and replace. This is where the power of Unity and Aura AI help you keep the fleet running, optimize mechanic resources, and stay on budget by integrating fleet inspection, maintenance, and accounting processes and data, such as Coupa Procure-to-Pay and Sage Financials and ERP platforms, to make mission-critical fleet repair, procurement, and resale decisions. For example, the maintenance and repair director for a construction company needs to understand a heavy excavator's total cost of ownership, depreciation, and usage history to decide if a $28,000 swing drive repair with 35-hour downtime is justified. Based on a history of average or lower TCO and high reliability over heavy usage, Aura AI recommends swapping the damaged excavator for one of three lower usage and nearby excavators to keep site operations going and leverage underutilized equipment. Aura AI reviews planned maintenance and upcoming excavator job site demand to recommend the top three maintenance windows and the mechanics with the best swing drive repair experience and even researches the best repair part vendors and lead times and places parts orders. Unity's total cost of ownership and Aura AI saved the maintenance director countless hours researching across disconnected maintenance, accounting, depreciation, and planning platforms and avoided unnecessary project delays, easily evading $5,000 + in wasted operator labor, replacement rental costs, and maintenance delays. Aura AI continually identifies assets and equipment models with the lowest and highest total cost of ownership, uptime, service revenue, and margin to make specific, actionable, and measurable recommendations for optimized fleet procurement, maintenance, and repair planning and management. A field services customer is running a $10 million equipment rental business. Their technicians are in the field every day, servicing customers with hundreds of pieces of equipment. Here is the problem: their operations and business systems do not talk to each other. Equipment is running, technicians are working, but the data stays trapped in disconnected systems. Meanwhile, their finance team is manually exporting spreadsheets, reconciling hours, and creating invoices, a labor-intensive business process that is riddled with errors. The result? They are losing 15% of their revenue to unbilled services. Their invoices arrive weeks late, causing customer disputes. They are missing SLA commitments and paying penalties. Their finance team is spending 70% of their time on manual data entry instead of more value-added work. Research and collated customer data shows that over 60% of invoice errors stem from manual data entry, indicating that is a key problem to solve. This is an operational headache, creating a profitability crisis. Unity's data highway creates a living, bidirectional integration between their IoT-enabled fleet and their enterprise systems: SAP, ERP, and Salesforce CRM in this customer's case. Unity acts as the IoT source of truth for real-world operations, automatically capturing actual operating hours, technician time, and service completion events. Unity's AI-powered data highway ingests this data, harmonizes it across multiple sources, and transforms it into business-ready intelligence. Through secure APIs, this enriched data automatically flows into the ERP billing module and CRM systems. What used to take the customer's finance team two weeks now happens in less than two hours. When a service shop completes in the field, Unity triggers an automated workflow that generates a completed invoice pre-populated with customer details, equipment IDs, actual usage hours, and audit trails showing exact timestamps and locations. On the customer relationship side, Unity enriches the CRM with operational intelligence, i.e., equipment performance, service history, SLA compliance track. This enables the customer's account managers to proactively manage relationships, identify renewal risks, and spot upsell opportunities based on real usage data, not guesswork. The value proposition is simple: Unity unifies this customer's business processes, delivering the right data to the right systems at the right time, optimizing the efficiency of the business. In this use case, Unity delivers $2.2 million in annual value, $1.8 million in recovered revenue, and improved cash flow, plus $390,000 in cost savings. Billing accuracy jumps from 82% to 99.7%, virtually eliminating customer disputes. Invoice processing time drops 83% from 12 days to just 2 days, accelerating cash collection and reducing day sales outstanding by 18 days, unlocking significant working capital. Revenue leakage plummets from 15% to 2%, recovering $1.3 million annually in previously unbilled services. Technician utilization increases 26% because now the customer can see exactly where billable time is going. SLA compliance improves from 78% to 96%, eliminating penalty costs and strengthening customer relationships. Customer satisfaction scores rise 25% because the end customer is receiving transparent, accurate invoices within 48 hours, with complete breakdowns of what they're paying for. Here's the best part: customers achieve rapid ROI with payback in just a few months. That's not a multi-year transformation project. That's immediate, measurable business impact. Unity Unified Operations doesn't just automate workflows. It transforms how this field service company captures revenue, serves its customers, and drives profitability. This is the power of truly unified operations. Now we can dive in further from a customer's perspective. With more than 1,500 employees and an equipment fleet of over 1,200 pieces, D.H. Griffin is a trusted leader in contract demolition, environmental, and site development across the southern and mid-Atlantic U.S. Compliance used to be about paperwork: forms, inspections, sign-off sheets. For us here at D.H. Griffin, it's evolved into a strategic discipline. We manage more than 1,200 assets and 1,500 employees day-to-day across multiple state lines. That scale demands precision. With Powerfleet's connected intelligence, we've automated what used to be manual, which are driver's hours, maintenance records, certifications, audits, and documentation. Now, instead of chasing compliance, we design it into our everyday process. It's continuous, it's predictive, and it's visible. This automation provides our compliance and safety teams with additional time for high-value tasks, strategic planning, training, and customer engagement. They are no longer confined to spreadsheets. They are leading with intelligence. This is what distinguishes Powerfleet. They are not merely a technology provider. They are a partner. They possess a deep understanding of our business, our personnel, and our challenges. They have assisted us in creating a closed-loop compliance ecosystem that integrates data, action, and accountability. PTR specializes in custom upgrades and long-term leasing of standard SUVs and utility construction vehicles, transforming them into purpose-built solutions, everything from flatbeds to dump trucks. The big focus for us and our customers is to make sure they've got a fleet that not only is functional and keeps their crews on the road, keeps them working, doesn't have a lot of extended downtime, but they're also safe. They've got the newest technology and the quality equipment on the road. So Powerfleet's eye, we can not only see where the trucks are, but we can see how they're being operated. We can use it for higher P-mileage reporting, F-mileage reporting. We can see driver behaviors, whether they're speeding, harsh braking, so we can help coach and modify those behaviors to keep them not only safe on the road, but make sure the vehicle's being operated in a manner that keeps them on the road longer. From an engine diagnostic side, it helps us when we do get those tons of cars from the field to diagnose that problem. We can either get a crew out to fix them or get them to the closest location to fix them. We use it to monitor the life cycle or the expected future life of the asset. Since we do rent for typically longer periods of time, I can forecast when that vehicle or piece of equipment's going to age out or the cycles that we want to replace them in. It helps me in that budgeting process. When you see all those pieces working together, you start to realize something bigger is happening. Unity is transforming how customers grow profitably and sustainably. Yes, completely. Unity was never designed to be a closed system. It's built as a platform, open, scalable, and ready to integrate with a whole universe of partners, sensors, and technologies, all with the purpose of continuously improving customers' business performance. That means every time a new partner joins our ecosystem, every time a customer connects another data source, Unity becomes even more powerful. It's a living, evolving network that drives growth on both sides, for Powerfleet and for the people we serve. That's what we mean when we call Unity our growth engine. It's expanding Powerfleet's footprint through amplifying value for our customers and partners too. Speaking of growth and partnership, we're pleased to welcome Jeff, our Chief Revenue Officer, to walk us through the next segment. Jeff, over to you. Thanks, Melissa and Mike. It's great to be here, an even greater part of the Powerfleet story. What drew me in immediately was Unity, not just the platform, but the philosophy behind it. This idea that when you connect people, assets, and data across an organization, you unlock new opportunities for growth. That is exactly what we're seeing through our partner ecosystem. We're working side by side with some of the world's largest and most innovative companies to deliver rapid value at scale. Today, I'm excited to introduce some of these partners, leaders who are helping Powerfleet bring Unity to more customers and more markets around the world. In these conversations, I asked about how connected data intelligence is expanding what's possible across the global AIoT landscape and why these partnerships are essential to powering the next generation of growth for us and our partners. Let's jump in. Hello, everybody. My name is Jeff Ladenbach. I'm Chief Revenue Officer of Powerfleet, and I'm here with Jodi Baxter from TELUS. Jodi, why don't we start this way? Why don't I have you introduce yourself and talk about your job in TELUS generally? I have one of the coolest jobs at TELUS, Jeff. I'm Jodi Baxter. I'm the Vice President of our AI, IoT, and wireless portfolio, which is a combination of many, many things that fit together really nicely. If we think about how IoT is transforming the way that people do business, we've had a relationship with Powerfleet or Fleet Complete. They're actually one of our oldest IoT partners, 20 years now. That's awesome. Maybe I can go a little bit deeper on that because I think that's a good place to start as we discuss vision and strategy and what you're focused on and how we together work with customers. Yeah, I think when I think about kind of the last 20 years, and I don't know if I should admit this or not, Jeff, but I've been with TELUS for longer than Powerfleet has been a partner of TELUS. When I think about kind of just the evolution of things and what the potential holds, we were really excited when the Fleet Complete team joined the Powerfleet family. What I would think is one of the most immediate potential opportunities is the Unity platform. The Unity platform that the Powerfleet team brings with them actually answers a lot of questions that our customers have been asking us. I'm really excited that it helps our customers kind of consolidate disparate data sets and devices into a single pane of glass. It's directly addressing the stress of too much information, or TMI, and operating across multiple applications. One of the things that I think is going to be really powerful as we move forward is how do we take multiple applications across potentially multiple partner sets and bring that into the Unity platform. It's doing what its namesake is, which is unifying the data sets for our customers and giving them real information. All of our customers' data sets are housed themselves in many different applications. No two pieces of data look the same. How do we help unify that experience for maybe we focus on specific sectors of the market, manufacturing, warehousing? Maybe that's where we focus first because Powerfleet already has a strong relationship into that, and we've got strong relationships on the fleet telematics side. How do you bring that together where they have a real need and where I would say automation is starting to become the forefront of how they're doing business? Yeah, that's a great point. You bring up something that we ought to touch on because there's been a bit of transformation. In addition to AI and all the technology that you're representing, our partnership was really built on on-road, but now it's moving to on-site. I'd like to get your perspective on how that transformation is going and how it's different from the way we were partnering and doing business together. Yeah, so Powerfleet didn't just bring Unity platform. You brought your warehousing solution as well. One of the things that's been great about this partnership is how supportive the Powerfleet organization has been in helping bring the warehouse solution to the market. What I see in this is it's a great opportunity for us to get from the asset on the road to the asset inside the warehouse. Warehousing is a big business, whether it's actual manufacturing or warehousing. Most fleet organizations that have some sort of fleet need also have a warehouse need. I 100% understand why it was an attractive acquisition for the Powerfleet organization. Where I think that evolves too is now you're keeping the worker safe in the warehouse. We can understand how the forklift is operating as well as how the fleet telematics is operating. Forklift puts the item on the truck. The truck drives the item to wherever the organization requires it. There is a massive safety mechanism in there. I think where this also evolves to is we start to get into the space of video. I think we are going to see more and more of that video and AI component coming into the market, both inside the warehouse and inside the vehicle. You need fewer devices on the actual equipment if you are able to leverage video and AI in that workspace. It has been really good. The support from the Powerfleet team has been phenomenal. Just helping our sales organization speak about a different technology to a different set of customers, which is a learning curve in itself. That is probably why it has been a little bit slower than we initially wanted. We're starting to really see that funnel build and a lot of momentum and excitement build in the market. I'd like to maybe change it up a little bit, but what about the partnership and what we do together? One of the things that I think is really awesome about the evolution of our Powerfleet partnership over the last 20 years and then going into the next 20 is if we look at the next three- to five-year timeline, our strategic goal at TELUS is kind of to build those horizontal capabilities. Beyond your basic asset tracking, when you think about things like video telematics, I think video telematics is going to become very, very important. Any type of video, I think AI is going to become very, very important. We see the Unity platform as the data ingestion engine. It is kind of becoming the foundation for the integrating of the intelligence that is directly from either the fleet management asset, the worker safety solution. You can kind of build on that even further. The other area, which I think is probably even easier for us to think about mentally in our minds, is agriculture. It's absolutely where we're doubling down. Just so many possibilities from a verticalization perspective right now that we're already in together, multiple industries and verticals. Hearing you talk about healthcare and agriculture and the expansion there is very, very exciting. Are there other areas where you feel like Powerfleet could continue the partnership as you think about what we've done with Safety as a Service? We have a whole TELUS Digital organization that does a ton of AI applications that could possibly build in or feed into the Unity platform for our specific customer needs. When we think about one of the coolest things that I've seen is this AI agent where you're optimizing the work time of the fleet out in the field or the dispatch in the office through AI agents that are automating the workflows for those fleet people, but then tying back into the fleet telematics solution to say, "We could optimize routes. We could optimize fuel consumption. We could optimize battery charging time." Those types of things, I think, are where we could differentiate from some of the competitors in the market and really have a powerful combined solution. I think you're exactly right. I really get excited when I start to hear you talk about the democratization of data because at the end of the day, it's kind of like our joint data together is really going to be so powerful. I think in this industry, unlike maybe other industries, there's real problems that you pointed out and identified. If we could solve them today, AI would be a perfect solution. Customers are out there saying, "Please give us some more already," versus having to think deeply about what problem are we really trying to solve. The problems are there for us to solve, and the market opportunity is so great. I can't emphasize enough just how much we enjoy the challenge of solving our customers' complex problems with simplicity, ease of use, and performance. We really do enjoy the partnership approach that the Powerfleet team is taking. If I think about kind of TELUS, what future opportunities do I think there is for us to build? I've spoke about the AI. The other one I would say is that we really want to grow our connectivity with our 5G solutions. We are a network company at the heart in the Canadian market. We understand that a number of the solutions that the Powerfleet team is bringing to the market require robust and reliable network connectivity. We think there's opportunity to explore things like, "How do we bring the network to the edge? How do we improve the reliability of that network solution?" I would say that's the other component of my day job that gets me excited every day. I think there's a ton of opportunity for us to really demonstrate how we're affecting improving the end customer's experience and showing them a return on investment. I do think that this is truly a partnership built on mutual value and provides customers solutions that are complementary, that they see a massive value in many different markets, both vertical and up-market, down-market. Thank you so much for your time. We look forward to extending the partnership and maybe getting you back on and doing another one of these over time so we can continue the conversation. Thank you, Jodi. Take care. My pleasure. MTN, Africa's largest and most influential mobile network operator, is a powerhouse in Pan-African technology and digital innovation. MTN is partnering with Powerfleet to leverage scale, expertise, and cutting-edge technology to deliver a bold, market-leading go-to-market strategy. Our customers come to us for end-to-end solutions. They're asking us to solve a problem. In most cases, we are bringing Powerfleet in because they provide an end-to-end value proposition from a value chain perspective, from the office to the warehouse, on the road, and to the port. That holistic picture and collecting all these data points and giving insights into our customers is what makes us a powerful partnership. We have a partnership not only in South Africa, but reaching into Africa. We have three different verticals that we are intentionally working on together. We see a growth opportunity for us in the mining industry. In order to have the automated vehicles, in order to have collision avoidance for what the mines are looking for today, you need that reliable connectivity. You also need the data points around those vehicles, which is the solutions that Powerfleet offer. They also offer very important in-warehouse solutions for our customers. We would bring in Powerfleet to holistically look at an in-warehouse solution, and we would take care of the smart warehouse solutions. The third component is transport and logistics. It just makes sense for us to partner together to make sure that we are providing these cohesive solutions for our customer. These partnerships are proof of how Unity scales, how it extends our reach, amplifies our innovation, and creates new value across industries and borders. Now, to get an update on unlocking enterprise growth with AT&T and TELUS, I'm speaking with Rob Williams, Head of Strategic Partnerships in North America. Rob, great to have you here. You lead strategic partnerships and commercial alliances at Powerfleet, which sounds like a pretty exciting space right now. Tell us about your role. Yeah, thanks, Melissa. I've spent much of my career building growth partnerships between technology companies and large enterprise networks. My focus is turning our major alliances, specifically with AT&T and TELUS, into high-velocity growth engines. These are strategic cornerstones of how we're expanding across both the enterprise and mid-market. Let's talk about what that looks like right now. How are these partnerships working in practice? Sure, we're in full execution mode. Our TELUS partnership is accelerating across North America, focused on AI-driven warehouse and facility safety, as well as AI video solutions. For example, together, we've launched Unity and Warehouse Suite under the TELUS brand, combining their powerful network reach with our deep technology. With AT&T, we're embedding our Unity solutions with their enterprise sales teams, expanding on our strong mid-market presence. What makes those relationships such strong growth levers? AT&T and TELUS bring scale and trust. They're two quality brands, huge sales forces, established billing and support systems. We bring the platform, added innovation, and the outcomes. When you put those two together, each partnership becomes a force multiplier, opening doors in the telecom, logistics, utility space, and more. Customers can start with one use case, say, video safety, then expand into visibility, analytics, and automation through the same Powerfleet ecosystem. That layered growth potential is what makes these alliances so valuable. It sounds like a great start and that there's a lot of future potential still to unlock. Where does it go from here? We're building the future as we execute today. These partnerships allow us to co-create new solutions, things like smart automated data infrastructure that combines connectivity, analytics, and safety in one offer. Our Safety as a Service offering is ideal for those enterprise customers and is highly differentiated. Same with compliance. It's a win-win. Our partners differentiate their core services, and we amplify growth through their enterprise base. We're scaling rapidly through AT&T and TELUS with a significant value unlock ahead that will capitalize on the foundation we've been laying. These partnerships embed powerfully into the enterprise operating systems of today and tomorrow. Every day, we're unleashing more of the full potential of our AIoT portfolio: safety, compliance, visibility, warehouse, automation, all wrapped up in service excellence and powered by world-class connectivity. Really, the growth is just beginning. At AT&T, we see an amazing opportunity in the convergence of connected intelligence, where advanced video, IoT, and data come together to transform how enterprises operate. That's why our partnership with Powerfleet is so exciting. Together, we've unlocked new growth across two of the fastest-growing segments in B2B IoT, AI video and connected sites. These are massive markets. AI video alone is forecasted to reach $54 billion by 2030, growing at nearly 20% annually. The connected site market is also a differentiated multi-billion dollar space with few large players. Both markets remain largely untapped, and no one is offering a combined end-to-end value proposition like we are. Fewer than 15% of enterprises have fully connected safety and compliance solutions. That's where AT&T and Powerfleet are uniquely positioned to lead, combining connectivity, intelligence, and automation into one unified solution. Powerfleet's Unity platform is a differentiated growth vehicle. It unifies every asset, data source, and video feed across road and facility operations. Add to that AT&T's nationwide 4G and 5G networks and FirstNet priority, and you get an ecosystem that's open and incredibly powerful. From AI-driven video safety on the road to automated compliance and visibility inside the warehouse, we're delivering seamless end-to-end solutions for enterprises across every vertical. This is the best of both worlds: AT&T global network scale and trusted IoT infrastructure combined with Powerfleet's enterprise-grade AI analytics. It's a 1 plus 1 equals 3 opportunity: greater value for customers, strong growth for both companies, and the power to reshape how industries connect, protect, and perform. We're now going to share how our business momentum is translating into tangible results. I'm delighted to hand over to David, our Chief Financial Officer. Thanks, Melissa, and great to reconnect with everyone today. Before diving into FY27 expectations, I want to frame the discussion through a financial lens rounding what we've covered today in how it translates into our performance and outlook. Over the past 18 months, we've executed one of the most comprehensive transformations in our sector: bold M&A that expanded our technology footprint and customer reach, rapid integration that delivered over $30 million in annual cost synergies within 18 months, a business set to deliver a 45% compound annual growth rate in Adjusted EBITDA from FY2024 through FY2027. These achievements established a solid foundation for profitable growth. Our advantage runs deeper. We've centered the company around getting Unity and its differentiators into customers' hands by doubling down on go-to-market execution through connected intelligence that turns fragmented data into operational foresight, a horizontal software-led portfolio, Safety Plus, compliance plus, and unified operations, creating repeatable value across diverse industries, an open modular architecture that integrates seamlessly with customer systems, making us both mission-critical and deeply embedded. Go-to-market force multipliers, greater enterprise sales investment, and expanded indirect channels for reach and efficiency. Differentiation, customer value at the core, tangible impact in safety, compliance, efficiency, and sustainability across the entire operation. This is the Powerfleet of today: focused, profitable, and built for lasting differentiation. Now let's dive into the numbers. Our journey has required deliberate choices, taking short-term pain to unlock long-term value. We streamlined legacy operations, exited non-core revenue, and concentrated investment on the Unity platform. Those actions reshaped the top line. As we shared earlier this week, we've moved beyond the transition phase and into sustained acceleration with organic growth of 9% overall and 12% in services. We're now operating as a SaaS-centric business, delivering faster growth and stronger margins. Our growth is now service-driven. We expect FY2027 revenue in the region of $485 million, exiting the year at an annualized run rate approaching $500 million. Within that, we anticipate service revenue in the region of $400 million, increasing its share of total revenue from the mid-70% to the low-80% within two years. That mix shift is a direct outcome of our Unity strategy, building recurring high-margin relationships supported by expanded sales capacity and scaled channel reach. We're delivering both growth and quality of earnings. Adjusted EBITDA is projected to rise about 50% in FY2026 to approximately $100 million, and another 30% in FY2027 with EBITDA in the region of $130 million, an EBITDA CAGR of roughly 45% from FY2024 through FY2027. Adjusted EBITDA margin improving from approximately 23% in FY2026 to over 25% in FY2027, driven by operating leverage and a richer services mix. Composite gross margins rise another 200 basis points to approximately 70%, with services margins in the high 70s and products in the low 30s. This is sustainable, profitable growth built on efficiency and recurring value. Looking deeper into OpEx efficiency, G&A is expected to decline roughly 200 basis points in FY2027 to 21%, with around half reinvested into sales and marketing to drive continued top-line acceleration. R&D remains steady at 8% of revenue, with about half capitalized, sustaining our innovation, velocity in AI, data harmonization, and modular applications. That balance, disciplined expense management paired with targeted reinvestment, underpins our confidence in expanding margins alongside growth. Turning to cash, we expect to generate over $40 million of free cash flow in FY27, starting from approximately $130 million of Adjusted EBITDA. CapEx is projected at $55 million, primarily to expand Unity's software stack and intelligence in vehicle devices. Cash interest improves by about $5 million to $20 million annually, reflecting lower leverage and a stronger balance sheet. Deleveraging remains a major value driver. We expect net debt to Adjusted EBITDA to fall from 3.4 times at fiscal year-end 2025 to approximately 1.5 times by the end of FY27, close to a two-term improvement in just two years. Crossing below two times represents a key milestone. It provides flexibility for reinvestment and underscores the financial resilience of the business. Moving into our medium-term operating model, the framework that defines how we'll continue to perform beyond FY2027. Our target profile reflects a company that's scaled efficiently and built for balance: growth, profitability, and cash generation working in unison. We expect to operate comfortably within the rule of 40 at around 45%, combining ARR growth of roughly 15% and Adjusted EBITDA margins of around 30%. We also have the flexibility to lean into growth, increasing ARR towards 20% through additional investment in go-to-market, which would bring EBITDA margins into the mid-20s. That is a trade we'll make deliberately in response to demand and return profiles. Gross margins expansion continues to approximately 75%, with OpEx to revenue below 45% as we continue to redirect G&A efficiencies into customer-facing growth. Importantly, unlevered cash conversion of around 50% keeps us funding innovation while expanding our profitability. This model demonstrates how we'll sustain disciplined performance and keep strengthening the business over time. To close, Powerfleet's investment case is compelling, built around five clear pillars. First, we're proven operators with a strong track record of execution. Through bold, well-integrated M&A, we've achieved global scale, Adjusted EBITDA expansion, and sustained organic growth. Second, we've built an award-winning software-first platform, delivering measurable business impact through connected intelligence. Third, we have global reach across multiple sectors, supported by mature direct and indirect channels that capture demand efficiently. Fourth, our momentum is building, driven by a broad solution set, large addressable market, and scalable, efficient operating model. All of this adds up to a compelling asymmetric investment opportunity: a clear path to accelerated ARR growth and profitability to unlock valuation multiple expansion with strong EBITDA in cash generation, limiting downside risk. We're confident in our trajectory, our execution, and our ability to keep compounding value for customers, partners, and shareholders. Thanks again for joining us today. With that, I'll hand it back to Melissa. Thank you, David. We have covered a lot of ground today, from innovation and customer outcomes to partnership and performance. Before we wrap up, we wanted to take some time to answer your questions directly. We are now moving to our Q&A session, which will be moderated by Jonathan Bates, our Chief Marketing Officer. We have a number of the executive group here to be able to answer your questions. Jonathan? Thank you, Melissa. Welcome, everyone. As we move into Q&A, I will say upfront, we've received many questions, and I'm afraid there isn't sufficient time to cover them all. Let's begin. To start, we have a question on the current consensus numbers for Q3 of $111.8 million in revenue, implying a year-over-year growth rate of around 5%, lower than the 9% posted in Q2. David, can you address that one, please? Thanks, Jonathan. To be clear, we expect year-over-year growth in services in Q3 to be close to 10% on total revenue, including Fleet Complete. As noted on Monday's earnings call, there has been some proactive reshaping of the Fleet Complete base post-acquisition to better align it with our long-term strategic direction. Any concern on the implied annual growth rate for Q3 therefore centers on product revenue. A couple of points to call out here. Firstly, as we shared on the Q4 2025 earnings call, we changed the underlying terms for legacy Fleet Complete sales to enable the rebundling of in-vehicle devices and services effective April 1 of this year. This change resulted in the cessation of accelerated revenue for in-vehicle devices, which reduced quarterly product revenue by close to $2.5 million. Adjusting for this, year-over-year revenue growth for Q3 would be around about 8% versus the headline 5%. Also, Q3 2024 product revenue is also a tough comp as it benefited from the large initial PepsiCo deal of close to $4 million in the quarter of last year. Thanks, Jonathan. Thank you, David. The next question: what is the ROI of using Unity today, and how does Safety as a Service impact ROI? Great question. So our customers are receiving ROIs. First of all, they're better than break-even within the first 12 months of deployment. I think a solid ROI is three to one. More traditionally, we're kind of in the four to five to one range over a two to three-year period. As we are amplifying the solutions, we're amplifying the value propositions. We've got major customers, some of those which you've seen today, getting to a five to six times ROI. The more that we increment in terms of the value propositions that we deliver, the better that the customer's return is becoming. I think the tangibility of the solutions now will push that even higher. Thank you, Steve. The next question, this is a three-part question: did the Pepsi relationship start with FEMSA in Mexico? How penetrated are you in Pepsi in North America and globally? Are more opportunities becoming global decisions rather than local? I think our expertise in the environments within which Pepsi work and our reference ability allowed us to get good, strong ground within Pepsi. We're delighted to announce that we've agreed with Pepsi a further major expansion just this week. The level of the solutions that we're delivering through North America is going to continue through 2026 and 2027 calendar. We still have a long way to go in terms of latitude of growth within Pepsi North America and also Pepsi Global. It's interesting to see the traction that we've seen in the global entities of Pepsi following on from the success and the reference ability and the results that Pepsi North America are achieving. Thank you. The next question: what percentage of customers are addressable for warehouse solutions, and do competitors offer a viable solution? I think undoubtedly we are the major aftermarket provider of warehouse solutions on a global basis. There is a very large part of our customer base that has the ability to do that. We have just recently done some research in our top 100 accounts. Over 75% of those customers have warehouse capabilities in the gun. Fantastic. Thank you. The next question: the observation is that there are some impressive demos on the end-to-end value proposition of Unity. The question is, how ready are stakeholders for this? How are you going back to base to elevate the conversation to be more strategic and with the top stakeholders within customers? It's been a big shift for us over, I think, the last three-year period to be talking to a much broader stakeholder set across organizations. If you think about the slide where we talked about from CIOs to CTOs to CFOs, COOs, and even CEOs now that are engaged in the conversations that we're having with them. When you ask the question about how ready are customers, I think they need to do this now rather than it's a choice. Whether that is the harmonization of the data, whether it is bringing AI into their environments, whether it is simplification, visibility, or requirements from compliance or safety, this is becoming a mission-critical set of data applications and connected intelligence. We've seen a strong reinforcement from the suite across our organizations that this is compelling, it's necessary, and ultimately required. Great. Thank you very much. The next question: what is a realistic target for customer penetration of AI video solutions? I think that, I mean, now I think we're kind of in the 20% range in terms of our solutions that have video. The video market itself is amplifying at pace. Again, just in terms of the same kind of question in regards to AI in warehouse solutions, more than 80% of our customer base has to take video solutions. We see it as the compelling future. We're very much on a video-first strategy. When we say video-first, we mean video data. That's not only the video solutions we sell, but also other video applications where the data harmonization alongside our solutions adds incremental benefit to the customer. Thank you. The next question: the observation is that Unity seems really impressive. The question is, how does it compare to key competitors and specifically Samsara, for example? I think Samsara has a great range of products. We think they're a wonderful flagship in our marketplace. We've attacked the market slightly differently. Our view is that we very much want to be open-source in terms of the data inputs that we take into our platform. We've very much majored on becoming a connected intelligence data insight company, which is similar to Samsara in some way, but also offers a difference in terms of the level of integration that we do of those data sets and the broad sets of data sets that we have. We're attacking the market in a slightly different way. I think there's more than enough room for both of us to be successful considering the fragmentation that exists in the marketplace. In terms of our solution is where we will focus, and I think the independent recognitions that we're getting through rigorous, I think, views and opinions of credible organizations, then we very much are proud of the solutions and the quality and depth of the solutions that we are providing to our customers. Thank you. We have time for two more questions. The first one: on financials, already doing 12% organic services growth with a healthy pipeline and favorable business mix trends, how does this support conviction in FY2027 and midterm targets and also fuel conviction in accelerating go-to-market investments? I think it's all very clear. We're in a terrific market. We have a highly differentiated set of solutions. We have a real ability to expand share of wallet, both in warehouse, on the road, as well as all the additional AI things that we covered on today's call. We also have increasing reach through some of the channel relationships that we also covered. We feel good about the momentum that we're building. We feel beyond comfortable with the numbers that are out there for next year. Our success is largely within our hands. It's an execution story, and it's going to be nose down and execute. I think the numbers will speak to themselves quarter after quarter. I think just to add to that, I think what we've shown today, hopefully in a compelling fashion, is the ability for improved wallet share, the ability to improve RPUs within our customer base. I think if you look at the stickiness of our solutions and therefore both gross retention and net retention, I think we're all going to go in a positive trajectory. The modularization of our system allows a customer to grow. We've seen some simple use cases today. We've seen some very complex and integrated use cases, all which will drive recurring SaaS revenue growth. I think we've given ourselves a very good shot for success over the next few years. Thank you. The final question: with integration complete now and services revenue increasing as a percentage of revenue mix, what's the major driver of services gross margin as we look forward into the next financial year? Yeah. There are obviously scale benefits. If you think as well about which parts of the revenue stack will grow the quickest, the fastest growing parts are going to be things that are pure software. We are integrating that data, utilizing it in lots of different ways and monetizing it in multiple ways as well. That is a key driver. In terms of the numbers shared on the presentation, there is obviously really good gross margin expansion going from 70%-75%. A key part of that is just simply services growing at a much faster rate than total revenue. The mix continues to improve as well. Thank you very much. We have reached the end of our Q&A segment, and I would now like to hand the call back to Melissa to close the event. Melissa? Thank you. And a huge thank you as well to our customers, partners, and team for sharing their perspectives today. What you have seen throughout this event is a culmination of a lot of focused work from teams all over Powerfleet, aligning behind a single platform, a single strategy, and a single view of the unique way we are delivering connected intelligence and creating real customer value. On behalf of the team at Powerfleet, we appreciate your time, your partnership, and your belief in what we are building together. We look forward to sharing more progress updates with you soon. Thank you, ladies and gentlemen.