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POWER FLEET® People Powered AloT Q1FY27 Earnings August 2026
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Important Disclaimers The contents of this presentation are not to be construed as legal, regulatory, business, accounting or tax advice. You should consult your own attorney, business advisor, accountant and tax advisor as to legal, regulatory, business, accounting and tax advice. This presentation has been prepared exclusively for the internal confidential use of the recipient only. This presentation is confidential. Any reproduction of distribution of this presentation, in whole or in part, or the disclosure of the contents hereof, without the prior written consent of Powerfleet, Inc. (“Powerfleet”), is prohibited. Forward Looking Statements This presentation includes “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements involve substantial risks, known or unknown, and uncertainties that may cause actual results to differ materially from future results or outcomes expressed or implied by such forward-looking statements. Forward-looking statements generally relate to future events or Powerfleet’s future financial or operating performance. The following words, when used, are intended to identify forward-looking statements: “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “target,” “result,” “should,” “will,” and similar expressions which do not relate solely to historical matters. Powerfleet cautions investors that any forward-looking statements in this presentation are based on management’s beliefs and on assumptions made by, and information currently available to, management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties and factors that are beyond Powerfleet’s control. Some of the risks and uncertainties that may cause Powerfleet’s actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements are more fully described in Powerfleet’s filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in Powerfleet’s periodic reports. Moreover, Powerfleet operates in a rapidly changing environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor can Powerfleet assess the impact of all such risk factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Powerfleet cautions you that, while forward-looking statements reflect Powerfleet’s good faith beliefs when it makes them, they are not guarantees of future performance and are impacted by actual events when they occur after Powerfleet make such statements. Powerfleet cautions you that you are not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date of this presentation. Consequently, you should consider forward-looking statements only as Powerfleet’s current plans, estimates and beliefs. Powerfleet does not undertake and expressly disclaims any obligation to update or revise forward-looking statements, including those set forth in this presentation, to reflect any new events, information, events or any change in conditions or circumstances unless required by law. Except as may be set forth in a definitive agreement, if any, or in any proxy solicitation materials, if any, Powerfleet makes no representations or warranties regarding the proposed transaction discussed in this presentation. Industry / Market Data In this presentation, Powerfleet relies on and refers to certain information and statistics regarding the markets and industries in which Powerfleet competes. Such information and statistics are based on Powerfleet’s management’s estimates and/or obtained from third-party sources, including industry publications, reports by market research firms and company filings, as well as from research reports prepared for other purposes. While Powerfleet believes such third-party information is reliable, there can be no assurance as to the accuracy or completeness of the indicated information. Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners, and Powerfleet’s use thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, service marks, trade names and copyrights. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, © or ® symbols, but Powerfleet will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.
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Important Disclaimers (Cont’d.) No Offer or Solicitation This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Financial Information; Non-GAAP Financial Measures; Use of Projections Some of the financial information and data contained in this Presentation, such as EBITDA and Adjusted EBITDA, has not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). These non-GAAP measures, and other measures that are calculated using such non-GAAP measures, are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered in isolation or as an alternative to operating income, net income or any other performance measures derived in accordance with GAAP. “EBITDA” is defined as Net income (loss) before interest expense (net of interest income), Income tax expense (benefit), and Depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA (as defined above), excluding equity-based compensation expense, non-controlling interest, preferred stock dividend and accretion, as well as certain non-recurring items that Powerfleet does not believe directly reflect its core operations and may not be indicative of Powerfleet’s recurring business operations; Adjusted EBITDA for projected periods referenced in this Presentation includes management estimates for incremental costs associated with being a publicly-traded company. Powerfleet believes these non-GAAP measures of financial results, including on a forward-looking basis, provide useful information to management and investors regarding certain financial and business trends relating to Powerfleet’s financial condition and results of operations. Powerfleet’s management uses these non-GAAP measures for a variety of purposes, and for budgeting and planning purposes. Powerfleet believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing Powerfleet’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management of Powerfleet does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Powerfleet’s non-GAAP measures may not be directly comparable to similarly titled measures of other companies. In addition, alternative versions of these non-GAAP measures may be presented in the future in filings with the SEC related to the transactions described herein. This presentation also contains certain financial forecasts, including projected annual revenue, gross profit and adjusted EBITDA. Neither Powerfleet’s nor Fleet Complete’s independent auditors have studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither expresses an opinion or provides any other form of assurance with respect thereto for the purpose of this presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. In this presentation, certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Projections are inherently uncertain due to a number of factors outside of Powerfleet’s or Fleet Complete’s control. While all financial projections, estimates and targets are necessarily speculative, Powerfleet and Fleet Complete believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. Accordingly, there can be no assurance that the prospective results are indicative of future performance of the combined company after the Transaction or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.
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BUSINESS UPDATE August 2026
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Q1 MOMENTUM & ACHIEVEMENTS $1M TCV Booking On-Road + Unified Operations National Automotive Technology Leader $1.3M TCV Booking On-Road + AI Video National Transport & Logistics Enterprise $1.9M TCV Booking On-Site + AI Video Fortune 500 Manufacturing Leader $MM ARR European-Headquartered Global Construction Leader 26 Countries Globally On-Road AI Video Premium 360-Degree Yard AI Video 12 Fortune 500 enterprises expanded their on-site footprints with Powerfleet in Q1 16 Diverse sectors contributed marquee wins >$100K TCV 20% Sequential AI video bookings growth in Q1FY27 2x Sequential cross-sell growth in Powerfleet’s on-site segment 10 Global Fortune 500 enterprises expanded AI video footprints with Powerfleet in Q1 Global Fortune 500 Customer Expansion On-Site Enterprise Growth Unity AI Video Bookings Growth Fortune 500 Customer Expansion Wide Array of Enterprise Sector Wins
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BUSINESS UPDATE
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TWO EXECUTIVE INDUSTRY LEADERS APPOINTED Supporting World Class Execution and Powerfleet’s Growing Momentum Introducing Paul Lalljie President & Chief Financial Officer, Powerfleet Introducing Vishal Vallabha Chief AI Officer, Powerfleet
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Q1 FY2027 FINANCIAL RESULTS
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Q1 FINANCIAL RESULTS Total Revenue Adjusted EBITDA GAAP Income from Operations GAAP EPS $104.1M $110.8M Q1FY26 Q1FY27 $20.1M $21.5M Q1FY26 Q1FY27 +6.4% +7% ($2.0M) $0.3M Q1FY26 Q1FY27 ($0.08) ($0.06) Q1FY26 Q1FY27 +25%
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STRONG SAAS RECURRING REVENUE GROWTH Service Revenue Growth Service Revenue % of Total Revenue $86.5 M $94.3 M Q1FY26 Q1FY27 83% 85% Q1FY26 Q1FY27 +9.1% +2 percentage points Product Revenue $17.7M $16.5M Q1 FY26 Q1 FY27 Product Gross Margin (%) 25.1% 21.3% Q1 FY26 Q1 FY27
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P&L DRIVING IMPROVED CASH GENERATION Operating Expenses Continued source of operating leverage Free Cash Flow $6.6M Improvement Transitioned from Loss to Profit GAAP Income from Operations
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FINANCIAL OUTLOOK Revenue guidance $487.5 Prior FY27 midpoint Range: $485–$490 ($17.0) South Africa timing / reprioritization $470.5 Updated FY27 midpoint Range: $468–$473 ~$495 Q4 FY27 exit run-rate Annualized revenue Adjusted EBITDA guidance $123.5 Prior FY27 midpoint Range: $122–$125 ($6.0) Foregone revenue contribution ($5.0) One-time execution expenses $112.5 Updated FY27 midpoint Range: $111–$114 Exit margin ~27% Adjusted EBITDA margin at Q4 FY27 exit run-rate KEY MESSAGE: FY27 impact is timing and execution-cost related; committed demand remains in place and FY26–FY28 revenue CAGR remains consistent with prior expectations. Midpoint bridge; $ in millions
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COMPONENTS OF LEVERED FREE CASH FLOW GUIDANCE ($'M) 0 61 37 29 21 0 113 21 52 24 8 8 AEBITDA Capex Cash Interest Cash Taxes Restructuring & Other Operating FCF
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FINAL COMMENTS; Q&A
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GAAP to Non-GAAP Reconciliations
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