PowerFleet Revenue Jumps 26% in Q3
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PowerFleet Inc. reported revenue increased to $16.9 million, a 26% jump from $13.4 million in the third quarter of 2018. The revenue was a record for any quarter, the technology company said.
The firm reported a net loss of $2.1 million, compared with a net loss of $897,000 in the year-ago period. Earnings per share were minus 12 cents, compared with minus 5 cents in 2018.
Based in Woodcliff, N.J., PowerFleet provides subscription-based wireless devices for securing, controlling, tracking and managing high-value assets such as industrial trucks, tractor trailers, containers, cargo, and vehicles and truck fleets.
Wolfe
The results include only financial results from I.D. Systems Inc., prior to its acquisition of Pointer Telocation Ltd., which closed Oct. 3. The company rebranded as PowerFleet after the acquisition.
“Our strategy of providing a complete end-to-end IoT platform to track, control and manage high-value mobile assets continues to generate increasingly positive results,” PowerFleet CEO Chris Wolfe said in a statement. “During the third quarter, we signed numerous deals across our three industry verticals with major players such as Knight-Swift, The Scotts Co., B.A.H. Express and Jungheinrich. In our rental fleet business, we delivered approximately 18,000 telemetry units to Avis Budget Group in the third quarter.”
The acquisition of Pointer marked a leap forward in PowerFleet’s pursuit of creating a vertically integrated, global IoT telematics software and solutions company, he said.
PowerFleet said it had acquisition-related expenses of $1.6 million in the quarter ended Sept. 30, compared with $51,000 in the 2018 period. The cost was primarily due to the acquisition of Pointer Telocation. — Transport Topics
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