PowerFleet, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 07:03 am EST
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PowerFleet, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 34.2 million compared to USD 34.29 million a year ago. Net loss was USD 3.67 million compared to USD 2.3 million a year ago. Basic loss per share from continuing operations was USD 0.14 compared to USD 0.1 a year ago. Diluted loss per share from continuing operations was USD 0.14 compared to USD 0.1 a year ago.
For the nine months, revenue was USD 99.08 million compared to USD 102.04 million a year ago. Net loss was USD 1.88 million compared to USD 5.35 million a year ago. Basic loss per share from continuing operations was USD 0.16 compared to USD 0.25 a year ago. Diluted loss per share from continuing operations was USD 0.16 compared to USD 0.25 a year ago.
PowerFleet, Inc. is a provider of internet of things (IoT) software-as-a-service (SaaS) solution, which provides valuable business intelligence for managing high-value enterprise assets. The Companyâs enterprise software applications have machine learning capabilities and are built to integrate with its customersâ management systems to provide a single, integrated view of asset and operator activity across multiple locations while providing real-time enterprise-wide benchmarks and peer-industry comparisons. Its cloud-based software applications provide a single, integrated view of asset activity across multiple locations, generating enterprise-wide benchmarks, peer-industry comparisons, and deeper insights into asset operations. Its services include hosting services, software as a service, maintenance services and customer support and consulting services for ease of use, adoption, and added value. Its offerings are sold under the global brands Powerfleet, Pointer, and Cellocator.