Files 10-K for the Year Ended December 31, 2023
Reiterates Revenue and Adjusted EBITDA
Guidance for Twelve Months Ended March 31,
2024
WOODCLIFF LAKE, N.J., May 9, 2024
/PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) today
announced that its board of directors has determined to change its
fiscal year end to March 31 from
December 31, effective immediately.
The primary purpose of the change is to align the company's
reporting calendar with the April 2,
2024 close of its business combination with MiX
Telematics and MiX Telematics's historical March 31 fiscal year end.
As part of the fiscal year change, Powerfleet expects to file a
Transition Report on Form 10-KT for the three-month transition
period beginning January 1, 2024, and
ending March 31, 2024, on or before
July 22, 2024.
The Company reiterates its guidance for revenue and adjusted
EBITDA for Powerfleet and MiX Telematics on a combined basis
exceeding $285 million and exceeding
$40 million, respectively, for the
twelve months ended March 31,
2024.
Lastly, the Company filed today its delayed 10-K for the twelve
months ended December 31, 2023. The
Company plans to report its quarterly results and conduct its next
associated earnings call covering the first quarter of fiscal year
2025 ending June 30, 2024 on
August 8,2024.
ABOUT POWERFLEET
Powerfleet (Nasdaq: PWFL; JSE: PWR;
TASE: PWFL) is a global leader in the artificial intelligence of
things (AIoT) software-as-a-service (SaaS) mobile asset industry.
With more than 30 years of experience, Powerfleet unifies business
operations through the ingestion, harmonization, and integration of
data, irrespective of source, and delivers actionable insights to
help companies save lives, time, and money. Powerfleet's ethos
transcends our data ecosystem and commitment to innovation; our
people-centric approach empowers our customers to realize impactful
and sustained business improvement. The company is headquartered in
New Jersey, United States, with offices around the globe.
Explore more at www.powerfleet.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking
statements within the meaning of federal securities laws.
Powerfleet's actual results may differ from its expectations,
estimates and projections and consequently, you should not rely on
these forward-looking statements as predictions of future events.
Forward-looking statements may be identified by words such as
"expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions.
These forward-looking statements include, without
limitation, Powerfleet's expectations with respect to its
beliefs, plans, goals, objectives, expectations, anticipations,
assumptions, estimates, intentions and future performance, as well
as anticipated financial impacts of the transaction with MiX
Telematics. Forward-looking statements involve significant known
and unknown risks, uncertainties and other factors, which may cause
their actual results, performance or achievements to be materially
different from the 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. Most of these factors are
outside Powerfleet's control and are difficult to predict. The
risks and uncertainties referred to above include, but are not
limited to, risks related to: (i) future economic and business
conditions, including the conflict between Israel and Hamas; (ii) integration of our and
MiX Telematics' businesses and the ability to recognize the
anticipated synergies and benefits of the transaction with MiX
Telematics; (iii) the loss of any of our key customers or reduction
in the purchase of our products by any such customers; (iv) the
failure of the markets for our products to continue to develop; (v)
the negative effects of the transaction on the market price of our
securities; (vi) our inability to adequately protect our
intellectual property; (vii) our inability to manage growth; (viii)
the effects of competition from a wide variety of local, regional,
national and other providers of wireless solutions; and (ix) such
other factors as are set forth in the periodic reports filed by
Powerfleet with the Securities and Exchange Commission ("SEC"),
including but not limited to those described under the heading
"Risk Factors" in its annual reports on Form 10-K, quarterly
reports on Form 10-Q and any other filings made with the SEC from
time to time, which are available via the SEC's website
at http://www.sec.gov. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
to be incorrect, actual results may vary materially from those
indicated or anticipated by these forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements.
The forward-looking statements included in this press release
are made only as of the date of this press release, and except as
otherwise required by applicable securities law, Powerfleet assumes
no obligation, nor does Powerfleet intend to publicly update or
revise any forward-looking statements to reflect subsequent events
or circumstances.
Powerfleet Investor Contacts
Carolyn Capaccio and Jody Burfening
LHA Investor Relations
AIOTIRTeam@lhai.com
Powerfleet Media Contact
Andrea Hayton
ahayton@powerfleet.com
+1 (610) 401-1999
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SOURCE Powerfleet