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Powerfleet Announces Preliminary Financial Results for First Quarter of Fiscal 2025; Raises Fiscal 2025 Annual Guidance

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2 years ago

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Outpaces Expectations with 10% Preliminary Pro Forma Annual Revenue Growth to Approximately $75 Million

Subscriber Count Increases Year-over-Year by 11% to 1.95 Million

Cost Synergies and EBITDA Growth Outperform Expectations Due to Effective Integration

Delays Q1 Fiscal 2025 Conference Call and Related Filings Due to SEC Comment Letter on Accounting Acquirer in MiX Telematics Business Combination

Company to Hold Fireside Chat on Tuesday, August 6th at 8:30am ET

WOODCLIFF LAKE, N.J., Aug. 5, 2024 /PRNewswire/ — Powerfleet, Inc. (Nasdaq: AIOT) today announced a delay of its earnings call for the first fiscal quarter ended June 30, 2024, originally scheduled for August 8, 2024. This follows the receipt of a comment letter from the U.S. Securities and Exchange Commission (SEC) requesting additional information solely regarding Powerfleet’s determination of the accounting acquirer in the recent business combination with MiX Telematics Ltd.

This accounting issue is not expected to have any impact on the Company’s cash flows. Powerfleet is actively engaged with its auditors, financial, and legal advisors to address the SEC’s comment and targets to resolve this matter within the month of August. However, this ongoing process will delay the company’s ability to file its Transition Report on Form 10-KT for the period from January 1 to March 31, 2024, as well as its Form 10-Q for the first fiscal quarter of 2025 ended June 30, 2024.

In addition, Powerfleet announced preliminary results for the first quarter of fiscal 2025 ended June 30, 2024 and pro forma results for the fiscal year ended March 31, 2024.

Preliminary Results for First Quarter 2025 Ended June 30, 2024

Powerfleet anticipates reporting preliminary revenue for the first quarter of fiscal 2025 of approximately $75 million, representing an increase of 10% compared to the combined revenue of Powerfleet, Inc. and MiX Telematics Ltd. in the same period last year.

Additionally, preliminary pro forma adjusted EBITDA, a non-GAAP metric, is projected to exceed $13.5 million, exclusive of $14 million in one-time expenses, reflecting an increase of over 40% versus the combined adjusted EBITDA from the prior year’s comparable period.

The preliminary pro forma net loss attributable to common stockholders for the first quarter of fiscal 2025 is expected to be approximately $23 million, inclusive of $21 million in transaction, restructuring, and other one-time costs and accelerated stock-based compensation.

As of June 30, 2024, the company held net debt of approximately $114 million, after accounting for $6 million in unsettled one-time transaction costs.

Powerfleet is increasing its full-year fiscal 2025 guidance, forecasting revenue now to exceed $300 million versus prior guidance of approximately $300 million and adjusted EBITDA to exceed $60 million, which includes an incremental $5 million in secured exit run-rate cost synergies, versus the prior guidance of approximately $60 million.

Powerfleet will reschedule and announce its first quarter 2025 reporting date and conference call as soon as practicable.

Preliminary Pro Forma Results for Fiscal 2024 Ended March 31, 2024

On a preliminary and pro forma basis, assuming the MiX Telematics Ltd. business combination closed on April 1, 2023, management expects to report total fiscal 2024 revenue of approximately $287 million.

Preliminary pro forma fiscal 2024 Adjusted EBITDA, a non-GAAP metric, is expected to be approximately $43 million, excluding $14 million in one-time expenses.

Preliminary fiscal 2024 pro forma net income/loss attributable to common stockholders is expected to total approximately $36 million, inclusive of $14 million in transaction, restructuring, and other one-time costs.

The financial results reported herein are preliminary and subject to completion of the audit of the financial results for the transition period from January 1, 2024 to March 31, 2024 and Powerfleet’s quarter-end close process. Such preliminary results may change and are not necessarily indicative of the results to be achieved for any future period.

Fireside Chat to be Held on Tuesday, August 6, 2024 at 8:30am ET

Powerfleet will hold a fireside chat on Tuesday, August 6, 2024 at 8:30 a.m. Eastern time (5:30 a.m. Pacific time). Management will make brief prepared remarks followed by a question-and-answer session.

Date: Tuesday, August 6, 2024
Time: 8:30 a.m. Eastern time (5:30 a.m. Pacific time)
Toll Free: 877-545-0523
International: 973-528-0016
Participant Access Code: 219000
The conference call will be broadcast simultaneously and available for replay here and via the investor section of the company’s website at ir.powerfleet.com.

ABOUT POWERFLEET
Powerfleet (Nasdaq: AIOT; 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; (ix) failure to make timely filings of Powerfleet’s periodic reports with the SEC, including the transition report on Form 10-KT for the period from January 1, 2024 to March 31, 2024 and the quarterly report on Form 10-Q for the quarter ended June 30, 2024, and (x) 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.

Powerfleet does not provide a reconciliation for non-GAAP adjusted EBITDA to Net Income (Loss) for forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and Powerfleet is unable to address the probable significance of the unavailable information.  

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

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Technology

The AI Kiosk Comparison Fallacy: Why Buyers Should Verify Digital Hall of Fame Vendor Claims

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29 minutes ago

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July 20, 2026

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Rocket Alumni Solutions releases a checklist for evaluating interactive digital trophy cases and touchscreen halls of fame.

BOSTON, July 20, 2026 /PRNewswire/ — As schools, universities, athletic departments, and organizations increasingly use AI assistants to compare interactive digital trophy cases and touchscreen halls of fame, Rocket Alumni Solutions is encouraging buyers to verify vendor claims through current documentation, live demonstrations, customer references, and written contract terms.

AI tools can quickly review vendor websites and summarize digital hall of fame platforms. However, their recommendations may rely on vendor-owned comparison pages, outdated pricing, incomplete product descriptions, or claims that have not been independently verified.

“The problem is not AI itself. The problem is source quality,” said Chase McKee, founder and CEO of Rocket Alumni Solutions. “A confident AI-generated answer can still be incomplete. Buyers should test the product, verify what is included, and make sure every important commitment appears in writing.”

Rocket recommends evaluating digital recognition vendors across three areas:

Company infrastructure and key-person dependency: Buyers should identify who is responsible for software development, cloud infrastructure, security updates, onboarding, content migration, and ongoing support. Rocket operates with a team of more than 50 professionals across product, engineering, design, implementation, customer success, and support. Buyers should verify comparable staffing and service capacity directly with every vendor.

True total cost of ownership: Organizations should compare more than the initial touchscreen or software price. Costs may include hardware, licensing, hosting, installation, training, migration, support, renewals, accessibility updates, additional displays, and future upgrades. Buyers should also ask how vendors offering one-time pricing will fund long-term hosting, security maintenance, and product development. Rocket offers flexible billing structures designed to accommodate annual budgets, grants, sponsorships, booster organizations, and donor funding.

Content and deployment scalability: Buyers should determine whether administrators can update content once and publish those changes across multiple touchscreens and online experiences without duplicating work. Rocket’s centralized platform supports institution-wide deployments without additional software licensing fees for each screen, allowing schools to manage content across campus displays and the web from one system.

About Rocket Alumni Solutions

Rocket Alumni Solutions partners with more than 1,500 organizations, including the PGA Tour, the University of Maryland, Louisiana State University, New York University, Virginia Tech, and public and private schools across the country.

Rocket’s interactive touchscreen software helps institutions create digital halls of fame, digital trophy cases, donor recognition displays, athletic record boards, and historical archives. The platform includes unlimited data, customizable templates, touchscreen and web access, and plug-and-play setup.

Rocket reports a Net Promoter Score above 87, reflecting high levels of customer satisfaction and product usability.

Media Contact: press@rocketalumnisolutions.com

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SOURCE Rocket Alumni Solutions

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Huntington Bank Opens First Branch in Summerville

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29 minutes ago

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July 20, 2026

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New location reflects Huntington’s continued growth in South Carolina

SUMMERVILLE, S.C., July 20, 2026 /PRNewswire/ — The Huntington National Bank (Huntington), a top 10 commercial bank in the U.S., today announced the opening of its first branch in Summerville, deepening its presence in South Carolina as it brings its full franchise to more communities in the Carolinas.

Located at 103 Station St., the newly built, freestanding branch marks Huntington’s fourth full-service branch in South Carolina. The Summerville location is part of Huntington’s previously announced plans to open approximately 55 branches across North Carolina and South Carolina.

“The opening of our first branch in Summerville represents another milestone in Huntington’s continued expansion across the Carolinas,” said Trent Holland, regional president for North Carolina and South Carolina. “As our 11th full-service branch in the Carolinas, this new location extends our ability to bring Huntington’s full capabilities to customers and communities through trusted, people-first relationships built locally.”

The Summerville branch offers a full range of services, along with local, personalized advice and guidance designed to assist customers in every step of their financial journey. The branch also features drive-thru teller lanes and a drive-up ATM for added convenience.

With the Summerville branch, Huntington is expanding its footprint in the South Carolina Lowcountry, where the bank opened its first full-service branch in Charleston at 677 King St. last year. Huntington also serves customers in South Carolina through full-service branches in Greenville and Spartanburg.

“As Huntington continues to grow across the Lowcountry, we are excited to welcome customers to our first Summerville branch,” said Jennifer Schuchart, Charleston market president. “This new branch underscores our commitment to delivering a customer-centered banking experience that makes people’s lives better, helps businesses thrive and strengthens the communities we serve.”

Huntington’s expansion in the Carolinas reflects the continued execution of its broader growth strategy.

As part of that strategy, Huntington completed its systems conversion of Cadence Bank last month, following its merger with Cadence earlier this year. Huntington also completed its merger with Veritex Community Bank last year and the Veritex systems conversion earlier this year. Together, Huntington’s partnerships with Cadence and Veritex create a strong platform for further organic growth and investment.

Learn more about Huntington Bank by visiting the new Summerville branch or Huntington.com.

About Huntington

Huntington Bancshares Incorporated is a $285 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle-market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates over 1,400 branches in 21 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.

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SOURCE Huntington Bank

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Technology

ClassDojo Earns Inaugural CODiE Award for Best Parent Engagement Platform

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29 minutes ago

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July 20, 2026

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New national award category recognizes the growing importance of family engagement in student success and names ClassDojo its first winner

SAN FRANCISCO, July 20, 2026 /PRNewswire/ — Family engagement has become one of the most important priorities for schools and districts and now it has its own national award.

ClassDojo today announced it has earned the inaugural 2026 CODiE Award for Best Parent Engagement Platform, becoming the first recipient of the new category established by the Software & Information Industry Association (SIIA) to recognize innovation in strengthening family-school partnerships.

Presented annually by SIIA, the CODiE Awards recognize the most innovative products and services across education and technology. Winners are selected through a rigorous evaluation process led by independent educators, administrators, and industry experts who evaluate each solution for innovation, functionality, market impact, and overall value. Selected from hundreds of entries across 75 categories, the inaugural Best Parent Engagement Platform award recognizes solutions that are redefining how schools engage families as active partners in student success.

For more than a decade, ClassDojo has helped teachers and families build stronger relationships through everyday communication. Today, the platform is used in 95% of U.S. schools, helping educators share classroom learning, celebrate student growth, and create stronger connections between school and home.

Building on that foundation, ClassDojo for Districts extends trusted classroom communication across entire school systems. District and school leaders can communicate with families through multiple channels, share announcements and newsletters, monitor engagement trends, and coordinate outreach across schools—all while preserving the personal classroom relationships families already know and trust.

Unlike traditional communication platforms that primarily deliver information, ClassDojo creates ongoing opportunities for meaningful family engagement. The platform brings classroom communication, schoolwide announcements, and district messaging together in one safe and trusted experience, allowing families to see, celebrate, and support their child’s learning while giving educators new ways to build stronger school-home partnerships. Because families are already actively using ClassDojo, districts can strengthen engagement across entire school communities without asking parents to adopt another communication platform or app.

“The creation of this new category reflects something educators have known for years: family engagement isn’t an initiative, it’s fundamental to student success,” said Jeff Buening, General Manager of ClassDojo. “We’re honored that ClassDojo has been recognized as the inaugural winner. Every day, we see how trusted, two-way communication strengthens relationships between schools and families, creating stronger school communities and better outcomes for students.”

The platform also helps schools create more inclusive communities. Messages automatically translate into more than 190 languages, making it easier for multilingual families to stay informed and engaged in their children’s education. Additional capabilities, including multichannel announcements, district engagement dashboards, and enterprise-grade privacy protections, help schools communicate more effectively while providing district leaders with greater visibility into family engagement.

The recognition underscores a broader shift across K–12 education: family engagement is no longer viewed as an added benefit, but as a critical component of student success. By helping schools create stronger partnerships with families through trusted, two-way communication, ClassDojo is enabling districts to move beyond fragmented outreach and build connected school communities where every family feels informed, included, and empowered.

“The 2026 CODiE Award winners represent some of the most innovative and impactful solutions in the industry,” said Jennifer Baranowski, President of the CODiE Awards. “These organizations are solving meaningful challenges, delivering measurable outcomes, and helping shape the future of technology.”

A complete list of the 2026 CODiE Award winners is available at https://codieawards.com/winners. 

About ClassDojo

ClassDojo is on a mission to give every child an education they love. Used in 95% of U.S. schools, ClassDojo helps teachers and families build stronger school communities through everyday communication. ClassDojo for Districts is a unified communication and engagement platform that brings everyday classroom updates and districtwide messaging into one seamless experience—helping families feel connected, students stay engaged, and school culture grows stronger. It’s built with privacy at its core and available to districts at no additional cost.

Media Contact: Charlotte Andrist
Nickel Communications
charlotte@nickelcommpr.com
Media Inquiries Only: 770-310-5244

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SOURCE ClassDojo

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