Revenue growth has accelerated significantly following the MiX Telematics merger, though structural margin constraints persist with a 2026Q4 net margin of -2.3%.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Dec'16 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 |
|---|
| Sales/Revenue | 443.78M | 362.51M | 362.51M | 135.16M | 125.96M | 113.59M | 81.92M | 53.06M | 40.96M | 36.82M | 41.78M | 45.63M | 39.95M | 44.63M | 39.29M | 25.86M | 10.32M | 27.05M | 17.08M | 24.74M | 19M | 13.74M | 7.96M | 5.54M | 923K | 945K | 5.55M |
| Revenue Growth % | 22.42% | 0% | 168.22% | 7.3% | 10.89% | 38.67% | 54.37% | 29.56% | 11.23% | -11.88% | -8.43% | 14.24% | -10.51% | 13.6% | 51.94% | 150.69% | -61.86% | 58.32% | -30.95% | 30.18% | 38.3% | 72.65% | 43.56% | 500.65% | -2.33% | -82.99% | - |
| Cost of Goods Sold | 197.35M | 167.98M | 167.98M | 70.99M | 66.21M | 54.58M | 43.55M | 27.27M | 20.03M | 18.53M | 24.76M | 25.63M | 22.04M | 21.7M | 18.72M | 11.44M | 5.55M | 13.47M | 8.93M | 13.7M | 9.71M | 6.51M | 4.08M | 2.43M | 548K | 606K | 3.07M |
| COGS % of Revenue | 44.47% | 46.34% | 46.34% | 52.52% | 52.56% | 48.05% | 53.17% | 51.38% | 48.91% | 50.32% | 59.26% | 56.16% | 55.16% | 48.63% | 47.65% | 44.24% | 53.84% | 49.79% | 52.27% | 55.38% | 51.08% | 47.37% | 51.2% | 43.83% | 59.37% | 64.13% | 55.19% |
| Gross Profit | 246.42M | 194.54M | 194.54M | 64.17M | 59.75M | 59.02M | 38.36M | 25.8M | 20.93M | 18.29M | 17.02M | 20.01M | 17.91M | 22.93M | 20.57M | 14.42M | 4.76M | 13.58M | 8.15M | 11.04M | 9.3M | 7.23M | 3.88M | 3.11M | 375K | 339K | 2.49M |
| Gross Margin % | 55.53% | 53.66% | 53.66% | 47.48% | 47.44% | 51.95% | 46.83% | 48.62% | 51.09% | 49.68% | 40.74% | 43.84% | 44.84% | 51.37% | 52.35% | 55.76% | 46.16% | 50.21% | 47.73% | 44.62% | 48.92% | 52.63% | 48.8% | 56.17% | 40.63% | 35.87% | 44.81% |
| Gross Profit Growth % | 26.67% | 0% | 203.15% | 7.39% | 1.25% | 53.83% | 48.71% | 23.28% | 14.39% | 7.47% | -14.91% | 11.7% | -21.89% | 11.48% | 42.63% | 202.83% | -64.93% | 66.54% | -26.13% | 18.75% | 28.54% | 86.2% | 24.73% | 730.4% | 10.62% | -86.38% | - |
| Operating Expenses | 226.85M | 220.42M | 220.42M | 71.12M | 67.92M | 62.62M | 48.12M | 31.53M | 25.02M | 24.66M | 27.31M | 32.18M | 26.16M | 26.75M | 25.53M | 27.75M | 19.15M | 19.64M | 18.81M | 15.58M | 8.77M | 7.11M | 5.35M | 4.77M | 4.59M | 5.9M | 2.45M |
| OpEx % of Revenue | 51.12% | 60.8% | 60.8% | 52.62% | 53.93% | 55.13% | 58.75% | 59.43% | 61.08% | 66.98% | 65.35% | 70.53% | 65.48% | 59.93% | 64.97% | 107.32% | 185.6% | 72.63% | 110.12% | 62.98% | 46.12% | 51.76% | 67.18% | 86.09% | 497.29% | 624.55% | 44.18% |
| Selling, General & Admin | 208.49M | 204.36M | 85.36M | 62.15M | 56.5M | 52.03M | 0 | 24.67M | 21.05M | 20.13M | 22.75M | 25.09M | 21.77M | 22.41M | 22M | 23.33M | 16.54M | 16.76M | 15.96M | 12.94M | 7.14M | 5.88M | 4.46M | 3.83M | 3.55M | 4.04M | 2.12M |
| SG&A % of Revenue | 46.98% | 56.37% | 23.55% | 45.99% | 44.85% | 45.8% | - | 46.49% | 51.4% | 54.66% | 54.45% | 54.99% | 54.5% | 50.2% | 55.98% | 90.2% | 160.36% | 61.97% | 93.44% | 52.32% | 37.57% | 42.78% | 55.99% | 69.17% | 384.83% | 426.98% | 38.18% |
| Research & Development | 18.36M | 16.06M | 16.06M | 8.96M | 11.43M | 10.6M | 8.54M | 6.86M | 3.96M | 4.54M | 4.56M | 6.65M | 4.39M | 4.34M | 3.53M | 4.43M | 2.6M | 2.88M | 2.85M | 2.64M | 1.63M | 1.23M | 891K | 938K | 1.04M | 1.75M | 232K |
| R&D % of Revenue | 4.14% | 4.43% | 4.43% | 6.63% | 9.07% | 9.33% | 10.43% | 12.93% | 9.68% | 12.32% | 10.9% | 14.57% | 10.99% | 9.73% | 8.99% | 17.13% | 25.24% | 10.66% | 16.68% | 10.67% | 8.55% | 8.98% | 11.19% | 16.92% | 112.46% | 185.29% | 4.18% |
| Other Operating Expenses | 0 | 0 | 119M | 0 | 0 | 0 | 39.58M | -165K | -1K | 6K | -11K | 37K | 51K | 59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 116K | 101K |
| Operating Income | 19.58M | -25.89M | -25.89M | -6.95M | -8.17M | -3.61M | -9.76M | -5.74M | -4.09M | -6.37M | -10.28M | -12.18M | -8.25M | -3.82M | -4.96M | -13.33M | -14.38M | -6.06M | -10.66M | -4.54M | 531K | 119K | -1.46M | -1.66M | -4.21M | -5.56M | 35K |
| Operating Margin % | 4.41% | -7.14% | -7.14% | -5.14% | -6.49% | -3.17% | -11.91% | -10.81% | -9.99% | -17.29% | -24.61% | -26.69% | -20.65% | -8.56% | -12.62% | -51.56% | -139.44% | -22.42% | -62.39% | -18.36% | 2.79% | 0.87% | -18.38% | -29.92% | -456.66% | -588.68% | 0.63% |
| Operating Income Growth % | 175.63% | 0% | -272.61% | 14.99% | -126.62% | 63.05% | -70.12% | -40.21% | 35.76% | 38.07% | 15.56% | -47.65% | -115.92% | 22.98% | 62.8% | 7.31% | -137.26% | 43.11% | -134.6% | -955.56% | 346.22% | 108.13% | 11.81% | 60.64% | 24.23% | -15994.29% | - |
| EBITDA | 79.86M | 21.61M | 15.88M | 4.07M | 381K | 7.65M | -6.94M | -4.17M | -2.96M | -5.68M | -9.56M | -9.96M | -6.08M | -1.63M | -2.59M | -10.9M | -13.85M | -5.52M | -10.11M | -4.08M | 893K | 468K | -1.29M | -1.46M | -4.05M | -5.45M | 136K |
| EBITDA Margin % | 17.99% | 5.96% | 4.38% | 3.01% | 0.3% | 6.74% | -8.47% | -7.87% | -7.22% | -15.43% | -22.89% | -21.83% | -15.21% | -3.66% | -6.6% | -42.14% | -134.28% | -20.42% | -59.21% | -16.47% | 4.7% | 3.41% | -16.21% | -26.3% | -439% | -576.4% | 2.45% |
| EBITDA Growth % | 269.55% | 36.12% | 289.95% | 968.5% | -95.02% | 210.26% | -66.2% | -41.09% | 47.93% | 40.59% | 3.99% | -63.93% | -271.91% | 36.98% | 76.21% | 21.32% | -150.81% | 45.39% | -148.2% | -556.33% | 90.81% | 136.28% | 11.52% | 64.02% | 25.61% | -4105.15% | - |
| D&A (Non-Cash Add-back) | 60.28M | 47.49M | 41.76M | 11.02M | 8.55M | 11.26M | 2.82M | 1.56M | 1.13M | 685K | 718K | 2.22M | 2.17M | 2.19M | 2.37M | 2.44M | 533K | 540K | 544K | 468K | 362K | 349K | 173K | 201K | 163K | 116K | 101K |
| EBIT | 16.27M | -26.12M | 15.04M | -3.19M | -8.12M | -3.5M | -4.62M | -5.64M | -3.75M | -6.08M | -10.28M | -12.18M | -8.25M | -3.82M | 0 | -13.17M | -13.87M | 0 | -10.66M | 0 | 0 | 0 | 0 | -1.66M | -4.21M | -5.56M | 35K |
| Net Interest Income | -26.75M | -19.4M | -1.5M | -1.62M | -2.72M | -2.27M | -823K | 89K | -89K | -8K | 0 | 0 | 0 | 0 | 0 | 619K | 803K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 780K | 926K | 103K | 71K | 45K | 55K | 125K | 262K | 253K | 285K | 342K | 566K | 635K | 507K | 243K | 675K | 933K | 2.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 27.53M | 20.33M | 1.6M | 1.7M | 2.76M | 2.33M | 948K | 173K | 342K | 293K | 0 | 0 | 0 | 0 | 0 | 56K | 130K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -30.83M | -20.57M | -20.57M | 242K | -2.71M | -4.37M | -1.15M | -76K | -90K | -639K | -9K | 603K | 686K | 566K | 530K | 104K | 390K | -338K | 89K | 155K | 151K | 147K | 54K | 0 | 307K | 709K | 321K |
| Pretax Income | -11.26M | -46.45M | -46.45M | -6.71M | -10.88M | -7.97M | -10.91M | -5.81M | -4.18M | -6.37M | -9.95M | -11.57M | -7.56M | -3.25M | -4.43M | -13.23M | -13.99M | -6.4M | -10.57M | -4.39M | 682K | 266K | -1.41M | 0 | -3.91M | -4.85M | 356K |
| Pretax Margin % | -2.54% | -12.81% | -12.81% | -4.96% | -8.64% | -7.02% | -13.31% | -10.95% | -10.21% | -17.3% | -23.82% | -25.37% | -18.93% | -7.29% | -11.27% | -51.16% | -135.66% | -23.67% | -61.87% | -17.74% | 3.59% | 1.94% | -17.7% | - | -423.4% | -513.65% | 6.41% |
| Income Tax | 8.69M | 4.52M | 4.52M | 296K | 1.89M | 1.04M | 75K | 0 | -311K | 299K | -342K | 0 | -63K | -662K | -390K | -723K | -1.19M | -1.89M | -3.32M | -2.93M | -320K | -279K | -264K | -275K | 0 | 77K | 149K |
| Effective Tax Rate % | -77.19% | -9.72% | -9.72% | -4.41% | -17.35% | -13.02% | -0.69% | 0% | 7.44% | -4.69% | 3.44% | 0% | 0.83% | 20.34% | 8.8% | 5.46% | 8.52% | 29.5% | 31.38% | 66.7% | -46.92% | -104.89% | 18.74% | - | 0% | -1.59% | 41.85% |
| Net Income | -20.55M | -50.99M | -50.99M | -7M | -12.77M | -9.01M | -10.96M | -5.81M | -3.87M | -6.37M | -9.95M | -11.57M | -7.5M | -2.59M | -4.04M | -12.61M | -13.19M | -4.17M | -7.34M | -1.62M | 851K | 398K | -1.2M | -1.38M | -3.91M | -4.93M | 207K |
| Net Margin % | -4.63% | -14.06% | -14.06% | -5.18% | -10.13% | -7.93% | -13.38% | -10.95% | -9.45% | -17.3% | -23.82% | -25.37% | -18.77% | -5.81% | -10.28% | -48.76% | -127.88% | -15.44% | -42.97% | -6.53% | 4.48% | 2.9% | -15.06% | -24.96% | -423.4% | -521.8% | 3.73% |
| Net Income Growth % | 59.69% | 0% | -628.07% | 45.14% | -41.73% | 17.84% | -88.63% | -50.18% | 39.25% | 35.99% | 14.02% | -54.35% | -189.31% | 35.84% | 67.96% | 4.4% | -215.98% | 43.13% | -354.27% | -289.89% | 113.82% | 133.19% | 13.37% | 64.59% | 20.75% | -2482.13% | - |
| Net Income (Continuing) | -19.94M | -50.97M | -50.97M | -7M | -12.77M | -9.01M | -10.98M | -5.81M | -3.87M | -6.37M | -9.95M | -11.57M | -7.5M | -2.59M | -4.04M | -12.61M | -13.19M | -4.17M | -7.34M | -1.62M | 851K | 398K | -1.2M | -1.38M | -3.91M | -4.93M | 207K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.01M | 150K | 105K | 66K | 86K | 73K | -10K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.15 | -0.43 | -1.09 | -0.07 | -0.64 | -0.10 | -0.18 | -0.11 | -0.09 | -0.16 | -0.26 | -0.32 | -0.21 | -0.07 | -0.12 | -0.37 | -0.40 | -0.13 | -0.22 | -0.05 | 0.03 | 0.02 | -0.06 | -0.07 | -0.22 | -0.29 | 0.01 |
| EPS Growth % | 65.12% | 60.55% | -1534.18% | 89.58% | -540% | 44.44% | -58.83% | -30.77% | 46.94% | 37.97% | 17.71% | -52.38% | -186.36% | 38.89% | 67.86% | 6.67% | -215.79% | 42.42% | -340% | -266.67% | 80% | 129.41% | 19.05% | 68.66% | 22.09% | -2250% | - |
| EPS (Basic) | -0.15 | -0.43 | -1.09 | -0.07 | -0.64 | -0.10 | -0.18 | -0.11 | -0.09 | -0.16 | -0.26 | -0.32 | -0.21 | -0.07 | -0.12 | -0.37 | -0.40 | -0.13 | -0.22 | -0.05 | 0.04 | 0.02 | -0.06 | -0.07 | -0.22 | -0.36 | 0.02 |
| Diluted Shares Outstanding | 133.76M | 119.88M | 35.63M | 106.18M | 34.57M | 89.11M | 61.43M | 51.7M | 44.88M | 38.95M | 37.84M | 36.29M | 35.74M | 35.23M | 33.49M | 33.72M | 32.97M | 32.66M | 33.62M | 31.5M | 28M | 26.35M | 20.71M | 20.13M | 17.52M | 17.16M | 16.7M |
| Basic Shares Outstanding | 133.76M | 119.88M | 35.63M | 106.18M | 34.57M | 89.11M | 61.43M | 51.7M | 44.88M | 38.95M | 37.84M | 36.29M | 35.74M | 35.23M | 33.49M | 33.72M | 32.97M | 32.66M | 33.62M | 31.5M | 23.31M | 22.36M | 20.71M | 20.13M | 17.52M | 13.63M | 13.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Integration and geopolitical exposure
According to the provided quarterly data, PowerFleet's revenue trajectory shifted significantly following the MiX Telematics merger, with top-line figures climbing from $34.2M in 2024Q4 to $114.5M by 2026Q4, reflecting a successful, albeit capital-intensive, transition toward a larger, more globally diversified operational footprint.
The jump in revenue suggests that the company has successfully utilized M&A to bypass stagnant organic growth, effectively tripling its scale within two years. Investors should monitor whether this growth rate can be sustained organically, as the current trajectory appears heavily reliant on the integration of acquired assets rather than purely internal demand.
As reported in financial statements, gross margins have stabilized in the mid-50% range, reaching 56.5% in 2026Q4, which indicates that the company's blended hardware-software model continues to face structural limitations compared to pure-play SaaS competitors in the broader communication equipment sector.
The persistence of these margins suggests that the hardware segment remains a significant drag on overall profitability, likely serving as a low-margin customer acquisition tool. Without a more aggressive shift toward high-margin software renewals, the company may struggle to achieve the premium valuation multiples typically afforded to software-centric IoT providers.
Based on reported figures, operating income reached $11.0M in 2026Q4, representing a 9.6% margin, which highlights the difficulty the firm faces in scaling its administrative and development overhead despite the substantial increase in total revenue following recent consolidation efforts.
The thin operating margin suggests that the company has yet to achieve the necessary operational efficiency to fully leverage its fixed-cost base. While the recent positive operating income is a constructive development, it warrants further investigation into whether this is a sustainable trend or merely a temporary result of cost-cutting measures following the merger.
Analysis of the income statement reveals that despite top-line growth, PowerFleet continues to report net losses, with a 2026Q4 net margin of -2.3%, suggesting that non-operating items and ongoing integration costs continue to weigh heavily on the bottom line for shareholders.
The recurring nature of these net losses, even as operating income turns positive, implies that amortization of acquired intangibles and other non-cash charges are significantly impacting GAAP earnings. Investors should be cautious, as the underlying cash-generative potential remains obscured by these accounting complexities inherent in the post-merger structure.
Quick answers to the most common questions about buying AIOT stock.
For fiscal year 2026, PowerFleet, Inc. (AIOT) reported total revenue of $443.8M. This represents a 7888.8% increase compared to $5.6M in 2000.
PowerFleet, Inc. (AIOT) reported a net loss of $20.6M for the fiscal year ending 2026.
PowerFleet, Inc. (AIOT) reported an operating income of $19.6M, resulting in an operating profit margin of 4.4%. This margin reflects the operational efficiency of the business before interest and taxes.
PowerFleet, Inc. (AIOT) generated $246.4M in gross profit for the year, representing a gross profit margin of 55.5%. This demonstrates the company's core pricing power and production efficiency.