ID Systems Company profile
About PowerFleet Inc
PowerFleet, Inc. is a provider of subscription-based wireless Internet-of-Things (IoT) and machine-to-machine (M2M) solutions for securing, controlling, tracking, and managing high-value enterprise assets, such as industrial trucks, trailers, containers, cargo, and light vehicles and heavy truck fleets. The Company focuses on four types of business solutions: PowerFleet for Logistics, PowerFleet for Industrial, PowerFleet for Vehicles and Vista. PowerFleet for Industrial solutions are designed to provide on-premise or in-facility asset and operator management, monitoring, and visibility for industrial trucks such as forklifts, man-lifts, tuggers and ground support equipment at airports. PowerFleet for Logistics solutions are designed to provide bumper-to-bumper asset management, monitoring, and visibility for over-the-road based assets and their associated cargo. PowerFleet for Vehicles solutions are designed both to enhance the vehicle fleet management process.
Financial summary
BRIEF: For the fiscal year ended 31 December 2021, PowerFleet Inc revenues increased 11% to $126.2M. Net loss applicable to common stockholders increased 33% to $18.1M. Revenues reflect Product segment increase of 16% to $53M, services segment increase of 8% to $73.2M, Israel segment increase of 16% to $44.8M, United States segment increase of 10% to $50.8M. Higher net loss reflects Other Selling & General Administarative increase of 11% to $57.2M
Equity composition
Common Stock $.01 Par, 04/11, 50M auth., 12,491,000 issd., less 1,249,000 shs. in Treas. @ $10.9M. Insiders control 17.85%. IPO: 6/30/99, 2M shares @ $7 by Gilford Securities. *3/06, PO 2.75M shares + over-allotment 4.15K shares by Morgan Keegan & Company, Inc.
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