NASDAQ$AIOT
Powerfleet Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Powerfleet's Q2 2023 performance reflected strong growth in high-margin SaaS revenues and expansion in gross margins.
Powerfleet reported a decrease in total revenue, offset by an increase in service revenue. Gross profit margin expanded due to a shift towards high-margin services. The company is focused on transforming into a SaaS-centric business.
- Total service revenue increased to 66% of total revenue, up from 57% in the prior year.
- Gross margins expanded to 50% from 47%.
- EBITDA increased sequentially by 31% to $1.8 million versus first quarter 2023.
- Service revenue in North America grew by 16%.
Headline financials
Revenue & EPS history
Powerfleet · Revenue · Quarterly
$32.1M
Revenue by segment
Powerfleet · $21M total across 1 segment · Q2 2023
- Services$21M+6.1%100.0%
Forward guidance
Powerfleet is positioned for accelerated growth in the second half of 2023, expecting greater earnings potential and a compelling business model.
Tailwinds
- Unity platform continues to track ahead of schedule.
- Movingdots acquisition enhances the pace of delivery and capabilities within Unity.
- Successfully executed $3 million expense reduction challenge.
- Taken actions to secure an additional $1 million in annualized expense reductions.
- Positioned to exceed commitment to ensure Movingdots is an adjusted EBITDA neutral transaction exiting the third quarter.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q2 2023
+3.2%
Avg return
Earnings day
+3.5%
Avg return
5 days after
+1.9%
Avg return
30 days after
57%
16 / 28 earnings
Positive
+42.7%
Q3 2024
Best reaction
-29.0%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | +0.5% | +9.6% | — | |
| Q4 2026 | +0.5% | +9.6% | — | |
| Q3 2026 | -1.2% | -19.6% | -32.6% | |
| Q2 2026 | +4.9% | +0.6% | +9.2% | |
| Q1 2026 | +13.4% | +18.1% | +29.2% | |
| Q4 2024 | +11.9% | +2.0% | -1.1% | |
| Q3 2025 | +31.1% | +36.1% | -1.2% | |
| Q3 2024 | +42.7% | +36.1% | -1.2% | |
| Q2 2024 | +13.5% | +8.4% | +23.7% | |
| Q1 2024 | -0.2% | +0.6% | +1.4% | |
| Q4 2023 | -0.3% | -1.9% | +16.3% | |
| Q3 2023 | +4.0% | +13.6% | +16.1% | |
| Q2 2023 | -17.1% | -20.5% | -6.8% | |
| Q1 2023 | +11.1% | +3.6% | +19.7% | |
| Q4 2022 | -0.7% | +5.4% | +4.1% | |
| Q3 2022 | -9.7% | -2.9% | -13.4% | |
| Q2 2022 | +15.6% | +32.0% | +12.9% | |
| Q1 2022 | -17.3% | -19.7% | -19.0% | |
| Q4 2021 | +0.3% | -2.3% | -2.3% | |
| Q3 2021 | -4.9% | -6.1% | -16.0% | |
| Q2 2021 | +4.6% | +6.5% | +4.1% | |
| Q1 2021 | -6.1% | -11.1% | -3.4% | |
| Q4 2020 | -2.2% | +3.0% | +11.1% | |
| Q3 2020 | +22.6% | +15.6% | +13.3% | |
| Q2 2020 | +1.3% | +12.2% | -10.8% | |
| Q1 2020 | -3.8% | +11.3% | +16.4% | |
| Q4 2019 | -29.0% | -44.5% | -21.8% | |
| Q3 2019 | +3.9% | +2.9% | +0.9% |
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