$PWFL reports 7% revenue increase and 8% subscriber base growth in 2022
Mar 9th 2023, 1:22 pm
Analyst Summary: Powerfleet, Inc. (Nasdaq: PWFL), a SaaS solutions provider for mobile asset management, reported their full-year 2022 and fourth quarter financial results on March 9, 2023. The company saw a 7% topline revenue increase in 2022, had an 8% subscriber base growth, and decreased gross profit and loss from operations. Services revenue was $78.8 million compared to $73.2 million, in 2021, and product revenue was $56.3 million compared to $53.0 million in 2021. Revenue mix was 58% service revenue and 42% product revenue, which was consistent with the prior year period. CEO Steve Towe stated that the company's "refined growth strategy produced double-digit growth in our key regions in Q4, including a 20% year-over-year increase in U.S. industrial segment revenue and a 37% year-over-year revenue increase in Mexico." The company had $18.0 million in cash and cash equivalents at quarter-end and a working capital position of $35.5 million. Going forward, the company anticipates generating sequential revenue growth driven by robust growth from their U.S. industrial solutions.