Powerfleet Reports Third Quarter and Nine Month 2023 Financial Results
Total North American business revenue increased 12% year-over-year, with service revenue growing by15% year to date fueled by Unity data platform success.
- Total North American business revenue increased 12% year-over-year, with service revenue growing by15% year to date fueled by Unity data platform success.
- Adjusted EBITDA totaled $2.0 million; three times higher than Q2 2023 following cost reduction activities of $4 million per year absorbing the incremental operating expenses from the Q1 2023 Movingdots acquisition.
- David Wilson, Powerfleet CFO, added: "We are successfully executing our strategic priorities to build a high-value business focused on high-quality, recurring SaaS revenue.
- Powerfleet management will discuss these results and business outlook on a conference call today (Thursday, November 9, 2023) at 8:30 a.m. Eastern time (5:30 a.m. Pacific time).