Revenue reached $110.8M in 2027Q1 with gross margin re-based to 55.2% from 41.8% in 2024Q4, but operating income fell to $270K (0.2% margin) as SG&A climbed to $56.5M, suggesting quarterly results are being driven by overhead timing rather than durable margin expansion.
PowerFleet, Inc. (AIOT) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | 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 | 450.45M | 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 % | 15.14% | 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 | 199.35M | 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 | 251.1M | 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 % | 55.74% | 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 | 229.22M | 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 | 211.35M | 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 | 17.86M | 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 | 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 | 21.89M | 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 % | 4.86% | 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 | 82.34M | 79.86M | 21.61M | -16.44M | 1.31M | 381K | 7.65M | -6.41M | -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 % | 18.28% | 17.99% | 5.96% | -4.54% | 0.97% | 0.3% | 6.74% | -7.83% | -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 % | 89.29% | 269.55% | 231.44% | -1350.19% | 245.14% | -95.02% | 219.34% | -53.56% | -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) | 60.46M | 60.28M | 47.49M | 9.45M | 8.26M | 8.55M | 11.26M | 3.35M | 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 | 19.45M | 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 | -26.91M | -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 | 818K | 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 | 27.72M | 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 | -30.15M | -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 | -8.27M | -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 % | -1.84% | -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 | 9.7M | 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 % | -117.31% | -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 | -18.76M | -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 % | -4.16% | -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 % | 51.79% | 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) | -17.97M | -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 | 0 |
| Minority Interest | 112K | 6.01M | 150K | 105K | 78K | 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) | -0.14 | -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 % | 67.11% | 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 | 134.17M | 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 | 134.17M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Non-operating drag and SG&A volatility
Metrics are mathematically derived from official filings.
Post-Integration Growth Loses Momentum
Revenue reached $110.8M in 2027Q1, yet year-over-year growth decelerated to 6.4% from 45.0% two years earlier, per the company's reported income statements, suggesting the step-change driven by 2025's acquisition-led scale-up is now yielding to an organic base growing in high single digits.
The 2025Q1 revenue jump from $34.2M to $75.4M is a step-function change inconsistent with organic expansion, which implies the acquisition of the larger revenue base is now fully lapped. Sequential growth has since flattened into the low single digits, with 2027Q1 down 3.2% from 2026Q4, so durability of top-line momentum appears to hinge on whether cross-selling into the combined installed base can re-accelerate the curve.
Gross Margins Re-Base Above 55%
Gross margin has re-based from 41.8% in 2024Q4 to 55.2% in 2027Q1, per PowerFleet's reported results, a roughly 1,300 basis-point expansion that appears consistent with a more software-weighted revenue mix, though quarterly volatility between 52.8% and 56.5% warrants monitoring.
COGS has grown roughly in line with revenue since 2026, from $47.6M to $49.6M while revenue rose about 6%, indicating incremental gross profit is being captured efficiently and the mix shift toward recurring software-like economics appears to be holding. However, gross margin has oscillated within a 370 basis-point band over six quarters rather than trending, which suggests mix benefits are not yet structural enough to offset pricing or service-delivery variability.
Operating Income Fragile Against Cost Base
Operating income fell to $270K in 2027Q1, a 0.2% margin, from $11.0M (9.6%) in 2026Q4, with SG&A rising to $56.5M — roughly 51% of revenue — as reported in the company's quarterly income statements, suggesting overhead discipline remains unproven at current scale.
The pattern since 2026Q1 shows operating leverage emerging only sporadically: positive operating income was achieved in four consecutive quarters, but 2027Q1's $7.6M sequential decline in operating income on a $3.7M revenue decline implies the cost base is not yet flexing downward with volume. SG&A above half of revenue versus mid-teens operating margins at larger software peers suggests PowerFleet is operating with a materially higher overhead burden relative to its revenue scale.
SG&A Swings Outweigh Gross Profit Gains
R&D has held near $4.4M per quarter — about 4% of revenue — while SG&A has swung between $37.3M and $56.8M, per the company's filings, implying quarterly operating performance is being driven by overhead timing rather than structural product investment.
The low and stable R&D intensity relative to infrastructure-software peers suggests product development is either under-funded for a platform-ambition narrative or being run through acquired entities, a distinction that materially affects durability of gross margins. Meanwhile, SG&A volatility of nearly $20M between 2025Q2 and 2025Q4, followed by a further jump in 2027Q1, indicates that cost containment is episodic rather than programmatic, making reported operating income difficult to normalize.
Ten Quarters of Losses Test the Narrative
PowerFleet has posted negative net income in all ten reported quarters, including -$8.4M in 2027Q1 despite $270K of operating income, a persistent gap that suggests material non-operating charges — likely financing costs on the leverage incurred to fund scale — are offsetting operating gains.
The strongest challenge to the operating-improvement story is that positive operating income in 2026 never converted to positive net income, which implies below-the-line items are consuming the entire operating result and that the balance-sheet structure of the transformation is not reflected in operating metrics. With revenue growth decelerating to 6.4% and 2027Q1's operating margin collapsing to 0.2%, investors should weigh whether the 2026 profitability inflection is a durable inflection or a cost-timing artifact.