PowerFleet Inc Exceeds Revenue Growth Expectations with Record Q2 Earnings

PowerFleet Inc reported record revenue growth, with total revenue increasing 45% YoY to $111.7 million. The company achieved double-digit growth in annual services recurring revenue and significant EBITDA expansion both sequentially and YoY. Service revenue growth was 12% organic YoY, and service revenue share increased to 80% of total revenue. Adjusted EBITDA rose to $24.8 million, a 70% increase. Net debt-to-EBITDA ratio improved to 2.9x, and the company expects to reduce net debt to $220 million by year-end. Over $30 million in annualized synergies were realized post-integration.