Powerfleet, a global leader in the AIoT mobile asset industry, has announced a change in its fiscal year end from December 31 to March 31, effective immediately. The decision was made to align the company’s reporting calendar with the close of its recent business combination with MiX Telematics.
As part of this change, Powerfleet plans to file a Transition Report on Form 10-KT for the transition period from January 1, 2024, to March 31, 2024. The report is expected to be filed on or before July 22, 2024.
The company is maintaining its guidance for revenue and adjusted EBITDA for the twelve months ending March 31, 2024. Powerfleet and MiX Telematics, on a combined basis, are expected to exceed $285 million in revenue and exceed $40 million in adjusted EBITDA.
In addition to the fiscal year change, Powerfleet has also filed its delayed 10-K for the twelve months ended December 31, 2023. The company’s next earnings call, covering the first quarter of fiscal year 2025, will be conducted on August 8, 2024.
Powerfleet is a data-driven company that leverages AIoT technology to deliver actionable insights, helping businesses save time, money, and lives. With offices around the globe, Powerfleet aims to provide innovative solutions for its customers.
It’s important to note that forward-looking statements have been made in this press release. These statements are subject to risks, uncertainties, and other factors that may cause actual results to differ from expectations. Consequently, it is advised not to rely solely on these statements when predicting future events.
For further information, please contact Powerfleet Investor Relations or Powerfleet Media Contact.
Powerfleet, a global leader in the AIoT mobile asset industry, has recently announced a change in its fiscal year end from December 31 to March 31. This change has been implemented to align the company’s reporting calendar with the close of its recent business combination with MiX Telematics.
As part of this change, Powerfleet plans to file a Transition Report on Form 10-KT for the transition period from January 1, 2024, to March 31, 2024. The report is expected to be filed on or before July 22, 2024.
Despite the fiscal year change, Powerfleet maintains its guidance for revenue and adjusted EBITDA for the twelve months ending March 31, 2024. It is expected that Powerfleet and MiX Telematics, on a combined basis, will exceed $285 million in revenue and exceed $40 million in adjusted EBITDA.
In addition to the fiscal year change, Powerfleet has also filed its delayed 10-K for the twelve months ended December 31, 2023. This filing ensures that the company is up to date with its financial reporting obligations.
It is important to note that Powerfleet is a data-driven company that leverages AIoT technology to provide actionable insights to businesses. With offices around the world, Powerfleet aims to offer innovative solutions to its customers.
While the article does not specifically mention current market trends, it can be inferred that Powerfleet’s decision to change its fiscal year end is a strategic move to better align itself with the developments in the industry.
One key advantage of the fiscal year change is that it brings Powerfleet’s reporting calendar in line with its recent business combination with MiX Telematics. This alignment can streamline financial reporting and provide a clearer picture of the combined company’s performance.
However, a potential disadvantage of this change is the need for a Transition Report, which requires additional resources and time to prepare. This may result in delays in filing the report or potential disruptions in the company’s financial reporting schedule.
Despite the advantages and disadvantages of the fiscal year change, Powerfleet remains confident in its revenue and adjusted EBITDA guidance for the coming year.
For further information, please contact Powerfleet Investor Relations or Powerfleet Media Contact.
Please note that the information provided here is based on the article and additional context is needed for a comprehensive analysis of the subject.
For more information about Powerfleet and its offerings, please visit their official website.
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