Outpaces Expectations with 10% Preliminary Pro Forma Annual Revenue Growth to Approximately $75 Million

Subscriber Count Increases Year-over-Year by 11% to 1.95 Million

Cost Synergies and EBITDA Growth Outperform Expectations Due to Effective Integration

Delays Q1 Fiscal 2025 Conference Call and Related Filings Due to SEC Comment Letter on Accounting Acquirer in MiX Telematics Business Combination

Company to Hold Fireside Chat on Tuesday, August 6th at 8:30am ET

WOODCLIFF LAKE, N.J., Aug. 5, 2024 /PRNewswire/ — Powerfleet, Inc. (Nasdaq: AIOT) today announced a delay of its earnings call for the first fiscal quarter ended June 30, 2024, originally scheduled for August 8, 2024. This follows the receipt of a comment letter from the U.S. Securities and Exchange Commission (SEC) requesting additional information solely regarding Powerfleet’s determination of the accounting acquirer in the recent business combination with MiX Telematics Ltd.

Released August 5, 2024

Reiterates Revenue and Adjusted EBITDA Guidance for Twelve Months Ending March 31, 2024 and 2025

WOODCLIFF LAKE, N.J., July 25, 2024 – Powerfleet, Inc. (Nasdaq: AIOT) today announced that, on July 19, 2024, the audit committee of Powerfleet’s board of directors approved the appointment of Deloitte & Touche, the incumbent auditor of MiX Telematics Ltd., as its independent registered public accounting firm for the fiscal year ending March 31, 2025 subject to satisfactory completion of Deloitte & Touche’s client acceptance procedures, which are in the process of being completed.

Deloitte & Touche will replace Ernst & Young LLP, who has served as Powerfleet’s independent auditor since 2019, effective upon the filing Powerfleet’s Transition Report on Form 10-KT for the period from January 1, 2024, to March 31, 2024.

“While it is taking longer than we would have liked to file our transition report on Form 10-KT, we are confident in reiterating our guidance, for Powerfleet and MiX Telematics on a combined basis, of revenue exceeding $285 million and adjusted EBITDA exceeding $40 million for the twelve months ended March 31, 2024; and revenue of approximately $300 million and adjusted EBITDA of $60 million, inclusive of an incremental $5 million in secured exit run rate cost synergies, for the twelve months ending March 31, 2025. We are looking forward to partnering with Deloitte to ensure we meet our SEC reporting deadlines going forward,” said David Wilson, Powerfleet’s Chief Financial Officer.

ABOUT POWERFLEET
Powerfleet (Nasdaq: AIOT; JSE: PWR; TASE: PWFL) is a global leader in the artificial intelligence of things (AIoT) software-as-a-service (SaaS) mobile asset industry. With more than 30 years of experience, Powerfleet unifies business operations through the ingestion, harmonization, and integration of data, irrespective of source, and delivers actionable insights to help companies save lives, time, and money. Powerfleet’s ethos transcends our data ecosystem and commitment to innovation; our people-centric approach empowers our customers to realize impactful and sustained business improvement. The company is headquartered in New Jersey, United States, with offices around the globe. Explore more at idsy2019.wpengine.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of federal securities laws. Powerfleet’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements may be identified by words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions.

These forward-looking statements include, without limitation, Powerfleet’s expectations with respect to its beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions and future performance, as well as anticipated financial impacts of the transaction with MiX Telematics. Forward-looking statements involve significant known and unknown risks, uncertainties and other factors, which may cause their actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements

of historical fact are statements that could be forward-looking statements. Most of these factors are outside Powerfleet’s control and are difficult to predict. The risks and uncertainties referred to above include, but are not limited to, risks related to: (i) future economic and business conditions, including the conflict between Israel and Hamas; (ii) integration of our and MiX Telematics’ businesses and the ability to recognize the anticipated synergies and benefits of the transaction with MiX Telematics; (iii) the loss of any of our key customers or reduction in the purchase of our products by any such customers; (iv) the failure of the markets for our products to continue to develop; (v) the negative effects of the transaction on the market price of our securities; (vi) our inability to adequately protect our intellectual property; (vii) our inability to manage growth; (viii) the effects of competition from a wide variety of local, regional, national and other providers of wireless solutions; and (ix) such other factors as are set forth in the periodic reports filed by Powerfleet with the Securities and Exchange Commission (“SEC”), including but not limited to those described under the heading “Risk Factors” in its annual reports on Form 10-K, quarterly reports on Form 10-Q and any other filings made with the SEC from time to time, which are available via the SEC’s website at http://www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

Powerfleet does not provide a reconciliation for non-GAAP adjusted EBTIDA to Net Income (Loss) for forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and Powerfleet is unable to address the probable significance of the unavailable information.

The forward-looking statements included in this press release are made only as of the date of this press release, and except as otherwise required by applicable securities law, Powerfleet assumes no obligation, nor does Powerfleet intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances. 

Powerfleet Investor Contacts
Carolyn Capaccio and Jody Burfening
LHA Investor Relations
AIOTIRTeam@lhai.com

Powerfleet Media Contact
Andrea Hayton
ahayton@powerfleet.com
+1 (610) 401-1999

WOODCLIFF LAKE, N.J., June 20, 2024 /PRNewswire/ — Powerfleet, Inc. (Nasdaq: AIOT) today announced IMC Logistics, LLC, the largest marine drayage provider in the United States, has deployed its SaaS-based, data-agnostic platform, Unity. Through using Unity’s data highway, large amounts of data can now be ingested, harmonized, and simplified within a single pane of glass, offering actionable insights and real-time visibility of IMC’s unpowered and untethered assets across hundreds of locations in North America.

With Unity now consolidating large amounts of IMC’s data from numerous sources and IoT devices, the pain of having multiple providers and portals has been eliminated. This unification makes the platform a future-proof solution – as IMC grows and evolves, Unity eases the friction of standard mergers and acquisitions activity by rapidly consuming and harmonizing the new data sets.

This partnership has also solved asset visibility challenges for IMC and helped mitigate the need for constant search and re-evaluation of equipment. By standardizing installation, they have been able to further reduce frustration and duplication of efforts.

“It has been an exemplary experience with the Powerfleet team every step of the way from the pre-sales process through to contract execution and technical deployment,” said Carl Schultz, Vice President of IT at IMC. “Powerfleet Unity is purpose-fit to empower our digital transformation and Powerfleet’s people truly care, a winning combination and a formula for success. In short, Unity brings order to our data chaos.”

IMC leverages the Unity platform and Asset Gateway product, taking full advantage of Powerfleet’s best-in-class hardware and SaaS software solutions – resulting in complete, real-time asset visibility from port to final destination.

“This partnership is a perfect illustration of the transformative power of data and how it can unify operations to achieve business objectives,” said Steve Towe, Chief Executive Officer at Powerfleet. “The IMC team is revolutionizing the transportation space, and we are honored to work with a company that is similarly dedicated to ongoing innovation to better serve customers.”

More information on Powerfleet’s Unity platform is available here.

ABOUT IMC LOGISTICS, LLC

IMC Logistics, LLC is the largest marine drayage company in the United States. Equipped with the largest fleet of trucks and chassis, an integrated network of secure depots, and transloading facilities, IMC moves cargo to and from all major rails and ports in the nation. For 42 years, IMC has focused on delivering innovative solutions to its valued clients. To learn more, visit www.imcc.com.

ABOUT POWERFLEET

Powerfleet (Nasdaq: AIOT; JSE: PWR; TASE: PWFL) is a global leader in the artificial intelligence of things (AIoT) software-as-a-service (SaaS) mobile asset industry. With more than 30 years of experience, Powerfleet unifies business operations through the ingestion, harmonization, and integration of data, irrespective of source, and delivers actionable insights to help companies save lives, time, and money. Powerfleet’s ethos transcends our data ecosystem and commitment to innovation; our people-centric approach empowers our customers to realize impactful and sustained business improvement. The company is headquartered in New Jersey, United States, with offices around the globe. Explore more at idsy2019.wpengine.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of federal securities laws. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. For example, forward-looking statements include, without limitation, statements regarding the impact Unity may have on IMC Logistics’ business. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees and are subject to risks described from time to time in the periodic reports filed by Powerfleet with the Securities and Exchange Commission (“SEC”), including but not limited to those described under the heading “Risk Factors” in its annual reports on Form 10-K, quarterly reports on Form 10-Q and any other filings made with the SEC from time to time, which are available via the SEC’s website at http://www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

The forward-looking statements included in this press release are made only as of the date of this press release, and except as otherwise required by applicable securities law, Powerfleet assumes no obligation, nor does Powerfleet intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

Powerfleet Investor Contacts

Jody Burfening and Carolyn Capaccio
LHA Investor Relations
AIOTIRTeam@lhai.com

Powerfleet Media Contact
Andrea Hayton
ahayton@powerfleet.com
+1 (610) 401-1999

The recipients were recognized this week at the company’s annual customer conference for their exemplary innovation and business transformation in their respective fields

WOODCLIFF LAKE, NJ – May 16, 2024 – Powerfleet, Inc. (Nasdaq: PWFL) today has announced the winners of its first-ever Customer Awards at Heartbeat, its annual customer conference, now in its second year. This year’s event gathered customers and partners in Chicago, Illinois to discuss the future of artificial intelligence of things (AIoT) and the Powerfleet data science-led solutions that are driving the unification of operations for business improvement.

“This event is a perfect opportunity for the Powerfleet team to source firsthand insights from our customers that will help enhance our mission-critical solutions and customer experience. With my newly established position following the Powerfleet and MiX Telematics business combination, we’re more committed than ever to building upon our customer-first approach to partnership,” said Catherine Lewis, Chief Customer Officer at Powerfleet. “Throughout the conference this week, we have seen the value of the community we’re continuing to grow as we help our customers move rapidly along their path to success.”

New to this year’s conference, the Customer Awards honor the trailblazers implementing AIoT solutions from Powerfleet to achieve excellence across safety, sustainability, and data utilization.

The Customer Awards are presented to the top company in each of the four categories: Safety, Sustainability, AIoT Innovator, and Overall Excellence:

• Safety First Award: Awarded to Nucor, for enhancing safety metrics and fostering an entrenched culture of safety. Nucor’s proactive approach goes beyond compliance, it reflects a genuine commitment to the welfare of their employees and the communities they serve.
• Green Award: Cardiff Bus received the award for their efforts in fleet sustainability by leveraging our technology to achieve their goal of zero emissions. Through a revolutionary program with their driving academy, they’ve enhanced their drivers’ performance and familiarization of driving EV buses to achieve their objective.
• AIoT Innovator Award: Awarded to IMC Companies for their skilled use of Powerfleet Unity data insights to improve business operations. After facing technology challenges from supporting different systems, assets, and processes, this unified approach has reduced operational inefficiencies and IT resource requirements, and delivered faster ROI.
• Excellence Award: Walmart is recognized for their exemplary integration and utilization of Powerfleet solutions. Their complex supply chain demands accurate, timely, and actionable data to drive decisions, and with these solutions, they’ve been able to deliver industry-leading and breakthrough solutions for many years.

For more information on how Powerfleet is helping customers by unifying business operations, please visit: idsy2019.wpengine.com.

ABOUT POWERFLEET

Powerfleet (Nasdaq: PWFL; JSE: PWR; TASE: PWFL) is a global leader in the artificial intelligence of things (AIoT) software-as-a-service (SaaS) mobile asset industry. With more than 30 years of experience, Powerfleet unifies business operations through the ingestion, harmonization, and integration of data, irrespective of source, and delivers actionable insights to help companies save lives, time, and money. Powerfleet’s ethos transcends our data ecosystem and commitment to innovation; our people-centric approach empowers our customers to realize impactful and sustained business improvement. The company is headquartered in New Jersey, United States, with offices around the globe. Explore more at idsy2019.wpengine.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “expect,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions. Forward-looking statements include statements with respect to Powerfleet’s beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond Powerfleet’s control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include statements regarding the proposed transaction with MiX Telematics; prospects for additional customers; potential contract values; market forecasts; projections of earnings, revenues, synergies, accretion, or other financial information; emerging new products; and plans, strategies, and objectives of management for future operations, including growing revenue, controlling operating costs, increasing production volumes, and expanding business with core customers. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the ability to recognize the anticipated benefits of the transaction with MiX Telematics; the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for Powerfleet’s products to continue to develop, the inability to protect Powerfleet’s intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, risks related to the proposed transaction with MiX Telematics and other risks detailed from time to time in Powerfleet’s filings with the Securities and Exchange Commission (“SEC”), including but not limited to those described under the heading “Risk Factors” in its annual reports on Form 10-K, quarterly reports on Form 10-Q and any other filings made with the SEC from time to time, which are available via the SEC’s website at http://www.sec.gov, including Powerfleet’s most recent annual report on Form 10-K. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Powerfleet.

The forward-looking statements included in this press release are made only as of the date of this press release, and except as otherwise required by applicable securities law, Powerfleet assumes no obligation, nor does Powerfleet intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances. Unless otherwise required by applicable law, Powerfleet assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether a result of new information, future events, or otherwise.

Powerfleet Investor Contacts

Jody Burfening and Carolyn Capaccio

LHA Investor Relations

AIOTIRTeam@lhai.com

Powerfleet Media Contact

Andrea Hayton

ahayton@powerfleet.com

+1 (610) 401-1999