MiX Telematics Beats On Q1 FY22 Earnings, Suspends Guidance Due To COVID-19

MiX Telematics Ltd MIXT reported first-quarter FY22 revenue growth of 26.9% year-on-year to $34.9 million, beating the analyst consensus of $33.1 million.
Revenues from Subscription rose 20.2% Y/Y to $31.1 million, Hardware and other increased 134.8% Y/Y to $3.8 million.
The gross margin contracted 330 bps to 65.5%., while the operating margin expanded by 260 bps to 12.4%.
Adjusted EPS of $0.13 beat the analyst consensus of $0.09.
The adjusted EBITDA margin contracted 330 bps to 23.8%.
MiX Telematics generated $4.7 million in operating cash flow and held $46.1 million in cash and equivalents.
MiX's Q1 performance showed improved financial and operational results, highlighted by the sequential expansion of its subscriber base and return to Y/Y revenue growth, CEO Stefan Joselowitz stated.
Outlook: The company suspended its Q2 and FY22 due to pandemic-related uncertainties.
Price action: MIXT shares closed higher by 4.91% at $13.67 on Wednesday.