PowerFleet Tops Q4 Aided By Domestic, International Demand

PowerFleet Inc PWFL reported fourth-quarter FY21 revenue growth of 17% year-on-year to $34.4 million, beating the consensus of $31.6 million.
High margin, recurring, and services revenue increased 10.5% Y/Y to $19.1 million, or 56% of total revenue.
Product revenue, which drives future services revenue, was $15.3 million, or 44% of total revenue, compared to $12.1 million a year ago.
The gross margin contracted 700 bps to 45% as product mix, higher costs associated with supply chain issues, and electronic component shortages affected the Product gross profit.
Non-GAAP EPS loss of $(0.01) beat the consensus loss of $(0.09).
PowerFleet held $26.8 million in cash and equivalents.
CFO Ned Mavrommatis. "Our robust growth in the quarter was driven by broad-based sales in our domestic market along with continued demand from our international customer base."
Price Action: PWFL shares traded higher by 2.68% at $3.06 in pre-market on the last check Wednesday.