0001628280-26-055222
SEC filingPowerfleet 营收增长 6.4% 至 $110.8M，Services 驱动，亏损收窄。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $110.8M | $104.1M | +6.4% |
| Gross Profit | $61.2M | $56.5M | +8.3% |
| Gross Margin | 55.2% | 54.2% | +100bps |
| Operating Income | $0.3M | -$2.0M | +113.2% |
| Operating Margin | 0.2% | -2.1% | +230bps |
| Net Income | -$8.4M | -$10.2M | +17.6% |
| Diluted EPS | -$0.06 | -$0.08 | +$0.02 |
| Adjusted EBITDA | $21.5M | $20.1M | +7.0% |
| Operating Cash Flow | $8.4M | $4.7M | +78.7% |
| Free Cash Flow | -$0.5M | -$7.1M | +93.0% |
本季度营收增长主要由 Services 业务驱动，同比增长 9.1% 至 $94.3M，而 Products 业务则因生产延迟和固件兼容性问题下降 6.7% 至 $16.5M。Services 业务占比提升至 85.1%，带动整体 Gross Margin 提升 100bps 至 55.2%。产品毛利率下降至 21.3%，主要受不利的产品组合影响。
盈利质量方面，公司仍处于亏损状态，但亏损幅度收窄，主要得益于 Gross Profit 的增长。Operating Cash Flow 大幅改善至 $8.4M，主要由于营运资本变动有利。Free Cash Flow 仍为负值，但较去年同期大幅改善，主要由于资本支出减少。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Products | $16.5M | -6.7% | — | 21.3% | 生产延迟及固件兼容性问题 |
| Services | $94.3M | +9.1% | — | 61.1% | Unity safety 和 AI video 解决方案 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $36.7M | -$4.1M |
| Total Debt | $278.4M | -$1.6M |
| Inventory | $21.6M | -$0.8M |
| Deferred revenue | $24.4M | +$0.2M |
| Operating Cash Flow | $8.4M | +$3.7M |
| Capex | $4.9M | -$3.2M |
| Free Cash Flow | -$0.5M | +$6.6M |
Net Debt 约为 $241.7M（Total Debt $278.4M - Cash $36.7M），基于 Adjusted EBITDA $21.5M，Net Debt/EBITDA 约为 11.2x，杠杆水平较高。