Powerfleet has changed its year-end to March 31 from December 31, the company told investors on Friday, following its recent merger with MiX Telematics.
“The primary purpose of the change is to align the company’s reporting calendar with the April 2 close of its business combination with MiX Telematics and that company’s historical March 31 year-end,” the company said in a note.
In April, the Midrand-based group concluded a deal to merge with PowerFleet that saw it delist from the JSE, joining tech rivals such as Jasco, Adapt IT, Alaris, Etion and Alviva over the past two years. Powerfleet has, however, taken up its own listing on the local bourse.
Mix recentlypassed the 1-million subscriber mark and the merger with PowerFleet takes that to a combined 1.7-million. The companies are confident the enlarged base will “provide immediate scale” for the new entity.
For the 12-month period to end-December, Powerfleet reported a decrease in revenue of about $2.2m, or 1.6%, to $133.7m from a restated $135.9 in 2022.
Net loss for the period stood at $17.3m, or 49 US cents per basic and diluted share, compared to net loss of $16.9m in the prior year.
The increase in net loss was due primarily to transaction costs of $5.5m with respect to the acquisition of Movingdots and the tie-up with MiX Telematics.
As part of the financial year change, Powerfleet — which is also listed on the Nasdaq — said it expects to file a transition report for the three-month period between January 1 and March 31 on or before July 22.
The group affirmed its guidance for revenue and adjusted earnings before interest, tax, depreciation and amortisation for the combined entity of at least $285m and exceeding $40m, respectively, for the twelve months to end-March.
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