Full Transcript: PowerFleet Q4 2025 Earnings Call - PowerFleet (NASDAQ:AIOT)

PowerFleet's Q4 2025 transcript signals a turning point as the company nears its 10-K filing and reports that material weaknesses have been cleared. The quarter also featured the strongest retention in two years, driven by Unity's differentiated solutions and deeper, stickier customer relationships. FY26 adjusted EBITDA rose 44% to $97 million, with margins expanding 330 basis points to 21.9%, while Q4 adjusted EBITDA climbed 42% year-over-year to $26.4 million, with a 23.1% margin. Net leverage improved to 2.47x from 3.39x as disciplined synergy execution and a shift toward high-margin recurring services supported cash generation amid ongoing investments in growth initiatives like go-to-market capabilities and channel partnerships. Looking ahead, FY27 is framed around building momentum with differentiated warehouse and on-site solutions delivering AI-powered safety and compliance data across operations, supported by high-impact channels to market, including AT&T and Telus, as the company continues to scale and stand up its growth initiatives.