Powerfleet: Rising Revenue Contribution from the Service Segment Convince Investors of a Potential Trend Reversal!

Powerfleet Inc. (AIOT) has positioned itself in the field of fleet management and telematics. The company announced before the market opened on August 11 that revenue in the first quarter rose by 38% year-on-year to $104.1 million. This growth was primarily driven by a strong increase in service revenues, which increased by 6% compared to the previous quarter to $86.5 million. The service segment now accounts for a record 83% of total revenue, underscoring the successful transition to a subscription-based business model. However, the company reported...