ADDED
The number of shares of the registrant s common stock outstandin g as of June 25, 2025 was 133,370,542 .
SYSTEMS Logo , VEHICLE ASSET COMMUNICATOR , POWERFLEET , POWERFLEET IQ , POWERFLEET YARD , didBOX , FREIGHTCAM , KEYTROLLER , REEFERMATE , POWERFLEET and DESIGN , CAMERA Design , UNITY , POWERFLEET UNITY , POWER AI , Mix Telematics, Mix Telematics Logo, Matrix Vehicle Tracking Logo, Datatrak, Tracking.
Simply Sorted, Geoloc Advanced Alert, MiX Now, Mix Recovery Protect, Mix Fleet Manager, Connected and Protected Fleet, FLEET COMPLETE , FLEET COMPLETE Design , HELPING FLEETS THRIVE , CONNVEX , CONNVEX EDGE , CONNVEX INSIGHTS , CONNVEX LIVE , FIELDWORKER BY FLEET COMPLETE , WATCHDOG , COURIER COMPLETE , BIGROAD , BIGROAD Design, and BIGROAD A Fleet Complete Company .
Business Overview We are a global provider of Artificial Intelligence-of-Things ( AIoT ) solutions providing valuable business intelligence for managing high-value enterprise and mid-market assets that improve operational efficiencies.
Our Unity data highway and AIoT ecosystem is the centerpiece of our strategy.
Unity has the capability to ingest data from multiple data sources, harmonizing and transforming the dataset, and delivering simply understood insights through a unified Software-as-a-Service ( SaaS ) platform and deep integrations with customer business systems.
Unity provides mission-critical solutions from warehouse to trailer to vehicle, allowing customers to consolidate suppliers and gain end-to-end control of their operations in a single pane of glass.
Unity enables customers to consume their data in multiple ways, from data-powered applications to unified operations integrations, which provide the ability to improve performance of the asset, the individual in charge of the asset, and the business process, continuously improving our customers business performance.
Within the Unity ecosystem, our Powerfleet for Warehouse and Factory AIoT solutions are designed to provide on-premise or in-facility asset and operator management, monitoring, and visibility for warehouse and factory trucks such as forklifts, man-lifts, tuggers and ground support equipment at airports.
These solutions utilize a variety of communications capabilities such as Bluetooth , WiFi, and proprietary radio frequency technology.
REMOVED
EXPLANATORY NOTE References in this document to Powerfleet , the Company , we , our , or us are intended to mean Powerfleet, Inc., individually, or as the context requires, collectively with its subsidiaries on a consolidated basis.
The required adjustments to correct the redemption value calculation of the Series A Preferred Stock and the related accretion of the value of the preferred stock in the consolidated statement of operations, include the recording of non-cash accretion resulting in an increase in the net loss attributable to common stockholders, an increase in the convertible redeemable preferred stock and a decrease in additional paid-in capital in the Company s consolidated financial statements.
Because the correction of this misstatement is material to the previously reported results of operations of the Company included in our previously issued Audited Financial Statements and Interim Unaudited Financial Statements, the audit committee of the board of directors of the Company (the Audit Committee ) concluded that the consolidated financial statements included in the Audited Financial Statements and Interim Unaudited Financial Statements should no longer be relied upon.
In connection with the restatement to correct for this error, the Company determined that it is appropriate to revise the previously filed consolidated financial statements included in this Form 10-K to correct other unrelated errors that were either unrecorded or addressed as out-of-period adjustments in previously filed consolidated financial statements that were not material, individually or in the aggregate, to such financial statements.
Due to the discovery of this error, the Company s management identified a material weakness in the Company s internal control over financial reporting that existed as of December 31, 2023 and prior periods, relating to the measurement and valuation of the Company s Series A Preferred Stock.
For a discussion of management s consideration of the Company s disclosure controls and procedures, internal control over financial reporting, and the material weaknesses identified, see Part II, Item 9A, Controls and Procedures of this Form 10-K.
We have not filed, and do not intend to file, any amendments to our previously filed Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q for the restated periods.
Accordingly, investors should rely only on the financial information and other disclosures regarding the restated periods in this Form 10-K or in our future filings with the Securities and Exchange Commission (the SEC ), as applicable, and not on any previously issued or filed reports, earnings releases, investor presentations or other similar communications relating to the restated periods.
See Note 2 to our financial statements, included in Part II, Item 8 of this Form 10-K, for additional information on the restatement of, and the related effects on, our consolidated financial statements for the restated periods.
SYSTEMS Logo , VEHICLE ASSET COMMUNICATOR , POWERFLEET , POWERFLEET VISION , POWERFLEET IQ , POWERFLEET YARD , VERIWISE IQ , didBOX , FREIGHTCAM, KEYTROLLER , REEFERMATE , POWERFLEET and DESIGN , CAMERA Design , Mix Telematics, Mix Telematics Logo, Matrix Vehicle Tracking Logo, Datatrak, Tracking.