MiX Telematics passes a million active subscribers, releases full year results

Boca Raton, USA, 26 May 2023 - MiX by Powerfleet (NYSE: MIXT JSE: MIX), a leading global SaaS provider of connected fleet and asset management solutions announced yesterday that the business has accumulated more than one million active subscribers across their combined fleet and consumer customer base.

This significant milestone comes on the back of continued subscriber growth throughout the financial year ending 31 March 2023. 

“Closing out the fiscal year, we are exceptionally proud to have surpassed this significant milestone.  We also expanded our adjusted EBITDA margin to 25% and continue to generate strong, positive free cash flow,” said CEO Stefan Joselowitz.

MiX by Powerfleet has has customers in more than 120 countries globally and provides consumers and commercial fleets of all sizes with solutions for efficiency, safety, compliance, security and sustainability. Total revenue for the year was $145 million, up 10% year-over-year at constant currency. Recurring revenue made up 87% of that.

Joselowitz added: “As we move into fiscal year 2024, despite general uncertainties in the macro-economic environment, we remain confident that we have what it takes to maintain our balanced approach to growth while also delivering strong cash flow and profitability. I would like to take this opportunity to sincerely thank our teams across the globe for their commitment to delivering great products and services to our customers. Everyone has worked extremely hard to achieve this milestone and deliver this strong set of results,” he concludes.