PowerFleet Inc 2024年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedMarch 31, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission file number:001-39080 POWERFLEET, INC. (Exact name of registrant as specified in its charter) (Address of principal executive offices) (201)996-9000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of the registrant’s common stock held by non-affiliates, computed by reference to the price at which the common stock was last sold as ofSeptember 30, 2024, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $523.2million. Thenumber of shares of the registrant’s common stock outstanding as of June 25, 2025 was133,370,542. DOCUMENTS INCORPORATED BY REFERENCE Part of Form 10-K Document Portions of the Proxy Statement for the Registrant’s 2025 Annual Meeting ofStockholders POWERFLEET, INC. TABLE OF CONTENTS PagePART I.4Item 1. Business5Item 1A. Risk Factors15Item 1B. Unresolved Staff Comments31Item 1C. Cybersecurity31Item 2. Properties32Item 3. Legal Proceedings32Item 4. Mine Safety Disclosure32PART II.32Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities32Item 6. Reserved33Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations34Item 7A. Quantitative and Qualitative Disclosures About Market Risk48Item 8. Financial Statement and Supplementary Data49Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure101Item 9A. Controls and Procedures102Item 9B. Other Information107Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections107PART III.108Item 10. Directors, Executive Officers and Corporate Governance108Item 11. Executive Compensation108Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters108Item 13. Certain Relationships and Related Transactions, and Director Independence108Item 14. Principal Accountant Fees and Services108PART IV.109Item 15. Exhibits and Financial Statement Schedules109It