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How Powerfleet (AIOT) makes money

Powerfleet (AIOT) made $111M of revenue in the first quarter fiscal 2027 (Q1 FY27), +6% from a year earlier. Services brought in $94.3M (85%); Products brought in $16.5M (15%).

Drawing the Sankey…

Powerfleet revenue by segment, Q1 FY27Powerfleet revenue by segment, Q1 FY27Services$94.3MProducts$16.5M
Powerfleet: revenue by line, Q3 FY25 to Q1 FY27Powerfleet: revenue by line, Q3 FY25 to Q1 FY27ServicesProductsServices: $94.3M latest$94.3MProducts: $16.5M latest$16.5MQ3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Products went from 23% of revenue in Q3 FY25 to 15% in Q1 FY27, the largest shift in the mix.
Powerfleet revenue by quarterPowerfleet revenue by quarter$106MQ3 FY25$104MQ4 FY25$104MQ1 FY26$112MQ2 FY26$113MQ3 FY26$114MQ4 FY26$111MQ1 FY27
Powerfleet: where each dollar of revenue goesPowerfleet: where each dollar of revenue goesIncome tax1¢Operating cash flow8¢Free cash flow3¢

Revenue by segment, Q1 FY27

SegmentRevenueShareQ/QY/Y
Services$94.3M85.1%+1%+9%
Products$16.5M14.9%-24%-7%

Where each dollar of revenue goes

LineQ1 FY27% of revenue
Revenue$111M100.0%
Income tax$1.4M1.2%
Operating cash flow$8.4M7.6%
Free cash flow$3.6M3.2%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q1 FY27$111M+6%
Q4 FY26$114M+10%
Q3 FY26$113M+7%
Q2 FY26$112M+45%
Q1 FY26$104M+38%
Q4 FY25$104M+207%
Q3 FY25$106M+208%

From Powerfleet's 10-Q filed Aug 10, 2026 (on EDGAR).

Questions

How does Powerfleet make money?

Powerfleet (AIOT) made $111M of revenue in the first quarter fiscal 2027 (Q1 FY27), +6% from a year earlier. Services brought in $94.3M (85%); Products brought in $16.5M (15%).

What is Powerfleet's biggest business?

Services: $94.3M in the first quarter fiscal 2027, 85% of revenue, +9% from a year earlier.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.