PowerFleet (AIOT) a small cap I am watching this morning after it posted a break-even quarter with expectations for a $0.10 loss, the first full quarter post-close of the MiX Telematics Ltd. business combination. Revenue was $75.4 million, up 10.2% year-over-year, driven by the strength of our safety-centric product solutions. Adjusted EBITDA totaled $13.7 million, a significant 52.2% increase year-over-year, driven by strong topline performance and the realization of initial cost synergies. AIOT also resolved an SEC letter, removing an overhang.

The CEO noted: “Our strategic rationale behind the MiX transaction was clear: securing scale is critical to distinguishing our combined business from competitors and aligning with market leaders as the core telematics industry rapidly transforms. By leveraging our Unity ecosystem’s advanced AI platforms and next-generation data capabilities, we are poised to thrive in a market that increasingly values innovation and agility.”

Powerfleet for Warehouse solutions are designed to provide on-premise or in-facility asset and operator management, monitoring, and visibility for warehouse trucks such as forklifts, man-lifts, tuggers and ground support equipment at airports. Powerfleet for Logistics solutions are designed to provide bumper-to-bumper asset management, monitoring, and visibility for over-the-road based assets such as heavy trucks, dry-van trailers, refrigerated trailers and shipping containers and their associated cargo. Powerfleet for Vehicles solutions are designed both to enhance the vehicle fleet management process, whether it’s a rental car, a private fleet, or automotive original equipment manufacturer partners.

AIOT has a $535M market cap and trades 10X EBITDA with a healthy balance sheet as revenues are seen growing 9% in FY26. AIOT held an Investor Meeting earlier this month with management saying Unity is on track to roll out to the entire MiX base within the targeted 6-month timeline, and the ARPUs from new logos are strong as they are signing up for the broader service suite. Roth MKM was out in July seeing AIOT as a multi-bagger opportunity, $11 target, with early and compelling opportunities from Unity.

AIOT also sets up with a nice bull flag pattern as the 200MA catches up to the move from March. A push above $5 can allow for the pattern to play out higher to $7.