PowerFleet delivered a modest revenue uptick in Q1 2024, with revenue of $33.74 million reflecting a 2.74% year-over-year increase, but a -2.63% quarter-over-quarter decline. The gross margin remained healthy at roughly 48.0%, underscoring a durable product-cost structure, but the company incurred substantial operating expenses that drove a negative EBITDA of $5.5 million and a net loss of $19.64 million for the quarter. Management commentary in the quarter’s materials (where available) suggests continued investment in R&D and go-to-market activities tied to the company’s SaaS and IoT platforms, which are essential for scaling recurring revenue streams. The result is a pronounced shift from gross profitability to on-going operating losses, highlighting the need for top-line acceleration and operating leverage to reach profitability in the near to medium term.