PowerFleet reports a pronounced top-line acceleration in QQ1 2026 with revenue of $104.1 million, up 204.5% year over year and 38.0% quarter over quarter. Gross profit reached $56.48 million, yielding a solid gross margin of 54.2%, underscoring the strength of its IoT hardware and software-enabled solutions. Despite the revenue strength, the company remains unprofitable on a GAAP basis, with operating income of approximately -$2.04 million and net income of -$10.23 million for the quarter, driven by sizable selling/general and administrative expenses, interest costs, and amortization-related charges. Cash from operations was positive at $4.72 million, but free cash flow was negative at -$3.39 million as capital expenditure and working capital movements weighed on liquidity. Management commentary (where available) centers on continued investments to scale deployments, expand software as a service (SaaS) offerings, and capitalize on the growing IoT asset management market, suggesting the near-term focus remains on growth and platform expansion rather than immediate profitability. The balance sheet shows a strong cash position ($35.64 million at period end) and manageable leverage, albeit with high goodwill and intangible assets reflecting past acquisitions and ongoing technology investments.