According to FUNDER website data,
29 mutual funds hold NIS 14.65 million in Powerflit shares
Funds that hold significant holdings in the stock – for the full list of holdings
Below is a change in the holdings of the mutual funds in the Powerflit share according to FUNDER-MVF data.
Powerflight (NASDAQ and Tel Aviv: PWFL), a global leader in providing wireless IoT solutions and M2M solutions for subscribers, security, control, tracking and management of valuable mobile resources for organizations, such as commercial trucks, trucks, trailers, containers and vehicle fleets, reports its results The financial statements for the fourth quarter and for the year ended December 31, 2020.
Main highlights for the fourth quarter and 2020
• Total revenue was $ 29.4 million, an increase of 7% over the previous quarter
• Impressive improvement in gross profit margin to 51.6%, compared to 47.4% for the corresponding quarter
• Total revenue from services increased by 4% compared to the previous quarter and amounted to $ 17.3 million
• Operating cash flow of $ 8.8 million in 2020
• As of the end of the quarter, the Company has cash and cash equivalents in the amount of $ 18.1 million and working capital in the amount of $ 28.9 million. Pro forma cash and cash equivalents, including the net profit from the signed public offering that closed on February 1, 2021, stood at $ 45.0 million.
Highlights for the fourth quarter of 2020 and recent operational highlights
• Panhandle Transportation Group (PTG) selects Powerflate to improve visibility and temperature control
• Nucor Tubular Products Selects Powerflit Telematics Solutions to Improve Metal Production Safety
• Deployment of hundreds of defibrillators with IoT communication throughout Israel, in telephone booths, Mifal HaPais and supermarket stalls as part of a $ 2 million deployment program
• The IoT solutions of Pointer Location, a subsidiary of Powerflit, have been adopted by the Israeli pharmaceutical and food market
• McGuire Transportation chooses Powerflit to maximize the benefit of its trailer fleet
Management response
“The fourth quarter was a strong end to 2020 which was very unexpected” Said CEO Chris Wolf. “Our adherence to our strategic initiatives, including focusing on profitable growth and improving the cost structure, allowed us to grow by 7% in revenue from the previous quarter, and by 4% in revenue from high-profit services, as well as improving GAAP and non-GAAP profitability indices in the quarter. Our financial indicators demonstrate the leverage in our business model and the ongoing benefits from the optimization measures we have taken, which together have led to high profitability rates and an operating cash flow of $ 8.8 million in 2020.
“In terms of sales, we ended the year strong with some new customers, accumulated stable orders of installations, and expect to grow in accumulation with the entry into 2021. We are very encouraged by our growing product portfolio, expanding partnership with Jungheinrich and significant districts, including Kautex, Panhandle Transportation Group, Nucor Tubular and McGuire Transportation.
“Looking ahead to 2021, the demand in the end market for platforms The supply chains of trailers, containers and refrigerated supplies are steadily improving in North America and we are gaining a large number of refrigerated and medical IoT medical supplies in Israel. “We leverage the size, the improved balance sheet and the extensive and global foothold to compete and win tenders around the world. We believe these factors will enable Powerflit to capture a share of the $ 1 billion commercial and international commercial market in IoT.”
Highlights for the fourth quarter of 2020
Total revenue was $ 29.4 million, compared to $ 35.1 million in the same quarter last year. The decrease in revenue is mainly related to the decrease in revenue from the sale of products to Avis and the effects of COVID-19. Revenue from services totaled $ 17.3 million (58.8% of total revenue), compared to $ 18.7 million (53.2% of total revenue) in the same quarter last year. Revenue from product sales totaled $ 12.1 million (41.2% of total revenue), compared to $ 16.5 million (46.8% of total revenue) in the same quarter last year.
Gross profit was $ 15.2 million (51.6% of revenue) compared to $ 16.6 million (47.4% of revenue) in the same quarter last year. Gross profit from services amounted to $ 11.2 million (65.0% of revenue from services) compared to $ 11.6 million (62.3% of revenue from services) in the corresponding quarter last year. Gross profit from product sales amounted to $ 3.9 million (32.5% of product sales revenue) compared to $ 5.0 million (30.4% of product sales revenue) in the same quarter last year.
Selling, general and administrative expenses totaled $ 13.0 million, compared to $ 14.7 million in the same quarter last year. Research and development expenses totaled $ 2.3 million, compared to $ 3.0 million in the same quarter last year. The decrease in operating expenses compared to the corresponding quarter last year reflects the initiatives to reduce expenses that were implemented during 2020.
Adjusted EBITDA, on a non-GAAP basis, amounted to $ 3.2 million, compared to adjusted EBITDA of $ 2.1 million in the same period last year (see paragraph below for more information on non-GAAP financial data, adjusted EBITDA and profitability / GAAP-based loss).
The net loss attributable to ordinary shareholders amounted to $ 3.5 million or 12 cents for a fully diluted ordinary share (based on a weighted share offering and an average of 30.2 million shares), compared to a net loss of $ 5.2 million or 18 cents for a fully diluted ordinary share (based on supply) Weighted shares and an average of 28.6 million shares).
The net loss attributable to ordinary shareholders in the fourth quarter of 2020 includes non-cash expenses in the amount of $ 2.0 million related to the conversion of debt from foreign currency into local currency of the subsidiary in Israel. In view of these non-cash expenses as well as other gains and losses which do not necessarily indicate the results of Powerflit’s core business, the Company attaches to its results on the basis of GAAP certain parameters on the basis of non-GAAP, including profit (loss) on the basis of non-GAAP, earnings (loss) per share Normally fully diluted on a non-GAAP basis, and adjusted EBITDA.
Net income on a non-GAAP basis attributable to ordinary shareholders amounted to $ 2.0 million or 7 cents per ordinary share and 5 cents per fully diluted share (based on a weighted and average stock offer of 30.2 million ordinary shares and a weighted and average weighted share offer of 38.1 million Shares), an improvement over a loss on a non-GAAP basis of $ 606,000 or 2 cents per fully diluted ordinary share (based on a weighted and average stock offering of 28.6 million ordinary shares) in the same quarter last year.
As of the end of the fourth quarter, the Company’s cash and cash equivalents amounted to $ 18.1 million and working capital amounted to $ 28.9 million.
Results for 2020
The financial results for the year ended December 31, 2020 include the results of Pointer Location Ltd. which was acquired on October 3, 2019. The financial results for the year ended December 31, 2019 include the results of ID Systems and the financial results of Pointer Telecommunications Ltd. For the fourth quarter of 2019.
Total revenue grew to $ 113.6 million compared to $ 81.9 million in 2019. Revenue from services amounted to $ 67.9 million (59.8% of revenue), compared to $ 36.5 million (44.6% of revenue) in 2019. Revenue from product sales totaled $ 45.7 million (40.2% of revenue) compared to $ 45.4 million (55.4% of revenue) in 2019.
Gross profit increased to $ 59.0 million (52.0% of revenue) compared to $ 38.4 million (46.8% of revenue) in 2019. Gross profit from services amounted to $ 43.6 million (64.2% of revenue) compared to $ 22.9 million ( 62.8% of revenue from services) in 2019. Gross profit from sales of products amounted to $ 15.4 million (33.8% of revenue from sales of products) compared to $ 15.4 million (34.0% of revenue from sales of products) in 2019.
Selling, general and administrative expenses totaled $ 51.9 million, compared to $ 33.1 million in 2019. Research and development expenses totaled $ 10.6 million, compared to $ 8.5 million in 2019.
Adjusted EBITDA, on a non-GAAP basis, was $ 9.1 million, compared to adjusted EBITDA of $ 3.2 million in 2019 (see paragraph below for more information on non-GAAP financial data, adjusted EBITDA and profit / loss adjustment). GAAP-based loss).
The net loss attributable to ordinary shareholders amounted to $ 13.6 million or 46 cents for a fully diluted ordinary share (based on a weighted and average stock offering of 29.7 million shares), compared to a net loss of $ 12.0 million or 59 cents for a fully diluted ordinary share in 2019 (based on On a weighted and average stock offering of 20.5 million shares).
The net loss attributed to ordinary shareholders in 2020 includes non-cash expenses in the amount of $ 2.1 million related to the conversion of debt from foreign currency to local currency of the subsidiary in Israel. In view of these non-cash expenses as well as other gains and losses which do not necessarily indicate the results of Powerflit’s core business, the Company attaches to its results on the basis of GAAP certain parameters on the basis of non-GAAP, including profit (loss) on the basis of non-GAAP, earnings (loss) per share Normally fully diluted on a non-GAAP basis, and adjusted EBITDA.
Net income on a non-GAAP basis attributable to ordinary shareholders amounted to $ 3.7 million or 12 cents per ordinary share and 10 cents per fully diluted share (based on a weighted and average share offer of 29.7 million ordinary shares and a weighted and average weighted share offer of 37.1 million Shares), an improvement over the net loss on a non-GAAP basis attributed to ordinary shareholders of $ 4.7 million or 23 cents per ordinary diluted share (based on a weighted and average stock offering of 20.5 million ordinary shares and fully diluted) in 2019, (see paragraph For more information on non-GAAP financial data, adjusted EBITDA and their adjustment to profit / loss on a GAAP basis).
To the company’s announcement in Maya