PowerFleet (AIOT) Q4 FY26 earnings call

FY26 marks the payoff year of PowerFleet's two-year consolidation thesis: integration is complete (Q3/Q4 were the first clean like-for-like periods), $34M of annualized synergies are banked, and a deliberate mix shift toward recurring services is converting 11% Q4 revenue growth into 42% EBITDA growth. The inflection story is credible but not yet finished — the business only turned GAAP operating-income positive and remains net-loss-making, with free cash flow just crossing positive in H2. FY27 guidance (~10% revenue growth, ~25% EBITDA margin, $30–35M FCF) rides on the same playbook plus grow