# EDGAR Filing Document

**Accession Number:** 0001774170
**File Stem:** 0000000000-25-009349
**Filing Date:** 2025-8
**Character Count:** 6898
**Document Hash:** 407853997f954fef2951c4d06f9d8910
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-009349.hdr.sgml**: 20260630

**ACCESSION NUMBER**: 0000000000-25-009349

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250829

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Powerfleet, Inc.
- **CENTRAL INDEX KEY:** 0001774170
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMUNICATIONS EQUIPMENT, NEC [3669]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 834366463
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 001-39080

**BUSINESS ADDRESS:**
- **STREET 1:** 123 TICE BLVD.
- **CITY:** WOODCLIFF LAKE
- **STATE:** NJ
- **ZIP:** 07677
- **BUSINESS PHONE:** 201-996-9000

**MAIL ADDRESS:**
- **STREET 1:** 123 TICE BLVD.
- **CITY:** WOODCLIFF LAKE
- **STATE:** NJ
- **ZIP:** 07677

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PowerFleet, Inc.
- **DATE OF NAME CHANGE:** 20190417
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001628280-25-033105

## Text-Extract

```

                                                            August 29, 2025

David Wilson
Chief Financial Officer
Powerfleet, Inc.
123 Tice Boulevard
Woodcliff Lake, NJ 07677

       Re: Powerfleet, Inc.
           Form 10-K for the Fiscal Year Ended March 31, 2025
           Form 10-Q for the Period Ended June 30, 2025
           Form 8-K filed on June 16, 2025
           File No. 001-39080
Dear David Wilson:

       We have limited our review of your filing to the financial statements
and related
disclosures and have the following comments.

       Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.

       After reviewing your response to this letter, we may have additional
comments.

Form 10-K for the Fiscal Year Ended March 31, 2025
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Results of Operations, page 36

1.     We note you recorded restructuring costs during the year ended March 31,
2025 and
       you exclude the costs from your determination of Adjusted EBITDA. We
also note
       you recorded additional restructuring costs during the quarter ended
June 30, 2025.
       Please revise future filings to provide the disclosures required by ASC
420-10-50 and
       SAB Topic 5:P:4 in MD&A and the notes to the financial statements or
explain why
       you do not believe such disclosures are required.
 August 29, 2025
Page 2
Non-GAAP Financial Information, page 40

2.     We note your determination of Adjusted EBITDA includes a non-GAAP
adjustment
       identified as "Recognition of pre October 1, 2024 contract assets (Fleet
Complete)".
       We also note this adjustment is included in the determination of
Adjusted EBITDA
       for the quarter ended June 30, 2025. It is not clear what the adjustment
represents or
       how it was calculated. Please tell us, and revise future filings to
explain, what the
       adjustment represents and how it is calculated. Also, explain to us how
and why you
       believe the adjustment is appropriate and complies with Question 100.04
of the
       Compliance & Disclosure Interpretations on Non-GAAP Financial Measures
as it
       appears the adjustment may represent a partial pro forma adjustment
related to a
       recent acquisition.
Consolidated Financial Statements
Note 11 - Short-Term Debt and Long-Term Debt, page 86

3.     We note the A&R Credit Agreement contains certain customary affirmative
and
       negative covenants, including financial covenants, that you complied
with for the
       quarter ended March 31, 2025. We also note you entered into amendments
to each of
       the Facilities Agreement and the Facility Agreement that appear to have
amended
       financial covenants with respect to the ratio of consolidated total net
borrowings to
       consolidated EBITDA. For each debt agreement, including the Facilities
Agreement
       and the Facility Agreement, please revise future annual and quarterly
filings to discuss
       and quantify material debt covenants and disclose whether you complied
with the debt
       covenants as of the reporting date.
Form 10-Q for the Period Ended June 30, 2025
Item 4. Controls and Procedures
a. Disclosure controls and procedures, page 44

4.     Please revise future filings to provide managements' conclusion as to
whether
       disclosure controls and procedures were effective or not effective, as
of the most
       recent balance sheet date, as required by Item 307 of Regulation S-K.
Form 8-K filed on June 16, 2025
Exhibit 99.1

5.     We remind you Item 10(e)(1)(i)(A) of Regulation S-K requires non-GAAP
financial
       measures not be presented with greater prominence than the most directly
comparable
       GAAP measure. We note your headings and narrative disclosures present
several non-
       GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA
Margin,
       Adjusted gross margin, Adjusted service gross margin, and Adjusted
product gross
       margin, more prominently than the most directly comparable GAAP
measures, Net
       loss, Net loss margin, GAAP gross margin, GAAP service gross margin, and
       GAAP product gross margin. Please revise future filings to fully comply
with
       Instruction 2 to Item 2.02 of Regulation 8-K, Item 10(e)(1)(i)(A) of
Regulation S-K,
       and Question 102.10 of the Compliance & Disclosure Interpretations on
Non-GAAP
       Financial Measures.
 August 29, 2025
Page 3

6.     We note you present numerous pro forma combined disclosures for the
quarter ended
       and year ended March 31, 2024 as well as several pro forma non-GAAP
financial
       measures; however, it appears these disclosures represent combined
historical
       amounts with no related pro forma adjustments. To the extent you present
pro forma
       disclosures in future filings, including pro forma GAAP and pro forma
non-GAAP
       amounts, please ensure they comply with Article 11 of Regulation S-X.
        In closing, we remind you that the company and its management are
responsible for
the accuracy and adequacy of their disclosures, notwithstanding any review,
comments,
action or absence of action by the staff.

       Please contact Jeffrey Gordon at 202-551-3866 or Anne McConnell at
202-551-3709
with any questions.

                                                          Sincerely,

                                                          Division of
Corporation Finance
                                                          Office of
Manufacturing

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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