Form 10-Q unaudited financial results for the first half of fiscal 2027

The announcement

Form 10-Q unaudited financial results for the first half of fiscal 2027

POWERFLEET, INC.
Incorporated in the United States of America
(File number: 7272486)
Nasdaq share code: AIOT JSE share code: PWR
ISIN: US73931J1097
LEI 2549007NKEFPYEH4MF81
(“Powerfleet” or “Company”)

FORM 10-Q UNAUDITED FINANCIAL RESULTS FOR THE FIRST HALF OF FISCAL 2027

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, Powerfleet stockholders are advised that a Form
10-Q (the “Form 10-Q”) has been filed with the U.S. Securities and Exchange Commission. The Form 10-Q discloses
the quarterly results and related disclosures for the second fiscal quarter ended September 30, 2026 and interim results
for the six-month period ended September 30, 2026.

Summarized Financial Metrics

                                                                  Six months ended September 30,
                                                                        2026              2025         % change

 (All figures in USD’000, except per share data)

 Revenue                                                              226,516          215,800               5%
 Operating profit                                                       1,625            2,205            (26%)
 Basic loss per share                                                  (0.11)           (0.11)               -%
 Headline loss                                                       (15,537)         (14,499)             (7%)
 Headline loss per share                                               (0.12)           (0.11)             (9%)
 Adjusted EBITDA                                                       46,442           44,914               3%
 Net asset value                                                      477,717          468,979               2%

Headline Loss Per Share

The inclusion of headline loss per share in this announcement is a requirement of our listing on the JSE. Basic and
diluted headline loss per share is calculated using net loss which has been determined based on accounting principles
generally accepted in the United States of America. Accordingly, this may differ to the headline loss/earnings per share
calculation of other companies listed on the JSE as these companies may report their financial results under a different
financial reporting framework, including but not limited to, International Financial Reporting Standards.

The table below presents a reconciliation between net loss for the period attributable to common stockholders of the
Company to headline loss attributable to common stockholders for the six months ended September 30, 2026 and 2025.

                                                                                       Six months ended September 30,
                                                                                           2026              2025

 (All figures in USD’000, except per share data)

 Net loss attributable to common stockholders                                       $  (15,290)       $  (14,522)
 Adjusted for:
  (Profit)/loss on sale of plant and equipment                                            (155)                79
  Impairment of intangibles                                                               (127)              (49)
  Tax effect                                                                                 35               (7)
 Headline loss                                                                      $  (15,537)       $  (14,499)

 Weighted average common shares outstanding on which the net loss                       134,307           133,510
 attributable to common stockholders per share and headline loss per share has
 been calculated - basic and diluted

 Net loss per share attributable to common stockholders – basic and diluted         $    (0.11)       $    (0.11)

 Headline loss per share attributable to common stockholders – basic and            $    (0.12)       $    (0.11)
 diluted

This announcement is the responsibility of the directors of Powerfleet and is only a summary of the information in the
unaudited financial results for the first half of fiscal 2027 and does not contain full or complete details. Any investment
decision by investors and/or stockholders of the Company should be based on, inter alia, the Form 10-Q.

The Form 10-Q has been filed with the U.S. Securities and Exchange Commission and has been released on SENS and
is available on the JSE website at https://senspdf.jse.co.za/documents/2026/JSE/isse/PWRE/Q22027.pdf. The Form 10-
Q is also available for viewing on the Company’s website (https://ir.powerfleet.com/).

A copy of the Form 10-Q can be found at: https://www.sec.gov/edgar/browse/?CIK=1774170&owner=exclude.

Powerfleet has a primary listing on The Nasdaq Global Market and a secondary listing on the Main Board of the JSE.

November 10, 2026

Sponsor
Java Capital
Date: 10/11/2026 08:00:00
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