PowerFleet, Inc.

Greetings. Welcome to the Power Fleet's second quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Carolyn Capaccio of Alliance Advisors IR. You may begin.

Thank you, operator, and good morning, everyone. Welcome to Power Fleet's second quarter 2025 conference call. With me on the call this morning are CEO Steve Towe and CFO David Wilson. Today's remarks will contain forward-looking statements. Actual results may differ from those contemplated by these forward-looking statements. Factors that may cause actual results, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements are described in today's earnings press release. Any forward-looking statements made on this call are made only as of today, and PowerFleet assumes no obligation, nor does it intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances. During this call, management will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's press release, and the press release is available on the Investor section of the company's website at ir.powerfleet.com.

Good morning, everyone, and thank you for joining us today. We're pleased to share another strong set of numbers that reflects our strategic focus and continued robust execution. Having reached the half-year mark following the close of the mixed transaction early in April, I'll begin by calling out the first half FY25 financial headlines versus the prior year. Revenue of $152 million is up by $12 million, or 9%. EBITDA of $28 million is up by $9 million, or a highly impressive 46%. We have secured $13.5 million in annual run rate cost synergies in the first half of the year, or said differently, a full 50% of the $27 million two-year target of efficiencies to be realized from the mixed deal. This number set is a testament to the intensity and execution ability of our team. Our business combination playbook, our differentiated product strategy, and our ability to weather macro headwinds. These numbers are highly satisfying at a time where significant management focus was on the deep integration of two similar-sized businesses, plus winning the race and consummating the FleetComplete transaction. We are delighted with the progress we have made to bring game-changing scale and resources to the business. We're ahead of where we expected to be just six months into the mixed combination, which gives us the ability to make further incisive decisions on shaping the future business as we bring Fleet Complete into the family and underpin our bold ambitions for the company. Recapping on Fleet Complete, the acquisition is highly strategic, adding further scale and quality across key dimensions. It brings a talented team which aligns well with our culture and goals, A strong North American revenue base with 70% of revenue from this region and 88% of revenue through high margin services. It brings go-to-market strength, especially through partnerships with some of the largest telecommunication providers in North America. It brings a low-touch, high-velocity in-cab AI camera solution to address the fastest growing segment in the market. It's state-of-the-art FC Hub platform that complements our Unity Data Highway ecosystem, plus an established and cohesive team of 100 software engineers to accelerate the execution of the Unity product roadmap. It also brings an established back-office system that offers a proven blueprint to accelerate the modernization of PowerFleet's group internal system stack, which is essential for achieving $11 million in annual cost synergies from the missed transaction targeted for fiscal year 26. And finally, an incremental $10 million in annual cost synergies assigned to the fleet complete deal. The transaction represents a tremendous opportunity to accelerate our growth trajectory and expand our market reach. With cross-sell upsell pipeline already building very nicely between the power fleet and mixed customer bases, Adding FleetComplete's value propositions and subscriber base into the equation gives us high confidence we will reach our mid-term accelerated double-digit growth targets. We're now taking stock of our new size and scale and consciously calibrating our approach for the new combined entity. We will only focus going forward on strategic high-quality revenue streams that maximise our resources to achieve our core group objectives. were obsessive about laying the foundations for sustained performance and greater mid-term value creation for our shareholders through a measured path to accelerated profitable growth. As a further testament and proof point to the compelling solutions we deliver to customers, we're proud this quarter to be recognized by ABI Research as the number one global market leader in AI-powered smart cold chain solutions. Our platform provides a robust suite of capabilities, including real-time temperature and location monitoring, regulatory compliance, and advanced analytics, critical for protecting perishable goods across global supply chains. Together with our Unity platform, we deliver secure, actionable insights that meet the demands of today's cold chain logistics industry. Ahead of sharing further forward-looking thoughts and an overview of November 20th Investor Day, I'll hand the call over to David to provide additional detail and insights into our financial results. David?