Powerfleet, Inc 10-K for FY2026

Powerfleet, Inc. (AIOT)

10-K 2026-06-15 For: 2026-03-31

Added on June 15, 2026

About this 10-K

Powerfleet, Inc filed this 10-K on June 15, 2026, covering the fiscal year ended March 31, 2026 (FY2026).

Headline figures

Fiscal year ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $443.78M; up 22.4% from $362.52M a year earlier
Net loss: $20.55M; compared with a net loss of $50.99M a year earlier
Diluted EPS: -$0.15; compared with -$0.43 a year earlier

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Document						Part of Form 10-K

Portions of the Proxy Statement for the Registrant’s 2026 Annual Meeting of Stockholders						Part III


						Page

PART I.						4
Item 1. Business						5
Item 1A. Risk Factors						17
Item 1B. Unresolved Staff Comments						34
Item 1C. Cybersecurity						34
Item 2. Properties						35
Item 3. Legal Proceedings						35
Item 4. Mine Safety Disclosure						35

PART II.						35
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities						35
Item 6. Reserved						37
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations						38
Item 7A. Quantitative and Qualitative Disclosures About Market Risk						49
Item 8. Financial Statement and Supplementary Data						51
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure						108
Item 9A. Controls and Procedures						109
Item 9B. Other Information						112
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections						112

PART III.						113
Item 10. Directors, Executive Officers and Corporate Governance						113
Item 11. Executive Compensation						113
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters						113
Item 13. Certain Relationships and Related Transactions, and Director Independence						113
Item 14. Principal Accountant Fees and Services						113

PART IV.						114
Item 15. Exhibits and Financial Statement Schedules						114
Item 16. Form 10-K Summary						116


Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a)	Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b)		Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected Under Column (a)) (c)







Equity compensation plans approved by security holders (1)	16,208,066	$	7.08	1,291,934

(1) These plans consist of our 2009 Non-Employee Director Equity Compensation Plan, 2015 Equity Compensation Plan and 2018 Incentive Plan, as amended, which were our only equity compensation plans under which awards were outstanding as of March 31, 2026. Upon the adoption of the 2018 Plan, the 2009 Non-Employee Director Equity Compensation Plan and the 2015 Equity Compensation Plan were frozen, and no new awards can be issued pursuant to such plans.


	Year Ended March 31,
		2025		2026










































Revenues:
Products		23.6	%	18.9	%
Services		76.4	%	81.1	%
Total revenues		100.0	%	100.0	%

Cost of revenues:
Cost of products		17.1	%	13.3	%
Cost of services		29.2	%	31.1	%
Total cost of revenues		46.3	%	44.5	%

Gross profit		53.7	%	55.5	%

Operating expenses:
Selling, general and administrative expenses		56.4	%	47.0	%
Research and development expenses		4.4	%	4.1	%
Total operating expenses		60.8	%	51.1	%

(Loss) income from operations		(7.1)	%	4.4	%

Interest income		0.3	%	0.2	%
Interest expense		(5.6)	%	(6.2)	%

Other expense		(0.3)	%	(0.9)	%

Net loss before income taxes		(12.8)	%	(2.5)	%

Income tax expense		(1.2)	%	(2.0)	%

Net loss before non-controlling interest		(14.1)	%	(4.5)	%
Non-controlling interest		0.0%		(0.1)	%

Net loss		(14.1)	%	(4.6)	%


Preferred stock dividend		0.0%		0.0%

Net loss attributable to common stockholders		(14.1)	%	(4.6)	%


Reconciliation of Net Loss Attributable to Common Stockholders to Adjusted EBITDA


































	Year Ended March 31,
(In thousands)		2025 (1)		2026
Net loss attributable to common stockholders		$	(51,012)	$	(20,552)
Non-controlling interest		18		608
Preferred stock dividend		25		—
Interest expense, net		19,404		26,746
Other (income) expense, net		—		129
Income tax expense (benefit)		4,517		8,688
Depreciation and amortization		47,494		60,280
Stock-based compensation		9,362		7,541
Foreign currency losses		1,790		3,862
Restructuring-related expenses		10,077		4,923


Derivative mark-to-market adjustment		(504)		(775)


Acquisition-related expenses		21,300		1,689
Integration-related expenses		4,851		3,893

Adjusted EBITDA		$	67,322	$	97,032

(1) Following the closing of the FC Acquisition, we included an EBITDA adjustment related to the recognition of pre-October 1, 2024, contract assets. This adjustment represented recoveries, through customer billings, of the contract asset recognized at acquisition for hardware delivered by Fleet Complete prior to October 1, 2024. This adjustment was intended to give investors a clearer view of underlying operating performance and cash generation. The goal was to better align adjusted EBITDA with operating cash flows. For the years ended March 31, 2025 and 2026, we reported adjusted EBITDA of $67.3 million and $97.0 million, respectively. During the same periods, we also invoiced recoveries of $3.8 million, and $5.0 million, respectively, which are included in cash flows from operating activities in the condensed consolidated statement of cash flows.


Facility	Annual estimated interest charge		Hypothetical Change in rates- Increase		Hypothetical Change in rates- (Decrease)		Estimated annual change due to increase in rates		Estimated annual change due to decrease in rates
Hapoalim Facilities- Variable	$	3,535	1%		(1%)		$	484	$	(484)
RMB Facilities- Variable	$	13,116	1%		(1%)		$	1,506	$	(1,506)
RMB Facilities- Fixed	$	7,513	$	—	$	—	$	—	$	—


						Page

Report of the Independent Registered Public Accounting Firm - Deloitte & Touche (PCAOB ID No. 1130)						52
Report of the Independent Registered Public Accounting Firm - Ernst & Young LLP (PCAOB ID No. 42)						54
Consolidated Balance Sheets as of March 31, 2025 and 2026						55
Consolidated Statements of Operations for the Year Ended December 31, 2023, Three Months Ended March 31, 2024, and Years Ended March 31, 2025 and 2026						57
Consolidated Statements of Comprehensive (Loss) Income for the Year Ended December 31, 2023, Three Months Ended March 31, 2024, and Years Ended March 31, 2025 and 2026						58
Consolidated Statements of Changes in Stockholders’ Equity for the Year Ended December 31, 2023, Three Months Ended March 31, 2024, and Years Ended March 31, 2025 and 2026						59
Consolidated Statements of Cash Flows for the Year Ended December 31, 2023, Three Months Ended March 31, 2024, and Years Ended March 31, 2025 and 2026						61
Notes to the Consolidated Financial Statements						64



	March 31, 2025		March 31, 2026

ASSETS
Current assets:
Cash and cash equivalents	$	44,392	$	36,496
Restricted cash	4,396		4,322
Accounts receivable, net of allowance for credit losses of $4,057 and $9,177 as of March 31, 2025 and 2026, respectively	78,623		93,820
Inventory, net	18,350		22,448

Prepaid expenses and other current assets	23,319		22,094
Total current assets	169,080		179,180

Fixed assets, net	58,011		62,398
Goodwill	383,146		411,995
Intangible assets, net	258,582		255,518
Right-of-use asset	12,339		15,893
Severance payable fund	3,796		4,445
Deferred tax asset	3,934		4,537
Other assets	21,183		21,599

Total assets	$	910,071	$	955,565

LIABILITIES
Current liabilities:
Short-term bank debt and current maturities of long-term debt	$	41,632	$	50,355
Accounts payable	41,599		46,353
Accrued expenses and other current liabilities	45,327		37,699

Deferred revenue - current	17,375		20,159
Lease liability - current	5,076		3,386
Total current liabilities	151,009		157,952
Long-term debt - less current maturities	232,160		229,669
Deferred revenue - less current portion	5,197		4,005
Lease liability - less current portion	8,191		13,505
Accrued severance payable	6,039		5,666
Deferred tax liability	57,712		60,063

Other long-term liabilities	3,021		3,090



Total liabilities	463,329		473,950
Commitments and Contingencies (Note 19)

REDEEMABLE NON-CONTROLLING INTERESTS
Redeemable non-controlling interests	—		6,009




STOCKHOLDERS’ EQUITY
Preferred stock; authorized 50,000 shares, $0.01 par value	—		—
Common stock; authorized 175,000 shares, $0.01 par value; 135,379 and 136,224 shares issued at March 31, 2025 and March 31, 2026, respectively; shares outstanding, 133,316 and 134,158 at March 31, 2025 and 2026, respectively	1,343		1,343
Additional paid-in capital	671,400		682,344
Accumulated deficit	(205,783)		(226,335)


Accumulated other comprehensive (loss) income	(8,850)		29,660
Treasury stock; 2,063 and 2,066 common shares at cost at March 31, 2025 and 2026, respectively	(11,518)		(11,518)

Total Powerfleet, Inc. stockholders’ equity	446,592		475,494
Non-controlling interest	150		112
Total equity	446,742		475,606

Total liabilities, redeemable non-controlling interests and stockholders’ equity	$	910,071	$	955,565


	Year Ended December 31,			Three Months Ended March 31,	Year Ended March 31,
		2023			2024		2025		2026
Revenues:
Products		$	49,741		$	12,080	$	85,584	$	83,975
Services		83,995			21,660		276,931		359,802
Total revenues		133,736			33,740		362,515		443,777

Cost of revenues:
Cost of products		36,404			9,514		61,961		59,153
Cost of services		30,256			8,023		106,017		138,202
Total cost of revenues		66,660			17,537		167,978		197,355

Gross profit		67,076			16,203		194,537		246,422


Operating expenses:
Selling, general and administrative expenses		71,253			21,832		204,361		208,487

Research and development expenses		8,380			2,018		16,061		18,359
Total operating expenses		79,633			23,850		220,422		226,846

(Loss) income from operations		(12,557)			(7,647)		(25,885)		19,576


Interest income		103			259		926		780
Interest expense		(1,602)			(709)		(20,330)		(27,526)
Bargain purchase - Movingdots		9,034			—		—		—
Other expense		(29)			(55)		(1,163)		(4,086)

Net loss before income taxes		(5,051)			(8,152)		(46,452)		(11,256)

Income tax expense		(589)			(352)		(4,517)		(8,688)

Net loss before non-controlling interest		(5,640)			(8,504)		(50,969)		(19,944)
Non-controlling interest		(35)			(11)		(18)		(608)

Net loss		(5,675)			(8,515)		(50,987)		(20,552)

Accretion of preferred stock		(7,139)			(9,996)		—		—
Preferred stock dividend		(4,493)			(1,128)		(25)		—

Net loss attributable to common stockholders		$	(17,307)		$	(19,639)	$	(51,012)	$	(20,552)


Net loss per share attributable to common stockholders - basic and diluted		$	(0.49)		$	(0.55)	$	(0.43)	$	(0.15)







Weighted-average common shares outstanding - basic and diluted		35,628			35,813		119,877		133,761



	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive (Loss) Income		Treasury Stock		Non-Controlling Interest *		Total Stockholder’s Equity
	Number of Shares	Amount
Balance at January 1, 2023	37,605	$	376	$	219,055	$	(140,806)	$	(1,210)	$	(8,510)	$	78	$	68,983
Retained earnings adjustment for adoption of ASU 2016-13	—	—		—		200		—		—		—		200
Net loss attributable to common stockholders	—	—		(11,632)		(5,675)		—		—		—		(17,307)
Net income attributable to non-controlling interest	—	—		—		—		—		—		35		35
Warrant issued in connection with acquisition	—	—		1,347		—		—		—		—		1,347
Foreign currency translation adjustment	—	—		—		—		594		—		(11)		583
Issuance of restricted shares	1,247	13		(13)		—		—		—		—		—
Forfeiture of restricted shares	(152)	(2)		2		—		—		—		—		—
Exercise of stock options	16	—		36		—		—		—		—		36
Shares withheld pursuant to vesting of restricted stock	—	—		—		—		—		(141)		—		(141)
Stock-based compensation	—	—		3,908		—		—		—		—		3,908
Balance at December 31, 2023	38,716	$	387	$	212,703	$	(146,281)	$	(616)	$	(8,651)	$	102	$	57,644
Net loss attributable to common stockholders	—	—		(11,124)		(8,515)		—		—		—		(19,639)
Net income attributable to non-controlling interest	—	—		—		—		—		—		11		11
Foreign currency translation adjustment	—	—		—		—		(369)		—		(8)		(377)
Forfeiture of restricted shares	(7)	—		—		—		—		—		—		—
Shares withheld pursuant to vesting of restricted stock	—	—		—		—		—		(31)		—		(31)
Stock-based compensation	—	—		1,028		—		—		—		—		1,028
Balance at March 31, 2024	38,709	$	387	$	202,607	$	(154,796)	$	(985)	$	(8,682)	$	105	$	38,636



Net loss attributable to common stockholders	—	—		(25)		(50,987)		—		—		—		(51,012)
Net income attributable to non-controlling interest	—	—		—		—		—		—		18		18
Foreign currency translation adjustment	—	—		—		—		(7,865)		—		22		(7,843)
Proceeds from private placement, net of costs to issue common stock	20,000	200		66,259		—		—		—		—		66,459
Acquired through MiX Combination	—	—		7,818		—		—		—		5		7,823


Shares issued in connection with MiX Combination	70,704	707		361,298		—		—		—		—		362,005
Shares issued in connection with FC Acquisition	4,286	43		21,300		—		—		—		—		21,343
Issuance of restricted shares	54	1		(1)		—		—		—		—		—
Shares issued for transaction bonus	174	1		888		—		—		—		—		889
Shares withheld pursuant to vesting of restricted stock	—	—		—		—		—		(2,836)		—		(2,836)
Issue of stock appreciation rights	842	—		—		—		—		—		—		—
Exercise of stock options	610	4		1,894		—		—		—		—		1,898
Stock-based compensation	—	—		9,362		—		—		—		—		9,362
Balance as of March 31, 2025	135,379	$	1,343	$	671,400	$	(205,783)	$	(8,850)	$	(11,518)	$	150	$	446,742
Net loss attributable to common stockholders	—	—		—		(20,552)		—		—		—		(20,552)

Foreign currency translation adjustment	—	—		—		—		38,510		—		—		38,510








Issue of stock appreciation rights and restricted share awards	832	—		—		—		—		—		—		—
Exercise of stock options	13	—		39		—		—		—		—		39
Stock-based compensation	—	—		7,541		—		—		—		—		7,541
Dividends declared	—	—		—		—		—		—		(38)		(38)
MiX Africa Equity rebalancing	—	—		3,364		—		—		—		—		3,364

Balance as of March 31, 2026	136,224	$	1,343	$	682,344	$	(226,335)	$	29,660	$	(11,518)	$	112	$	475,606


Cash flows from financing activities

Repayment of long-term debt	(4,408)		(11,037)		(2,642)		(5,604)
Short-term bank debt, net	4,321		(10,030)		19,551		5,716
Purchase of treasury stock upon vesting of restricted stock	(141)		(31)		(2,836)		—
Repayment of financing lease	(129)		—		—		—
Payment of preferred stock dividend and redemption of preferred stock	(3,385)		—		(90,298)		—
Proceeds from private placement, net	—		—		66,459		—
Proceeds from long-term debt	—		115,000		125,000		—
Payment of long-term debt costs	—		(1,081)		(1,410)
Proceeds from exercise of stock options, net	36		—		1,898		39



Net cash (used in) provided by financing activities	(3,706)		92,821		115,722		151

Effect of foreign exchange rate changes on cash and cash equivalents	(877)		(381)		(2,657)		1,166
Net increase (decrease) in cash and cash equivalents, and restricted cash	1,343		90,332		(60,876)		(7,970)
Cash and cash equivalents, and restricted cash at beginning of the period	17,989		19,332		109,664		48,788

Cash and cash equivalents, and restricted cash at end of the period	$	19,332	$	109,664	$	48,788	$	40,818

Reconciliation of cash and cash equivalents, and restricted cash, at beginning of the period
Cash and cash equivalents	17,680		19,022		24,354		44,392
Restricted cash	309		310		85,310		4,396
Cash and cash equivalents, and restricted cash, at beginning of the period	$	17,989	$	19,332	$	109,664	$	48,788

Reconciliation of cash and cash equivalents, and restricted cash, at end of the period
Cash and cash equivalents	19,022		24,354		44,392		36,496
Restricted cash	310		85,310		4,396		4,322
Cash and cash equivalents, and restricted cash, at end of the period	$	19,332	$	109,664	$	48,788	$	40,818

Supplemental disclosure of cash flow information:
Cash paid for:
Taxes (1)	$	175	$	262	$	4,283	$	7,250
Interest	$	1,656	$	447	$	15,335	$	24,490

Noncash investing and financing activities:
Issuance of derivative on long-term debt	$	—	$	2,226	$	—	$	—
Common stock issued for transaction bonus	$	—	$	—	$	9	$	—
Shares issued in connection with MiX Combination	$	—	$	—	$	362,005	$	—


Shares issued in connection with FC Acquisition	$	—	$	—	$	21,343	$	—
Value of warrant issued in connection with Movingdots acquisition	$	1,347	$	—	$	—	$	—
Value of licensed intellectual property acquired in connection with Movingdots acquisition	$	1,517	$	—	$	—	$	—
Preferred stock dividends paid in shares	$	1,108	$	—	$	—	$	—
Issuance of redeemable non-controlling interest	$	—	$	—	$	—	$	8,765
Rebalancing of ownership percentage between parent and subsidiaries	$	—	$	—	$	—	$	(3,364)

(1) Following the adoption of ASU 2023-09, for the year ended March 31, 2026, income taxes paid amounted to $4.0 million for South Africa, $1.1 million for Israel, $1.0 million for Australia, $0.5 million for Mexico and $0.7 million to other jurisdictions.


Allowance for credit losses, March 31, 2024	$	3,197



Current period provision for expected credit losses	9,418
Write-offs charged against the allowance	(8,908)


Foreign currency translation	350
Allowance for credit losses, March 31, 2025	$	4,057
Current period provision for expected credit losses	16,780
Write-offs charged against the allowance	(12,753)
Foreign currency translation	1,093
Allowance for credit losses, March 31, 2026	$	9,177


			Useful Life (years)
Installed products			3 - 5
Computer software			3 - 5
Computers and electronic equipment			3 - 10
Furniture and fixtures			5 - 7
Leasehold improvements			Shorter of useful life or lease term
Plant and equipment			1 - 8


	As of March 31, 2026
			Fair Value
	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3



Debt	$	280,024	$	281,081	$	—	$	281,081	$	—

Prepayment derivative	$	3,505	$	3,505	$	—	$	—	$	3,505


	As of March 31, 2025
			Fair Value
	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3

Loans to external parties	$	194	$	194	$	—	$	—	$	194

Debt	$	273,792	$	275,179	$	—	$	275,179	$	—

Prepayment derivative	$	2,730	$	2,730	$	—	$	—	$	2,730


	Fair value		Weighted-average useful lives
Trade name	$	586	14	years
Developed technology	558		5	years
	$	1,144


Assets acquired:
Cash and cash equivalents	$	247
Accounts receivable, net	909
Inventory, net	1,320
Prepaid expenses and other current assets	17
Fixed assets, net	75
Intangible assets, net
Trade name	586
Developed technology	558
Total assets acquired	$	3,712

Liabilities assumed:
Accounts payable and accrued expenses	$	213
Lease liability - current	62
Deferred tax liability	309
Total liabilities assumed	$	584

Total identifiable net assets acquired	$	3,128
Goodwill	5,637
Purchase price consideration	$	8,765


	Year ended March 31, 2026
Beginning balance	$	—
Issuance of redeemable non-controlling interest	8,765
Rebalancing of ownership percentage between parent and subsidiaries	(3,364)
Net income (loss) attributable to redeemable non-controlling interest	608
Ending balance	$	6,009


RTS Acquisition	$	247
Powerfleet Africa Sky	(192)
Acquisition, net of cash assumed	$	55


(in thousands, except for share price and exchange ratio)	April 2, 2024
Number of MiX Telematics ordinary shares outstanding	554,021
Exchange ratio	0.12762
Shares of Powerfleet common stock issued for MiX Telematics ordinary shares outstanding	70,704
Powerfleet stock price*	5.12
Fair value of Powerfleet common stock transferred to MiX Telematics shareholders	$	362,005
Replacement of acquiree’s equity awards by the acquirer**	7,818
Total fair value of consideration	$	369,823


(in thousands, except for share price)	October 1, 2024
Shares of Powerfleet common stock issued	4,286
Powerfleet stock price*	4.98
Fair value of Powerfleet common stock transferred	$	21,343
Cash consideration paid to former shareholders	16,225
Repayment of Fleet Complete’s existing debt	152,382
Total fair value of consideration	$	189,950


MiX Combination:
Cash and cash equivalents	$	26,737
Restricted cash	794
FC Acquisition:
Cash consideration paid to former shareholders	(16,225)
Repayment of Fleet Complete’s existing debt	(152,382)
Cash and cash equivalents	3,964
Restricted cash	—
Acquisition, net of cash assumed	$	(137,112)


	March 31,
	2025		2026
Contract Assets:
Deferred contract cost (1)	$	11,894	$	12,431
Deferred costs - current	$	2	$	—

Contract Liabilities:
Deferred revenue – services (2)	$	21,466	$	23,337
Deferred revenue – products (2)	1,106		827
	22,572		24,164
Less: Deferred revenue – current	(17,375)		(20,159)
Deferred revenue – long term	$	5,197	$	4,005


March 31, 2026	Useful Lives (In Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived:
Customer relationships	9 - 13	$	213,107	$	(40,868)	$	172,239
Trademark and tradename	3 - 15	23,637		(8,291)		15,346
Patents	7 - 11	2,128		(961)		1,167
Technology	3 - 5	85,187		(36,165)		49,022
Software to be sold or leased	3 - 5	22,875		(5,296)		17,579
		346,934		(91,581)		255,353

Indefinite-lived:
Customer list		104		—		104
Trademark and tradename		61		—		61
		165		—		165

Total		$	347,099	$	(91,581)	$	255,518


2027	$	47,232
2028	40,746
2029	31,234
2030	24,228
2031	18,940
Thereafter	92,973
	$	255,353





Goodwill
Balance at March 31, 2024	$	83,487
Businesses acquired
MiX Combination	216,799
FC Acquisition	82,245
Foreign currency translation difference	615
Balance at March 31, 2025	383,146
Businesses acquired
Powerfleet Africa Sky	552
RTS Acquisition	5,637
Foreign currency translation difference	22,660
Balance at March 31, 2026	$	411,995


	Options (in thousands)	Weighted- Average Exercise Price ($)	Weighted-Average Contractual Remaining Term (years)	Aggregate Intrinsic Values (in thousands)
Outstanding as of April 1, 2025	5,200	13.85	—	—
Granted	—	—	—	—
Exercised	—	—	—	—

Forfeited	(110)	3.12	—	—
Outstanding as of March 31, 2026	5,090	14.09	5.93	$	35


Exercisable as of March 31, 2026	—	—	—	$	—


	Time-Based Restricted Shares		Market-Based Restricted Shares		Performance-Based Restricted Shares
	Number of Unvested Shares (in thousands)	Weighted- Average Grant Date Fair Value ($)	Number of Unvested Shares (in thousands)	Weighted- Average Grant Date Fair Value ($)	Number of Unvested Shares (in thousands)	Weighted- Average Grant Date Fair Value ($)
Unvested, March 31, 2025	732	5.58	938	5.35	—	—
Granted, April 23, 2025	384	4.75	—	—	1,475	4.75
Granted, February 25, 2026	1,335	3.70	—	—	2,671	3.70
Vested/Exercised	(395)	5.33	(104)	5.59	—	—
Forfeited or expired	(71)	4.75	—	—	(153)	4.75
Unvested, March 31, 2026	1,985	4.24	834	5.35	3,993	4.05


	Number of SARs (in thousands)	Weighted- Average Exercise Price ($)	Weighted-Average Contractual Remaining Term (years)	Aggregate Intrinsic Values (in thousands)
Outstanding as of April 1, 2025	3,238	2.44

Granted	—	—
Exercised	(644)	2.78

Forfeited	(225)	2.33
Outstanding as of March 31, 2026	2,369	2.36	2.29


Exercisable as of March 31, 2026	1,063	2.52	1.68	$	592


Expected volatility	70.0		%
Expected life of warrants	5.2
Risk free interest rate	4.0		%

Dividend yield	—
Fair value of warrants granted during the quarter	$	2.79


Facility	Denominated Currency	Total Committed Amount (USD equivalent at balance sheet date)		Amount Outstanding (Drawn)		Available Borrowing Capacity (Undrawn)		Interest Rate	Final Maturity	Classification
RMB General Facility **	ZAR	$	20,520	$	20,630	$	—	SA Prime – 0.75%	On demand (April 2, 2026)	Current
RMB Revolving Credit Facility A	USD	$	10,000	$	5,000	$	5,000	SOFR + 2.5%	February 1, 2027	Current
RMB Revolving Credit Facility B	ZAR	$	10,553	$	—	$	10,553	South African rand overnight index average + 1.95%	February 1, 2027	Current
Hapoalim Revolving Credit Facility C	USD/ NIS	$	10,000	$	4,181	$	5,819	USD denominated: SOFR + 2.15% NIS denominated : Hapoalim Prime +2.5%	February 27, 2027	Current
Hapoalim Revolving Credit Facility D	USD	$	20,000	$	14,251	$	5,749	SOFR + 2.59%	June 30, 2026	Current
		$	71,073	$	44,062	$	27,121


Facility	Denominated Currency	Original Principal Amount (USD equivalent)		Outstanding Balance		Interest Rate	Final Maturity	Classification
Hapoalim Term Facility A	NIS	$	20,000	$	15,004	Hapoalim Prime (5.5%) + 2.2%	March 18, 2029	Non-current
Hapoalim Term Facility B **	NIS	$	10,000	$	11,542	Hapoalim Prime (5.5%) + 2.3%	March 18, 2029	Non-current
RMB Term Facility A	USD	$	42,500	$	42,500	8.699% to March 31, 2027, thereafter SOFR +4.85%	March 31, 2028	Non-current
RMB Term Facility B	USD	$	42,500	$	42,500	8.979% fixed	March 31, 2029	Non-current
New RMB Term Facility	USD	$	125,000	$	125,000	5.0% + SOFR	October 31, 2029	Non-current
		$	240,000	$	236,546


	Facility A		Facility B
Risk-free interest rate volatility	36	%	28	%
Risk-free rate	3.68	%	3.81	%
Credit rating	B+		B+


2026	$	—
2027	6,348
2028	48,848
2029	56,350
2030	125,000
Thereafter	—
	236,546
Less: Current portion	(6,283)
Less: Debt costs and prepayment	(594)
Total	$	229,669





Accrued warranty reserve, March 31, 2024	$	2,926
Accrual for product warranties issued	365
Product replacements and other warranty expenditures	(510)
Expiration of warranties	(109)
Acquired through MiX Combination and FC Acquisition	954
Foreign currency translation difference	(8)
Accrued warranty reserve, March 31, 2025 (1)	$	3,618
Accrual for product warranties issued	544

Product replacements and other warranty expenditures	(821)
Expiration of warranties	(1,245)

Foreign currency translation difference	106
Accrued warranty reserve, March 31, 2026 (1)	$	2,202



(1) Includes non-current accrued warranty included in other long-term liabilities at March 31, 2025 and 2026 of $2,139 and $1,243, respectively.


	March 31, 2025		March 31, 2026
Opening balance	$	60	$	1,324
Assumed in business combination	216		—
Charges	4,673		3,463
Cash payments	(3,604)		(3,580)
Foreign currency translation	(21)		—
Closing balance	$	1,324	$	1,207