PowerFleet

Leverage is acceptable at around 2.5 times TTM adjusted EBITDA; total debt was 278 to 280 million dollars with ~37 million dollars cash at June 30, 2026. FY26 operating cash flow rose to 30.5 million dollars, with capital intensity including about 21.6 million in capex and 18.5 million in capitalized software.

H1 FY26 free cash flow was about negative 13.8 million dollars, H2 turned slightly positive (4.1 million), and Q1 FY27 was a 0.5 million dollar use. Debt facilities are diversified (RMB term loans and Hapoalim facilities) and covenants were in compliance. Deloitte issued an unqualified ICFR opinion for FY26, removing a prior risk flag.

Overall, adequate liquidity but not a fortress balance sheet until free cash flow scales materially.