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Side-by-side financial comparison of Powerfleet, Inc. (AIOT) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
Powerfleet, Inc. is the larger business by last-quarter revenue ($113.5M vs $101.1M, roughly 1.1× FORRESTER RESEARCH, INC.). Powerfleet, Inc. runs the higher net margin — -3.0% vs -33.5%, a 30.6% gap on every dollar of revenue. On growth, Powerfleet, Inc. posted the faster year-over-year revenue change (6.6% vs -6.5%). Powerfleet, Inc. produced more free cash flow last quarter ($4.9M vs $-4.3M). Over the past eight quarters, Powerfleet, Inc.'s revenue compounded faster (81.2% CAGR vs 0.5%).
Powerfleet, Inc. is an American company headquartered in Woodcliff Lake, New Jersey, that operates as a global provider of IoT and M2M solutions for securing, controlling, and tracking high-value enterprise assets. The company is a provider in the international telematics industry, providing fleet management, asset tracking, freight visibility, and driver behavior monitoring for industrial trucks, vehicle fleets, and shipping containers.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
AIOT vs FORR — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.5M | $101.1M |
| Net Profit | $-3.4M | $-33.9M |
| Gross Margin | 55.2% | 56.7% |
| Operating Margin | 5.6% | -36.6% |
| Net Margin | -3.0% | -33.5% |
| Revenue YoY | 6.6% | -6.5% |
| Net Profit YoY | 76.6% | -7941.4% |
| EPS (diluted) | $-0.03 | $-1.75 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $113.5M | $101.1M | ||
| Q3 25 | $111.7M | $94.3M | ||
| Q2 25 | $104.1M | $111.7M | ||
| Q1 25 | $103.6M | $89.9M | ||
| Q4 24 | $106.4M | $108.0M | ||
| Q3 24 | $77.0M | $102.5M | ||
| Q2 24 | $75.4M | $121.8M | ||
| Q1 24 | — | $100.1M |
| Q4 25 | $-3.4M | $-33.9M | ||
| Q3 25 | $-4.3M | $-2.1M | ||
| Q2 25 | $-10.2M | $3.9M | ||
| Q1 25 | $-12.4M | $-87.3M | ||
| Q4 24 | $-14.3M | $432.0K | ||
| Q3 24 | $-1.9M | $-5.8M | ||
| Q2 24 | $-22.3M | $6.3M | ||
| Q1 24 | — | $-6.7M |
| Q4 25 | 55.2% | 56.7% | ||
| Q3 25 | 56.0% | 60.0% | ||
| Q2 25 | 54.2% | 55.5% | ||
| Q1 25 | 52.8% | 55.9% | ||
| Q4 24 | 55.2% | 58.8% | ||
| Q3 24 | 53.7% | 60.5% | ||
| Q2 24 | 52.6% | 57.3% | ||
| Q1 24 | — | 54.9% |
| Q4 25 | 5.6% | -36.6% | ||
| Q3 25 | 3.8% | 4.7% | ||
| Q2 25 | -2.0% | 6.2% | ||
| Q1 25 | -6.7% | -97.5% | ||
| Q4 24 | -1.2% | -0.5% | ||
| Q3 24 | 0.7% | -0.7% | ||
| Q2 24 | -24.2% | 9.3% | ||
| Q1 24 | — | -9.3% |
| Q4 25 | -3.0% | -33.5% | ||
| Q3 25 | -3.8% | -2.3% | ||
| Q2 25 | -9.8% | 3.5% | ||
| Q1 25 | -12.0% | -97.1% | ||
| Q4 24 | -13.5% | 0.4% | ||
| Q3 24 | -2.5% | -5.7% | ||
| Q2 24 | -29.6% | 5.2% | ||
| Q1 24 | — | -6.7% |
| Q4 25 | $-0.03 | $-1.75 | ||
| Q3 25 | $-0.03 | $-0.11 | ||
| Q2 25 | $-0.08 | $0.20 | ||
| Q1 25 | $-0.09 | $-4.62 | ||
| Q4 24 | $-0.11 | $0.02 | ||
| Q3 24 | $-0.02 | $-0.30 | ||
| Q2 24 | $-0.21 | $0.33 | ||
| Q1 24 | — | $-0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $31.2M | $63.3M |
| Total DebtLower is stronger | $237.8M | — |
| Stockholders' EquityBook value | $485.0M | $126.5M |
| Total Assets | $959.5M | $404.0M |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.2M | $63.3M | ||
| Q3 25 | $27.9M | $65.1M | ||
| Q2 25 | $31.2M | $67.8M | ||
| Q1 25 | $44.4M | $75.6M | ||
| Q4 24 | $33.6M | $56.1M | ||
| Q3 24 | $26.0M | $62.8M | ||
| Q2 24 | $30.2M | $58.9M | ||
| Q1 24 | — | $61.4M |
| Q4 25 | $237.8M | — | ||
| Q3 25 | $238.2M | — | ||
| Q2 25 | $239.0M | — | ||
| Q1 25 | $237.5M | — | ||
| Q4 24 | $238.5M | — | ||
| Q3 24 | $113.6M | — | ||
| Q2 24 | $113.7M | — | ||
| Q1 24 | — | — |
| Q4 25 | $485.0M | $126.5M | ||
| Q3 25 | $468.8M | $157.7M | ||
| Q2 25 | $460.7M | $159.5M | ||
| Q1 25 | $446.6M | $147.4M | ||
| Q4 24 | $458.4M | $229.5M | ||
| Q3 24 | $451.0M | $234.3M | ||
| Q2 24 | $390.4M | $237.1M | ||
| Q1 24 | — | $230.9M |
| Q4 25 | $959.5M | $404.0M | ||
| Q3 25 | $936.9M | $414.2M | ||
| Q2 25 | $930.8M | $436.0M | ||
| Q1 25 | $910.1M | $439.8M | ||
| Q4 24 | $908.7M | $503.9M | ||
| Q3 24 | $748.3M | $505.3M | ||
| Q2 24 | $684.9M | $524.2M | ||
| Q1 24 | — | $555.7M |
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.52× | — | ||
| Q3 24 | 0.25× | — | ||
| Q2 24 | 0.29× | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $10.2M | $-3.2M |
| Free Cash FlowOCF − Capex | $4.9M | $-4.3M |
| FCF MarginFCF / Revenue | 4.4% | -4.2% |
| Capex IntensityCapex / Revenue | 4.6% | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $12.9M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.2M | $-3.2M | ||
| Q3 25 | $5.5M | $1.2M | ||
| Q2 25 | $4.7M | $-3.6M | ||
| Q1 25 | $13.5M | $26.7M | ||
| Q4 24 | $-6.1M | $-1.8M | ||
| Q3 24 | $-3.2M | $264.0K | ||
| Q2 24 | $-7.6M | $-2.9M | ||
| Q1 24 | — | $611.0K |
| Q4 25 | $4.9M | $-4.3M | ||
| Q3 25 | $1.2M | $524.0K | ||
| Q2 25 | $-3.4M | $-4.2M | ||
| Q1 25 | $10.1M | $26.1M | ||
| Q4 24 | $-12.2M | $-2.5M | ||
| Q3 24 | $-8.0M | $-223.0K | ||
| Q2 24 | $-13.2M | $-3.7M | ||
| Q1 24 | — | $-815.0K |
| Q4 25 | 4.4% | -4.2% | ||
| Q3 25 | 1.1% | 0.6% | ||
| Q2 25 | -3.3% | -3.8% | ||
| Q1 25 | 9.8% | 29.0% | ||
| Q4 24 | -11.5% | -2.3% | ||
| Q3 24 | -10.4% | -0.2% | ||
| Q2 24 | -17.5% | -3.1% | ||
| Q1 24 | — | -0.8% |
| Q4 25 | 4.6% | 1.1% | ||
| Q3 25 | 3.9% | 0.7% | ||
| Q2 25 | 7.8% | 0.5% | ||
| Q1 25 | 3.3% | 0.7% | ||
| Q4 24 | 5.8% | 0.6% | ||
| Q3 24 | 6.3% | 0.5% | ||
| Q2 24 | 7.4% | 0.7% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AIOT
| Services | $91.1M | 80% |
| Products | $22.4M | 20% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
