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Side-by-side financial comparison of Powerfleet, Inc. (AIOT) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $113.5M, roughly 1.9× Powerfleet, Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -3.0%, a 12.8% gap on every dollar of revenue. On growth, Powerfleet, Inc. posted the faster year-over-year revenue change (6.6% vs 1.9%). Over the past eight quarters, Powerfleet, Inc.'s revenue compounded faster (81.2% CAGR vs 4.4%).
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.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
AIOT vs IRDM — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $113.5M | $219.1M |
| Net Profit | $-3.4M | $21.6M |
| Gross Margin | 55.2% | — |
| Operating Margin | 5.6% | 23.2% |
| Net Margin | -3.0% | 9.9% |
| Revenue YoY | 6.6% | 1.9% |
| Net Profit YoY | 76.6% | — |
| EPS (diluted) | $-0.03 | — |
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.
| Q1 26 | — | $219.1M | ||
| Q4 25 | $113.5M | $212.9M | ||
| Q3 25 | $111.7M | $226.9M | ||
| Q2 25 | $104.1M | $216.9M | ||
| Q1 25 | $103.6M | $214.9M | ||
| Q4 24 | $106.4M | $213.0M | ||
| Q3 24 | $77.0M | $212.8M | ||
| Q2 24 | $75.4M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $-3.4M | $24.9M | ||
| Q3 25 | $-4.3M | $37.1M | ||
| Q2 25 | $-10.2M | $22.0M | ||
| Q1 25 | $-12.4M | $30.4M | ||
| Q4 24 | $-14.3M | $36.3M | ||
| Q3 24 | $-1.9M | $24.4M | ||
| Q2 24 | $-22.3M | $32.3M |
| Q1 26 | — | — | ||
| Q4 25 | 55.2% | — | ||
| Q3 25 | 56.0% | — | ||
| Q2 25 | 54.2% | — | ||
| Q1 25 | 52.8% | — | ||
| Q4 24 | 55.2% | — | ||
| Q3 24 | 53.7% | — | ||
| Q2 24 | 52.6% | — |
| Q1 26 | — | 23.2% | ||
| Q4 25 | 5.6% | 25.9% | ||
| Q3 25 | 3.8% | 30.9% | ||
| Q2 25 | -2.0% | 23.2% | ||
| Q1 25 | -6.7% | 28.1% | ||
| Q4 24 | -1.2% | 24.5% | ||
| Q3 24 | 0.7% | 25.8% | ||
| Q2 24 | -24.2% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | -3.0% | 11.7% | ||
| Q3 25 | -3.8% | 16.4% | ||
| Q2 25 | -9.8% | 10.1% | ||
| Q1 25 | -12.0% | 14.2% | ||
| Q4 24 | -13.5% | 17.1% | ||
| Q3 24 | -2.5% | 11.5% | ||
| Q2 24 | -29.6% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.03 | $0.24 | ||
| Q3 25 | $-0.03 | $0.35 | ||
| Q2 25 | $-0.08 | $0.20 | ||
| Q1 25 | $-0.09 | $0.27 | ||
| Q4 24 | $-0.11 | $0.30 | ||
| Q3 24 | $-0.02 | $0.21 | ||
| Q2 24 | $-0.21 | $0.27 |
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 | — |
| Total DebtLower is stronger | $237.8M | — |
| Stockholders' EquityBook value | $485.0M | — |
| Total Assets | $959.5M | — |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $31.2M | $96.5M | ||
| Q3 25 | $27.9M | $88.5M | ||
| Q2 25 | $31.2M | $79.3M | ||
| Q1 25 | $44.4M | $50.9M | ||
| Q4 24 | $33.6M | $93.5M | ||
| Q3 24 | $26.0M | $159.6M | ||
| Q2 24 | $30.2M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | $237.8M | $1.8B | ||
| Q3 25 | $238.2M | — | ||
| Q2 25 | $239.0M | — | ||
| Q1 25 | $237.5M | — | ||
| Q4 24 | $238.5M | $1.8B | ||
| Q3 24 | $113.6M | — | ||
| Q2 24 | $113.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | $485.0M | $462.6M | ||
| Q3 25 | $468.8M | $450.5M | ||
| Q2 25 | $460.7M | $473.6M | ||
| Q1 25 | $446.6M | $518.4M | ||
| Q4 24 | $458.4M | $576.6M | ||
| Q3 24 | $451.0M | $663.8M | ||
| Q2 24 | $390.4M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $959.5M | $2.5B | ||
| Q3 25 | $936.9M | $2.6B | ||
| Q2 25 | $930.8M | $2.6B | ||
| Q1 25 | $910.1M | $2.6B | ||
| Q4 24 | $908.7M | $2.7B | ||
| Q3 24 | $748.3M | $2.8B | ||
| Q2 24 | $684.9M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.49× | 3.80× | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.52× | 3.05× | ||
| Q3 24 | 0.25× | — | ||
| Q2 24 | 0.29× | — |
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 | — |
| Free Cash FlowOCF − Capex | $4.9M | — |
| FCF MarginFCF / Revenue | 4.4% | — |
| Capex IntensityCapex / Revenue | 4.6% | 13.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $12.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $10.2M | $108.6M | ||
| Q3 25 | $5.5M | $100.8M | ||
| Q2 25 | $4.7M | $129.6M | ||
| Q1 25 | $13.5M | $61.1M | ||
| Q4 24 | $-6.1M | $104.8M | ||
| Q3 24 | $-3.2M | $118.6M | ||
| Q2 24 | $-7.6M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $4.9M | $75.1M | ||
| Q3 25 | $1.2M | $79.2M | ||
| Q2 25 | $-3.4M | $108.9M | ||
| Q1 25 | $10.1M | $36.5M | ||
| Q4 24 | $-12.2M | $80.5M | ||
| Q3 24 | $-8.0M | $100.0M | ||
| Q2 24 | $-13.2M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | 4.4% | 35.3% | ||
| Q3 25 | 1.1% | 34.9% | ||
| Q2 25 | -3.3% | 50.2% | ||
| Q1 25 | 9.8% | 17.0% | ||
| Q4 24 | -11.5% | 37.8% | ||
| Q3 24 | -10.4% | 47.0% | ||
| Q2 24 | -17.5% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 4.6% | 15.7% | ||
| Q3 25 | 3.9% | 9.5% | ||
| Q2 25 | 7.8% | 9.5% | ||
| Q1 25 | 3.3% | 11.4% | ||
| Q4 24 | 5.8% | 11.4% | ||
| Q3 24 | 6.3% | 8.7% | ||
| Q2 24 | 7.4% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.37× | ||
| Q3 25 | — | 2.71× | ||
| Q2 25 | — | 5.90× | ||
| Q1 25 | — | 2.01× | ||
| Q4 24 | — | 2.88× | ||
| Q3 24 | — | 4.85× | ||
| Q2 24 | — | 2.51× |
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% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
