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Side-by-side financial comparison of Powerfleet, Inc. (AIOT) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
iRhythm Holdings, Inc. is the larger business by last-quarter revenue ($208.9M vs $113.5M, roughly 1.8× Powerfleet, Inc.). iRhythm Holdings, Inc. runs the higher net margin — 2.7% vs -3.0%, a 5.6% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 6.6%). iRhythm Holdings, Inc. produced more free cash flow last quarter ($14.5M vs $4.9M). Over the past eight quarters, Powerfleet, Inc.'s revenue compounded faster (81.2% CAGR vs 25.8%).
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.
iRhythm Holdings is a digital healthcare company focused on cardiac care, developing and commercializing wearable ambulatory heart monitoring devices paired with AI-powered analytical tools. It primarily serves healthcare providers and patients across the United States, helping to detect undiagnosed arrhythmias such as atrial fibrillation through convenient long-term heart rhythm tracking that delivers actionable clinical insights.
AIOT vs IRTC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.5M | $208.9M |
| Net Profit | $-3.4M | $5.6M |
| Gross Margin | 55.2% | 70.9% |
| Operating Margin | 5.6% | 1.1% |
| Net Margin | -3.0% | 2.7% |
| Revenue YoY | 6.6% | 27.1% |
| Net Profit YoY | 76.6% | 518.5% |
| EPS (diluted) | $-0.03 | $0.18 |
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 | $208.9M | ||
| Q3 25 | $111.7M | $192.9M | ||
| Q2 25 | $104.1M | $186.7M | ||
| Q1 25 | $103.6M | $158.7M | ||
| Q4 24 | $106.4M | $164.3M | ||
| Q3 24 | $77.0M | $147.5M | ||
| Q2 24 | $75.4M | $148.0M | ||
| Q1 24 | — | $131.9M |
| Q4 25 | $-3.4M | $5.6M | ||
| Q3 25 | $-4.3M | $-5.2M | ||
| Q2 25 | $-10.2M | $-14.2M | ||
| Q1 25 | $-12.4M | $-30.7M | ||
| Q4 24 | $-14.3M | $-1.3M | ||
| Q3 24 | $-1.9M | $-46.2M | ||
| Q2 24 | $-22.3M | $-20.1M | ||
| Q1 24 | — | $-45.7M |
| Q4 25 | 55.2% | 70.9% | ||
| Q3 25 | 56.0% | 71.1% | ||
| Q2 25 | 54.2% | 71.2% | ||
| Q1 25 | 52.8% | 68.8% | ||
| Q4 24 | 55.2% | 70.0% | ||
| Q3 24 | 53.7% | 68.8% | ||
| Q2 24 | 52.6% | 69.9% | ||
| Q1 24 | — | 66.3% |
| Q4 25 | 5.6% | 1.1% | ||
| Q3 25 | 3.8% | -4.4% | ||
| Q2 25 | -2.0% | -10.0% | ||
| Q1 25 | -6.7% | -20.5% | ||
| Q4 24 | -1.2% | -2.5% | ||
| Q3 24 | 0.7% | -34.1% | ||
| Q2 24 | -24.2% | -15.5% | ||
| Q1 24 | — | -28.9% |
| Q4 25 | -3.0% | 2.7% | ||
| Q3 25 | -3.8% | -2.7% | ||
| Q2 25 | -9.8% | -7.6% | ||
| Q1 25 | -12.0% | -19.3% | ||
| Q4 24 | -13.5% | -0.8% | ||
| Q3 24 | -2.5% | -31.3% | ||
| Q2 24 | -29.6% | -13.6% | ||
| Q1 24 | — | -34.6% |
| Q4 25 | $-0.03 | $0.18 | ||
| Q3 25 | $-0.03 | $-0.16 | ||
| Q2 25 | $-0.08 | $-0.44 | ||
| Q1 25 | $-0.09 | $-0.97 | ||
| Q4 24 | $-0.11 | $-0.03 | ||
| Q3 24 | $-0.02 | $-1.48 | ||
| Q2 24 | $-0.21 | $-0.65 | ||
| Q1 24 | — | $-1.47 |
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 | $583.8M |
| Total DebtLower is stronger | $237.8M | — |
| Stockholders' EquityBook value | $485.0M | $152.7M |
| Total Assets | $959.5M | $1.0B |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.2M | $583.8M | ||
| Q3 25 | $27.9M | $565.2M | ||
| Q2 25 | $31.2M | $545.5M | ||
| Q1 25 | $44.4M | $520.6M | ||
| Q4 24 | $33.6M | $535.6M | ||
| Q3 24 | $26.0M | $522.0M | ||
| Q2 24 | $30.2M | $561.5M | ||
| Q1 24 | — | $569.1M |
| 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 | $152.7M | ||
| Q3 25 | $468.8M | $121.9M | ||
| Q2 25 | $460.7M | $103.7M | ||
| Q1 25 | $446.6M | $86.7M | ||
| Q4 24 | $458.4M | $90.9M | ||
| Q3 24 | $451.0M | $71.8M | ||
| Q2 24 | $390.4M | $99.2M | ||
| Q1 24 | — | $90.3M |
| Q4 25 | $959.5M | $1.0B | ||
| Q3 25 | $936.9M | $995.2M | ||
| Q2 25 | $930.8M | $964.0M | ||
| Q1 25 | $910.1M | $926.1M | ||
| Q4 24 | $908.7M | $931.4M | ||
| Q3 24 | $748.3M | $909.7M | ||
| Q2 24 | $684.9M | $919.2M | ||
| Q1 24 | — | $909.8M |
| 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 | $26.2M |
| Free Cash FlowOCF − Capex | $4.9M | $14.5M |
| FCF MarginFCF / Revenue | 4.4% | 6.9% |
| Capex IntensityCapex / Revenue | 4.6% | 5.6% |
| Cash ConversionOCF / Net Profit | — | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $12.9M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.2M | $26.2M | ||
| Q3 25 | $5.5M | $34.9M | ||
| Q2 25 | $4.7M | $27.7M | ||
| Q1 25 | $13.5M | $-7.9M | ||
| Q4 24 | $-6.1M | $19.2M | ||
| Q3 24 | $-3.2M | $24.3M | ||
| Q2 24 | $-7.6M | $11.8M | ||
| Q1 24 | — | $-52.0M |
| Q4 25 | $4.9M | $14.5M | ||
| Q3 25 | $1.2M | $20.1M | ||
| Q2 25 | $-3.4M | $17.3M | ||
| Q1 25 | $10.1M | $-17.3M | ||
| Q4 24 | $-12.2M | $12.4M | ||
| Q3 24 | $-8.0M | $15.5M | ||
| Q2 24 | $-13.2M | $3.4M | ||
| Q1 24 | — | $-61.8M |
| Q4 25 | 4.4% | 6.9% | ||
| Q3 25 | 1.1% | 10.4% | ||
| Q2 25 | -3.3% | 9.3% | ||
| Q1 25 | 9.8% | -10.9% | ||
| Q4 24 | -11.5% | 7.5% | ||
| Q3 24 | -10.4% | 10.5% | ||
| Q2 24 | -17.5% | 2.3% | ||
| Q1 24 | — | -46.8% |
| Q4 25 | 4.6% | 5.6% | ||
| Q3 25 | 3.9% | 7.7% | ||
| Q2 25 | 7.8% | 5.6% | ||
| Q1 25 | 3.3% | 5.9% | ||
| Q4 24 | 5.8% | 4.2% | ||
| Q3 24 | 6.3% | 6.0% | ||
| Q2 24 | 7.4% | 5.7% | ||
| Q1 24 | — | 7.4% |
| Q4 25 | — | 4.70× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
IRTC
| Commercial Payors | $111.7M | 53% |
| Centers For Medicare And Medicaid | $49.2M | 24% |
| Healthcare Institutions | $34.3M | 16% |
| Non Contracted Third Party Payors | $13.7M | 7% |
