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Side-by-side financial comparison of Powerfleet, Inc. (AIOT) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Mayville Engineering Company, Inc. is the larger business by last-quarter revenue ($134.3M vs $113.5M, roughly 1.2× Powerfleet, Inc.). Powerfleet, Inc. runs the higher net margin — -3.0% vs -3.2%, a 0.3% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs 6.6%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $4.9M). Over the past eight quarters, Powerfleet, Inc.'s revenue compounded faster (81.2% CAGR vs -8.8%).
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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
AIOT vs MEC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.5M | $134.3M |
| Net Profit | $-3.4M | $-4.4M |
| Gross Margin | 55.2% | 6.8% |
| Operating Margin | 5.6% | -4.1% |
| Net Margin | -3.0% | -3.2% |
| Revenue YoY | 6.6% | 10.7% |
| Net Profit YoY | 76.6% | -127.3% |
| EPS (diluted) | $-0.03 | $-0.22 |
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 | $134.3M | ||
| Q3 25 | $111.7M | $144.3M | ||
| Q2 25 | $104.1M | $132.3M | ||
| Q1 25 | $103.6M | $135.6M | ||
| Q4 24 | $106.4M | $121.3M | ||
| Q3 24 | $77.0M | $135.4M | ||
| Q2 24 | $75.4M | $163.6M | ||
| Q1 24 | — | $161.3M |
| Q4 25 | $-3.4M | $-4.4M | ||
| Q3 25 | $-4.3M | $-2.7M | ||
| Q2 25 | $-10.2M | $-1.1M | ||
| Q1 25 | $-12.4M | $20.0K | ||
| Q4 24 | $-14.3M | $16.0M | ||
| Q3 24 | $-1.9M | $3.0M | ||
| Q2 24 | $-22.3M | $3.8M | ||
| Q1 24 | — | $3.2M |
| Q4 25 | 55.2% | 6.8% | ||
| Q3 25 | 56.0% | 11.0% | ||
| Q2 25 | 54.2% | 10.3% | ||
| Q1 25 | 52.8% | 11.3% | ||
| Q4 24 | 55.2% | 8.9% | ||
| Q3 24 | 53.7% | 12.6% | ||
| Q2 24 | 52.6% | 13.6% | ||
| Q1 24 | — | 13.0% |
| Q4 25 | 5.6% | -4.1% | ||
| Q3 25 | 3.8% | 0.0% | ||
| Q2 25 | -2.0% | 0.1% | ||
| Q1 25 | -6.7% | 1.2% | ||
| Q4 24 | -1.2% | 19.0% | ||
| Q3 24 | 0.7% | 4.2% | ||
| Q2 24 | -24.2% | 5.0% | ||
| Q1 24 | — | 4.7% |
| Q4 25 | -3.0% | -3.2% | ||
| Q3 25 | -3.8% | -1.9% | ||
| Q2 25 | -9.8% | -0.8% | ||
| Q1 25 | -12.0% | 0.0% | ||
| Q4 24 | -13.5% | 13.2% | ||
| Q3 24 | -2.5% | 2.2% | ||
| Q2 24 | -29.6% | 2.3% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | $-0.03 | $-0.22 | ||
| Q3 25 | $-0.03 | $-0.13 | ||
| Q2 25 | $-0.08 | $-0.05 | ||
| Q1 25 | $-0.09 | $0.00 | ||
| Q4 24 | $-0.11 | $0.76 | ||
| Q3 24 | $-0.02 | $0.14 | ||
| Q2 24 | $-0.21 | $0.18 | ||
| Q1 24 | — | $0.16 |
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 | $1.5M |
| Total DebtLower is stronger | $237.8M | — |
| Stockholders' EquityBook value | $485.0M | $240.7M |
| Total Assets | $959.5M | $563.6M |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.2M | $1.5M | ||
| Q3 25 | $27.9M | $1.2M | ||
| Q2 25 | $31.2M | $206.0K | ||
| Q1 25 | $44.4M | $183.0K | ||
| Q4 24 | $33.6M | $206.0K | ||
| Q3 24 | $26.0M | $178.0K | ||
| Q2 24 | $30.2M | $314.0K | ||
| Q1 24 | — | $314.0K |
| 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 | $240.7M | ||
| Q3 25 | $468.8M | $244.8M | ||
| Q2 25 | $460.7M | $246.8M | ||
| Q1 25 | $446.6M | $250.0M | ||
| Q4 24 | $458.4M | $251.8M | ||
| Q3 24 | $451.0M | $238.4M | ||
| Q2 24 | $390.4M | $238.1M | ||
| Q1 24 | — | $234.0M |
| Q4 25 | $959.5M | $563.6M | ||
| Q3 25 | $936.9M | $585.6M | ||
| Q2 25 | $930.8M | $433.7M | ||
| Q1 25 | $910.1M | $447.7M | ||
| Q4 24 | $908.7M | $445.6M | ||
| Q3 24 | $748.3M | $466.0M | ||
| Q2 24 | $684.9M | $488.2M | ||
| Q1 24 | — | $499.9M |
| 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 | $13.4M |
| Free Cash FlowOCF − Capex | $4.9M | $10.2M |
| FCF MarginFCF / Revenue | 4.4% | 7.6% |
| Capex IntensityCapex / Revenue | 4.6% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $12.9M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.2M | $13.4M | ||
| Q3 25 | $5.5M | $1.9M | ||
| Q2 25 | $4.7M | $15.0M | ||
| Q1 25 | $13.5M | $8.3M | ||
| Q4 24 | $-6.1M | $38.0M | ||
| Q3 24 | $-3.2M | $17.9M | ||
| Q2 24 | $-7.6M | $23.3M | ||
| Q1 24 | — | $10.6M |
| Q4 25 | $4.9M | $10.2M | ||
| Q3 25 | $1.2M | $-1.1M | ||
| Q2 25 | $-3.4M | $12.5M | ||
| Q1 25 | $10.1M | $5.4M | ||
| Q4 24 | $-12.2M | $35.6M | ||
| Q3 24 | $-8.0M | $15.1M | ||
| Q2 24 | $-13.2M | $19.2M | ||
| Q1 24 | — | $7.8M |
| Q4 25 | 4.4% | 7.6% | ||
| Q3 25 | 1.1% | -0.8% | ||
| Q2 25 | -3.3% | 9.5% | ||
| Q1 25 | 9.8% | 4.0% | ||
| Q4 24 | -11.5% | 29.4% | ||
| Q3 24 | -10.4% | 11.1% | ||
| Q2 24 | -17.5% | 11.7% | ||
| Q1 24 | — | 4.9% |
| Q4 25 | 4.6% | 2.4% | ||
| Q3 25 | 3.9% | 2.1% | ||
| Q2 25 | 7.8% | 1.8% | ||
| Q1 25 | 3.3% | 2.2% | ||
| Q4 24 | 5.8% | 1.9% | ||
| Q3 24 | 6.3% | 2.1% | ||
| Q2 24 | 7.4% | 2.5% | ||
| Q1 24 | — | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | — | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
