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Side-by-side financial comparison of Powerfleet, Inc. (AIOT) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $113.5M, roughly 1.3× Powerfleet, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -3.0%, a 8.4% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 6.6%). Powerfleet, Inc. produced more free cash flow last quarter ($4.9M vs $-11.3M). Over the past eight quarters, Powerfleet, Inc.'s revenue compounded faster (81.2% CAGR vs 27.8%).
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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
AIOT vs SHLS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.5M | $148.3M |
| Net Profit | $-3.4M | $8.1M |
| Gross Margin | 55.2% | 31.6% |
| Operating Margin | 5.6% | 11.7% |
| Net Margin | -3.0% | 5.5% |
| Revenue YoY | 6.6% | 38.6% |
| Net Profit YoY | 76.6% | 3.9% |
| EPS (diluted) | $-0.03 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $111.7M | $135.8M | ||
| Q2 25 | $104.1M | $110.8M | ||
| Q1 25 | $103.6M | $80.4M | ||
| Q4 24 | $106.4M | $107.0M | ||
| Q3 24 | $77.0M | $102.2M | ||
| Q2 24 | $75.4M | $99.2M | ||
| Q1 24 | — | $90.8M |
| Q4 25 | $-3.4M | $8.1M | ||
| Q3 25 | $-4.3M | $11.9M | ||
| Q2 25 | $-10.2M | $13.9M | ||
| Q1 25 | $-12.4M | $-282.0K | ||
| Q4 24 | $-14.3M | $7.8M | ||
| Q3 24 | $-1.9M | $-267.0K | ||
| Q2 24 | $-22.3M | $11.8M | ||
| Q1 24 | — | $4.8M |
| Q4 25 | 55.2% | 31.6% | ||
| Q3 25 | 56.0% | 37.0% | ||
| Q2 25 | 54.2% | 37.2% | ||
| Q1 25 | 52.8% | 35.0% | ||
| Q4 24 | 55.2% | 37.6% | ||
| Q3 24 | 53.7% | 24.8% | ||
| Q2 24 | 52.6% | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | 5.6% | 11.7% | ||
| Q3 25 | 3.8% | 13.7% | ||
| Q2 25 | -2.0% | 14.4% | ||
| Q1 25 | -6.7% | 5.4% | ||
| Q4 24 | -1.2% | 15.4% | ||
| Q3 24 | 0.7% | 4.4% | ||
| Q2 24 | -24.2% | 18.7% | ||
| Q1 24 | — | 12.8% |
| Q4 25 | -3.0% | 5.5% | ||
| Q3 25 | -3.8% | 8.7% | ||
| Q2 25 | -9.8% | 12.5% | ||
| Q1 25 | -12.0% | -0.4% | ||
| Q4 24 | -13.5% | 7.3% | ||
| Q3 24 | -2.5% | -0.3% | ||
| Q2 24 | -29.6% | 11.9% | ||
| Q1 24 | — | 5.3% |
| Q4 25 | $-0.03 | $0.05 | ||
| Q3 25 | $-0.03 | $0.07 | ||
| Q2 25 | $-0.08 | $0.08 | ||
| Q1 25 | $-0.09 | $0.00 | ||
| Q4 24 | $-0.11 | $0.04 | ||
| Q3 24 | $-0.02 | $0.00 | ||
| Q2 24 | $-0.21 | $0.07 | ||
| Q1 24 | — | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | $237.8M | — |
| Stockholders' EquityBook value | $485.0M | $600.0M |
| Total Assets | $959.5M | $904.1M |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.2M | $7.3M | ||
| Q3 25 | $27.9M | $8.6M | ||
| Q2 25 | $31.2M | $4.7M | ||
| Q1 25 | $44.4M | $35.6M | ||
| Q4 24 | $33.6M | $23.5M | ||
| Q3 24 | $26.0M | $11.1M | ||
| Q2 24 | $30.2M | $3.2M | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $237.8M | — | ||
| Q3 25 | $238.2M | — | ||
| Q2 25 | $239.0M | — | ||
| Q1 25 | $237.5M | $141.8M | ||
| Q4 24 | $238.5M | $141.8M | ||
| Q3 24 | $113.6M | $141.8M | ||
| Q2 24 | $113.7M | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $485.0M | $600.0M | ||
| Q3 25 | $468.8M | $589.6M | ||
| Q2 25 | $460.7M | $575.4M | ||
| Q1 25 | $446.6M | $558.9M | ||
| Q4 24 | $458.4M | $556.8M | ||
| Q3 24 | $451.0M | $545.2M | ||
| Q2 24 | $390.4M | $544.6M | ||
| Q1 24 | — | $554.0M |
| Q4 25 | $959.5M | $904.1M | ||
| Q3 25 | $936.9M | $851.8M | ||
| Q2 25 | $930.8M | $795.0M | ||
| Q1 25 | $910.1M | $788.4M | ||
| Q4 24 | $908.7M | $793.1M | ||
| Q3 24 | $748.3M | $801.3M | ||
| Q2 24 | $684.9M | $788.4M | ||
| Q1 24 | — | $825.3M |
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | 0.25× | ||
| Q4 24 | 0.52× | 0.25× | ||
| Q3 24 | 0.25× | 0.26× | ||
| Q2 24 | 0.29× | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $4.9M | $-11.3M |
| FCF MarginFCF / Revenue | 4.4% | -7.6% |
| Capex IntensityCapex / Revenue | 4.6% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $12.9M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.2M | $-4.1M | ||
| Q3 25 | $5.5M | $19.4M | ||
| Q2 25 | $4.7M | $-13.8M | ||
| Q1 25 | $13.5M | $15.6M | ||
| Q4 24 | $-6.1M | $14.0M | ||
| Q3 24 | $-3.2M | $15.7M | ||
| Q2 24 | $-7.6M | $37.8M | ||
| Q1 24 | — | $12.9M |
| Q4 25 | $4.9M | $-11.3M | ||
| Q3 25 | $1.2M | $9.0M | ||
| Q2 25 | $-3.4M | $-26.0M | ||
| Q1 25 | $10.1M | $12.3M | ||
| Q4 24 | $-12.2M | $12.5M | ||
| Q3 24 | $-8.0M | $13.3M | ||
| Q2 24 | $-13.2M | $35.8M | ||
| Q1 24 | — | $10.4M |
| Q4 25 | 4.4% | -7.6% | ||
| Q3 25 | 1.1% | 6.6% | ||
| Q2 25 | -3.3% | -23.5% | ||
| Q1 25 | 9.8% | 15.4% | ||
| Q4 24 | -11.5% | 11.6% | ||
| Q3 24 | -10.4% | 13.0% | ||
| Q2 24 | -17.5% | 36.1% | ||
| Q1 24 | — | 11.4% |
| Q4 25 | 4.6% | 4.8% | ||
| Q3 25 | 3.9% | 7.7% | ||
| Q2 25 | 7.8% | 11.0% | ||
| Q1 25 | 3.3% | 4.0% | ||
| Q4 24 | 5.8% | 1.4% | ||
| Q3 24 | 6.3% | 2.3% | ||
| Q2 24 | 7.4% | 2.0% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
