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Side-by-side financial comparison of Powerfleet, Inc. (AIOT) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Powerfleet, Inc. is the larger business by last-quarter revenue ($113.5M vs $92.9M, roughly 1.2× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -3.0%, a 28.0% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 6.6%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $4.9M). Over the past eight quarters, Powerfleet, Inc.'s revenue compounded faster (81.2% CAGR vs 34.6%).
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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
AIOT vs VCEL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.5M | $92.9M |
| Net Profit | $-3.4M | $23.2M |
| Gross Margin | 55.2% | 78.7% |
| Operating Margin | 5.6% | 24.1% |
| Net Margin | -3.0% | 25.0% |
| Revenue YoY | 6.6% | 23.3% |
| Net Profit YoY | 76.6% | 17.3% |
| EPS (diluted) | $-0.03 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $111.7M | $67.5M | ||
| Q2 25 | $104.1M | $63.2M | ||
| Q1 25 | $103.6M | $52.6M | ||
| Q4 24 | $106.4M | $75.4M | ||
| Q3 24 | $77.0M | $57.9M | ||
| Q2 24 | $75.4M | $52.7M | ||
| Q1 24 | — | $51.3M |
| Q4 25 | $-3.4M | $23.2M | ||
| Q3 25 | $-4.3M | $5.1M | ||
| Q2 25 | $-10.2M | $-553.0K | ||
| Q1 25 | $-12.4M | $-11.2M | ||
| Q4 24 | $-14.3M | $19.8M | ||
| Q3 24 | $-1.9M | $-901.0K | ||
| Q2 24 | $-22.3M | $-4.7M | ||
| Q1 24 | — | $-3.9M |
| Q4 25 | 55.2% | 78.7% | ||
| Q3 25 | 56.0% | 73.5% | ||
| Q2 25 | 54.2% | 73.7% | ||
| Q1 25 | 52.8% | 69.0% | ||
| Q4 24 | 55.2% | 77.6% | ||
| Q3 24 | 53.7% | 71.9% | ||
| Q2 24 | 52.6% | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | 5.6% | 24.1% | ||
| Q3 25 | 3.8% | 5.1% | ||
| Q2 25 | -2.0% | -3.2% | ||
| Q1 25 | -6.7% | -24.3% | ||
| Q4 24 | -1.2% | 24.5% | ||
| Q3 24 | 0.7% | -4.3% | ||
| Q2 24 | -24.2% | -11.5% | ||
| Q1 24 | — | -10.7% |
| Q4 25 | -3.0% | 25.0% | ||
| Q3 25 | -3.8% | 7.5% | ||
| Q2 25 | -9.8% | -0.9% | ||
| Q1 25 | -12.0% | -21.4% | ||
| Q4 24 | -13.5% | 26.3% | ||
| Q3 24 | -2.5% | -1.6% | ||
| Q2 24 | -29.6% | -8.9% | ||
| Q1 24 | — | -7.5% |
| Q4 25 | $-0.03 | $0.46 | ||
| Q3 25 | $-0.03 | $0.10 | ||
| Q2 25 | $-0.08 | $-0.01 | ||
| Q1 25 | $-0.09 | $-0.23 | ||
| Q4 24 | $-0.11 | $0.40 | ||
| Q3 24 | $-0.02 | $-0.02 | ||
| Q2 24 | $-0.21 | $-0.10 | ||
| Q1 24 | — | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $237.8M | — |
| Stockholders' EquityBook value | $485.0M | $354.6M |
| Total Assets | $959.5M | $488.0M |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.2M | $137.5M | ||
| Q3 25 | $27.9M | $135.4M | ||
| Q2 25 | $31.2M | $116.9M | ||
| Q1 25 | $44.4M | $112.9M | ||
| Q4 24 | $33.6M | $116.2M | ||
| Q3 24 | $26.0M | $101.7M | ||
| Q2 24 | $30.2M | $102.5M | ||
| Q1 24 | — | $110.6M |
| 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 | $354.6M | ||
| Q3 25 | $468.8M | $321.9M | ||
| Q2 25 | $460.7M | $306.8M | ||
| Q1 25 | $446.6M | $295.5M | ||
| Q4 24 | $458.4M | $292.0M | ||
| Q3 24 | $451.0M | $257.5M | ||
| Q2 24 | $390.4M | $243.0M | ||
| Q1 24 | — | $233.9M |
| Q4 25 | $959.5M | $488.0M | ||
| Q3 25 | $936.9M | $453.3M | ||
| Q2 25 | $930.8M | $435.6M | ||
| Q1 25 | $910.1M | $424.6M | ||
| Q4 24 | $908.7M | $432.7M | ||
| Q3 24 | $748.3M | $390.4M | ||
| Q2 24 | $684.9M | $376.8M | ||
| Q1 24 | — | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | $4.9M | $12.8M |
| FCF MarginFCF / Revenue | 4.4% | 13.8% |
| Capex IntensityCapex / Revenue | 4.6% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $12.9M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.2M | $15.0M | ||
| Q3 25 | $5.5M | $22.1M | ||
| Q2 25 | $4.7M | $8.2M | ||
| Q1 25 | $13.5M | $6.6M | ||
| Q4 24 | $-6.1M | $22.2M | ||
| Q3 24 | $-3.2M | $10.2M | ||
| Q2 24 | $-7.6M | $18.5M | ||
| Q1 24 | — | $7.2M |
| Q4 25 | $4.9M | $12.8M | ||
| Q3 25 | $1.2M | $19.5M | ||
| Q2 25 | $-3.4M | $81.0K | ||
| Q1 25 | $10.1M | $-7.6M | ||
| Q4 24 | $-12.2M | $8.5M | ||
| Q3 24 | $-8.0M | $-9.2M | ||
| Q2 24 | $-13.2M | $1.8M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | 4.4% | 13.8% | ||
| Q3 25 | 1.1% | 28.8% | ||
| Q2 25 | -3.3% | 0.1% | ||
| Q1 25 | 9.8% | -14.5% | ||
| Q4 24 | -11.5% | 11.2% | ||
| Q3 24 | -10.4% | -15.9% | ||
| Q2 24 | -17.5% | 3.4% | ||
| Q1 24 | — | -13.3% |
| Q4 25 | 4.6% | 2.4% | ||
| Q3 25 | 3.9% | 3.9% | ||
| Q2 25 | 7.8% | 12.9% | ||
| Q1 25 | 3.3% | 27.0% | ||
| Q4 24 | 5.8% | 18.3% | ||
| Q3 24 | 6.3% | 33.5% | ||
| Q2 24 | 7.4% | 31.8% | ||
| Q1 24 | — | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
