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Side-by-side financial comparison of Powerfleet, Inc. (AIOT) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
VARONIS SYSTEMS INC is the larger business by last-quarter revenue ($173.1M vs $113.5M, roughly 1.5× Powerfleet, Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 6.6%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $4.9M). Over the past eight quarters, Powerfleet, Inc.'s revenue compounded faster (81.2% CAGR vs 15.2%).
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.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
AIOT vs VRNS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $113.5M | $173.1M |
| Net Profit | $-3.4M | — |
| Gross Margin | 55.2% | 76.0% |
| Operating Margin | 5.6% | -1.7% |
| Net Margin | -3.0% | — |
| Revenue YoY | 6.6% | 26.9% |
| 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 | — | $173.1M | ||
| Q4 25 | $113.5M | $173.4M | ||
| Q3 25 | $111.7M | $161.6M | ||
| Q2 25 | $104.1M | $152.2M | ||
| Q1 25 | $103.6M | $136.4M | ||
| Q4 24 | $106.4M | $158.5M | ||
| Q3 24 | $77.0M | $148.1M | ||
| Q2 24 | $75.4M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-3.4M | $-27.8M | ||
| Q3 25 | $-4.3M | $-29.9M | ||
| Q2 25 | $-10.2M | $-35.8M | ||
| Q1 25 | $-12.4M | $-35.8M | ||
| Q4 24 | $-14.3M | $-13.0M | ||
| Q3 24 | $-1.9M | $-18.3M | ||
| Q2 24 | $-22.3M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 55.2% | 78.9% | ||
| Q3 25 | 56.0% | 78.2% | ||
| Q2 25 | 54.2% | 79.5% | ||
| Q1 25 | 52.8% | 78.7% | ||
| Q4 24 | 55.2% | 83.6% | ||
| Q3 24 | 53.7% | 83.8% | ||
| Q2 24 | 52.6% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 5.6% | -17.5% | ||
| Q3 25 | 3.8% | -22.2% | ||
| Q2 25 | -2.0% | -24.0% | ||
| Q1 25 | -6.7% | -32.1% | ||
| Q4 24 | -1.2% | -11.1% | ||
| Q3 24 | 0.7% | -16.0% | ||
| Q2 24 | -24.2% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -3.0% | -16.0% | ||
| Q3 25 | -3.8% | -18.5% | ||
| Q2 25 | -9.8% | -23.5% | ||
| Q1 25 | -12.0% | -26.2% | ||
| Q4 24 | -13.5% | -8.2% | ||
| Q3 24 | -2.5% | -12.4% | ||
| Q2 24 | -29.6% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.03 | $-0.23 | ||
| Q3 25 | $-0.03 | $-0.26 | ||
| Q2 25 | $-0.08 | $-0.32 | ||
| Q1 25 | $-0.09 | $-0.32 | ||
| Q4 24 | $-0.11 | $-0.12 | ||
| Q3 24 | $-0.02 | $-0.16 | ||
| Q2 24 | $-0.21 | $-0.21 |
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 | $179.3M |
| Total DebtLower is stronger | $237.8M | — |
| Stockholders' EquityBook value | $485.0M | $453.5M |
| Total Assets | $959.5M | $1.6B |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $31.2M | $883.7M | ||
| Q3 25 | $27.9M | $671.3M | ||
| Q2 25 | $31.2M | $770.9M | ||
| Q1 25 | $44.4M | $567.6M | ||
| Q4 24 | $33.6M | $529.0M | ||
| Q3 24 | $26.0M | $844.8M | ||
| Q2 24 | $30.2M | $582.5M |
| Q1 26 | — | — | ||
| 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 26 | — | $453.5M | ||
| Q4 25 | $485.0M | $598.7M | ||
| Q3 25 | $468.8M | $604.8M | ||
| Q2 25 | $460.7M | $341.5M | ||
| Q1 25 | $446.6M | $367.7M | ||
| Q4 24 | $458.4M | $455.7M | ||
| Q3 24 | $451.0M | $428.6M | ||
| Q2 24 | $390.4M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $959.5M | $1.8B | ||
| Q3 25 | $936.9M | $1.7B | ||
| Q2 25 | $930.8M | $1.6B | ||
| Q1 25 | $910.1M | $1.6B | ||
| Q4 24 | $908.7M | $1.7B | ||
| Q3 24 | $748.3M | $1.5B | ||
| Q2 24 | $684.9M | $1.1B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $55.0M |
| Free Cash FlowOCF − Capex | $4.9M | $49.0M |
| FCF MarginFCF / Revenue | 4.4% | 28.3% |
| Capex IntensityCapex / Revenue | 4.6% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $12.9M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $10.2M | $24.7M | ||
| Q3 25 | $5.5M | $33.4M | ||
| Q2 25 | $4.7M | $21.3M | ||
| Q1 25 | $13.5M | $68.0M | ||
| Q4 24 | $-6.1M | $24.3M | ||
| Q3 24 | $-3.2M | $22.5M | ||
| Q2 24 | $-7.6M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $4.9M | $20.7M | ||
| Q3 25 | $1.2M | $30.4M | ||
| Q2 25 | $-3.4M | $18.0M | ||
| Q1 25 | $10.1M | $65.7M | ||
| Q4 24 | $-12.2M | $19.9M | ||
| Q3 24 | $-8.0M | $21.3M | ||
| Q2 24 | $-13.2M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 4.4% | 12.0% | ||
| Q3 25 | 1.1% | 18.8% | ||
| Q2 25 | -3.3% | 11.8% | ||
| Q1 25 | 9.8% | 48.1% | ||
| Q4 24 | -11.5% | 12.6% | ||
| Q3 24 | -10.4% | 14.4% | ||
| Q2 24 | -17.5% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.6% | 2.3% | ||
| Q3 25 | 3.9% | 1.8% | ||
| Q2 25 | 7.8% | 2.2% | ||
| Q1 25 | 3.3% | 1.7% | ||
| Q4 24 | 5.8% | 2.7% | ||
| Q3 24 | 6.3% | 0.8% | ||
| Q2 24 | 7.4% | 0.6% |
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% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
