Powerfleet Authorizes $30M Buyback, Shares Rise After Hours

Powerfleet (AIOT) said its board approved a $30 million share repurchase program spanning 24 months. Shares rose in after-hours trading after the announcement.

The company can buy shares through open-market purchases or private transactions. The program does not obligate Powerfleet to acquire any specific number of shares. Timing and volume will depend on market conditions, cash flow, and other factors.

The buyback gives management a tool to return capital to shareholders and signal confidence in the stock's valuation. For a company with a market cap of roughly $300 million, a $30 million authorization represents about 10% of outstanding shares over two years, though actual purchases may fall short of that ceiling.

Powerfleet provides fleet management and IoT solutions, tracking vehicles, assets, and industrial equipment. The company has been working to expand its subscription-based revenue and improve margins.

The repurchase plan begins immediately. Powerfleet will disclose buyback activity in its quarterly filings.