AIOT · investment memo
The screen's max(own, industry median), retained. Corroborated FORWARD rather than assumed: FY2027 guided net income of $4-8m implies EBIT of ~$41m on $487.5m of revenue, i.e. ~8.4%.
Four distinct questions, one field each. A price is not a thesis: the trigger below forces a re-underwrite and freezes further purchases — it is never an automatic sell.
A daily close below $3.33 triggers a mandatory re-underwrite and freezes further purchases. It is not an automatic sell unless a separate fundamental invalidation condition has been breached.
Fundamental and falsifiable, never price-based. If one is satisfied the thesis is marked dead and the position is retained only by explicit decision.
Not a volatility figure. The named cause is a reflexive goodwill-impairment and refinancing spiral in which the share price is itself the trigger. The chain, each link filed: 1. Powerfleet carries $412.0m of goodwill and $255.5m of intangibles — 69.9% of total assets — against $475.5m of book equity and −$192.0m of tangible book. 2. Goodwill sits in one reporting unit, so there is no segment to fail in isolation. The test is whole-company fair value against carrying value. 3. The test has already been triggered once by the share price. In the quarter ended 2026-03-31 the decline in market capi