Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net loss	$ (14,522)	$ (24,200)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:
Non-controlling interest	0	18
Inventory reserve	1,182	904
Stock-based compensation expense	4,447	7,300
Depreciation and amortization	31,824	19,399
Right-of-use assets, non-cash lease expense	627	1,515
Derivative mark-to-market adjustment	(786)	(2,197)
Bad debts expense	4,378	4,369
Deferred income taxes	(1,864)	(283)
Shares issued for transaction bonuses	0	889
Lease termination and modification losses	91	184
Other non-cash items	1,564	1,522
Changes in operating assets and liabilities:
Accounts receivables	(7,562)	(12,553)
Inventories	(4,763)	955
Prepaid expenses and other current assets	(984)	(3,009)
Deferred costs	(4,718)	(3,619)
Deferred revenue	(612)	(99)
Accounts payable, accrued expenses and other current liabilities	2,524	(71)
Lease liabilities	(964)	(1,856)
Accrued severance payable, net	381	40
Net cash (used in) provided by operating activities	10,243	(10,792)
Cash flows from investing activities
Acquisition, net of cash assumed	45	27,531
Proceeds from sale of fixed assets	18	217
Capitalized software development costs	(11,491)	(4,676)
Capital expenditures	(12,452)	(10,454)
Repayment of loan advanced to external parties	0	294
Net cash provided by (used in) investing activities	(23,880)	12,912
Cash flows from financing activities
Repayment of long-term debt	(2,710)	(978)
Short-term bank debt, net	(617)	9,955
Purchase of treasury stock upon vesting of restricted stock	0	(2,836)
Payment of preferred stock dividend and redemption of preferred stock	0	(90,298)
Proceeds from private placement, net	0	61,851
Cash paid on dividends to affiliates	0	(6)
Net cash used in financing activities	(3,327)	(22,312)
Effect of foreign exchange rate changes on cash and cash equivalents	657	(436)
Net decrease in cash and cash equivalents, and restricted cash	(16,307)	(20,628)
Cash and cash equivalents, and restricted cash at beginning of the period	48,788	109,664
Cash and cash equivalents, and restricted cash at end of the period	32,481	89,036
Reconciliation of cash and cash equivalents, and restricted cash
Cash and cash equivalents	44,392	24,354
Restricted cash	4,583	63,074
Cash, cash equivalents, and restricted cash	32,481	89,036
Supplemental disclosure of cash flow information:
Taxes	2,914	774
Interest	12,192	6,262
Noncash investing and financing activities:
Common stock issued for transaction bonus	0	9
MiX Telematics
Noncash investing and financing activities:
Shares issued in connection with MiX Combination	$ 0	$ 362,005

Powerfleet, Inc. 10-Q