PowerFleet, Inc. (AIOT) shares surged 15.76% in pre-market trading on Monday, following the release of impressive first-quarter fiscal year 2026 results and the announcement of a major new partnership. The company, which specializes in Internet of Things (IoT) and Artificial Intelligence of Things (AIoT) solutions, demonstrated robust growth and strategic expansion, exciting investors.

PowerFleet reported Q1 revenue of $104.1 million, surpassing the IBES estimate of $103.2 million. The company highlighted a 6% sequential growth in services and significant progress towards its EBITDA expansion targets. This strong financial performance underscores PowerFleet's successful execution of its SaaS (Software as a Service) strategy and its ability to improve profitability.

Adding to the positive momentum, PowerFleet announced a new major partnership with MTN Business to scale AIoT adoption across extensive enterprise operations. This collaboration is expected to significantly expand PowerFleet's market reach and accelerate the adoption of its innovative solutions. The combination of strong financial results and strategic business development has clearly resonated with investors, driving the substantial pre-market stock price increase.