Eroad (NZE:ERD, ASX:ERD) reported an impairment of up to NZ$150 million on intangible assets related to its North American operations, reflecting ongoing challenges in the region's telematics market, according to a Friday filing with the New Zealand and Australian bourses.

Consequently, the company lowered its fiscal 2026 revenue forecast to between NZ$197 million and NZ$203 million, with annualized recurring revenue guidance revised down to NZ$175 million to NZ$183 million, compared with prior expectations of over NZ$205 million and NZ$188 million, respectively, per the filing.

In the same filing, the company said it appointed John Scott as executive chair, effective immediately, succeeding Susan Paterson, who will return as director and chair of the people and culture committee.

Additionally, Mark Heine will assume the role of chief executive, while Co-CEO David Kenneson will step down on Oct. 31 to pursue new career opportunities.

The fleet management platform provider's New Zealand shares tumbled 20% in recent Friday trade.