May. 28 at 2:08 PM
$AIOT AIOT trades at ~1.6x EV/revenue despite Q2 revenue +45% YoY to
$111.7M, services revenue +57% to
$89.3M, and EBITDA +71% to
$24.8M. Services are now ~80-83% of revenue with 77% gross margins and 22% EBITDA margins. EBITDA gross margin expanded 400bps to 68%. Net leverage improved from 3.4x to 2.9x while management realized
$30M+ annualized synergies post-merger. FY26 revenue guidance was raised to
$435-445M. Bulls argue the market still values AIOT like a legacy telematics/hardware company rather than an AI SaaS infrastructure platform. If AIOT rerates from ~1.6x revenue toward 3-5x SaaS-style multiples, valuation could move from sub-
$500M market cap toward
$1.3B-
$2.2B, implying potentially 2x-4x upside.
AIOT is executing a classic SaaS rerate setup: +45% revenue growth, +57% services growth, +71% EBITDA growth, 77% services margins, rising recurring revenue mix, falling leverage, and expanding margins, yet still trades near ~1.6x EV/revenue. Market hasn’t repriced the AI SaaS
