Inseego Corp. Reports Q4 and Full Year 2024 Financial Results

Inseego Corp., a technology leader in 5G mobile and fixed wireless solutions, has released its financial results for the fourth quarter and full year ending December 31, 2024. The company has shown significant progress in its financial and operational performance, highlighted by key metrics and strategic initiatives.

Financial Highlights

Inseego reported a revenue of $48.1 million for Q4 2024, with a full-year revenue of $191.2 million. The company achieved a positive Adjusted EBITDA of $5.4 million for the quarter and $20.5 million for the full year. The GAAP gross margin for Q4 2024 was 37.3%, and 36.0% for the full year. Despite some challenges, the company managed to post a GAAP operating income of $1.8 million for Q4 2024.

Business and Operational Highlights

Inseego completed the sale of its telematics business for $52.7 million in cash, which significantly improved its liquidity. The company also achieved its highest quarterly MiFi X PRO sales with a major North American carrier, and received an award letter from a large service provider for its next-generation indoor FWA device. Additionally, Inseego executed a large FWA order with a major Internet Service Provider and completed a transaction with a global medical device manufacturer to enhance patient outcomes.

Strategic Initiatives and Corporate Developments

Inseego undertook significant capital structure improvements by completing a debt restructuring initiative. The company exchanged $91.5 million of its 3.25% convertible notes due 2025 for long-term debt and equity, reducing its outstanding convertible notes by approximately 91%. This restructuring provided the company with additional liquidity and flexibility to drive future growth.

Management's Perspective

Juho Sarvikas, the newly appointed CEO, expressed optimism about the company's future, emphasizing the positive operational performance in Q4 2024. He highlighted the company's focus on expanding its solution portfolio and customer base to drive long-term growth. CFO Steven Gatoff also commented on the successful restructuring of convertible notes and the sale of the telematics business, which have right-sized the company's capital structure.

Future Outlook

For Q1 2025, Inseego has provided guidance with total revenue expected to be in the range of $30.0 million to $33.0 million, and Adjusted EBITDA projected to be between $2.0 million and $3.0 million. The company remains focused on delivering year-on-year growth in 2025 by expanding its product offerings and customer base.

SEC Filing: INSEEGO CORP. [ INSG ] - 8-K - Feb. 19, 2025