Inseego Corp Issues Preliminary Financial Results for Q4 2024

Inseego Corp (NASDAQ: INSG) has released their preliminary financial results for the fourth quarter of 2024. In a recent press release, the company reported strong performance with total revenue from continuing operations reaching $48.1 million, marking a 34% year-over-year growth compared to Q4 2023. The robust performance was attributed to solid results in both product and services portfolios.

The company’s non-GAAP gross margin stood at 37.8%, reflecting an increase of 180 basis points compared to Q4 2023. In terms of operating expenses, Inseego demonstrated efficiency, with lower expenses reported in comparison to the previous year.

Moreover, Inseego reported positive GAAP operating income of $1.7 million for the third sequential quarter, indicating a return to profitability. The company also noted the achievement of its third consecutive quarter of double-digit adjusted EBITDA margin percentage, with adjusted EBITDA showing growth of $3.1 million compared to Q4 2023.

Inseego highlighted strategic business moves, including the completion of the sale of its non-core Telematics portfolio in Q4 2024 for $52 million in cash. This divestiture allowed the company to strengthen its balance sheet and focus on growth opportunities centered around its core product offerings.

Another significant milestone included the successful restructuring of its convertible notes in 2024. The restructuring saw a substantial reduction in debt, bringing the total debt outstanding down from $166 million at the beginning of the year to $56 million by the end of 2024.

Looking ahead, Inseego provided guidance for the first quarter of 2025, expecting total revenue from continuing operations to fall within the range of $30 million to $33 million, with adjusted EBITDA estimated to be between $2 million to $3 million.

In summary, Inseego’s financial results for Q4 2024 reflect a positive growth trajectory, with improvements in revenue, profitability, and cash flow generation. The company’s strategic initiatives, including the divestiture of non-core assets and debt reduction efforts, have positioned it for continued success in the evolving market landscape.

The full details of Inseego’s financial results and strategic moves can be accessed through the company’s official website or NASDAQ under the ticker symbol INSG.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Inseego’s 8K filing here.

Inseego Company Profile

Inseego Corp. engages in the design and development of cloud-managed wireless wide area network (WAN) and intelligent edge solutions for businesses, consumers, and governments worldwide. The company provides 5G and 4G mobile broadband solutions, such as mobile hotspots under the MiFi brand; and 4G VoLTE products and 4G USB modems.