Inseego Reports Fourth Quarter and Full Year 2024 Financial Results

In This Article:

Inseego Corp.
Inseego Corp.

Q4 2024 revenue of $48.1 million
Q4 2024 positive Adjusted EBITDA of $5.4 million and GAAP Operating Income of $1.8 million
Completed sale of telematics business for $52.7 million in cash
Completed convertible debt restructurings with material reductions in debt

SAN DIEGO, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Inseego Corp. (Nasdaq: INSG) (the “Company”), a technology leader in 5G mobile and fixed wireless solutions for mobile network operators, Fortune 500 enterprises and SMBs, today reported its results for the fourth quarter and full year ended December 31, 2024.

“My first weeks at Inseego have been very positive, and we are already making progress towards positioning the company as the wireless broadband partner of choice within the wireless ecosystem,” stated Juho Sarvikas, Chief Executive Officer of Inseego. “Our fourth-quarter operational performance delivered encouraging results, reflecting strength in both revenue and Adjusted EBITDA. While we see some near-term headwinds in the first quarter, I am confident that we are on track to deliver year-on-year growth in 2025 as we focus on expanding both our solution portfolio and customer base. Together, as a team, we remain committed to driving long-term growth to create stockholder value."

“We continue to be focused on driving stockholder value and were pleased to close both the restructuring of our outstanding convertible notes and the sale of our Telematics business, receiving $52 million in cash in the quarter,” Steven Gatoff, Chief Financial Officer of Inseego, commented. "These transactions right-sized the Company’s capital structure and provided meaningful additional liquidity and flexibility as we move forward to develop new products and drive growth.”

Financial Highlights

  • Revenue for Q4 2024 was $48.1 million; full year 2024 revenue was $191.2 million.

  • Adjusted EBITDA for Q4 2024 was $5.4 million; full year 2024 Adjusted EBITDA was $20.5 million.

  • GAAP gross margin for Q4 2024 was 37.3%; full year 2024 GAAP gross margin was 36.0%.

Capital Structure Improvements

  • On November 6, 2024, the Company completed its capital structure management initiative and material debt reduction by exchanging $91.5 million of principal value of the Company’s 3.25% convertible notes due 2025 for long-term debt and equity; the Company has now repurchased or exchanged at a discount approximately $147 million, or 91% of aggregate principal amount, of the $162 million of the convertible notes that were outstanding as of December 31, 2023. See separate press release issued on November 12, 2024 for further details.


Waiting for permission
Allow microphone access to enable voice search

Try again.