Inseego (INSG) investor relations material

Executive summary

• Q2 2025 revenue reached $40.2M, up 27% sequentially but down 22% year-over-year, driven by strong FWA demand, new product launches, and disciplined expense management.

• Adjusted EBITDA was $4.7M, exceeding guidance, with net income from continuing operations at $0.5M and net loss to common stockholders of $0.4M after preferred dividends.

• Launched the FX4100 FWA solution and renewed agreements with two Tier 1 carriers, adding a new Tier 1 carrier for both mobile and FWA products.

• Closed a multimillion-dollar enterprise agreement with an S&P 500 company and expanded into new product categories and customer segments.

• Strengthened leadership with new executives in supply chain, business development, and board appointments.

Financial highlights

• Q2 2025 revenue was $40.2M, with gross margin at 41.1%–41.2%, and services revenue stable at $12M.

• Adjusted EBITDA margin reached 11.7%–11.8%, the second highest in a decade.

• Net income attributable to common stockholders was $(0.4)M, or $(0.03) per share.

• Cash and equivalents stood at $13.2M as of June 30, 2025, with positive working capital and leverage metrics.

• Paid off $14.9M in 2025 Convertible Notes, reducing total debt to $40.9M.

Outlook and guidance

• Q3 2025 revenue guidance is $40M–$43M, with adjusted EBITDA of $4M–$5M; FWA and mobile revenues expected to grow sequentially, services revenue stable at $12M.

• Non-GAAP gross margins expected to remain consistent; operating expenses to rise with investments in sales, marketing, and new products.

• Guidance excludes a $10M+ educational mobile deal due to uncertainty in congressional E-Rate funding and does not account for potential tariff impacts.

• Management notes the need to achieve a revenue mix that supports the evolving cost structure, with potential for capital raising or cost reductions if targets are not met.