Inseego (INSG) investor relations material

Executive summary

• Q3 2025 revenue reached $45.9 million, marking the second consecutive quarter of sequential growth and a 14% increase from Q2 2025, with adjusted EBITDA at $5.8 million and net income of $1.4 million, both above guidance.

• Strategic focus on scaling FWA and mobile solutions in the enterprise market, evolving into a solutions company integrating hardware, network management, and software, and divesting the Telematics Business to focus on 5G growth.

• Leadership expanded with new CMO, CTO, and two board members, and the addition of a third Tier-1 U.S. carrier, supporting growth in both FWA and mobile.

• Key product launches included the FX4200 enterprise FWA solution and expanded deployments with T-Mobile and other Tier-1 carriers.

Financial highlights

• Q3 2025 revenue: $45.9 million, exceeding guidance and up $5.7 million sequentially, driven by strong FWA ramp, solid MiFi volumes, and stable software services.

• Adjusted EBITDA was $5.8 million (12.5%–12.6% margin), third highest in over a decade, and net income was $1.4 million.

• FWA revenue grew 81% year-over-year to $17.7 million, the second highest in company history, and FWA shipment volumes rose over 50% year-over-year.

• Software services and other revenue contributed $12.2 million, 27% of total revenue.

• Non-GAAP gross margin was 41.8% (GAAP: 41.6%), up 700 bps year-over-year.

• Ended Q3 with $14.6 million in cash and total debt of $40.9 million, with access to a $15 million undrawn working capital facility.

Outlook and guidance

• Q4 2025 revenue guidance: $45 million–$48 million; adjusted EBITDA: $4 million–$5 million, with sequential revenue growth expected despite seasonality.

• Software services revenue expected to remain stable at ~$12 million; non-GAAP gross margin to be modestly lower in Q4 due to higher mobile mix and rising memory costs.

• Guidance excludes potential impacts from evolving tariff environments.