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Inseego (INSG) investor relations material
Inseego Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 revenue reached $48.4 million, marking the third consecutive quarter of sequential growth and a 5.5% increase from Q3 2025, with Adjusted EBITDA at $6 million (12.4% margin), both exceeding guidance.
All three U.S. Tier 1 carriers adopted the FX4200 series for enterprise FWA, with initial stocking orders from AT&T and Verizon in December 2025 and sales ramping in H1 2026.
The company retired all preferred stock at a 38% discount in January 2026, improving capital structure and welcoming Mubadala Capital as a significant common stockholder.
Expanded product portfolio, partner ecosystem, and channel reach with new partnerships, including major IT resellers and distributors.
Strategic focus remains on scaling enterprise wireless broadband, expanding offerings, and broadening go-to-market channels.
Financial highlights
Q4 2025 revenue was $48.4 million, up 5.5% sequentially, driven by strong mobile and FWA performance, and stable SaaS contributions.
Full year 2025 revenue totaled $166.2 million, with sequential quarterly growth, but down from $191.2 million in 2024.
Q4 non-GAAP gross margin was 43% (GAAP 42.2%), up 75 bps sequentially; full year non-GAAP gross margin also 43%, highest in over a decade.
Q4 Adjusted EBITDA was $6 million (12.4% margin); full year Adjusted EBITDA was $20.1 million (12.1% margin).
Ended Q4 with $24.9 million in cash and $41 million in debt (approx. 2x LTM Adjusted EBITDA); net debt at $27 million as of January 2026.
Outlook and guidance
Q1 2026 revenue guidance: $33–$36 million; Adjusted EBITDA: $1–$2 million, reflecting a transition quarter with new product launches and inventory dynamics.
Full year 2026 revenue guidance: approximately $190 million, with growth ramping through Q2–Q4.
Double-digit revenue growth is expected to be sustainable over the next several years, with FWA likely to become a larger long-term growth driver.
EBITDA margins expected to be lower in 1H 2026, ramping to double digits in 2H 2026.
Guidance excludes potential impacts from evolving tariff environment.
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