Form 8-K - Current report

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 12, 2024

 

 

INSEEGO CORP.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware		001-38358		81-3377646
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

9710 Scranton Road, Suite 200

San Diego, California 92121

(Address of principal executive offices) (Zip Code)

 

[phone]

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	INSG	Nasdaq Global Select Market

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 2.02.

Results of Operations and Financial Condition.

 

On November 12, 2024, Inseego Corp. (the “Company”) issued a press release containing preliminary financial results for the quarter ended September 30, 2024. On November 12, 2024, the Company also posted an investor presentation to its website at https://investor.inseego.com/events-presentations (the “Investor Presentation”). The text of the press release and Investor Presentation are furnished as Exhibits 99.1 and 99.2 to this Form 8-K and incorporated herein by reference.

 

The information in “Item 2.02 Results of Operations and Financial Condition” of this Current Report on Form 8-K and in Exhibits 99.1 and 99.2, attached hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may be incorporated by reference in a filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), only if such subsequent filing specifically references such disclosure in this Form 8-K.

 

Item 9.01.

Financial Statements and Exhibits.

 

(d) Exhibits.

 

99.1	Press release, dated November 12, 2024, containing Inseego Corp. preliminary financial results for the quarter ended September 30, 2024.
99.2	Investor Presentation, dated November 12, 2024.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

 

 

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

	INSEEGO CORP.
Date:  November 12, 2024	By:	/s/ Steven Gatoff
		Name: Steven Gatoff
		Title: Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

Exhibit 99.1

 

 

Inseego Reports Third Quarter 2024 Financial Results

 

Q3 2024 revenue from continuing and discontinued operations of $61.9 million

 

Q3 2024 positive Adjusted EBITDA from continuing and discontinued operations of $9.3 million and GAAP Net Income of $9.0 million

 

Agreed to sell telematics business for $52.0 million in cash

 

Executed convertible debt restructuring and material reduction in debt

 

SAN DIEGO—November 12, 2024—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 third quarter of 2024 ended September 30, 2024.

 

“The third quarter had several positive, and meaningfully transformative events for Inseego, operationally, strategically and financially,” said Phil Brace, Executive Chairman of Inseego. “The closing of our convertible note restructuring and the announced sale of our Telematics business have allowed us to deliver on our commitment to improve the Company’s capital structure. In addition, our operating results in the quarter were the best they have been in several years. Our focus now is on addressing our 5G pipeline and continuing the trajectory as we develop new products and look to drive long-term growth."

 

“We continue to be focused on driving stockholder value and are pleased to have restructured 91% of our outstanding convertible notes, meaningfully reducing debt and right-sizing the Company’s capital structure,” Steven Gatoff, Chief Financial Officer of Inseego, commented. "The $52 million in cash we anticipate receiving from the closing of the sale of Telematics will add additional liquidity and flexibility for the Company. On the operational front, Q3 was a pivotal quarter in which we delivered a big revenue quarter and generated strong Adjusted EBITDA and Operating Cash Flow, along with positive GAAP Operating and Net Income.”

 

Financial Highlights

 

The following financial highlights present the results of operations of the Company for the quarter ended September 30, 2024. As mentioned above, during the quarter ended September 30, 2024, the Company entered into an agreement to sell its telematics solutions business (the “Telematics Business”) for approximately $52 million in cash. Therefore, all results of operations related to the Telematics Business herein are reported as relating to ‘discontinued operations’, while the Company’s ongoing businesses are being reported as relating to ‘continuing operations’.

 

	·	Revenue from continuing operations and discontinued operations for Q3 2024 was $61.9 million, comprised of revenue from continuing operations of $54.0 million and revenue from discontinued operations of $7.9 million.
	·	Adjusted EBITDA from continuing operations and discontinued operations for Q3 2024 was $9.3 million, comprised of Adjusted EBITDA from continuing operations of $6.7 million and Adjusted EBITDA from discontinued operations of $2.6 million.
	·	Gross margin from continuing operations for Q3 2024 was 34.8%, while that from discontinued operations was 59.0%, resulting in a blended rate of 37.9%.

 

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 also issued on November 12, 2024 for further details.
	·	Paid-down the Company’s short-term loan throughout the third quarter from an initial $19.5 million to be $6 million as of September 30,2024.

 

 

 

 

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Business Highlights

 

	·	Hosted inaugural Channel Partner Advisory Council with key, strategic partners.
	·	Onboarded 12 new Inseego Ignite partners in Q3, several of which produced immediate revenue.
	·	Launched the multi-carrier certified 5G indoor router FX3110 to the Inseego Ignite channel program and closed new channel deals driving immediate revenue for this program.
	·	Launched the first MiFi® specifically for the Inseego Ignite channel program with all tier 1 North American operator certifications and closed the first channel deal with a new win at a Fortune 150 utility company to enable their remote workforce with secure, mobile connectivity.
	·	Launched Inseego products in the new T-Mobile Virtual Inventory Program.
	·	Increased MiFi® X PRO sales sequentially across carriers, including one who continues to see increased demand with an emphasis on public sector customers.

 

Q4 2024 Guidance

 

As the sale of the Company’s telematics business is expected to close during the fourth quarter of 2024, that business is reported as discontinued operations and the following guidance is reflective of solely the expected results of the Company’s continuing operations. In other words, the Company’s guidance for Q4 2024 excludes any impact of expected results from the Company’s telematics operations.

 

	·	Total revenue from continuing operations in the range of $43.0 million to $47.0 million compared to revenue from continuing operations for Q3 2024 of $54.0 million and revenue from continuing operations for Q4 2023 of $35.9 million.
	·	Adjusted EBITDA from continuing operations in the range of $3.0 million to $4.0 million compared to Adjusted EBITDA from continuing operations for Q3 2024 of $6.7 million and Adjusted EBITDA from continuing operations for Q4 2023 of $2.3 million.

 

	Q4 2023 ACTUAL		Q3 2024 ACTUAL		Q4 2024 GUIDANCE
Revenue (from continuing operations)	$35.9m		$54.0m		$43.0m - $47.0m
Adjusted EBITDA (from continuing operations)	$2.3m		$6.7m		$3.0m - $4.0m

 

Conference Call Information

 

Inseego will host a conference call and live webcast today at 5:00 p.m. ET. To access the conference call:

 

	·	Online, visit https://investor.inseego.com/events-presentations
	·	Those without internet access may dial in by calling:

	◦	In the United States, call 1-844-282-4463
	◦	International parties can access the call at 1-412-317-5613

 

An audio replay of the conference call will be available one hour after the call through November 26, 2024. To hear the replay, parties in the United States may call 1-877-344-7529 and enter access code 1249014 followed by the # key. International parties may call 1-412-317-0088. In addition, the Inseego Corp. press release will be accessible from the Company's website before the conference call begins.

 

 

 

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About Inseego Corp.

 

Inseego Corp. (Nasdaq: INSG) is the industry leader in 5G Enterprise cloud WAN solutions, with millions of end customers and thousands of enterprise and SMB customers on its 4G, 5G, and cloud platforms. Inseego’s 5G Edge Cloud combines the industry’s best 5G technology, rich cloud networking features, and intelligent edge applications. Inseego powers new business experiences by connecting distributed sites and workforces, securing enterprise data, and improving business outcomes with intelligent operational visibility---all over a 5G network. For more information on Inseego, visit www.inseego.com #Putting5GtoWork

 

©2024. Inseego Corp. All rights reserved. MiFi and the Inseego name and logo are registered trademarks of Inseego Corp. Other company, product, or service names mentioned herein are the trademarks of their respective owners.

 

Cautionary Note Regarding Forward-Looking Statements

 

Some of the information presented in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements often address expected future business and financial performance and often contain words such as “may,” “estimate,” “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “will” and similar words and phrases indicating future results. The information presented in this news release related to our future business outlook, the future demand for our products, and other statements that are not purely historical facts are forward-looking. These forward-looking statements are based on management’s current expectations, assumptions, estimates, and projections. They are subject to significant risks and uncertainties that could cause results to differ materially from those anticipated in such forward-looking statements. We, therefore, cannot guarantee future results, performance, or achievements. Actual results could differ materially from our expectations.

 

Factors that could cause actual results to differ materially from the Company’s expectations include: (1) the Company’s dependence on a small number of customers for a substantial portion of our revenues; (2) the future demand for wireless broadband access to data and asset management software and services and our ability to accurately forecast; (3) the growth of wireless wide-area networking and asset management software and services; (4) customer and end-user acceptance of the Company’s current product and service offerings and market demand for the Company’s anticipated new product and service offerings; (5) our ability to develop sales channels and to onboard channel partners; (6) increased competition and pricing pressure from participants in the markets in which the Company is engaged; (7) dependence on third-party manufacturers and key component suppliers worldwide; (8) the impact of fluctuations of foreign currency exchange rates; (9) the impact of supply chain challenges on our ability to source components and manufacture our products; (10) unexpected liabilities or expenses; (11) the Company’s ability to introduce new products and services in a timely manner, including the ability to develop and launch 5G products at the speed and functionality required by our customers; (12) litigation, regulatory and IP developments related to our products or components of our products; (13) the Company’s ability to raise additional financing when the Company requires capital for operations or to satisfy corporate obligations; (14) the Company’s plans and expectations relating to acquisitions, divestitures, strategic relationships, international expansion, software and hardware developments, personnel matters, and cost containment initiatives, including restructuring activities and the timing of their implementations; (15) the global semiconductor shortage and any related price increases or supply chain disruptions, (16) the potential impact of COVID-19 or other global public health emergencies on the business, (17) the impact of high rates of inflation and rising interest rates, (18) the impact of import tariffs on our materials and products, and (19) the impact of geopolitical instability on our business.

 

These factors, as well as other factors set forth as risk factors or otherwise described in the reports filed by the Company with the SEC (available at www.sec.gov), could cause results to differ materially from those expressed in the Company’s forward-looking statements. The Company assumes no obligation to update publicly any forward-looking statements, even if new information becomes available or other events occur in the future, except as otherwise required under applicable law and our ongoing reporting obligations under the Securities Exchange Act of 1934, as amended.

 

 

 

 

 

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Non-GAAP Financial Measures

 

Inseego Corp. has provided financial information in this press release that has not been prepared in accordance with GAAP. Adjusted EBITDA and non-GAAP operating costs and expenses, for example, exclude preferred stock dividends, share-based compensation expense, amortization of intangible assets purchased through acquisitions, amortization of discount and issuance costs related to our 2025 Notes and revolving credit facility, fair value adjustments on derivative instruments, and other non-recurring expenses. Adjusted EBITDA excludes interest, taxes, depreciation, amortization, impairment of capitalized software, impairment of long-lived assets, debt restructuring costs and divestiture related costs, along with certain other non-recurring expenses and foreign exchange gains and losses.

 

Adjusted EBITDA, non-GAAP cost of revenues, and non-GAAP operating costs and expenses are supplemental measures of our performance that are not required by, or presented in accordance with, GAAP. These non-GAAP financial measures have limitations as an analytical tool. They are not intended to be used in isolation or as a substitute for cost of revenues, operating expenses, net loss, net loss per share or any other performance measure determined in accordance with GAAP. We present these non-GAAP financial measures because we consider them to be an important supplemental performance measure.

 

We use these non-GAAP financial measures to make operational decisions, evaluate our performance, prepare forecasts and determine compensation. Further, management and investors benefit from referring to these non-GAAP financial measures in assessing our performance when planning, forecasting and analyzing future periods. Share-based compensation expenses are expected to vary depending on the number of new incentive award grants issued to both current and new employees, the number of such grants forfeited by former employees, and changes in our stock price, stock market volatility, expected option term and risk-free interest rates, all of which are difficult to estimate. In calculating non-GAAP financial measures, we exclude certain non-cash and one-time items to facilitate comparability of our operating performance on a period-to-period basis because such expenses are not, in our view, related to our ongoing operational performance. We use this view of our operating performance to compare it with the business plan and individual operating budgets and in the allocation of resources.

 

We believe that these non-GAAP financial measures are helpful to investors in providing greater transparency to the information used by management in its operational decision-making. The Company believes that using these non-GAAP financial measures also facilitates comparing our underlying operating performance with other companies in our industry, which use similar non-GAAP financial measures to supplement their GAAP results.

 

In the future, we expect to continue to incur expenses similar to the non-GAAP adjustments described above, and the exclusion of these items in the presentation of our non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. Investors and potential investors are cautioned that material limitations are associated with using non-GAAP financial measures as an analytical tool. The limitations of relying on non-GAAP financial measures include, but are not limited to, the fact that other companies, including other companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting their usefulness as a comparative tool.

 

Investors and potential investors are encouraged to review the reconciliation of our non-GAAP financial measures in this press release with our GAAP financial results.

 

Investor Relations Contact:

[e-mail]

 

 

 

 

 

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INSEEGO CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

 

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Revenues:
Mobile solutions		$	32,282			$	22,534			$	73,431			$	64,469
Fixed wireless access solutions			9,723				11,114				37,222				42,489
Product			42,005				33,648				110,653				106,958
Services and other			12,027				7,709				32,504				24,409
Total revenues			54,032				41,357				143,157				131,367
Cost of revenues:
Product			33,592				42,788				86,812				101,375
Services and other			1,640				734				5,492				3,559
Total cost of revenues			35,232				43,522				92,304				104,934
Gross profit (loss)			18,800				(2,165	)			50,853				26,433
Operating costs and expenses:
Research and development			5,176				5,200				15,032				14,369
Sales and marketing			4,125				3,893				12,176				13,703
General and administrative			4,822				3,429				12,695				12,326
Depreciation and amortization			3,154				3,848				10,098				13,125
Impairment of capitalized software			507				611				927				1,115
Total operating costs and expenses			17,784				16,981				50,928				54,638
Operating income (loss)			1,016				(19,146	)			(75	)			(28,205	)
Other (expense) income:
Interest expense, net			(5,731	)			(2,894	)			(9,686	)			(6,910	)
Loss on extinguishment of revolving credit facility			–				–				(788	)			–
Gain on debt restructurings, net			12,366				–				13,690				–
Other income (expense), net			(72	)			45				(864	)			50
Income (Loss) before income taxes			7,579				(21,995	)			2,277				(35,065	)
Income tax provision			36				30				171				44
Income (Loss) from continuing operations			7,543				(22,025	)			2,106				(35,109	)
Income from discontinued operations, net of income tax provision			1,426				220				3,032				3,263
Net income (loss)			8,969				(21,805	)			5,138				(31,846	)
Preferred stock dividends			(827	)			(756	)			(2,425	)			(2,218	)
Net income (loss) attributable to common stockholders		$	8,142			$	(22,561	)		$	2,713			$	(34,064	)
Per share data:
Net earnings (loss) per share
Basic
Continuing operations		$	0.54			$	(1.95	)		$	(0.03	)		$	(3.33	)
Discontinued operations		$	0.12			$	0.02			$	0.25			$	0.29
Basic earnings per share (*)		$	0.66			$	(1.93	)		$	0.23			$	(3.03	)
Diluted
Continuing operations		$	(0.16	)		$	(1.95	)		$	(0.03	)		$	(3.33	)
Discontinued operations		$	0.11			$	0.02			$	0.25			$	0.29
Diluted earnings per share (*)		$	(0.06	)		$	(1.93	)		$	0.23			$	(3.03	)
Weighted-average shares used in computation of net earnings (loss) per share
Basic (*)			12,336,503				11,696,755				12,036,989				11,224,722
Diluted (*)			13,218,293				11,696,755				12,036,989				11,224,722

 

(*) Adjusted retroactively for reverse stock split that occurred on January 24, 2024

 

 

 

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INSEEGO CORP.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

		September 30, 2024				December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		$	11,972			$	2,409
Accounts receivable, net			15,612				18,202
Inventories			18,118				20,555
Prepaid expenses and other			3,627				4,937
Current assets held for sale			35,771				12,123
Total current assets			85,100				58,226
Property, plant and equipment, net			1,303				2,389
Intangible assets, net			19,465				25,718
Goodwill			3,949				3,949
Operating lease right-of-use assets			3,117				4,022
Other assets			456				1,256
Non-current assets held for sale			–				26,237
Total assets		$	113,390			$	121,797
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable		$	35,457			$	23,408
Accrued expenses and other current liabilities			31,147				21,049
Short-term loan			6,000				–
2025 Convertible Notes, net			106,250				–
Revolving credit facility			–				4,094
Current liabilities held for sale			10,000				7,360
Total current liabilities			188,854				55,911
Long-term liabilities:
2025 Convertible Notes, net			–				159,912
Operating lease liabilities			2,979				3,972
Deferred tax liabilities, net			121				112
Other long-term liabilities			6,499				2,351
Non-current liabilities held for sale			–				1,644
Total liabilities			198,453				223,902
Commitments and contingencies
Stockholders’ deficit:
Preferred stock (aggregate liquidation preference of $37.5 million)			–				–
Common stock			13				12
Additional paid-in capital			825,851				810,138
Accumulated other comprehensive loss			(6,712	)			(5,327	)
Accumulated deficit			(904,215	)			(906,928	)
Total stockholders’ deficit			(85,063	)			(102,105	)
Total liabilities and stockholders’ deficit		$	113,390			$	121,797

 

 

 

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INSEEGO CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

		Nine Months Ended September 30,
		2024				2023
Cash flows from operating activities:
Net income (loss)		$	5,138			$	(31,846	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			13,242				16,270
Loss on extinguishment of revolving credit facility			788				–
Gain on debt restructurings, net			(13,690	)			–
Provision for expected credit losses			(231	)			612
Impairment of capitalized software			927				1,115
Provision for excess and obsolete inventory			901				7,011
Impairment of operating lease right-of-use assets			139				–
Share-based compensation expense			2,815				6,030
Amortization of debt discount and debt issuance costs			4,435				2,048
Deferred income taxes			9				177
Non-cash operating lease expense			1,218				437
Other			6				–
Changes in assets and liabilities:
Accounts receivable			2,432				7,703
Inventories			(274	)			7,685
Prepaid expenses and other assets			1,887				1,479
Accounts payable			12,284				1,162
Accrued expenses and other liabilities			14,683				2,561
Operating lease liabilities			(1,334	)			(41	)
Net cash provided by operating activities			45,375				22,403
Cash flows from investing activities:
Purchases of property, plant and equipment			(46	)			(403	)
Additions to capitalized software development costs and purchases of intangible assets			(3,608	)			(6,114	)
Net cash used in investing activities			(3,654	)			(6,517	)
Cash flows from financing activities:
Payments related to repurchases of 2025 Convertible Notes			(33,781	)			–
Proceeds from issuance of short-term loan and warrants, net of issuance costs			19,350				–
Proceeds from a public offering of equity, net of issuance costs			–				6,057
Principal payments on financed assets			–				(360	)
Net repayments on revolving credit facility			(4,882	)			(7,851	)
Repayments on short-term loan			(13,500	)			–
Other financing activities			2				128
Net cash used in financing activities			(32,811	)			(2,026	)
Effect of exchange rates on cash			(1,682	)			(2,057	)
Net increase in cash and cash equivalents			7,228				11,803
Cash, cash equivalents and restricted cash from continuing operations, beginning of period			2,409				3,241
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period			5,110				3,902
Cash and cash equivalents, beginning of period			7,519				7,143
Cash, cash equivalents and restricted cash from continuing operations, end of period			11,972				14,424
Cash, cash equivalents and restricted cash from discontinued operations, end of period			2,775				4,522
Cash and cash equivalents, end of period		$	14,747			$	18,946

 

 

 

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INSEEGO CORP.

Supplemental 2024 Statement of Operations Data by Quarter

(In thousands)

(Unaudited)

 

As previously noted above, as a result of the share purchase agreement executed during the quarter under which we agreed to sell our Telematics Business, all results of said business have been classified within “Income from discontinued operations, net of income tax provision” in the above Statement of Operations. All other line items within the Statement of Operations consist solely of the results from the Company’s continuing operations. The company has reclassified all prior periods to conform to this presentation change. Below is a supplemental disclosure the Statement of Operations under the current presentation for each of the quarters in 2024 and 2023 (in thousands):

 

		Nine Months Ended				Three Months Ended
		September 30, 2024				September 30, 2024				June 30, 2024				March 31, 2024
Revenues:
Mobile solutions		$	73,431			$	32,282			$	25,879			$	15,270
Fixed wireless access solutions			37,222				9,723				13,317				14,182
Product			110,653				42,005				39,196				29,452
Services and other			32,504				12,027				12,424				8,053
Total revenues			143,157				54,032				51,620				37,505
Cost of revenues:
Product			86,812				33,592				30,507				22,713
Services and other			5,492				1,640				2,304				1,548
Total cost of revenues			92,304				35,232				32,811				24,261
Gross profit (loss)			50,853				18,800				18,809				13,244
Operating costs and expenses:
Research and development			15,032				5,176				5,173				4,683
Sales and marketing			12,176				4,125				4,212				3,839
General and administrative			12,695				4,822				3,918				3,955
Depreciation and amortization			10,098				3,154				3,652				3,292
Impairment of capitalized software			927				507				–				420
Total operating costs and expenses			50,928				17,784				16,955				16,189
Operating income (loss)			(75	)			1,016				1,854				(2,945	)
Other (expense) income:
Interest expense, net			(9,686	)			(5,731	)			(1,776	)			(2,179	)
Loss on extinguishment of revolving credit facility			(788	)			–				(788	)			–
Gain on debt restructurings, net			13,690				12,366				1,324				–
Other income (expense), net			(864	)			(72	)			(417	)			(375	)
Income (Loss) before income taxes			2,277				7,579				197				(5,499	)
Income tax provision			171				36				118				17
Income (Loss) from continuing operations			2,106				7,543				79				(5,516	)
Income from discontinued operations, net of income tax provision			3,032				1,426				545				1,061
Net income (loss)			5,138				8,969				624				(4,455	)
Preferred stock dividends			(2,425	)			(827	)			(808	)			(790	)
Net income (loss) attributable to common stockholders		$	2,713			$	8,142			$	(184	)		$	(5,245	)

 

 

 

 

8

 

 

INSEEGO CORP.

Supplemental 2023 Statement of Operations Data by Quarter

(In thousands)

(Unaudited)

 

		Twelve Months Ended				Three Months Ended
		December 31, 2023				December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023
Revenues:
Mobile solutions		$	80,498			$	16,029			$	22,534			$	18,895			$	23,040
Fixed wireless access solutions			54,900				12,411				11,114				19,505				11,870
Product			135,398				28,440				33,648				38,400				34,910
Services and other			31,888				7,479				7,709				7,983				8,717
Total revenues			167,286				35,919				41,357				46,383				43,627
Cost of revenues:
Product			127,157				25,782				42,788				30,620				27,967
Services and other			4,353				794				734				1,139				1,686
Total cost of revenues			131,510				26,576				43,522				31,759				29,653
Gross profit (loss)			35,776				9,343				(2,165	)			14,624				13,974
Operating costs and expenses:
Research and development			19,725				5,356				5,200				5,822				3,347
Sales and marketing			16,632				2,929				3,893				4,575				5,235
General and administrative			15,853				3,527				3,429				4,281				4,616
Depreciation and amortization			18,408				5,283				3,848				4,327				4,950
Impairment of capitalized software			1,115				–				611				–				504
Total operating costs and expenses			71,733				17,095				16,981				19,005				18,652
Operating income (loss)			(35,957	)			(7,752	)			(19,146	)			(4,381	)			(4,678	)
Other (expense) income:
Interest expense, net			(9,086	)			(2,176	)			(2,894	)			(2,017	)			(1,999	)
Other income (expense), net			70				19				45				23				(17	)
Income (Loss) before income taxes			(44,973	)			(9,909	)			(21,995	)			(6,375	)			(6,694	)
Income tax provision			43				(1	)			30				15				(1	)
Income (Loss) from continuing operations			(45,016	)			(9,908	)			(22,025	)			(6,390	)			(6,693	)
Income from discontinued operations, net of income tax provision			(1,169	)			(4,432	)			220				1,454				1,589
Net income (loss)			(46,185	)			(14,340	)			(21,805	)			(4,936	)			(5,104	)
Preferred stock dividends			(2,991	)			(773	)			(756	)			(739	)			(723	)
Net income (loss) attributable to common stockholders		$	(49,176	)		$	(15,113	)		$	(22,561	)		$	(5,675	)		$	(5,827	)

 

 

 

 

9

 

 

INSEEGO CORP.

Supplemental 2024 Reconciliation of GAAP Income (Loss) from Continuing Operations to Adjusted EBITDA

(In thousands)

(Unaudited)

 

As is the case with the supplemental quarterly statement of operations tables above, we have split out the reconciliation of Adjusted EBITDA between Adjusted EBITDA from continuing operations, meaning that not related to the Telematics Business, and Adjusted EBITDA from discontinued operations, meaning that related to the Telematics Business. The company has reclassified all prior periods to conform to this presentation change. Below is a reconciliation of Adjusted EBITDA from continuing and discontinued operations for each of the quarters in 2024 and 2023 (in thousands):

 

		Nine Months Ended				Three Months Ended
		September 30, 2024				September 30, 2024				June 30, 2024				March 31, 2024
Income (Loss) from continuing operations		$	2,106			$	7,543			$	79			$	(5,516	)
Income tax provision (benefit)			171				36				118				17
Interest expense, net			9,686				5,731				1,776				2,179
Loss on extinguishment of revolving credit facility			788				–				788				–
Gain/(loss) on debt restructurings, net			(13,690	)			(12,366	)			(1,324	)			–
Other (income) expense, net			864				72				417				375
Depreciation and amortization			10,221				3,193				3,691				3,337
Share-based compensation expense			2,714				1,193				834				687
Debt restructuring costs			1,121				669				452				–
Impairment of operating lease right-of-use assets			139				139				–				–
Impairment of capitalized software			927				507				–				420
Adjusted EBITDA from continuing operations			15,047				6,717				6,831				1,499
Income from discontinued operations, net of tax			3,032				1,426				545				1,061
Income tax provision (benefit)			674				266				188				220
Interest expense, net			(10	)			(3	)			(2	)			(5	)
Other (income) expense, net			(1,124	)			(873	)			(236	)			(15	)
Depreciation and amortization			3,021				980				1,003				1,038
Share-based compensation expense			100				35				35				30
Divestiture related costs			764				764				–				–
Adjusted EBITDA from discontinued operations			6,457				2,595				1,533				2,329
Adjusted EBITDA from continuing and discontinued operations		$	21,504			$	9,312			$	8,364			$	3,828

 

See “Non-GAAP Financial Measures” for information regarding our use of Non-GAAP financial measures.

 

 

 

10

 

 

INSEEGO CORP.

Supplemental 2023 Reconciliation of GAAP Income (Loss) from Continuing Operations to Adjusted EBITDA

(In thousands)

(Unaudited)

 

		Twelve Months Ended				Three Months Ended
		December 31, 2023				December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023
Income (Loss) from continuing operations		$	(45,016	)		$	(9,908	)		$	(22,025	)		$	(6,390	)		$	(6,693	)
Income tax provision (benefit)			43				(1	)			30				15				(1	)
Interest expense, net			9,086				2,176				2,894				2,017				1,999
Other (income) expense, net			(70	)			(19	)			(45	)			(23	)			17
Depreciation and amortization			18,713				5,350				4,421				4,438				4,504
Share-based compensation expense			6,972				1,333				2,123				1,820				1,696
Impairment of operating lease right-of-use assets			469				–				–				469				–
Inventory adjustments - E&O and contract manufacturer liability **			16,427				3,370				13,057				–				–
Write-off of capitalized inventory order fees **			924				–				924				–				–
Impairment of capitalized software			1,115				–				611				–				504
Adjusted EBITDA from continuing operations			8,663				2,301				1,990				2,346				2,026
Income from discontinued operations, net of tax			(1,169	)			(4,432	)			220				1,454				1,589
Income tax provision (benefit)			842				287				(46	)			289				312
Interest expense, net			(14	)			(6	)			(3	)			(3	)			(2	)
Other (income) expense, net			16				840				623				(635	)			(812	)
Depreciation and amortization			3,849				939				1,032				951				927
Share-based compensation expense			473				83				144				144				102
ROU Asset Impairment			–				–				–				–				–
Impairment of capitalized software			4,124				4,124				–				–				–
Adjusted EBITDA from discontinued operations			8,121				1,835				1,970				2,200				2,116
Adjusted EBITDA from continuing and discontinued operations		$	16,784			$	4,136			$	3,960			$	4,546			$	4,142

 

** These items are not adjusted from the period ending December 31, 2023 going forward

 

See “Non-GAAP Financial Measures” for information regarding our use of Non-GAAP financial measures.

 

 

 

 

 

 

11

 

Exhibit 99.2

 

 

 

 

 

 

Q3 2024 EARNINGS RESULTS November 12, 2024

 

 

 

Scalable Business Model Healthy Total Gross Margin Profile Successfully Resolved Convertible Debt Overhang Return to Profitability Generating Free Cash Flow Return to Revenue Growth Diversified Hardware & SaaS Revenue Streams Divesting Telematics Portfolio to Focus on Key Growth in 5G Areas Inseego Financial Profile | Compelling Improvements & Trajectory 2

 

 

 

Q3 2024 RESULTS * (Nov 12, 2024) GUIDANCE (Aug 7, 2024) $61.9m $54m - $58m TOTAL REVENUE (continuing + discontinued operations) $9.3m $6.5m - $7.5m ADJ EBITDA (continuing + discontinued operations) 15% 12 - 13% Implied margin 3 * Q3 2024 Results represent total Company results from Continuing Operations plus Discontinued Operations (which consists of the Telematics business that is held for sale), as follows: Continuing Discontinued Total Operations + Operations = Company $61.9m $7.9m $54.0m Revenue $9.3m $2.6m $6.7m Adj EBITDA Q3 2024 Financial Results | Beat Guidance The Company's guidance for Q3 2024 was provided on Aug 7, 2024 and was for the full company that includes the Telematics operations. The announcement of the sale of Telematics was made on September 16, 2024; accordingly, the results for the September quarter categorize the Telematics operations in Held - For - Sale/ Discontinued Operations such that those results are combined here to present an apples - to - apples comparison of Q3 2024 results to guidance.

 

 

 

Comments and results reference the Company’s Continuing Operations unless otherwise mentioned, that is, they are pro forma for the sale of the Telematics operations. Inseego has delivered consecutive quarters of both revenue and profitability beat - and - raise dynamics against guidance, reflecting the positive trajectory across the business. The Company now runs an efficient cost structure while driving growth across both Product and SaaS offerings, resulting in much - improved profitability and positive cash generation. Q3 2024 Financial Highlights Include: Strong Revenue From Continuing Operations of $54.0m, growing +31% YoY vs. Q3 2023 on robust performance in both Product and Services & Other portfolios > Including the Telematics operations (that the Company entered into an agreement to sell during the quarter and is therefore reported in the P&L as one line item as Discontinued Operations), Total Revenue for the Company for Q3 2024 is $61.9m Q3 2024 Financial Results | Selected Key Highlights • 1 2 • Solid non - GAAP Gross Margin of 34.8% , +560 bps higher YoY vs. Q3 2023 3 • Efficient non - GAAP Operating Expenses with lower $ and expense:revenue ratio 4 • Achieved positive GAAP Operating Income of $1.0m for second sequential quarter in several years 5 • Record Adj EBITDA of $6.7m consistent with Q2 2024 and growth of +$4.7m ( +230% ) YoY > Similar to Total Revenue reporting above, including the Telematics operations that are reported in Discontinued Operations in the P&L, Total Adj EBITDA for the Company for Q3 2024 is $9.3m 4

 

 

 

x Hosted inaugural Channel Partner Advisory Council with key, strategic partners. x Onboarded 12 new Inseego Ignite partners , several of which produced immediate revenue. x Launched the multi - carrier certified 5G indoor router FX3110 to the Inseego Ignite channel program and closed new channel deals driving immediate revenue for this program. x Launched the multi - carrier certified MiFi® X PRO to the Inseego Ignite channel program and closed the first channel deal with a new win at a Fortune 150 utility company to enable their remote workforce with secure, mobile connectivity. x Launched Inseego products in the new T - Mobile Virtual Inventory Program . x Increased MiFi X PRO sales sequentially across carriers , including one who continues to see increased demand with an emphasis on public sector customers. 5 Q3 2024 | Selected Business Highlights

 

 

 

34.9 38.4 33.6 28.4 29.5 39.2 42.0 8.7 8.0 7.7 7.5 8.1 12.4 12.0 43.6 46.4 41.4 35.9 37.5 51.6 54.0 Q1 2023 Q2 2023 Q3 2023 Product Revenue Q4 2023 Q1 2024 Q2 2024 Q3 2024 Services & Other Revenue Total Revenue | Return to Growth Trajectory ($ millions) Q3 2024 revenue grew +31% YoY and +5% QoQ with favorable change in growth trajectory across all segments. Comments and results reference the Company’s Continuing Operations unless otherwise mentioned, that is, they are pro forma for the sale of the Telematics operations. 6

 

 

 

80% 83% 81% 79% 79% 76% 78% 20% 17% 19% 21% 21% 24% 22% Q3 Q2 Q1 Q4 Q3 Q2 Q1 2024 2024 2024 2023 2023 2023 2023 Product Revenue Mix Services & Other Revenue Mix 7 Compelling Portfolio | Increasing High - Value Services Contribution Revenue mix continues to shift to higher - profitability Services & Other offerings. Comments and results reference the Company’s Continuing Operations unless otherwise mentioned, that is, they are pro forma for the sale of the Telematics operations.

 

 

 

32.4% 8 32.0% 29.2% 35.6% 35.4% 36.5% 34.8% Q3 Q2 Q1 Q4 Q3 Q2 Q1 2024 2024 2024 2023 2023 2023 2023 Gross Margin | Expanding Positive Contribution Comments and results reference the Company’s Continuing Operations unless otherwise mentioned, that is, they are pro forma for the sale of the Telematics operations. The Company drove a structural shift in its underlying gross margin profitability through a combination of cost controls, thoughtful pricing, and new channel distribution, and continues to look forward to expansion through new products on the roadmap . GROSS MARGIN % (non - GAAP)

 

 

 

Operating Expense Efficiency | Improving Operations at Scale Comments and results reference the Company’s Continuing Operations unless otherwise mentioned, that is, they are pro forma for the sale of the Telematics operations. Disciplined cost management and economies of scale are now resulting in improved expense:revenue ratios across all Operating Expense lines. 5.0 4.3 3.6 2.7 3.7 4.2 4.0 11% 9% 9% 7% 10% 8% 7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2023 2023 2023 2024 2024 2024 3.1 5.4 4.6 5.1 4.5 5.1 5.0 7% 12% 11% 14% 12% 10% 9% Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2023 2023 2023 2024 2024 2024 3.6 2.9 2.4 2.8 3.6 2.8 3.1 8% 6% 6% 8% 10% 5% 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2023 2023 2023 2024 2024 2024 Sales & Marketing (non - GAAP) Research & Development (non - GAAP) General & Administrative (non - GAAP) Operating Expense : Revenue ratio NOTE: These OpEx categories do not include depreciation & amortization expense as that is reported in its own line item; see financial statements for full details. 9 ($ millions)

 

 

 

 

2.0 2.3 2.0 2.3 1.5 6.8 6.7 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Profitability | Meaningful Shift and Expansion in Adj EBITDA Generation Comments and results reference the Company’s Continuing Operations unless otherwise mentioned, that is, they are pro forma for the sale of the Telematics operations. The Company has significantly improved and delivered meaningful adjusted EBITDA profitability following transformative changes and particularly strong recent business traction. ADJ EBITDA MARGIN % ADJ EBITDA $ 4.6% 10 5.1% 4.9% 6.4% 4.0% 13.2% 12.5% ($ millions)

 

 

December 31, September 30, 2023 2024 ASSETS $2,409 $11,972 Cash and cash equivalents 18,202 15,612 Accounts receivable, net 20,555 18,118 Inventory 4,937 3,627 Prepaid expenses and other 12,123 35,771 Current assets held for sale 58,226 85,100 Total current assets 2,389 1,303 Property, plant and equipment, net 29,667 23,414 Goodwill and intangible assets, net 5,278 3,573 Other assets 26,237 — Non - current assets held for sale $121,797 $113,390 Total assets LIABILITIES AND STOCKHOLDERS’ DEFICIT $44,457 $66,604 Accounts payable and other accrued liabilities — 6,000 Short - term loan — 106,250 2025 Convertible Notes, net 4,094 — Revolving credit facility 7,360 10,000 Current liabilities held for sale See slide #13 for a discussion of the 55,911 188,854 Total current liabilities subsequent event in Nov 2024 in which 166,347 9,599 Long - term liabilities the Company closed its restructuring of its 2025 Convertible Notes and 1,644 — Non - current liabilities held for sale meaningfully reduced debt. 223,902 198,453 Total liabilities (102,105) (85,063) Total stockholders’ deficit $121,797 $113,390 Total liabilities and stockholders’ deficit ($ thousands) Balance Sheet | Strong Improvement and Financial Position Results reflect the Company’s Continuing Operations, where the Telematics operations are reported in Held For Sale. 11

 

 

 

• The Company signed an agreement on September 16, 2024 to sell its remaining Telematics operations to an affiliate of Convergence Partners, an international investment management firm, for $52 million in Cash . • The Telematics business operates across the UK, European Union, Australia, and New Zealand; Convergence Partners had previously purchased the Company’s South Africa Telematics business in 2021 for $33 million. • The transaction strengthens Inseego’s balance sheet and continues the streamlining of the Company’s focus on and allocation of resources to the strongest growth opportunities around the core product offerings. • The transaction is expected to close in Q4 2024 . • From a financial statement standpoint, with the signing of the sale agreement in September 2024, the Company is now therefore reporting the results of the Telematics business in a single line on its Statement of Operations as “Discontinued Operations” and on its Balance Sheet as “Assets Held For Sale.” • The Company anticipates using a portion of the proceeds of the Telematics sale, along with balance sheet cash and cash flow generation, to further reduce total debt in paying - off the $15m 2025 Convert stub and the $6m remaining on the short - term loan. 12 Pro forma historical financial information for the Company's Continuing Operations for each of the prior seven quarters across 2024 and 2023 is included in the Appendix of this presentation in order to aid in an apples - to - apples comparison to current period results and reporting. Telematics Sale | Agreement to Sell Telematics Ops for $52m in Cash

 

 

 

CONVERTIBLE NOTES RESTRUCTURING The Company began 2024 with $162m face value of its 3.25% Convertible Notes due May 1, 2025. Through a successful restructuring in Q3 and Q4 2024, the Company exchanged $147m (or 91%) of the Convertible Notes for: (1) The warrants are exercisable on a cash basis, which means that the exercise of all the warrants would yield $30m+ in additional cash to the Company. (2) Provided for illustrative purposes; based on pro forma total debt net of cash from continuing operations of $12m as of September 30, 2024. TOTAL DEBT OUTSTANDING Pro forma for the closing of the Exchange on Nov 6, 2024, and along with the Company’s payoff of its ABL during 2024, the Company materially reduced its debt from $166m at the beginning of 2024 to $62m , a $104m reduction in debt , with a further de - leveraging anticipated for the $15m Convert stub and $6m remaining short - term loan to be paid - off with a portion of the proceeds from the Telematics sale that is expected to close in Q4 2024. 1 $34m in Cash 2 $41m Sr Secured Debt Matures 5/1/29 9% Cash - pay Interest 3 2.9m Shares of Common Stock 4 2.5m Warrants to purchase Common Stock Avg Cash Exercise Price ~$12.50 (1) $41m New Senior Secured Debt $15m Convertible Notes Stub $6m Remaining S/T Loan 13 + + = $62m TOTAL DEBT Capital Structure Overhaul | Meaningful Reduction in Debt $50m NET DEBT (2)

 

 

 

Q4 2024 GUIDANCE (Continuing Ops) Q3 2024 Actual (Continuing Ops) Q4 2023 Actual (Continuing Ops) $43m - $47m $54.0m $35.9m Revenue from Continuing Operations $3m - $4m $6.7m $2.3m Adj EBITDA from Continuing Operations 14 In September 2024, the Company entered into an agreement to sell its Telematics operations for $52m in cash; the transaction is expected to close in Q4 2024 and as such, the financial results of the Telematics business are reported under Discontinued Operations/Held - For - Sale in the Company’s financial statements and are not included in the results from Continuing Operations for which Guidance is being provided. On the Company’s November 12, 2024 Earnings Call, management provided the following guidance for Total Revenue and Adjusted EBITDA from Continuing Operations for Q4 2024: Company Guidance | Q4 2024 (ISSUED: NOV 12, 2024)

 

 

 

$24b TAM across the Mobile Broadband and Fixed Wireless Access markets Improved financial profile with return to revenue growth, profitability and free cash flow generation Addressed convertible overhang, reducing debt and right - sizing capital structure Unique positioning of products built to meet strict US government requirements in support of the “homegrown” US tech initiative 25+ year track record of wireless technology leadership and strong relationships with Tier 1 Service Providers and Fortune 500 customers Inseego Investment Highlights | Compelling Trajectory 15

 

 

 

APPENDIX • Telematics Sale | Pro Forma Historical Financial Info • Reconciliation of non - GAAP numbers

 

 

TELEMATICS SALE Additional Pro Forma Historical Financial Information

 

 

 

Inseego Pro Forma P&L – Continuing Operations | 2024 TELEMATICS SALE | ADDITIONAL PRO FORMA HISTORICAL FINANCIAL INFORMATION As a result of the Share Purchase Agreement executed in the 3rd quarter under which the Company agreed to sell its Telematics Business, all results for Telematics are classified below as Discontinued Operations and all other line items within the Statement of Operations consist solely of the results from the Company's continuing operations. The company has reclassified all prior periods to conform to this change, and the below table shows the historical quarters in 2024 under the current continuing operations presentation. ($ thousands) 18

 

 

 

Inseego Pro Forma P&L – Continuing Operations | 2023 TELEMATICS SALE | ADDITIONAL PRO FORMA HISTORICAL FINANCIAL INFORMATION As a result of the Share Purchase Agreement executed in the 3rd quarter under which the Company agreed to sell its Telematics Business, all results for Telematics are classified below as Discontinued Operations and all other line items within the Statement of Operations consist solely of the results from the Company's continuing operations. The company has reclassified all prior periods to conform to this change, and the below table shows the historical quarters in 2023 under the current continuing operations presentation. ($ thousands) 19

 

 

NON - GAAP NUMBERS Reconciliations to GAAP Financials

 

 

Income (Loss) From Continuing Operations to Adjusted EBITDA | 2024 NON - GAAP TO GAAP RECONCILIATION ($ thousands) 21

 

 

NON - GAAP TO GAAP RECONCILIATION Income (Loss) From Continuing Operations to Adjusted EBITDA | 2023 ($ thousands) 22

 

 

 

Continuing Operations Gross Margin & OpEx | Three Months Ended September 30, 2024 ($ thousands) 23 Non - GAAP Purchased intangibles amortization ROU Asset Impairment Debt Restructuring Costs Impairment of Capitalized Software Share - based compensation expense GAAP $54,032 $54,032 Revenues 35,209 - - - - 23 35,232 Cost of revenues 18,823 18,800 Gross Margin 34.8% 34.8% Gross Margin % Operating costs and expenses: 4,980 - - - - 196 5,176 Research and development 4,022 - - - - 103 4,125 Sales and marketing 3,144 - 138 669 - 871 4,822 General and administrative 2,824 330 - - - - 3,154 Depreciation and amortization - - - - 507 - 507 Impairment of cap software $14,970 $330 $138 $669 $507 $1,170 $17,784 Total operating costs & expenses NON - GAAP TO GAAP RECONCILIATION

 

 

 

Non - GAAP Purchased intangibles amortization ROU Asset Impairment Debt Restructuring Costs Impairment of Capitalized Software Share - based compensation expense GAAP $143,157 $143,157 Revenues 92,229 - - - - 75 92,304 Cost of revenues 50,928 50,853 Gross Margin 35.6% 35.5% Gross Margin % Operating costs and expenses: 14,595 - - - - 437 15,032 Research and development 11,862 - - - - 314 12,176 Sales and marketing 9,548 - 138 1,121 - 1,888 12,695 General and administrative 9,108 990 - - - - 10,098 Depreciation and amortization - - - - 927 - 927 Impairment of capitalized software $45,113 $990 $138 $1,121 $927 $2,639 $50,928 Total operating costs and expenses ($ thousands) 24 NON - GAAP TO GAAP RECONCILIATION Continuing Operations Gross Margin & OpEx | Nine Months Ended September 30, 2024

 

  

 

Safe Harbor Statement The following presentation contains statements about expected future events that are forward - looking and subject to risks and uncertainties. For these statements, we claim the safe harbor for “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For a discussion of factors that could cause actual results to differ materially from expectations, please refer to the risk factors described in our filings with the SEC. Non - GAAP Financial Measures Non - GAAP gross margins and operating expenses exclude restructuring charges, share based compensation expenses, debt restructuring charges, impairments of capitalized software charges, charges related to acquisition and divestiture activities and acquisition - related intangible asset amortization. This presentation contains references to certain non - GAAP financial measures and should be viewed in conjunction with our press releases and supplementary information on our website ( www.inseego.com/investors ) which present a complete reconciliation of GAAP and Non - GAAP results. 25 Disclaimers

 

 

 

www.inseego.com NASDAQ: INSG

 

 

Cover	Nov. 12, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 12, 2024
Entity File Number	001-38358
Entity Registrant Name	INSEEGO CORP.
Entity Central Index Key	0001022652
Entity Tax Identification Number	81-3377646
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	9710 Scranton Road
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	812-3400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	INSG
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

---