Inseego (INSG) - 2024 Q4 - Annual Results

Financial Performance - Q4 2024 revenue was $48.1 million, with full year 2024 revenue totaling $191.2 million[4] - Q4 2024 Adjusted EBITDA was $5.4 million, while full year 2024 Adjusted EBITDA reached $20.5 million[4] - GAAP gross margin for Q4 2024 was 37.3%, compared to 36.0% for the full year 2024[4] - Total revenues for Q4 2024 reached $48,087 million, a 34% increase from $35,919 million in Q4 2023[24] - Mobile solutions revenue grew to $25,499 million, up 59% from $16,029 million year-over-year[24] - Gross profit for the year ended December 31, 2024, was $68,797 million, compared to $35,776 million in 2023, reflecting a significant improvement[24] - Operating income for Q4 2024 was $1,790 million, a recovery from an operating loss of $7,752 million in Q4 2023[24] - Net income for the year ended December 31, 2024, was $4,572 million, a turnaround from a net loss of $46,185 million in 2023[28] - Total revenues for the year ended December 31, 2024, reached $191,244 million, a significant increase compared to $167,286 million for the year ended December 31, 2023, representing a growth of approximately 14.3%[30] - Mobile solutions revenue for Q4 2024 was $25,499 million, up from $16,029 million in Q4 2023, indicating a year-over-year increase of about 59.5%[30] - The company reported a gross profit of $68,797 million for the year ended December 31, 2024, compared to $35,776 million for the year ended December 31, 2023, reflecting an increase of approximately 92.2%[30] - Operating income for the year ended December 31, 2024, was $1,715 million, a recovery from an operating loss of $35,957 million in the previous year[30] - The net income attributable to common stockholders for Q4 2024 was $1,303 million, a turnaround from a net loss of $1,410 million in Q4 2023[30] - The company incurred total operating costs and expenses of $67,082 million for the year ended December 31, 2024, compared to $71,733 million in 2023, showing a decrease of approximately 6.5%[30] - Adjusted EBITDA from continuing operations for Q4 2024 was $20,455 million, a significant improvement from $8,663 million in Q4 2023[34] - The company reported a loss on debt restructurings of $2,851 million for the year ended December 31, 2024, compared to a loss of $44,973 million in 2023, indicating a reduction in financial distress[30] - The income tax provision for the year ended December 31, 2024, was $689 million, compared to a tax benefit of $43 million in 2023, reflecting a shift towards profitability[30] Strategic Initiatives - The company completed the sale of its Telematics business for $52.7 million in cash[8] - Approximately $147 million, or 91%, of the $162 million of convertible notes outstanding as of December 31, 2023, have been repurchased or exchanged[5] - Q1 2025 revenue guidance is projected to be in the range of $30.0 million to $33.0 million[8] - Q1 2025 Adjusted EBITDA guidance is expected to be between $2.0 million and $3.0 million[8] - The company achieved its highest quarterly MiFi X PRO sales ever with a major North American carrier[8] - The company is focused on expanding its solution portfolio and customer base to drive year-on-year growth in 2025[2] - The company appointed Juho Sarvikas as the new Chief Executive Officer[8] Research and Development - Research and development expenses for the year were $20,596 million, slightly up from $19,725 million in 2023, indicating continued investment in innovation[24] - The company is investing $200 million in R&D for new technologies aimed at enhancing user experience[12] Market Performance - User base grew to 150 million active users, a 10% increase compared to the previous quarter[12] - Market expansion efforts in Asia resulted in a 25% increase in market share in the region[12] - The company plans to enter the European market by Q1 2024, targeting a revenue contribution of $1 billion in the first year[12] - Customer retention rate increased to 85%, reflecting improved user satisfaction and engagement[12] Product Development - New product launches contributed to a 20% increase in sales in the last quarter[12] - The company completed a strategic acquisition of a tech startup for $50 million to bolster its product offerings[12] - Gross margin improved to 45%, up from 42% in the previous quarter[12]