Inseego Q4 Earnings Call Highlights

Core Insights - Inseego reported strong financial performance for Q4 2025, exceeding guidance with revenue of $48.4 million and Adjusted EBITDA of $6.0 million, marking a third consecutive quarter of growth in both metrics [3][4][6] - The company achieved a full-year revenue of $166.2 million and a non-GAAP gross margin of 43%, the highest in over a decade [1][6] - Inseego's expansion into Tier 1 carriers, including AT&T and Verizon, is expected to drive significant growth in 2026, particularly in fixed wireless access (FWA) [5][7][8] Financial Performance - Q4 2025 revenue was $48.4 million, with Adjusted EBITDA at $6.0 million, both above company guidance [3][4][6] - Full-year 2025 revenue reached $166.2 million, with Adjusted EBITDA of $20.1 million, reflecting a 12.1% margin [1][6] - For Q1 2026, the company guided revenue between $33 million and $36 million, with Adjusted EBITDA expected to be between $1 million and $2 million [5][19] Strategic Initiatives - Inseego is focusing on expanding its carrier footprint in enterprise FWA, having secured awards with all three U.S. Tier 1 carriers [7][8] - The company is transitioning to a solution-led selling approach, particularly with its Inseego Connect platform, which is now marketed alongside FWA solutions [9][10] - Management is laying groundwork with various partners to enhance market reach and drive future growth [11] Capital Structure - Inseego retired 100% of its preferred stock at a 38% discount, which included $10 million in cash and $8 million in notes, benefiting common stockholders [5][13] - The company ended Q4 with $24.9 million in cash and $41.0 million in debt, approximately 2x LTM Adjusted EBITDA [12] Market Outlook - Management expects Q1 2026 to be a transition quarter with year-over-year growth, despite some sequential revenue decline due to engineering delays and inventory issues [14][15] - Full-year 2026 revenue is targeted at approximately $190 million, with expectations for improved profitability and margins in the second half of the year [16]