Financial Data and Key Metrics Changes - In Q3 2025, the company generated revenue of $45.9 million and adjusted EBITDA of $5.8 million, both exceeding guidance and marking the second consecutive quarter of sequential growth in these metrics [3][16] - Non-GAAP gross margin was reported at 41.8%, reflecting a favorable product mix and strength in FWA [18] - Adjusted EBITDA margin was 12.5%, the third highest in over a decade [18] Business Line Data and Key Metrics Changes - FWA revenue was the second highest in company history, surpassing mobile hotspot revenue for the third time [16] - FWA shipment volumes increased by over 50% year-over-year, indicating strong enterprise adoption [5] - Mobile revenue is expected to grow sequentially in Q4 2025 due to expanded customer contributions and product launches [17][20] Market Data and Key Metrics Changes - The company secured a new Tier 1 US carrier win during Q3, expanding its reach in both FWA and mobile hotspots [6] - The introduction of the FX40 200 is expected to broaden market opportunities and enhance the company's position in the enterprise segment [8] Company Strategy and Development Direction - The company is focused on scaling its core FWA and mobile solutions while evolving into a solutions company that integrates hardware, network management, and software [3] - The strategy includes expanding the product portfolio, adding new carriers, and deepening engagement with MSOs, MSPs, and VARs [9] - Leadership has been strengthened with the addition of experienced executives to support growth initiatives [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of FWA, driven by increased carrier deployments and favorable market dynamics [31][43] - The company anticipates continued sequential revenue growth in Q4 2025, despite historical seasonality trends [20][22] - Management highlighted the potential for increased demand for domestic suppliers due to regulatory changes affecting foreign competition [40] Other Important Information - The company has filed a universal shelf to enhance financial flexibility and support growth initiatives [19] - The software services revenue remained stable at approximately $12 million, contributing to high-margin revenue [17] Q&A Session Summary Question: Monetization changes for Subscribe and Connect - Management indicated that Inseego Connect has transitioned to a core part of the enterprise platform, driving usage and value capture [25] Question: Seasonal growth expectations for Q1 - Management acknowledged that Q4 typically has fewer selling days, but they expect to maximize opportunities as they enter 2026 [28] Question: Impact of new carrier contracts on revenue - Management expects significant volume growth from new carrier contracts, particularly in the MiFi market [34] Question: Competitive landscape and market share gains - Management believes they are well-positioned to capitalize on opportunities arising from regulatory changes favoring domestic suppliers [40] Question: Feedback on Inseego Connect API - Positive feedback was received regarding the APIs, which are expected to enhance service revenue attach rates [42]

Q3 2025 Financial Performance - Total revenue for Q3 2025 reached $45.9 million, exceeding the guidance of $40 million - $43 million[6] - Adjusted EBITDA for Q3 2025 was $5.8 million, also surpassing the guidance of $4 million - $5 million[6] - The implied margin was 12.5%, higher than the guided range of 10-12%[6] - Strong FWA revenue reached $17.7 million, representing an 81% year-over-year growth compared to Q3 2024[8] - Software Services & Other Revenue contributed $12.2 million, accounting for 27% of the total revenue[8] - Non-GAAP Gross Margin was 41.8%, a 700 bps increase compared to Q3 2024[8] - The company closed Q3 2025 with a cash position of $14.6 million, a sequential increase of $1.3 million[8] Business Development and Strategy - A new Tier-1 U S carrier customer was secured for both mobile and FWA next-generation products, with FWA shipments expected in late Q4 2025 and mobile shipments in Q1 2026[9] - The company paid off the remaining $15 million on convertible notes on May 1, 2025[27]

Financial Performance - Total revenue for Q3 2025 was $45.9 million, representing a 14% increase sequentially [5] - Adjusted EBITDA for Q3 2025 was $5.8 million, up 22% sequentially [5] - GAAP Net Income for Q3 2025 was $1.4 million [5] - GAAP gross margin for Q3 2025 was 41.6%, marking the third consecutive quarter with gross margin exceeding 40% [5] Business Developments - The company secured a new Tier-1 U.S. carrier customer for both mobile and FWA next-generation products, with shipments expected to begin in late Q4 2025 for FWA and in Q1 2026 for mobile [5] - Expanded FWA deployments with T-Mobile across multiple industries and saw significant traction with the recently launched FX4100 [5] - Launched the FX4200 enterprise FWA solution and updated software suite, Inseego Connect, enhancing the company's offerings for larger enterprises [5] - Key appointments to the leadership team included Donna Johnson as CMO and Vishal Donthireddy as CTO, along with the addition of Nabil Bukhari and Stephen Bye to the Board of Directors [5][2] Strategic Outlook - The company is focused on scaling its cloud-managed wireless broadband solutions to drive sustainable growth and profitability as it approaches the end of 2025 [2] - Upcoming investor events include participation in several conferences in November and a milestone anniversary celebration for being listed on Nasdaq for 25 years [4]

Core Insights - Inseego Corp. has launched a new 5G hardware platform, the Wavemaker FX4200, along with an updated software suite, Inseego Connect, aimed at providing enterprise-class wireless connectivity for small- and mid-size enterprises [4][5][12] - The new solution addresses the gap between complex, feature-heavy solutions and simplistic consumer products, offering a full-stack wireless platform that combines performance, security, and ease of management [6][10] Product Features - The FX4200 is built on the Qualcomm Dragonwing™ FWA Gen 3 platform, delivering multi-gigabit 5G performance with built-in intelligence and manageability [8] - Key capabilities include zero-touch setup, enterprise security with FIPS 140-3 compliance, and a redesigned mobile app for non-technical users [11][8] - The solution supports Wi-Fi 7 connectivity for up to 256 clients and features automatic failover across cellular and wired WAN for uninterrupted service [11] Market Positioning - Inseego aims to fill the market gap for IT leaders by providing a solution that is powerful yet simple to deploy, catering to various use cases such as retail locations, restaurants, and government offices [7][6] - The FX4200 is designed to expand the addressable market for service providers and resellers, offering cloud-based management and mobile app support for managing thousands of devices [10][14] Availability and Growth Potential - The Inseego FX4200, X700, and Inseego Connect are currently available through Inseego's channel partners, positioning the company for growth in the FWA and 5G business sectors [12][10] - The solution is expected to drive growth by eliminating the tradeoff between complexity and functionality that businesses have faced in the past [5][12]

Core Insights - Inseego Corp. and OneSource have launched Janus, a new managed service that integrates Inseego's 5G fixed wireless access devices with OneSource's connectivity services, aimed at providing reliable wireless broadband access for enterprises of all sizes [1][2][3] Group 1: Partnership and Product Offering - The collaboration between Inseego and OneSource is positioned as a strategic partnership to meet the growing demand for 5G-based fixed wireless access solutions, emphasizing flexibility, reliability, and performance [2] - Janus is described as a fully managed suite of connectivity solutions, marking OneSource's first turnkey 5G cellular offering, leveraging both companies' expertise [3][4] - The Janus solution includes high-performance outdoor and indoor CPE devices, supported by Inseego's cloud-based management platform, Inseego Connect, allowing for scalable monitoring and management [4][5] Group 2: Product Features and Demonstrations - Key products highlighted include the FW2000 outdoor CPE, MiFi X PRO 5G hotspot, and FX3110 indoor router, showcasing advanced connectivity capabilities [7] - The partnership will feature live demonstrations of these products at the OneSource Center of Excellence, with an open house event planned to celebrate the launch [6][8] Group 3: Company Backgrounds - Inseego Corp. is recognized as a leader in 5G enterprise cloud WAN solutions, serving millions of end customers and thousands of enterprise clients globally [9] - OneSource Building Technologies specializes in connectivity solutions with over 20 years of experience, providing end-to-end services across more than 90 countries [10]

Financial Data and Key Metrics Changes - In Q2 2025, total revenue was $40.2 million, driven by strong FWA volumes and a large channel deal, marking a sequential growth in both revenue and adjusted EBITDA [19][20] - Non-GAAP gross margin was 41.2%, reflecting a favorable product mix and strong FWA results [20] - Adjusted EBITDA for Q2 was $4.7 million, up 29% sequentially, achieving an 11.7% margin, the second highest in a decade [21] Business Line Data and Key Metrics Changes - FWA revenue surpassed mobile hotspot revenue for only the second time in the company's history, indicating a successful ramp of the new FX4100 product [20] - Mobile revenue decreased year-over-year due to record promotional activity in 2024 and the timing of new program launches expected later in 2025 [20] - Services revenue remained consistent at $12 million for the quarter, providing stable, high-margin contributions [20] Market Data and Key Metrics Changes - The FX4100 product launched in mid-Q2 exceeded expectations with strong early demand, reflecting the expanding total addressable market (TAM) in the enterprise FWA market [10][12] - The company secured notable wins with enterprise customers, including a multi-million dollar agreement with an S&P 500 company [12][30] Company Strategy and Development Direction - The company is focused on transforming into a solutions provider by investing in software, APIs, and platform intelligence, aiming for greater value creation and sustainable growth [7][13] - The growth strategy is anchored by two vectors: scaling the core mobile and FWA business and evolving into a solutions company [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sequential revenue growth for the next two quarters, supported by the ramp of the FX4100 product and mobile revenue growth [15][24] - The company aims to exit the year with a strong run rate business to support sustainable growth [15] Other Important Information - The company ended Q2 with $13.2 million in cash and a total debt of $41 million, providing flexibility for growth initiatives [22] - A $15 million working capital facility was established to enhance operational flexibility [22] Q&A Session Summary Question: Can you elaborate on the multimillion dollar enterprise agreement with the industrial S&P 500 company? - The deal was facilitated through the Inseego IGNITE channel program, emphasizing the importance of both hardware and software in the value proposition [30] Question: How much of the Q3 revenue and EBITDA guidance is associated with the business pulled from the forecast? - The guidance does not include any assumptions regarding the $10 million deal that was removed from the forecast [32][33] Question: What are the factors influencing the Q3 revenue guidance range? - The variability in the Q3 guidance is related to the business opportunities expected to close in the channel, with no significant macroeconomic assumptions impacting it [34][35] Question: Can you provide details on the mechanics of the enterprise win and revenue recognition? - The specific deal mentioned was for Q2, and the company is working on a pipeline for Q3 and beyond [41] Question: How should investors think about cash flows with the increase in accounts receivable? - The increase in accounts receivable is due to the ramp-up in demand for the new FX4100 product, and the company aims to drive cash flow while investing in inventory [42][43] Question: What potential catalysts can be expected for the FX4100 launch? - The unique combination of performance, technology leadership, and ease of deployment are key factors driving the FX4100's market impact [45] Question: Is there a path to monetizing the expanding software and services feature set? - Yes, the company is investing in software functionality and expects to yield higher revenue from these services moving forward [50][51]

Financial Data and Key Metrics Changes - The company has undergone significant restructuring, improving its financial position from $170 million in debt and $4 million in cash to a more stable cash generation model, with expectations of generating cash in the second half of the year [61][62] - The recurring revenue model has become more significant and meaningful compared to a few years ago, indicating a shift towards a more stable and predictable revenue stream [16][17] Business Line Data and Key Metrics Changes - The company continues to focus on MiFi and fixed wireless access (FWA), with a notable shift towards enterprise solutions, which are expected to drive growth [6][39] - The company has a concentrated customer base, with 70% of revenue coming from two major customers, indicating a need for diversification [65][66] Market Data and Key Metrics Changes - The U.S. enterprise market for 5G was valued at $1 billion in 2023 and is projected to grow to $12 billion by 2032, highlighting significant market potential for wireless broadband solutions [19][20] - The company is expanding its addressable market by transitioning from small and medium-sized businesses (SMBs) to enterprise customers, which is seen as a rich segment for monetization [21][34] Company Strategy and Development Direction - The company is focusing on software-defined next-generation wireless networking solutions for enterprises, leveraging its historical strengths in wireless technology [6][12] - There is a strategic emphasis on diversifying the customer base and enhancing the product offerings for both MiFi and FWA, with plans to create dedicated products for channel partners [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive durable top-line growth, particularly in the enterprise segment, which is expected to be more resilient to economic fluctuations [18][37] - The management team is optimistic about the upcoming product launches and the potential for significant market expansion in the next few years [30][34] Other Important Information - The company has invested in inventory ramp-up, which is expected to impact cash flow in the short term but is seen as a non-issue for long-term growth [28][62] - The company has established a strong engineering and management team with extensive experience in the carrier and OEM sectors, which is expected to enhance its market positioning [59][60] Q&A Session Summary Question: What does the hardware mix look like and how is it evolving? - Currently, 70% of revenue comes from two customers, with a focus on expanding partnerships and product offerings for both FWA and MiFi [65][66] Question: How does the company view its competitive position regarding tariffs? - The company has established manufacturing in Taiwan and Vietnam, allowing for flexibility in response to potential tariff changes, and does not expect significant impact on unit profitability [23][29] Question: Can you elaborate on the company's SaaS solutions? - The company offers Inseego Connect for device management and Inseego Subscribe for subscriber management, both of which are seen as critical for enterprise customers [41][46]

Financial Data and Key Metrics Changes - In Q4 2024, total revenue reached $48.1 million, representing a year-over-year increase of over 33% [38] - For the full year 2024, revenue was $191.2 million, reflecting a year-over-year growth of 14.3% [41] - Non-GAAP gross margin for Q4 2024 improved to 37.4%, up 260 basis points from Q3 2024 and nearly 200 basis points from Q4 2023 [42] - Adjusted EBITDA for Q4 2024 was $5.4 million, more than double the prior year quarter, with an adjusted EBITDA margin of 11.2% [44] - The company ended 2024 with $56 million in total debt and a cash position of $40 million, significantly improved from the start of the year [46] Business Line Data and Key Metrics Changes - Mobile solutions revenue grew over 59% year-over-year, driven by strong performance in carrier hotspot products [39] - Services and other revenue, including the Inseego Subscribe SaaS offering, increased by 62% year-over-year [39] - Fixed Wireless Access (FWA) revenue saw a slight year-over-year decline but increased sequentially from Q3 2024 [40] Market Data and Key Metrics Changes - The wireless broadband market is expected to grow significantly, with 2 billion 5G connections currently and projections to exceed 10 billion by the end of the decade [11] - Fixed Wireless Access is noted as the fastest-growing broadband technology in the US, leading net additions over the past 18 months [12] Company Strategy and Development Direction - The company aims to focus on scaling its FWA and MiFi businesses while accelerating its software and services roadmap [19] - Plans include evolving the product roadmap to align better with carrier requirements and expanding into higher volume market segments [20][21] - The company is committed to enhancing its cloud-based device management platform, Inseego Connect, to drive recurring revenue [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth despite a challenging start to Q1 2025 due to inventory management and product transitions [32] - The wireless broadband industry operates on long cycles, with the full impact of current strategies expected to materialize in late 2025 and 2026 [30] - Management anticipates overall year-over-year revenue growth for 2025, with sequential growth expected starting in Q2 [52] Other Important Information - The company completed the sale of its Telematics business for $52 million, which is reported as discontinued operations [36] - The restructuring of convertible notes has significantly reduced debt and improved liquidity [46] Q&A Session Summary Question: Clarification on inventory and growth guidance for 2025 - Management confirmed expectations for revenue growth in 2025, despite a slow start in Q1, with anticipated growth beginning in Q2 [58][59] Question: Sources of growth in the second half of 2025 - Management highlighted product refreshes and expansion into new market segments as key drivers for growth [64] Question: Customer relationships and market engagement - Management emphasized existing relationships with major players in broadband and the importance of converting opportunities into revenue [79] Question: Procurement and supply chain improvements - Management indicated that new discussions with suppliers would occur as revenue grows, with a focus on rapid product development [81] Question: Future asset mix and divestitures - Management stated that the focus will be on becoming a leading provider in mobile and fixed broadband, with potential for inorganic growth through careful consideration [85] Question: Annual growth outlook and product mix evolution - Management discussed the modular development strategy and the expected growth in FWA and MiFi segments, emphasizing the enterprise market's potential [94]