Inseego Corp.

What they do

Inseego designs and sells 5G mobile broadband devices under the MiFi brand and fixed wireless access routers under the Wavemaker brand, primarily to North American mobile operators and channel partners. It also provides cloud-based SaaS offerings: Inseego Connect for device management and Inseego Subscribe for carrier subscriber lifecycle management. Products are designed in the U.S. and operate on all major U.S. cellular networks.

Revenue drivers

• Mobile Solutions (MiFi) — Mobile broadband hotspots sold mainly to U.S. carriers (T-Mobile, Verizon, AT&T) and Canadian operators (Rogers, Telus). Q2 2026 benefited from launches across all three Tier-1 U.S. carriers.
• Fixed Wireless Access (Wavemaker) — Indoor, outdoor, and industrial routers and gateways sold to enterprises and SMBs via mobile operators and distribution partners. Revenue tied to 5G infrastructure deployment and endpoint adoption.
• Software Services and Other — Mostly recurring SaaS revenue from Inseego Subscribe (CSP lifecycle management) and Inseego Connect, plus non-recurring engineering services. A key part of growth and profitability strategy.

Recent performance

Q2 2026 revenue was $44.0M, up sequentially from $34.3M in Q1 2026 and up from $45.9M in Q2 2025? (Note: Q2 2025 was not provided, but Q3 2025 was $45.9M). GAAP net loss was $8.4M, Adjusted EBITDA was $0.5M, and GAAP gross margin was 33.8%. Full-year 2025 revenue was $166.2M with a net income of $838K; 2024 revenue was $191.2M with net income of $4.6M. The company continues to operate with negative shareholder equity of -$30.6M as of June 30, 2026.

Strategy

Management focuses on converting the refreshed Mobile product family into revenue, improving gross margins, and strengthening engineering and product delivery. They are aligning costs with the revised revenue profile. The company is executing on its pending acquisition of Nokia's fixed wireless access business, expected to close in Q4 2026. They also expanded their working capital facility with BMO Bank from $15M to $20M, supporting liquidity. Strategic priorities include diversifying customer base and product portfolio.

Risks

• Customer concentration — The company depends on two customers for a substantial portion of revenues; adverse change with either would negatively affect results.
• 5G adoption and competition — FWA market growth may be slower or more competitive than expected, and Inseego may fail to win share against larger competitors.
• Supply chain and component shortages — Reliance on contract manufacturers and sole-source suppliers for semiconductors and key components exposes the business to disruptions and cost increases.
• Indebtedness and liquidity — Despite debt restructuring, the company has long-term debt of $152.6M (as of Dec 31, 2019) and negative equity of -$30.6M, with only $1.9M cash as of June 30, 2026; ability to service debt remains a risk.

Outlook

Management guided Q3 2026 revenue between $28.0M and $35.0M and Adjusted EBITDA between -$2.0M and -$1.0M. Full-year 2026 revenue is expected to be approximately $155M. They continue to work toward Q4 2026 closing of the FWA acquisition with Nokia. Focus is on converting the launched product portfolio into revenue and improving margins.