Inseego Reports Third Quarter 2026 Financial Results

Cash declined from $24.886 million at year-end to $6.611 million, while nine-month operating cash use reached $9.188 million.

Rhea-AI Summary

Inseego (Nasdaq: INSG) reported third-quarter 2026 revenue of $33.3 million, with results covering only its legacy North American business. Revenue fell from $45.893 million a year earlier. GAAP net loss was $8.1 million, versus net income of $1.432 million; diluted EPS fell to negative $0.49 from positive $0.03. Adjusted EBITDA, a non-GAAP earnings measure, was negative $1.0 million, and GAAP gross margin was 33.3%.

The Nokia FastMile acquisition closed October 1, with acquired results included beginning in Q4. Inseego expects Q4 revenue of $56 million–$65 million and adjusted EBITDA of $0 million–$2 million, including $12 million–$14 million in Nokia support payments. North American revenue guidance is $21 million–$25 million; FastMile guidance is $35 million–$40 million. October headcount and contractor reductions are anticipated to lower annual spending by $8 million. Cash ended September at $6.611 million.

7 points · 1 major

NegativeiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 23 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Completed Nokia FastMile acquisition on October 1; Inseego expects it to approximately double revenue.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 adjusted EBITDA guidance targets $0 million–$2 million, versus negative $1.0 million in Q3.
• Moderate point. Forward-looking: it has not happened yet and may not happen.October headcount and contractor reductions are anticipated to reduce spending by $8 million annually.
• Moderate pointQ3 mobile solutions revenue increased to $19.100 million from $16.037 million a year earlier.
• Moderate pointWorking capital facility provided $16.650 million in draws during the first nine months of 2026. 21% of market cap

2 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Tier-1 carrier selected Inseego for a premium-tier MiFi; shipments are expected to begin mid-2027.
• Minor pointInseego Subscribe achieved CMMC Certification, enabling service providers to support U.S. Government customers.

Negative

• Moderate pointQ3 revenue fell to $33.263 million from $45.893 million a year earlier.
• Moderate pointQ3 GAAP net loss reached $8.103 million, versus net income of $1.432 million a year earlier.
• Moderate pointQ3 adjusted EBITDA was negative $1.0 million.
• Moderate pointQ3 gross profit fell to $11.086 million from $19.084 million; GAAP gross margin was 33.3%.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 revenue guidance of $56 million–$65 million includes North America at $21 million–$25 million, below Q3 legacy revenue.
• Moderate pointNine-month operating cash use increased to $9.188 million from $4.763 million a year earlier.
• Moderate pointCash declined to $6.611 million at September 30, 2026, from $24.886 million at December 31, 2025.
• Moderate pointCurrent liabilities reached $67.651 million, exceeding current assets of $62.599 million at September 30, 2026.
• Moderate point2029 senior secured notes, net, increased to $50.166 million from $41.611 million at year-end.
• Moderate pointNine-month capitalized software development and intangible purchases consumed $10.084 million, versus $6.121 million a year earlier. 13% of market cap
• Moderate pointPreferred stock exchange required $6.667 million in cash payments during the first nine months of 2026. 8.4% of market cap

12 minor points

• Minor pointQ3 diluted EPS fell to negative $0.49 from positive $0.03 a year earlier.
• Minor pointQ3 fixed wireless access revenue fell to $4.180 million from $17.650 million a year earlier.
• Minor pointQ3 software services and other revenue fell to $9.983 million from $12.206 million a year earlier.
• Minor pointQ3 operating expenses rose to $18.259 million from $16.929 million a year earlier.
• Minor pointQ3 operating loss was $7.173 million, versus operating income of $2.155 million a year earlier.
• Minor pointQ3 interest expense increased to $918,000 from $885,000 a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 adjusted EBITDA guidance includes $12 million–$14 million in Nokia support payments under the acquisition agreement.
• Minor pointNine-month revenue fell to $111.585 million from $117.789 million a year earlier.
• Minor pointNine-month net loss was $21.077 million, versus net income of $369,000 a year earlier.
• Minor pointNine-month diluted loss per share widened to $0.37 from $0.15 a year earlier.
• Minor pointWorking capital facility balance reached $7.642 million at September 30, 2026, versus none at year-end.
• Minor pointStockholders’ deficit widened to $36.576 million from $4.044 million at year-end.

Key Figures

Q3 revenue: $33.3 million Adjusted EBITDA: Negative $1.0 million GAAP net loss: $8.1 million +5 more

Q3 revenue

$33.3 million

Q3 2026; legacy business only

Adjusted EBITDA

Negative $1.0 million

Q3 2026; legacy business only

GAAP net loss

$8.1 million

Q3 2026; legacy business only

GAAP gross margin

33.3%

Q3 2026; legacy business only

Total revenue guidance

$56 million to $65 million

Q4 2026

Adjusted EBITDA guidance

$0 million to $2 million

Q4 2026; includes Nokia support payments

Nokia support payments

$12 million to $14 million

Included in anticipated Q4 2026 Adjusted EBITDA

Anticipated annual spend reduction

$8 million annually

Following headcount and contractor spend reductions

Previous Earnings Reports

3 past events · Latest: Aug 05

Same Type 3 events

1. Aug 05

   Q2 earnings report

   24h Move

   -28.6%

   Q2 revenue beat guidance and set Q3 ranges for revenue and Adjusted EBITDA.

2. May 07

   Q1 earnings report

   24h Move

   -14.5%

   Signed Nokia fixed wireless access acquisition agreement, a precursor to the completed transaction.

3. Nov 06

   Q3 earnings report

   24h Move

   +1.6%

   Prior-year quarter reported revenue, Adjusted EBITDA, net income, and gross margin for comparison.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, gaap, non-gaap financial measure, transition services agreement, +2 more

6 terms

adjusted ebitda financial

"Q3 2026 Adjusted EBITDA* of Negative $1.0 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

gaap financial

"GAAP Net Loss of $8.1 million"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial measure financial

"Adjusted EBITDA is a non-GAAP financial measure."

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

transition services agreement financial

"Nokia personnel who will continue to support the business under a transition services agreement."

A transition services agreement is a formal arrangement where one company continues to provide essential services—such as IT, human resources, or accounting—to another company after a business deal or change in ownership. It acts like a temporary bridge, ensuring smooth operations during a transition period. For investors, it provides clarity on how long support will last and helps assess potential costs and stability during the change.

millimeter-wave technical

"adding indoor, outdoor and millimeter-wave FWA solutions"

Millimeter-wave is a band of radio frequencies with very short wavelengths—about one to ten millimeters—used for extremely fast, short-range wireless transmission. Think of it as a higher-pitched radio signal that can carry a lot more data but doesn’t travel as far or through walls as well as lower-frequency signals. Investors care because millimeter-wave technology underpins high-speed wireless networks, radar and sensors, and touches telecom equipment, semiconductor suppliers, and infrastructure spending, so its adoption can drive revenue and regulatory decisions.

cmmc certification regulatory

"Achieved CMMC Certification for Inseego Subscribe"

Cybersecurity Maturity Model Certification (CMMC) is a U.S. Department of Defense program that verifies a company’s cybersecurity practices before it may win certain defense contracts or handle Controlled Unclassified Information (CUI). Certification is granted at one of several maturity levels that specify required security controls and processes; companies must be assessed by an approved third-party assessor or government assessor and receive a formal certificate attesting to the achieved level. The certification applies to an organization as a condition of contract eligibility and must be maintained or renewed according to program rules.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Q3 2026 revenue of $33.3 million
Q3 2026 Adjusted EBITDA* of Negative $1.0 million and GAAP Net Loss of $8.1 million
Announced completion of the acquisition of Nokia’s Fixed Wireless Access Business (“FastMile”) on October 1st

SAN DIEGO, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Inseego Corp. (Nasdaq: INSG) (the “Company”), today reported its results for the third quarter of 2026, ended September 30, 2026.

“We were very pleased to complete the acquisition of Nokia’s Fixed Wireless Access Business on October 1^st, which will allow us to expand our carrier partnerships globally,” said Juho Sarvikas, CEO of Inseego. “Inseego North America, representing our legacy business, delivered Q3 revenue and adjusted EBITDA within our guided range, but we need to continue to improve our performance. I have taken steps to address the engineering and product delivery issues I highlighted last quarter, including bringing in a new CTO, and we are underway with our efforts to restructure the engineering function. Our focus now is on ensuring execution in the short-term while we integrate the FastMile business with Inseego North America to operate as one global company.”

Steven Gatoff, CFO of Inseego, added: “We are pleased to welcome Nokia as an investor in Inseego as a result of the closing of the transaction, and with the support they are providing the business while we integrate our global engineering operations. We have reduced headcount and spend in Q4, which will help move us toward a return to profitability as we look to drive revenue growth throughout the portfolio.”

Q3 2026 Financial Highlights

• Total revenue for Q3 2026 was $33.3 million.
• Adjusted EBITDA* for Q3 2026 was negative $1.0 million. GAAP Net Loss was $8.1 million.
• GAAP gross margin for Q3 2026 was 33.3%.

Note: Q3 2026 Financial results are for our legacy business only, which we refer to as Inseego North America.

Business Highlights

• Completed the acquisition of Nokia’s Fixed Wireless Access business (“FastMile”), see separate section below.
• Selected by a Tier-1 Carrier to provide a ruggedized, high-powered premium-tier MiFi, with shipments expected to begin in mid-2027.  
• Introduced intelligent multi-WAN control software for its portfolio of SD-WAN appliances, making resilient connectivity across multiple broadband sources simpler and more accessible for operators and their customers. The capability provides intelligent traffic handling across outdoor 5G receivers, low Earth orbit satellite terminals, fiber, other wired broadband connections, and integrated cellular WAN links.
• Achieved CMMC Certification for Inseego Subscribe, enabling service providers to support U.S. Government Customers.
• Reduced headcount and contractor spend in October 2026, anticipated to reduce spend by $8m annually.
• Announced Nick Lambourne as Chief Technology Officer, leading the Company’s global engineering organization Nick has deep cellular expertise and experience across hardware, software, cloud, and international engineering operations.

Nokia FWA Acquisition

On October 1st, the Company announced the completion of its acquisition of Nokia’s Fixed Wireless Access (FWA) business, first announced on April 30, 2026. The acquisition is expected to approximately double Inseego’s revenue and position the company as a global wireless broadband leader. By adding indoor, outdoor and millimeter-wave FWA solutions to its wireless broadband portfolio, Inseego expands its reach across consumer and business connectivity. The transaction also meaningfully extends Inseego’s footprint globally to now include leading carriers across Europe, the Middle East, Asia, and Oceania. The addition of this product and technology portfolio also significantly expands Inseego’s engineering capabilities.

Following the transaction, approximately 250 people associated with the acquired business are now supporting Inseego’s expanded global operations across engineering, product management, supply chain and sourcing, and customer support. This group includes employees joining Inseego and Nokia personnel who will continue to support the business under a transition services agreement.

To support its expanded global operations, Inseego has established an international headquarters in Amsterdam and a development center in Athens, expanded its presence in Bangalore, and added customer-facing sales and technical resources across its new markets.

The results of the acquired business will be included in Inseego’s consolidated results beginning in the 4th quarter of 2026. Pro forma information about the revenue of the acquired business is included in a table to this Press Release.  

Q4 2026 Guidance

The Company provided the following guidance for the fourth quarter of 2026:

• Q4 2026 total revenue in the range of $56 million to $65 million, comprised of:
  • Inseego North America revenue in the range of $21 million - $25 million.
  • Acquired FastMile revenue in the range of $35 million - $40 million.
• Q4 2026 Adjusted EBITDA* in the range of $0 million to $2 million. Anticipated Q4 2026 Adjusted EBITDA includes the impact of support payments from Nokia under the acquisition agreement in the range of $12 million to $14 million.

The above guidance updates and supersedes any and all prior issued guidance.

Investor Events

Inseego management will be participating in the following upcoming investor events:

• November 17, 2026 – Craig-Hallum 17th Annual Alpha Select Conference (New York, NY)
• November 18, 2026 – ROTH 15th Annual Technology Conference (New York, NY)

Conference Call Information

Inseego will host a conference call and live webcast today at 5:00 p.m. ET. A Q&A session will be held live directly after the prepared remarks. To access the conference call:

• Online, visit https://investor.inseego.com/events-presentations
• Those without internet access or unable to pre-register 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 19, 2026. To hear the replay, parties in the United States may call 1-855-669-9658 and enter access code 9792023 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.

*Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” below for more information, and the tables at the end of this release for a reconciliation to the closest GAAP measure.

About Inseego Corp.

Inseego is a global leader in wireless broadband, delivering fast, reliable connectivity to homes, businesses, and people on the move. With the acquisition of Nokia’s FastMile fixed wireless access business, Inseego offers one of the industry’s broadest cellular broadband portfolios, spanning fixed wireless gateways, mobile hotspots and routers, enterprise and industrial gateways, and cloud-based device, network, and subscriber management software. Backed by decades of wireless engineering expertise across 5G, Wi-Fi, antenna design, and cloud software, Inseego partners with mobile network operators worldwide to deliver connectivity at scale. Headquartered in San Diego, California, Inseego has offices in Amsterdam, Bangalore, and Athens. Learn more at www.inseego.com.

© 2026. Inseego Corp. All rights reserved. The Inseego name and logo are trademarks of Inseego Corp.

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 financial guidance, 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 device management software and services and our ability to accurately forecast; (3) the growth of wireless wide-area networking and device 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 impact of rising global memory or other component prices and related supply chain disruptions, (16) the impact of high rates of inflation and rising interest rates, (17) the impact of import tariffs on our materials and products, and (18) the impact of geopolitical instability on our business.

Additionally, in connection with Inseego’s acquisition of Nokia’s Fixed Wireless Access (“FastMile”) business, factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the ability to recognize the anticipated benefits of the acquisition, which may be affected by, among other things, the potential loss of customers and/or employees of the FastMile business, competition, and/or the ability of Inseego to grow and manage growth profitably; (2) the risk that Inseego will not be able to integrate the FastMile business successfully; (3) the risk that costs savings and other anticipated synergies from the acquisition may not be realized when expected, or at all; (4) the diversion of Inseego’s management’s time on issues related to the acquisition.

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.

Non-GAAP Financial Measures

Inseego Corp. has provided financial information in this press release that has not been prepared in accordance with GAAP. Non-GAAP net income (loss) and non-GAAP net income (loss) per share, for example, exclude the impact of share-based compensation expense, impairment of capitalized software, amortization of intangible assets purchased through acquisitions, non-recurring transaction related costs, and other non-recurring gains and losses. Adjusted EBITDA, in addition to those items excluded from non-GAAP net income (loss), excludes all interest expense, taxes, depreciation, amortization, and other non-operating income/expense.

Non-GAAP net income (loss), non-GAAP net income (loss) per share, and Adjusted EBITDA 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 income (loss), net income (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 important supplemental performance measures.

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:

Matt Glover, Gateway Group: (949) 574-3860

IR@inseego.com

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,
	2026				2025				2026				2025
Revenues:
Mobile solutions	$	19,100			$	16,037			$	53,079			$	47,499
Fixed wireless access solutions		4,180				17,650				23,857				34,064
Product		23,280				33,687				76,936				81,563
Software services and other		9,983				12,206				34,649				36,226
Total revenues		33,263				45,893				111,585				117,789
Cost of revenues:
Product		21,022				25,253				65,160				63,014
Software services and other		1,155				1,556				3,896				4,193
Total cost of revenues		22,177				26,809				69,056				67,207
Gross profit		11,086				19,084				42,529				50,582
Operating costs and expenses:
Research and development		5,114				4,878				16,225				14,233
Sales and marketing		4,561				4,198				16,624				12,083
General and administrative		6,162				5,689				20,855				14,882
Depreciation and amortization		2,422				2,164				6,459				5,989
Impairment of capitalized software		—				—				341				384
Total operating costs and expenses		18,259				16,929				60,504				47,571
Operating income (loss)		(7,173	)			2,155				(17,975	)			3,011
Other (expense) income:
Interest expense		(918	)			(885	)			(3,189	)			(2,844	)
Other income (expense), net		28				126				196				611
Income (loss) before income taxes		(8,063	)			1,396				(20,968	)			778
Income tax provision (benefit)		40				(36	)			109				9
Income (loss) from continuing operations		(8,103	)			1,432				(21,077	)			769
Income (loss) from discontinued operations, net of income tax provision		—				—				—				(400	)
Net income (loss)		(8,103	)			1,432				(21,077	)			369
Preferred stock dividends		—				(903	)			—				(2,650	)
Preferred stock exchange deemed contribution		—				—				15,100				—
Net income (loss) attributable to common stockholders	$	(8,103	)		$	529			$	(5,977	)		$	(2,281	)
Per share data:
Net earnings (loss) per share
Basic
Continuing operations	$	(0.49	)		$	0.03			$	(0.37	)		$	(0.12	)
Discontinued operations	$	—			$	—			$	—			$	(0.03	)
Basic earnings (loss) per share*	$	(0.49	)		$	0.03			$	(0.37	)		$	(0.15	)
Diluted
Continuing operations	$	(0.49	)		$	0.03			$	(0.37	)		$	(0.12	)
Discontinued operations	$	—			$	—			$	—			$	(0.03	)
Diluted earnings (loss) per share*	$	(0.49	)		$	0.03			$	(0.37	)		$	(0.15	)
Weighted-average shares used in computation of net earnings (loss) per share
Basic		16,439,278				15,142,000				16,284,707				15,056,458
Diluted		16,439,278				15,522,042				16,284,707				15,056,458

* Rounding may impact summation of amounts

INSEEGO CORP.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	September 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	6,611			$	24,886
Accounts receivable, net		26,865				25,086
Inventories		20,513				7,726
Prepaid expenses and other current assets		8,610				6,389
Total current assets		62,599				64,087
Property, plant and equipment, net		1,257				1,087
Intangible assets, net		23,427				20,676
Goodwill		3,949				3,949
Operating lease right-of-use assets		2,794				3,451
Other assets		669				557
Total assets	$	94,695			$	93,807
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	36,924			$	23,583
Accrued expenses and other current liabilities		30,727				24,856
Total current liabilities		67,651				48,439
Long-term liabilities:
Operating lease liabilities		2,169				2,910
Deferred tax liabilities, net		195				186
Working Capital Facility		7,642				—
2029 Senior Secured Notes, net		50,166				41,611
Other long-term liabilities		3,448				4,705
Total liabilities		131,271				97,851
Commitments and contingencies
Stockholders’ deficit:
Preferred stock (no shares outstanding as of September 30, 2026; aggregate liquidation preference of $41,966 as of December 31, 2025)		—				—
Common stock		16				15
Additional paid-in capital		877,307				903,899
Accumulated other comprehensive income (loss)		439				403
Accumulated deficit		(914,338	)			(908,361	)
Total stockholders’ deficit		(36,576	)			(4,044	)
Total liabilities and stockholders’ deficit	$	94,695			$	93,807

INSEEGO CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

	Nine Months Ended September 30,
	2026				2025
Cash flows from operating activities:
Net income (loss)	$	(21,077	)		$	369
Adjustments to reconcile net loss to net cash used in operating activities:
(Income) Loss from discontinued operations, net of tax		—				400
Depreciation and amortization		6,517				6,079
Provision for expected credit losses		20				287
Impairment of capitalized software		341				384
Provision for excess and obsolete inventory		2,872				510
Gain on early lease termination		—				(443	)
Share-based compensation expense		7,645				5,105
Amortization of debt discount (premium) and debt issuance costs, net		(363	)			(120	)
Deferred income taxes		9				9
Non-cash operating lease expense		657				774
Other		199				—
Changes in assets and liabilities:
Accounts receivable		(1,799	)			(14,047	)
Inventories		(15,659	)			4,463
Prepaid expenses and other assets		(2,333	)			(1,164	)
Accounts payable		14,352				(184	)
Accrued expenses and other liabilities		148				(5,325	)
Operating lease liabilities		(717	)			(952	)
Operating cash flows from continuing operations		(9,188	)			(3,855	)
Operating cash flows from discontinued operations		—				(908	)
Net cash used in operating activities		(9,188	)			(4,763	)
Cash flows from investing activities:
Purchases of property, plant and equipment		(549	)			(321	)
Additions to capitalized software development costs and purchases of intangible assets		(10,084	)			(6,121	)
Investing cash flows from continuing operations		(10,633	)			(6,442	)
Investing cash flows from discontinued operations		—				710
Net cash used in investing activities		(10,633	)			(5,732	)
Cash flows from financing activities:
Payments related to repayments of 2025 Convertible Notes		—				(14,949	)
Draws on Working Capital Facility		16,650				—
Repayments of Working Capital Facility		(9,008	)			—
Cash payments as part of preferred stock exchange		(6,667	)			—
Proceeds from stock option exercises and employee stock purchase plan, net of taxes		699				308
Financing cash flows from continuing operations		1,674				(14,641	)
Financing cash flows from discontinued operations		—				—
Net cash provided by (used in) financing activities		1,674				(14,641	)
Effect of exchange rates on cash		(128	)			99
Net decrease in cash and cash equivalents		(18,275	)			(25,037	)
Cash and cash equivalents, beginning of period		24,886				39,596
Cash and cash equivalents, end of period	$	6,611			$	14,559

INSEEGO CORP.
Supplemental Reconciliations of GAAP to Non-GAAP Financial Measures
(In thousands)
(Unaudited)

	Q3 2026				Q2 2026				Q1 2026				Q4 2025				Q3 2025				Q2 2025				Q1 2025
GAAP Income (Loss) from continuing operations	$	(8,103	)		$	(8,438	)		$	(4,536	)		$	469			$	1,432			$	507			$	(1,170	)
Share-based compensation expense		2,292				3,049				2,304				2,335				1,850				1,654				1,601
Impairment of capitalized software		—				341				—				—				—				—				384
Gain on early lease termination		—				—				—				—				(443	)			—				—
Purchased intangible amortization		—				—				—				—				—				—				316
Non‑recurring transaction‑related costs1		1,410				2,102				1,200				—				—				—				—
Non-GAAP net income (loss)		(4,401	)			(2,946	)			(1,032	)			2,804				2,839				2,161				1,131
Depreciation and amortization2		2,459				2,265				1,813				2,368				2,189				1,792				1,782
Interest expense		918				1,210				1,061				927				885				933				1,026
Other (income) expense, net		(28	)			(43	)			(125	)			(126	)			(126	)			(182	)			(303	)
Income tax provision (benefit)		40				35				34				35				(36	)			22				23
Adjusted EBITDA	$	(1,012	)		$	521			$	1,751			$	6,008			$	5,751			$	4,726			$	3,659

¹ Non-recurring transaction costs related to the Preferred Stock Exchange Agreement and Purchase Agreement for Nokia’s FWA business
² Excluding purchased intangible amortization

	Q3 2026				Q2 2026				Q1 2026				Q4 2025				Q3 2025				Q2 2025				Q1 2025
INCOME (LOSS) PER DILUTED SHARE:
GAAP income (loss) from continuing operations per diluted share	$	(0.49	)		$	(0.52	)		$	0.65			$	(0.03	)		$	0.03			$	(0.03	)		$	(0.14	)
Share-based compensation expense		0.14				0.19				0.14				0.15				0.12				0.11				0.10
Impairment of capitalized software		—				0.02				—				—				—				—				0.03
Gain on early lease termination		—				—				—				—				(0.03	)			—				—
Purchased intangibles amortization ​		—				—				—				—				—				—				0.02
Non‑recurring transaction‑related costs		0.08				0.13				0.07				—				—				—				—
Preferred stock exchange deemed contribution		—				—				(0.94	)			—				—				—				—
Non-GAAP net income (loss) per diluted share3	$	(0.27	)		$	(0.18	)		$	(0.06	)		$	0.12			$	0.12			$	0.08			$	0.02
Shares used in computing GAAP income (loss) from continuing operations per diluted share		16,439,278				16,317,614				16,356,246				15,181,439				15,522,042				15,023,832				15,002,003
Shares used in computing non-GAAP net income (loss) per diluted share		16,439,278				16,317,614				16,093,430				15,671,835				15,522,042				15,147,769				15,328,069

³ The per share reconciliation of GAAP to non-GAAP may not aggregate due to both calculations utilizing a different share basis. The loss per diluted share calculation uses a lower share count as it excludes potentially dilutive shares included in the net income per diluted share calculation.

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

INSEEGO CORP.
Illustrative Historical Inseego North America Revenue and FastMile Revenue and Margin
(In thousands)
(Unaudited)

	Q2 2026				Q1 2026				Q4 2025				Q3 2025				Q2 2025				Q1 2025
Inseego North America revenue	$	43,984			$	34,338			$	48,399			$	45,893			$	40,223			$	31,673
Acquired FastMile revenue*		42,620				51,584				68,942				106,600				77,562				73,486
Pro forma combined company revenue	$	86,604			$	85,922			$	117,341			$	152,493			$	117,785			$	105,159
Acquired FastMile gross margin*		3.6	%			9.2	%			7.5	%			11.7	%			7.4	%			8.4	%

* Illustrative historical information, the figures were derived from the carve-out statements of revenues and direct expenses of Nokia’s FWA business, prepared before the October 1, 2026 acquisition; they are unaudited, were not prepared on Inseego’s accounting basis, and are not indicative of future results.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Inseego’s third-quarter 2026 financial results?

Inseego reported $33.3 million in revenue, a GAAP net loss of $8.1 million and negative adjusted EBITDA of $1.0 million. The quarter ended September 30, 2026, and covered only the legacy business, referred to as Inseego North America.

What is Inseego’s fourth-quarter 2026 guidance?

Inseego expects $56 million–$65 million in revenue and adjusted EBITDA of $0 million–$2 million. Revenue guidance comprises $21 million–$25 million from North America and $35 million–$40 million from FastMile. Adjusted EBITDA guidance includes $12 million–$14 million in Nokia support payments.

How is Inseego supporting the integration of Nokia’s FastMile business?

Approximately 250 people associated with the acquired business are supporting Inseego’s expanded global operations, including new employees and Nokia personnel working under a transition services agreement. Inseego established an international headquarters in Amsterdam and a development center in Athens, expanded its Bangalore presence and added customer-facing resources in new markets.