Inseego (Nasdaq: INSG) posts Q4 profit and retires preferred stock
Rhea-AI Filing Summary
Inseego Corp. reported Q4 2025 revenue of $48.4 million, up 5.5% sequentially, with non-GAAP gross margin of 42.5%. Adjusted EBITDA reached $6.0 million and a 12.4% margin, and GAAP net income from continuing operations was $0.5 million, marking another profitable quarter.
For full-year 2025, total revenue was $166.2 million versus $191.2 million in 2024, with net income of $0.8 million. The company strengthened its balance sheet by eliminating preferred stock with a $42 million liquidation preference for $26 million of cash, notes and stock, leaving $49 million of 9% senior secured notes due 2029 and cash of $24.9 million at year-end.
Management highlighted wins with all three U.S. Tier-1 carriers for enterprise fixed wireless access and broader channel partnerships. Guidance calls for Q1 2026 revenue of $33–36 million, Adjusted EBITDA of $1–2 million, and full-year 2026 revenue of about $190 million.
Positive
- Balance sheet de-risking: In January 2026 the company eliminated preferred stock with a $42 million liquidation preference for $26 million of consideration, leaving $49 million of senior secured notes due 2029 and materially simplifying the capital structure for common shareholders.
Negative
- Top-line pressure: Full-year 2025 revenue declined to $166.2 million from $191.2 million in 2024, a double-digit drop that highlights ongoing growth challenges despite improved mix and profitability.
Insights
Q4 beat guidance, sustained EBITDA, and a major capital cleanup tilt this update positive overall.
Inseego delivered Q4 2025 revenue of
Full-year revenue of
The most structural change is capital-related: in
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
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| Item 2.02. | Results of Operations and Financial Condition. |
On February 19, 2026, Inseego Corp. (the “Company”) issued a press release containing preliminary financial results for the year and quarter ended December 31, 2025. On February 19, 2026, the Company also posted an investor presentation to its website at https://investor.inseego.com/events-presentations (the “Company Earnings Presentation”). The text of the press release and Company Earnings Presentation are furnished as Exhibits 99.1 and 99.2 to this Form 8-K and incorporated herein by reference.
The information in “Item 2.02 Results of Operations and Financial Condition” of this Current Report on Form 8-K and in Exhibits 99.1 and 99.2, attached hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may be incorporated by reference in a filing under the Exchange Act or the Securities Act of 1933, as amended, only if such subsequent filing specifically references such disclosure in this Form 8-K.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
The following Exhibits are filed with this report:
| Exhibit No. |
Description | |
| 99.1 | Press Release dated February 19, 2026, containing Inseego Corp. preliminary financial results for the year and quarter ended December 31, 2025 | |
| 99.2 | Company Earnings Presentation, dated February 19, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
INSEEGO CORP. |
|||
| By: | /s/ Steven Gatoff | ||
| Steven Gatoff | |||
| Chief Financial Officer | |||
| Date: February 19, 2026 | |||
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Exhibit 99.1
Inseego Reports Fourth Quarter and Full-Year 2025 Financial Results
Q4 2025 revenue of $48.4 million, third consecutive quarter of sequential growth
Q4 2025 Adjusted EBITDA* of $6.0 million and 12.4% margin and GAAP Net Income of $0.5 million
Eliminated all outstanding Preferred Stock at 38% Discount
SAN DIEGO—February 19, 2026—Inseego Corp. (Nasdaq: INSG) (the “Company”), a global leader in 5G mobile broadband and 5G fixed wireless access (FWA) solutions, today reported its results for the fourth quarter and full year ended December 31, 2025.
“Q4 was another strong quarter for Inseego, capping a year of strategic growth and disciplined execution,” said Juho Sarvikas, CEO of Inseego. “We exited 2025 with a higher-quality and more diversified revenue base, highlighted by key wins with all three U.S. Tier-1 carriers. Entering 2026, we have our broadest product portfolio ever aligned with all three Tier-1 carriers and a growing partner ecosystem. As we invest in these new products and initiatives, we’re encouraged to be well-positioned to execute against a significantly expanded opportunity as launches and carrier programs ramp through the year.”
Steven Gatoff, CFO of Inseego, added: “We delivered another quarter of sequential growth, with revenue and adjusted EBITDA both exceeding guidance. Strong gross margins, disciplined expense management, and effective working capital management drove meaningful operating leverage. In January, we were pleased to retire our Preferred Stock at a 38% discount to its aggregate liquidation preference, further strengthening the balance sheet and increasing stockholder value.”
Q4 2025 Financial Highlights
| • | Total revenue for Q4 2025 was $48.4 million, up 5.5% sequentially. | |
| • | Mobile solutions revenue was $20.4 million, up 27.4% sequentially. | |
| • | Adjusted EBITDA* for Q4 2025 was $6.0 million and a margin of 12.4%, up 4.5% sequentially. GAAP Net Income was $0.5 million. | |
| • | GAAP gross margin for Q4 2025 was 42.2%, the Company’s fourth consecutive quarter with gross margin exceeding 40%. |
Business Highlights
| • | Announced in January that AT&T Business selected the Inseego FX4200 as part of its portfolio of fixed wireless device offerings. AT&T placed an initial stocking order in December 2025, and sales are anticipated to begin ramping in earnest in the first half of 2026 as the program comes online. | |
| • | Announced in February that Verizon Business added the Inseego FX 4200 series to its 5G Business Internet FWA portfolio. Verizon placed an initial stocking order in December 2025, and sales are expected to begin ramping in earnest in the first half of 2026 as the program comes online. | |
| • | With the announcements above, all three U.S. Tier-1 carriers have now chosen Inseego to support their enterprise FWA offerings. This level of alignment is a strong endorsement of our technology and strategy, and it positions Inseego as a key partner as carriers look to scale Fixed Wireless Access as a core enterprise connectivity solution. |
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| • | Saw continued traction in the channel across both Mobile and Fixed Wireless Access, with wins spanning SSPs, industrial automation, regional fixed wireless providers, healthcare and public safety. These deployments included a mix of established and newer products, from MiFi X Pro mobility solutions bundled with Inseego Connect to FX and FW series devices supporting last-mile broadband, demonstrating growing diversity in both use cases and portfolio adoption across our channel. | |
| • | Deepened our channel reach by onboarding new partners, including signing partnership agreements with three of the largest global IT resellers, CDW, Insight, and SHI. Also secured initial FX4200 stocking orders from leading distributors, including Get Wireless, TD Synnex, and Vertex Wireless. | |
| • | In January 2026, eliminated 100% of the Company’s Preferred Stock, which had a liquidation preference of $42m as of December 31, 2025, in exchange for $26m of aggregate consideration, representing a 38% discount, and consisting of $10m in cash, $8m of the Company’s existing 9.0% Senior Secured Notes due 2029, and approximately 767,00 shares of the Company’s common stock. |
Upcoming Investor Events
Inseego management will be participating in the following upcoming investor events:
| • | March 2-5, 2026 – Mobile World Congress (Barcelona, Spain) | |
| • | March 24, 2026 – Roth Capital 38th Annual Conference (Dana Point, CA) |
Q1 and Full-Year 2026 Guidance
On its February 19, 2026 earnings call, the Company issued the following financial guidance for the first quarter and full-year of 2026:
| – | Q1 2026 total revenue in the range of $33.0 million to $36.0 million. | |
| – | Q1 2026 Adjusted EBITDA* in the range of $1.0 million to $2.0 million. | |
| – | Full-year 2026 total revenue of approximately $190 million. |
The Company’s financial guidance does not include any potential impact of the evolving tariff environment.
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 |
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An audio replay of the conference call will be available one hour after the call through March 5, 2026. To hear the replay, parties in the United States may call 1-855-669-9658 and enter access code 9202047 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 Corp (Nasdaq: INSG) is a leading provider of cloud-managed, wireless broadband connectivity solutions. Inseego’s comprehensive hardware portfolio, combined with its Software-as-a-Service (SaaS) platform for device, network, and subscriber management, enables seamless business connectivity and simplifies subscription management, wireless deployments, and network operations for Fixed Wireless Access (FWA), IoT, and mobile networking. As an early pioneer in mobile broadband and a leading innovator in 5G for business, Inseego has delivered over 10 generations of solutions that provide unmatched speed, security, and reliability for businesses, government agencies, and educational institutions. For more information about Inseego, visit www.inseego.com.
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 global semiconductor shortage and any related price increases or supply chain disruptions, (16) the potential impact of COVID-19 or other global public health emergencies on the business, (17) the impact of high rates of inflation and rising interest rates, (18) the impact of import tariffs on our materials and products, and (19) the impact of geopolitical instability on our business.
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.
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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, 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 an important supplemental performance measure.
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
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INSEEGO CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues: | ||||||||||||||||
| Mobile solutions | $ | 20,429 | $ | 25,499 | $ | 67,928 | $ | 98,930 | ||||||||
| Fixed wireless access solutions | 15,687 | 10,427 | 49,751 | 47,649 | ||||||||||||
| Product revenues | 36,116 | 35,926 | 117,679 | 146,579 | ||||||||||||
| Software services and other | 12,283 | 12,161 | 48,509 | 44,665 | ||||||||||||
| Total revenues | 48,399 | 48,087 | 166,188 | 191,244 | ||||||||||||
| Cost of revenues: | ||||||||||||||||
| Product | 26,509 | 28,578 | 89,523 | 115,390 | ||||||||||||
| Software services and other | 1,476 | 1,565 | 5,669 | 7,057 | ||||||||||||
| Total cost of revenues | 27,985 | 30,143 | 95,192 | 122,447 | ||||||||||||
| Gross profit | 20,414 | 17,944 | 70,996 | 68,797 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Research and development | 5,568 | 5,564 | 19,801 | 20,596 | ||||||||||||
| Sales and marketing | 5,315 | 3,775 | 17,398 | 15,951 | ||||||||||||
| General and administrative | 5,879 | 4,545 | 20,761 | 17,240 | ||||||||||||
| Depreciation and amortization | 2,347 | 2,270 | 8,336 | 12,368 | ||||||||||||
| Impairment of capitalized software | – | – | 384 | 927 | ||||||||||||
| Total operating costs and expenses | 19,109 | 16,154 | 66,680 | 67,082 | ||||||||||||
| Operating income | 1,305 | 1,790 | 4,316 | 1,715 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Loss on debt restructurings, net | – | (16,541 | ) | – | (2,851 | ) | ||||||||||
| Loss on extinguishment of revolving credit facility | – | – | – | (788 | ) | |||||||||||
| Interest expense | (927 | ) | (1,220 | ) | (3,771 | ) | (10,906 | ) | ||||||||
| Other income (expense), net | 126 | 14 | 737 | (850 | ) | |||||||||||
| Income (loss) before income taxes | 504 | (15,957 | ) | 1,282 | (13,680 | ) | ||||||||||
| Income tax provision | 35 | 518 | 44 | 689 | ||||||||||||
| Income (loss) from continuing operations | 469 | (16,475 | ) | 1,238 | (14,369 | ) | ||||||||||
| Income (loss) from discontinued operations, net of tax | – | 15,909 | (400 | ) | 18,941 | |||||||||||
| Net income | 469 | (566 | ) | 838 | 4,572 | |||||||||||
| Preferred stock dividends | (924 | ) | (844 | ) | (3,574 | ) | (3,269 | ) | ||||||||
| Net income (loss) attributable to common stockholders | $ | (455 | ) | $ | (1,410 | ) | $ | (2,736 | ) | $ | 1,303 | |||||
| Per share data: | ||||||||||||||||
| Net earnings (loss) per share: | ||||||||||||||||
| Basic and diluted: | ||||||||||||||||
| Continuing operations | $ | (0.03 | ) | $ | (1.23 | ) | $ | (0.15 | ) | $ | (1.41 | ) | ||||
| Discontinued operations | – | 1.13 | (0.03 | ) | 1.51 | |||||||||||
| Basic earnings (loss) per share (*) | $ | (0.03 | ) | $ | (0.10 | ) | $ | (0.18 | ) | $ | 0.10 | |||||
| Weighted-average shares used in computation of net earnings (loss) per share: | ||||||||||||||||
| Basic and diluted (*) | 15,181,439 | 14,032,056 | 15,129,030 | 12,535,756 | ||||||||||||
| Diluted | ||||||||||||||||
(*) Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1. Rounding may affect summation.
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INSEEGO CORP.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
| December 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 24,886 | $ | 39,596 | ||||
| Accounts receivable, net | 25,086 | 13,803 | ||||||
| Inventories | 7,726 | 13,575 | ||||||
| Prepaid expenses and other current assets | 6,389 | 5,926 | ||||||
| Total current assets | 64,087 | 72,900 | ||||||
| Property, plant and equipment, net | 1,087 | 1,102 | ||||||
| Intangible assets, net | 20,676 | 18,747 | ||||||
| Goodwill | 3,949 | 3,949 | ||||||
| Operating lease right-of-use assets | 3,451 | 2,855 | ||||||
| Other assets | 557 | 446 | ||||||
| Total assets | $ | 93,807 | $ | 99,999 | ||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 23,583 | $ | 18,433 | ||||
| Accrued expenses and other current liabilities | 24,856 | 30,133 | ||||||
| 2025 Convertible Notes, net | – | 14,905 | ||||||
| Total current liabilities | 48,439 | 63,471 | ||||||
| Long-term liabilities: | ||||||||
| Operating lease liabilities | 2,910 | 2,627 | ||||||
| Deferred tax liabilities, net | 186 | 174 | ||||||
| 2029 Senior Secured Notes, net | 41,611 | 41,830 | ||||||
| Other long-term liabilities | 4,705 | 4,755 | ||||||
| Total liabilities | 97,851 | 112,857 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ deficit: | ||||||||
| Preferred stock (aggregate liquidation preference of $41,966 as of December 31, 2025) | – | – | ||||||
| Common stock | 15 | 15 | ||||||
| Additional paid-in capital | 903,899 | 892,534 | ||||||
| Accumulated other comprehensive loss | 403 | 218 | ||||||
| Accumulated deficit | (908,361 | ) | (905,625 | ) | ||||
| Total stockholders’ deficit | (4,044 | ) | (12,858 | ) | ||||
| Total liabilities and stockholders’ deficit | $ | 93,807 | $ | 99,999 | ||||
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INSEEGO CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 838 | $ | 4,572 | ||||
| Adjustments to reconcile Net income (loss) to net cash provided by operating activities | ||||||||
| (Income) loss from discontinued operations, net of tax | 400 | (18,941 | ) | |||||
| Depreciation and amortization | 8,447 | 12,529 | ||||||
| Provision for expected credit losses | 337 | 216 | ||||||
| Impairment of capitalized software | 384 | 927 | ||||||
| Gain on early lease termination | (443 | ) | – | |||||
| Provision for excess and obsolete inventory | (1,599 | ) | (54 | ) | ||||
| Impairment of operating lease right-of-use assets | – | 138 | ||||||
| Share-based compensation expense | 7,441 | 3,824 | ||||||
| Amortization (accretion) of debt discount/premium and debt issuance costs, net | (175 | ) | 4,399 | |||||
| Loss on extinguishment of revolving credit facility | – | 788 | ||||||
| Loss on debt restructuring, net | – | 2,851 | ||||||
| Deferred income taxes | 12 | 62 | ||||||
| Non-cash operating lease expense | 986 | 1,035 | ||||||
| Other | 35 | – | ||||||
| Changes in assets and liabilities, net of effects of divestiture: | ||||||||
| Accounts receivable | (11,620 | ) | 4,670 | |||||
| Inventories | 7,448 | 6,923 | ||||||
| Prepaid expenses and other assets | (1,284 | ) | (71 | ) | ||||
| Accounts payable | 3,677 | (6,947 | ) | |||||
| Accrued expenses other liabilities | (5,605 | ) | 10,966 | |||||
| Operating lease liabilities | (1,176 | ) | (1,230 | ) | ||||
| Operating cash flows from continuing operations | 8,103 | 26,657 | ||||||
| Operating cash flows from discontinued operations | (908 | ) | 6,862 | |||||
| Net cash provided by operating activities | 7,195 | 33,519 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (661 | ) | (100 | ) | ||||
| Additions to capitalized software development costs and purchases of intangible assets | (8,616 | ) | (4,961 | ) | ||||
| Investing cash flows from continuing operations | (9,277 | ) | (5,061 | ) | ||||
| Investing cash flows from discontinued operations | 710 | 48,092 | ||||||
| Net cash provided by (used in) investing activities | (8,567 | ) | 43,031 | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from the exercise of warrants to purchase common stock | 976 | – | ||||||
| Proceeds from stock option exercises and ESPP | 542 | 20 | ||||||
| Repayments of 2025 Convertible Notes | (14,949 | ) | (33,769 | ) | ||||
| Proceeds from issuance of short-term loan and warrants, net of issuance costs | – | 19,350 | ||||||
| Repayments on short-term loan | – | (19,500 | ) | |||||
| Net repayments on asset-backed revolving credit facility | – | (4,882 | ) | |||||
| Financing cash flows from continuing operations | (13,431 | ) | (38,781 | ) | ||||
| Financing cash flows from discontinued operations | – | – | ||||||
| Net cash used in financing activities | (13,431 | ) | (38,781 | ) | ||||
| Effect of exchange rates on cash | 93 | (582 | ) | |||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (14,710 | ) | 37,187 | |||||
| Cash, cash equivalents and restricted cash, beginning of period | 39,596 | 2,409 | ||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 24,886 | $ | 39,596 | ||||
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INSEEGO CORP.
Supplemental Reconciliations of GAAP to Non-GAAP Financial Measures
(In thousands, except share and per share data)
(Unaudited)
| Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |||||||||||||||||||||||||
| GAAP Income (Loss) from continuing operations | $ | 469 | $ | 1,432 | $ | 507 | $ | (1,170 | ) | $ | (16,475 | ) | $ | 7,543 | $ | 79 | $ | (5,516 | ) | |||||||||||||
| Share-based compensation expense | 2,335 | 1,850 | 1,654 | 1,601 | 1,109 | 1,193 | 834 | 687 | ||||||||||||||||||||||||
| Impairment of capitalized software | – | – | – | 384 | – | 507 | – | 420 | ||||||||||||||||||||||||
| Gain on early lease termination | – | (443 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Impairment of operating lease right-of-use assets | – | – | – | – | – | 139 | – | – | ||||||||||||||||||||||||
| Purchased intangible amortization | – | – | – | 316 | 330 | 330 | 330 | 330 | ||||||||||||||||||||||||
| Debt restructuring costs | – | – | – | – | 201 | 669 | 452 | – | ||||||||||||||||||||||||
| Divestiture related costs | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
| Loss on extinguishment of revolving credit facility | – | – | – | – | – | – | 788 | – | ||||||||||||||||||||||||
| Gain/(loss) on debt restructurings, net | – | – | – | – | 16,541 | (12,366 | ) | (1,324 | ) | – | ||||||||||||||||||||||
| Non-GAAP net income (loss) | 2,804 | 2,839 | 2,161 | 1,131 | 1,706 | (1,985 | ) | 1,159 | (4,079 | ) | ||||||||||||||||||||||
| Depreciation and amortization1 | 2,368 | 2,189 | 1,792 | 1,782 | 1,978 | 2,863 | 3,361 | 3,007 | ||||||||||||||||||||||||
| Interest expense | 927 | 885 | 933 | 1,026 | 1,220 | 5,731 | 1,776 | 2,179 | ||||||||||||||||||||||||
| Other (income) expense, net | (126 | ) | (126 | ) | (182 | ) | (303 | ) | (14 | ) | 72 | 417 | 375 | |||||||||||||||||||
| Income tax provision (benefit) | 35 | (36 | ) | 22 | 23 | 518 | 36 | 118 | 17 | |||||||||||||||||||||||
| Adjusted EBITDA | $ | 6,008 | $ | 5,751 | $ | 4,726 | $ | 3,659 | $ | 5,408 | $ | 6,717 | $ | 6,831 | $ | 1,499 | ||||||||||||||||
1 Excluding purchased intangible amortization
| Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |||||||||||||||||||||||||
| INCOME (LOSS) PER DILUTED SHARE: | ||||||||||||||||||||||||||||||||
| GAAP income (loss) from continuing operations per diluted share2 | $ | (0.03 | ) | $ | 0.03 | $ | (0.03 | ) | $ | (0.14 | ) | $ | (1.23 | ) | $ | (0.16 | ) | $ | (0.06 | ) | $ | (0.53 | ) | |||||||||
| Share-based compensation expense | 0.15 | 0.12 | 0.11 | 0.10 | 0.07 | 0.10 | 0.07 | 0.06 | ||||||||||||||||||||||||
| Impairment of capitalized software | – | – | – | 0.03 | – | 0.04 | – | 0.04 | ||||||||||||||||||||||||
| Gain on early lease termination | – | (0.03 | ) | – | – | – | – | – | – | |||||||||||||||||||||||
| Impairment of operating lease right-of-use assets | – | – | – | – | – | 0.01 | – | – | ||||||||||||||||||||||||
| Purchased intangibles amortization | – | – | – | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | ||||||||||||||||||||||||
| Debt restructuring costs | – | – | – | – | 0.01 | 0.05 | 0.04 | – | ||||||||||||||||||||||||
| Loss on extinguishment of revolving credit facility | – | – | – | – | – | – | 0.07 | – | ||||||||||||||||||||||||
| Gain/(loss) on debt restructurings, net | – | – | – | – | 1.12 | (1.00 | ) | (0.11 | ) | – | ||||||||||||||||||||||
| Non-GAAP net income (loss) per diluted share2,3 | $ | 0.12 | $ | 0.12 | $ | 0.08 | $ | 0.02 | $ | 0.06 | $ | (0.95 | ) | $ | 0.03 | $ | (0.41 | ) | ||||||||||||||
| Shares used in computing GAAP income (loss) from continuing operations per diluted share | 15,181,439 | 15,522,042 | 15,023,832 | 15,002,003 | 14,032,056 | 13,218,293 | 11,894,746 | 11,879,719 | ||||||||||||||||||||||||
| Shares used in computing non-GAAP net income (loss) per diluted share | 15,671,835 | 15,522,042 | 15,147,769 | 15,328,069 | 14,792,934 | 12,336,503 | 11,996,070 | 11,879,719 | ||||||||||||||||||||||||
2 Includes the impact of preferred stock dividends
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.
| 8 |
Exhibit 99.2
Q4 2025 EARNINGS RESULTS Feb 19, 2026
Financial Profile | Strengthened Foundation & Improving Trajectory Overhauled Capital Structure Scalable Operating Model 2 Strong Gross Margin Profile Consistent Adj. EBITDA Profitability Diversified Hardware & SaaS Revenue Mix Driving Sustainable Revenue Growth
Q4 2025 RESULTS (Feb 19, 2026) GUIDANCE (Nov 6, 2025) $48.4m $45.0m - $48.0m TOTAL REVENUE $6.0m $4.0m - $5.0m ADJ EBITDA* 12.4% 9 - 10% Implied margin 3 Q4 2025 Financial Results | Beat Guidance In the Nov 6, 2025 Q3 2025 Earnings call, the Company issued guidance for Q4 2025. On Feb 19, 2026, financial results for Q4 2025 were reported and represent a ‘beat’ on both revenue and ADJ EBITDA. *Adjusted EBITDA is a non - GAAP financial measure. See ”Non - GAAP Numbers” and related tables in the Appendix for a reconciliation to the closest GAAP measure.
Inseego delivered healthy sequential revenue growth (+$2.5m, +5.5%) and sustained profitability performance in Q4 2025; this was driven by increased mobile carrier promotions and FWA channel sales, and was supplemented by continued success of the Company’s FX4100 FWA router. Q4 2025 Financial Highlights Include: Strong Mobile revenue of $20.4m , growing +27.4% QoQ vs. Q3 2025, and the highest Mobile revenue in 2025. Q4 2025 Financial Results | Selected Key Highlights • 1 2 • Consistent contribution from Software Services & Other Revenue at $12.3m or 25% of revenue 3 • Solid non - GAAP Gross Margin of 42.5% , +75 bps higher QoQ vs. Q3 2025 and +510 bps higher YoY vs. Q4 2025, on account of continued cost discipline and sustained FWA and Software Services & Other revenue. 4 • Continued thoughtful spend management with non - GAAP Operating Expenses as a percentage of revenue trending in the low 30s% . 5 • Delivered Adj EBITDA of $6.0m and 12.4% , the highest quarterly result in 2025, and the seventh consecutive quarter of double - digit Adj EBITDA margin . 4
✓ Announced in January that AT&T Business selected the Inseego FX4200 as part of its portfolio of fixed wireless device offerings. AT&T placed an initial stocking order in December 2025, and sales are anticipated to begin ramping in earnest in the first half of 2026 as the program comes online. ✓ Announced in February that Verizon Business added the Inseego FX 4200 series to its 5G Business Internet FWA portfolio. Verizon placed an initial stocking order in December 2025, and sales are expected to begin ramping in earnest in the first half of 2026 as the program comes online. ✓ With the announcements above, all three U.S. Tier - 1 carriers have now chosen Inseego to support their enterprise FWA offerings. This level of alignment is a strong endorsement of our technology and strategy, and it positions Inseego as a key partner as carriers look to scale Fixed Wireless Access as a core enterprise connectivity solution. ✓ Saw continued traction in the channel across both Mobile and Fixed Wireless Access, with wins spanning SSPs, industrial automation, regional fixed wireless providers, healthcare and public safety. These deployments included a mix of established and newer products, from MiFi X Pro mobility solutions bundled with Inseego Connect to FX and FW series devices supporting last - mile broadband, demonstrating growing diversity in both use cases and portfolio adoption across our channel. ✓ Deepened our channel reach by onboarding new partners, including signing partnership agreements with three of the largest global IT resellers, CDW, Insight, and SHI. Also secured initial FX4200 stocking orders from leading distributors, including Get Wireless, TD Synnex, and Vertex Wireless. ✓ In January 2026, eliminated 100% of the Company’s Preferred Stock, which had a liquidation preference of $42m as of December 31, 2025, in exchange for $26m of aggregate consideration, representing a 38% discount, and consisting of $10m in cash, $8m of the Company’s existing 9.0% Senior Secured Notes due 2029, and approximately 767,00 shares of the Company’s common stock. 5 Q4 2025 | Selected Business Highlights
Total Revenue | Return to Sequential Revenue Growth Q4 2025 total revenue grew sequentially by +5.5% on strong mobile growth and maintained healthy Software Services & Other contribution. 29.5 39.2 42.0 35.9 19.7 28.2 33.7 36.1 8.1 12.4 12.0 12.2 12.0 12.0 12.2 12.3 37.5 51.6 54.0 48.1 31.7 40.2 45.9 48.4 Q1 2024 Q2 2024 Q3 2024 Product Revenue Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Software Services & Other Revenue 6 ($ millions) PRODUCT SOFTWARE SERVICES & OTHER
15.3 25.9 32.3 25.5 17.8 13.7 16.0 20.4 14.2 13.3 9.7 10.4 1.9 14.5 17.6 15.7 29.5 39.2 42.0 35.9 19.7 28.2 33.7 36.1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Mobile Solutions Revenue Fixed Wireless Access Solutions Revenue 7 Product Revenue | Robust FWA & Total Product Revenue Growth Mobile Solutions revenues grew +27.4% sequentially over Q3 2025, representing the highest quarterly sales of the year, albeit less than 2024 as anticipated on significant prior year Mobile promotional activity; FWA revenues remained above $15m for the second consecutive quarter, with YoY growth of +50.4% vs. Q4 2024, marking the second - highest level of FWA revenue in the trailing 2 years. ($ millions) MOBILE FWA
Compelling Portfolio | High - Value Software Services Contribution The Company continues its successful focus on its solutions portfolio and is delivering a healthy revenue mix from high - profitability Software Services & Other offerings in addition to its Product offerings. 79% 76% 78% 75% 62% 70% 73% 75% 21% 24% 22% 25% 38% 30% 27% 25% Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 2025 2025 2025 2025 2024 2024 2024 2024 Product Revenue Mix Software Services & Other Revenue Mix 8 PRODUCT SOFTWARE SERVICES & OTHER
35.4% 9 36.5% 34.8% 37.4% 47.5% 41.2% 41.8% 42.5% GROSS MARGIN % (non - GAAP) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 2025 2025 2025 2025 2024 2024 2024 2024 Gross Margin | Expanding Contribution The Company has materially improved its gross margin profile through a combination of improved revenue growth and mix, favorable pricing, and overall product sourcing & operational efficiencies.
Operating Expense Efficiency | Driving Operations at Scale Disciplined cost management has underpinned stable operating expenditures and has created a platform for economies of scale on an operating expense to revenue ratio. The Company has begun to and will continue to invest in Sales & Marketing and Researching & Development to drive growth. Sales & Marketing (non - GAAP) General & Administrative (non - GAAP) Operating Expense / Revenue ratio NOTE: These OpEx categories do not include depreciation & amortization expense as that is reported in its own line item. ($ millions) 3.7 4.2 4.0 3.7 3.8 3.8 4.0 5.0 10% 8% 7% 8% 12% 9% 9% 10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2024 2024 2024 2025 2025 2025 2025 4.5 5.1 5.0 5.3 4.3 4.6 4.6 5.3 12% 10% 9% 11% Research & Development (non - GAAP) 13% 11% 10% 11% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2024 2024 2024 2025 2025 2025 2025 3.6 10 2.8 3.1 3.7 3.4 3.5 4.8 4.3 10% 5% 6% 8% 11% 9% 11% 9% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2024 2024 2024 2025 2025 2025 2025
1.5 6.8 6.7 5.4 3.7 4.7 5.8 6.0 4.0% 13.2% 12.5% 11.2% 11.6% 11.7% 12.5% 12.4% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Adj EBITDA $ Q1 2025 Adj EBITDA % Q2 2025 Q3 2025 Q4 2025 Profitability | Meaningful Shift & Expansion in Adj EBITDA Generation 11 The Company has significantly improved and stabilized profitability since the beginning of 2024 following transformative changes and has delivered consistent double - digit Adj EBITDA margin % for the past seven quarters. ADJ EBITDA MARGIN % ADJ EBITDA $ ($ millions)
Material Capital Structure Overhaul | Preferred Shares Eliminated in Jan 2026 The Company has meaningfully improved its capital structure through a series of restructurings, debt reductions and exchanges that have resulted in a material value accruing to common shareholders, highlighted as follows: • During 2024 and 2025, the Company lowered its debt position by more than $125m by paying - down debt and eliminating the convertible notes. • In January 2026, the Company also eliminated its Preferred Stock (that had a $42m aggregate liquidation preference at December 31, 2025) at a discount of 38% for total consideration of $26m and that consisted of a combination of $10m in Cash (with 1/3 paid at signing, 1/3 to be paid in 6 months, and 1/3 in a year), $8m in the Company’s existing long - term Senior Secured 9% Notes, and $8m in Common Stock. • The Company's only outstanding debt is $49m (including the $8m noted above) in long - term Senior Secured 9% Notes which mature May 1, 2029. • On August 5, 2025, the Company entered into a $15m (undrawn) working capital facility with BMO Bank that provides additional operating flexibility and liquidity. $ 49m Senior Secured Debt* $ 22m Cash* 12 - NET DEBT = ~ $27m * Includes the $8m in Notes issued and $3.3m cash paid in the Preferred Share elimination in Jan 2026/subsequent to December 31, 2025 as discussed above.
FULL - YEAR 2026 GUIDANCE Q1 2026 GUIDANCE ~$190m $33.0m - $36.0m Total Revenue $1.0m - $2.0m Adj EBITDA 13 On the Company’s Q4 2025 Earnings Call on Feb 19, 2026, the Company provided the following guidance for Total Revenue and Adjusted EBITDA for Q1 and the full - year 2026: Company Guidance | Q1 and Full - Year 2026 (ISSUED: FEB 19, 2026)
$24b TAM across the Mobile Broadband and Fixed Wireless Access markets Improved financial profile driving sustainable revenue growth, consistent profitability and cash flow generation Materially reduced debt and right - sized capital structure Unique positioning of products built to meet strict US government requirements in support of the “homegrown” US tech initiative 25+ year track record of wireless technology leadership and strong relationships with Tier 1 Service Providers and Fortune 500 customers Investment Highlights | Compelling Value to Common & Trajectory 14
APPENDIX
NON - GAAP NUMBERS Reconciliations to GAAP Financials
Gross Margin & OpEx | Three - Months Ended December 31, 2025 17 GAAP TO NON - GAAP RECONCILIATION Non - GAAP expense GAAP ($ thousands) $ 48,399 - $ $ 48,399 Revenues 27,810 175 27,985 Cost of revenues $ 20,589 $ 20,414 Gross Margin 42.5% 42.2% Gross Margin % 5,337 231 5,568 Operating costs and expenses: Research and development 4,980 335 5,315 Sales and marketing 4,285 1,594 5,879 General and administrative 2,347 - - - 2,347 - Depreciation and amortization Impairment of cap software $ 16,949 2,160 $ $ 19,109 Total operating costs & expenses Share - based compensation
March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, 2024 2024 2024 2024 2025 2025 2025 ($ thousands) 2025 $ (5,516) $ 79 $ 7,543 $ (16,475) $ (1,170) $ 507 $ 1,432 $ 469 GAAP Income (loss) from continuing operations 687 834 1,193 1,109 1,601 1,654 1,850 2,335 Share - based compensation expense 420 - 507 - 384 - - - Impairment of capitalized software - - - - - - (443) - Gain on early lease termination - - 139 - - - - - Impairment of operating lease right - of - use assets 330 330 330 330 316 - - - Purchased intangibles amortization - 452 669 201 - - - - Debt restructuring costs - - - - - - - - Divestiture related costs - 788 - - - - - - Loss on extinguishment of revolving credit facility - (1,324) (12,366) 16,541 - - - - Gain/(loss) on debt restructurings, net (4,079) 1,159 (1,985) 1,706 1,131 2,161 2,839 2,804 Non - GAAP net income (loss) 3,007 3,361 2,863 1,978 1,782 1,792 2,189 2,368 Depreciation and amortization 2,179 1,776 5,731 1,220 1,026 933 885 927 Interest expense 375 417 72 (14) (303) (182) (126) (126) Other (income) expense, net 17 118 36 518 23 22 (36) 35 Income tax provision (benefit) $ 1,499 $ 6,831 $ 6,717 $ 5,408 $ 3,659 $ 4,726 $ 5,751 $ 6,008 Adjusted EBITDA 18 Three Months Ended GAAP Income (loss) from continuing operations to Adjusted EBITDA GAAP TO NON - GAAP RECONCILIATION
Safe Harbor Statement This presentation contains statements about expected future events that are forward - looking and subject to risks and uncertainties. For these statements, we claim the safe harbor for “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For a discussion of factors that could cause actual results to differ materially from expectations, please refer to the risk factors described in our filings with the SEC. Non - GAAP Financial Measures Non - GAAP gross margins, operating expenses, and net income (loss) exclude the impact of share - based compensation expenses, impairments of capitalized software charges, acquisition - related intangible asset amortization, along with certain 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. This presentation contains references to certain non - GAAP financial measures and should be viewed in conjunction with our press releases and supplementary information on our website ( www.inseego.com/investors ) which present a complete reconciliation of GAAP and Non - GAAP results. 19 Disclaimers
www.inseego.com NASDAQ: INSG
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