Inseego ( (INSG) ) has released its Q3 earnings. Here is a breakdown of the information Inseego presented to its investors.
Inseego Corp. is a technology company specializing in 5G mobile and fixed wireless solutions, serving mobile network operators, enterprises, and small to medium-sized businesses with innovative cloud networking features and intelligent edge applications.
In its third-quarter 2024 financial report, Inseego announced a total revenue of $61.9 million from both continuing and discontinued operations, alongside a positive Adjusted EBITDA of $9.3 million. The company also reported a GAAP Net Income of $9.0 million, marking significant progress in its financial performance.
Key highlights from the report include the strategic decision to sell its telematics business for $52 million, which will provide additional liquidity and flexibility. The company also completed a significant debt restructuring, reducing its convertible notes by 91%. On the operational side, Inseego launched new 5G products and increased channel partnerships, enhancing its market position and revenue streams.
Looking ahead, Inseego’s management remains focused on further strengthening its 5G pipeline and continuing its growth trajectory. With the anticipated cash influx from the telematics business sale, the company aims to drive long-term growth and enhance shareholder value.
