Business
Inseego Reports First Quarter 2020 Financial Results
Strong first half driven by unprecedented surge in demand for MiFi® 4G and 5G hotspots New 5G products launching worldwide in second half of 2020 SAN
About this update from Inseego Corp.
[{"type":"text","content":"\nStrong first half driven by unprecedented surge in demand for MiFi® 4G and 5G hotspots\nNew 5G products launching worldwide in second half of 2020\n\n SAN DIEGO--(BUSINESS WIRE)--\nInseego Corp. (Nasdaq: INSG) (the “Company”), a pioneer in 5G and intelligent IoT device-to-cloud solutions, today reported its results for the first quarter ended March 31, 2020. The Company reported first quarter revenue of $56.8 million, reflecting year-over-year growth of 17.1%, GAAP operating loss of $7.7 million, GAAP net loss of $18.2 million, GAAP net loss of $0.20 per share, negative adjusted EBITDA of $1.7 million and non-GAAP net loss of $0.06 per share. Cash and cash equivalents at quarter end was $30.5 million.\n\n\n“These are very strong results for Inseego with an unprecedented surge in demand for our 4G and 5G MiFi mobile hotspots occurring in the closing weeks of the quarter due to COVID-19. We are reiterating our Q2 revenue outlook of $75-to-$85 million and seeing growing evidence that remote work, online learning and telehealth trends will continue to drive significantly higher levels of demand in the future,” said Inseego Chairman and CEO Dan Mondor. “The dramatic increase in bandwidth consumption makes 5G network build-out more important than ever. We plan to begin shipping our second-generation 5G mobile and fixed wireless access solutions in the second half of 2020 to operators across North America, Europe, and Asia-Pacific.”\n\n\nCorporate Highlights\n\n\n\nQ1 revenue growth of 17.1% year-over-year; improving gross margins\n\n\nAchieved positive operating cash flow in the quarter\n\n\nReiterating Q2 revenue outlook of approximately $75-to-$85 million\n\n\nShipping mobile products in our 4G and 5G portfolio to all the major operators in the U.S., all major operators in Canada as well as international operators in EMEA and APAC\n\n\nFive 5G mobile broadband and three fixed wireless access launches planned with six operators in the second half of 2020, illustrating breadth and customer acceptance of our 5G product portfolio\n\n\n\nIoT & Mobile Solutions\n\n\n\nQ1 2020 revenue of $40.4 million, 23.2% year-over-year growth\n\n\nNon-GAAP gross margins up 440 basis points sequentially, up 290 basis points year-over-year\n\n\nSurge in demand for all MiFi 4G LTE and 5G hotspots, USB modems and Skyus® products from operators worldwide\...