Business
Inseego Reports Fourth Quarter and Full Year 2019 Financial Results
Signed 5G product agreements with leading mobile network operators worldwide, exceeding 2019 target 5G trials with 20 global mobile network operators
About this update from Inseego Corp.
[{"type":"text","content":"\n Signed 5G product agreements with leading mobile network operators worldwide, exceeding 2019 target\n\n\n5G trials with 20 global mobile network operators \n\n\nSignificantly strengthened balance sheet \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 fourth quarter and full year ended December 31, 2019. The Company reported fourth quarter revenue of $52.3 million, GAAP operating loss of $8.7 million, GAAP net loss of $13.1 million, net loss of $0.17 per share, negative adjusted EBITDA of $1.7 million and non-GAAP net loss of $0.10 per share. Cash and cash equivalents at year end was $12.1 million. On a full-year basis, 2019 revenue was $219.5 million, an 8.4% increase year-over-year.\n\n\n“2019 was a year of historic progress for Inseego. We launched our first-to-market 5G products, recognized nearly $11 million of 5G revenue and signed 5G product agreements with leading mobile network operators in North America, Europe, the Middle East and Asia Pacific, exceeding our target for the year. This sets the stage for growth in the second half of 2020 with our second-generation portfolio of secure, enterprise-grade 5G products for fixed wireless, mobile and IoT edge applications,” said Chairman and CEO Dan Mondor. “With the actions we’ve taken to strengthen the balance sheet, we’re extremely well positioned to capitalize on the unprecedented global opportunities that 5G presents.”\n\n\nCorporate Highlights\n\n\n- 5G trials underway with 20 leading mobile operators worldwide\n\n\n- Recently closed $25 million private placement transaction with Mubadala, providing capital to support global 5G strategy\n\n\n- Significantly strengthened balance sheet in Q1 2020, reducing debt by $60 million through convertible note exchanges, and reduced aggregate annual cash interest payments by approximately $7.8 million\n\n\nIoT & Mobile Solutions\n\n\n- 2019 full year revenue of $154.2 million, Q4 2019 revenue of $35.5 million\n\n\n- Signed 5G agreements with leading mobile network operators in North America, Europe, the Middle East and Asia-Pacific for fixed wireless access and mobile products\n\n\n- Recognized nearly $11 million of 5G revenue in 2019\n\n\n- Launched 5G MiFi® mobile hotspot with Vodafone Qatar\n\n\n- La...