Business
Inseego Reports Fourth Quarter and Full Year 2021 Financial Results
5G revenue annual growth of 132% year-over-year Continued strong 5G enterprise pipeline growth across multiple regions Ashish Sharma appointed CEO; Dan
About this update from Inseego Corp.
[{"type":"text","content":"\n5G revenue annual growth of 132% year-over-year\n\nContinued strong 5G enterprise pipeline growth across multiple regions\n\nAshish Sharma appointed CEO; Dan Mondor to become Executive Chairman\n\n SAN DIEGO--(BUSINESS WIRE)--\nInseego Corp. (Nasdaq: INSG) (the “Company”), a leader in 5G and intelligent IoT device-to-cloud solutions, today reported its results for the fourth quarter and full year ended December 31, 2021. The Company reported fourth quarter net revenue of $72.9 million, GAAP operating loss of $9.8 million, GAAP net loss of $11.4 million, GAAP net loss of $0.11 per share, adjusted EBITDA of negative $1.2 million, and non-GAAP net loss of $0.08 per share. Cash and cash equivalents at year end, including restricted cash, was $49.8 million. On a full year basis, 2021 net revenue was $262.4 million.\n\n“2021 proved to be a transformative year for Inseego. We sharpened our focus on becoming the leader in 5G edge connectivity solutions for the enterprise, and our business grew sequentially in each quarter driven by 5G and cloud solutions,” said Inseego Chairman and CEO Dan Mondor. “With the momentum we are seeing in the 5G enterprise pipeline, supported by the strength of our supply chain and significant operating leverage in our model, I am confident that 2022 will be the breakout year for Inseego.”\n\nCorporate Highlights\n\n– 2021 full year net revenue of $262.4 million, Q4 2021 net revenue of $72.9 million\n\n– Year-end cash, cash equivalents and restricted cash balance of $49.8 million in the quarter with zero bank debt\n\nBusiness Highlights\n\n– 5G revenue up 132% year-over-year on an annual basis\n\n– 5G and cloud solutions represents 58% of total revenue in the quarter\n\n– 5G Inseego Wavemaker™ FWA solutions launched with T-Mobile for Business, Telstra in Australia and Vodafone Qatar in the fourth quarter\n\n– Market expansion in the Middle East with new Inseego 5G MiFi® M2000 launch with Zain KSA in Saudi Arabia in the first quarter\n\n– Multiple 5G FWA solutions now certified with all tier-one carriers in the United States, including standalone (SA) 5G with T-Mobile\n\n– Continued 5G device-to-cloud enterprise pipeline growth in Australia, Europe, the Middle East and North America markets\n\n“We had a strong finish to 2021 that saw Inseego grow our 5G business sequentially throughout the year. The strength...