Business
Inseego Reports Second Quarter 2020 Financial Results
New 5G product portfolio delivering breakthrough performance in multiple pre-launch field trials with operators globally Continued strong demand for mobile
About this update from Inseego Corp.
[{"type":"text","content":"\n\nNew 5G product portfolio delivering breakthrough performance in multiple pre-launch field trials with operators globally\n\n\n\n\nContinued strong demand for mobile products\n\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 second quarter ended June 30, 2020. The Company reported second quarter net revenue of $80.7 million, reflecting year-over-year growth of 44%, GAAP operating loss of $5.3 million, GAAP net loss of $74.8 million, including $67.2 million of one-time non-cash charges relating to refinancing activities during the quarter, GAAP net loss of $0.78 per share, adjusted EBITDA of $4.3 million and non-GAAP net loss of $0.01 per share. Cash and cash equivalents at quarter end was $42.1 million.\n\n\n“We reported an exceptionally strong quarter with outstanding operational execution in every part of the company and over $80 million in revenue. We’re on track to launch our new 5G portfolio with multiple operators in the coming months and are seeing phenomenal performance in pre-launch field trials on live 5G networks,” said Inseego Chairman and CEO Dan Mondor. “We rapidly increased our supply chain capacity in response to the surge in demand and continue to see strong demand for our 4G mobile products driven by work-from-home and distance learning and our 5G products as the technology is deployed in more networks worldwide.”\n\n\nCorporate Highlights\n\n\n\nQ2 revenue growth up 42% sequentially and 44% year-over-year, driven by IoT & Mobile Solutions\n\n\nOperating cash flow increased to $4.3 million in the quarter\n\n\nStrengthened balance sheet with repayment of high interest term loan and $180 million convertible note issued with maturity in May 2025\n\n\nRapidly scaled supply chain to meet initial surge and continued demand for mobile products\n\n\nNext-generation 5G portfolio demonstrating superb performance with multi-gigabit and gigabit-plus speeds in high-band (mmWave) and lower-band (sub-6 GHz) spectrum in live pre-launch field trials with multiple operators\n\n\n\nIoT & Mobile Solutions\n\n\n\nQ2 revenue of $66.2 million, up 64% sequentially and up 66% year-over-year\n\n\nGAAP gross margins for mobile products up 180 basis points sequentially with non-GAAP gross margins up 240 basi...