Business
Inseego Reports Second Quarter 2023 Financial Results
Fixed Wireless Access revenue grew more than 50% sequentially Achieved positive operating cash flow with adjusted EBITDA of $4.5 million FWA and cloud
About this update from Inseego Corp.
[{"type":"text","content":"\nFixed Wireless Access revenue grew more than 50% sequentially\n\n\nAchieved positive operating cash flow with adjusted EBITDA of $4.5 million\n\n\nFWA and cloud solutions business comprised 65% of revenue, up 42% year-over-year\n\n\nSuccessfully launched 2nd generation 5G FWA product \n\n\n SAN DIEGO--(BUSINESS WIRE)--\nInseego Corp. (Nasdaq: INSG) (the “Company”), a leader in 5G edge cloud solutions, today reported its results for the second quarter ended June 30, 2023. The Company reported second quarter net revenue of $53.6 million, GAAP operating loss of $3.3 million, GAAP net loss of $4.9 million, GAAP net loss of $0.05 per share, adjusted EBITDA of positive $4.5 million, and non-GAAP net loss of $0.02 per share. Unrestricted cash and cash equivalents at quarter end was $15.2 million.\n\n\n“We delivered another strong quarter as we continued our transformation into a FWA enterprise company. We delivered positive EBITDA, positive operating cash flow and solid gross margins. We are very pleased with our financial performance in the second quarter, as we continue to work toward our goal of becoming operating cash flow positive on a sustainable basis with a cost structure that will scale well with our revenue growth,” said Ashish Sharma, CEO of Inseego. “In Q2, we delivered record FWA revenue with over 50% growth in FWA revenue over the last quarter. As the FWA market continues to scale, we are well positioned for the future on the strength of our market leading 5G and software portfolio.”\n\n\nQ2 Business Highlights\n\n\n\nFWA and Cloud software revenue comprised 65% of revenue in Q2, up 42% year-over-year\n\n\n\nFWA revenue increased more than 50% sequentially\n\n\n\nLaunched the next generation 5G indoor router with US Cellular for FWA applications\n\n\n\nContinued expansion of 5G FWA customer pipeline\n\n\n\nGAAP Gross margin of 35.3%, up 640 basis points year-over-year\n\n\n\nCash operating expense reduction of approximately 29% year-over-year\n\n\n\n1H Business Highlights\n\n\n\nGAAP Gross Margin of 35.6%, up 870 basis points from 26.9% in 2022, as revenue mix continues to shift to higher margin products\n\n\n\nAdjusted EBITDA improved by $13.0 million to $8.7 million from ($4.3) million due to improved revenue mix and continued focus on operational efficiency\n\n\n\n“Our second quarter and first half results clearly sh...