Business
Inseego Reports Second Quarter 2024 Financial Results
Q2 2024 revenue of $59.1 million Q2 2024 GAAP Net Income of $0.6 million and positive Adjusted EBITDA of $8.4 million Executed convertible debt reduction and
About this update from Inseego Corp.
[{"type":"text","content":"\nQ2 2024 revenue of $59.1 million\n\n\nQ2 2024 GAAP Net Income of $0.6 million and positive Adjusted EBITDA of $8.4 million\n\n\nExecuted convertible debt reduction and material improvement of capital structure\n\n\n SAN DIEGO--(BUSINESS WIRE)--\nInseego Corp. (Nasdaq: INSG) (the “Company”), a technology leader in 5G mobile and fixed wireless solutions for mobile network operators, Fortune 500 enterprises and SMBs, today reported its results for the second quarter of 2024 ended June 30, 2024. The Company reported second quarter revenue of $59.1 million, GAAP operating income of $2.3 million, GAAP net income of $0.6 million, GAAP net loss of $(0.02) per common share after non-cash preferred dividends, and Adjusted EBITDA of positive $8.4 million. Unrestricted cash and cash equivalents at June 30, 2024 were $49.0 million.\n\n\n“The Company delivered strong results during the second quarter and I am excited about the momentum the team has built the past few quarters,” said Phil Brace, Executive Chairman of Inseego. “The full Inseego team continues to focus on growing the business, evolving the product portfolio, and delivering strong operating results. We meaningfully improved our capital structure, significantly reduced our debt and strengthened the Company’s financial position. While we still have some work to do, I believe Inseego is well-positioned for continued success.\"\n\n\n“We’re focused on driving stockholder value and pleased to have restructured 88% of our outstanding convertible notes to-date, by executing arrangements to repurchase, convert into equity or exchange for long-term debt of approximately $142 million of the $162 million in outstanding convertible notes,” Steven Gatoff, Chief Financial Officer of Inseego, commented. “Q2 was a pivotal quarter in which we continued to generate positive Adjusted EBITDA and Operating Cash Flow, and also delivered positive GAAP Operating and Net Income. We continue to focus on delivering revenue growth, adjusted EBITDA profitability, and cash generation.”\n\n\nFinancial Highlights\n\n\n\nRevenue for Q2 2024 was $59.1 million.\n\n\n\nAdjusted EBITDA for Q2 2024 was $8.4 million.\n\n\n\nGAAP gross margin for Q2 2024 was 39.0%. Non-GAAP gross margin for Q2 2024 increased year-over-year from 35.7% to 39.0% as the revenue mix shifted to higher-margin products and services.\n\n\n\nAs...