Business
Inseego Reports Third Quarter 2020 Financial Results
Revenue increased 44% year-over-year to $90.2 million Achieved positive free cash flow Continued strong demand for 4G, 5G and cloud products SAN
About this update from Inseego Corp.
[{"type":"text","content":"\n\nRevenue increased 44% year-over-year to $90.2 million \n\n\nAchieved positive free cash flow \n\n\nContinued strong demand for 4G, 5G and cloud products\n\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 third quarter ended September 30, 2020. The Company reported third quarter net revenue of $90.2 million, reflecting year-over-year growth of 44%, GAAP operating loss of $3.4 million, GAAP net loss of $5.4 million, GAAP net loss of $0.06 per share, adjusted EBITDA of $7.4 million and non-GAAP net income of $0.01 per share. Cash and cash equivalents at quarter end was $42.0 million.\n\n“We had a monumental quarter with revenue over $90 million, an adjusted EBITDA of $7.4 million, and we achieved positive free cash flow. These are all major milestones that confirm the success of our turnaround and, at the same time, firmly establish that the company has entered a growth and cash generation phase,” said Inseego Chairman and CEO Dan Mondor. “Global demand for our mobile broadband and fixed wireless access products is very strong, illustrating momentum throughout our 5G portfolio. Our strategy of diversifying our customer base and recurring revenue streams will make for an exciting 2021 for the company and investors.”\n\nCorporate Highlights\n\n\n$90.2 million revenue, up 44% year-over-year and up 12% sequentially\n\n\n$7.4 million adjusted EBITDA, up 69% year-over-year, earnings of $0.01 per share\n\n\nOperating cash flow increased to $12.0 million in the quarter and achieved positive free cash flow\n\n\nEnding cash balance of $42.0 million with zero bank debt\n\n\nAppointed Chris Lytle to Board of Directors\n\n\nAppointed new Chief Financial Officer Craig Foster\n\n\nIoT & Mobile Solutions\n\n\nQ3 revenue of $77.3 million, up 62% year-over-year and up 12% sequentially\n\n\nGAAP gross margins for mobile products up 140 basis points sequentially with non-GAAP gross margins up 200 basis points sequentially\n\n\nLaunched new second-generation 5G MiFi® M2000 series mobile broadband solution at Verizon and UScellular\n\n\nAdded Swisscom, the largest mobile operator in Switzerland, as a new customer for the 5G MiFi M2000 on its nationwide 5G network\n\n\nRecently announced Inseego Manage™, a suite of integrate...