Business
Inseego Reports Third Quarter 2021 Financial Results
5G revenue growth of 260% year-over-year Expanded relationship with T-Mobile for 5G fixed wireless access Strong 5G enterprise pipeline growth across
About this update from Inseego Corp.
[{"type":"text","content":"\n5G revenue growth of 260% year-over-year\n\nExpanded relationship with T-Mobile for 5G fixed wireless access\n\nStrong 5G enterprise pipeline growth across multiple regions\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, 2021. The Company reported third quarter net revenue of $66.2 million, GAAP operating loss of $10.0 million, GAAP net loss of $9.0 million, GAAP net loss of $0.09 per share, negative adjusted EBITDA of $0.8 million, and non-GAAP net loss of $0.08 per share. Cash and cash equivalents at quarter end, including restricted cash, was $61.6 million.\n\n“We had a strong third quarter driven by our expanded relationship with T-Mobile for our 5G fixed wireless access solution and continued global momentum in our 5G mobile broadband hotspots,” said Dan Mondor, chairman and CEO of Inseego Corp. “Our enterprise pipeline grew substantially, and we continue to expand our channel footprint in multiple geographies to capitalize on those opportunities. Our combined 5G and cloud solutions contributed greater than 60% of total revenue in the quarter, a 124% increase from a year ago. This spectacular growth is a direct result of our strategy to invest in next-generation products. Recent success with large mobile network operators in North America, Europe, the Middle East, and Asia-Pacific regions underlines our continued 5G momentum across our target geographic segments.”\n\nCorporate Highlights\n\n\nQ3 revenue of $66.2 million, up 0.8% sequentially; 9% sequentially on a pro forma basis after the divestiture of Ctrack South Africa\n\n\nCash balance of $61.6 million, including restricted cash\n\n\nRobert Barbieri appointed Chief Financial Officer\n\n\nBusiness Highlights\n\n\n5G revenue up 260% year-over-year\n\n\nCloud software revenue up 25% year-over-year\n\n\nBegan volume shipments of the Inseego Wavemaker™ FX2000 5G CPE to support launch by T-Mobile for Business\n\n\nNew 5G FWA launch with Telstra in Australia in the fourth quarter\n\n\nNew 5G mobile broadband launches with Optus Enterprise in Australia and Sunrise UPC in Switzerland\n\n\nContinued 5G pipeline growth in enterprise markets\n\n\nRitesh Mukherjee appointed SVP, Enterprise Networking Solutions\n\n\n“Pro...