Inseego Corp. · NASDAQ:INSG
Inseego — Q3 2025 Earnings Presentation
20 slides from Inseego's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Earnings Results
Q3 2025 EARNINGS RESULTS Nov 6, 2025
Slide 2: Inseego Financial Profile | Compelling Improvements & Trajectory
Inseego Financial Profile | Compelling Improvements & Trajectory Delivering Scalable Consistent Business Model Profitability Diversified Hardware & Strong SaaS Revenue Streams Gross Margin Driving Sustainable Generating Revenue Growth Cash Flow Materially Reduced Divested Telematics Total Debt Inclu
Slide 3: Q3 2025 Financial Results | Beat Guidance
Q3 2025 Financial Results | Beat Guidance In the Aug 7, 2025 Q2 2025 Earnings call, the Company issued guidance for Q3 2025. On Nov 6, 2025, financial results for Q3 2025 were reported and represent a ‘beat’ on both revenue and ADJ EBITDA. Q3 2025 GUIDANCE RESULTS (Aug 7, 2025) (Nov 6, 2025) TOTAL R
Slide 4: Q3 2025 Financial Results | Selected Key Highlights
Q3 2025 Financial Results | Selected Key Highlights Inseego delivered healthy sequential revenue growth (+$5.7m) and profitability expansion in Q3 2025, driven by the continued success of the Company’s FX4100 FWA router at T-Mobile that launched during the second quarter. Q3 2025 Financial Highlight
Slide 5: Q3 2025 | Selected Business Highlights
Q3 2025 | Selected Business Highlights ✓ Secured a new Tier-1 U.S. carrier customer to stock both our mobile and FWA next generation products, with FWA shipments expected to begin late in Q4 2025 and mobile shipments in Q1 2026. ✓ Expanded FWA deployments with T-Mobile across multiple industries and
Slide 6: Total Revenue | Return to Sequential Revenue Growth
Total Revenue | Return to Sequential Revenue Growth Q3 2025 Product revenue grew sequentially by +20% on strong FWA growth following the continued success of the FX4100 that was launched during the previous quarter. 54.0 51.6 ($ millions) 48.1 12.0 45.9 12.4 40.2 37.5 12.2 12.2 8.1 31.7 12.0 12.0 39
Slide 7: Product Revenue | Robust FWA & Total Product Revenue Growth
Product Revenue | Robust FWA & Total Product Revenue Growth FWA revenues grew +21% sequentially over Q2 2025 and +82% YoY, marking the highest level of FWA revenue in the trailing 8-quarters; Mobile Solutions also showed solid sequential quarterly growth contributing to the strong total Product reve
Slide 8: Compelling Portfolio | High-Value Software Services Contribution
Compelling Portfolio | High-Value Software Services Contribution The Company continues its successful focus on its solutions portfolio and is delivering a healthy revenue mix from high-profitability Software Services & Other offerings in addition to its Product offerings. 21% 24% 22% 25% 27% 30% 38%
Slide 9: Gross Margin | Expanding Contribution
Gross Margin | Expanding Contribution The Company has materially improved its gross margin profile through a combination of improved revenue growth and mix, favorable pricing, and overall product sourcing & operational efficiencies. 47.5% 41.2% 41.8% 36.5% 37.4% 35.4% 34.8% GROSS MARGIN % (non-GAAP)
Slide 10: Operating Expense Efficiency | Improving Operations at Scale
Operating Expense Efficiency | Improving Operations at Scale Disciplined cost management is underlying stable operating expenditures and has created a platform for economies of scale on an operating expense to revenue ratio. G&A expense was impacted in Q3 2025 by certain one-time items that are not
Slide 11: Profitability | Meaningful Shift & Expansion in Adj EBITDA Generation
Profitability | Meaningful Shift & Expansion in Adj EBITDA Generation The Company has significantly improved profitability since the beginning of 2024 following transformative changes and has delivered consistent double-digit Adj EBITDA margin % for the past six quarters. 13.2% 12.5% 12.5% 11.6% 11.
Slide 12: Successful Reduction in Debt | Convertible Notes Paid-off May 1, 2025
Successful Reduction in Debt | Convertible Notes Paid-off May 1, 2025 • On May 1, 2025, Inseego paid-off the remaining $15m stub outstanding on the Company's convertible notes. • Including debt restructurings that occurred in 2024, the Company has lowered its debt position by more than $125m since J
Slide 13: Company Guidance | Q4 2025
Company Guidance | Q4 2025 (ISSUED: NOV 6, 2025) On the Company’s Q3 2025 Earnings Call on Nov 6, 2025, the Company provided the following guidance for Total Revenue and Adjusted EBITDA for Q4 2025: Q4 2025 GUIDANCE Total Revenue $45.0m - $48.0m Adj EBITDA $4.0m - $5.0m Implied margin 9–10% 13
Slide 14: Inseego Investment Highlights | Compelling Trajectory
Inseego Investment Highlights | Compelling Trajectory $24b TAM across the Mobile Broadband and Fixed Wireless Access markets Improved financial profile driving sustainable revenue growth, consistent profitability and cash flow generation Materially reduced debt and right-sized capital structure Uniq
Slide 15: Appendix
APPENDIX
Slide 16: Reconciliations to GAAP Financials
NON-GAAP NUMBERS Reconciliations to GAAP Financials
Slide 17: Gross Margin & OpEx | Three-Months Ended September 30, 2025
GAAP TO NON-GAAP RECONCILIATION Gross Margin & OpEx | Three-Months Ended September 30, 2025 Share-based compensation Gain on Early Lease ($ thousands) GAAP expense Termination Non-GAAP Revenues $ 45,893 $ - $ - $ 45,893 Cost of revenues 26,809 93 - 26,716 Gross Margin $ 19,084 $ 19,177
Slide 18: GAAP Income (loss) from continuing operations to Adjusted EBITDA
GAAP TO NON-GAAP RECONCILIATION GAAP Income (loss) from continuing operations to Adjusted EBITDA Three Months Ended September 30, June 30, March 31, December 31, September 30, June 30, March 31, ($ thousands) 2025 2025 2025 2024 2024 2024 2024 GAAP Income (loss) from continuing operations $ 1,432 $
Slide 19: Disclaimers
Disclaimers Safe Harbor Statement This presentation contains statements about expected future events that are forward-looking and subject to risks and uncertainties. For these statements, we claim the safe harbor for “forward-looking statements” within the meaning of the Private Securities Litigatio
Slide 20: www.inseego.com NASDAQ: INSG
www.inseego.com NASDAQ: INSG