Inseego Reports Second Quarter 2019 Financial Results

Sequential revenue growth of 15%

Commercial launch of 5G mobile broadband hotspot with Verizon in July

Continued expansion of global 5G pipeline

SAN DIEGO--(BUSINESS WIRE)--Aug. 6, 2019-- Inseego Corp. (Nasdaq: INSG) (the “Company”), a pioneer in 5G and intelligent IoT device-to-cloud solutions, today reported the following results for the second quarter ended June 30, 2019. The Company reports second quarter revenues of $55.9 million, GAAP operating loss of $5.2 million, GAAP net loss of $10.8 million, or net loss of $0.14 per share, adjusted EBITDA of $3.0 million and non-GAAP net loss of $0.03 per share. Cash and cash equivalents at the end of the period, including restricted cash, was $20.3 million.

“We solidified our leadership position with another industry-first milestone, the launch of our new 5G NR mobile broadband hotspot with Verizon,” said Chairman and CEO Dan Mondor. “The global 5G opportunity pipeline is expanding rapidly and we’re increasing investments in product development and sales and marketing to capitalize on this extraordinary window of opportunity.”

Corporate Highlights

- Revenue of $55.9 million, at the high end of guidance, up 15.1% sequentially and 13.9% year-over-year

- Accelerating investments to drive growth of the global 5G business

IoT & Mobile Solutions

- Q2 2019 revenue of $40.0 million, 26% year-over-year growth

- Launched 5G MiFi M1000 mobile broadband hotspot with Verizon nationwide in July

- 5G live network trials and testing progressing with service providers worldwide

- Launched MiFi 8000 gigabit LTE mobile broadband hotspot with Sprint

- On target to achieve FirstNet certification for the USB800 4G LTE modem in the third quarter

- Gaining traction in the SD-WAN market and partnering with another leading SD-WAN provider

Enterprise SaaS Solutions

- Q2 2019 revenue of $15.9 million

- Leading indicators for Ctrack signal a return to growth in the second half of 2019

- 11% year-over-year subscription growth in Europe and United Kingdom fleet business in the first half of 2019

- Two aviation design wins in Europe and Asia and phase one deployment with a UK-based regional airline

“We had strong top-line performance this quarter with over 15% sequential growth,” said Steve Smith, EVP and CFO of Inseego. “We expect further revenue growth and gross margin improvements in the second half of 2019.”

Third Quarter Outlook

The following statements are forward-looking and actual results may differ materially. Please see the section titled “Cautionary Note Regarding Forward-Looking Statements” at the end of this news release. A more detailed description of risks related to our business is included in the reports filed by the Company with the Securities and Exchange Commission (the “SEC”). Our guidance for the third quarter of 2019 reflects current business indicators and expectations as of the date of this news release, including current exchange rates for foreign currencies.

   

Inseego Consolidated

Third Quarter 2019 Outlook

   

Revenue

$58.0 million - $62.0 million

   

Adjusted EBITDA

$3.0 million - $4.5 million

   

 

 

   

IoT & Mobile Solutions

 

   

Revenue

$43.0 million - $45.0 million

   

 

 

   

Enterprise SaaS Solutions

 

   

Revenue

$15.0 million - $17.0 million

Conference Call Information

Inseego will host a conference call and live webcast for analysts and investors today at 5:00 p.m. ET. A Q&A session with analysts will be held live directly after the prepared remarks. To access the conference call:

  • In the United States, call 1-844-881-0135
  • International parties can access the call at 1-412-317-6727

An audio replay of the conference call will be available beginning one hour after the call, through August 21, 2019. To hear the replay, parties in the United States may call 1-877-344-7529 and enter access code 10129587 followed by the # key. International parties may call 1-412-317-0088. In addition, the Inseego Corp. press release will be accessible from the Company’s website before the conference call begins.

About Inseego Corp.

Inseego Corp. (Nasdaq: INSG) is an industry pioneer in 5G and intelligent IoT device-to-cloud solutions that enables high performance mobile applications for large enterprise verticals, service providers and small-medium businesses around the globe. Our product portfolio consists of Enterprise SaaS Solutions and IoT & Mobile Solutions, which together form the backbone of compelling, intelligent, reliable and secure IoT services with deep business intelligence. Inseego powers mission critical applications with a “zero unscheduled downtime” mandate, such as asset tracking, fleet management, industrial IoT, SD WAN failover management and mobile broadband services. Our solutions are powered by our key innovations in purpose-built SaaS cloud platforms, IoT and mobile technologies including the newly emerging 5G technology. www.inseego.com #Making5GReal

Cautionary Note Regarding Forward-Looking Statements

Some of the information presented in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements often address expected future business and financial performance and often contain words such as “may,” “estimate,” “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “will” and similar words and phrases indicating future results. The information presented in this news release related to our outlook for the third quarter ending September 30, 2019 and our future business outlook, the future demand for our products, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements. Actual results could differ materially from our expectations.

Factors that could cause actual results to differ materially from the Company’s expectations include: (1) the future demand for wireless broadband access to data and asset management software and services; (2) the growth of wireless wide-area networking and asset management software and services; (3) customer and end-user acceptance of the Company’s current product and service offerings and market demand for the Company’s anticipated new product and service offerings; (4) increased competition and pricing pressure from participants in the markets in which the Company is engaged; (5) dependence on third-party manufacturers and key component suppliers worldwide; (6) the impact that new or adjusted tariffs may have on the cost of components or our products, and our ability to sell products internationally; (7) the impact of fluctuations of foreign currency exchange rates; (8) the impact of geopolitical instability on our ability to source components and manufacture our products; (9) unexpected liabilities or expenses; (10) the Company’s ability to introduce new products and services in a timely manner, including the ability to develop and launch 5G products at the speed and functionality required by our customers; (11) litigation, regulatory and IP developments related to our products or components of our products; (12) dependence on a small number of customers for a significant portion of the Company’s revenues; (13) the Company’s ability to raise additional financing when the Company requires capital for operations or to satisfy corporate obligations; and (14) the Company’s plans and expectations relating to acquisitions, divestitures, strategic relationships, international expansion, software and hardware developments, personnel matters and cost containment initiatives, including restructuring activities and the timing of their implementation.

These factors, as well as other factors set forth as risk factors or otherwise described in the reports filed by the Company with the SEC (available at www.sec.gov), could cause actual results to differ materially from those expressed in the Company’s forward-looking statements. The Company assumes no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future, except as otherwise required pursuant to applicable law and our on-going reporting obligations under the Securities Exchange Act of 1934, as amended.

Non-GAAP Financial Measures

Inseego Corp. has provided financial information in this news release that has not been prepared in accordance with GAAP. Non-GAAP operating expenses, adjusted EBITDA, net loss and net loss per share exclude share-based compensation expense, amortization of intangible assets purchased through acquisitions, amortization of discount and issuance costs related to the Company’s convertible senior notes and term loan, restructuring charges, net of recoveries, and non-recurring legal and other expenses. Adjusted EBITDA also excludes interest, taxes, depreciation and amortization (unrelated to acquisitions, the convertible senior notes and the term loans) and foreign currency transaction gains and losses.

Non-GAAP operating expenses, adjusted EBITDA, net loss and net loss per share are supplemental measures of our performance that are not required by, or presented in accordance with, GAAP. These non-GAAP financial measures have limitations as an analytical tool and are not intended to be used in isolation or as a substitute for operating expenses, net loss, net loss per share or any other performance measure determined in accordance with GAAP. We present non-GAAP operating expenses, adjusted EBITDA, net loss and net loss per share because we consider each to be an important supplemental measure of our performance.

Management uses these non-GAAP financial measures to make operational decisions, evaluate the Company’s performance, prepare forecasts and determine compensation. Further, management believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance when planning, forecasting and analyzing future periods. Share-based compensation expenses are expected to vary depending on the number of new incentive award grants issued to both current and new employees, the number of such grants forfeited by former employees, and changes in the Company’s stock price, stock market volatility, expected option term and risk-free interest rates, all of which are difficult to estimate. In calculating non-GAAP operating expenses, adjusted EBITDA, net loss and net loss per share, management excludes certain non-cash and one-time items in order to facilitate comparability of the Company’s operating performance on a period-to-period basis because such expenses are not, in management’s view, related to the Company’s ongoing operating performance. Management uses this view of the Company’s operating performance for purposes of comparison with its business plan and individual operating budgets and in the allocation of resources.

The Company further believes that these non-GAAP financial measures are useful to investors in providing greater transparency to the information used by management in its operational decision-making. The Company believes that the use of non-GAAP operating expenses, adjusted EBITDA, net loss and net loss per share also facilitates a comparison of our underlying operating performance with that of other companies in our industry, which use similar non-GAAP financial measures to supplement their GAAP results.

In the future, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items in the presentation of our non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Investors and potential investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. The limitations of relying on non-GAAP financial measures include, but are not limited to, the fact that other companies, including other companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting their usefulness as a comparative tool.

Investors and potential investors are encouraged to review the reconciliation of our non-GAAP financial measures contained within this news release with our GAAP financial results.

INSEEGO CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2019

 

2018

 

2019

 

2018

Net revenues:

 

 

 

 

 

 

 

IoT & Mobile Solutions

$

39,983

 

 

$

31,741

 

 

$

72,764

 

 

$

60,621

 

Enterprise SaaS Solutions

15,908

 

 

17,316

 

 

31,683

 

 

35,169

 

Total net revenues

55,891

 

 

49,057

 

 

104,447

 

 

95,790

 

Cost of net revenues:

 

 

 

 

 

 

 

IoT & Mobile Solutions

33,986

 

 

24,623

 

 

61,586

 

 

48,375

 

Enterprise SaaS Solutions

6,350

 

 

6,998

 

 

12,546

 

 

13,860

 

Impairment of abandoned product line, net of recoveries

 

 

(221

)

 

 

 

355

 

Total cost of net revenues

40,336

 

 

31,400

 

 

74,132

 

 

62,590

 

Gross profit

15,555

 

 

17,657

 

 

30,315

 

 

33,200

 

Operating costs and expenses:

 

 

 

 

 

 

 

Research and development

5,188

 

 

4,968

 

 

8,673

 

 

9,944

 

Sales and marketing

7,229

 

 

5,635

 

 

13,620

 

 

11,050

 

General and administrative

7,449

 

 

6,302

 

 

13,901

 

 

12,797

 

Amortization of purchased intangible assets

857

 

 

931

 

 

1,728

 

 

1,895

 

Restructuring charges, net of recoveries

15

 

 

643

 

 

37

 

 

920

 

Total operating costs and expenses

20,738

 

 

18,479

 

 

37,959

 

 

36,606

 

Operating loss

(5,183

)

 

(822

)

 

(7,644

)

 

(3,406

)

Other income (expense):

 

 

 

 

 

 

 

Interest expense, net

(5,142

)

 

(5,147

)

 

(10,217

)

 

(10,247

)

Other income (expense), net

(72

)

 

(438

)

 

241

 

 

(374

)

Loss before income taxes

(10,397

)

 

(6,407

)

 

(17,620

)

 

(14,027

)

Income tax provision

322

 

 

272

 

 

570

 

 

712

 

Net loss

(10,719

)

 

(6,679

)

 

(18,190

)

 

(14,739

)

Less: Net loss (income) attributable to noncontrolling interests

(60

)

 

19

 

 

(74

)

 

29

 

Net loss attributable to Inseego Corp.

$

(10,779

)

 

$

(6,660

)

 

$

(18,264

)

 

$

(14,710

)

Per share data:

 

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.14

)

 

$

(0.11

)

 

$

(0.24

)

 

$

(0.24

)

Weighted-average shares used in computation of net loss per share:

 

 

 

 

 

 

 

Basic and diluted

78,844,666

 

 

61,468,129

 

 

76,618,142

 

 

61,096,886

 

INSEEGO CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

June 30,
2019

 

December 31,
2018

 

(Unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

20,268

 

 

$

31,015

 

Restricted cash

61

 

 

61

 

Accounts receivable, net

19,607

 

 

20,633

 

Inventories, net

29,392

 

 

26,431

 

Prepaid expenses and other

7,308

 

 

6,212

 

Total current assets

76,636

 

 

84,352

 

Property, plant and equipment, net

9,224

 

 

6,698

 

Rental assets, net

5,232

 

 

5,769

 

Intangible assets, net

36,760

 

 

31,985

 

Goodwill

33,584

 

 

32,942

 

Right-of-use assets, net

2,709

 

 

 

Other assets

509

 

 

510

 

Total assets

$

164,654

 

 

$

162,256

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

35,856

 

 

$

39,245

 

Accrued expenses and other current liabilities

14,088

 

 

13,024

 

Convertible senior notes, net

97,194

 

 

 

Term loan, net

45,792

 

 

 

DigiCore bank facilities

1,046

 

 

1,412

 

Total current liabilities

193,976

 

 

53,681

 

Long-term liabilities:

 

 

 

Convertible senior notes, net

 

 

93,054

 

Term loan, net

 

 

45,046

 

Deferred tax liabilities, net

4,559

 

 

4,457

 

Other long-term liabilities

3,447

 

 

2,543

 

Total liabilities

201,982

 

 

198,781

 

Stockholders’ deficit:

 

 

 

Common stock

79

 

 

74

 

Additional paid-in capital

562,405

 

 

546,230

 

Accumulated other comprehensive loss

(3,670

)

 

(4,877

)

Accumulated deficit

(596,081

)

 

(577,817

)

Total stockholders’ deficit attributable to Inseego Corp.

(37,267

)

 

(36,390

)

Noncontrolling interests

(61

)

 

(135

)

Total stockholders’ deficit

(37,328

)

 

(36,525

)

Total liabilities and stockholders’ deficit

$

164,654

 

 

$

162,256

 

INSEEGO CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2019

 

2018

 

2019

 

2018

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(10,719

)

 

$

(6,679

)

 

$

(18,190

)

 

$

(14,739

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

3,769

 

 

3,432

 

 

7,208

 

 

7,319

 

Provision for bad debts, net of recoveries

155

 

 

82

 

 

385

 

 

314

 

Provision for excess and obsolete inventory, net of recoveries

27

 

 

256

 

 

336

 

 

1,076

 

Share-based compensation expense

3,645

 

 

1,064

 

 

4,702

 

 

1,944

 

Amortization of debt discount and debt issuance costs

2,443

 

 

2,443

 

 

4,886

 

 

4,886

 

Deferred income taxes

1

 

 

(2

)

 

(17

)

 

(6

)

Other

560

 

 

(49

)

 

680

 

 

965

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

3,978

 

 

(5,535

)

 

688

 

 

(8,676

)

Inventories

3,242

 

 

705

 

 

(4,608

)

 

3,503

 

Prepaid expenses and other assets

(1,522

)

 

(674

)

 

(1,208

)

 

2,881

 

Accounts payable

(7,370

)

 

9,997

 

 

(3,861

)

 

904

 

Accrued expenses, income taxes, and other

(3,231

)

 

243

 

 

(1,056

)

 

532

 

Net cash provided by (used in) operating activities

(5,022

)

 

5,283

 

 

(10,055

)

 

903

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property, plant and equipment

(2,545

)

 

(327

)

 

(2,973

)

 

(653

)

Proceeds from the sale of property, plant and equipment

404

 

 

5

 

 

454

 

 

30

 

Additions to capitalized software development costs and purchases of intangible assets

(4,859

)

 

(544

)

 

(8,801

)

 

(1,099

)

Net cash used in investing activities

(7,000

)

 

(866

)

 

(11,320

)

 

(1,722

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from the exercise of warrant to purchase common stock

 

 

 

 

10,639

 

 

 

Net repayment of DigiCore bank and overdraft facilities

(359

)

 

10

 

 

(394

)

 

(208

)

Principal payments under finance lease obligations

(264

)

 

(151

)

 

(532

)

 

(360

)

Principal payments on mortgage bond

 

 

(81

)

 

 

 

(166

)

Proceeds from stock option exercises and employee stock purchase plan, net of taxes paid on vested restricted stock units

311

 

 

177

 

 

598

 

 

559

 

Net cash provided by (used in) financing activities

(312

)

 

(45

)

 

10,311

 

 

(175

)

Effect of exchange rates on cash

724

 

 

(1,648

)

 

317

 

 

(1,368

)

Net increase (decrease) in cash, cash equivalents and restricted cash

(11,610

)

 

2,724

 

 

(10,747

)

 

(2,362

)

Cash, cash equivalents and restricted cash, beginning of period

31,939

 

 

16,173

 

 

31,076

 

 

21,259

 

Cash, cash equivalents and restricted cash, end of period

$

20,329

 

 

$

18,897

 

 

$

20,329

 

 

$

18,897

 

INSEEGO CORP.

Reconciliation of GAAP Net Loss to Non-GAAP Net Loss

(In thousands, except per share data)

(Unaudited)

 

 

Three Months Ended
June 30, 2019

 

Six Months Ended
June 30, 2019

 

Net Income
(Loss)

 

Income (Loss)
Per Share

 

Net Income
(Loss)

 

Income (Loss)
Per Share

GAAP net loss

$

(10,719

)

 

$

(0.14

)

 

$

(18,190

)

 

$

(0.24

)

Adjustments:

 

 

 

 

 

 

 

Share-based compensation expense(a)

3,645

 

 

0.05

 

 

4,702

 

 

0.06

 

Purchased intangibles amortization(b)

1,357

 

 

0.02

 

 

2,740

 

 

0.04

 

Debt discount and issuance costs amortization

2,443

 

 

0.03

 

 

4,886

 

 

0.06

 

Restructuring charges, net of recoveries

15

 

 

 

 

37

 

 

 

Non-recurring legal and other expenses

770

 

 

0.01

 

 

770

 

 

0.01

 

Non-GAAP net loss

$

(2,489

)

 

$

(0.03

)

 

$

(5,055

)

 

$

(0.07

)

(a) Includes share-based compensation expense recorded under ASC Topic 718.
(b) Includes amortization of intangible assets purchased through acquisitions.

See “Non-GAAP Financial Measures” for information regarding our use of Non-GAAP financial measures.

INSEEGO CORP.

Reconciliation of GAAP Operating Costs and Expenses to Non-GAAP Operating Costs and Expenses

Three Months Ended June 30, 2019

(In thousands)

(Unaudited)

 

 

GAAP

 

Share-based
compensation
expense
(a)

 

Purchased
intangibles
amortization
(b)

 

Restructuring
charges, net of
recoveries

 

Non-
recurring
legal and
other
expenses

 

Non-GAAP

Cost of net revenues

$

40,336

 

 

$

574

 

 

$

500

 

 

$

 

 

$

 

 

$

39,262

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

5,188

 

 

957

 

 

 

 

 

 

 

 

4,231

 

Sales and marketing

7,229

 

 

818

 

 

 

 

 

 

 

 

6,411

 

General and administrative

7,449

 

 

1,296

 

 

 

 

 

 

770

 

 

5,383

 

Amortization of purchased intangible assets

857

 

 

 

 

857

 

 

 

 

 

 

 

Restructuring charges, net of recoveries

15

 

 

 

 

 

 

15

 

 

 

 

 

Total operating costs and expenses

$

20,738

 

 

3,071

 

 

857

 

 

15

 

 

770

 

 

$

16,025

 

Total

 

 

$

3,645

 

 

$

1,357

 

 

$

15

 

 

$

770

 

 

 

(a) Includes share-based compensation expense recorded under ASC Topic 718.
(b) Includes amortization of intangible assets purchased through acquisitions.

See “Non-GAAP Financial Measures” for information regarding our use of Non-GAAP financial measures.

INSEEGO CORP.

Reconciliation of GAAP Operating Costs and Expenses to Non-GAAP Operating Costs and Expenses

Six Months Ended June 30, 2019

(In thousands)

(Unaudited)

 

 

GAAP

 

Share-based
compensation
expense
(a)

 

Purchased
intangibles
amortization
(b)

 

Restructuring
charges, net
of recoveries

 

Non-
recurring
legal and
other expenses

 

Non-GAAP

Cost of net revenues

$

74,132

 

 

$

697

 

 

$

1,012

 

 

$

 

 

$

 

 

$

72,423

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

8,673

 

 

1,132

 

 

 

 

 

 

 

 

7,541

 

Sales and marketing

13,620

 

 

1,032

 

 

 

 

 

 

 

 

12,588

 

General and administrative

13,901

 

 

1,841

 

 

 

 

 

 

770

 

 

11,290

 

Amortization of purchased intangible assets

1,728

 

 

 

 

1,728

 

 

 

 

 

 

 

Restructuring charges, net of recoveries

37

 

 

 

 

 

 

37

 

 

 

 

 

Total operating costs and expenses

$

37,959

 

 

4,005

 

 

1,728

 

 

37

 

 

770

 

 

$

31,419

 

Total

 

 

$

4,702

 

 

$

2,740

 

 

$

37

 

 

$

770

 

 

 

(a) Includes share-based compensation expense recorded under ASC Topic 718.
(b) Includes amortization of intangible assets purchased through acquisitions.

See “Non-GAAP Financial Measures” for information regarding our use of Non-GAAP financial measures.

INSEEGO CORP.

Reconciliation of GAAP Loss before Income Taxes to Adjusted EBITDA

(In thousands)

(Unaudited)

 

 

Three Months Ended
June 30, 2019

 

Six Months Ended
June 30, 2019

Loss before income taxes

$

(10,397

)

 

$

(17,620

)

Depreciation and amortization(a)

3,769

 

 

7,208

 

Share-based compensation expense(b)

3,645

 

 

4,702

 

Restructuring charges, net of recoveries

15

 

 

37

 

Non-recurring legal and other expenses

770

 

 

770

 

Interest expense, net(c)

5,142

 

 

10,217

 

Other income (expense), net(d)

72

 

 

(241

)

Adjusted EBITDA

$

3,016

 

 

$

5,073

 

(a) Includes depreciation and amortization charges, including amortization of intangible assets purchased through acquisitions.
(b) Includes share-based compensation expense recorded under ASC Topic 718.
(c) Includes the amortization of debt discount and issuance costs related to the convertible senior notes and term loan.
(d) Includes foreign currency transaction gains and losses, net of the gain on the sale of certain fixed assets.

See “Non-GAAP Financial Measures” for information regarding our use of Non-GAAP financial measures.

INSEEGO CORP.

Quarterly Net Revenues by Product Grouping

(In thousands)

(Unaudited)

 

 

Three Months Ended

 

June 30, 2019

 

March 31, 2019

 

December 31, 2018

 

September 30, 2018

 

June 30, 2018

IoT & Mobile Solutions

$

39,983

 

 

$

32,781

 

 

$

40,092

 

 

$

34,636

 

 

$

31,741

 

Enterprise SaaS Solutions

15,908

 

 

15,775

 

 

15,951

 

 

15,994

 

 

17,316

 

Total net revenues

$

55,891

 

 

$

48,556

 

 

$

56,043

 

 

$

50,630

 

 

$

49,057

 

 

Source: Inseego Corp.

Inseego Corp.
Media Contact:
Anette Gaven
+1 (619) 993-3058
Anette.Gaven@inseego.com
or
Investor Relations Contact:
Joo-Hun Kim
MKR Group
+1 (212) 868-6760
joohunkim@mkrir.com

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