March 11, 2020

Inseego Reports Fourth Quarter and Full Year 2019 Financial Results

 Signed 5G product agreements with leading mobile network operators worldwide, exceeding 2019 target

5G trials with 20 global mobile network operators

Significantly strengthened balance sheet

SAN DIEGO--(BUSINESS WIRE)-- Inseego Corp. (Nasdaq: INSG) (the “Company”), a pioneer in 5G and intelligent IoT device-to-cloud solutions, today reported its results for the fourth quarter and full year ended December 31, 2019. The Company reported fourth quarter revenue of $52.3 million, GAAP operating loss of $8.7 million, GAAP net loss of $13.1 million, net loss of $0.17 per share, negative adjusted EBITDA of $1.7 million and non-GAAP net loss of $0.10 per share. Cash and cash equivalents at year end was $12.1 million. On a full-year basis, 2019 revenue was $219.5 million, an 8.4% increase year-over-year.

“2019 was a year of historic progress for Inseego. We launched our first-to-market 5G products, recognized nearly $11 million of 5G revenue and signed 5G product agreements with leading mobile network operators in North America, Europe, the Middle East and Asia Pacific, exceeding our target for the year. This sets the stage for growth in the second half of 2020 with our second-generation portfolio of secure, enterprise-grade 5G products for fixed wireless, mobile and IoT edge applications,” said Chairman and CEO Dan Mondor. “With the actions we’ve taken to strengthen the balance sheet, we’re extremely well positioned to capitalize on the unprecedented global opportunities that 5G presents.”

Corporate Highlights

- 5G trials underway with 20 leading mobile operators worldwide

- Recently closed $25 million private placement transaction with Mubadala, providing capital to support global 5G strategy

- Significantly strengthened balance sheet in Q1 2020, reducing debt by $60 million through convertible note exchanges, and reduced aggregate annual cash interest payments by approximately $7.8 million

IoT & Mobile Solutions

- 2019 full year revenue of $154.2 million, Q4 2019 revenue of $35.5 million

- Signed 5G agreements with leading mobile network operators in North America, Europe, the Middle East and Asia-Pacific for fixed wireless access and mobile products

- Recognized nearly $11 million of 5G revenue in 2019

- Launched 5G MiFi® mobile hotspot with Vodafone Qatar

- Launched 4G LTE Cat M1 tracker with Telstra (Australia)

Enterprise SaaS Solutions

- 2019 full year revenue of $65.3 million, Q4 2019 revenue of $16.9 million

- Ctrack fleet unit bookings grew approximately 36% year-over-year

- Launched new Ctrack Pegasus cloud platform and SMB-focused Clarity application in the first quarter

- The DMS subscription management solution continues to be a strategic product that grew 33% year-over-year

“We strengthened the balance sheet by converting $60 million of debt into equity and modified the terms of the senior note, reducing annual cash interest payments by $7.8 million. We’re very pleased with the vote of confidence from Mubadala Capital and their $25 million investment,” said EVP and CFO Steve Smith. “We’re now focused on converting our 2019 design wins into network deployments.”

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 March 25, 2020. To hear the replay, parties in the United States may call 1-877-344-7529 and enter access code 10134259 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 #Putting5GtoWork

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 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; (15) the potential impact of COVID-19 on the business.

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
December 31,

 

Year Ended
December 31,

 

2019

 

2018

 

2019

 

2018

Net revenues:

 

 

 

 

 

 

 

IoT & Mobile Solutions

$

35,477

 

 

$

40,092

 

 

$

154,167

 

 

$

135,349

 

Enterprise SaaS Solutions

16,856

 

 

15,951

 

 

65,329

 

 

67,114

 

Total net revenues

52,333

 

 

56,043

 

 

219,496

 

 

202,463

 

Cost of net revenues:

 

 

 

 

 

 

 

IoT & Mobile Solutions

30,498

 

 

30,176

 

 

129,957

 

 

105,344

 

Enterprise SaaS Solutions

6,804

 

 

6,074

 

 

25,568

 

 

26,167

 

Impairment of abandoned product line, net of recoveries

 

 

 

 

 

 

355

 

Total cost of net revenues

37,302

 

 

36,250

 

 

155,525

 

 

131,866

 

Gross profit

15,031

 

 

19,793

 

 

63,971

 

 

70,597

 

Operating costs and expenses:

 

 

 

 

 

 

 

Research and development

8,525

 

 

5,332

 

 

23,853

 

 

20,593

 

Sales and marketing

8,145

 

 

6,070

 

 

28,914

 

 

23,027

 

General and administrative

6,231

 

 

6,691

 

 

27,267

 

 

25,325

 

Amortization of purchased intangible assets

846

 

 

860

 

 

3,421

 

 

3,624

 

Extinguishment of acquisition-related liabilities

 

 

 

 

 

 

(17,174

)

Restructuring charges, net of recoveries

10

 

 

26

 

 

60

 

 

1,191

 

Total operating costs and expenses

23,757

 

 

18,979

 

 

83,515

 

 

56,586

 

Operating income (loss)

(8,726

)

 

814

 

 

(19,544

)

 

14,011

 

Other income (expense):

 

 

 

 

 

 

 

Interest expense, net

(5,045

)

 

(5,084

)

 

(20,381

)

 

(20,444

)

Other income (expense), net

417

 

 

(341

)

 

351

 

 

(895

)

Loss before income taxes

(13,354

)

 

(4,611

)

 

(39,574

)

 

(7,328

)

Income tax benefit (provision)

(257

)

 

(370

)

 

536

 

 

815

 

Net loss

(13,097

)

 

(4,241

)

 

(40,110

)

 

(8,143

)

Less: Net loss (income) attributable to noncontrolling interests

42

 

 

50

 

 

(15

)

 

85

 

Net loss attributable to Inseego Corp.

(13,055

)

 

(4,191

)

 

(40,125

)

 

(8,058

)

Preferred stock dividend

(230

)

 

 

 

(361

)

 

 

Net loss attributable to common shareholders

$

(13,285

)

 

$

(4,191

)

 

$

(40,486

)

 

$

(8,058

)

Per share data:

 

 

 

 

 

 

 

Net loss per common share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.17

)

 

$

(0.06

)

 

$

(0.52

)

 

$

(0.12

)

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

 

 

 

 

 

 

 

Basic and diluted

80,447,679

 

 

73,579,670

 

 

78,322,496

 

 

66,104,376

 

INSEEGO CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

December 31,
2019

 

December 31,
2018

 

(Unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

12,074

 

 

$

31,015

 

Restricted cash

 

 

61

 

Accounts receivable, net

19,656

 

 

20,633

 

Inventories, net

25,290

 

 

26,431

 

Prepaid expenses and other

7,117

 

 

6,212

 

Total current assets

64,137

 

 

84,352

 

Property, plant and equipment, net

10,756

 

 

6,698

 

Rental assets, net

5,385

 

 

5,769

 

Intangible assets, net

44,392

 

 

31,985

 

Goodwill

33,659

 

 

32,942

 

Right-of-use assets, net

2,657

 

 

 

Other assets

387

 

 

510

 

Total assets

$

161,373

 

 

$

162,256

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

26,482

 

 

$

39,245

 

Accrued expenses and other current liabilities

17,861

 

 

13,024

 

DigiCore bank facilities

187

 

 

1,412

 

Total current liabilities

44,530

 

 

53,681

 

Long-term liabilities:

 

 

 

Convertible senior notes, net

101,334

 

 

93,054

 

Term loan, net

46,538

 

 

45,046

 

Deferred tax liabilities, net

3,949

 

 

4,457

 

Other long-term liabilities

2,380

 

 

2,543

 

Total liabilities

198,731

 

 

198,781

 

Stockholders’ deficit:

 

 

 

Preferred stock

 

 

 

Common stock

82

 

 

74

 

Additional paid-in capital

584,862

 

 

546,230

 

Accumulated other comprehensive loss

(3,879

)

 

(4,877

)

Accumulated deficit

(618,303

)

 

(577,817

)

Total stockholders’ deficit attributable to Inseego Corp.

(37,238

)

 

(36,390

)

Noncontrolling interests

(120

)

 

(135

)

Total stockholders’ deficit

(37,358

)

 

(36,525

)

Total liabilities and stockholders’ deficit

$

161,373

 

 

$

162,256

 

INSEEGO CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Three Months Ended
December 31,

 

Year Ended
December 31,

 

2019

 

2018

 

2019

 

2018

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(13,097

)

 

$

(4,241

)

 

$

(40,110

)

 

$

(8,143

)

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

 

 

 

 

 

 

 

Depreciation and amortization

5,656

 

 

3,169

 

 

18,426

 

 

13,733

 

Provision for bad debts, net of recoveries

24

 

 

19

 

 

715

 

 

555

 

Provision for excess and obsolete inventory, net of recoveries

591

 

 

(179

)

 

980

 

 

1,040

 

Share-based compensation expense

1,347

 

 

1,198

 

 

7,302

 

 

4,876

 

Amortization of debt discount and debt issuance costs

2,443

 

 

2,444

 

 

9,772

 

 

9,772

 

Deferred income taxes

(585

)

 

18

 

 

(598

)

 

14

 

Non-cash gain on extinguishment of acquisition-related liabilities

 

 

 

 

 

 

(17,174

)

Other

(509

)

 

795

 

 

840

 

 

2,022

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

2,289

 

 

6,155

 

 

377

 

 

(6,883

)

Inventories

(552

)

 

(13,216

)

 

(3,077

)

 

(11,437

)

Prepaid expenses and other assets

3,634

 

 

828

 

 

(901

)

 

3,251

 

Accounts payable

(4,109

)

 

8,767

 

 

(12,996

)

 

9,646

 

Accrued expenses, income taxes, and other

(133

)

 

(3,653

)

 

1,271

 

 

(3,037

)

Net cash provided by (used in) operating activities

(3,001

)

 

2,104

 

 

(17,999

)

 

(1,765

)

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property, plant and equipment

(2,452

)

 

(402

)

 

(6,621

)

 

(1,338

)

Proceeds from the sale of property, plant and equipment

63

 

 

35

 

 

517

 

 

144

 

Additions to capitalized software development costs and purchases of intangible assets

(5,309

)

 

(1,513

)

 

(22,109

)

 

(3,040

)

Net cash used in investing activities

(7,698

)

 

(1,880

)

 

(28,213

)

 

(4,234

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Gross proceeds received from issuance of Series E preferred stock

 

 

 

 

10,000

 

 

 

Gross proceeds received from private placement

 

 

 

 

 

 

19,661

 

Payment of issuance costs related to private placement

 

 

(500

)

 

 

 

(500

)

Principal payments on term loans

 

 

 

 

 

 

(500

)

Proceeds from the exercise of warrants to purchase common stock

6,903

 

 

 

 

17,542

 

 

 

Net repayment of DigiCore bank and overdraft facilities

112

 

 

(250

)

 

(1,047

)

 

(1,453

)

Principal payments under finance lease obligations

(227

)

 

(490

)

 

(1,022

)

 

(977

)

Principal payments on mortgage bond

 

 

(75

)

 

 

 

(316

)

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

1,739

 

 

730

 

 

1,996

 

 

1,752

 

Net cash provided by (used in) financing activities

8,527

 

 

(585

)

 

27,469

 

 

17,667

 

Effect of exchange rates on cash

301

 

 

(171

)

 

(259

)

 

(1,851

)

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

(1,871

)

 

(532

)

 

(19,002

)

 

9,817

 

Cash, cash equivalents and restricted cash, beginning of period

13,945

 

 

31,608

 

 

31,076

 

 

21,259

 

Cash, cash equivalents and restricted cash, end of period

$

12,074

 

 

$

31,076

 

 

$

12,074

 

 

$

31,076

 

INSEEGO CORP.

Reconciliation of GAAP Net Loss to Non-GAAP Net Loss

(In thousands, except per share data)

(Unaudited)

 

 

Three Months Ended
December 31, 2019

 

Year Ended
December 31, 2019

 

Net Income (Loss)

 

Income (Loss) Per Share

 

Net Income (Loss)

 

Income (Loss) Per Share

GAAP net loss

$

(13,097

)

 

$

(0.16

)

 

$

(40,110

)

 

$

(0.51

)

Adjustments:

 

 

 

 

 

 

 

Share-based compensation expense(a)

1,347

 

 

0.02

 

 

7,302

 

 

0.09

 

Purchased intangibles amortization(b)

1,339

 

 

0.01

 

 

5,418

 

 

0.07

 

Debt discount and issuance costs amortization

2,443

 

 

0.03

 

 

9,772

 

 

0.12

 

Restructuring charges, net of recoveries

10

 

 

 

 

60

 

 

 

Non-recurring legal and other expenses

 

 

 

 

1,470

 

 

0.02

 

Non-GAAP net loss

$

(7,958

)

 

$

(0.10

)

 

$

(16,088

)

 

$

(0.21

)

(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 December 31, 2019

(In thousands)

(Unaudited)

 

 

GAAP

 

Share-based compensation
expense (a)

 

Purchased intangibles
amortization (b)

 

Restructuring charges,
net of recoveries

 

Non-GAAP

Cost of net revenues

$

37,302

 

 

$

234

 

 

$

493

 

 

$

 

 

$

36,575

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

Research and development

8,525

 

 

233

 

 

 

 

 

 

8,292

 

Sales and marketing

8,145

 

 

330

 

 

 

 

 

 

7,815

 

General and administrative

6,231

 

 

550

 

 

 

 

 

 

5,681

 

Amortization of purchased intangible assets

846

 

 

 

 

846

 

 

 

 

 

Restructuring charges, net of recoveries

10

 

 

 

 

 

 

10

 

 

 

Total operating costs and expenses

$

23,757

 

 

1,113

 

 

846

 

 

10

 

 

$

21,788

 

Total

 

 

$

1,347

 

 

$

1,339

 

 

$

10

 

 

 

(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

Year Ended December 31, 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

$

155,525

 

 

$

1,133

 

 

$

1,997

 

 

$

 

 

$

 

 

$

152,395

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

23,853

 

 

1,548

 

 

 

 

 

 

 

 

22,305

 

Sales and marketing

28,914

 

 

1,669

 

 

 

 

 

 

 

 

27,245

 

General and administrative

27,267

 

 

2,952

 

 

 

 

 

 

1,470

 

 

22,845

 

Amortization of purchased intangible assets

3,421

 

 

 

 

3,421

 

 

 

 

 

 

 

Restructuring charges, net of recoveries

60

 

 

 

 

 

 

60

 

 

 

 

 

Total operating costs and expenses

$

83,515

 

 

6,169

 

 

3,421

 

 

60

 

 

1,470

 

 

$

72,395

 

Total

 

 

$

7,302

 

 

$

5,418

 

 

$

60

 

 

$

1,470

 

 

 

(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
December 31, 2019

 

Year Ended
December 31, 2019

Loss before income taxes

$

(13,354

)

 

$

(39,574

)

Depreciation and amortization(a)

5,656

 

 

18,426

 

Share-based compensation expense(b)

1,347

 

 

7,302

 

Restructuring charges, net of recoveries

10

 

 

60

 

Non-recurring legal and other expenses

 

 

1,470

 

Interest expense, net(c)

5,045

 

 

20,381

 

Other income, net(d)

(417

)

 

(351

)

Adjusted EBITDA

$

(1,713

)

 

$

7,714

 

(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

 

December 31, 2019

 

September 30, 2019

 

June 30, 2019

 

March 31, 2019

 

December 31, 2018

IoT & Mobile Solutions

$

35,477

 

 

$

45,926

 

 

$

39,983

 

 

$

32,781

 

 

$

40,092

 

Enterprise SaaS Solutions

16,856

 

 

16,790

 

 

15,908

 

 

15,775

 

 

15,951

 

Total net revenues

$

52,333

 

 

$

62,716

 

 

$

55,891

 

 

$

48,556

 

 

$

56,043

 

 

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

Source: Inseego Corp.

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