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Inseego Reports Fourth Quarter and Full Year 2024 Financial Results

Feb 19, 2025
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Q4 2024 revenue of $48.1 million
Q4 2024 positive Adjusted EBITDA of $5.4 million and GAAP Operating Income of $1.8 million
Completed sale of telematics business for $52.7 million in cash
Completed convertible debt restructurings with material reductions in debt

SAN DIEGO, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Inseego Corp. (Nasdaq: INSG) (the “Company”), a technology leader in 5G mobile and fixed wireless solutions for mobile network operators, Fortune 500 enterprises and SMBs, today reported its results for the fourth quarter and full year ended December 31, 2024.

“My first weeks at Inseego have been very positive, and we are already making progress towards positioning the company as the wireless broadband partner of choice within the wireless ecosystem,” stated Juho Sarvikas, Chief Executive Officer of Inseego. “Our fourth-quarter operational performance delivered encouraging results, reflecting strength in both revenue and Adjusted EBITDA. While we see some near-term headwinds in the first quarter, I am confident that we are on track to deliver year-on-year growth in 2025 as we focus on expanding both our solution portfolio and customer base. Together, as a team, we remain committed to driving long-term growth to create stockholder value."

“We continue to be focused on driving stockholder value and were pleased to close both the restructuring of our outstanding convertible notes and the sale of our Telematics business, receiving $52 million in cash in the quarter,” Steven Gatoff, Chief Financial Officer of Inseego, commented. "These transactions right-sized the Company’s capital structure and provided meaningful additional liquidity and flexibility as we move forward to develop new products and drive growth.”

Financial Highlights

  • Revenue for Q4 2024 was $48.1 million; full year 2024 revenue was $191.2 million.
  • Adjusted EBITDA for Q4 2024 was $5.4 million; full year 2024 Adjusted EBITDA was $20.5 million.
  • GAAP gross margin for Q4 2024 was 37.3%; full year 2024 GAAP gross margin was 36.0%.

Capital Structure Improvements

  • On November 6, 2024, the Company completed its capital structure management initiative and material debt reduction by exchanging $91.5 million of principal value of the Company’s 3.25% convertible notes due 2025 for long-term debt and equity; the Company has now repurchased or exchanged at a discount approximately $147 million, or 91% of aggregate principal amount, of the $162 million of the convertible notes that were outstanding as of December 31, 2023. See separate press release issued on November 12, 2024 for further details.

Business Highlights

  • Completed the sale of the Company’s Telematics business for $52.7 million in cash.
  • Appointed Juho Sarvikas as the new Chief Executive Officer and Board member.
  • Achieved highest quarterly MiFi X PRO sales ever with one major North American carrier who continues to see great success with our device especially with public sector customers.
  • Received award letter from a large service provider for our next generation indoor FWA device.
  • Ranged MiFi X PRO with a global communications solutions provider for business and government agencies.  
  • Executed large FWA order with a major Internet Service Provider who uses Inseego devices to deliver ultra-fast, SLA-guaranteed, symmetrical fixed wireless access to businesses.  
  • Completed transaction with a global medical device manufacturer to improve patient outcomes by providing reliable wireless connectivity to automatic external defibrillators.
  • Selected in two competitive opportunities to be the hardware supplier to large nonprofit telecom companies that provide affordable broadband services to bridge the digital divide.

Q1 2025 Guidance

  • Total revenue in the range of $30.0 million to $33.0 million.
  • Adjusted EBITDA in the range of $2.0 million to $3.0 million.

Conference Call Information

Inseego will host a conference call and live webcast today at 5:00 p.m. ET. To access the conference call:

An audio replay of the conference call will be available one hour after the call through March 5, 2025. To hear the replay, parties in the United States may call 1-877-344-7529 and enter access code 9063175 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 the industry leader in 5G Enterprise cloud WAN solutions, with millions of end customers and thousands of enterprise and SMB customers on its 4G, 5G, and cloud platforms. Inseego’s 5G Edge Cloud combines the industry’s best 5G technology, rich cloud networking features, and intelligent edge applications. Inseego powers new business experiences by connecting distributed sites and workforces, securing enterprise data, and improving business outcomes with intelligent operational visibility---all over a 5G network. For more information on Inseego, visit www.inseego.com #Putting5GtoWork

©2025. Inseego Corp. All rights reserved. MiFi and the Inseego name and logo are registered trademarks of Inseego Corp. Other company, product, or service names mentioned herein are the trademarks of their respective owners.

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, and other statements that are not purely historical facts are forward-looking. These forward-looking statements are based on management’s current expectations, assumptions, estimates, and projections. They are subject to significant risks and uncertainties that could cause 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 Company’s dependence on a small number of customers for a substantial portion of our revenues; (2) the future demand for wireless broadband access to data and asset management software and services and our ability to accurately forecast; (3) the growth of wireless wide-area networking and asset management software and services; (4) 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; (5) our ability to develop sales channels and to onboard channel partners; (6) increased competition and pricing pressure from participants in the markets in which the Company is engaged; (7) dependence on third-party manufacturers and key component suppliers worldwide; (8) the impact of fluctuations of foreign currency exchange rates; (9) the impact of supply chain challenges on our ability to source components and manufacture our products; (10) unexpected liabilities or expenses; (11) 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; (12) litigation, regulatory and IP developments related to our products or components of our products; (13) the Company’s ability to raise additional financing when the Company requires capital for operations or to satisfy corporate obligations; (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 implementations; (15) the global semiconductor shortage and any related price increases or supply chain disruptions, (16) the potential impact of COVID-19 or other global public health emergencies on the business, (17) the impact of high rates of inflation and rising interest rates, (18) the impact of import tariffs on our materials and products, and (19) the impact of geopolitical instability on our 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 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, even if new information becomes available or other events occur in the future, except as otherwise required under applicable law and our ongoing reporting obligations under the Securities Exchange Act of 1934, as amended.

Non-GAAP Financial Measures

Inseego Corp. has provided financial information in this press release that has not been prepared in accordance with GAAP. Adjusted EBITDA and non-GAAP operating costs and expenses, for example, exclude preferred stock dividends, share-based compensation expense, amortization of intangible assets purchased through acquisitions, amortization of discount and issuance costs related to our 2025 Notes and revolving credit facility, fair value adjustments on derivative instruments, and other non-recurring expenses. Adjusted EBITDA excludes interest, taxes, depreciation, amortization, impairment of capitalized software, impairment of long-lived assets, debt restructuring costs and divestiture related costs, along with certain other non-recurring expenses and foreign exchange gains and losses.

Adjusted EBITDA, non-GAAP cost of revenues, and non-GAAP operating costs and expenses 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. They are not intended to be used in isolation or as a substitute for cost of revenues, operating expenses, net loss, net loss per share or any other performance measure determined in accordance with GAAP. We present these non-GAAP financial measures because we consider them to be an important supplemental performance measure.

We use these non-GAAP financial measures to make operational decisions, evaluate our performance, prepare forecasts and determine compensation. Further, management and investors benefit from referring to these non-GAAP financial measures in assessing our 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 our stock price, stock market volatility, expected option term and risk-free interest rates, all of which are difficult to estimate. In calculating non-GAAP financial measures, we exclude certain non-cash and one-time items to facilitate comparability of our operating performance on a period-to-period basis because such expenses are not, in our view, related to our ongoing operational performance. We use this view of our operating performance to compare it with the business plan and individual operating budgets and in the allocation of resources.

We believe that these non-GAAP financial measures are helpful to investors in providing greater transparency to the information used by management in its operational decision-making. The Company believes that using these non-GAAP financial measures also facilitates comparing our underlying operating performance with other companies in our industry, which use similar non-GAAP financial measures to supplement their GAAP results.

In the future, we expect to continue to incur expenses similar to the non-GAAP adjustments described above, and the 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 material limitations are associated with using 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 in this press release with our GAAP financial results.

Investor Relations Contact:
Matt Glover, Gateway Group: (949) 574-3860
IR@inseego.com

 

INSEEGO CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
 
  Three Months Ended
December 31,		   Year Ended
December 31,
    2024       2023       2024       2023  
Revenues:              
Mobile solutions $ 25,499     $ 16,029     $ 98,930     $ 80,498  
Fixed wireless access solutions   10,427       12,411       47,649       54,900  
Product   35,926       28,440       146,579       135,398  
Services and other   12,161       7,479       44,665       31,888  
Total revenues   48,087       35,919       191,244       167,286  
Cost of revenues:              
Product   28,578       25,782       115,390       127,157  
Services and other   1,565       794       7,057       4,353  
Total cost of revenues   30,143       26,576       122,447       131,510  
     Gross profit (loss)   17,944       9,343       68,797       35,776  
Operating costs and expenses:              
Research and development   5,564       5,356       20,596       19,725  
Sales and marketing   3,775       2,929       15,951       16,632  
General and administrative   4,545       3,527       17,240       15,853  
Depreciation and amortization   2,270       5,283       12,368       18,408  
Impairment of capitalized software   —       —       927       1,115  
Total operating costs and expenses   16,154       17,095       67,082       71,733  
Operating income (loss)   1,790       (7,752 )     1,715       (35,957 )
Other (expense) income:              
(Loss)/Gain on debt restructurings, net   (16,541 )     —       (2,851 )     —  
Loss on extinguishment of revolving credit facility   —       —       (788 )     —  
Interest expense, net   (1,220 )     (2,176 )     (10,906 )     (9,086 )
Other income (expense), net   14       19       (850 )     70  
Income (Loss) before income taxes   (15,957 )     (9,909 )     (13,680 )     (44,973 )
Income tax provision   518       (1 )     689       43  
Income (Loss) from continuing operations   (16,475 )     (9,908 )     (14,369 )     (45,016 )
Income from discontinued operations, net of income tax provision   15,909       (4,432 )     18,941       (1,169 )
Net income (loss)   (566 )     (14,340 )     4,572       (46,185 )
Preferred stock dividends   (844 )     (773 )     (3,269 )     (2,991 )
Net income (loss) attributable to common stockholders $ (1,410 )   $ (15,113 )   $ 1,303     $ (49,176 )
Per share data:              
Net earnings (loss) per share:              
Basic and diluted:              
Continuing operations $ (1.23 )   $ (0.90 )   $ (1.41 )   $ (4.22 )
Discontinued operations $ 1.13     $ (0.38 )   $ 1.51     $ (0.10 )
Basic earnings (loss) per share (*) $ (0.10 )   $ (1.28 )   $ 0.10     $ (4.32 )
Weighted-average shares used in computation of net earnings (loss) per share              
Basic and diluted (*)   14,032,056       11,809,306       12,535,756       11,372,069  

(*) Adjusted retroactively for reverse stock split that occurred on January 24, 2024

 

INSEEGO CORP.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
  December 31,
2024		   December 31,
2023
ASSETS      
Current assets:      
Cash and cash equivalents $ 39,596     $ 2,409  
Accounts receivable, net   13,803       18,202  
Inventories   13,575       20,555  
Prepaid expenses and other   5,926       4,937  
Current assets held for sale   —       12,123  
Total current assets   72,900       58,226  
Property, plant and equipment, net   1,102       2,389  
Intangible assets, net   18,747       25,718  
Goodwill   3,949       3,949  
Operating lease right-of-use assets   2,855       4,022  
Other assets   446       1,256  
Non-current assets held for sale   —       26,237  
     Total assets $ 99,999     $ 121,797  
LIABILITIES AND STOCKHOLDERS’ DEFICIT      
Current liabilities:      
Accounts payable $ 18,433     $ 23,408  
Accrued expenses and other current liabilities   30,133       21,049  
2025 Convertible Notes, net   14,905       —  
Revolving credit facility, net   —       4,094  
Current liabilities held for sale   —       7,360  
Total current liabilities   63,471       55,911  
Long-term liabilities:      
2025 Convertible Notes, net   —       159,912  
Operating lease liabilities   2,627       3,972  
Deferred tax liabilities, net   174       112  
2029 Senior Secured Notes, net   41,830       —  
Other long-term liabilities   4,755       2,351  
Non-current liabilities held for sale   —       1,644  
Total liabilities   112,857       223,902  
Commitments and contingencies      
Stockholders’ deficit:      
Preferred stock (aggregate liquidation preference of $38.4 million)   —       —  
Common stock   15       12  
Additional paid-in capital   892,534       810,138  
Accumulated other comprehensive loss   218       (5,327 )
Accumulated deficit   (905,625 )     (906,928 )
Total stockholders’ deficit   (12,858 )     (102,105 )
     Total liabilities and stockholders’ deficit $ 99,999     $ 121,797  

 

INSEEGO CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
  Year Ended December 31,
    2024       2023  
Cash flows from operating activities:      
Net income (loss) $ 4,572     $ (46,185 )
Adjustments to reconcile Net income (loss) to net cash provided by operating activities      
(Income) Loss from discontinued operations, net of tax   (18,941 )     1,169  
Depreciation and amortization   12,529       18,709  
Provision for expected credit losses   216       302  
Impairment of capitalized software   927       1,115  
Provision for excess and obsolete inventory   (54 )     9,491  
Write-off of capitalized inventory order fees   —       1,275  
Impairment of operating lease right-of-use assets   138       469  
Share-based compensation expense   3,824       6,971  
Amortization of debt discount and debt issuance costs   4,399       1,953  
Loss on extinguishment of revolving credit facility   788       —  
Loss on debt restructurings, net   2,851       —  
Deferred income taxes   62       9  
Non-cash operating lease expense   1,035       1,038  
Changes in assets and liabilities, net of effects of divestiture:      
Accounts receivable   4,670       3,068  
Inventories   6,923       4,272  
Prepaid expenses and other assets   (71 )     1,933  
Accounts payable   (6,947 )     (802 )
Accrued expenses other liabilities   10,966       235  
Operating lease liabilities   (1,230 )     (1,272 )
Operating cash flows from continuing operations   26,657       3,750  
Operating cash flows from discontinued operations   6,862       2,207  
     Net cash provided by operating activities   33,519       5,957  
Cash flows from investing activities:      
Purchases of property, plant and equipment   (100 )     (224 )
Additions to capitalized software development costs and purchases of intangible assets   (4,961 )     (8,112 )
Investing cash flows from continuing operations   (5,061 )     (8,336 )
Investing cash flows from discontinued operations   48,092       (1,833 )
     Net cash provided by (used in) investing activities   43,031       (10,169 )
Cash flows from financing activities:      
Payments related to repurchases of 2025 Convertible Notes   (33,769 )     —  
Proceeds from issuance of short-term loan and warrants, net of issuance costs   19,350       —  
Repayments on short-term loan   (19,500 )     —  
Net repayments on asset-backed revolving credit facility   (4,882 )     (3,757 )
Net repayment of bank and overdraft facilities   —       (186 )
Proceeds from a public offering, net of issuance costs   —       6,057  
Proceeds from stock option exercises and ESPP   20       97  
Financing cash flows from continuing operations   (38,781 )     2,211  
Financing cash flows from discontinued operations   —       —  
     Net cash provided by (used in) financing activities   (38,781 )     2,211  
Effect of exchange rates on cash   (582 )     1,169  
     Net increase (decrease) in cash, cash equivalents and restricted cash   37,187       (832 )
Cash, cash equivalents and restricted cash, beginning of period   2,409       3,241  
Cash, cash equivalents and restricted cash, end of period $ 39,596     $ 2,409  

 

INSEEGO CORP.
Supplemental 2024 Statement of Operations Data by Quarter
(In thousands)
(Unaudited)
 
  Year Ended   Three Months Ended
  December 31,
2024		   December 31,
2024		   September 30,
2024		   June 30,
2024		   March 31,
2024
Revenues:                  
Mobile solutions $ 98,930     $ 25,499     $ 32,282     $ 25,879     $ 15,270  
Fixed wireless access solutions   47,649       10,427       9,723       13,317       14,182  
Product   146,579       35,926       42,005       39,196       29,452  
Services and other   44,665       12,161       12,027       12,424       8,053  
Total revenues   191,244       48,087       54,032       51,620       37,505  
Cost of revenues:                  
Product   115,390       28,578       33,592       30,507       22,713  
Services and other   7,057       1,565       1,640       2,304       1,548  
Total cost of revenues   122,447       30,143       35,232       32,811       24,261  
     Gross profit (loss)   68,797       17,944       18,800       18,809       13,244  
Operating costs and expenses:                  
Research and development   20,596       5,564       5,176       5,173       4,683  
Sales and marketing   15,951       3,775       4,125       4,212       3,839  
General and administrative   17,240       4,545       4,822       3,918       3,955  
Depreciation and amortization   12,368       2,270       3,154       3,652       3,292  
Impairment of capitalized software   927       —       507       —       420  
Total operating costs and expenses   67,082       16,154       17,784       16,955       16,189  
Operating income (loss)   1,715       1,790       1,016       1,854       (2,945 )
Other (expense) income:                  
(Loss)/Gain on debt restructurings, net   (2,851 )     (16,541 )     12,366       1,324       —  
Loss on extinguishment of revolving credit facility   (788 )     —       —       (788 )     —  
Interest expense, net   (10,906 )     (1,220 )     (5,731 )     (1,776 )     (2,179 )
Other income (expense), net   (850 )     14       (72 )     (417 )     (375 )
Income (Loss) before income taxes   (13,680 )     (15,957 )     7,579       197       (5,499 )
Income tax provision   689       518       36       118       17  
Income (Loss) from continuing operations   (14,369 )     (16,475 )     7,543       79       (5,516 )
Income from discontinued operations, net of income tax provision   18,941       15,909       1,426       545       1,061  
Net income (loss)   4,572       (566 )     8,969       624       (4,455 )
Preferred stock dividends   (3,269 )     (844 )     (827 )     (808 )     (790 )
Net income (loss) attributable to common stockholders $ 1,303     $ (1,410 )   $ 8,142     $ (184 )   $ (5,245 )

 

INSEEGO CORP.
Supplemental 2023 Statement of Operations Data by Quarter
(In thousands)
(Unaudited)
 
  Year Ended   Three Months Ended
  December 31,
2023		   December 31,
2023		   September 30,
2023		   June 30,
2023		   March 31,
2023
Revenues:                  
Mobile solutions $ 80,498     $ 16,029     $ 22,534     $ 18,895     $ 23,040  
Fixed wireless access solutions   54,900       12,411       11,114       19,505       11,870  
Product   135,398       28,440       33,648       38,400       34,910  
Services and other   31,888       7,479       7,709       7,983       8,717  
Total revenues   167,286       35,919       41,357       46,383       43,627  
Cost of revenues:                  
Product   127,157       25,782       42,788       30,620       27,967  
Services and other   4,353       794       734       1,139       1,686  
Total cost of revenues   131,510       26,576       43,522       31,759       29,653  
     Gross profit (loss)   35,776       9,343       (2,165 )     14,624       13,974  
Operating costs and expenses:                  
Research and development   19,725       5,356       5,200       5,822       3,347  
Sales and marketing   16,632       2,929       3,893       4,575       5,235  
General and administrative   15,853       3,527       3,429       4,281       4,616  
Depreciation and amortization   18,408       5,283       3,848       4,327       4,950  
Impairment of capitalized software   1,115       —       611       —       504  
Total operating costs and expenses   71,733       17,095       16,981       19,005       18,652  
Operating income (loss)   (35,957 )     (7,752 )     (19,146 )     (4,381 )     (4,678 )
Other (expense) income:                  
Interest expense, net   (9,086 )     (2,176 )     (2,894 )     (2,017 )     (1,999 )
Other income (expense), net   70       19       45       23       (17 )
Income (Loss) before income taxes   (44,973 )     (9,909 )     (21,995 )     (6,375 )     (6,694 )
Income tax provision   43       (1 )     30       15       (1 )
Income (Loss) from continuing operations   (45,016 )     (9,908 )     (22,025 )     (6,390 )     (6,693 )
Income from discontinued operations, net of income tax provision   (1,169 )     (4,432 )     220       1,454       1,589  
Net income (loss)   (46,185 )     (14,340 )     (21,805 )     (4,936 )     (5,104 )
Preferred stock dividends   (2,991 )     (773 )     (756 )     (739 )     (723 )
Net income (loss) attributable to common stockholders $ (49,176 )   $ (15,113 )   $ (22,561 )   $ (5,675 )   $ (5,827 )

 

INSEEGO CORP.
Supplemental 2024 Reconciliation of GAAP Income (Loss) from Continuing Operations to Adjusted EBITDA
(In thousands)
(Unaudited)
 
  Year Ended   Three Months Ended
  December 31,
2024		   December 31,
2024		   September 30,
2024		   June 30,
2024		   March 31,
2024
Income (Loss) from continuing operations $ (14,369 )   $ (16,475 )   $ 7,543     $ 79     $ (5,516 )
Income tax provision (benefit)   689       518       36       118       17  
Interest expense, net   10,906       1,220       5,731       1,776       2,179  
Loss on extinguishment of revolving credit facility   788       —       —       788       —  
Loss/(Gain) on debt restructurings, net   2,851       16,541       (12,366 )     (1,324 )     —  
Other (income) expense, net   850       (14 )     72       417       375  
Depreciation and amortization   12,529       2,308       3,193       3,691       3,337  
Share-based compensation expense   3,823       1,109       1,193       834       687  
Debt restructuring costs   1,322       201       669       452       —  
Impairment of operating lease right-of-use assets   139       —       139       —       —  
Impairment of capitalized software   927       —       507       —       420  
Adjusted EBITDA from continuing operations   20,455       5,408       6,717       6,831       1,499  

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


INSEEGO CORP.
Supplemental 2023 Reconciliation of GAAP Income (Loss) from Continuing Operations to Adjusted EBITDA
(In thousands)
(Unaudited)
 
  Year Ended   Three Months Ended
  December 31,
2023		   December 31,
2023		   September 30,
2023		   June 30,
2023		   March 31,
2023
Income (Loss) from continuing operations $ (45,016 )   $ (9,908 )   $ (22,025 )   $ (6,390 )   $ (6,693 )
Income tax provision (benefit)   43       (1 )     30       15       (1 )
Interest expense, net   9,086       2,176       2,894       2,017       1,999  
Other (income) expense, net   (70 )     (19 )     (45 )     (23 )     17  
Depreciation and amortization   18,713       5,350       4,421       4,438       4,504  
Share-based compensation expense   6,972       1,333       2,123       1,820       1,696  
Impairment of operating lease right-of-use assets   469       —       —       469       —  
Inventory adjustments - E&O and contract manufacturer liability **   16,427       3,370       13,057       —       —  
Write-off of capitalized inventory order fees **   924       —       924       —       —  
Impairment of capitalized software   1,115       —       611       —       504  
Adjusted EBITDA from continuing operations   8,663       2,301       1,990       2,346       2,026  

** These items are not adjusted from the period ending December 31, 2023 going forward

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


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Source: Inseego Corp.

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