0001022652-24-000016 | 10-Q | XBRL Viewer

Stockholders' Equity (Deficit)	9 Months Ended
Stockholders' Equity (Deficit)	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity (Deficit)	Stockholders' Equity (Deficit) Loan Warrants As noted in Note 5 – Debt, on June 28, 2024 in connection with the Short-Term Loan Agreement, the Company agreed to issue to the Lender and the Participating Lenders Loan Warrants to purchase an aggregate of 550,000 shares of the Company’s Common Stock. The Loan Warrants have an exercise price of $12.12 per share of Common Stock, subject to adjustment for stock splits, reverse stock splits, stock dividends and similar transactions. The Loan Warrants will expire on June 28, 2028, are exercisable on a cash basis, and contain customary registration rights with respect to the shares of Common Stock issuable upon exercise of the Loan Warrants. As of September 30, 2024, none of the Loan Warrants have been exercised. The proceeds from the Short-Term Loan Agreement, along with the related Loan Costs incurred, were allocated to the Loan Warrants and Short-Term Loan based on their relative fair values. This allocation resulted in the Warrants having a net value of $3.2 million that the Company recorded within Additional Paid-In Capital within the Company’s Condensed Consolidated Statements of Stockholders’ Deficit. 2025 Convertible Note Repurchases As discussed in Note 5 – Debt, on July 18, 2024, the Company entered into an agreement with a holder of approximately $4.7 million in principal amount of the 2025 Convertible Notes, pursuant to which the Company repurchased the holder’s 2025 Convertible Notes in exchange for approximately 0.3 million shares of the Company’s common stock and warrants to purchase an aggregate of approximately 0.2 million shares of the Company’s common stock, plus accrued interest. The warrants have an exercise price of $13.37, subject to adjustment for stock splits, reverse stock splits, stock dividends and similar transactions. As discussed in Note 5 – Debt, on August 2, 2024, the Company entered into an agreement with two related holders of approximately $1.5 million in principal amount of the 2025 Convertible Notes, pursuant to which the Company repurchased the holders’ 2025 Convertible Notes in exchange for approximately 0.1 million shares of the Company’s common stock and warrants to purchase an aggregate of approximately 0.1 million shares of the Company’s common stock, plus accrued interest. The warrants have an exercise price of $11.03, subject to adjustment for stock splits, reverse stock splits, stock dividends and similar transactions. These warrants expire four years from their dates of issuance, are exercisable on a cash basis and are otherwise in substantially the same form as the Loan Warrants. The Company granted the holder customary registration rights with respect to the common shares and the shares of common stock issuable upon exercise of the warrants. As of September 30, 2024, none of these warrants have been exercised. Public Equity Offering In January 2021, the Company entered into an Equity Distribution Agreement with Canaccord Genuity LLC (the “Agent”), pursuant to which the Company could offer and sell, from time to time, through or to the Agent, up to $40.0 million of shares of its common stock (the “ATM Offering”). The Company did not sell any shares under the ATM Offering during the three months ended September 30, 2023. During the nine months ended September 30, 2023 the Company sold 803,596 shares of common stock, at an average price of $7.54 per share, for net proceeds of $6.1 million, after deducting underwriter fees and discounts. Effective as of November 2, 2023, the Equity Distribution Agreement was terminated by the Company, and there will be no further sales under the ATM Offering. Preferred Stock The Company has a total of 2,000,000 shares of preferred stock authorized for issuance at a par value of $0.001 per share, 150,000 of which have been designated Series D Preferred Stock and 39,500 of which have been designated Series E Preferred Stock. As of September 30, 2024 and December 31, 2023, the Company had 25,000 shares of Series E preferred stock issued and outstanding.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount of Debt

The 2025 Convertible Notes consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Principal	$	106,824	$	161,898
Add: fair value of embedded derivative	—		$	—
Less: unamortized debt discount	(320)		$	(1,106)
Less: unamortized issuance costs	(254)		$	(880)
Net carrying amount	$	106,250	$	159,912

Schedule of Interest Expense

The following table sets forth total interest expense recognized related to the 2025 Convertible Notes (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Contractual interest expense	$	879	$	1,315	$	3,499	$	3,946
Amortization of debt discount	$	138	$	207	550		621
Amortization of debt issuance costs	$	110	$	165	438		494
Total interest expense	$	1,127	$	1,687	$	4,487	$	5,061

The following table sets forth total interest expense recognized related to the Credit Facility (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Contractual interest expense	$	—	$	587	$	312	$	810
Amortization of debt issuance costs	—		472		117		705
Total interest expense	$	—	$	1,059	$	429	$	1,515

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Noncancellable purchase obligations	$ 64.3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 5,138	$ (31,846)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	13,242	16,270
Loss on extinguishment of revolving credit facility	788	0
Gain on debt restructurings, net	(13,690)	0
Provision for expected credit losses	(231)	612
Impairment of capitalized software	927	1,115
Provision for excess and obsolete inventory	901	7,011
Impairment of operating lease right-of-use assets	139	0
Share-based compensation expense	2,815	6,030
Amortization of debt discount and debt issuance costs	4,435	2,048
Deferred income taxes	9	177
Non-cash operating lease expense	1,218	437
Other	6	0
Changes in assets and liabilities:
Accounts receivable	2,432	7,703
Inventories	(274)	7,685
Prepaid expenses and other assets	1,887	1,479
Accounts payable	12,284	1,162
Accrued expenses and other liabilities	14,683	2,561
Operating lease liabilities	(1,334)	(41)
Net cash provided by operating activities	45,375	22,403
Cash flows from investing activities:
Purchases of property, plant and equipment	(46)	(403)
Additions to capitalized software development costs and purchases of intangible assets	(3,608)	(6,114)
Net cash used in investing activities	(3,654)	(6,517)
Cash flows from financing activities:
Payments related to repurchases of 2025 Convertible Notes	(33,781)	0
Proceeds from issuance of short-term loan and warrants, net of issuance costs	19,350	0
Proceeds from a public offering of equity, net of issuance costs	0	6,057
Principal payments on financed assets	0	(360)
Net repayments on revolving credit facility	(4,882)	(7,851)
Repayments on short-term loan	(13,500)	0
Other financing activities	2	128
Net cash used in financing activities	(32,811)	(2,026)
Effect of exchange rates on cash	(1,682)	(2,057)
Net increase in cash and cash equivalents	7,228	11,803
Cash, cash equivalents and restricted cash from continuing operations, beginning of period	2,409	3,241
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period	5,110	3,902
Cash and cash equivalents, beginning of period	7,519	7,143
Cash, cash equivalents and restricted cash from continuing operations, end of period	11,972	14,424
Cash, cash equivalents and restricted cash from discontinued operations, end of period	2,775	4,522
Cash and cash equivalents, end of period	14,747	18,946
Cash paid during the year for:
Interest	4,283	3,336
Income taxes	269	217
Supplemental disclosures of non-cash investing and financing activities:
Transfer of inventories to rental assets	2,043	1,077
Capital expenditures financed through accounts payable or accrued liabilities	262	7,216
Equity value issued in exchange for 2025 Convertible Notes	7,088	0
Right-of-use assets obtained in exchange for operating leases liabilities	$ 508	$ 1,030

Discontinued Operations and Held for Sale (Tables)

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations, Condensed Consolidated Statements of Operations, Comprehensive Income and Balance Sheet and Cash Flows

The following table summarizes Income from discontinued operations, net of tax included in the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Services and other revenues	$	7,862	$	7,226	$	22,895	$	21,567
Services and other cost of revenues	3,222		3,166		9,876		9,022
Gross profit from discontinued operations	4,640		4,060		13,019		12,545
Operating costs and expenses:
Research and development	293		473		967		1,345
Sales and marketing	1,289		1,255		3,625		3,698
General and administrative	1,884		1,146		4,799		3,404
Depreciation and amortization	360		392		1,060		1,112

Total operating costs and expenses	3,826		3,266		10,451		9,559
Operating income from discontinued operations	814		794		2,568		2,986
Other (expense) income:
Interest income, net	3		3		10		8
Other income (expense), net	875		(623)		1,128		824

Income from discontinued operations before income taxes	1,692		174		3,706		3,818
Income tax provision (benefit)	266		(46)		674		555
Income from discontinued operations, net of tax	$	1,426	$	220	$	3,032	$	3,263

The following table summarizes the held for sale assets and liabilities included in the Condensed Consolidated Balance Sheet (in thousands):


	September 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	2,775	$	5,110
Accounts receivable, net	4,803		4,414
Inventories	2,092		2,325
Prepaid expenses and other	380		274
Current assets held for sale (*)	10,050		12,123
Non-current assets:
Property, plant and equipment, net	323		369
Rental assets, net	4,932		5,083
Intangible assets, net	990		1,422
Goodwill	17,973		17,973
Operating lease right-of-use assets	1,503		1,390

Non-current assets held for sale (*)	25,721		26,237
Total assets held for sale (*)	$	35,771	$	38,360
LIABILITIES
Current liabilities:
Accounts payable	$	1,650	$	1,387
Accrued expenses and other current liabilities	6,410		5,973



Current liabilities held for sale (*)	8,060		7,360
Long-term liabilities:

Operating lease liabilities	1,335		1,067
Deferred tax liabilities, net	600		568
Other long-term liabilities	5		9
Non-current liabilities held for sale (*)	1,940		1,644
Total liabilities held for sale (*)	$	10,000	$	9,004

(*) Assets and liabilities of the held for sale Telematics Business are presented as current in the Condensed Consolidated Balance Sheet at September 30, 2024, as the Company expects to complete the disposition within one year.

The table below sets forth, for the periods presented, significant selected financial information related to discontinued activities included in the accompanying condensed consolidated financial statements (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Non-cash items included in net (loss) income:
Depreciation and amortization	$	969	$	1,032	$	2,921	$	2,867
Share-based compensation	$	35	$	144	$	101	$	390
Cash flows from investing activities:
Purchases of property, plant and equipment	$	(14)	$	(173)	$	(17)	$	(334)
Non-cash investing activities:
Transfer of inventories to rental assets	$	698	$	412	$	2,043	$	1,077
Right-of-use assets obtained in exchange for operating leases liabilities	$	362	$	93	$	508	$	1,030

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Nov. 06, 2024	Aug. 02, 2024	Jul. 18, 2024	Sep. 30, 2024	Jun. 28, 2024
Subsequent event
Subsequent Event [Line Items]
Warrant or right, reason for issuance expiry term	4 years
Subsequent event \| Minimum
Subsequent Event [Line Items]
Exercise price of warrants (in dollars per share)	$ 11.27
Subsequent event \| Maximum
Subsequent Event [Line Items]
Exercise price of warrants (in dollars per share)	$ 15.77
2025 Notes
Subsequent Event [Line Items]
Stated interest rate of debt issued				90.80%
2025 Notes \| Convertible Debt
Subsequent Event [Line Items]
Debt aggregate face amount		$ 1.5	$ 4.7		$ 3.0
Number of shares issued (in shares)		0.1	0.3
Number of securities called by warrants or rights (in shares)		0.1	0.2
Stated interest rate of debt issued				3.25%	3.25%
Exercise price of warrants (in dollars per share)		$ 11.03	$ 13.37
Warrant or right, reason for issuance expiry term				4 years
2025 Notes \| Convertible Debt \| Subsequent event
Subsequent Event [Line Items]
Debt aggregate face amount	$ 91.5
Number of shares issued (in shares)	2.4
New Senior Secured Notes Due 2029 \| Subsequent event
Subsequent Event [Line Items]
Number of securities called by warrants or rights (in shares)	2.1
New Senior Secured Notes Due 2029 \| Secured Debt \| Subsequent event
Subsequent Event [Line Items]
Debt aggregate face amount	$ 40.9
Stated interest rate of debt issued	9.00%

Financial Statement Details - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Royalties	$ 968	$ 845
Payroll and related expenses	7,778	3,608
Professional fees	0	0
Accrued interest	2,042	1,038
Deferred revenue	9,212	2,717
Operating lease liabilities	1,303	1,226
Accrued contract manufacturing liabilities	5,049	7,537
Other	4,795	4,078
Total accrued expenses and other current liabilities	$ 31,147	$ 21,049

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income taxes for both periods consisted primarily of foreign income taxes at certain of the Company’s international entities and state taxes for its U.S.-based entities. The Company’s income tax expense differs from the expected expense based on statutory rates primarily due to full valuation allowances at all of its U.S.-based entities. The increase in the Company’s income tax provision for the nine months ended September 30, 2024 compared to the same period in 2023, was driven primarily by U.S. state taxes in states which have either chosen to temporarily suspend the use of net operating losses or have franchise taxes calculated on modified gross profit.

- Definition

The entire disclosure for income tax.

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+ Details

Debt - 2025 Convertible Notes (Details) - 2025 Notes - Convertible Debt - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal	$ 106,824	$ 161,898
Add: fair value of embedded derivative	0	0
Less: unamortized debt discount	(320)	(1,106)
Less: unamortized issuance costs	(254)	(880)
Net carrying amount	$ 106,250	$ 159,912

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Earnings (Loss) per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) per Share

Basic earnings (loss) per share (“EPS”) excludes dilution and is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Potentially dilutive securities (consisting primarily of the 2025 Convertible Notes calculated using the if-converted method and warrants, stock options and RSUs calculated using the treasury stock method) are excluded from the diluted EPS computation in loss periods and when their effect would be anti-dilutive.

The calculation of basic and diluted earnings per share was as follows (in thousands, except per share data):


	Income/(Loss) (Numerator)		Shares* (Denominator)	Per-Share Amount
For the three months ended September 30, 2024
Basic EPS
Income (Loss) from continuing operations	$	7,543
Less: preferred stock dividends	(827)
Income (loss) from continuing operations attributable to common stockholders	6,716		12,337	$	0.54
Income from discontinued operations, net of tax	1,426		12,337	$	0.12
Income (loss) attributable to common stockholders	$	8,142	12,337	$	0.66
Diluted EPS
Income (loss) from continuing operations attributable to common stockholders	$	6,716	12,337


Effect of dilutive 2025 Convertible Notes	(8,879)		882
Diluted EPS from continuing operations	$	(2,163)	13,218	$	(0.16)

Income from discontinued operations, net of tax	$	1,426	12,337


Effect of dilutive 2025 Convertible Notes			882
Diluted EPS from discontinued operations	$	1,426	13,218	$	0.11

Income (loss) attributable to common stockholders	$	8,142	12,337


Effect of dilutive 2025 Convertible Notes	(8,879)		882
Diluted EPS from net income	$	(737)	13,218	$	(0.06)

For the three months ended September 30, 2023
Basic and Diluted EPS
Income (Loss) from continuing operations	$	(22,025)
Less: preferred stock dividends	(756)
Income (loss) from continuing operations attributable to common stockholders	(22,781)		11,697	$	(1.95)
Income from discontinued operations, net of tax	220		11,697	$	0.02
Income (loss) attributable to common stockholders	$	(22,561)	11,697	$	(1.93)

For the nine months ended September 30, 2024
Basic and Diluted EPS
Income (Loss) from continuing operations	$	2,106
Less: preferred stock dividends	(2,425)
Income (loss) from continuing operations attributable to common stockholders	(319)		12,037	$	(0.03)
Income from discontinued operations, net of tax	3,032		12,037	$	0.25
Income (loss) attributable to common stockholders	$	2,713	12,037	$	0.23



















For the nine months ended September 30, 2023
Basic and Diluted EPS
Income (Loss) from continuing operations	$	(35,109)
Less: preferred stock dividends	(2,218)
Income (loss) from continuing operations attributable to common stockholders	(37,327)		11,225	$	(3.33)
Income from discontinued operations, net of tax	3,263		11,225	$	0.29
Income (loss) attributable to common stockholders	$	(34,064)	11,225	$	(3.03)

(*) Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1.Rounding may affect summation.

The following is a summary of outstanding anti-dilutive potential shares of common stock that have been excluded from diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive as of September 30, 2024 and 2023 (in thousands):


	As of September 30,
	2024	2023
2025 Convertible Notes*	847	1,409
Common stock warrants	875	—
Non-qualified stock options	318	732
Restricted stock units	1,139	433
Employee stock purchase plan	—	610
Total	3,179	3,184

(*) The impact of the 2025 Convertible Notes was included in the computation of diluted EPS for the three months ended September 30, 2024 as it was dilutive for the period.

Additional shares of the Company’s common stock, and warrants to purchase shares of the Company’s common stock, were issued after September 30, 2024. See Note 12. Subsequent Events for further details.

Geographic Information and Concentrations of Risk - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Net Revenues \| Customer concentration risk \| Customer one
Segment Reporting Information [Line Items]
Concentration percentage	38.60%	41.30%	43.30%	36.80%
Net Revenues \| Customer concentration risk \| Customer two
Segment Reporting Information [Line Items]
Concentration percentage	36.70%	34.80%	31.90%	33.50%
Accounts Receivable \| Credit concentration risk \| Customer one
Segment Reporting Information [Line Items]
Concentration percentage			42.40%		51.90%
Accounts Receivable \| Credit concentration risk \| Customer two
Segment Reporting Information [Line Items]
Concentration percentage			24.00%		12.70%
Accounts Receivable \| Credit concentration risk \| Customer three
Segment Reporting Information [Line Items]
Concentration percentage			20.90%

Discontinued Operations and Held for Sale - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Current assets held for sale	$ 35,771	$ 12,123
Non-current assets:
Non-current assets held for sale	0	26,237
Current liabilities:
Current liabilities held for sale	10,000	7,360
Long-term liabilities:
Non-current liabilities held for sale	0	1,644
Discontinued Operations, Held-for-Sale \| Telematics Business
Current assets:
Cash and cash equivalents	2,775	5,110
Accounts receivable, net	4,803	4,414
Inventories	2,092	2,325
Prepaid expenses and other	380	274
Current assets held for sale	10,050	12,123
Non-current assets:
Property, plant and equipment, net	323	369
Rental assets, net	4,932	5,083
Intangible assets, net	990	1,422
Goodwill	17,973	17,973
Operating lease right-of-use assets	1,503	1,390
Non-current assets held for sale	25,721	26,237
Total asset held for sale	35,771	38,360
Current liabilities:
Accounts payable	1,650	1,387
Accrued expenses and other current liabilities	6,410	5,973
Current liabilities held for sale	8,060	7,360
Long-term liabilities:
Operating lease liabilities	1,335	1,067
Deferred tax liabilities, net	600	568
Other long-term liabilities	5	9
Non-current liabilities held for sale	1,940	1,644
Total liabilities held for sale	$ 10,000	$ 9,004

Geographic Information and Concentrations of Risk (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Geographic Concentration of Net Revenues

The following table details the Company’s revenues by geographic region based on shipping destination (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
United States and Canada	$	51,072	$	40,181	$	137,356	$	129,458
Europe (including United Kingdom)	$	2,866	$	1,172	4,243		1,242

Other	$	94	$	4	1,558		667
Total	$	54,032	$	41,357	$	143,157	$	131,367

Discontinued Operations and Held for Sale

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Held for Sale

As noted in Note 1 – Nature of Business and Significant Accounting Policies, on September 16, 2024, the Company entered into the Purchase Agreement to sell its Telematics Business. As a result, within these condensed consolidated financial statements, the assets and liabilities associated with the Telematics Business disposal group have been classified as held for sale within the Condensed Consolidated Balance Sheet and its operations have been classified as discontinued operations within the Condensed Consolidated Statements of Operations and Comprehensive Income.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Services and other revenues	$	7,862	$	7,226	$	22,895	$	21,567
Services and other cost of revenues	3,222		3,166		9,876		9,022
Gross profit from discontinued operations	4,640		4,060		13,019		12,545
Operating costs and expenses:
Research and development	293		473		967		1,345
Sales and marketing	1,289		1,255		3,625		3,698
General and administrative	1,884		1,146		4,799		3,404
Depreciation and amortization	360		392		1,060		1,112

Total operating costs and expenses	3,826		3,266		10,451		9,559
Operating income from discontinued operations	814		794		2,568		2,986
Other (expense) income:
Interest income, net	3		3		10		8
Other income (expense), net	875		(623)		1,128		824

Income from discontinued operations before income taxes	1,692		174		3,706		3,818
Income tax provision (benefit)	266		(46)		674		555
Income from discontinued operations, net of tax	$	1,426	$	220	$	3,032	$	3,263

The following table summarizes the held for sale assets and liabilities included in the Condensed Consolidated Balance Sheet (in thousands):


	September 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	2,775	$	5,110
Accounts receivable, net	4,803		4,414
Inventories	2,092		2,325
Prepaid expenses and other	380		274
Current assets held for sale (*)	10,050		12,123
Non-current assets:
Property, plant and equipment, net	323		369
Rental assets, net	4,932		5,083
Intangible assets, net	990		1,422
Goodwill	17,973		17,973
Operating lease right-of-use assets	1,503		1,390

Non-current assets held for sale (*)	25,721		26,237
Total assets held for sale (*)	$	35,771	$	38,360
LIABILITIES
Current liabilities:
Accounts payable	$	1,650	$	1,387
Accrued expenses and other current liabilities	6,410		5,973



Current liabilities held for sale (*)	8,060		7,360
Long-term liabilities:

Operating lease liabilities	1,335		1,067
Deferred tax liabilities, net	600		568
Other long-term liabilities	5		9
Non-current liabilities held for sale (*)	1,940		1,644
Total liabilities held for sale (*)	$	10,000	$	9,004

As permitted under ASC 205-20-50-5b(2), the Company has elected not to adjust the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 to exclude cash flows attributable to discontinued operations. The table below sets forth, for the periods presented, significant selected financial information related to discontinued activities included in the accompanying condensed consolidated financial statements (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Non-cash items included in net (loss) income:
Depreciation and amortization	$	969	$	1,032	$	2,921	$	2,867
Share-based compensation	$	35	$	144	$	101	$	390
Cash flows from investing activities:
Purchases of property, plant and equipment	$	(14)	$	(173)	$	(17)	$	(334)
Non-cash investing activities:
Transfer of inventories to rental assets	$	698	$	412	$	2,043	$	1,077
Right-of-use assets obtained in exchange for operating leases liabilities	$	362	$	93	$	508	$	1,030

Debt - Asset-backed Revolving Credit Facility Narrative (Details) - USD ($)			3 Months Ended		9 Months Ended
	Apr. 18, 2024	May 02, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 31, 2022
Debt Instrument [Line Items]
Loss on extinguishment of revolving credit facility			$ 0	$ 0	$ 788,000	$ 0
Effective interest rate of the average outstanding balance					36.10%	58.70%
Amortization of original issuance costs					8.30%	27.30%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 50,000,000
Minimum draw		$ 8,500,000					$ 4,500,000
Debt aggregate face amount		4,000,000
Line of credit increase		$ 4,000,000
Repayments of line of credit	$ 3,000,000
Revolving Credit Facility \| South Ocean Funding, LLC and North Sound Ventures, LP
Debt Instrument [Line Items]
Debt aggregate face amount	$ 400,000
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee rate		7.50%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee rate		12.50%

Financial Statement Details - Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term deferred revenue	$ 6,352	$ 1,704
Other	147	647
Total other long-term liabilities	$ 6,499	$ 2,351

Debt - Interest Expense Related to 2025 Notes (Details) - 2025 Notes - Convertible Debt - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 879	$ 1,315	$ 3,499	$ 3,946
Amortization of debt discount	138	207	550	621
Amortization of debt issuance costs	110	165	438	494
Total interest expense	$ 1,127	$ 1,687	$ 4,487	$ 5,061

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Nature of Business and Significant Accounting Policies (Details) $ in Thousands						1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 06, 2024 USD ($) shares	Aug. 02, 2024 USD ($) relatedParty shares	Jul. 18, 2024 USD ($) shares	Jun. 28, 2024 USD ($)	Jan. 24, 2024 shares	Apr. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) segment shares	Sep. 30, 2023 USD ($)	Sep. 16, 2024 USD ($)	May 24, 2024 USD ($)	Dec. 31, 2023 USD ($) shares
Nature Of Business And Significant Accounting Policies [Line Items]
Number of reportable segments \| segment								1
Stock split, conversion ratio					0.1
Fractional shares issued (in shares) \| shares					0
Short-term loan							$ 6,000	$ 6,000				$ 0
Common stock, shares issued (in shares) \| shares							12,542,691	12,542,691				11,878,557
Cash and cash equivalents							$ 11,972	$ 11,972				$ 2,409
Repayments of short-term loan								13,500	$ 0
Upfront revenue						$ 15,000
Debt instrument, service contract term						2 years
Line of Credit \| Short-Term Loan Agreement
Nature Of Business And Significant Accounting Policies [Line Items]
Stated interest rate of debt issued				12.00%
Exit fee percentage				4.00%
Repayments of short-term loan							13,500
Short term borrowings, gross							$ 6,000	$ 6,000
South Ocean Funding LLC
Nature Of Business And Significant Accounting Policies [Line Items]
Short-term loan				$ 19,500
2025 Notes
Nature Of Business And Significant Accounting Policies [Line Items]
Stated interest rate of debt issued							90.80%	90.80%
Debt instrument, repurchase amount							$ 146,900	$ 146,900
2025 Notes \| Convertible Debt
Nature Of Business And Significant Accounting Policies [Line Items]
Stated interest rate of debt issued				3.25%			3.25%	3.25%
Debt aggregate face amount		$ 1,500	$ 4,700	$ 3,000
Redemption of principal				45.00%
Number of shares issued (in shares) \| shares		100,000	300,000
Number of securities called by warrants or rights (in shares) \| shares		100,000	200,000
Number of related holders \| relatedParty		2
Carrying amount of debt							$ 106,824	$ 106,824				$ 161,898
Debt instrument, repurchase amount											$ 1,700
2025 Notes \| Convertible Debt \| Subsequent event
Nature Of Business And Significant Accounting Policies [Line Items]
Debt aggregate face amount	$ 91,500
Number of shares issued (in shares) \| shares	2,400,000
2025 Notes \| Convertible Debt \| Highbridge Capital Management, LLC
Nature Of Business And Significant Accounting Policies [Line Items]
Debt aggregate face amount				$ 45,900
Redemption of principal				30.00%
New Senior Secured Notes Due 2029 \| Subsequent event
Nature Of Business And Significant Accounting Policies [Line Items]
Number of securities called by warrants or rights (in shares) \| shares	2,100,000
New Senior Secured Notes Due 2029 \| Secured Debt \| Subsequent event
Nature Of Business And Significant Accounting Policies [Line Items]
Stated interest rate of debt issued	9.00%
Debt aggregate face amount	$ 40,900
Discontinued Operations, Held-for-Sale \| Inseego International Holdings Limited
Nature Of Business And Significant Accounting Policies [Line Items]
Consideration for divestiture										$ 52,000

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Short-Term Loan

On June 28, 2024, the Company entered into a Loan and Security Agreement (the “Short-Term Loan Agreement”), among South Ocean, as lender (“Lender”), the Participating Lenders, the Company, as borrower, and two of the Company’s wholly-owned subsidiaries, Inseego Wireless, Inc. and Inseego North America LLC as guarantors (collectively, the “Guarantors,” and together with the Company, the “Loan Parties”). The Loan Agreement establishes the Short-Term Loan.

The Company’s obligations under the Short-Term Loan Agreement are guaranteed by the Guarantors. Subject to the requirements of the Short-Term Loan Agreement, certain of the Company’s other subsidiaries may become guarantors and Loan Parties of the Loan Agreement after closing. The Loan Parties’ obligations under the Loan Agreement are secured by a continuing security interest in substantially all property of each Loan Party, subject to certain excluded collateral, as defined in the Short-Term Loan Agreement.

The Short-Term Loan was originally scheduled to mature on September 30, 2024 but maturity has subsequently been extended to November 30, 2024. Borrowings under the Short-Term Loan bear interest at 12.0% per annum. Upon any repayment or prepayment of the amounts borrowed under the Short-Term Loan (including at maturity), the Company is required to pay an exit fee equal to 4.0% of the aggregate principal amount prepaid or repaid.

The Short-Term Loan Agreement contains certain customary covenants, which include, but are not limited to, restrictions on indebtedness, liens, fundamental changes, restricted payments, asset sales, and investments, and places limits on various other payments. The Short-Term Loan Agreement contains certain customary provisions with respect to the definition of, and remedies with respect to, events of default.

Also on June 28, 2024, as part of the Short-Term Loan Agreement, the Participating Lenders contributed an aggregate of $3.0 million of participation interests in the Short-Term Loan Agreement (the “Participation Interests”). The Participating Lenders consist of Philip Brace, the Company’s Executive Chairman, who acquired a $1.0 million Participation Interest, and North Sound Ventures, LP, which acquired a $2.0 million Participation Interest in the $19.5 million Loan. As of the date hereof, affiliates of each of the Lender and North Sound Ventures, LP may be deemed to beneficially own more than 5% of the Company’s outstanding Common Stock. James B. Avery, a member of the Company’s Board of Directors, currently serves as

Senior Managing Director of Tavistock Group, an affiliate of the Lender. Accordingly, the Lender and the Participating Lenders are considered related parties of the Company.

In connection with entering into the Short-Term Loan Agreement, the Company paid an arrangement and administration fee of $0.2 million to the Lender (the “Loan Costs”). Additionally in connection with the Short-Term Loan Agreement, the Company issued to the Lender and the Participating Lenders warrants (the “Loan Warrants”) to purchase an aggregate of 550,000 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”). See Note 8 – Stockholders' Equity (Deficit) for further details regarding the Loan Warrants.

The gross proceeds received under the Short-Term Loan Agreement, along with the Loan Costs, were allocated between the Short-Term Loan and the Loan Warrants based on their relative fair values at issuance.

During the three-months ended September 30, 2024, the Company voluntarily prepaid $13.5 million of the outstanding principal balance under the Short-Term Loan Agreement, so that as of September 30, 2024, the outstanding principal balance under the Short-Term Loan Agreement was $6.0 million. The debt discount originally recorded as a result of the allocation of the net proceeds between the Short-Term Loan and the Loan Warrants of $3.3 million was fully amortized to interest expense during the months ended September 30, 2024. As a result, the amount recorded in the Condensed Consolidated Balance Sheets as of September 30, 2024 is solely comprised of the principal balance outstanding.

2025 Convertible Notes

In 2020, the Company completed both a registered public offering and a privately negotiated exchange agreement that resulted in the issuance of the 2025 Convertible Notes. After taking into account exchanges and redemptions occurring in prior periods, the outstanding principal balance of the 2025 Convertible Notes was $106.8 million and $161.9 million as of September 30, 2024 and December 31, 2023, respectively.

The 2025 Convertible Notes were issued under an indenture, dated May 12, 2020 (the “Base Indenture”), between the Company and Wilmington Trust, National Association, as trustee (the “Trustee”), as supplemented by the first supplemental indenture, dated May 12, 2020 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and the Trustee.

The 2025 Convertible Notes will mature on May 1, 2025, unless earlier repurchased, redeemed or converted. The 2025 Convertible Notes are senior unsecured obligations of the Company and bear interest at an annual rate of 3.25%, payable semi-annually in arrears on May 1 and November 1 of each year.

Holders of the 2025 Convertible Notes may convert the 2025 Convertible Notes into shares of the Company’s common stock (together with cash in lieu of any fractional share), at their option, at any time until the close of business on the scheduled trading day immediately before the maturity date. Upon conversion of the 2025 Convertible Notes, the Company will deliver for each $1,000 principal amount of 2025 Convertible Notes converted a number of shares of the Company’s common stock (together with cash in lieu of any fractional share), equal to the conversion rate.

As of September 30, 2024, the conversion rate for the 2025 Convertible Notes is 7.92896 shares of common stock per $1,000 principal amount of 2025 Convertible Notes, which represents a conversion price of approximately $126.12 per share, and is subject to adjustment upon the occurrence of certain events, including, but not limited to, certain stock dividends, splits and combinations, the issuance of certain rights, options or warrants to holders of the common stock, certain distributions of assets, debt securities, capital stock or other property to holders of the common stock, cash dividends on the common stock and certain Company tender or exchange offers.

If a fundamental change (as defined in the Indenture) occurs at any time prior to the maturity date, then the noteholders may require the Company to repurchase their 2025 Convertible Notes at a cash repurchase price equal to the principal amount of the 2025 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. If a make-whole fundamental change (as defined in the Indenture) occurs, then the Company will in certain circumstances increase the conversion rate for a specified period of time.

The 2025 Convertible Notes are be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after May 6, 2023 through the last scheduled trading day before the maturity date, at a cash redemption price equal to the principal amount of the 2025 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, as long as the last reported sale price per share of the common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.

The Indenture contains customary events of default. If an event of default (other than certain events of bankruptcy, insolvency or reorganization involving the Company) occurs and is continuing, the Trustee, by notice to the Company, or the holders of the 2025 Convertible Notes representing at least 25% in aggregate principal amount of the outstanding 2025 Convertible Notes, by notice to the Company and the Trustee, may declare 100% of the principal of, and all accrued and unpaid interest on, all of the then outstanding 2025 Convertible Notes to be due and payable immediately. Upon the occurrence of certain events of bankruptcy, insolvency or reorganization involving the Company, 100% of the principal of, and all accrued and unpaid interest on, all of the then outstanding 2025 Convertible Notes will automatically become immediately due and payable. Notwithstanding the foregoing, the Indenture provides that, to the extent the Company elects, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture will, for the first 360 days after such event of default, consist exclusively of the right to receive additional interest on the 2025 Convertible Notes.

Interest make-whole payment

The 2025 Convertible Notes also include an interest make-whole payment feature whereby if the last reported sale price of the Company’s common stock for each of the five trading days immediately preceding a conversion date is greater than or equal to $105.10, the Company will, in addition to the other consideration payable or deliverable in connection with such conversion, make an interest make-whole payment to the converting holder equal to the sum of the present values of the scheduled payments of interest that would have been made on the 2025 Convertible Notes to be converted had such notes remained outstanding from the conversion date through the earlier of (i) the date that is three years after the conversion date and (ii) the maturity date. The present values will be computed using a discount rate equal to 1%. The Company will satisfy its obligation to pay the interest make-whole payment, at its election, in cash or shares of common stock (together with cash in lieu of fractional shares). The Company has determined that this feature is an embedded derivative and has recognized the fair value of this derivative as a liability in the consolidated balance sheets, with subsequent changes to fair value to be recorded at each reporting period on the consolidated statement of operations in other income, net. See Note 4 – Fair Value Measurements, for more information on this derivative liability.

2025 Convertible Note Repurchases and Exchanges

On May 24, 2024, the Company entered into a repurchase agreement with a single holder of the 2025 Convertible Notes, resulting in the settlement of $3.0 million of outstanding principal at a purchase price of 55% of par. The repurchase price was equal to the aggregate principal amount at 55% of par, plus accrued and unpaid interest up to, but excluding, the repurchase date. The total repurchase payment was $1.7 million. The repurchase resulted in a gain of $1.3 million, net of costs incurred directly with executing the transaction, recorded within gain (loss) on debt restructurings, net in the nine months ended September 30, 2024 on the condensed consolidated statement of operations.

On June 28, 2024, the Company agreed to purchase, for cash, all of the $45.9 million in face value of the 2025 Convertible Notes held by Highbridge, then the second largest noteholder, at a discount of 30% to face value. This transaction closed in July 2024 and resulted in a gain of $13.4 million recorded within gain (loss) on debt restructurings, net in the nine months ended September 30, 2024 on the condensed consolidated statement of operations.

On July 18, 2024, the Company entered into an agreement with a holder of approximately $4.7 million in principal amount of the 2025 Convertible Notes, pursuant to which the Company repurchased the holder’s 2025 Convertible Notes in exchange for approximately 0.3 million shares of the Company’s Common Stock and warrants to purchase an aggregate of approximately 0.2 million shares of the Company’s Common Stock, plus accrued interest. See Note 8 – Stockholders' Equity (Deficit) for further details regarding these warrants.

On August 2, 2024, the Company entered into an agreement with two related holders of approximately $1.5 million in principal amount of the 2025 Convertible Notes, pursuant to which the Company repurchased the holders’ 2025 Convertible Notes in exchange for approximately 0.1 million shares of the Company’s common stock and warrants to purchase an aggregate of approximately 0.1 million shares of the Company’s common stock. See Note 8 – Stockholders' Equity (Deficit) for further details regarding these warrants.

As a result of the July 18 and August 2, 2024 repurchases, the Company recorded a loss of $1.0 million within gain (loss) on debt restructurings, net in the three and nine months ended September 30, 2024 on the condensed consolidated statement of operations

As of September 30, 2024 and December 31, 2023, $106.8 million and $161.9 million of principal amount of the 2025 Convertible Notes was outstanding, respectively, $80.4 million of which was held by related parties.

The 2025 Convertible Notes consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Principal	$	106,824	$	161,898
Add: fair value of embedded derivative	—		$	—
Less: unamortized debt discount	(320)		$	(1,106)
Less: unamortized issuance costs	(254)		$	(880)
Net carrying amount	$	106,250	$	159,912

The effective interest rate of the liability component of the 2025 Convertible Notes was 4.17% and 4.23% for the three months ended September 30, 2024 and 2023, respectively, and 4.17% and 4.27% for the nine months ended September 30, 2024 and 2023, respectively.

The following table sets forth total interest expense recognized related to the 2025 Convertible Notes (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Contractual interest expense	$	879	$	1,315	$	3,499	$	3,946
Amortization of debt discount	$	138	$	207	550		621
Amortization of debt issuance costs	$	110	$	165	438		494
Total interest expense	$	1,127	$	1,687	$	4,487	$	5,061

The contractual interest expense on the 2025 Convertible Notes recorded within interest expense, net on the consolidated statements of operations attributable to related parties was $0.7 million in the three months ended September 30, 2024 and 2023 and $2.0 million in the nine months ended September 30, 2024 and 2023. As of September 30, 2024 and December 31, 2023, accrued interest due to related parties of $1.1 million and $0.4 million was included within accrued expenses and other current liabilities on the condensed consolidated balance sheets, respectively.

Asset-backed Revolving Credit Facility

In August 2022, the Company entered into a Loan and Security Agreement (as subsequently amended, the “Credit Agreement”), by and among Siena Lending Group LLC, as lender (“Lender”), Inseego Wireless, Inc., a Delaware corporation (“Inseego Wireless”), a subsidiary of the Company, and Inseego North America LLC, an Oregon limited liability company and indirect subsidiary of the Company, as borrowers (together with Inseego Wireless, the “Borrowers”), and the Company, as guarantor (together with the Borrowers, the “Credit Facility Parties”).

The Credit Agreement established a secured asset-backed revolving credit facility which was comprised of a maximum $50 million revolving credit facility (“Credit Facility”), with a minimum borrowing amount for interest calculations of $4.5 million upon execution of the Credit Agreement. Availability under the Credit Facility was determined monthly by a borrowing base comprised of a percentage of eligible accounts receivable and eligible inventory of the Borrowers. Outstanding amounts exceeding the borrowing base were to be repaid immediately. The Borrowers’ obligations under the Credit Agreement were guaranteed by the Company. The Credit Facility Parties’ obligations under the Credit Agreement were secured by a continuing security interest in all property of each Credit Facility Party, subject to certain Excluded Collateral (as defined in the Credit Agreement).

On May 2, 2023, (1) two related parties, South Ocean Funding, LLC and North Sound Ventures, LP (collectively, the “Credit Facility Participants”) collectively purchased a $4.0 million last-out subordinated participation interest in the Credit Agreement (the “Credit Facility Participation Interest”) from the Lender, and (2) the Borrowers entered into an amendment to the Credit Agreement which increased the borrowing base under the Credit Facility by $4.0 million, increased the minimum borrowing amount for interest calculations to $8.5 million, and modified certain covenants. In connection with the purchase of the Credit Facility Participation Interest, we agreed to pay the Credit Facility Participants an aggregate exit fee (the “Exit Fee”) ranging from 7.5% to 12.5% of the amount of the Credit Facility Participation Interest, payable upon the earlier to occur of (a) the maturity date of the Credit Facility, (b) termination of the Lender’s commitment to make revolving loans prior to the scheduled maturity date of the Credit Facility, and (c) the early redemption of the Credit Facility Participation Interest, as applicable. Further, the purchase of the Credit Facility Participation Interest granted an option for the Credit Facility Participants to purchase the subject revolving loan or to redeem its Credit Facility Participation Interest under certain circumstances. The Credit Facility Participants are each affiliates of beneficial holders of greater than five percent of our outstanding common stock.

Effective April 18, 2024, the Company exercised its right to voluntarily pay-off and terminate the Credit Facility. As a result of the termination, the Company paid the outstanding balance and related termination fees on the Credit Facility of approximately $3.0 million. The Company also paid the Exit Fee in the aggregate amount of $0.4 million to the Credit Facility Participants. South Ocean Funding, LLC is an affiliate of Golden Harbor, Ltd. and North Sound Ventures, LP is an affiliate of North Sound Management, Inc. As of April 18, 2024, each of Golden Harbor, Ltd. and North Sound Management, Inc. were beneficial owners of in excess of 5% of the Company’s outstanding common stock. As a result of the voluntary pay-off, the Company recorded a loss on extinguishment of debt of $0.8 million within other (expense) income, net on the condensed consolidated statements of operations during the nine months ended September 30, 2024.

The effective interest rate of the average outstanding balance for the Credit Facility was 36.1%, which includes 8.3% related to amortization of original issuance costs, and 58.7%, which includes 27.3% related to amortization of original issuance costs, for the nine months ended September 30, 2024 and 2023, respectively. The following table sets forth total interest expense recognized related to the Credit Facility (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Contractual interest expense	$	—	$	587	$	312	$	810
Amortization of debt issuance costs	—		472		117		705
Total interest expense	$	—	$	1,059	$	429	$	1,515

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Discontinued Operations and Held for Sale - Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Non-cash items included in net (loss) income:
Depreciation and amortization			$ 13,242	$ 16,270
Share-based compensation			2,815	6,030
Cash flows from investing activities:
Purchases of property, plant and equipment			(46)	(403)
Non-cash investing activities:
Transfer of inventories to rental assets			2,043	1,077
Right-of-use assets obtained in exchange for operating leases liabilities			508	1,030
Discontinued Operations, Held-for-Sale \| Telematics Business
Non-cash items included in net (loss) income:
Depreciation and amortization	$ 969	$ 1,032	2,921	2,867
Share-based compensation	35	144	101	390
Cash flows from investing activities:
Purchases of property, plant and equipment	(14)	(173)	(17)	(334)
Non-cash investing activities:
Transfer of inventories to rental assets	698	412	2,043	1,077
Right-of-use assets obtained in exchange for operating leases liabilities	$ 362	$ 93	$ 508	$ 1,030

Share-based Compensation - Activity (Details)	9 Months Ended
Share-based Compensation - Activity (Details)	Sep. 30, 2024 shares
Stock Options
Outstanding — beginning balance (in shares)	545,872
Granted (in shares)	44,250
Exercised (in shares)	(333)
Cancelled (in shares)	(271,438)
Outstanding — ending balance (in shares)	318,351
Exercisable — ending balance (in shares)	196,498
RSUs
Restricted Stock Units
Non-vested — beginning balance (in shares)	203,008
Granted (in shares)	1,105,362
Vested (in shares)	(154,983)
Forfeited (in shares)	(14,749)
Non-vested — ending balance (in shares)	1,138,638

Financial Statement Details (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Finished goods	$	17,796	$	18,939
Raw materials and components	322		1,616
Total inventories	$	18,118	$	20,555

Schedule of Prepaid Expenses and Other

Prepaid expenses and other consists of the following (in thousands):


	September 30, 2024		December 31, 2023

Rebate receivables	$	1,407	$	1,950
Receivables from contract manufacturers	716		1,823
Software licenses	770		504



Other	734		660
Total prepaid expenses and other	$	3,627	$	4,937

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Royalties	$	968	$	845
Payroll and related expenses	7,778		3,608

Professional fees	—		—
Accrued interest	2,042		1,038
Deferred revenue	9,212		2,717

Operating lease liabilities	1,303		1,226
Accrued contract manufacturing liabilities	5,049		7,537


Other	4,795		4,078
Total accrued expenses and other current liabilities	$	31,147	$	21,049

Schedule of Other Long-term Liabilities

Other long-term liabilities consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Long-term deferred revenue	$	6,352	$	1,704

Other	147		647
Total other long-term liabilities	$	6,499	$	2,351

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 130,000	$ 617,000
Accumulated depreciation, Property, plant and equipment	28,629,000	27,513,000
Accumulated amortization, Intangible assets	$ 33,130,000	$ 31,444,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	12,542,691	11,878,557
Common stock, shares outstanding (in shares)	12,542,691	11,878,557
Series E preferred stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	39,500	39,500
Preferred stock issued (in shares)	25,000	25,000
Preferred stock, shares outstanding (in shares)	25,000	25,000
Preferred stock, liquidation preference	$ 37,547,619	$ 37,547,619

Stockholders' Equity (Deficit) (Details)			3 Months Ended	9 Months Ended
Stockholders' Equity (Deficit) (Details)	Aug. 02, 2024 USD ($) relatedParty $ / shares shares	Jul. 18, 2024 USD ($) $ / shares shares	Sep. 30, 2023 $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Jun. 28, 2024 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares shares	Jan. 31, 2021 USD ($)
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)					2,000,000		2,000,000
Preferred stock, par value (in dollars per share) \| $ / shares					$ 0.001		$ 0.001
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)					150,000
Series E preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)					39,500		39,500
Preferred stock, par value (in dollars per share) \| $ / shares					$ 0.001		$ 0.001
Preferred stock issued (in shares)					25,000		25,000
Preferred stock, shares outstanding (in shares)					25,000		25,000
Canaccord Genuity LLC \| ATM Offering
Class of Stock [Line Items]
Number of shares issued (in shares)			0	803,596
Equity distribution agreement, maximum aggregate amount authorized for offer or sale \| $								$ 40,000,000
Purchase price (in dollars per share) \| $ / shares			$ 7.54	$ 7.54
Proceeds from sale of stock \| $				$ 6,100,000
2025 Notes \| Convertible Debt
Class of Stock [Line Items]
Number of securities called by warrants or rights (in shares)	100,000	200,000
Exercise price of warrants (in dollars per share) \| $ / shares	$ 11.03	$ 13.37
Number of related holders \| relatedParty	2
Debt aggregate face amount \| $	$ 1,500,000	$ 4,700,000				$ 3,000,000.0
Number of shares issued (in shares)	100,000	300,000
Warrant or right, reason for issuance expiry term					4 years
Exercised price of warrants (in shares)					0
Additional Paid-in Capital
Class of Stock [Line Items]
Warrants \| $					$ 3,200,000
Loan Warrants
Class of Stock [Line Items]
Number of securities called by warrants or rights (in shares)						550,000
Exercise price of warrants (in dollars per share) \| $ / shares						$ 12.12
Exercised price, loan warrants (in dollars per share) \| $ / shares					$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Revenues:

Total revenues

$ 54,032

$ 41,357

$ 143,157

$ 131,367

Cost of revenues:

Total cost of revenues

35,232

43,522

92,304

104,934

Gross profit (loss)

18,800

(2,165)

50,853

26,433

Operating costs and expenses:

Research and development

5,176

5,200

15,032

14,369

Sales and marketing

4,125

3,893

12,176

13,703

General and administrative

4,822

3,429

12,695

12,326

Depreciation and amortization

3,154

3,848

10,098

13,125

Impairment of capitalized software

507

611

927

1,115

Total operating costs and expenses

17,784

16,981

50,928

54,638

Operating income (loss)

1,016

(19,146)

(75)

(28,205)

Other (expense) income:

Interest expense, net

(5,731)

(2,894)

(9,686)

(6,910)

Loss on extinguishment of revolving credit facility

(788)

Gain on debt restructurings, net

12,366

13,690

Other income (expense), net

(72)

(864)

Income (Loss) before income taxes

7,579

(21,995)

2,277

(35,065)

Income tax provision

171

Income (Loss) from continuing operations

7,543

(22,025)

2,106

(35,109)

Income from discontinued operations (net of income tax provision (benefit) of $266, $(46), $674, and $555, respectively)

1,426

220

3,032

3,263

Net income (loss)

8,969

(21,805)

5,138

(31,846)

Preferred stock dividends

(827)

(756)

(2,425)

(2,218)

Net income (loss) attributable to common stockholders

$ 8,142

$ (22,561)

$ 2,713

$ (34,064)

Basic

Continuing operations (in dollars per share)

$ 0.54

$ (1.95)

$ (0.03)

$ (3.33)

Discontinued operations (in dollars per share)

0.12

0.02

0.25

0.29

Basic earnings per share (in dollars per share)

^[1]

0.66

(1.93)

0.23

(3.03)

Diluted

Continuing operations (in dollars per share)

(0.16)

(1.95)

(0.03)

(3.33)

Discontinued operations (in dollars per share)

0.11

0.02

0.25

0.29

Diluted earnings per share (in dollars per share)

^[1]

$ (0.06)

$ (1.93)

$ 0.23

$ (3.03)

Weighted-average shares used in computation of net earnings (loss) per share

Basic (in shares)

^[1]

12,336,503

11,696,755

12,036,989

11,224,722

Diluted (in shares)

^[1]

13,218,293

11,696,755

12,036,989

11,224,722

Other comprehensive loss:

Foreign currency translation adjustment

$ (1,292)

$ (433)

$ (1,385)

$ (958)

Comprehensive income (loss)

7,677

(22,238)

3,753

(32,804)

Product

Revenues:

Total revenues

42,005

33,648

110,653

106,958

Cost of revenues:

Total cost of revenues

33,592

42,788

86,812

101,375

Mobile solutions

Revenues:

Total revenues

32,282

22,534

73,431

64,469

Fixed wireless access solutions

Revenues:

Total revenues

9,723

11,114

37,222

42,489

Services and other

Revenues:

Total revenues

12,027

7,709

32,504

24,409

Cost of revenues:

Total cost of revenues

$ 1,640

$ 734

$ 5,492

$ 3,559

[1]	Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1. Rounding may affect summation.

Share-based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General term (in years)	10 years
Unrecognized expense	$ 0.5
Recognition period	3 years 1 month 28 days
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognition period	3 years 4 months 28 days
Unrecognized expense, RSU	$ 7.8
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years

Financial Statement Details - Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods	$ 17,796	$ 18,939
Raw materials and components	322	1,616
Total inventories	$ 18,118	$ 20,555

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Financial liabilities fair value	$ 0		$ 0		$ 0
Gain on change in fair value of embedded derivative	$ 0	$ 0	$ 0	$ 0

Earnings (Loss) per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	3,179	3,184
2025 Convertible Notes*
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	847	1,409
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	875	0
Non-qualified stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	318	732
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	1,139	433
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	610

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38358
Entity Registrant Name	INSEEGO CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3377646
Entity Address, Address Line One	9710 Scranton Road, Suite 200
Entity Address, City or Town	San Diego,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	812-3400
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	INSG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,955,107
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001022652
Current Fiscal Year End Date	--12-31

Nature of Business and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements (“Financial Statements”) have been prepared by Inseego Corp. (the “Company”, “we”, “us”) in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The Financial Statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These Financial Statements should be read in conjunction with the audited consolidated financial statements and notes as of and for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form 10-K”). The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP. In management’s opinion, the accompanying Financial Statements reflect all normal recurring adjustments necessary for their fair presentation. Other than described below, there have been no changes to the Company’s significant accounting policies described in the Form 10-K that have had a material impact on the Company’s Financial Statements. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for any other interim period or for the year as a whole.
Principles of Consolidation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements (“Financial Statements”) have been prepared by Inseego Corp. (the “Company”, “we”, “us”) in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The Financial Statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These Financial Statements should be read in conjunction with the audited consolidated financial statements and notes as of and for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form 10-K”). The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP. In management’s opinion, the accompanying Financial Statements reflect all normal recurring adjustments necessary for their fair presentation. Other than described below, there have been no changes to the Company’s significant accounting policies described in the Form 10-K that have had a material impact on the Company’s Financial Statements. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for any other interim period or for the year as a whole.
Held for Sale and Discontinued Operations	The Purchase Agreement is subject to closing conditions including, among others more fully described in the Purchase Agreement, the Purchaser finalizing financing arrangements to fund the purchase price. Unless fulfilled or otherwise waived by the parties, if any of the closing conditions are not fulfilled by December 31, 2024, the Purchase Agreement shall be terminated and the Sale Transaction shall not be completed. As a result, within these condensed consolidated financial statements, the assets and liabilities associated with the Telematics Business disposal group have been classified as held for sale within the Condensed Consolidated Balance Sheet and its operations have been classified as discontinued operations within the Condensed Consolidated Statements of Operations and Comprehensive Income. Held for Sale and Discontinued Operations In accordance with authoritative guidance for discontinued operations (Accounting Standards Codification (“ASC”) 205-20), the Company determined that the Telematics Business met held-for-sale and discontinued operations accounting criteria during the third quarter of 2024. Accordingly, the Company classified the results of the Telematics Business as discontinued operations in its condensed consolidated statements of operations for all periods presented. Additionally, the related assets and liabilities associated with the Telematics Business are classified as held for sale in the condensed consolidated balance sheets for all periods presented. The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated statements of cash flows. Depreciation of property, plant and equipment and amortization of intangible and right-of-use assets are not recorded while these assets are classified as held for sale. For each period the disposal group remains classified as held for sale, its recoverability is reassessed and any necessary adjustments are made to its carrying value. No impairment upon classification as held for sale was recorded during the three or nine months ended September 30, 2024. The results of discontinued operations are reported as Income from discontinued operations, net of tax in the Condensed Consolidated Statements of Comprehensive Income for the current and prior periods commencing in the period in which the held for sale criteria are met. Income from discontinued operations, net of tax includes direct costs attributable to the discontinued operations and excludes any cost allocations associated with any shared or corporate functions unless otherwise dedicated to the discontinued operations. Income from discontinued operations, net of tax will include any gain or loss recognized upon disposition or from adjustment of the carrying amount to fair value less costs to sell while classified as held for sale. Activity within comprehensive income directly associated with a divested business is not realized as a component of Income from discontinued operations, net of tax until completion of the sale or disposition.
Segment Information	Segment Information The Company has one reportable segment. The principal executive officer, who is also the Chief Operating Decision Maker, does not manage any part of the Company separately, and the allocation of resources and assessment of performance are based solely on the Company’s consolidated operations and financial results.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ materially from these estimates. Estimates are assessed each period and updated to reflect current information. Significant estimates include revenue recognition, warranty provision, capitalized software costs, allowance for credit losses, provision for excess and obsolete inventory, accrued liabilities related to our contract manufacturers, valuation of tangible and intangible long-lived assets, valuation of goodwill, valuation of derivatives, accruals relating to litigation, income taxes and share-based compensation expense.
Reclassifications	Reclassifications Certain amounts recorded in the prior period consolidated financial statements have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported operating results. During the fourth quarter of 2023, and as noted in the Form 10-K, the Company reclassified revenue on its Consolidated Statement of Operations. Historically, the Company classified revenues from products and services into two categories, IoT & Mobile Solutions and Enterprise SaaS Solutions. The Company is now classifying revenues from products and services into the following two categories: Product Revenue, which consists of our Mobile Solutions and Fixed Wireless Access Solutions, and Services and Other. Additionally, during 2023 the Company reclassified all depreciation and amortization expense previously recorded in the operating expense line items of research and development, sales and marketing, and general and administrative expenses on the Consolidated Statement of Operations into a separate line labeled Depreciation and amortization. All prior periods have been reclassified to conform to the current period presentation for these changes.

- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

Geographic Information and Concentrations of Risk

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Geographic Information and Concentrations of Risk

Geographic Information

The following table details the Company’s revenues by geographic region based on shipping destination (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
United States and Canada	$	51,072	$	40,181	$	137,356	$	129,458
Europe (including United Kingdom)	$	2,866	$	1,172	4,243		1,242

Other	$	94	$	4	1,558		667
Total	$	54,032	$	41,357	$	143,157	$	131,367

Concentrations of Credit Risk

For the three months ended September 30, 2024, two customers accounted for 38.6% and 36.7% of revenues, respectively. For the three months ended September 30, 2023, two customers accounted for 41.3% and 34.8% of revenues, respectively.

For the nine months ended September 30, 2024, two customers accounted for 43.3% and 31.9% of revenues, respectively. For the nine months ended September 30, 2023, two customers accounted for 36.8% and 33.5%, respectively, of revenues.

As of September 30, 2024, three customers accounted for 42.4%, 24.0%, and 20.9% of accounts receivable, net, respectively. As of December 31, 2023, two customers accounted for 51.9% and 12.7% of accounts receivable, net, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Valuation Model and Assumptions

The fair value of the interest make-whole payment derivative liability was determined using a Monte Carlo model using the following key assumptions:


	September 30, 2024		December 31, 2023
Volatility	90.80	%	77.00	%
Stock price	$16.33 per share		$2.20 per share
Credit spread	17.08	%	92.20	%
Term	0.59 years		1.34 years
Dividend yield	—	%	—	%
Risk-free rate	4.31	%	4.60	%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Discontinued operations tax provision	$ 266	$ (46)	$ 674	$ 555

Earnings (Loss) per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Basic and Diluted EPS

Income (Loss) from continuing operations

$ 7,543

$ (22,025)

$ 2,106

$ (35,109)

Less: preferred stock dividends

(827)

(756)

(2,425)

(2,218)

Income (loss) from continuing operations attributable to common stockholders

6,716

(22,781)

(319)

(37,327)

Income from discontinued operations, net of tax

1,426

220

3,032

3,263

Net income (loss) attributable to common stockholders

8,142

$ (22,561)

$ 2,713

$ (34,064)

Income (loss) from continuing operations attributable to common stockholders

6,716

Effect of dilutive 2025 Convertible Notes

(8,879)

Diluted EPS from continuing operations

(2,163)

Diluted EPS from net income

$ (737)

Shares

Income (loss) from continuing operations attributable to common stockholders (in shares)

^[1]

12,336,503

11,696,755

12,036,989

11,224,722

Effect of dilutive 2025 Convertible Notes (in shares)

882,000

Diluted EPS from continuing operations (in shares)

^[1]

13,218,293

11,696,755

12,036,989

11,224,722

Basic EPS

Income (loss) from continuing operations attributable to common stockholders (in dollars per share)

$ 0.54

$ (1.95)

$ (0.03)

$ (3.33)

Income from discontinued operations, net of tax (in dollars per share)

0.12

0.02

0.25

0.29

Basic earnings per share (in dollars per share)

^[1]

0.66

(1.93)

0.23

(3.03)

Diluted EPS

Income (loss) from continuing operations attributable to common stockholders (in dollars per share)

(0.16)

(1.95)

(0.03)

(3.33)

Income from discontinued operations, net of tax (in dollars per share)

0.11

0.02

0.25

0.29

Diluted earnings per share (in dollars per share)

^[1]

$ (0.06)

$ (1.93)

$ 0.23

$ (3.03)

[1]	Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1. Rounding may affect summation.

Debt - Interest Expense Related to Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 0	$ 587	$ 312	$ 810
Amortization of debt issuance costs	0	472	117	705
Total interest expense	$ 0	$ 1,059	$ 429	$ 1,515

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Financial Statement Details - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term deferred revenue	$ 6,352	$ 1,704
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 5,900
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 500
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 years

Financial Statement Details - Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Rebate receivables	$ 1,407	$ 1,950
Receivables from contract manufacturers	716	1,823
Software licenses	770	504
Other	734	660
Total prepaid expenses and other	$ 3,627	$ 4,937

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 11,972	$ 2,409
Accounts receivable, net of allowance for expected credit losses of $130 and $617, respectively	15,612	18,202
Inventories	18,118	20,555
Prepaid expenses and other	3,627	4,937
Current assets held for sale	35,771	12,123
Total current assets	85,100	58,226
Property, plant and equipment, net of accumulated depreciation of $28,629 and $27,513, respectively	1,303	2,389
Intangible assets, net of accumulated amortization of $33,130 and $31,444, respectively	19,465	25,718
Goodwill	3,949	3,949
Operating lease right-of-use assets	3,117	4,022
Other assets	456	1,256
Non-current assets held for sale	0	26,237
Total assets	113,390	121,797
Current liabilities:
Accounts payable	35,457	23,408
Accrued expenses and other current liabilities	31,147	21,049
Short-term loan	6,000	0
2025 Convertible Notes, net	106,250	0
Revolving credit facility	0	4,094
Current liabilities held for sale	10,000	7,360
Total current liabilities	188,854	55,911
Long-term liabilities:
2025 Convertible Notes, net	0	159,912
Operating lease liabilities	2,979	3,972
Deferred tax liabilities, net	121	112
Other long-term liabilities	6,499	2,351
Non-current liabilities held for sale	0	1,644
Total liabilities	198,453	223,902
Commitments and contingencies (Note 10)
Stockholders’ deficit:
Preferred stock, par value $0.001; 2,000,000 shares authorized:, Preferred stock, par value $0.001; 39,500 shares designated, 25,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively (aggregate liquidation preference of $36,721,385)	0	0
Common stock, par value $0.001; 150,000,000 shares authorized, 12,542,691 and 11,878,557 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	13	12
Additional paid-in capital	825,851	810,138
Accumulated other comprehensive loss	(6,712)	(5,327)
Accumulated deficit	(904,215)	(906,928)
Total stockholders’ deficit	(85,063)	(102,105)
Total liabilities and stockholders’ deficit	$ 113,390	$ 121,797

Debt - Interest Expense Related to 2025 Notes Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Accrued interest due to related parties	$ 1.1		$ 1.1		$ 0.4
Affiliated Entity
Debt Instrument [Line Items]
Contractual interest expense	$ 0.7	$ 0.7	$ 2.0	$ 2.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements - Fair Value Valuation Model and Assumptions (Details) - Level 3 - Interest make-whole payment	9 Months Ended	12 Months Ended
	Sep. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.9080	0.7700
Stock price (usd per share)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock price (in dollars per share)	$ 16.33	$ 2.20
Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1708	0.9220
Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Term	7 months 2 days	1 year 4 months 2 days
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0431	0.0460

Share-based Compensation - Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 1,229	$ 2,267	$ 2,815	$ 6,030
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	23	213	75	580
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	196	598	437	1,288
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	103	315	314	901
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	871	997	1,888	2,870
Income from discontinued operations, net of tax
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 36	$ 144	$ 101	$ 391

Share-based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

During the three and nine months ended September 30, 2024 and 2023, the Company granted awards under the 2018 Omnibus Incentive Compensation Plan, previously named the Amended and Restated 2009 Omnibus Incentive Compensation Plan (the “2018 Plan”), and the 2015 Incentive Compensation Plan (the “2015 Plan”). The Compensation Committee of the Board of Directors administers the plans. Under the 2018 Plan, shares of common stock may be issued upon the exercise of stock options, in the form of restricted stock, or in settlement of restricted stock units (“RSUs”) or other awards, including awards with alternative vesting schedules such as performance-based criteria.

The following table presents total share-based compensation expense within each functional line item on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenues	$	23	$	213	$	75	$	580
Research and development	196		598		437		1,288
Sales and marketing	103		315		314		901
General and administrative	871		997		1,888		2,870
Income from discontinued operations, net of tax	36		144		101		391
Total	$	1,229	$	2,267	$	2,815	$	6,030

Stock Options

The Compensation Committee of the Board of Directors determines eligibility, vesting schedules and exercise prices for stock options granted. The Company generally uses the Black-Scholes option pricing model to estimate the fair value of its stock options. For performance stock awards subject to market-based vesting conditions, fair values are determined using the Monte-Carlo simulation model. Stock options generally have a term of ten years and vest over a three to four-year period.

The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2024:






Outstanding — December 31, 2023			545,872
Granted			44,250
Exercised			(333)
Canceled			(271,438)
Outstanding — September 30, 2024			318,351

Exercisable — September 30, 2024			196,498

At September 30, 2024, total unrecognized compensation expense related to stock options was $0.5 million, which is expected to be recognized over a weighted-average period of 3.16 years.

Restricted Stock Units

Pursuant to the 2018 Plan and the 2015 Plan, the Company may issue RSUs that, upon satisfaction of vesting conditions, allow recipients to receive common stock. Issuances of such awards reduce common stock available under the 2018 Plan and 2015 Plan for stock incentive awards. The Company measures compensation cost associated with grants of RSUs at fair value, which is generally the closing price of the Company’s stock on the date of grant. RSUs generally vest over a three- to four-year period.

The following table summarizes the Company’s RSU activity for the nine months ended September 30, 2024:






Non-vested — December 31, 2023			203,008
Granted			1,105,362
Vested			(154,983)
Forfeited			(14,749)
Non-vested — September 30, 2024			1,138,638

At September 30, 2024, total unrecognized compensation expense related to RSUs was $7.8 million, which is expected to be recognized over a weighted-average period of 3.41 years.

Geographic Information and Concentrations of Risk - Net Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 54,032	$ 41,357	$ 143,157	$ 131,367
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	51,072	40,181	137,356	129,458
Europe (including United Kingdom)
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	2,866	1,172	4,243	1,242
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 94	$ 4	$ 1,558	$ 667

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Earnings per Share

The calculation of basic and diluted earnings per share was as follows (in thousands, except per share data):


	Income/(Loss) (Numerator)		Shares* (Denominator)	Per-Share Amount
For the three months ended September 30, 2024
Basic EPS
Income (Loss) from continuing operations	$	7,543
Less: preferred stock dividends	(827)
Income (loss) from continuing operations attributable to common stockholders	6,716		12,337	$	0.54
Income from discontinued operations, net of tax	1,426		12,337	$	0.12
Income (loss) attributable to common stockholders	$	8,142	12,337	$	0.66
Diluted EPS
Income (loss) from continuing operations attributable to common stockholders	$	6,716	12,337


Effect of dilutive 2025 Convertible Notes	(8,879)		882
Diluted EPS from continuing operations	$	(2,163)	13,218	$	(0.16)

Income from discontinued operations, net of tax	$	1,426	12,337


Effect of dilutive 2025 Convertible Notes			882
Diluted EPS from discontinued operations	$	1,426	13,218	$	0.11

Income (loss) attributable to common stockholders	$	8,142	12,337


Effect of dilutive 2025 Convertible Notes	(8,879)		882
Diluted EPS from net income	$	(737)	13,218	$	(0.06)

For the three months ended September 30, 2023
Basic and Diluted EPS
Income (Loss) from continuing operations	$	(22,025)
Less: preferred stock dividends	(756)
Income (loss) from continuing operations attributable to common stockholders	(22,781)		11,697	$	(1.95)
Income from discontinued operations, net of tax	220		11,697	$	0.02
Income (loss) attributable to common stockholders	$	(22,561)	11,697	$	(1.93)

For the nine months ended September 30, 2024
Basic and Diluted EPS
Income (Loss) from continuing operations	$	2,106
Less: preferred stock dividends	(2,425)
Income (loss) from continuing operations attributable to common stockholders	(319)		12,037	$	(0.03)
Income from discontinued operations, net of tax	3,032		12,037	$	0.25
Income (loss) attributable to common stockholders	$	2,713	12,037	$	0.23



















For the nine months ended September 30, 2023
Basic and Diluted EPS
Income (Loss) from continuing operations	$	(35,109)
Less: preferred stock dividends	(2,218)
Income (loss) from continuing operations attributable to common stockholders	(37,327)		11,225	$	(3.33)
Income from discontinued operations, net of tax	3,263		11,225	$	0.29
Income (loss) attributable to common stockholders	$	(34,064)	11,225	$	(3.03)

(*) Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1.Rounding may affect summation.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	As of September 30,
	2024	2023
2025 Convertible Notes*	847	1,409
Common stock warrants	875	—
Non-qualified stock options	318	732
Restricted stock units	1,139	433
Employee stock purchase plan	—	610
Total	3,179	3,184

(*) The impact of the 2025 Convertible Notes was included in the computation of diluted EPS for the three months ended September 30, 2024 as it was dilutive for the period.

Debt - Short-Term Loan Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Jun. 28, 2024 USD ($) subsidiaries $ / shares shares	Dec. 31, 2023 $ / shares
Debt Instrument [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001		$ 0.001	$ 0.001
Repayments of short-term loan		$ 13,500	$ 0
Loan Warrants
Debt Instrument [Line Items]
Number of securities called by warrants or rights (in shares) \| shares				550,000
Participation Interests \| Related Party
Debt Instrument [Line Items]
Collateral amount				$ 3,000
Participation Interests \| Related Party \| Philip Brace
Debt Instrument [Line Items]
Collateral amount				1,000
Participation Interests \| Related Party \| North Sound Ventures LP
Debt Instrument [Line Items]
Collateral amount				2,000
Short-Term Loan Agreement
Debt Instrument [Line Items]
Termination fee				$ 200
Line of Credit \| Short-Term Loan Agreement
Debt Instrument [Line Items]
Number of subsidiaries \| subsidiaries				2
Stated interest rate of debt issued				12.00%
Exit fee percentage				4.00%
Maximum borrowing capacity				$ 19,500
Effective interest rate				5.00%
Repayments of short-term loan	$ 13,500
Short term borrowings, gross	6,000	$ 6,000
Amortization of debt discount	$ 3,300

Debt - 2025 Convertible Notes Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions					3 Months Ended		9 Months Ended
	Aug. 02, 2024 USD ($) shares	Jul. 18, 2024 USD ($) shares	Jun. 28, 2024 USD ($)	May 24, 2024 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) tradingDay $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Other income (expense), net					$ (72)	$ 45	$ (864)	$ 50
2025 Notes
Debt Instrument [Line Items]
Stated interest rate of debt issued					90.80%		90.80%
Debt instrument, repurchase amount					$ 146,900		$ 146,900
2025 Notes \| Convertible Debt
Debt Instrument [Line Items]
Carrying amount of debt					$ 106,824		$ 106,824		$ 161,898
Stated interest rate of debt issued			3.25%		3.25%		3.25%
Conversion ratio							0.00792896
Conversion price (in dollars per share) \| $ / shares					$ 126.12		$ 126.12
Threshold percentage of stock price trigger							130.00%
Threshold of trading days \| tradingDay							20
Threshold of consecutive trading days \| tradingDay							30
Aggregate percentage of holders to declare notes due and payable in default event							25.00%
Percentage of principal and accrued interest that may be called in default event							100.00%
Percentage of principal and accrued interest that may be called in event of bankruptcy, insolvency or reorganization							100.00%
Trading day threshold							5 days
Stock price trigger (in dollars per share) \| $ / shares							$ 105.10
Make-whole payment term							3 years
Interest make-whole payment discount rate					1.00%		1.00%
Repurchased face amount				$ 3,000
Redemption price as a percentage of principal amount				55.00%
Debt instrument, repurchase amount				$ 1,700
TDR transaction amount				$ 1,300
Debt aggregate face amount	$ 1,500	$ 4,700	$ 3,000
Redemption of principal			45.00%
Other income (expense), net					$ 1,000		$ 1,000
Number of shares issued (in shares) \| shares	0.1	0.3
Number of securities called by warrants or rights (in shares) \| shares	0.1	0.2
Interest rate during period					4.17%	4.23%	4.17%	4.27%
2025 Notes \| Convertible Debt \| Affiliated Entity
Debt Instrument [Line Items]
Carrying amount of debt					$ 80,400		$ 80,400		$ 80,400
2025 Notes \| Convertible Debt \| Highbridge Capital Management, LLC
Debt Instrument [Line Items]
Debt aggregate face amount			$ 45,900
Redemption of principal			30.00%
Other income (expense), net							$ 13,400

Nature of Business and Significant Accounting Policies	9 Months Ended
Nature of Business and Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Nature of Business and Significant Accounting Policies	Nature of Business and Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements (“Financial Statements”) have been prepared by Inseego Corp. (the “Company”, “we”, “us”) in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The Financial Statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These Financial Statements should be read in conjunction with the audited consolidated financial statements and notes as of and for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form 10-K”). The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP. In management’s opinion, the accompanying Financial Statements reflect all normal recurring adjustments necessary for their fair presentation. Other than described below, there have been no changes to the Company’s significant accounting policies described in the Form 10-K that have had a material impact on the Company’s Financial Statements. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for any other interim period or for the year as a whole. Planned Divestiture of the Telematics Business On September 16, 2024, the Company and its subsidiary Inseego SA (Pty) Ltd (“Seller”) entered into a Share Purchase Agreement (the “Purchase Agreement”) with Light Sabre SPV Limited (which subsequently novated its benefits and obligations under the Purchase Agreement to Ctrack Holdings (the “Purchaser”)), pursuant to which Inseego agreed to sell to the Purchaser the entire issued share capital of the Company’s Inseego International Holdings Limited subsidiary in exchange for approximately $52 million in cash, subject to certain adjustments. Upon completion of the sale (the “Completion Date”), the Purchaser will acquire the fleet management and telematics solutions business of Inseego, which has operations in the United Kingdom, the European Union, Australia and New Zealand (the “Telematics Business”). The Purchase Agreement is subject to closing conditions including, among others more fully described in the Purchase Agreement, the Purchaser finalizing financing arrangements to fund the purchase price. Unless fulfilled or otherwise waived by the parties, if any of the closing conditions are not fulfilled by December 31, 2024, the Purchase Agreement shall be terminated and the Sale Transaction shall not be completed. As a result, within these condensed consolidated financial statements, the assets and liabilities associated with the Telematics Business disposal group have been classified as held for sale within the Condensed Consolidated Balance Sheet and its operations have been classified as discontinued operations within the Condensed Consolidated Statements of Operations and Comprehensive Income. Refer to Note 2 – Discontinued Operations and Held for Sale for additional information regarding the Telematics Business, including the assets and liabilities divested and income from discontinued operations. Unless otherwise noted, disclosures within these remaining Notes to Condensed Consolidated Financial Statements relate solely to the Company's continuing operations. Held for Sale and Discontinued Operations In accordance with authoritative guidance for discontinued operations (Accounting Standards Codification (“ASC”) 205-20), the Company determined that the Telematics Business met held-for-sale and discontinued operations accounting criteria during the third quarter of 2024. Accordingly, the Company classified the results of the Telematics Business as discontinued operations in its condensed consolidated statements of operations for all periods presented. Additionally, the related assets and liabilities associated with the Telematics Business are classified as held for sale in the condensed consolidated balance sheets for all periods presented. The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated statements of cash flows. Depreciation of property, plant and equipment and amortization of intangible and right-of-use assets are not recorded while these assets are classified as held for sale. For each period the disposal group remains classified as held for sale, its recoverability is reassessed and any necessary adjustments are made to its carrying value. No impairment upon classification as held for sale was recorded during the three or nine months ended September 30, 2024. The results of discontinued operations are reported as Income from discontinued operations, net of tax in the Condensed Consolidated Statements of Comprehensive Income for the current and prior periods commencing in the period in which the held for sale criteria are met. Income from discontinued operations, net of tax includes direct costs attributable to the discontinued operations and excludes any cost allocations associated with any shared or corporate functions unless otherwise dedicated to the discontinued operations. Income from discontinued operations, net of tax will include any gain or loss recognized upon disposition or from adjustment of the carrying amount to fair value less costs to sell while classified as held for sale. Activity within comprehensive income directly associated with a divested business is not realized as a component of Income from discontinued operations, net of tax until completion of the sale or disposition. Segment Information The Company has one reportable segment. The principal executive officer, who is also the Chief Operating Decision Maker, does not manage any part of the Company separately, and the allocation of resources and assessment of performance are based solely on the Company’s consolidated operations and financial results. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ materially from these estimates. Estimates are assessed each period and updated to reflect current information. Significant estimates include revenue recognition, warranty provision, capitalized software costs, allowance for credit losses, provision for excess and obsolete inventory, accrued liabilities related to our contract manufacturers, valuation of tangible and intangible long-lived assets, valuation of goodwill, valuation of derivatives, accruals relating to litigation, income taxes and share-based compensation expense. Reclassifications Certain amounts recorded in the prior period consolidated financial statements have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported operating results. During the fourth quarter of 2023, and as noted in the Form 10-K, the Company reclassified revenue on its Consolidated Statement of Operations. Historically, the Company classified revenues from products and services into two categories, IoT & Mobile Solutions and Enterprise SaaS Solutions. The Company is now classifying revenues from products and services into the following two categories: Product Revenue, which consists of our Mobile Solutions and Fixed Wireless Access Solutions, and Services and Other. Additionally, during 2023 the Company reclassified all depreciation and amortization expense previously recorded in the operating expense line items of research and development, sales and marketing, and general and administrative expenses on the Consolidated Statement of Operations into a separate line labeled Depreciation and amortization. All prior periods have been reclassified to conform to the current period presentation for these changes. Reverse Stock Split On January 24, 2024, the Company completed a 1-for-10 reverse stock split of its issued and outstanding common stock (the “Reverse Stock Split”). As a result of the Reverse Stock Split, each share of common stock issued and outstanding immediately prior to January 24th was automatically converted into one-tenth (1/10) of a share of common stock. The Reverse Stock Split affected all common stockholders uniformly and did not alter any stockholder's percentage interest in the Company's equity, except to the extent that the Reverse Stock Split would result in a stockholder owning a fractional share. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive a fractional share instead were entitled to receive cash in lieu of such fractional share. The Reverse Stock Split did not change the par value of the common stock or the authorized number of shares of common stock. All outstanding convertible notes entitling their holders to purchase or obtain or convert into shares of our common stock were adjusted, as required by the terms of these securities. All common share and per-share amounts in this Form 10-Q have been retroactively restated to reflect the effect of the Reverse Stock Split. Liquidity During 2024, the Company entered into a series of agreements, as part of its overall capital structure management, to reduce its total debt and restructure its outstanding 3.25% convertible notes due 2025 (the “2025 Convertible Notes”), as follows: (1) Convertible Debt Repurchases and Exchanges Completed prior to September 30, 2024 (the “Completed Repurchases and Exchanges”): (a) the Company repurchased, for cash, all of the $45.9 million in principal amount of the 2025 Convertible Notes held by certain entities managed by Highbridge Capital Management, LLC (such entities, “Highbridge”), the second largest note holder as of the date of such purchase, at a discount of 30% to face value, plus accrued interest; (b) the Company repurchased, for cash, $3.0 million of principal amount of the 2025 Convertible Notes from a separate single holder at discount of 45% to face value, plus accrued interest; (c) the Company repurchased from a holder approximately $4.7 million of principal amount of the 2025 Convertible Notes in exchange for approximately 0.3 million shares of the Company’s Common Stock and warrants to purchase an aggregate of approximately 0.2 million shares of the Company’s Common Stock, plus accrued interest. See Note 8 – Stockholders' Equity (Deficit) for further details regarding these warrants; (d) the Company repurchased from two related holders approximately $1.5 million in aggregate principal amount of the 2025 Convertible Notes in exchange for approximately 0.1 million shares of the Company’s common stock and warrants to purchase an aggregate of approximately 0.1 million shares of the Company’s common stock. See Note 8 – Stockholders' Equity (Deficit) for further details regarding these warrants; (2) Short-Term Loan Agreement: to finance a portion of the Completed Repurchases and Exchanges, the Company agreed to a $19.5 million loan (“Short-Term Loan”) from (i) South Ocean Funding, LLC (“South Ocean”), which is an affiliate of Golden Harbor Ltd. (“Golden Harbor”), and Tavistock Financial, LLC, and (ii) certain participant lenders (the “Participating Lenders”). The Short-Term Loan was originally scheduled to mature on September 30, 2024 but maturity has subsequently been extended to November 30, 2024. Borrowings under the Short-Term Loan bear interest at 12.0% per annum. Upon any repayment or prepayment of the amounts borrowed under the Short-Term Loan (including at maturity), the Company will be required to pay an exit fee equal to 4.0% of the aggregate principal amount prepaid or repaid. See Note 5 – Debt below for further details regarding the Short-Term Loan; and (3) Convertible Debt Repurchases and Exchanges Completed Subsequent to September 30, 2024 (the “Subsequently Completed Repurchases and Exchanges”): On November 6, 2024 the Company completed the previously-announced privately-negotiated exchanges of $91.5 million in aggregate principal amount of the 2025 Convertible Notes held by certain holders of the 2025 Convertible Notes pursuant to binding term sheets that were previously entered into with such holders, including the binding term sheets entered into on June 28, 2024 with North Sound Partners and Golden Harbor Ltd. In connection with the Subsequently Completed Repurchases and Exchanges, the Company issued to these noteholders in concurrent private placement transactions an aggregate of (i) approximately 2.4 million shares of the Company’s Common Stock, (ii) approximately $40.9 million in principal amount of new senior secured notes due in 2029 (the “New Senior Secured Notes”), and (iii) warrants to purchase an aggregate of approximately 2.1 million shares of the Company’s Common Stock. See Note 12 – Subsequent Events below for further details regarding the Subsequently Completed Repurchases and Exchanges, including information about the warrants and New Senior Secured Notes issued in relation to these transactions. As of September 30, 2024, the Company had available cash and cash equivalents totaling $12.0 million. During the three-months ended September 30, 2024, the Company voluntarily prepaid $13.5 million of the outstanding principal balance under the Short-Term Loan Agreement, so that on September 30, 2024, the outstanding principal balance under the Short-Term Loan was $6.0 million. The 2025 Convertible Notes had a principal balance of $106.8 million as of September 30, 2024 and mature on May 1, 2025. Taking into account the Completed Repurchases and Exchanges and the Subsequently Completed Repurchases and Exchanges, the Company has subsequently repurchased and/or exchanged approximately $146.9 million, or 90.8%, of the face value of the 2025 Convertible Notes that was outstanding as of December 31, 2023. The Company generated positive cash flow from operations both for the year ended December 31, 2023 and in the nine months ended September 30, 2024. In April 2024, the Company received a $15.0 million upfront payment from a customer in connection with a two-year service contract. Based on the factors above, and to reduce financing costs, the Company voluntarily paid-off and terminated its Credit Facility (as defined below) effective April 18, 2024. These factors have had a positive impact on our liquidity. While the Company’s liquidity and financial results have had several positive developments recently, as noted above, the Company has a history of operating and net losses and overall usage of cash from operating and investing activities. The Company’s ability to maintain profitable operations and continue to generate positive cash flows is dependent upon achieving a level and mix of revenues adequate to support its evolving cost structure. In order to effect the restructuring or refinancing of the Company’s obligations, or if events or circumstances occur such that the Company does not meet its operating plan as expected, or if the Company becomes obligated to pay unforeseen expenditures, the Company may be required to raise capital, reduce planned research and development activities, incur additional restructuring charges or reduce other operating expenses and capital expenditures, which could have an adverse impact on the Company’s ability to achieve its intended business objectives. During the previous two quarters, the Company had disclosed that there was substantial doubt about its ability to continue as a going concern within one year of the issuance dates of the quarterly reports on Form 10-Q for those quarters, primarily as a result of the outstanding balance and due date of the 2025 Convertible Notes. In performing this assessment for the current quarter, taking into account the Company’s liquidity position as a whole, including the repurchases and exchanges of 2025 Convertible Notes noted above, the liquidity anticipated to be provided from the sale of the Telematics Business, and cash inflows expected to be provided by its continuing operations, the Company has concluded that there is no longer substantial doubt about the Company’s ability to continue as a going concern within one year of issuance of these financial statements.

Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenues	$	23	$	213	$	75	$	580
Research and development	196		598		437		1,288
Sales and marketing	103		315		314		901
General and administrative	871		997		1,888		2,870
Income from discontinued operations, net of tax	36		144		101		391
Total	$	1,229	$	2,267	$	2,815	$	6,030

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2024:






Outstanding — December 31, 2023			545,872
Granted			44,250
Exercised			(333)
Canceled			(271,438)
Outstanding — September 30, 2024			318,351

Exercisable — September 30, 2024			196,498

Schedule of Restricted Stock Unit Activity

The following table summarizes the Company’s RSU activity for the nine months ended September 30, 2024:






Non-vested — December 31, 2023			203,008
Granted			1,105,362
Vested			(154,983)
Forfeited			(14,749)
Non-vested — September 30, 2024			1,138,638

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequently Completed Repurchases and Exchanges As discussed in Note 1 – Nature of Business and Significant Accounting Policies above, on November 6, 2024 the Company completed the previously-announced private exchanges of $91.5 million in aggregate principal amount of the 2025 Convertible Notes held by certain holders of the 2025 Convertible Notes pursuant to binding term sheets that were previously entered into with such holders, including the binding term sheets entered into on June 28, 2024 with North Sound Partners and Golden Harbor Ltd. In connection with the Subsequently Completed Repurchases and Exchanges, the Company issued to these noteholders in concurrent private placement transactions an aggregate of (i) approximately 2.4 million shares of the Company’s Common Stock, (ii) approximately $40.9 million in principal amount of New Senior Secured Notes, and (iii) warrants to purchase an aggregate of approximately 2.1 million shares of the Company’s Common Stock. The New Senior Secured Notes bear interest at 9.0% per annum, to be paid in cash, in arrears, and on a semi-annual basis, and will have a maturity date of May 1, 2029. The New Notes are secured by a first priority lien on substantially all of Company’s assets. The warrants have exercise prices ranging from $11.27 to $15.77 per share of Common Stock, subject to adjustment for stock splits, reverse stock splits, stock dividends and similar transactions. The warrants expire four years from the date of issuance and will be exercisable on a cash basis. Affiliates of two of the noteholders involved in the Subsequently Completed Repurchases and Exchanges - Golden Harbor Ltd. and North Sound Partners - may be deemed to beneficially own more than 5% of the Company’s outstanding Common Stock. James B. Avery, a member of the Company’s Board of Directors, currently serves as Senior Managing Director of Tavistock Group, an affiliate of Golden Harbor Ltd.

Discontinued Operations and Held for Sale - Condensed Consolidated Statements of Operations and Comprehensive Income (Details) - Discontinued Operations, Held-for-Sale - Telematics Business - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross profit from discontinued operations	$ 4,640	$ 4,060	$ 13,019	$ 12,545
Research and development	293	473	967	1,345
Sales and marketing	1,289	1,255	3,625	3,698
General and administrative	1,884	1,146	4,799	3,404
Depreciation and amortization	360	392	1,060	1,112
Total operating costs and expenses	3,826	3,266	10,451	9,559
Operating income from discontinued operations	814	794	2,568	2,986
Interest income, net	3	3	10	8
Other income (expense), net	875	(623)	1,128	824
Income from discontinued operations before income taxes	1,692	174	3,706	3,818
Income tax provision (benefit)	266	(46)	674	555
Income from discontinued operations, net of tax	1,426	220	3,032	3,263
Product
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross profit from discontinued operations	7,862	7,226	22,895	21,567
Services and other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross profit from discontinued operations	$ 3,222	$ 3,166	$ 9,876	$ 9,022

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT - USD ($)
shares in Thousands, $ in Thousands

Total

Preferred Stock

Common Stock

Additional Paid-in Capital

Accumulated Deficit

Accumulated Other Comprehensive (Loss) Income

Beginning balance (in shares) at Dec. 31, 2022

10,847

^[1]

Beginning balance at Dec. 31, 2022

$ (70,118)

$ 0

$ 11

^[1]

$ 793,952

^[1]

$ (857,751)

$ (6,330)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

(31,846)

Foreign currency translation adjustment

(958)

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld (in shares)

^[1]

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld

^[1]

Issuance of common shares in connection with a public offering, net of issuance costs (in shares)

^[1]

804

Issuance of common shares in connection with a public offering, net of issuance costs

6,058

$ 1

^[1]

6,057

^[1]

Share-based compensation

6,030

^[1]

Preferred stock dividends

2,218

^[1]

(2,218)

Ending balance (in shares) at Sep. 30, 2023

11,703

^[2]

Ending balance at Sep. 30, 2023

(90,783)

$ 0

$ 12

^[2]

808,308

^[2]

(891,815)

(7,288)

Beginning balance (in shares) at Jun. 30, 2023

11,687

^[2]

Beginning balance at Jun. 30, 2023

(70,815)

$ 0

$ 12

^[2]

805,282

^[2]

(869,254)

(6,855)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

(21,805)

Foreign currency translation adjustment

(433)

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld (in shares)

^[2]

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld

^[2]

Issuance of common shares in connection with a public offering, net of issuance costs (in shares)

^[2]

Issuance of common shares in connection with a public offering, net of issuance costs

$ 0

^[2]

Share-based compensation

2,267

^[2]

Preferred stock dividends

756

^[2]

(756)

Ending balance (in shares) at Sep. 30, 2023

11,703

^[2]

Ending balance at Sep. 30, 2023

(90,783)

$ 0

$ 12

^[2]

808,308

^[2]

(891,815)

(7,288)

Beginning balance (in shares) at Dec. 31, 2023

11,879

^[1]

Beginning balance at Dec. 31, 2023

(102,105)

$ 0

$ 12

^[1]

810,138

^[1]

(906,928)

(5,327)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

5,138

Foreign currency translation adjustment

(1,385)

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld (in shares)

^[1]

177

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld

207

^[1]

Share-based compensation

2,815

^[1]

Issuance of common stock in connection with debt restructurings (in shares)

^[1]

487

Issuance of common stock in connection with debt restructurings

4,925

$ 1

^[1]

4,924

^[1]

Issuance of common stock warrants in connection with debt restructurings

5,342

^[1]

Preferred stock dividends

2,425

^[1]

(2,425)

Ending balance (in shares) at Sep. 30, 2024

12,543

^[2]

Ending balance at Sep. 30, 2024

(85,063)

$ 0

$ 13

^[2]

825,851

^[2]

(904,215)

(6,712)

Beginning balance (in shares) at Jun. 30, 2024

11,910

^[2]

Beginning balance at Jun. 30, 2024

(101,763)

$ 0

$ 12

^[2]

816,002

^[2]

(912,357)

(5,420)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

8,969

Foreign currency translation adjustment

(1,292)

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld (in shares)

^[2]

146

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld

213

^[2]

Share-based compensation

1,229

^[2]

Issuance of common stock in connection with debt restructurings (in shares)

^[2]

487

Issuance of common stock in connection with debt restructurings

4,925

$ 1

^[2]

4,924

^[2]

Issuance of common stock warrants in connection with debt restructurings

2,656

^[2]

Preferred stock dividends

827

^[2]

(827)

Ending balance (in shares) at Sep. 30, 2024

12,543

^[2]

Ending balance at Sep. 30, 2024

$ (85,063)

$ 0

$ 13

^[2]

$ 825,851

^[2]

$ (904,215)

$ (6,712)

[1]	Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1
[2]	Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1

Financial Statement Details

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Financial Statement Details

Inventories

Inventories consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Finished goods	$	17,796	$	18,939
Raw materials and components	322		1,616
Total inventories	$	18,118	$	20,555

Prepaid expenses and other

Prepaid expenses and other consists of the following (in thousands):


	September 30, 2024		December 31, 2023

Rebate receivables	$	1,407	$	1,950
Receivables from contract manufacturers	716		1,823
Software licenses	770		504



Other	734		660
Total prepaid expenses and other	$	3,627	$	4,937

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Royalties	$	968	$	845
Payroll and related expenses	7,778		3,608

Professional fees	—		—
Accrued interest	2,042		1,038
Deferred revenue	9,212		2,717

Operating lease liabilities	1,303		1,226
Accrued contract manufacturing liabilities	5,049		7,537


Other	4,795		4,078
Total accrued expenses and other current liabilities	$	31,147	$	21,049

Other long-term liabilities

Other long-term liabilities consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Long-term deferred revenue	$	6,352	$	1,704

Other	147		647
Total other long-term liabilities	$	6,499	$	2,351

As of September 30, 2024, of the $6.4 million long-term deferred revenue balance, $5.9 million relates to performance obligations expected to be satisfied between one and two years, and $0.5 million relates to performance obligations expected to be satisfied between two and three years from September 30, 2024.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Noncancellable Purchase Obligations The Company typically enters into commitments with its contract manufacturers that require future purchases of goods or services in the three to four quarters following the balance sheet date. Such commitments are noncancellable (“noncancellable purchase obligations”). As of September 30, 2024, future payments under these noncancellable purchase obligations were approximately $64.3 million. Legal The Company is, from time to time, party to various legal proceedings arising in the ordinary course of business. The Company is regularly required to directly or indirectly participate in other U.S. patent infringement actions pursuant to its contractual indemnification obligations to certain customers. Based on an evaluation of these matters the Company currently believes that liabilities arising from, or sums paid in settlement of these existing matters, if any, would not have a material adverse effect on its consolidated results of operations or financial condition. Indemnification In the normal course of business, the Company periodically enters into agreements that require the Company to indemnify and defend its customers for, among other things, claims alleging that the Company’s products infringe upon third-party patents or other intellectual property rights. The Company’s maximum exposure under these indemnification provisions cannot be estimated but the Company does not believe that there are any matters individually or collectively that would have a material adverse effect on its consolidated results of operations or financial condition.

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s only financial instrument measured at fair value on a recurring basis is its interest make-whole payment derivative liability on its 2025 Convertible Notes (see Note 5 – Debt). The fair value of that liability was zero as of both September 30, 2024 and December 31, 2023.

The fair value of the interest make-whole payment derivative liability was determined using a Monte Carlo model using the following key assumptions:


	September 30, 2024		December 31, 2023
Volatility	90.80	%	77.00	%
Stock price	$16.33 per share		$2.20 per share
Credit spread	17.08	%	92.20	%
Term	0.59 years		1.34 years
Dividend yield	—	%	—	%
Risk-free rate	4.31	%	4.60	%

There was no change in the fair value of the interest make-whole liability for the three and nine months ended September 30, 2024 or September 30, 2023.

Other Financial Instruments

The carrying values of the Company’s other financial assets and liabilities approximate their fair values because of their short-term nature, with the exception of the 2025 Convertible Notes. The 2025 Convertible Notes are carried at amortized cost, adjusted for changes in the fair value of the embedded derivative.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details