0001022652-25-000012 | 10-Q | XBRL Viewer

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Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Debt Instrument [Line Items]
Other interest expense	$ 7	$ 78
Consolidated interest expense	1,026	2,179
Revolving Credit Facility
Debt Instrument [Line Items]
Contractual interest expense	0	222
Accretion of exit fee	0	75
Amortization of debt issuance costs	0	117
Total interest expense	0	414
2029 Senior Secured Notes \| Secured Debt
Debt Instrument [Line Items]
Contractual interest expense	920	0
Amortization of debt issuance costs	38	0
Amortization of debt discount/premium	(93)	0
Total interest expense	865	0
2029 Senior Secured Notes \| Secured Debt \| Related Party
Debt Instrument [Line Items]
Total interest expense	672	0
2025 Notes \| Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	121	1,315
Amortization of debt issuance costs	15	165
Amortization of debt discount/premium	18	207
Total interest expense	154	1,687
2025 Notes \| Convertible Debt \| Related Party
Debt Instrument [Line Items]
Total interest expense	$ 0	$ 209

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,570)	$ (4,455)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stockholders' Equity (Deficit)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Stockholders' Equity (Deficit)

Warrants

In connection with various debt restructuring agreements entered into during the year ended December 31, 2024, the Company issued warrants to purchase an aggregate of 3.0 million shares of the Company’s common stock, including the warrants noted in Note 5 – Debt. The warrants expire four years from their date of issuance and are exercisable on a cash basis at any time before their expiration dates. The warrants are subject to adjustment for stock splits, reverse stock splits, stock dividends and similar transactions and contain customary registration rights with respect to the shares of common stock issuable upon exercise of the warrants. The warrants issued during the year ended December 31, 2024 are the only outstanding warrants as of both March 31, 2025 and December 31, 2024. As of March 31, 2025, none of the warrants have been exercised.

The number and exercise price of the warrants issued and outstanding as of March 31, 2025 are as follows:


Issuance Date	Number of Shares to Purchase with Warrants	Exercise price
June 28, 2024	550,000	$	12.12
July 18, 2024	236,074	$	13.37
August 2, 2024	88,534	$	11.03
October 24, 2024	20,646	$	12.34
November 6, 2024	180,000	$	11.27
November 6, 2024	1,543,363	$	12.12
November 6, 2024	29,687	$	12.34
November 6, 2024	370,000	$	15.77
Total	3,018,304

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 March 31, 2025 and December 31, 2024, the Company had 25,000 shares of Series E preferred stock issued and outstanding. Dividends declared, but not paid, related to the Series E Preferred Stock resulted in $14.3 million and $13.4 million of dividends accrued, approximating $570.26 and $535.71 per preferred share, as of March 31, 2025 and December 31, 2024, respectively.

- Definition

The entire disclosure for equity.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment, Geographic, and Concentrations of Risk Information - Net Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 31,673	$ 37,505
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	31,620	35,476
Europe (including United Kingdom)
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	0	701
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 53	$ 1,328

- 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.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Financial Statement Details - Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Rebate receivables	$ 1,201	$ 3,495
Software licenses	1,325	1,034
Other	1,282	1,397
Total prepaid expenses and other	$ 3,808	$ 5,926

Share-based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) tradingDay $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	893,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General term (in years)	10 years
Unrecognized expense \| $	$ 5.4
Recognition period	3 years 8 months 4 days
Stock options \| 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under the plan (in shares)	5,775,308
Shares available for future issuance or purchase (in shares)	2,681,632
Stock options \| CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Threshold of trading days \| tradingDay	20
Threshold of consecutive trading days \| tradingDay	30
Granted (in shares)	850,000
Exercise price (in dollars per share) \| $ / shares	$ 18.46
Grant date fair value \| $	$ 6.7
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 2 months 23 days
Granted (in shares)	338,776
Unrecognized expense, RSU \| $	$ 9.2
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
Restricted Stock Units, Time-Based Vesting \| CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Granted (in shares)	124,347
RSUs grant date fair value \| $	$ 1.4
Restricted Stock Units, Service And Market Based Vesting \| CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Granted (in shares)	167,910
RSUs grant date fair value \| $	$ 3.2
Restricted Stock Units, Service And Market Based Vesting \| Minimum \| CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting range percentage	0.00%
Restricted Stock Units, Service And Market Based Vesting \| Maximum \| CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting range percentage	200.00%

Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation

The following table presents total share-based compensation expense within each functional line item on the condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025		2024
Cost of revenues	$	52	$	25
Research and development	268		160
Sales and marketing	146		164
General and administrative	1,135		339
Income from discontinued operations, net of tax	—		29
Total	$	1,601	$	717

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2025:






Outstanding — December 31, 2024			269,851
Granted			893,000
Exercised			(4,636)
Canceled			(36,732)
Outstanding — March 31, 2025			1,121,483

Exercisable — March 31, 2025			134,598

Schedule of Stock Options, Valuation Assumptions

The following table details the key assumptions utilized in the Monte Carlo simulation model used to calculate the grant-date fair value of the awards:


	January 6, 2025
Valuation date stock price	$	11.23
Simulation term (years)	10
Risk-free interest rate	4.57		%
Volatility	84.00		%
Expected dividend yield	—		%

The following table details the key assumptions utilized in the Monte Carlo simulation model used to calculate the grant-date fair value of the Market-based CEO RSUs:


	January 6, 2025
Valuation date stock price	$	11.23
Simulation term (years)	3
Risk-free interest rate	4.25		%
Volatility	105.63		%
Expected dividend yield	—		%
Correlation coefficient	0.3741

Schedule of Restricted Stock Unit Activity

The following table summarizes the Company’s RSU activity for the three months ended March 31, 2025:






Non-vested — December 31, 2024			1,111,841
Granted			338,776
Vested			(51,534)
Forfeited			(81,277)
Non-vested — March 31, 2025			1,317,806

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table sets forth the fair value of the financial assets and liabilities measured on a recurring basis and indicates the fair value hierarchy utilized to determine such fair value (in thousands):


	March 31, 2025
	Total	Level 1	Level 2	Level 3
Assets:
Cash equivalents:
Money market funds	33,406	33,406	—	—

Total cash equivalents	33,406	33,406	—	—

No transfers between levels occurred during the three months ended March 31, 2025 or March 31, 2024.

The Company also has an interest make-whole payment derivative liability on its 2025 Convertible Notes (as defined in Note 5 – Debt) that is measured at fair value on a recurring basis. The fair value of that liability was zero as of both March 31, 2025 and December 31, 2024. The interest make-whole payment derivative liability is a Level 3 instrument and was valued using a Monte Carlo model.

During the three months ended March 31, 2025 and 2024, there were no conversions of the 2025 Convertible Notes into shares of the Company’s common stock. There was also no change in the fair value of the interest make-whole liability for the three months ended March 31, 2025 or March 31, 2024.

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 2029 Senior Secured Notes (as defined in Note 5 – Debt) and 2025 Convertible Notes. The 2029 Senior Secured Notes and 2025 Convertible Notes are carried at amortized cost, with the 2025 Convertible notes being adjusted for changes in fair value of the embedded interest make-whole payment 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Share-based Compensation - Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 1,601	$ 717
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	52	25
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	268	160
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	146	164
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	1,135	339
Income from discontinued operations, net of tax
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 0	$ 29

Financial Statement Details - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Royalties	$ 460	$ 954
Payroll and related expenses	4,401	7,997
Accrued interest	1,968	926
Deferred revenue	9,438	9,245
Operating lease liabilities	1,389	1,346
Accrued contract manufacturing liabilities	4,841	4,772
Other	3,569	4,893
Total accrued expenses and other current liabilities	$ 26,066	$ 30,133

Discontinued Operations and Held for Sale - Condensed Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax	$ (400)	$ 1,061
Discontinued Operations, Held-for-Sale \| Telematics Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross profit from discontinued operations	0	4,148
Research and development	0	361
Sales and marketing	0	1,155
General and administrative	0	1,028
Depreciation and amortization	0	343
Total operating costs and expenses	0	2,887
Operating income from discontinued operations	0	1,261
Interest income, net	0	5
Other income (expense), net	0	15
Income from discontinued operations before income taxes	0	1,281
Income tax provision	400	220
Income (loss) from discontinued operations, net of tax	(400)	1,061
Discontinued Operations, Held-for-Sale \| Telematics Business \| Product
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross profit from discontinued operations	0	7,504
Discontinued Operations, Held-for-Sale \| Telematics Business \| Services and other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross profit from discontinued operations	$ 0	$ 3,356

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	May 01, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
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	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,007,562
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001022652
Current Fiscal Year End Date	--12-31
Non-Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Adopted	false

Financial Statement Details - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term deferred revenue	$ 2,567	$ 4,608
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 2,500
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 100
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 years

Discontinued Operations and Held for Sale

3 Months Ended

Mar. 31, 2025

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. On November 27, 2024, the Company completed the sale of its Telematics Business.

The operating results of the discontinued operations only reflect revenues and expenses that are directly attributable to the Telematics Business. 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 months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
		2025		2024
Services and other revenues		$	—	$	7,504
Services and other cost of revenues		—		3,356
Gross profit from discontinued operations		—		4,148
Operating costs and expenses:
Research and development		—		361
Sales and marketing		—		1,155
General and administrative		—		1,028
Depreciation and amortization		—		343

Total operating costs and expenses		—		2,887
Operating income from discontinued operations		—		1,261
Other (expense) income:
Interest income, net		—		5
Other income (expense), net		—		15

Income from discontinued operations before income taxes		—		1,281
Income tax provision		400		220
Income (loss) from discontinued operations, net of tax		$	(400)	$	1,061

Income taxes related to discontinued operations in the three months ended March 31, 2025 relate to the deregistration process for the Company’s remaining subsidiaries in South Africa, which do not have operations. As the sale of the Telematics Business was completed on November 27, 2024, there were no assets or liabilities held for sale as of either March 31, 2025 or December 31, 2024.

Share-based Compensation - Activity (Details)	3 Months Ended
Share-based Compensation - Activity (Details)	Mar. 31, 2025 shares
Stock Options
Outstanding — beginning balance (in shares)	269,851
Granted (in shares)	893,000
Exercised (in shares)	(4,636)
Cancelled (in shares)	(36,732)
Outstanding — ending balance (in shares)	1,121,483
Exercisable — ending balance (in shares)	134,598
RSUs
Restricted Stock Units
Non-vested — beginning balance (in shares)	1,111,841
Granted (in shares)	338,776
Vested (in shares)	(51,534)
Forfeited (in shares)	(81,277)
Non-vested — ending balance (in shares)	1,317,806

Segment, Geographic, and Concentrations of Risk Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table details the revenues, significant expenses and other segment items regularly provided to the CODM:


	Three Months Ended March 31,
	2025		2024
Revenues	$	31,673	$	37,505
Less:
Adjusted cost of revenues (1)	16,638		24,236
Adjusted research and development (2)	4,267		4,523
Adjusted sales and marketing (2)	3,788		3,674
Adjusted general and administrative (3)	3,355		3,618
Adjusted depreciation and amortization (4)	1,748		2,962
Capitalizable software development expenditures	2,376		583
Capitalized software development expenditures	(2,376)		(583)
Share-based compensation	1,601		687
Amortization of purchased intangible assets related to business combinations	316		330
Impairment of capitalized software	384		420




Interest expense	1,026		2,179
Other (income) expense, net	(303)		375
Income tax provision	23		17
Segment net income (loss)	$	(1,170)	$	(5,516)
Reconciliation of profit or loss
Income from discontinued operations, net of tax	(400)		1,061
Consolidated net income (loss)	$	(1,570)	$	(4,455)
(1) Excludes any share-based compensation expense.
(2) Excludes any depreciation and amortization or share-based compensation expense.
(3) Excludes any depreciation and amortization, share-based compensation expense, right-of-use asset impairments, or debt restructuring costs.
(4) Excludes amortization of purchased intangible assets.

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 March 31,
	2025		2024
United States and Canada	$	31,620	$	35,476
Europe (including United Kingdom)	$	—	$	701
Australia	$	53	$	1,328

Total	$	31,673	$	37,505

Financial Statement Details - Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term deferred revenue	$ 2,567	$ 4,608
Other	147	147
Total other long-term liabilities	$ 2,714	$ 4,755

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financial liabilities fair value	$ 0		$ 0
Gain on change in fair value of embedded derivative	0	$ 0
2025 Notes \| Convertible Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
2025 Convertible notes	$ 0	$ 0

Nature of Business and Significant Accounting Policies (Details) $ in Millions		3 Months Ended
	Jan. 24, 2024 shares	Mar. 31, 2025 segment	Jan. 31, 2025 USD ($)	Sep. 16, 2024 USD ($)
Product Information [Line Items]
Fractional shares issued (in shares) \| shares	0
Stock split, conversion ratio	0.1
Number of reportable segments \| segment		1
Discontinued Operations, Held-for-Sale \| Inseego International Holdings Limited
Product Information [Line Items]
Consideration for divestiture				$ 52.0
Increase in consideration due to closing working capital and debt			$ 0.7

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Allowance on accounts receivable	$ 144,000	$ 123,000
Property, plant and equipment, accumulated depreciation	29,119,000	28,897,000
Intangible assets - accumulated amortization	$ 35,180,000	$ 33,558,000
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)	15,007,437	14,990,712
Common stock, shares outstanding (in shares)	15,007,437	14,990,712
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	$ 39,256,000	$ 39,256,000

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Noncancellable purchase obligations	$ 44.1

Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

2029 Senior Secured Notes

On November 6, 2024, the Company issued to multiple noteholders approximately $40.9 million in principal amount of new senior secured notes due in 2029 (the “2029 Senior Secured Notes”). The 2029 Senior Secured Notes bear interest at 9.0% per annum, to be paid in cash, in arrears, on a semi-annual basis, and have a maturity date of May 1, 2029. The Company may, subject to certain provisions, issue additional principal amounts of the 2029 Senior Secured Notes with the same terms as the notes issued on November 6, 2024, with the exception of the first date on which interest expense begins to accrue.

The 2029 Senior Secured Notes are secured by a first priority lien on substantially all of the Company’s assets. The Company may redeem all or part of the 2029 Senior Secured Notes at any time prior to May 1, 2029 at a redemption price equal to 100% of the principal amount of the 2029 Senior Secured Notes to be redeemed, plus the present value of the sum of all required interest payments from such redemption date through May 1, 2029 at such redemption date, plus accrued and unpaid interest on such 2029 Senior Secured Notes to, but excluding, the redemption date.

As of March 31, 2025, $40.9 million of principal of the 2029 Senior Secured Notes was outstanding, $31.8 million of which was held by related parties.

The 2029 Senior Secured Notes, net consists of the following (in thousands):


	March 31, 2025		December 31, 2024
Principal gross amount	$	40,879	$	40,879
Add: unamortized debt premium	1,527		1,621
Less: unamortized issuance costs	(631)		(670)
Net carrying amount	$	41,775	$	41,830

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 3.25% convertible senior notes due in 2025 (the “2025 Convertible Notes”).

The 2025 Convertible Notes matured on May 1, 2025. The 2025 Convertible Notes were senior unsecured obligations of the Company and bore interest at an annual rate of 3.25%, which was payable semi-annually in arrears on May 1 and November 1 of each year.

Repurchases and Exchanges of 2025 Convertible Note

Throughout the year ended December 31, 2024, the Company entered into a series of repurchase and exchange agreements with various holders of the Company’s 2025 Convertible Notes, some of whom were considered related parties of the Company. In summary, as a result of these repurchase and exchange agreements, the Company exchanged $146.9 million of outstanding principal of the 2025 Convertible Notes in exchange for $33.8 million of cash, $40.9 million of principal of the 2029 Senior Secured Notes, 2.9 million shares of the Company’s common stock, and warrants to purchase an aggregate of approximately 2.5 million shares of the Company’s common stock.

As of both March 31, 2025 and December 31, 2024, $14.9 million of principal amount of the 2025 Convertible Notes was outstanding, none of which was held by related parties.

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


	March 31, 2025		December 31, 2024
Principal	$	14,949	$	14,949
Add: fair value of embedded derivative	—		$	—
Less: unamortized debt discount	(6)		$	(25)
Less: unamortized issuance costs	(5)		$	(19)
Net carrying amount	$	14,938	$	14,905

The 2025 Convertible Notes reached maturity and were repaid in full, including all accrued interest, on May 1, 2025.

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.

Interest Expense, Summary

The following table sets forth total interest expense, annualized effective interest rate, and interest expense related to related parties, if applicable, for each of the debt instruments detailed above (in thousands, except for percentages):


	Three Months Ended March 31,
	2025		2024
2029 Senior Secured Notes
Contractual interest expense	$	920	$	—
Amortization of debt issuance costs	38		—
Amortization of debt discount/premium	(93)		—
Total interest expense	$	865	$	—
Related party interest expense	$	672	$	—

2025 Convertible Notes
Contractual interest expense	$	121	$	1,315
Amortization of debt issuance costs	15		165
Amortization of debt discount/premium	18		207
Total interest expense	$	154	$	1,687
Related party interest expense	$	—	$	209







Credit Facility
Contractual interest expense	$	—	$	222
Accretion of exit fee	—		75
Amortization of debt issuance costs	—		117
Total interest expense	$	—	$	414

Other interest expense	$	7	$	78
Consolidated interest expense	$	1,026	$	2,179

The annualized effective interest rates, including the impact of non-cash interest expense, for the 2029 Senior Secured Notes and 2025 Convertible Notes for the three months ended March 31, 2025 was 8.5% and 4.1%, respectively. The annualized effective interest rates, including the impact of non-cash interest expense, for the 2025 Convertible Notes and Credit Facility for the three months ended March 31, 2024 was 4.2% and 29.7%, respectively.

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-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
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-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
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-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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-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
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-Section 50
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-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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Share-based Compensation - Schedule of Stock Options, Valuation Assumptions (Details) - CEO	Jan. 06, 2025 $ / shares
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation date stock price (in dollars per share)	$ 11.23
Simulation term (years)	10 years
Risk-free interest rate	4.57%
Volatility	84.00%
Expected dividend yield	0.00%
Restricted Stock Units, Service And Market Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation date stock price (in dollars per share)	$ 11.23
Simulation term (years)	3 years
Risk-free interest rate	4.25%
Volatility	105.63%
Expected dividend yield	0.00%
Correlation coefficient	0.3741

Segment, Geographic, and Concentrations of Risk Information - Revenues, Significant Expenses and Other Segment Items (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Revenues	$ 31,673	$ 37,505
Less:
Share-based compensation	1,601	717
Impairment of capitalized software	384	420
Interest expense	1,026	2,179
Other (income) expense, net	(303)	375
Income tax provision	23	17
Income (Loss) from continuing operations	(1,170)	(5,516)
Income from discontinued operations, net of tax	(400)	1,061
Net income (loss)	(1,570)	(4,455)
Reportable Segment
Segment Reporting Information [Line Items]
Revenues	31,673	37,505
Less:
Adjusted cost of revenues	16,638	24,236
Adjusted research and development	4,267	4,523
Adjusted sales and marketing	3,788	3,674
Adjusted general and administrative	3,355	3,618
Adjusted depreciation and amortization	1,748	2,962
Capitalizable software development expenditures	2,376	583
Capitalized software development expenditures	(2,376)	(583)
Share-based compensation	1,601	687
Amortization of purchased intangible assets related to business combinations	316	330
Impairment of capitalized software	384	420
Interest expense	1,026	2,179
Other (income) expense, net	(303)	375
Income tax provision	23	17
Income (Loss) from continuing operations	(1,170)	(5,516)
Income from discontinued operations, net of tax	(400)	1,061
Net income (loss)	$ (1,570)	$ (4,455)

Discontinued Operations and Held for Sale (Tables)

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations, Condensed Consolidated Statements of Operations, Comprehensive Income

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 months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
		2025		2024
Services and other revenues		$	—	$	7,504
Services and other cost of revenues		—		3,356
Gross profit from discontinued operations		—		4,148
Operating costs and expenses:
Research and development		—		361
Sales and marketing		—		1,155
General and administrative		—		1,028
Depreciation and amortization		—		343

Total operating costs and expenses		—		2,887
Operating income from discontinued operations		—		1,261
Other (expense) income:
Interest income, net		—		5
Other income (expense), net		—		15

Income from discontinued operations before income taxes		—		1,281
Income tax provision		400		220
Income (loss) from discontinued operations, net of tax		$	(400)	$	1,061

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 205
-SubTopic 20
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

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

Total

Preferred Stock

Common Stock

Additional Paid-in Capital

^[1]

Accumulated Deficit

Accumulated Other Comprehensive (Loss) Income

Preferred stock, beginning balance (in shares) at Dec. 31, 2023

25,000

Beginning balance at Dec. 31, 2023

$ (102,105)

$ 0

$ 12

^[1]

$ 810,138

$ (906,928)

$ (5,327)

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

^[1]

11,879,000

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

Net income (loss)

(4,455)

Foreign currency translation adjustment

262

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

^[1]

4,000

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

(8)

Share-based compensation

717

Preferred stock dividends

790

(790)

Preferred stock, ending balance (in shares) at Mar. 31, 2024

25,000

Ending balance at Mar. 31, 2024

(105,589)

$ 0

$ 12

^[1]

811,637

(912,173)

(5,065)

Ending balance, shares (in shares) at Mar. 31, 2024

^[1]

11,883,000

Preferred stock, beginning balance (in shares) at Dec. 31, 2024

25,000

Beginning balance at Dec. 31, 2024

$ (12,858)

$ 0

$ 15

^[1]

892,534

(905,625)

218

Beginning balance, shares (in shares) at Dec. 31, 2024

14,990,712

14,991,000

^[1]

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

Net income (loss)

$ (1,570)

(1,570)

Foreign currency translation adjustment

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

^[1]

16,000

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

(174)

Share-based compensation

1,601

Preferred stock dividends

864

(864)

Preferred stock, ending balance (in shares) at Mar. 31, 2025

25,000

Ending balance at Mar. 31, 2025

$ (12,995)

$ 0

$ 15

^[1]

$ 894,825

$ (908,059)

$ 224

Ending balance, shares (in shares) at Mar. 31, 2025

15,007,437

15,007,000

^[1]

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

Debt - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
2029 Senior Secured Notes \| Secured Debt
Debt Instrument [Line Items]
Principal	$ 40,879	$ 40,879
Add: unamortized debt premium	1,527	1,621
Less: unamortized issuance costs	(631)	(670)
Net carrying amount	41,775	41,830
2025 Notes \| Convertible Debt
Debt Instrument [Line Items]
Principal	14,949	14,949
Add: fair value of embedded derivative	0	0
Less: unamortized debt discount	(6)	(25)
Less: unamortized issuance costs	(5)	(19)
Net carrying amount	$ 14,938	$ 14,905

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	March 31, 2025
	Total	Level 1	Level 2	Level 3
Assets:
Cash equivalents:
Money market funds	33,406	33,406	—	—

Total cash equivalents	33,406	33,406	—	—

Financial Statement Details

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Financial Statement Details

Inventories

Inventories consist of the following (in thousands):


	March 31, 2025		December 31, 2024
Finished goods	$	15,113	$	13,531
Raw materials and components	—		44
Total inventories	$	15,113	$	13,575

Prepaid expenses and other

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


	March 31, 2025		December 31, 2024

Rebate receivables	$	1,201	$	3,495

Software licenses	1,325		1,034



Other	1,282		1,397
Total prepaid expenses and other	$	3,808	$	5,926

Accrued expenses and other current liabilities

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


	March 31, 2025		December 31, 2024
Royalties	$	460	$	954
Payroll and related expenses	4,401		7,997


Accrued interest	1,968		926
Deferred revenue	9,438		9,245

Operating lease liabilities	1,389		1,346
Accrued contract manufacturing liabilities	4,841		4,772


Other	3,569		4,893
Total accrued expenses and other current liabilities	$	26,066	$	30,133

Other long-term liabilities

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


	March 31, 2025		December 31, 2024
Long-term deferred revenue	$	2,567	$	4,608

Other	147		147
Total other long-term liabilities	$	2,714	$	4,755

As of March 31, 2025, of the $2.6 million long-term deferred revenue balance, $2.5 million relates to performance obligations expected to be satisfied between one and two years, and $0.1 million relates to performance obligations expected to be satisfied between two and three years from March 31, 2025.

Earnings (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Earnings per Share

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


	Income/(Loss) (Numerator)		Shares* (Denominator)	Per-Share Amount**
For the three months ended March 31, 2025
Basic and Diluted EPS
Income (loss) from continuing operations	$	(1,170)
Less: preferred stock dividends	(864)
Income (loss) from continuing operations attributable to common stockholders	(2,034)		15,002	$	(0.14)
Income from discontinued operations, net of tax	(400)		15,002	$	(0.03)
Income (loss) attributable to common stockholders	$	(2,434)	15,002	$	(0.16)



















For the three months ended March 31, 2024
Basic and Diluted EPS
Income (loss) from continuing operations	$	(5,516)
Less: preferred stock dividends	(790)
Income (loss) from continuing operations attributable to common stockholders	(6,306)		11,880	$	(0.53)
Income from discontinued operations, net of tax	1,061		11,880	$	0.09
Income (loss) attributable to common stockholders	$	(5,245)	11,880	$	(0.44)

(*) 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

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 March 31, 2025 and 2024 (in thousands):


	As of March 31,
	2025	2024
2025 Convertible Notes	119	1,338
Common stock warrants	3,018	—
Non-qualified stock options	1,121	448
Restricted stock units	1,318	186
Employee stock purchase plan	29	26
Total	5,605	1,998

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount of Debt

The 2029 Senior Secured Notes, net consists of the following (in thousands):


	March 31, 2025		December 31, 2024
Principal gross amount	$	40,879	$	40,879
Add: unamortized debt premium	1,527		1,621
Less: unamortized issuance costs	(631)		(670)
Net carrying amount	$	41,775	$	41,830

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


	March 31, 2025		December 31, 2024
Principal	$	14,949	$	14,949
Add: fair value of embedded derivative	—		$	—
Less: unamortized debt discount	(6)		$	(25)
Less: unamortized issuance costs	(5)		$	(19)
Net carrying amount	$	14,938	$	14,905

Schedule of Interest Expense


	Three Months Ended March 31,
	2025		2024
2029 Senior Secured Notes
Contractual interest expense	$	920	$	—
Amortization of debt issuance costs	38		—
Amortization of debt discount/premium	(93)		—
Total interest expense	$	865	$	—
Related party interest expense	$	672	$	—

2025 Convertible Notes
Contractual interest expense	$	121	$	1,315
Amortization of debt issuance costs	15		165
Amortization of debt discount/premium	18		207
Total interest expense	$	154	$	1,687
Related party interest expense	$	—	$	209







Credit Facility
Contractual interest expense	$	—	$	222
Accretion of exit fee	—		75
Amortization of debt issuance costs	—		117
Total interest expense	$	—	$	414

Other interest expense	$	7	$	78
Consolidated interest expense	$	1,026	$	2,179

Share-based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

During the three months ended March 31, 2025 and 2024, 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 2018 Plan authorizes 5,775,308 shares, of which 2,681,632 remain available for future grants as of March 31, 2025.


	Three Months Ended March 31,
	2025		2024
Cost of revenues	$	52	$	25
Research and development	268		160
Sales and marketing	146		164
General and administrative	1,135		339
Income from discontinued operations, net of tax	—		29
Total	$	1,601	$	717

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, which generally only include time-based vesting requirements. 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 three months ended March 31, 2025:






Outstanding — December 31, 2024			269,851
Granted			893,000
Exercised			(4,636)
Canceled			(36,732)
Outstanding — March 31, 2025			1,121,483

Exercisable — March 31, 2025			134,598

During the three months ended March 31, 2025, the Company granted stock options to the CEO in connection with his hiring on January 6, 2025. These stock options contain a requirement that in order to be exercisable, the Company’s closing stock price must exceed the exercise price of the awards for 20 of the 30 trading-days immediately prior to the requested exercise date. The Company granted a total of 850,000 of these options to the CEO at a weighted average exercise price of $18.46. The total grant-date fair value of the options was $6.7 million and will be expensed over the four-year vesting term of the awards.

These options granted to the Company’s CEO were valued using a Monte Carlo simulation model. The following table details the key assumptions utilized in the Monte Carlo simulation model used to calculate the grant-date fair value of the awards:


	January 6, 2025
Valuation date stock price	$	11.23
Simulation term (years)	10
Risk-free interest rate	4.57		%
Volatility	84.00		%
Expected dividend yield	—		%

At March 31, 2025, total unrecognized compensation expense related to stock options was $5.4 million, which is expected to be recognized over a weighted-average period of 3.68 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 three months ended March 31, 2025:






Non-vested — December 31, 2024			1,111,841
Granted			338,776
Vested			(51,534)
Forfeited			(81,277)
Non-vested — March 31, 2025			1,317,806

During the three months ended March 31, 2025, the Company granted RSUs to the CEO in connection with his hiring on January 6, 2025. The Company granted the CEO 124,347 RSUs that contain a time-based vesting requirement (“Time-based CEO RSUs”) with a total grant-date fair value of $1.4 million that vest over four years. The Company also granted the CEO RSUs that contain a market-based vesting condition in addition to a time-based vesting requirement (“Market-based CEO RSUs”). The Company granted 167,910 of these Market-based CEO RSUs with a total grant-date fair value of $3.2 million that will be expensed over the three-year vesting term of the awards. The actual number of shares to be issued upon completion of the time-based vesting requirement of the Market-based CEO RSUs is dependent upon the Company’s share price performance relative to the total shareholder return of Russell Microcap Index (“rTSR”) over the vesting period, ranging from 0% to 200% of the number of market-based RSUs granted. The following table details the key assumptions utilized in the Monte Carlo simulation model used to calculate the grant-date fair value of the Market-based CEO RSUs:


	January 6, 2025
Valuation date stock price	$	11.23
Simulation term (years)	3
Risk-free interest rate	4.25		%
Volatility	105.63		%
Expected dividend yield	—		%
Correlation coefficient	0.3741

At March 31, 2025, total unrecognized compensation expense related to RSUs, including the RSUs with a market based condition discussed above, was $9.2 million, which is expected to be recognized over a weighted-average period of 3.23 years.

Debt - Narrative (Details) - USD ($)			12 Months Ended
Debt - Narrative (Details) - USD ($)	Nov. 06, 2024	May 02, 2023	Dec. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Aug. 31, 2022	Dec. 31, 2020
Debt Instrument [Line Items]
Number of securities called by warrants or rights (in shares)				3,018,304
Revolving Credit Facility
Debt Instrument [Line Items]
Debt aggregate face amount		$ 4,000,000
Maximum borrowing capacity						$ 50,000,000
Minimum draw		8,500,000				$ 4,500,000
Line of credit increase		$ 4,000,000
Effective interest rate					29.70%
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%
2029 Senior Secured Notes \| Secured Debt
Debt Instrument [Line Items]
Debt aggregate face amount	$ 40,900,000
Stated interest rate of debt issued	9.00%
Redemption price as a percentage of principal amount	100.00%
Carrying amount of debt			$ 40,879,000	$ 40,879,000
Repurchased face amount			40,900,000
Effective interest rate				8.50%
2029 Senior Secured Notes \| Secured Debt \| Related Party
Debt Instrument [Line Items]
Carrying amount of debt				$ 31,800,000
2025 Notes \| Convertible Debt
Debt Instrument [Line Items]
Stated interest rate of debt issued							3.25%
Carrying amount of debt			14,949,000	$ 14,949,000
Repurchased face amount			146,900,000
Debt instrument, repurchase amount			$ 33,800,000
Issuance of common shares in connection with a public offering, net of issuance costs (in shares)			2,900,000
Number of securities called by warrants or rights (in shares)			2,500,000
Effective interest rate				4.10%	4.20%
2025 Notes \| Convertible Debt \| Related Party
Debt Instrument [Line Items]
Carrying amount of debt			$ 0	$ 0

Segment, Geographic, and Concentrations of Risk Information - Narrative (Details) - segment	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Segment Reporting Information [Line Items]
Number of reportable segments	1
Net Revenues \| Customer concentration risk \| Customer one
Segment Reporting Information [Line Items]
Concentration percentage	54.60%	47.20%
Net Revenues \| Customer concentration risk \| Customer two
Segment Reporting Information [Line Items]
Concentration percentage	35.10%	21.90%
Accounts Receivable \| Credit concentration risk \| Customer one
Segment Reporting Information [Line Items]
Concentration percentage	45.60%		33.60%
Accounts Receivable \| Credit concentration risk \| Customer two
Segment Reporting Information [Line Items]
Concentration percentage	31.40%		22.80%
Accounts Receivable \| Credit concentration risk \| Customer three
Segment Reporting Information [Line Items]
Concentration percentage			18.80%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income (loss)	$ (1,570)	$ (4,455)
Adjustments to reconcile net loss to net cash used in (provided by) operating activities:
(Income) Loss from discontinued operations, net of tax	400	(1,061)
Depreciation and amortization	2,098	3,338
Provision for expected credit losses	14	(41)
Impairment of capitalized software	384	420
Provision for excess and obsolete inventory	680	128
Share-based compensation expense	1,601	688
Amortization of debt discount and debt issuance costs	(22)	489
Deferred income taxes	3	3
Non-cash operating lease expense	263	252
Changes in assets and liabilities:
Accounts receivable	1,698	238
Inventories	(2,218)	1,880
Prepaid expenses and other assets	1,346	(460)
Accounts payable	(850)	(734)
Accrued expenses and other liabilities	(6,972)	3,563
Operating lease liabilities	(322)	(306)
Operating cash flows from continuing operations	(3,467)	3,942
Operating cash flows from discontinued operations	0	1,298
Net cash used in (provided by) operating activities	(3,467)	5,240
Cash flows from investing activities:
Purchases of property, plant and equipment	(32)	0
Additions to capitalized software development costs and purchases of intangible assets	(1,693)	(577)
Investing cash flows from continuing operations	(1,725)	(577)
Investing cash flows from discontinued operations	710	0
Net cash used in investing activities	(1,015)	(577)
Cash flows from financing activities:
Net borrowings on revolving credit facility	0	583
Proceeds from stock option exercises and employee stock purchase plan, net of taxes	42	0
Financing cash flows from continuing operations	42	583
Financing cash flows from discontinued operations	0	0
Net cash provided by financing activities	42	583
Effect of exchange rates on cash	(7)	226
Net decrease (increase) in cash and cash equivalents	(4,447)	5,472
Cash and cash equivalents, beginning of period	39,596	2,409
Cash and cash equivalents, end of period	35,149	7,881
Cash paid during the year for:
Interest	7	147
Income taxes	57	44
Supplemental disclosures of non-cash investing and financing activities:
Capital expenditures financed through accounts payable or accrued liabilities	$ 918	$ 104

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 35,149	$ 39,596
Accounts receivable, net of allowance for expected credit losses of $144 and $123, respectively	12,091	13,803
Inventories	15,113	13,575
Prepaid expenses and other	3,808	5,926
Total current assets	66,161	72,900
Property, plant and equipment, net of accumulated depreciation of $29,119 and $28,897, respectively	922	1,102
Intangible assets, net of accumulated amortization of $35,180 and $33,558, respectively	18,864	18,747
Goodwill	3,949	3,949
Operating lease right-of-use assets	2,592	2,855
Other assets	508	446
Total assets	92,996	99,999
Current liabilities:
Accounts payable	18,059	18,433
Accrued expenses and other current liabilities	26,066	30,133
2025 Convertible Notes, net	14,938	14,905
Total current liabilities	59,063	63,471
Long-term liabilities:
Operating lease liabilities	2,262	2,627
Deferred tax liabilities, net	177	174
2029 Senior Secured Notes, net	41,775	41,830
Other long-term liabilities	2,714	4,755
Total liabilities	105,991	112,857
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 both March 31, 2025 and December 31, 2024 (aggregate liquidation preference of $39,256,278 as of March 31, 2025)	0	0
Common stock, par value $0.001; 150,000,000 shares authorized, 15,007,437 and 14,990,712 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	15	15
Additional paid-in capital	894,825	892,534
Accumulated other comprehensive loss	224	218
Accumulated deficit	(908,059)	(905,625)
Total stockholders’ deficit	(12,995)	(12,858)
Total liabilities and stockholders’ deficit	$ 92,996	$ 99,999

Financial Statement Details - Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods	$ 15,113	$ 13,531
Raw materials and components	0	44
Total inventories	$ 15,113	$ 13,575

Earnings (Loss) per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	5,605	1,998
2025 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	119	1,338
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	3,018	0
Non-qualified stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	1,121	448
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	1,318	186
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	29	26

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Discontinued operations tax provision	$ 400	$ 220

Stockholders' Equity (Deficit) - Issuance of Warrants (Details)	Mar. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Number of Shares to Purchase with Warrants (in shares)	3,018,304
Warrants Issuance Date June 28, 2024
Class of Stock [Line Items]
Number of Shares to Purchase with Warrants (in shares)	550,000
Exercise price (in dollars per share) \| $ / shares	$ 12.12
Warrants Issuance Date July 18, 2024
Class of Stock [Line Items]
Number of Shares to Purchase with Warrants (in shares)	236,074
Exercise price (in dollars per share) \| $ / shares	$ 13.37
Warrants Issuance Date August 02, 2024
Class of Stock [Line Items]
Number of Shares to Purchase with Warrants (in shares)	88,534
Exercise price (in dollars per share) \| $ / shares	$ 11.03
Warrants Issuance Date October 24, 2024
Class of Stock [Line Items]
Number of Shares to Purchase with Warrants (in shares)	20,646
Exercise price (in dollars per share) \| $ / shares	$ 12.34
Warrant Issuance Date November 06, 2024, One
Class of Stock [Line Items]
Number of Shares to Purchase with Warrants (in shares)	180,000
Exercise price (in dollars per share) \| $ / shares	$ 11.27
Warrant Issuance Date November 06, 2024, Two
Class of Stock [Line Items]
Number of Shares to Purchase with Warrants (in shares)	1,543,363
Exercise price (in dollars per share) \| $ / shares	$ 12.12
Warrant Issuance Date November 06, 2024, Three
Class of Stock [Line Items]
Number of Shares to Purchase with Warrants (in shares)	29,687
Exercise price (in dollars per share) \| $ / shares	$ 12.34
Warrant Issuance Date November 06, 2024, Four
Class of Stock [Line Items]
Number of Shares to Purchase with Warrants (in shares)	370,000
Exercise price (in dollars per share) \| $ / shares	$ 15.77

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Assets:
Total cash equivalents	$ 33,406
Money market funds
Assets:
Total cash equivalents	33,406
Level 1
Assets:
Total cash equivalents	33,406
Level 1 \| Money market funds
Assets:
Total cash equivalents	33,406
Level 2
Assets:
Total cash equivalents	0
Level 2 \| Money market funds
Assets:
Total cash equivalents	0
Level 3
Assets:
Total cash equivalents	0
Level 3 \| Money market funds
Assets:
Total cash equivalents	$ 0

Stockholders' Equity (Deficit) (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

The number and exercise price of the warrants issued and outstanding as of March 31, 2025 are as follows:


Issuance Date	Number of Shares to Purchase with Warrants	Exercise price
June 28, 2024	550,000	$	12.12
July 18, 2024	236,074	$	13.37
August 2, 2024	88,534	$	11.03
October 24, 2024	20,646	$	12.34
November 6, 2024	180,000	$	11.27
November 6, 2024	1,543,363	$	12.12
November 6, 2024	29,687	$	12.34
November 6, 2024	370,000	$	15.77
Total	3,018,304

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
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 March 31, 2025, future payments under these noncancellable purchase obligations were approximately $44.1 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.

Segment, Geographic, and Concentrations of Risk Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment, Geographic, and Concentrations of Risk Information

Segment Information

As previously detailed in Note 1 – Nature of Business and Significant Accounting Policies, the Company operates as one reportable segment. As of March 31, 2025, the Company’s CODM was its CEO. The Company’s CODM does not manage any part of the Company separately, and the allocation of resources and assessment of performance is based solely on the Company’s consolidated operations and financial results. The accounting policies of our single reportable segment are the same as those described in Note 1 – Nature of Business and Significant Accounting Policies.

The CODM uses net income (loss) in evaluating the performance of our single reportable segment and determining how to allocate resources of the Company as a whole, including investing in our products, services and customers. As the Company only has one reportable segment, the measure of segment assets is reported on the balance sheet as total consolidated assets.

The following table details the revenues, significant expenses and other segment items regularly provided to the CODM:


	Three Months Ended March 31,
	2025		2024
Revenues	$	31,673	$	37,505
Less:
Adjusted cost of revenues (1)	16,638		24,236
Adjusted research and development (2)	4,267		4,523
Adjusted sales and marketing (2)	3,788		3,674
Adjusted general and administrative (3)	3,355		3,618
Adjusted depreciation and amortization (4)	1,748		2,962
Capitalizable software development expenditures	2,376		583
Capitalized software development expenditures	(2,376)		(583)
Share-based compensation	1,601		687
Amortization of purchased intangible assets related to business combinations	316		330
Impairment of capitalized software	384		420




Interest expense	1,026		2,179
Other (income) expense, net	(303)		375
Income tax provision	23		17
Segment net income (loss)	$	(1,170)	$	(5,516)
Reconciliation of profit or loss
Income from discontinued operations, net of tax	(400)		1,061
Consolidated net income (loss)	$	(1,570)	$	(4,455)
(1) Excludes any share-based compensation expense.
(2) Excludes any depreciation and amortization or share-based compensation expense.
(3) Excludes any depreciation and amortization, share-based compensation expense, right-of-use asset impairments, or debt restructuring costs.
(4) Excludes amortization of purchased intangible assets.

Geographic Information

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


	Three Months Ended March 31,
	2025		2024
United States and Canada	$	31,620	$	35,476
Europe (including United Kingdom)	$	—	$	701
Australia	$	53	$	1,328

Total	$	31,673	$	37,505

Substantially all of the Company’s long-term assets are located within the United States.

Concentrations of Credit Risk

Customer Concentrations

For the three months ended March 31, 2025, two customers accounted for 54.6% and 35.1% of revenues, respectively. For the three months ended March 31, 2024, two customers accounted for 47.2% and 21.9% of revenues, respectively.

As of March 31, 2025, two customers accounted for 45.6% and 31.4% of accounts receivable, net, respectively. As of December 31, 2024, three customers accounted for 33.6%, 22.8%, and 18.8% of accounts receivable, net, respectively.

Concentrations in the Available Sources of Supply of Materials and Product

Our services use hardware and software from various third parties, some of which are procured from sole-source suppliers. For example, our MiFi mobile hotspots and fixed wireless access devices rely substantially on chipsets from Qualcomm. From time to time, certain components used in our products or solutions have been in short supply or their anticipated commercial introduction has been delayed or their availability has been interrupted for reasons outside our control. In addition, many of our suppliers are located outside of the United States and therefore can be impacted by additional government regulations, such as import tariffs.

- 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.

+ References

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+ Details

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

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Revenues:

Total revenues

$ 31,673

$ 37,505

Cost of revenues:

Total cost of revenues

16,690

24,261

Gross profit

14,983

13,244

Operating costs and expenses:

Research and development

4,535

4,683

Sales and marketing

3,934

3,839

General and administrative

4,490

3,955

Depreciation and amortization

2,064

3,292

Impairment of capitalized software

384

420

Total operating costs and expenses

15,407

16,189

Operating income (loss)

(424)

(2,945)

Other (expense) income:

Interest expense

(1,026)

(2,179)

Other income (expense), net

303

(375)

Income (Loss) before income taxes

(1,147)

(5,499)

Income tax provision

Income (Loss) from continuing operations

(1,170)

(5,516)

Income (Loss) from discontinued operations (net of income tax provision of $400 and $220, respectively)

(400)

1,061

Net income (loss)

(1,570)

(4,455)

Preferred stock dividends

(864)

(790)

Net income (loss) attributable to common stockholders

$ (2,434)

$ (5,245)

Basic and diluted

Continuing operations, basic (in dollars per share)

$ (0.14)

$ (0.53)

Continuing operations, diluted (in dollars per share)

(0.14)

(0.53)

Discontinued operations, basic (in dollars per share)

(0.03)

0.09

Discontinued operations, diluted (in dollars per share)

(0.03)

0.09

Basic earnings per share (in dollars per share)

^[1]

(0.16)

(0.44)

Diluted earnings per share (in dollars per share)

^[1]

$ (0.16)

$ (0.44)

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

Basic (in shares)

15,002,003

11,879,719

Diluted (in shares)

15,002,003

11,879,719

Other comprehensive income:

Foreign currency translation adjustment

$ 6

$ 262

Comprehensive loss

(1,564)

(4,193)

Product

Revenues:

Total revenues

19,693

29,452

Cost of revenues:

Total cost of revenues

15,396

22,713

Mobile solutions

Revenues:

Total revenues

17,790

15,270

Fixed wireless access solutions

Revenues:

Total revenues

1,903

14,182

Services and other

Revenues:

Total revenues

11,980

8,053

Cost of revenues:

Total cost of revenues

$ 1,294

$ 1,548

[1]	*rounding may impact summation of amounts

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

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Basic and Diluted EPS

Income (loss) from continuing operations

$ (1,170)

$ (5,516)

Less: preferred stock dividends

(864)

(790)

Income (loss) from continuing operations attributable to common stockholders

(2,034)

(6,306)

Income from discontinued operations, net of tax

(400)

1,061

Net income (loss) attributable to common stockholders

$ (2,434)

$ (5,245)

Shares

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

15,002,003

11,879,719

Income (loss) attributable to common stockholders (in shares)

15,002,003

11,879,719

Basic EPS

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

$ (0.14)

$ (0.53)

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

(0.03)

0.09

Basic earnings per share (in dollars per share)

^[1]

(0.16)

(0.44)

Diluted EPS

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

(0.14)

(0.53)

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

(0.03)

0.09

Diluted earnings per share (in dollars per share)

^[1]

$ (0.16)

$ (0.44)

[1]	*rounding may impact summation of amounts

Nature of Business and Significant Accounting Policies	3 Months Ended
Nature of Business and Significant Accounting Policies	Mar. 31, 2025
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” or “our”) 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, 2024, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”). The condensed consolidated balance sheet as of December 31, 2024 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. Divestiture of the Telematics Business On November 27, 2024, the Company completed the previously announced sale of its fleet management and telematics solutions business, which has operations in the United Kingdom, Europe, Australia and New Zealand (the “Telematics Business”). The sale of the Telematics Business was completed pursuant to the Share Purchase Agreement, which was entered into on September 16, 2024 with Light Sabre SPV Limited (the “Purchase Agreement”). Pursuant to the terms of the Purchase Agreement, Ctrack Holdings (the “Purchaser”), as assignee of Light Sabre SPV Limited, acquired the entire issued share capital of the Company’s Inseego International Holdings Limited subsidiary for $52.0 million in an all-cash transaction (the “Sale Transaction”). The Purchase Agreement provided for a working capital adjustment, which was determined in December 2024 and funded in January 2025, resulting in an increase to the initial purchase consideration of $0.7 million as a result of changes in closing working capital and net debt. In accordance with the authoritative guidance for discontinued operations (Accounting Standards Codification (“ASC”) 205-20), the Company determined that the Telematics Business met the held-for sale and discontinued operations accounting criteria at the end of the third quarter of 2024. Accordingly, within these consolidated financial statements, the assets and liabilities associated with the Telematics Business disposal group prior to its sale have been classified as held for sale within the Consolidated Balance Sheets and its operations and cash flows have been classified as discontinued operations within the Condensed Consolidated Statements of Operations and Comprehensive Income and Condensed Consolidated Statements of Cash Flows. 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 The Company classifies assets and liabilities to be sold (disposal group) as held for sale in the period when all of the applicable criteria are met, including: (i) management commits to a plan to sell, (ii) the disposal group is available to sell in its present condition, (iii) there is an active program to locate a buyer, (iv) the disposal group is being actively marketed at a reasonable price in relation to its fair value, (v) significant changes to the plan to sell are unlikely, and (vi) the sale of the disposal group is generally probable of being completed within one year. Management performs an assessment at least quarterly or when events or changes in business circumstances indicate that a change in classification may be necessary. Assets and liabilities held for sale are presented separately within the Condensed Consolidated Balance Sheets with any adjustments necessary to measure the disposal group at the lower of its carrying value or fair value less costs to sell. 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 year ended December 31, 2024. The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that will have a major effect on its operations and financial results. The results of discontinued operations are reported as Income from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations and 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 divested business and excludes any cost allocations associated with any shared or corporate functions unless otherwise dedicated to the divested business. 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. Transactions between the businesses held for sale and businesses held for use that are expected to continue after the disposal are not eliminated in order to appropriately reflect the continuing operations as well as the activity to be disposed of. Interest costs are included as a component of Income from discontinued operations, net of tax for debt specifically attributable to the discontinued operation or debt that is obligated to be repaid in connection with the completion of the divestiture. 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. 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. Segment Information The Company has one reportable segment. The Company’s Executive Chairman, who was the Company’s Chief Operating Decision Maker (“CODM”) as of December 31, 2024, left the Company in February 2025, at which point, the Company’s CODM became its Chief Executive Officer (“CEO”). Neither of these CODMs manage any part of the Company separately, and the allocation of resources and assessment of performance is based solely on the Company’s consolidated operations and financial results. See Note 9 – Segment, Geographic, and Concentrations of Risk Information for more information. 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, 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.

Financial Statement Details (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	March 31, 2025		December 31, 2024
Finished goods	$	15,113	$	13,531
Raw materials and components	—		44
Total inventories	$	15,113	$	13,575

Schedule of Prepaid Expenses and Other

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


	March 31, 2025		December 31, 2024

Rebate receivables	$	1,201	$	3,495

Software licenses	1,325		1,034



Other	1,282		1,397
Total prepaid expenses and other	$	3,808	$	5,926

Schedule of Accrued Expenses and Other Current Liabilities

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


	March 31, 2025		December 31, 2024
Royalties	$	460	$	954
Payroll and related expenses	4,401		7,997


Accrued interest	1,968		926
Deferred revenue	9,438		9,245

Operating lease liabilities	1,389		1,346
Accrued contract manufacturing liabilities	4,841		4,772


Other	3,569		4,893
Total accrued expenses and other current liabilities	$	26,066	$	30,133

Schedule of Other Long-term Liabilities

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


	March 31, 2025		December 31, 2024
Long-term deferred revenue	$	2,567	$	4,608

Other	147		147
Total other long-term liabilities	$	2,714	$	4,755

Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2025

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 EPS was as follows (in thousands, except per share data):


	Income/(Loss) (Numerator)		Shares* (Denominator)	Per-Share Amount**
For the three months ended March 31, 2025
Basic and Diluted EPS
Income (loss) from continuing operations	$	(1,170)
Less: preferred stock dividends	(864)
Income (loss) from continuing operations attributable to common stockholders	(2,034)		15,002	$	(0.14)
Income from discontinued operations, net of tax	(400)		15,002	$	(0.03)
Income (loss) attributable to common stockholders	$	(2,434)	15,002	$	(0.16)



















For the three months ended March 31, 2024
Basic and Diluted EPS
Income (loss) from continuing operations	$	(5,516)
Less: preferred stock dividends	(790)
Income (loss) from continuing operations attributable to common stockholders	(6,306)		11,880	$	(0.53)
Income from discontinued operations, net of tax	1,061		11,880	$	0.09
Income (loss) attributable to common stockholders	$	(5,245)	11,880	$	(0.44)

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

(**) Rounding may affect summation.


	As of March 31,
	2025	2024
2025 Convertible Notes	119	1,338
Common stock warrants	3,018	—
Non-qualified stock options	1,121	448
Restricted stock units	1,318	186
Employee stock purchase plan	29	26
Total	5,605	1,998

Nature of Business and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2025
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” or “our”) 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, 2024, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”). The condensed consolidated balance sheet as of December 31, 2024 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” or “our”) 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, 2024, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”). The condensed consolidated balance sheet as of December 31, 2024 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	In accordance with the authoritative guidance for discontinued operations (Accounting Standards Codification (“ASC”) 205-20), the Company determined that the Telematics Business met the held-for sale and discontinued operations accounting criteria at the end of the third quarter of 2024. Accordingly, within these consolidated financial statements, the assets and liabilities associated with the Telematics Business disposal group prior to its sale have been classified as held for sale within the Consolidated Balance Sheets and its operations and cash flows have been classified as discontinued operations within the Condensed Consolidated Statements of Operations and Comprehensive Income and Condensed Consolidated Statements of Cash Flows. Held for Sale and Discontinued Operations The Company classifies assets and liabilities to be sold (disposal group) as held for sale in the period when all of the applicable criteria are met, including: (i) management commits to a plan to sell, (ii) the disposal group is available to sell in its present condition, (iii) there is an active program to locate a buyer, (iv) the disposal group is being actively marketed at a reasonable price in relation to its fair value, (v) significant changes to the plan to sell are unlikely, and (vi) the sale of the disposal group is generally probable of being completed within one year. Management performs an assessment at least quarterly or when events or changes in business circumstances indicate that a change in classification may be necessary. Assets and liabilities held for sale are presented separately within the Condensed Consolidated Balance Sheets with any adjustments necessary to measure the disposal group at the lower of its carrying value or fair value less costs to sell. 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 year ended December 31, 2024. The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that will have a major effect on its operations and financial results. The results of discontinued operations are reported as Income from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations and 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 divested business and excludes any cost allocations associated with any shared or corporate functions unless otherwise dedicated to the divested business. 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. Transactions between the businesses held for sale and businesses held for use that are expected to continue after the disposal are not eliminated in order to appropriately reflect the continuing operations as well as the activity to be disposed of. Interest costs are included as a component of Income from discontinued operations, net of tax for debt specifically attributable to the discontinued operation or debt that is obligated to be repaid in connection with the completion of the divestiture. 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 Company’s Executive Chairman, who was the Company’s Chief Operating Decision Maker (“CODM”) as of December 31, 2024, left the Company in February 2025, at which point, the Company’s CODM became its Chief Executive Officer (“CEO”). Neither of these CODMs manage any part of the Company separately, and the allocation of resources and assessment of performance is 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, 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.

- Definition

Disclosure of accounting policy for segment reporting.

+ 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/exampleRef
-Topic 280
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-Paragraph 47
-Subparagraph (bb)
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 36
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-36

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Paragraph 47
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Stockholders' Equity (Deficit) - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Number of securities called by warrants or rights (in shares)	3,018,304
Exercised price, loan warrants (in dollars per share)	$ 0
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, par value (in dollars per share)	$ 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)	$ 0.001	$ 0.001
Preferred stock issued (in shares)	25,000	25,000
Preferred stock, shares outstanding (in shares)	25,000	25,000
Dividends payable	$ 14.3	$ 13.4
Dividends accrued (in dollars per share)	$ 570.26	$ 535.71
2025 Convertible Notes, Long and Short Term Portions \| Convertible Debt
Class of Stock [Line Items]
Number of securities called by warrants or rights (in shares)		3,000,000
2025 Notes \| Convertible Debt
Class of Stock [Line Items]
Number of securities called by warrants or rights (in shares)		2,500,000
Warrant or right, reason for issuance expiry term		4 years