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Jun 30, 2020
Inseego Q2 2020 Earnings Report
Reported strong Q2 2020 financial results with significant year-over-year revenue growth and improved operating cash flow.
Key Takeaways
Inseego Corp. reported a strong second quarter with a 44% year-over-year revenue increase, driven by demand for 4G and 5G products. The company also strengthened its balance sheet by refinancing its debt.
Reported net revenue of $80.7 million, a 44% year-over-year increase.
GAAP operating loss was $5.3 million.
GAAP net loss was $74.8 million, including $67.2 million of one-time non-cash charges.
Adjusted EBITDA was $4.3 million and non-GAAP net loss of $0.01 per share.
Forward Guidance
Inseego is on track to launch its new 5G portfolio with multiple operators and anticipates recovering higher short-term costs of goods over the coming quarters.
Positive Outlook
- New 5G portfolio launch with multiple operators in the coming months.
- Phenomenal performance in pre-launch field trials on live 5G networks.
- Rapidly scaled supply chain to meet surge in demand.
- Strong demand for 4G mobile products driven by work-from-home and distance learning.
- Expect to fully recover higher short-term cost of goods over the coming quarters.
Challenges Ahead
- SaaS Solutions Q2 revenue of $14.4 million, down 9% year-over-year and 12% sequentially due to COVID-related installation delays and foreign exchange rate headwinds
- COVID-related installation delays impacted SaaS revenue.
- Foreign exchange rate headwinds impacted SaaS revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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