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Sep 30, 2023
Inseego Q3 2023 Earnings Report
Reported third quarter results with a net loss of $21.8 million, but delivered positive adjusted EBITDA of $4.0 million.
Key Takeaways
Inseego reported Q3 2023 total revenue of $48.6 million with a GAAP operating loss of $18.4 million and a GAAP net loss of $21.8 million, but delivered positive adjusted EBITDA of $4.0 million. The company is focused on maintaining profitability while transitioning from 4G to 5G.
Total revenue for Q3 2023 was $48.6 million.
5G revenue accounted for 54.0% of Q3 2023 total revenue.
Cloud software revenue was 30.0% of Q3 2023 revenue.
5G FWA revenue grew 29.0% YoY driven by over 56,000 new enterprise and SMB customers signed up during the last year.
Forward Guidance
Total revenue is anticipated to be in the range of $40.0 million to $42.0 million for Q4 2023 and Adjusted EBITDA for Q4 2023 expected to be in the range of positive $1.5 million to $2.0 million.
Challenges Ahead
- 4G mobile hotspot revenue to decline as the product category goes end-of-life
Historical Earnings Impact
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Avg. Return Before/After Earnings
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