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Dec 31, 2022
Inseego Q4 2022 Earnings Report
Inseego's FWA business experienced significant growth, leading to a gross margin expansion to 30%, despite a decline in hotspot sales.
Key Takeaways
Inseego Corp. reported Q4 2022 net revenue of $52.9 million, a GAAP operating loss of $14.2 million, and a GAAP net loss of $15.3 million, with FWA business comprising 30% of revenue and cloud software comprising 27% of revenue.
FWA revenue comprised 30% of revenue in Q4, up 122% year-over-year
Cloud software comprised 27% of revenue in Q4, up 6% year-over-year
Enterprise FWA customer base grows to well over 1,000 at year-end
In Q4, 90% of enterprise FWA sales included cloud software
Forward Guidance
Inseego expects to achieve positive EBITDA and cash flow in 2023, driven by the ramp in FWA business and cost reduction initiatives.
Positive Outlook
- Strong momentum in FWA business
- Further improvement in gross margin
- Streamlined organization
- Streamlined cost structure
- Achieve positive cash flow in Q2
Challenges Ahead
- Lower hotspot sales
- Timing of payments made to suppliers
- Some one-time expenses related to cost initiatives
- Consumed more cash than initially anticipated
- Combined impacts of lower hotspot sales
Historical Earnings Impact
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Avg. Return Before/After Earnings
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