Inseego Corp.

inseego.com

What Do They Do?

Sells mobile hotspots, fixed wireless routers and gateways, and cloud software to mobile operators, enterprises, and small businesses.

How Do They Make Money?

Mobile operators and businesses buy hotspots and fixed wireless routers, with hardware sales tied to delivery, shipment, or installation; carriers buy cloud subscriptions for continuing access over monthly-to-multiyear terms. Engineering design work is tied to project milestones.

revenue

Segment	Share	How money arrives
Mobile solutions Sold outright	41% FY2022: 59%	Sold outright
Fixed wireless access solutions Sold outright	30% FY2022: 18%	Sold outright
Software services and other cost of revenues Recurring	29%	Recurring

Who Are Their Customers?

Mobile operators are the main buyers of mobile hotspots; fixed wireless devices reach enterprise and small-business users through mobile operators and channel partners. Other customers include government agencies and companies in transportation and industry.

Customers above 10% of revenue, FY2025

of revenue from two customers (62%, 26%)

FY2024: 76% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

3% of revenue

▲ +152% vs FY2024 ($1.7M, 1%)

Net income, FY2025

1% of revenue

▼ −82% vs FY2024 ($4.6M, 2%)

Free cash flow, FY2025

4% of revenue

▼ −80% vs FY2024 ($33.4M, 17%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +9%; vs $40.2M in Q2 FY2025
Net income: ▼ Now a loss; vs $507K in Q2 FY2025

Mobile solutions share of revenue vs 34.0% in Q2 FY2025

Aug 5, 2026 Company sets third-quarter and full-year 2026 revenue guidance Q3 revenue guidance is $28.0 million to $35.0 million; full-year revenue guidance is approximately $155 million.
Apr 30, 2026 Agrees to acquire Nokia's fixed wireless access business The proposed purchase was expected to close in Q4 2026, subject to conditions.

Shrinking. Revenue fell 37% in 4 years, from $262.4M in FY2021 to $166.2M in FY2025, about 11% a year.

Telematics exit The earlier portfolio included telematics and asset-tracking hardware and platforms; the latest report says the telematics business was sold and describes mobile and fixed wireless products and cloud software.

Revenue over time

Mobile solutions Fixed wireless access solutions Software services and other cost of revenues Services and other Services and other

$250M$125M$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Netgear, Franklin Wireless, TCL, ZTE, Orbic, Sonim, Nokia, Ericsson, Peplink, Teltonika, and Cisco

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