$INSG
INSEEGO CORP.

2023 Q3 Form 10-Q Financial Statement

#000102265223000026 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $48.58M $53.56M $61.86M
YoY Change -29.76% -13.42% -5.84%
Cost Of Revenue $46.69M $34.66M $43.96M
YoY Change -8.83% -21.16% -3.04%
Gross Profit $1.895M $18.90M $17.89M
YoY Change -89.45% 5.61% -12.07%
Gross Profit Margin 3.9% 35.28% 28.93%
Selling, General & Admin $10.26M $11.73M $13.86M
YoY Change -26.79% -15.42% -19.56%
% of Gross Profit 541.48% 62.06% 77.48%
Research & Development $8.951M $10.02M $13.62M
YoY Change -41.94% -26.41% 15.68%
% of Gross Profit 472.35% 53.04% 76.12%
Depreciation & Amortization $5.450M $5.389M $6.712M
YoY Change -21.93% -19.71% -1.6%
% of Gross Profit 287.6% 28.52% 37.51%
Operating Expenses $20.25M $22.17M $27.92M
YoY Change -32.2% -20.6% -9.54%
Operating Profit -$18.35M -$3.276M -$10.03M
YoY Change 54.1% -67.35% -4.63%
Interest Expense -$2.891M -$2.014M -$1.664M
YoY Change 42.13% 21.03% -0.83%
% of Operating Profit
Other Income/Expense, Net -$3.469M -$1.356M -$982.0K
YoY Change -8.52% 38.09% 59.16%
Pretax Income -$21.80M -$4.632M -$12.68M
YoY Change 38.84% -63.47% -1.06%
Income Tax -$16.00K $300.0K -$303.0K
% Of Pretax Income
Net Earnings -$21.81M -$4.936M -$12.38M
YoY Change 38.51% -60.12% -5.11%
Net Earnings / Revenue -44.88% -9.22% -20.01%
Basic Earnings Per Share -$0.19 -$0.05 -$0.12
Diluted Earnings Per Share -$0.19 -$0.05 -$115.1K
COMMON SHARES
Basic Shares Outstanding 116.9M shares 110.0M shares 107.4M shares
Diluted Shares Outstanding 117.0M shares 111.1M shares 107.5M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.90M $15.17M $21.09M
YoY Change 4.63% -28.09% -31.62%
Cash & Equivalents $18.90M $15.20M $21.09M
Short-Term Investments
Other Short-Term Assets $5.600M $7.581M $13.69M
YoY Change -48.63% -44.64% -72.9%
Inventory $21.92M $30.52M $46.98M
Prepaid Expenses
Receivables $17.44M $25.20M $22.49M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $63.86M $78.47M $104.3M
YoY Change -36.17% -24.73% -19.13%
LONG-TERM ASSETS
Property, Plant & Equipment $14.50M $15.54M $18.53M
YoY Change -17.0% -16.12% 98.59%
Goodwill $21.92M $21.92M
YoY Change 0.0%
Intangibles $35.06M $37.30M
YoY Change -21.05%
Long-Term Investments
YoY Change
Other Assets $1.464M $451.0K $566.0K
YoY Change 160.04% -20.32% 45.5%
Total Long-Term Assets $72.90M $75.22M $87.02M
YoY Change -13.59% -13.57% -9.19%
TOTAL ASSETS
Total Short-Term Assets $63.86M $78.47M $104.3M
Total Long-Term Assets $72.90M $75.22M $87.02M
Total Assets $136.8M $153.7M $191.3M
YoY Change -25.84% -19.65% -14.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.98M $34.21M $45.64M
YoY Change -21.64% -25.04% 46.37%
Accrued Expenses $28.92M $21.34M $18.75M
YoY Change -8.13% 13.81% -18.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $231.0K
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.90M $55.56M $69.94M
YoY Change -15.65% -20.57% 7.29%
LONG-TERM LIABILITIES
Long-Term Debt $159.5M $161.7M $157.7M
YoY Change -1.26% 2.55% -0.89%
Other Long-Term Liabilities $7.822M $6.946M $6.456M
YoY Change 14.34% 7.59% -23.6%
Total Long-Term Liabilities $7.822M $6.946M $164.2M
YoY Change 14.34% -95.77% 1842.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.90M $55.56M $69.94M
Total Long-Term Liabilities $7.822M $6.946M $164.2M
Total Liabilities $227.5M $224.5M $235.0M
YoY Change -5.27% -4.45% 0.56%
SHAREHOLDERS EQUITY
Retained Earnings -$891.8M -$869.3M
YoY Change 5.86%
Common Stock $117.0K $117.0K
YoY Change 8.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$90.78M -$70.82M -$43.69M
YoY Change
Total Liabilities & Shareholders Equity $136.8M $153.7M $191.3M
YoY Change -25.84% -19.65% -14.89%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$21.81M -$4.936M -$12.38M
YoY Change 38.51% -60.12% -5.11%
Depreciation, Depletion And Amortization $5.450M $5.389M $6.712M
YoY Change -21.93% -19.71% -1.6%
Cash From Operating Activities $9.720M $5.020M -$16.96M
YoY Change -236.81% -129.6% 30.46%
INVESTING ACTIVITIES
Capital Expenditures $1.920M $2.098M -$3.391M
YoY Change -160.68% -161.87% -60.22%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.920M -$2.098M -$3.391M
YoY Change -39.32% -38.13% -57.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.260M 4.567M -257.0K
YoY Change -216.43% -1877.04% 558.97%
NET CHANGE
Cash From Operating Activities 9.720M 5.020M -16.96M
Cash From Investing Activities -1.920M -2.098M -3.391M
Cash From Financing Activities -3.260M 4.567M -257.0K
Net Change In Cash 4.540M 7.489M -20.61M
YoY Change -160.78% -136.34% -2.21%
FREE CASH FLOW
Cash From Operating Activities $9.720M $5.020M -$16.96M
Capital Expenditures $1.920M $2.098M -$3.391M
Free Cash Flow $7.800M $2.922M -$13.57M
YoY Change -297.92% -121.53% 203.15%

Facts In Submission

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CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4788000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8873000 usd
CY2023Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
480000 usd
CY2022Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
480000 usd
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
549000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
738000 usd
CY2023Q2 us-gaap Interest Payable Current
InterestPayableCurrent
1060000 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1112000 usd
CY2023Q2 us-gaap Deferred Revenue
DeferredRevenue
4478000 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
5060000 usd
CY2023Q2 insg Customer Advances Liabilities Current
CustomerAdvancesLiabilitiesCurrent
0 usd
CY2022Q4 insg Customer Advances Liabilities Current
CustomerAdvancesLiabilitiesCurrent
2828000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2006000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1759000 usd
CY2023Q2 insg Accrued Contract Manufacturing Current
AccruedContractManufacturingCurrent
690000 usd
CY2022Q4 insg Accrued Contract Manufacturing Current
AccruedContractManufacturingCurrent
1416000 usd
CY2023Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
485000 usd
CY2022Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
449000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5879000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4238000 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
21343000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
27945000 usd
CY2022Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
300000 usd
us-gaap Gain Loss On Investments
GainLossOnInvestments
900000 usd
CY2023Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
14200000 usd
us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.285
us-gaap Line Of Credit Facility Commitment Fee Percentage
LineOfCreditFacilityCommitmentFeePercentage
0.145
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1964000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2287000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3762000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13486000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8132959 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
128250 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
886833 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7374376 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5518502 shares
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5675000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13053000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11503000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-38937000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
111080287 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
111080287 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107511660 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107511660 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
109847937 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
109847937 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106585684 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106585684 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.37
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.37
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27259000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24832000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26756000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24650000 shares
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
53557000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
61856000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
104351000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
123240000 usd
CY2023Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
49700000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6229000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6662000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2006000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1759000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5498000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5903000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
7504000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
7662000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.090
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.090
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
582000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
590000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1174000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1200000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
607000 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
617000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1231000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1239000 usd
CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
783000 usd
CY2022Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
79000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
833000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
158000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1159000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2252000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1885000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1841000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1258000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
147000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
717000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9259000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1755000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
7504000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2006000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5498000 usd
CY2023Q2 insg Sublease Marketable Discound
SubleaseMarketableDiscound
0.09
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-300000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-600000 usd

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