$INSG
INSEEGO CORP.

2024 Q2 Form 10-Q Financial Statement

#000102265224000006 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $59.15M $45.01M
YoY Change 10.44% -11.39%
Cost Of Revenue $36.11M $27.62M
YoY Change 4.18% -15.3%
Gross Profit $23.04M $17.39M
YoY Change 21.93% -4.37%
Gross Profit Margin 38.95% 38.64%
Selling, General & Admin $11.20M $9.978M
YoY Change -4.52% -21.38%
% of Gross Profit 48.59% 57.37%
Research & Development $5.486M $5.043M
YoY Change -45.26% -38.15%
% of Gross Profit 23.81% 29.0%
Depreciation & Amortization $4.694M $4.375M
YoY Change -12.9% -19.43%
% of Gross Profit 20.37% 25.16%
Operating Expenses $20.69M $19.08M
YoY Change -6.68% -12.41%
Operating Profit $2.349M -$1.684M
YoY Change -171.7% -53.1%
Interest Expense -$1.774M -$2.174M
YoY Change -11.92% 8.86%
% of Operating Profit -75.52%
Other Income/Expense, Net $355.0K -$360.0K
YoY Change -126.18% -70.05%
Pretax Income $930.0K -$4.218M
YoY Change -120.08% -12.0%
Income Tax $300.0K $200.0K
% Of Pretax Income 32.26%
Net Earnings $624.0K -$4.455M
YoY Change -112.64% -12.72%
Net Earnings / Revenue 1.05% -9.9%
Basic Earnings Per Share -$0.02 -$0.44
Diluted Earnings Per Share -$0.02 -$0.44
COMMON SHARES
Basic Shares Outstanding 11.88M shares 11.88M shares
Diluted Shares Outstanding 11.89M shares 11.88M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.99M $12.30M
YoY Change 223.07% 41.57%
Cash & Equivalents $49.00M $12.30M
Short-Term Investments
Other Short-Term Assets $5.400M $6.526M
YoY Change -28.77% -34.59%
Inventory $18.01M $20.80M
Prepaid Expenses
Receivables $20.73M $23.48M
Other Receivables $0.00 $0.00
Total Short-Term Assets $93.13M $63.10M
YoY Change 18.68% -21.44%
LONG-TERM ASSETS
Property, Plant & Equipment $11.49M $12.39M
YoY Change -26.08% -21.2%
Goodwill $21.92M $21.92M
YoY Change 0.0% 0.0%
Intangibles $22.64M $24.28M
YoY Change -39.3% -38.26%
Long-Term Investments
YoY Change
Other Assets $382.0K $384.0K
YoY Change -15.3% -14.29%
Total Long-Term Assets $56.44M $58.97M
YoY Change -24.97% -23.82%
TOTAL ASSETS
Total Short-Term Assets $93.13M $63.10M
Total Long-Term Assets $56.44M $58.97M
Total Assets $149.6M $122.1M
YoY Change -2.68% -22.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.74M $24.01M
YoY Change -10.15% -30.54%
Accrued Expenses $37.02M $30.81M
YoY Change 73.45% 13.63%
Deferred Revenue
YoY Change
Short-Term Debt $13.66M $4.677M
YoY Change
Long-Term Debt Due $157.7M
YoY Change
Total Short-Term Liabilities $239.1M $59.50M
YoY Change 330.39% -3.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $160.3M
YoY Change -100.0% -1.33%
Other Long-Term Liabilities $7.134M $2.432M
YoY Change 2.71% -59.61%
Total Long-Term Liabilities $7.134M $2.432M
YoY Change 2.71% -59.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $239.1M $59.50M
Total Long-Term Liabilities $7.134M $2.432M
Total Liabilities $251.3M $227.7M
YoY Change 11.95% -1.21%
SHAREHOLDERS EQUITY
Retained Earnings -$912.4M -$912.2M
YoY Change 4.96% 5.63%
Common Stock $12.00K $12.00K
YoY Change -89.74% -88.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$101.8M -$105.6M
YoY Change
Total Liabilities & Shareholders Equity $149.6M $122.1M
YoY Change -2.68% -22.61%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $624.0K -$4.455M
YoY Change -112.64% -12.72%
Depreciation, Depletion And Amortization $4.694M $4.375M
YoY Change -12.9% -19.43%
Cash From Operating Activities $28.76M $4.546M
YoY Change 472.81% -40.64%
INVESTING ACTIVITIES
Capital Expenditures $1.799M $0.00
YoY Change -14.25% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.799M -$577.0K
YoY Change -14.25% -76.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.17M $583.0K
YoY Change 122.79% -117.46%
NET CHANGE
Cash From Operating Activities 28.76M $4.546M
Cash From Investing Activities -1.799M -$577.0K
Cash From Financing Activities 10.17M $583.0K
Net Change In Cash 37.13M $4.778M
YoY Change 395.81% 209.66%
FREE CASH FLOW
Cash From Operating Activities $28.76M $4.546M
Capital Expenditures $1.799M $0.00
Free Cash Flow $26.96M $4.546M
YoY Change 822.52% -40.17%

Facts In Submission

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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8686000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
147000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
117000 usd
CY2024Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
44000 usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
59000 usd
CY2024Q1 insg Transferof Inventoriesto Rental Assets
TransferofInventoriestoRentalAssets
696000 usd
CY2023Q1 insg Transferof Inventoriesto Rental Assets
TransferofInventoriestoRentalAssets
543000 usd
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
104000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2164000 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
146000 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
146000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
50000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
50000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
50000 usd
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Use of Estimates</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ materially from these estimates. Estimates are assessed each period and updated to reflect current information. Significant estimates include revenue recognition, warranty provision, capitalized software costs, allowance for credit losses, provision for excess and obsolete inventory, accrued liabilities related to our contract manufacturers, valuation of tangible and intangible long-lived assets, valuation of goodwill, valuation of derivatives, accruals relating to litigation, income taxes and share-based compensation expense.</span></div>
CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Reclassifications</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Certain amounts recorded in the prior period consolidated financial statements have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported operating results.</span></div>
CY2024Q1 insg Fractional Shares Issued
FractionalSharesIssued
0 shares
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12300000 usd
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
18705000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
21264000 usd
CY2024Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
2092000 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
1616000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
20797000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
22880000 usd
CY2024Q1 insg Rebate Receivables
RebateReceivables
2884000 usd
CY2023Q4 insg Rebate Receivables
RebateReceivables
1950000 usd
CY2024Q1 insg Receivables Contract Manufacturers
ReceivablesContractManufacturers
2100000 usd
CY2023Q4 insg Receivables Contract Manufacturers
ReceivablesContractManufacturers
1823000 usd
CY2024Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1542000 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1438000 usd
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6526000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5211000 usd
CY2024Q1 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
852000 usd
CY2023Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
845000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5490000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4159000 usd
CY2024Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
780000 usd
CY2023Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
480000 usd
CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
2555000 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1038000 usd
CY2024Q1 us-gaap Deferred Revenue
DeferredRevenue
6562000 usd
CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
5583000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1684000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1681000 usd
CY2024Q1 insg Accrued Contract Manufacturing Current
AccruedContractManufacturingCurrent
7077000 usd
CY2023Q4 insg Accrued Contract Manufacturing Current
AccruedContractManufacturingCurrent
7537000 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5805000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5699000 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
30805000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
27022000 usd
CY2024Q1 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0 usd
CY2023Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0 usd
CY2024Q1 us-gaap Embedded Derivative Gain On Embedded Derivative
EmbeddedDerivativeGainOnEmbeddedDerivative
0 usd
CY2023Q1 us-gaap Embedded Derivative Gain On Embedded Derivative
EmbeddedDerivativeGainOnEmbeddedDerivative
0 usd
CY2024Q1 insg Notes Payable Accrued Interest
NotesPayableAccruedInterest
1100000 usd
CY2023Q4 insg Notes Payable Accrued Interest
NotesPayableAccruedInterest
400000 usd
CY2024Q1 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.297
CY2024Q1 insg Line Of Credit Facility Amortization Of Original Issuance Cost
LineOfCreditFacilityAmortizationOfOriginalIssuanceCost
0.083
CY2023Q1 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.211
CY2023Q1 insg Line Of Credit Facility Amortization Of Original Issuance Cost
LineOfCreditFacilityAmortizationOfOriginalIssuanceCost
0.105
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
717000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1800000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
545872 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
14250 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
111994 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
448128 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
338346 shares
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5245000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5827000 usd
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11879719 shares
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11879719 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10860189 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10860189 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.44
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.44
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.54
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.54
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1998000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2539000 shares
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
45009000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
50794000 usd
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
60100000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000 usd

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