INSGNasdaqCommunications Equipment, NECUS GAAP · USD

Inseego Corp

Inseego Corp. designs cloud-managed wireless WAN and intelligent edge solutions centered on 5G mobile broadband, fixed wireless access routers/gateways, and related device-management software. The company also sells SaaS tools for carrier subscriber lifecycle management, serving mobile operators, enterprises, and SMBs that need secure, high-availability connectivity.

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Revenue166m USD
−13.1 %y/y
Operating profit (EBIT)4.3m USD
+151.7 %y/y
EBIT margin2.6%
+1.7 ppy/y
Net income0.8m USD
−81.7 %y/y
Free cash flow6.5m USD
−80.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1000100200300400m USD2020: 314 m USD2020: EBIT -25 m USD20202021: 262 m USD2021: EBIT -47 m USD20212022: 245 m USD2022: EBIT -58 m USD20222023: 196 m USD2023: EBIT -36 m USD20232024: 191 m USD2024: EBIT 1.7 m USD20242025: 166 m USD2025: EBIT 4.3 m USD20251664.3
RevenueOperating profit (EBIT)

Business

Share of revenue
Mobile Solutions45 %

MiFi-branded mobile broadband devices and related cloud management for carrier-led connectivity.

Fixed Wireless Access Solutions35 %

Indoor, outdoor, and industrial routers/gateways for secure corporate-managed wireless WAN.

Software Services and Other20 %

Inseego Subscribe SaaS, Inseego Connect, and non-recurring engineering services.

Products

Reported · share of revenue
40.9%29.9%29.2%FY2025100 %
  • Mobile Solutions40.9 %
  • Fixed Wireless Access Solutions29.9 %
  • Software Services and Other29.2 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Inseego sells primarily through mobile operators, including large U.S. carriers, which buy devices and services to support consumer, business, and enterprise connectivity. Its enterprise and SMB customers use fixed wireless access products for distributed sites, remote employees, and SD-WAN failover, while carriers use the SaaS platform to manage complex subscriber lifecycles. The business is also exposed to channel partners and distribution relationships that help place Wavemaker products.

Mobile operators

Buy MiFi hotspots and related cloud services to offer branded mobile broadband plans.

Enterprise customers

Buy FWA routers/gateways and device management for secure distributed connectivity.

SMB customers

Buy managed wireless WAN solutions for branch, remote, and backup connectivity.

Carriers using SaaS tools

Buy Inseego Subscribe to manage government and complex enterprise subscriptions.

Distribution and channel partners

Support placement of Wavemaker hardware into carrier and enterprise accounts.

Strategy

Inseego is narrowing its focus to core 5G wireless WAN and cloud software after selling the Telematics Business. The strategy is to deepen its position with carriers, enterprise, and SMB customers by improving product performance, security, and cloud orchestration while continuing to reduce leverage. It is also preparing next-generation MiFi products and investing in software capabilities that increase customer stickiness and recurring revenue.

Concentrate on core 5G wireless WAN marketsShort term

Management believes these offer the strongest growth and fit with its capabilities.

Grow recurring software revenueMedium term

Cloud and SaaS offerings can improve customer retention and reduce hardware cyclicality.

Refresh product roadmap and maintain carrier relevanceShort term

New chipset generations and product innovation are needed to defend share in a competitive market.

Geography

Q1/2026

The company is now focused on a North America-centric business after divesting its Telematics Business, which had operations in the UK, EU, Australia, and New Zealand. Its core products are designed in the U.S. and sold mainly through U.S. carriers and North American customers, with some exposure to Canada through mobile operator relationships. Geography matters because carrier concentration, trade restrictions, and component sourcing can affect both demand and supply.

North America100 %
Australia0.2 %

Share of the revenue the company reports by geography.

Risks

Inseego is highly exposed to customer concentration, with management disclosing dependence on two customers for a substantial portion of revenue. Its hardware business also depends on third-party manufacturing and component availability, while the market for 5G and FWA products remains competitive and can shift quickly with carrier adoption, pricing, and technology changes. Tariffs, trade restrictions, and goodwill or software asset impairment are additional risks that can materially affect results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer concentration1Third-party manufacturing dependence25G/FWA market adoption risk3Tariffs and trade restrictions4Goodwill and intangible impairment5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer concentrationImpact: HighLikelihood: Medium

    Two customers account for a substantial portion of revenue, so contract loss or lower volumes would hit sales quickly.

    Exposure: Mobile operators and large carrier relationships

  2. Third-party manufacturing dependenceImpact: HighLikelihood: Medium

    The company outsources production to manufacturers such as Foxconn and Inventec, creating supply and quality risk.

    Exposure: Hardware shipments and customer fulfillment

  3. 5G/FWA market adoption riskImpact: MediumLikelihood: Medium

    Demand for new wireless WAN products may take longer to scale, or competitors may outpace product launches.

    Exposure: MiFi and Wavemaker product lines

  4. Tariffs and trade restrictionsImpact: MediumLikelihood: Medium

    Hardware sourcing and cross-border supply chains can be affected by policy changes and import costs.

    Exposure: Component sourcing and manufacturing

  5. Goodwill and intangible impairmentImpact: MediumLikelihood: Low

    Weak operating performance or lower market capitalization can trigger impairment charges.

    Exposure: Acquired intangibles and goodwill

Accounting

Judgemental items
Capitalization of externally marketed software development costs

Management must judge which costs qualify and how long they should be amortized, affecting operating profit and assets.

Impact: Software asset balance, amortization expense, and earnings timing

Inventory valuation

Hardware demand shifts and component volatility can require write-downs if products become obsolete or excess.

Impact: Gross margin and working capital

Goodwill and intangible impairment

Lower expected cash flows or market value can force non-cash impairment charges.

Impact: Operating income and equity

Discontinued operations from telematics sale

The divested business is excluded from continuing operations, affecting trend analysis and comparability.

Impact: Revenue, operating results, and cash flow presentation

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Last updated: 24/09/2026

Inseego Corp (INSG) Revenue, Earnings & Financials 2025 – Clarifo