Inseego Delivers Third Straight Quarter of Growth and Clears Preferred Stock at Deep Discount—Major Wins with All Tier-1 Carriers Boost Strategic Position
Q4 Marks Continued Revenue Growth and Margin Improvement
Inseego (NASDAQ: INSG) finished 2025 on a strong note, reporting its third straight quarter of sequential revenue growth with Q4 revenue reaching $48.40 million, up 5.5% from the prior quarter. The company continues to show meaningful operational leverage, with adjusted EBITDA for the quarter rising to $6.00 million for a margin of 12.4%, surpassing the guidance range. GAAP net income was $0.50 million, while gross margin held steady above the 40% mark for the fourth consecutive quarter (Q4 gross margin: 42.2%).
| Key Metrics | Q4 2025 | Q3 2025 | Change (%) |
|---|---|---|---|
| Revenue ($M) | 48.40 | 45.91 | +5.5 |
| Adjusted EBITDA ($M) | 6.00 | 5.75 | +4.5 |
| Gross Margin (%) | 42.2 | 41.1 | +1.1 |
| Net Income ($M) | 0.50 | 1.43 | -65.0 |
Major Strategic Wins: All Tier-1 Carriers Onboard and Expanded Channel Reach
A significant highlight of the quarter was securing alliances with all three major U.S. Tier-1 carriers for enterprise fixed wireless access (FWA) offerings. AT&T and Verizon Business both placed initial stocking orders for Inseego's FX4200 series before year-end, with substantial sales ramps expected as their programs roll out in early 2026. This achievement cements Inseego's status as a trusted technology provider as demand for business FWA grows. Additionally, new partnerships with leading global IT resellers and expanded distribution channels point to a stronger, more diversified revenue base moving into 2026.
Balance Sheet Strengthened by Preferred Stock Elimination at 38% Discount
In a key financial move, Inseego eliminated all its outstanding preferred stock (liquidation preference of $42 million) in January 2026 for $26 million in total consideration—a 38% discount. The transaction, involving a mix of cash, notes, and stock, not only strengthens the company's balance sheet but also boosts value for common shareholders.
| Balance Sheet Metrics | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Cash & Equivalents ($M) | 24.89 | 39.60 |
| Accounts Receivable ($M) | 25.09 | 13.80 |
| Inventories ($M) | 7.73 | 13.58 |
| Total Liabilities ($M) | 97.85 | 112.86 |
| Stockholders' Deficit ($M) | (4.04) | (12.86) |
Product and Channel Diversification Underpins Growth
Growth was broad-based, with notable momentum in mobile solutions (up 27.4% sequentially to $20.43 million for the quarter) and solid results from fixed wireless access. Inseego also deepened market penetration through successful channel partner engagements, winning deals across verticals like industrial automation, healthcare, and public safety. New partnerships with IT resellers such as CDW, Insight, and SHI further boosted channel strength and future pipeline opportunities.
2026 Outlook and Upcoming Catalysts
Looking ahead, Inseego provided Q1 2026 revenue guidance of $33–36 million and full-year 2026 revenue targeting about $190 million. These targets do not include potential impacts from evolving tariffs. The company will showcase at major investor conferences in the months ahead, including the Mobile World Congress in Barcelona and Roth Capital Conference in California—suggesting additional updates could come soon.
Key Takeaway: Strategic Partnerships and Improved Financial Health Set a Positive Course
With major product wins among all U.S. Tier-1 carriers, a diversified channel, and a cleaner balance sheet post-preferred stock elimination, Inseego appears better positioned than at any time in recent years. While challenges remain—including ongoing market risks and competitive pressures—the company’s Q4 results and upcoming initiatives offer a compelling story for investors seeking exposure to enterprise 5G and FWA infrastructure growth as 2026 unfolds.
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