Inseego (INSG) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $48.4 million, marking the third consecutive quarter of sequential growth and a 5.5% increase from Q3 2025, with Adjusted EBITDA at $6 million (12.4% margin), both exceeding guidance.

• All three U.S. Tier 1 carriers adopted the FX4200 series for enterprise FWA, with initial stocking orders from AT&T and Verizon in December 2025 and sales ramping in H1 2026.

• The company retired all preferred stock at a 38% discount in January 2026, improving capital structure and welcoming Mubadala Capital as a significant common stockholder.

• Expanded product portfolio, partner ecosystem, and channel reach with new partnerships, including major IT resellers and distributors.

• Strategic focus remains on scaling enterprise wireless broadband, expanding offerings, and broadening go-to-market channels.

Financial highlights

• Q4 2025 revenue was $48.4 million, up 5.5% sequentially, driven by strong mobile and FWA performance, and stable SaaS contributions.

• Full year 2025 revenue totaled $166.2 million, with sequential quarterly growth, but down from $191.2 million in 2024.

• Q4 non-GAAP gross margin was 43% (GAAP 42.2%), up 75 bps sequentially; full year non-GAAP gross margin also 43%, highest in over a decade.

• Q4 Adjusted EBITDA was $6 million (12.4% margin); full year Adjusted EBITDA was $20.1 million (12.1% margin).

• Ended Q4 with $24.9 million in cash and $41 million in debt (approx. 2x LTM Adjusted EBITDA); net debt at $27 million as of January 2026.

Outlook and guidance

• Q1 2026 revenue guidance: $33–$36 million; Adjusted EBITDA: $1–$2 million, reflecting a transition quarter with new product launches and inventory dynamics.

• Full year 2026 revenue guidance: approximately $190 million, with growth ramping through Q2–Q4.

• Double-digit revenue growth is expected to be sustainable over the next several years, with FWA likely to become a larger long-term growth driver.

• EBITDA margins expected to be lower in 1H 2026, ramping to double digits in 2H 2026.

• Guidance excludes potential impacts from evolving tariff environment.