Inseego (INSG) Q4 2025 earnings summary

Executive summary

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

• 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 year ended with a more diversified revenue base, broader product portfolio, and increased customer and channel diversity, including new partnerships with major IT resellers and distributors.

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

• 2025 focused on disciplined execution and foundation building for long-term growth; 2026 shifts to execution and scale with multiple product launches and expanded partnerships.

Financial highlights

• Q4 2025 revenue: $48.4 million; full year 2025 revenue: $166.2 million, with sequential quarterly momentum.

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

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

• Q4 non-GAAP operating expenses: $17 million (35% of revenue); full year: $59.4 million (35.7% of revenue).

• 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.

• Full year 2026 revenue guidance: approximately $190 million, with growth ramping after Q1.

• Expect both mobile and FWA segments to grow in 2026, with FWA likely to become a larger long-term driver.

• EBITDA margin expected to be lowest in Q1, ramping up in Q2–Q4, exiting 2026 at double-digit levels.

• Guidance excludes potential impacts from evolving tariff environment.