Inseego Corp. Reports $191.2 Million Revenue for Fiscal Year 2024, Driven by Mobile Solutions Growth

Inseego Corp. reported a total revenue of $191.2 million for the fiscal year ending December 31, 2024, marking a 14.3% increase from $167.3 million in 2023. The growth was primarily driven by a 22.9% rise in mobile solutions revenue, which reached $98.9 million, attributed to increased sales of premium 5G MiFi devices. However, revenue from fixed wireless access solutions decreased by 13.2% to $47.6 million, largely due to reduced sales with a key carrier partner. The company's services and other revenue surged by 40.1% to $44.7 million, reflecting a significant increase in revenues from its wireless subscriber management solution, Inseego Subscribe.

Inseego's gross profit for 2024 was $68.8 million, resulting in a gross margin of 36.0%, a notable improvement from 21.4% in the previous year. This increase in gross profit was attributed to higher revenues and a reduction in inventory reserves that had negatively impacted the previous year's results. Operating expenses decreased by 6.5% to $67.1 million, with reductions in depreciation and amortization costs contributing to the overall decline. The company reported an operating income of $1.7 million, a significant turnaround from an operating loss of $36.0 million in 2023.

Strategically, Inseego completed the divestiture of its telematics business on November 27, 2024, for approximately $52 million. This decision was part of a broader strategy to focus on its core 5G wireless solutions and to streamline operations. The divestiture resulted in a pre-tax gain of $18.5 million, which was recognized in the income from discontinued operations. The company also undertook significant debt restructuring throughout 2024, exchanging $146.9 million of its 2025 Convertible Notes for cash, new senior secured notes, and common stock, which improved its liquidity position.

As of December 31, 2024, Inseego had 218 employees, a slight decrease from the previous year, and reported cash and cash equivalents of $39.6 million. The company continues to rely heavily on a small number of customers, with Verizon and T-Mobile accounting for approximately 76% of total revenues. Looking ahead, Inseego aims to capitalize on the growing demand for 5G technology and expand its market share in the enterprise and small-to-medium business segments. The company remains focused on enhancing its product offerings and improving its SaaS solutions to drive recurring revenue growth.