Inseego Corp. Reports $166.2 Million Revenue for Fiscal Year 2025, Down 13.1%

Inseego Corp. reported a total revenue of $166.2 million for the fiscal year ending December 31, 2025, marking a decrease of 13.1% from $191.2 million in 2024. The decline was primarily driven by a significant drop in mobile solutions revenue, which fell by 31.3% to $67.9 million, attributed to reduced sales with a key carrier partner. In contrast, fixed wireless access solutions saw a modest increase of 4.4%, reaching $49.8 million, while software services and other revenues rose by 8.6% to $48.5 million, largely due to a two-year service contract extension with a major customer.

The company's cost of revenues also decreased, totaling $95.2 million, or 57.3% of revenues, compared to $122.4 million, or 64.0% in the previous year. This reduction in costs contributed to a gross profit of $71.0 million, resulting in a gross margin of 42.7%, up from 36.0% in 2024. Operating expenses remained relatively stable, totaling $66.7 million, with notable increases in sales and marketing and general administrative expenses, reflecting the company's investment in personnel and operational capabilities.

Inseego's strategic developments included the repurchase of its preferred stock, which involved an exchange agreement valued at approximately $26 million, representing a 38% discount to its liquidation value. The company also completed a significant divestiture of its telematics business for $52 million, allowing it to focus on its core 5G wireless solutions. As of December 31, 2025, Inseego had a total of 275 employees and maintained a positive working capital of $15.6 million, with cash and cash equivalents amounting to $24.9 million.

Looking ahead, Inseego aims to capitalize on the growing demand for 5G technology and expand its market presence. The company plans to enhance its product offerings and improve its software services to drive recurring revenue. However, it faces challenges, including reliance on a limited number of customers for a substantial portion of its revenue, as Verizon and T-Mobile accounted for approximately 89% of total revenues in 2025. The company acknowledges the risks associated with market competition, supply chain disruptions, and the evolving regulatory landscape, which could impact its future performance.

In summary, while Inseego has made strides in improving its gross margin and managing costs, the company must navigate a competitive environment and address its dependency on key customers to achieve sustainable growth in the coming years.