Inseego Corp. reported fourth‑quarter and full‑year 2025 results that exceeded its own guidance. Total revenue reached $48.4 million, up 0.7 % from the $48.1 million reported for the same quarter a year earlier and 5.8 % higher than the $45.9 million posted in Q3 2025. Adjusted EBITDA climbed to $6.0 million, a 12.4 % margin, beating the company’s guidance range of $45.0 million to $48.0 million for the quarter. GAAP net income for the year was $0.5 million, while earnings per share of $0.12 fell short of the consensus estimate of $0.17, marking a miss of $0.05 or 29 %.
Full‑year 2025 revenue of $166.2 million was 13.5 % lower than the $191.2 million recorded in 2024, reflecting a modest decline in legacy product sales but offset by growth in the Fixed Wireless Access (FWA) and software services segments. The company’s full‑year adjusted EBITDA of $24.0 million represented a 12.4 % margin, in line with the guidance range of $22.0 million to $24.0 million.
Mobile solutions revenue, the largest component of the business, reached $20.4 million, up 27.4 % sequentially and 5.0 % year‑over‑year, driven by strong demand from Tier‑1 carriers. Software services revenue totaled $12.0 million, supported by the continued adoption of the Inseego Connect and Inseego Subscribe SaaS offerings. The company also highlighted wins in the FWA space, securing agreements with all three U.S. Tier‑1 carriers—AT&T, Verizon, and T‑Mobile—expanding its market reach.
Management reiterated confidence in the 2026 product cycle and carrier relationships, guiding first‑quarter 2026 revenue to $33.0 million to $36.0 million and full‑year 2026 revenue to approximately $190 million. The guidance reflects a moderate growth outlook that builds on the momentum of the current year while accounting for the timing of R&D spending that shifted from Q4 2025 into Q1 2026.
CEO Juho Sarvikas said the quarter “capped a year of strategic growth and disciplined execution, with key wins across all three Tier‑1 carriers.” CFO Steven Gatoff noted that the preferred‑stock retirement at a 38 % discount—$26 million paid to retire a $42 million liquidation preference—strengthened the balance sheet and reduced future financing costs.
Investors responded positively to the earnings release, citing the earnings beat, margin expansion, and balance‑sheet improvement as key drivers of the favorable market reaction.
The results underscore Inseego’s shift from a device‑led to a solutions‑led model, with higher‑margin SaaS offerings and expanded carrier partnerships driving growth. The preferred‑stock retirement reduces financial risk, while the shift of R&D spending into the next fiscal year provides a tailwind for future earnings. Headwinds remain in legacy product sales, but the company’s focus on FWA and software services positions it for continued upside.
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