$INSG earnings report

Inseego reported Q3 2026 results for its legacy business, Inseego North America, before the inclusion of the acquired FastMile business. Total revenues were $ 33,263 (In thousands), compared with $ 45,893 (In thousands) in Q3 2025. Gross profit was $ 11,086 (In thousands), compared with $ 19,084 (In thousands), and GAAP gross margin was 33.3%. Product revenue was $ 23,280 (In thousands), including $ 19,100 (In thousands) from mobile solutions and $ 4,180 (In thousands) from fixed wireless access solutions, while software services and other revenue was $ 9,983 (In thousands).

Profitability weakened materially from the prior-year quarter. Operating income (loss) was $ (7,173 ) (In thousands), versus $ 2,155 (In thousands), and GAAP net income (loss) was $ (8,103 ) (In thousands), versus $ 1,432 (In thousands). Diluted earnings (loss) per share was $ (0.49 ), compared with $ 0.03. Non-GAAP net income (loss) was $ (4,401 ) (In thousands), while Adjusted EBITDA was $ (1,012 ) (In thousands), compared with $ 5,751 (In thousands) in Q3 2025 and $ 521 (In thousands) in Q2 2026. Management said the legacy business delivered revenue and Adjusted EBITDA within its guided range, while identifying engineering and product delivery issues and actions to restructure engineering.

Cash flow and the balance sheet warrant attention. Net cash used in operating activities for the nine months ended September 30, 2026 was $ (9,188 ) (In thousands), and net cash used in investing activities was $ (10,633 ) (In thousands), including $ (10,084 ) (In thousands) for additions to capitalized software development costs and purchases of intangible assets. Cash and cash equivalents were $ 6,611 (In thousands) at September 30, 2026. Total liabilities were $ 131,271 (In thousands), including $ 7,642 (In thousands) of Working Capital Facility and $ 50,166 (In thousands) of 2029 Senior Secured Notes, net. Total stockholders’ deficit was $ (36,576 ) (In thousands).

The October 1st completion of the FastMile acquisition is the principal change entering Q4. The release states the acquired operation will be consolidated beginning in the 4th quarter and that the acquisition is expected to approximately double Inseego’s revenue. Q4 guidance is total revenue of $56 million to $65 million, made up of $21 million - $25 million from Inseego North America and $35 million - $40 million from FastMile. Adjusted EBITDA is guided to $0 million to $2 million, with anticipated Nokia support payments of $12 million to $14 million included in that measure. Execution of the integration, the contribution from FastMile and the effect of cost reductions initiated in October are the central reported variables for the next quarter.

Inseego reported Q2 2026 revenue of $44.0 million, Adjusted EBITDA of $0.5 million, and a GAAP net loss of $8.4 million. GAAP gross margin was 33.8%. Management stated that revenue was ahead of guidance and that it grew both sequentially and year over year, although the supplied filing text does not provide the comparative revenue figures or growth rates.

The operational focus was mobile broadband. The company completed launches of its refreshed Mobile product family across all three North American Tier-1 carrier customers, and expanded MiFi PRO M4 availability across AT&T, T-Mobile, and Verizon. It also introduced an unlocked, multi-carrier model through select VARs. Management attributed the revenue result to diversification of the customer base and product portfolio, while emphasizing that the next objective is converting the launched portfolio into revenue.

Profitability remains the key constraint. Despite positive Adjusted EBITDA in Q2, the company recorded a GAAP net loss and guided to negative Adjusted EBITDA for Q3. Management explicitly identified gross-margin improvement, engineering and product-delivery strengthening, and cost alignment with the revised revenue profile as priorities for the second half of 2026. The Q3 revenue range of $28.0 million to $35.0 million is below the reported Q2 revenue of $44.0 million.

On liquidity and corporate development, Inseego expanded its BMO Bank working capital facility from $15.0 million to $20.0 million. The company also continues work toward an anticipated Q4 2026 closing of the FWA acquisition with Nokia. Investors should monitor execution against the Q3 revenue and Adjusted EBITDA ranges, gross-margin progress, conversion of carrier and channel launches into sales, and the timing and integration of the proposed FWA acquisition.