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Inseego Reports Second Quarter 2021 Financial Results

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·14-min read
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Significant 5G revenue growth of 182% year-over-year

New generation 5G and cloud solutions reflect 49% of total revenue

Completion of Ctrack South Africa divestiture

SAN DIEGO, August 04, 2021--(BUSINESS WIRE)--Inseego Corp. (Nasdaq: INSG) (the "Company"), a leader in 5G and intelligent IoT device-to-cloud solutions, today reported its results for the second quarter ended June 30, 2021. The Company reported second quarter net revenue of $65.7 million, GAAP operating loss of $10.5 million, GAAP net loss of $13.9 million. GAAP net loss of $0.14 per share, negative adjusted EBITDA of $0.1 million, and non-GAAP net loss of $0.08 per share. Cash and cash equivalents at quarter end was $40.4 million including restricted cash as well as cash and cash equivalents classified as held-for-sale.

"Inseego delivered a very strong second quarter with revenue up 14% sequentially to $65.7 million, well ahead of consensus," said Dan Mondor, chairman and CEO of Inseego Corp. "The strength in the second quarter was driven by continued growth in the sell-through of our suite of 5G hardware and software solutions, now representing almost 29% of total revenue, an increase of 182% over the second quarter of last year. This remarkable growth reflects the growing customer adoption of Inseego’s 5G carrier and enterprise solutions."

Corporate Highlights

  • Q2 revenue of $65.7 million, up 14.1% sequentially

  • Cash balance of $40.4 million, including restricted cash as well as cash classified as held-for-sale

  • GAAP Q2 gross margin was 31.0%, up 3.7% year-over-year, and Non-GAAP Q2 gross margin was 32.1%, up 3.4% year-over-year

  • Completed sale of Ctrack South Africa with net proceeds of $36.6 million, subsequent to the quarter end

  • Ashish Sharma promoted to President, Inseego Corp.

  • Stephanie Bowers appointed to the Board of Directors

Business Highlights

  • 5G revenue up 182% year-over-year

  • Cloud software revenue up 49% year-over-year and subscriptions up 139% year-over-year

  • Significant expansion of 5G fixed wireless enterprise opportunity pipeline with Fortune 1000 companies through global channel and carrier partners

  • Multiple 5G fixed wireless access (FWA) products certified by T-Mobile and Verizon

  • Increased uptake of Inseego 5G solutions with global mobile network operators

"Our transformation into a 5G solutions and software company has improved our overall margin profile and we approached EBITDA break-even in the quarter," said Bob Barbieri, interim CFO for Inseego. "We have seen a significant expansion of our sales pipeline with carriers and enterprises following the launch of our FWA products, and as a result, remain confident to reiterate the second half of the year will be stronger than the first half. In addition, we expect to see IoT & Mobile grow sequentially for the rest of the fiscal year."

Conference Call Information

Inseego will host a conference call and live webcast for analysts and investors today at 5:00 p.m. ET. A Q&A session with analysts will be held live directly after the prepared remarks. To access the conference call:

An audio replay of the conference call will be available beginning one hour after the call through August 18, 2021. To hear the replay, parties in the United States may call 1-877-344-7529 and enter access code 10156627 followed by the # key. International parties may call 1-412-317-0088. In addition, the Inseego Corp. press release will be accessible from the Company's website before the conference call begins.

About Inseego Corp.

Inseego Corp. (Nasdaq: INSG) is an industry leader in smart device-to-cloud solutions that extend the 5G network edge, enabling broader 5G coverage, multi-gigabit data speeds, low latency and strong security to deliver highly reliable internet access. Our innovative mobile broadband, fixed wireless access (FWA) solutions, and software platform incorporate the most advanced technologies (including 5G, 4G LTE, Wi-Fi 6 and others) into a wide range of products that provide robust connectivity indoors, outdoors and in the harshest industrial environments. Designed and developed in the USA, Inseego products and SaaS solutions build on the company’s patented technologies to provide the highest quality wireless connectivity for service providers, enterprises, and government entities worldwide. www.inseego.com #Putting5GtoWork

©2021. Inseego Corp. All rights reserved. The Inseego name and logo, MiFi and Inseego Wavemaker are registered trademarks and trademarks of Inseego Corp. Other Company, product or service names mentioned herein are the trademarks of their respective owners.

Cautionary Note Regarding Forward-Looking Statements

Some of the information presented in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements often address expected future business and financial performance and often contain words such as "may," "estimate," "anticipate," "believe," "expect," "intend," "plan," "project," "will" and similar words and phrases indicating future results. The information presented in this news release related to our future business outlook, the future demand for our products, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements. Actual results could differ materially from our expectations.

Factors that could cause actual results to differ materially from the Company’s expectations include: (1) the future demand for wireless broadband access to data and asset management software and services; (2) the growth of wireless wide-area networking and asset management software and services; (3) customer and end-user acceptance of the Company’s current product and service offerings and market demand for the Company’s anticipated new product and service offerings; (4) increased competition and pricing pressure from participants in the markets in which the Company is engaged; (5) dependence on third-party manufacturers and key component suppliers worldwide; (6) the impact that new or adjusted tariffs may have on the cost of components or our products, and our ability to sell products internationally; (7) the impact of fluctuations of foreign currency exchange rates; (8) the impact of geopolitical instability on our ability to source components and manufacture our products; (9) unexpected liabilities or expenses; (10) the Company’s ability to introduce new products and services in a timely manner, including the ability to develop and launch 5G products at the speed and functionality required by our customers; (11) litigation, regulatory and IP developments related to our products or components of our products; (12) dependence on a small number of customers for a significant portion of the Company’s revenues; (13) the Company’s ability to raise additional financing when the Company requires capital for operations or to satisfy corporate obligations; (14) the Company’s plans and expectations relating to acquisitions, divestitures, strategic relationships, international expansion, software and hardware developments, personnel matters, and cost containment initiatives, including restructuring activities and the timing of their implementations; (15) the global semiconductor shortage and any related price increases or supply chain disruptions, and (16) the potential impact of COVID-19 on the business.

These factors, as well as other factors set forth as risk factors or otherwise described in the reports filed by the Company with the SEC (available at www.sec.gov), could cause actual results to differ materially from those expressed in the Company’s forward-looking statements. The Company assumes no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future, except as otherwise required pursuant to applicable law and our on-going reporting obligations under the Securities Exchange Act of 1934, as amended.

Non-GAAP Financial Measures

Inseego Corp. has provided financial information in this news release that has not been prepared in accordance with GAAP. Adjusted EBITDA, non-GAAP net loss, non-GAAP net loss per share and non-GAAP operating costs and expenses exclude share-based compensation expense, amortization of intangible assets purchased through acquisitions, amortization of discount and issuance costs related to the Company’s convertible senior notes, loss on debt conversion and extinguishment relating to convertible senior notes, and fair value adjustments on derivative instruments. Adjusted EBITDA also excludes interest, taxes, depreciation and amortization (unrelated to acquisitions, the convertible senior notes), transaction costs incurred in connection with Ctrack South Africa divestiture, and foreign currency transaction gains and losses.

Adjusted EBITDA, non-GAAP net loss, non-GAAP net loss per share and non-GAAP operating costs and expenses are supplemental measures of our performance that are not required by, or presented in accordance with, GAAP. These non-GAAP financial measures have limitations as an analytical tool and are not intended to be used in isolation or as a substitute for operating expenses, net loss, net loss per share or any other performance measure determined in accordance with GAAP. We present these non-GAAP financial measures because we consider each to be an important supplemental measure of our performance.

Management uses these non-GAAP financial measures to make operational decisions, evaluate the Company’s performance, prepare forecasts and determine compensation. Further, management believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance when planning, forecasting and analyzing future periods. Share-based compensation expenses are expected to vary depending on the number of new incentive award grants issued to both current and new employees, the number of such grants forfeited by former employees, and changes in the Company’s stock price, stock market volatility, expected option term and risk-free interest rates, all of which are difficult to estimate. In calculating non-GAAP financial measures, management excludes certain non-cash and one-time items in order to facilitate comparability of the Company’s operating performance on a period-to-period basis because such expenses are not, in management’s view, related to the Company’s ongoing operating performance. Management uses this view of the Company’s operating performance for purposes of comparison with its business plan and individual operating budgets and in the allocation of resources.

The Company further believes that these non-GAAP financial measures are useful to investors in providing greater transparency to the information used by management in its operational decision-making. The Company believes that the use of these non-GAAP financial measures also facilitates a comparison of our underlying operating performance with that of other companies in our industry, which use similar non-GAAP financial measures to supplement their GAAP results.

In the future, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items in the presentation of our non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Investors and potential investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. The limitations of relying on non-GAAP financial measures include, but are not limited to, the fact that other companies, including other companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting their usefulness as a comparative tool.

Investors and potential investors are encouraged to review the reconciliation of our non-GAAP financial measures contained within this news release with our GAAP financial results.

INSEEGO CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2021

2020

2021

2020

Net revenues:

IoT & Mobile Solutions

$

51,836

$

69,314

$

94,795

$

111,729

Enterprise SaaS Solutions

13,857

11,375

28,495

25,800

Total net revenues

65,693

80,689

123,290

137,529

Cost of net revenues:

IoT & Mobile Solutions

39,740

54,240

73,178

88,279

Enterprise SaaS Solutions

5,604

4,449

11,288

10,023

Total cost of net revenues

45,344

58,689

84,466

98,302

Gross profit

20,349

22,000

38,824

39,227

Operating costs and expenses:

Research and development

11,773

10,540

26,328

18,764

Sales and marketing

9,821

8,648

20,825

17,403

General and administrative

7,414

7,396

16,058

14,558

Amortization of purchased intangible assets

664

753

1,130

1,579

Impairment of capitalized software

1,197

1,197

Total operating costs and expenses

30,869

27,337

65,538

52,304

Operating loss

(10,520

)

(5,337

)

(26,714

)

(13,077

)

Other income (expense):

Loss on debt conversion and extinguishment, net

(67,241

)

(432

)

(75,174

)

Interest expense, net

(1,678

)

(3,160

)

(3,523

)

(6,540

)

Other income (expense), net

(617

)

787

1,117

1,765

Loss before income taxes

(12,815

)

(74,951

)

(29,552

)

(93,026

)

Income tax provision (benefit)

228

(115

)

449

(24

)

Net loss

(13,043

)

(74,836

)

(30,001

)

(93,002

)

Less: Net loss (income) attributable to noncontrolling interests

6

(214

)

(26

)

Net loss attributable to Inseego Corp.

(13,043

)

(74,830

)

(30,215

)

(93,028

)

Series E preferred stock dividends

(886

)

(835

)

(1,753

)

(1,227

)

Net loss attributable to common stockholders

$

(13,929

)

$

(75,665

)

$

(31,968

)

$

(94,255

)

Per share data:

Net loss per common share:

Basic and diluted

$

(0.14

)

$

(0.78

)

$

(0.31

)

$

(1.01

)

Weighted-average shares used in computation of net loss per common share:

Basic and diluted

102,935,213

96,487,344

102,157,146

93,680,846

INSEEGO CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

June 30,
2021

December 31,
2020

ASSETS

Current assets:

Cash and cash equivalents

$

30,841

$

40,015

Accounts receivable, net

19,983

29,940

Inventories

27,544

33,952

Assets held for sale[1]

42,450

Prepaid expenses and other

8,088

10,201

Total current assets

128,906

114,108

Restricted cash

3,693

Property, plant and equipment, net

9,330

13,699

Rental assets, net

4,761

6,109

Intangible assets, net

47,192

51,487

Goodwill

22,175

32,511

Right-of-use assets, net

8,294

9,092

Other assets

389

388

Total assets

$

224,740

$

227,394

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current liabilities:

Accounts payable

$

31,182

$

52,339

Accrued expenses and other current liabilities

22,874

23,373

Liabilities related to assets held for sale1

11,132

Total current liabilities

65,188

75,712

Long-term liabilities:

2025 Notes, net

159,120

165,147

Deferred tax liabilities, net

888

4,505

Other long-term liabilities

8,450

9,929

Total liabilities

233,646

255,293

Stockholders’ deficit:

Preferred stock

Common stock

103

99

Additional paid-in capital

761,412

711,487

Accumulated other comprehensive loss

(6,279

)

(6,972

)

Accumulated deficit

(764,150

)

(732,422

)

Total stockholders’ deficit attributable to Inseego Corp.

(8,914

)

(27,808

)

Noncontrolling interests

8

(91

)

Total stockholders’ deficit

(8,906

)

(27,899

)

Total liabilities and stockholders’ deficit

$

224,740

$

227,394

[1] Assets and liabilities held for sale relate to the expected sale of our Ctrack South Africa operations.

INSEEGO CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2021

2020

2021

2020

Cash flows from operating activities:

Net loss

$

(13,043

)

$

(74,836

)

$

(30,001

)

$

(93,002

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

6,821

5,192

13,051

9,692

Provision for bad debts, net of recoveries

165

59

266

74

Provision for excess and obsolete inventory

669

147

496

180

Share-based compensation expense

2,307

4,428

11,405

5,981

Amortization of debt discount and debt issuance costs

372

1,548

746

3,245

Fair value adjustment on derivative instrument

128

(826

)

(1,823

)

(826

)

Impairment of capitalized software

1,197

1,197

Loss on debt conversion and extinguishment, net

67,241

432

75,174

Deferred income taxes

(288

)

8

38

10

Other

(66

)

672

553

158

Changes in assets and liabilities:

Accounts receivable

3,815

(12,908

)

6,483

(21,498

Inventories

4,580

(6,151

)

(834

)

2,725

Prepaid expenses and other assets

(40

)

(4,315

)

1,158

(5,298

)

Accounts payable

(14,079

)

20,413

(16,015

)

22,334

Accrued expenses, income taxes, and other

(5,543

)

3,662

818

5,713

Net cash (used in) provided by operating activities

(13,005

)

4,334

(12,030

)

4,662

Cash flows from investing activities:

Acquisition of noncontrolling interest

11

(116

)

Purchases of property, plant and equipment

(1,142

)

(2,264

)

(2,455

)

(2,831

)

Proceeds from the sale of property, plant and equipment

485

72

506

235

Additions to capitalized software development costs and purchases of intangible assets

(7,392

)

(6,184

)

(15,369

)

(10,637

)

Net cash used in investing activities

(8,038

)

(8,376

)

(17,434

)

(13,233

)

Cash flows from financing activities:

Gross proceeds from the issuance of 2025 Notes

100,000

100,000

Payment of issuance costs related to 2025 Notes

(2,544

)

(2,544

)

Payoff of term loan and related extinguishment costs

(48,830

)

(48,830

)

Cash paid to investors in private exchange transactions

(32,062

)

(32,062

)

Gross proceeds received from issuance of Series E preferred stock

25,000

Repurchase of Series E preferred stock

(2,354

)

(2,354

)

Proceeds from the exercise of warrants to purchase common stock

1,861

Net borrowing of bank and overdraft facilities

35

(30

)

295

104

Principal payments under finance lease obligations

(936

)

(805

)

(2,173

)

(1,462

)

Proceeds from a public offering, net of issuance costs

(59

)

29,369

Proceeds from stock option exercises and employee stock purchase plan, net of taxes paid on vested restricted stock units

924

1,455

2,020

1,431

Net cash (used in) provided by financing activities

(36

)

14,830

29,511

41,144

Effect of exchange rates on cash

1,912

771

321

(2,547

)

Net increase in cash, cash equivalents and restricted cash

(19,167

)

11,559

368

30,026

Cash, cash equivalents and restricted cash, beginning of period

59,550

30,541

40,015

12,074

Cash, and cash equivalents, end of period

$

40,383

$

42,100

$

40,383

$

42,100

INSEEGO CORP.

Reconciliation of GAAP Net Loss Attributable to Common Shareholders to Non-GAAP Net Loss

(In thousands, except per share data)

(Unaudited)

Three Months Ended
June 30, 2021

Six Months Ended
June 30, 2021

Net Loss

Net Loss Per Share

Net Loss

Net Loss Per Share

GAAP net loss attributable to common shareholders

$

(13,929

)

$

(0.14

)

$

(31,968

)

$

(0.31

)

Adjustments:

Preferred stock dividends(a)

886

0.01

1,753

0.02

Net income attributable to noncontrolling interests(b)

214

Share-based compensation expense(c)

2,307

0.02

11,405

0.10

Purchased intangibles amortization(d)

1,151

0.01

2,103

0.02

Debt discount and issuance costs amortization (e)

372

0.01

746

0.01

Non-recurring costs (f)

396

0.01

761

0.01

Fair value adjustment on derivative instrument(g)

128

(1,823

)

(0.02

)

Loss on debt conversion and extinguishment (e)

432

0.01

Non-GAAP net loss

$

(8,689

)

$

(0.08

)

$

(16,377

)

$

(0.16

)

(a) Includes accrued dividends on Series E Preferred Stock.

(b) Includes net income attributable to noncontrolling interests at Ctrack South Africa.

(c) Includes share-based compensation expense recorded under ASC Topic 718.

(d) Includes amortization of intangible assets purchased through acquisitions.

(e) Includes the debt discount and issuance costs amortization related to the 2025 Notes.

(f) Includes transaction costs related to the sale of Ctrack South Africa and non-recurring legal expenses.

(g) Includes the fair value adjustment related to the Company’s interest make-whole derivative instrument.

(h) Includes the loss on debt conversion and extinguishment of the 2025 Notes.

See "Non-GAAP Financial Measures" for information regarding our use of Non-GAAP financial measures.

INSEEGO CORP.

Reconciliation of GAAP Operating Costs and Expenses to Non-GAAP Operating Costs and Expenses

Three Months Ended June 30, 2021

(In thousands)

(Unaudited)

GAAP

Share-based
compensation
expense

(a)

Purchased
intangibles
amortization

(b)

Non-recurring
costs

(c)

Non-GAAP

Cost of net revenues

$

45,344

$

235

$

487

$

$

44,622

Operating costs and expenses:

Research and development

11,773

535

11,238

Sales and marketing

9,821

558

9,263

General and administrative

7,414

979

150

6,285

Amortization of purchased intangible assets

664

664

Impairment of purchased intangible assets

1,197

1,197

Total operating costs and expenses

$

30,869

$

2,072

$

664

$

150

$

27,983

Total

$

2,307

$

1,151

$

150

(a) Includes share-based compensation expense recorded under ASC Topic 718.

(b) Includes amortization of intangible assets purchased through acquisitions.

(c) Includes non-recurring legal settlement costs.

See "Non-GAAP Financial Measures" for information regarding our use of Non-GAAP financial measures.

INSEEGO CORP.

Reconciliation of GAAP Operating Costs and Expenses to Non-GAAP Operating Costs and Expenses

Six Months Ended June 30, 2021

(In thousands)

(Unaudited)

GAAP

Share-based
compensation expense

(a)

Purchased
intangibles amortization

(b)

Non-recurring
costs

(c)

Non-GAAP

Cost of net revenues

$

84,466

$

1,812

$

973

$

$

81,681

Operating costs and expenses:

Research and development

26,328

3,763

22,565

Sales and marketing

20,825

2,547

18,278

General and administrative

16,058

3,283

150

12,625

Amortization of purchased intangible assets

1,130

1,130

Impairment of purchased intangible assets

1,197

1,197

Total operating costs and expenses

$

65,538

$

9,593

$

1,130

$

150

$

54,665

Total

$

11,405

$

2,103

$

150

(a) Includes share-based compensation expense recorded under ASC Topic 718.

(b) Includes amortization of intangible assets purchased through acquisitions.

(c) Includes non-recurring legal settlement costs.

See "Non-GAAP Financial Measures" for information regarding our use of Non-GAAP financial measures.

INSEEGO CORP.

Reconciliation of GAAP Net Loss Attributable to Common Shareholders to Adjusted EBITDA

(In thousands)

(Unaudited)

Three Months Ended
June 30, 2021

Six Months Ended
June 30, 2021

GAAP net loss attributable to common shareholders

$

(13,929

)

$

(31,968

)

Preferred stock dividends(a)

886

1,753

Income tax provision(b)

228

449

Net income attributable to noncontrolling interests(c)

(214

)

Depreciation and amortization(d)

6,821

13,051

Share-based compensation expense(e)

2,307

11,405

Non-recurring costs(f)

1,341

1,767

Loss on debt conversion and extinguishment(g)

432

Interest expense, net(h)

1,678

3,523

Other expense (income), net(i)

617

(1,117

)

Adjusted EBITDA

$

(51

)

$

(919

)

(a) Includes accrued dividends on Series E Preferred Stock.

(b) Includes the provision for income taxes.

(c) Includes net income attributable to non-controlling interests at Ctrack South Africa.

(d) Includes depreciation and amortization charges, including amortization of intangible assets purchased through acquisitions.

(e) Includes share-based compensation expense recorded under ASC Topic 718.

(f) Includes impairment of capitalized software and non-recurring legal expenses.

(g) Includes the loss on debt conversion and extinguishment of the 2025 Notes.

(h) Includes interest expense including debt discount and issuance costs amortization related to the 2025 Notes.

(i) Includes the transaction costs related to the sale of Ctrack South Africa, fair value adjustment related to the Company's interest make-whole derivative instrument, and foreign currency transaction gains and losses.

See "Non-GAAP Financial Measures" for information regarding our use of Non-GAAP financial measures.

INSEEGO CORP.

Quarterly Net Revenues by Product Grouping

(In thousands)

(Unaudited)

Three Months Ended

June 30,
2021

March 31,
2021

December 31,
2020

September 30,
2020

June 30,
2020

IoT & Mobile Solutions (a)

$

51,836

$

42,959

$

72,098

$

77,342

$

69,314

Enterprise SaaS Solutions

13,857

14,638

13,965

12,898

11,375

Total net revenues

$

65,693

$

57,597

$

86,063

$

90,240

$

80,689

(a) Effective in the third quarter ended on September 30, 2020, IoT & Mobile Solutions now includes the Company’s Device Management System revenue stream, rebranded as Inseego Subscribe™, and all prior period balances have been reclassified from Enterprise SaaS Solutions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210804005845/en/

Contacts

Inseego Corp.

Media Contact:
Anette Gaven
+1 (619) 993-3058
Anette.Gaven@inseego.com
or
Investor Relations Contact:
Joo-Hun Kim
MKR Group
+1 (212) 868-6760
joohunkim@mkrir.com

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