- Inseego ( NASDAQ: INSG ) reported Q2 net revenue of $61.9M compare to $65.7M in year ago quarter, GAAP operating loss of $10M (vs. $10.5M in prior year quarter), GAAP net loss of $12.4M or $0.12/share compared to net loss of $13.0M or $0.14/share, adj. EBITDA of negative $1M, and non-GAAP net loss of $0.09/share.
- The company saw a 39% growth in 5G revenue; its 5G FWA portfolio is now C-Band certified with Verizon and AT&T.
- Consolidated gross margin stood at 29.5%, up from 27.3% in Q1 and 28.0% Y/Y.
- Cash and equivalents at quarter end, including restricted cash, was $24.4M.
- In the last week, the company entered into a $50M secured revolving credit facility of which $4.5M was drawn at closure; facility will mature on Dec.31, 2024 and will bear interest at SOFR plus a margin of 3.50% annually.
- "We made great progress deploying 5G fixed wireless access (FWA) for several enterprise customers in Q2. With our key carrier partners now starting to turn their attention to 5G enterprise FWA, and the successful launch of our next-generation of 5G products, we are primed for a strong second half of 2022," CEO Ashish Sharma commented.
- The company is expecting expanding gross margin and prudent management of expenses to enable it to approach cash flow breakeven by the end of the year.
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Inseego Q2 results a mix of drop in revenue and narrowing net loss