Inseego ( NASDAQ: INSG ) has slipped around -10% on Thursday after its Q4 sales and bottom line figures failed to impress.
Revenues fell around 27.4% Y/Y to $52.92M, weighed down by lower sales of legacy hotspot products, 5G devices and cloud software assets. Next-generation solutions, which comprised of 5G devices and all cloud software assets, decreased 9% and represented 74% of total revenue, up from 58% in the year-ago quarter.
Software revenue was the only good spot, increasing 6% and accounting for 27% of total revenue.
A higher mix of enterprise fixed wireless revenue also led to gross margin widening to 30.3% from 25.4% in Q4 last year. Despite te higher margins, Q4 non-GAAP net loss was $11.8M or $0.11 per share compared with $0.08 in the year-ago quarter. Adjusted EBITDA loss of $3M was also wider than $1.2M in Q4 2021.
Inseego ( INSG ) did not issue specific quarterly guidance, but expects the current seasonal trends in its business to continue, with revenue declining sequential from Q4 to Q1 before ramping up in the second half of the year.
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Inseego slips on Q4 top and bottom line misses