Inseego Corp (INSG)

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Cash Flow Positive, HiHo

Press Release: Inseego Reports Third Quarter 2020 Financial Results
4:05 pm ET November 5, 2020 (Dow Jones) Print

Inseego Reports Third Quarter 2020 Financial Results

-- Revenue increased 44% year-over-year to $90.2 million

-- Achieved positive free cash flow

-- Continued strong demand for 4G, 5G and cloud products

SAN DIEGO--(BUSINESS WIRE)--November 05, 2020--

Inseego Corp. (Nasdaq: INSG) (the "Company"), a leader in 5G and intelligent IoT device-to-cloud solutions, today reported its results for the third quarter ended September 30, 2020. The Company reported third quarter net revenue of $90.2 million, reflecting year-over-year growth of 44%, GAAP operating loss of $3.4 million, GAAP net loss of $5.4 million, GAAP net loss of $0.06 per share, adjusted EBITDA of $7.4 million and non-GAAP net income of $0.01 per share. Cash and cash equivalents at quarter end was $42.0 million.

"We had a monumental quarter with revenue over $90 million, an adjusted EBITDA of $7.4 million, and we achieved positive free cash flow. These are all major milestones that confirm the success of our turnaround and, at the same time, firmly establish that the company has entered a growth and cash generation phase," said Inseego Chairman and CEO Dan Mondor. "Global demand for our mobile broadband and fixed wireless access products is very strong, illustrating momentum throughout our 5G portfolio. Our strategy of diversifying our customer base and recurring revenue streams will make for an exciting 2021 for the company and investors."

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