Inseego Corp. Files 2023 Annual Report on Form 10-K
Ticker: INSG · Form: 10-K · Filed: Feb 22, 2024 · CIK: 1022652
Sentiment: neutral
Topics: 10-K, Inseego Corp, Financial Report, Annual Filing, INSG
TL;DR
<b>Inseego Corp. has filed its 2023 10-K report detailing its financial performance and position as of December 31, 2023.</b>
AI Summary
INSEEGO CORP. (INSG) filed a Annual Report (10-K) with the SEC on February 22, 2024. Inseego Corp. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Novatel Wireless Inc. Key financial data for the fiscal year 2023 is included. The report details financial information as of December 31, 2023.
Why It Matters
For investors and stakeholders tracking INSEEGO CORP., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Inseego's financial health and operational results for the fiscal year 2023, crucial for investors to assess performance and future outlook. The report includes detailed financial statements, risk factors, and executive compensation, offering insights into the company's strategic direction and potential challenges.
Risk Assessment
Risk Level: medium — INSEEGO CORP. shows moderate risk based on this filing. The company's financial performance and market position are subject to various risks detailed in the 10-K, including competition and technological changes in the communications equipment sector.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-K to understand Inseego's current financial standing and future prospects.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Mobile Solutions | ||
| Fixed Wireless Access Solutions | ||
| Product | ||
| Services And Other |
Key Numbers
- 2023-12-31 — Fiscal Year End (Reporting period)
- 2024-02-22 — Filing Date (Date of submission)
- 001-38358 — SEC File Number (Associated SEC file number)
- 813377646 — IRS Number (Company's IRS identification number)
Key Players & Entities
- INSEEGO CORP. (company) — Filer name
- INSG (company) — Ticker symbol
- NOVATEL WIRELESS INC (company) — Former company name
- 2023-12-31 (date) — Fiscal year end
- 2024-02-22 (date) — Filing date
- SAN DIEGO (location) — Business address city
- CA (location) — Business address state
- 92121 (postal_code) — Business address zip
FAQ
When did INSEEGO CORP. file this 10-K?
INSEEGO CORP. filed this Annual Report (10-K) with the SEC on February 22, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by INSEEGO CORP. (INSG).
Where can I read the original 10-K filing from INSEEGO CORP.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by INSEEGO CORP..
What are the key takeaways from INSEEGO CORP.'s 10-K?
INSEEGO CORP. filed this 10-K on February 22, 2024. Key takeaways: Inseego Corp. filed its 2023 Form 10-K on February 22, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company was formerly known as Novatel Wireless Inc..
Is INSEEGO CORP. a risky investment based on this filing?
Based on this 10-K, INSEEGO CORP. presents a moderate-risk profile. The company's financial performance and market position are subject to various risks detailed in the 10-K, including competition and technological changes in the communications equipment sector.
What should investors do after reading INSEEGO CORP.'s 10-K?
Investors should review the detailed financial statements and risk factors in the 10-K to understand Inseego's current financial standing and future prospects. The overall sentiment from this filing is neutral.
Risk Factors
- Financial Performance [medium — financial]: The company's financial results are subject to market conditions and operational efficiency.
- Market Competition [medium — market]: The communications equipment market is highly competitive, impacting Inseego's market share and profitability.
- Technological Changes [medium — operational]: Rapid technological advancements in the industry require continuous innovation and investment.
Key Dates
- 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
Filing Stats: 4,388 words · 18 min read · ~15 pages · Grade level 15.8 · Accepted 2024-02-21 20:11:03
Key Financial Figures
- $0.001 — ange on which registered Common Stock, $0.001 par value INSG Nasdaq Global Select Mar
Filing Documents
- insg-20231231.htm (10-K) — 1617KB
- insg20231231ex21.htm (EX-21) — 19KB
- insg20231231ex231.htm (EX-23.1) — 5KB
- insg20231231ex311.htm (EX-31.1) — 11KB
- insg20231231ex312.htm (EX-31.2) — 11KB
- insg20231231ex321.htm (EX-32.1) — 7KB
- insg20231231ex322.htm (EX-32.2) — 7KB
- 0001022652-24-000001.txt ( ) — 8789KB
- insg-20231231.xsd (EX-101.SCH) — 51KB
- insg-20231231_cal.xml (EX-101.CAL) — 108KB
- insg-20231231_def.xml (EX-101.DEF) — 283KB
- insg-20231231_lab.xml (EX-101.LAB) — 816KB
- insg-20231231_pre.xml (EX-101.PRE) — 527KB
- insg-20231231_htm.xml (XML) — 1198KB
Risk Factors
Item 1A. Risk Factors 10
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 30
Cybersecurity
Item 1C. Cybersecurity 30
Properties
Item 2. Properties 32
Legal Proceedings
Item 3. Legal Proceedings 32
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 32 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33
Reserved
Item 6. Reserved 33
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 34
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 44
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 45
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 45
Controls and Procedures
Item 9A. Controls and Procedures 45
Other Information
Item 9B. Other Information 45
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 45 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 46
Executive Compensation
Item 11. Executive Compensation 46
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 46
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 46
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 46 PART IV
Exhibit and Financial Statement Schedules
Item 15. Exhibit and Financial Statement Schedules 46
Form 10-K Summary
Item 16. Form 10-K Summary 48
SIGNATURES
SIGNATURES 49 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1 2
Forward-Looking Statements
Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. These forward-looking statements include, without limitation, statements that reflect the views of our senior management with respect to our current expectations, assumptions, estimates and projections about Inseego Corp. (the "Company" or "Inseego") and our industry. These forward-looking statements speak only as of the date of this report. We disclaim any undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Statements that include the words "may," "could," "should," "would," "estimate," "anticipate," "believe," "expect," "preliminary," "intend," "plan," "project," "outlook," "will" and similar words and phrases identify forward-looking statements (although not all forward-looking statements contain these words). Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified; therefore, our actual results may differ materially from those anticipated in these forward-looking statements as of the date of this report. We believe that these factors include those related to: our dependence on a small number of customers for a substantial portion of our revenues; our ability to make payments on or to refinance our indebtedness, including our senior secured credit facility and convertible notes obligations; our ability to compete in the market for wireless broadband data access products,
Business
Item 1. Business Overview Inseego Corp. is a leader in the design and development of cloud-managed wireless wide area network ("WAN") and intelligent edge solutions. Our 4G and 5G WAN portfolio is comprised of secure and high-performance mobile broadband and fixed wireless access ("FWA") solutions with associated cloud solutions for real time WAN visibility, monitoring, automation and control with centralized orchestration of network functions. These solutions are specifically built for the enterprise and small and medium business ("SMB") market segments with a focus on performance, scalability, quality and enterprise grade security. Our intelligent edge telematics solutions are designed to improve business outcomes for enterprise and SMB market segments. We also provide a wireless subscriber management solution for carrier's management of their government and complex enterprise customer subscriptions. Our 5G products and associated cloud solutions are designed and developed in the U.S. and are used in mission-critical applications requiring the highest levels of security and zero unscheduled downtime. These solutions support applications such as business broadband for both mobile and fixed use cases, enterprise networking and software-defined wide area network ("SD-WAN") failover management. Inseego is at the forefront of providing high speed broadband through state-of-the-art 4G and 5G solutions to keep enterprise and SMB customers seamlessly connected. With multiple first-to-market innovations through several generations of 4G and 5G technologies, Inseego has been advancing wireless WAN technology and driving industry transformations for over 30 years. Inseego Corp. is a Delaware corporation formed in 2016 as the successor to Novatel Wireless, Inc., a Delaware corporation formed in 1996, resulting from an internal reorganization that was completed in November 2016. Our principal executive office is located at 9710 Scranton Road, Suite 200, San Diego, CA 9212