Inseego Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Inseego Corp. has filed its Q1 2024 10-Q report, detailing financial performance and segment information.</b>

AI Summary

INSEEGO CORP. (INSG) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Inseego Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's previous name was Novatel Wireless Inc., with a name change on July 26, 2000. The report details financial information for various segments including Mobile Solutions and Fixed Wireless Access Solutions. Key financial statement data points such as preferred stock, common stock, and retained earnings are presented for multiple fiscal periods.

Why It Matters

For investors and stakeholders tracking INSEEGO CORP., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance data for Inseego Corp., crucial for assessing the company's operational health and strategic direction. The detailed segment reporting allows for an in-depth analysis of revenue streams, particularly in Mobile Solutions and Fixed Wireless Access, highlighting areas of growth or contraction.

Risk Assessment

Risk Level: medium — INSEEGO CORP. shows moderate risk based on this filing. The company's financial statements are presented for multiple periods, indicating a need to analyze trends and potential volatility in its financial performance, which could impact future valuations.

Analyst Insight

Investors should review the detailed segment revenues and the company's debt structure to understand its financial stability and growth prospects.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period of Report (Fiscal quarter end date)
• 2024-05-10 — Filing Date (Date the report was filed)
• 2000-07-26 — Date of Name Change (Date Inseego Corp. changed from Novatel Wireless Inc.)

Key Players & Entities

• INSEEGO CORP. (company) — Filer name
• NOVATEL WIRELESS INC (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-10 (date) — Filed as of date
• SAN DIEGO (location) — Business address city
• CA (location) — Business address state
• 92121 (postal_code) — Business address zip
• 8588123400 (phone_number) — Business phone

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End date for the Q1 2024 financial reporting period.
• 2024-05-10: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share INSG Nasdaq Global Select Mar
• $1,000 — otes, the Company will deliver for each $1,000 principal amount of 2025 Notes converte

Filing Documents

• insg-20240331.htm (10-Q) — 747KB
• insg20240331ex311.htm (EX-31.1) — 11KB
• insg20240331ex312.htm (EX-31.2) — 11KB
• insg20240331ex321.htm (EX-32.1) — 7KB
• insg20240331ex322.htm (EX-32.2) — 7KB
• 0001022652-24-000006.txt (&nbsp;) — 4562KB
• insg-20240331.xsd (EX-101.SCH) — 33KB
• insg-20240331_cal.xml (EX-101.CAL) — 59KB
• insg-20240331_def.xml (EX-101.DEF) — 186KB
• insg-20240331_lab.xml (EX-101.LAB) — 446KB
• insg-20240331_pre.xml (EX-101.PRE) — 306KB
• insg-20240331_htm.xml (XML) — 470KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets (Unaudited) 3 Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) 5 Condensed Consolidated Statements of Cash Flows (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 25

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. INSEEGO CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share data) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 12,297 $ 7,519 Accounts receivable, net of allowance for expected credit losses of $ 1,060 and $ 1,113 , respectively 23,476 22,616 Inventories 20,797 22,880 Prepaid expenses and other 6,526 5,211 Total current assets 63,096 58,226 Property, plant and equipment, net of accumulated depreciation of $ 29,427 and $ 28,920 , respectively 2,287 2,758 Rental assets, net of accumulated depreciation of $ 7,859 and $ 7,003 , respectively 4,916 5,083 Intangible assets, net of accumulated amortization of $ 42,770 and $ 39,987 , respectively 24,281 27,140 Goodwill 21,922 21,922 Operating lease right-of-use assets 5,182 5,412 Other assets 384 1,256 Total assets $ 122,068 $ 121,797 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 24,013 $ 24,795 Accrued expenses and other current liabilities 30,805 27,022 Revolving credit facility 4,677 4,094 Total current liabilities 59,495 55,911 Long-term liabilities: 2025 Notes, net 160,284 159,912 Operating lease liabilities 4,771 5,039 Deferred tax liabilities, net 675 680 Other long-term liabilities 2,432 2,360 Total liabilities 227,657 223,902 Commitments and contingencies (Note 9) Stockholders' deficit: Preferred stock, par value $ 0.001 ; 2,000,000 shares authorized: Series E Preferred stock, par value $ 0.001 ; 39,500 shares designated, 25,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023 (aggregate liquidation preference of $ 35,913,326 ) — — Common stock, par value $ 0.001 ; 150,000,000 shares authorized, 11,882,844 and 11,878,557 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 12 12 Additional paid-in capital 811,637 810,138 Accumulated other comprehensive loss ( 5,065 ) (

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View this 10-Q filing on SEC EDGAR