Inseego Corp. Files Q3 2024 10-Q
Ticker: INSG · Form: 10-Q · Filed: Nov 13, 2024 · CIK: 1022652
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Inseego Corp. 10-Q filed for Q3 2024. Financials out.
AI Summary
Inseego Corp. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024 and provides financial details for the company. Inseego Corp. is based in San Diego, CA, and operates in the communications equipment sector.
Why It Matters
This filing provides investors with the latest financial performance and operational details for Inseego Corp. during the third quarter of 2024.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific financial health and market conditions of Inseego Corp. could present risks.
Key Numbers
- 2024-09-30 — Period End Date (Latest financial reporting period)
- 2024-11-13 — Filing Date (Date the report was submitted to the SEC)
Key Players & Entities
- INSEEGO CORP. (company) — Filer
- SAN DIEGO, CA (location) — Business Address
- NOVATEL WIRELESS INC (company) — Former Company Name
- 2024-09-30 (date) — Period of Report
- 2024-11-13 (date) — Filed as of Date
FAQ
What were Inseego Corp.'s total revenues for the third quarter of 2024?
The filing does not explicitly state the total revenues for the third quarter of 2024 in the provided snippet. Further details within the full 10-Q would be needed.
What is the company's primary business segment?
The company's business segments include Mobile Solutions and Fixed Wireless Access Solutions, as indicated by the segment data provided.
When did Inseego Corp. change its name from Novatel Wireless Inc.?
The date of the name change from Novatel Wireless Inc. to Inseego Corp. was July 26, 2000.
What is the SIC code for Inseego Corp.?
The Standard Industrial Classification (SIC) code for Inseego Corp. is 3669, which corresponds to Communications Equipment, NEC.
What is the fiscal year end for Inseego Corp.?
The fiscal year end for Inseego Corp. is December 31.
Filing Stats: 4,671 words · 19 min read · ~16 pages · Grade level 16.9 · Accepted 2024-11-12 19:53:30
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share INSG Nasdaq Global Select Mar
Filing Documents
- insg-20240930.htm (10-Q) — 1339KB
- insg20240930ex101-2018omin.htm (EX-10.1) — 193KB
- insg20240930ex102-amendeda.htm (EX-10.2) — 165KB
- insg20240930ex311.htm (EX-31.1) — 11KB
- insg20240930ex312.htm (EX-31.2) — 11KB
- insg20240930ex321.htm (EX-32.1) — 7KB
- insg20240930ex322.htm (EX-32.2) — 7KB
- image_01a.jpg (GRAPHIC) — 68KB
- image_0a.jpg (GRAPHIC) — 68KB
- 0001022652-24-000016.txt ( ) — 8136KB
- insg-20240930.xsd (EX-101.SCH) — 45KB
- insg-20240930_cal.xml (EX-101.CAL) — 106KB
- insg-20240930_def.xml (EX-101.DEF) — 323KB
- insg-20240930_lab.xml (EX-101.LAB) — 590KB
- insg-20240930_pre.xml (EX-101.PRE) — 471KB
- insg-20240930_htm.xml (XML) — 1038KB
—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) 6 Condensed Consolidated Statements of Cash Flows (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9
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 26
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 37
Controls and Procedures
Item 4. Controls and Procedures 38
—OTHER INFORMATION
PART II—OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 39
Risk Factors
Item 1A. Risk Factors 39
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 40
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 40
Other Information
Item 5. Other Information 40
Exhibits
Item 6. Exhibits 41
—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) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 11,972 $ 2,409 Accounts receivable, net of allowance for expected credit losses of $ 130 and $ 617 , respectively 15,612 18,202 Inventories 18,118 20,555 Prepaid expenses and other 3,627 4,937 Current assets held for sale 35,771 12,123 Total current assets 85,100 58,226 Property, plant and equipment, net of accumulated depreciation of $ 28,629 and $ 27,513 , respectively 1,303 2,389 Intangible assets, net of accumulated amortization of $ 33,130 and $ 31,444 , respectively 19,465 25,718 Goodwill 3,949 3,949 Operating lease right-of-use assets 3,117 4,022 Other assets 456 1,256 Non-current assets held for sale — 26,237 Total assets $ 113,390 $ 121,797 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 35,457 $ 23,408 Accrued expenses and other current liabilities 31,147 21,049 Short-term loan 6,000 — 2025 Convertible Notes, net 106,250 — Revolving credit facility — 4,094 Current liabilities held for sale 10,000 7,360 Total current liabilities 188,854 55,911 Long-term liabilities: 2025 Convertible Notes, net — 159,912 Operating lease liabilities 2,979 3,972 Deferred tax liabilities, net 121 112 Other long-term liabilities 6,499 2,351 Non-current liabilities held for sale — 1,644 Total liabilities 198,453 223,902 Commitments and contingencies (Note 10) Stockholders' deficit: Preferred stock, par value $ 0.001 ; 2,000,000 shares authorized: Preferred stock, par value $ 0.001 ; 39,500 shares designated, 25,000 shares issued and outstanding as of both September 30, 2024 and December 31, 2023 (aggregate liquidation preference of $ 37,547,619 ) — — Common stock, par value $ 0.001 ; 150,000,000 shares authorized, 12,542,691 and 11,878,557 shares issued and outstanding as of Se