Inseego — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 total revenue was $33.3 million, a decrease from $45.9 million in Q3 2025.
• Adjusted EBITDA for Q3 2026 was negative $1.0 million, compared to positive $5.8 million in Q3 2025.
• GAAP Net Loss for Q3 2026 was $8.1 million, compared to a net income of $1.4 million in Q3 2025.
• GAAP gross margin for Q3 2026 was 33.3%.
• Nine months ended September 30, 2026, total revenue was $111.6 million, down from $117.8 million in the same period of 2025.
• Nine months ended September 30, 2026, GAAP Net Loss was $21.1 million, compared to a net income of $0.4 million in 2025.
• Cash and cash equivalents were $6.6 million as of September 30, 2026, down from $24.9 million as of December 31, 2025.
• Working Capital Facility balance was $7.6 million as of September 30, 2026, compared to $0 at the end of 2025.
• 2029 Senior Secured Notes, net, increased to $50.2 million as of September 30, 2026, from $41.6 million at the end of 2025.
• Inventories increased to $20.5 million as of September 30, 2026, from $7.7 million at the end of 2025.
• Accounts payable increased to $36.9 million as of September 30, 2026, from $23.6 million at the end of 2025.
• Operating cash flow for the nine months ended September 30, 2026, was a use of $9.2 million, compared to a use of $4.8 million in 2025.

Guidance and Future Outlook:

• Q4 2026 total revenue is guided to be between $56 million and $65 million.
• Q4 2026 Inseego North America revenue is guided to be between $21 million and $25 million.
• Q4 2026 Acquired FastMile revenue is guided to be between $35 million and $40 million.
• Q4 2026 Adjusted EBITDA is guided to be between $0 million and $2 million.
• Anticipated Q4 2026 Adjusted EBITDA includes support payments from Nokia ranging from $12 million to $14 million.
• Results of the acquired FastMile business will be included in consolidated results beginning in Q4 2026.
• The acquisition of Nokia's Fixed Wireless Access business is expected to approximately double Inseego's revenue.

Business Segments and Product Lines:

• Completed the acquisition of Nokia's Fixed Wireless Access business ("FastMile") on October 1, 2026.
• Selected by a Tier-1 Carrier to provide a ruggedized, high-powered premium-tier MiFi, with shipments expected to begin in mid-2027.
• Introduced intelligent multi-WAN control software for SD-WAN appliances, enabling traffic handling across 5G receivers, low Earth orbit satellite terminals, fiber, wired broadband, and cellular WAN links.
• Achieved CMMC Certification for Inseego Subscribe, enabling support for U.S. Government Customers.
• Inseego North America (legacy business) delivered Q3 revenue and adjusted EBITDA within the guided range.
• Established an international headquarters in Amsterdam and a development center in Athens.
• Expanded presence in Bangalore and added customer-facing sales and technical resources across new markets.
• Approximately 250 people from the acquired business now support Inseego's global operations.

Market and Competitive Landscape:

• The acquisition expands Inseego's footprint globally to include leading carriers across Europe, the Middle East, Asia, and Oceania.
• The addition of the product portfolio significantly expands Inseego's engineering capabilities.
• Inseego partners with mobile network operators worldwide to deliver connectivity at scale.
• The company positions itself as a global wireless broadband leader following the acquisition.

Risks and Challenges:

• Management highlighted the need to improve performance in Inseego North America and address engineering and product delivery issues.
• Risks include the ability to successfully integrate the FastMile business and recognize anticipated benefits.
• Potential loss of customers and/or employees of the FastMile business could affect results.
• Risks exist regarding the ability to grow and manage growth profitably.
• Cost savings and synergies from the acquisition may not be realized when expected or at all.
• Dependence on a small number of customers for a substantial portion of revenues.
• Supply chain challenges and fluctuations in foreign currency exchange rates.
• Increased competition and pricing pressure in the markets engaged.
• Dependence on third-party manufacturers and key component suppliers.

Management Commentary and Tone:

• CEO Juho Sarvikas expressed pleasure at completing the acquisition, noting it will allow expansion of carrier partnerships globally.
• Sarvikas acknowledged the need to continue improving performance in Inseego North America and highlighted steps taken to address engineering issues, including bringing in a new CTO and restructuring the engineering function.
• CFO Steven Gatoff welcomed Nokia as an investor and noted support provided during the integration of global engineering operations.
• Gatoff stated that headcount and spend were reduced in Q4 to help move the company toward a return to profitability while driving revenue growth.
• Nick Lambourne was announced as Chief Technology Officer, leading the global engineering organization with deep cellular expertise.

Other Key Points:

• Nokia is an investor in Inseego as a result of the acquisition transaction.
• Headcount and contractor spend were reduced in October 2026, anticipated to reduce spend by $8 million annually.
• The transaction includes a transition services agreement where Nokia personnel will continue to support the business.
• Management will participate in the Craig-Hallum 17th Annual Alpha Select Conference on November 17, 2026, and the ROTH 15th Annual Technology Conference on November 18, 2026.
• A conference call and live webcast were hosted on November 4, 2026, at 5:00 p.m. ET.
• Pro forma information regarding the revenue of the acquired business is included in the press release tables.
• The press release includes reconciliations of GAAP to Non-GAAP financial measures, including Adjusted EBITDA and Non-GAAP Net Income.