Inseego Q4 Revenue $48.4M, 43% Gross Margin, FY2026 Revenue Set Near $190M
Inseego delivered Q4 2025 revenue of $48.4 million and $6.0 million in adjusted EBITDA, marking a third consecutive quarter of sequential growth with non-GAAP gross margin rising to 43%. The company retired $42 million of preferred stock for $26 million consideration and forecast Q1 2026 revenue of $33–36 million.
1. Q4 2025 Financial Performance
Inseego reported Q4 2025 revenue of $48.4 million and adjusted EBITDA of $6.0 million, exceeding guidance for a third straight quarter of sequential growth. Non-GAAP gross margin climbed to 43%, driven by higher mobile hotspot volumes, increased channel activity and SaaS contributions from Inseego Connect and Subscribe.
2. Enterprise FWA Carrier Expansion
The company secured FX4200 fixed wireless access awards with AT&T and Verizon, joining T-Mobile to achieve support from all three U.S. Tier 1 carriers. Initial stocking orders are expected to fuel a commercial ramp in H1 2026 for enterprise FWA solutions.
3. Preferred Stock Retirement
On January 14, Inseego retired 100% of its $42 million preferred stock for $26 million in aggregate consideration, consisting of $10 million in cash, $8 million in additional senior secured notes and approximately 767,000 shares of common stock. This 38% discount transaction strengthened the capital structure by converting preferred holdings to common equity.
4. 2026 Outlook And Guidance
Management characterized Q1 2026 as a transition quarter, forecasting revenue of $33–36 million and adjusted EBITDA of $1–2 million. Full-year 2026 revenue is targeted near $190 million, with headwinds from mobile product delays, inventory sell-through and go-to-market adjustments at a Tier 1 carrier expected to ease in later quarters.