Inseego Q4 Revenue $48.4M, EBITDA $6M Beats Guidance; 2026 Target $190M
Inseego posted Q4 2025 revenue of $48.4 million and adjusted EBITDA of $6.0 million, exceeding guidance and marking a third straight quarter of sequential growth. Full-year 2025 revenue reached $166.2 million; retired $42 million of preferred stock at a 38% discount and guided full-year 2026 revenue near $190 million.
1. Q4 Financial Performance
In Q4 2025, Inseego reported revenue of $48.4 million and adjusted EBITDA of $6.0 million, surpassing its guidance. This marked the third consecutive quarter of sequential growth and contributed to full-year revenue of $166.2 million with a 43% non-GAAP gross margin.
2. Capital Structure Changes
Post-period, Inseego retired the entirety of its $42 million preferred stock at a 38% discount, issuing $10 million in cash, $8 million in senior secured notes and approximately 767,000 common shares. Management highlighted that eliminating the preferred class simplifies the balance sheet and enhances common equity.
3. Carrier Footprint Expansion
Management secured FX4200 awards with AT&T and Verizon, joining T-Mobile to achieve support from all three U.S. Tier 1 carriers for its fixed wireless access solutions. Initial stocking orders from these carriers are expected to drive a commercial ramp in the first half of 2026.
4. 2026 Guidance Outlook
Inseego guided Q1 2026 revenue of $33–36 million with adjusted EBITDA of $1–2 million and set a full-year 2026 revenue target near $190 million. Management noted that Q1 sequential revenue may face headwinds from mobile product launch delays and inventory adjustments at a Tier 1 customer.