Inseego Tops Q4 Guidance with $48.4M Revenue, Retires $42M Preferred Stock
Inseego reported 2025 revenue of $166.2 million and adjusted EBITDA of $20.1 million, while Q4 revenue of $48.4 million and $6.0 million adjusted EBITDA topped guidance. It retired $42 million of preferred stock for $26 million at a 38% discount, secured FX4200 awards with AT&T and Verizon, and forecasts full-year 2026 revenue near $190 million.
1. Financial Performance
For full-year 2025, Inseego recorded $166.2 million in revenue and adjusted EBITDA of $20.1 million with a 43% non-GAAP gross margin, the highest on an apples-to-apples basis in over a decade. In Q4, revenue reached $48.4 million with $6.0 million adjusted EBITDA, both beating guidance and marking the third straight quarter of sequential growth.
2. Carrier Expansion
Inseego secured FX4200 fixed wireless access awards with AT&T and Verizon, joining T-Mobile’s prior FX4100 deployment. Initial stocking orders from all three U.S. Tier 1 carriers are expected to drive a commercial ramp in the first half of 2026.
3. Capital Structure Adjustment
On January 14, Inseego retired 100% of its preferred stock carrying a $42 million liquidation preference in exchange for $10 million cash, $8 million in senior secured notes and approximately 767,000 common shares, representing a 38% discount accretive to common stockholders.
4. 2026 Guidance
Management described Q1 2026 as a transition quarter with revenue projected at $33–36 million and adjusted EBITDA of $1–2 million. Full-year 2026 revenue is targeted near $190 million, underpinned by new mobile product launches and FWA commercial ramp.