Inseego Corp - INSG STOCK NEWS

Inseego Corp. (Nasdaq: INSG) has extended Philip Brace's appointment as Executive Chairman for two additional 6-month terms, effective immediately. Brace highlighted significant improvements in the company over the past six months, including revenue growth, an enhanced product portfolio, and improved capital structure. He emphasized Inseego's strong market presence and long-term prospects, citing strengthened relationships with carrier partners and new partnerships in the channel for mobile broadband and FWA products. The company has also added new executives in product management, operations, and sales. Brace, who joined the Board in September 2023 and became Executive Chairman in February 2024, expressed confidence in Inseego's positioning for continued long-term success.

Inseego Corp. (Nasdaq: INSG), a leader in 5G mobile and fixed wireless solutions, has announced key additions to its leadership team. David Markland joins as Chief Product Officer, Dean Antonilli as SVP Sales, Service Providers, and Sal Aroon as VP and Head of Operations. These appointments bring extensive wireless operational experience and technical expertise to Inseego.

Markland will lead product management and customer experience teams, aligning hardware, software, and services strategy with company goals. Antonilli will head the service provider sales team, focusing on partnerships with cellular carriers and various network operators. Aroon will oversee global manufacturing operations, supply chain logistics, and distribution functions.

These strategic hires aim to enhance Inseego's position in delivering innovative products and cloud services to customers and service provider partners, addressing market needs and driving growth.

Inseego Corp. (Nasdaq: INSG), a leader in 5G mobile and fixed wireless solutions, has announced it will release its Q2 2024 financial results on August 7, 2024, after market close. The company will host a webcast and conference call at 5:00 p.m. ET (2:00 p.m. PT) on the same day to discuss results and business outlook.

Investors can access the live audio webcast from the company's website. Participants can pre-register for the call or dial in directly. The webcast will be archived for two weeks, and an audio replay will be available until August 22, 2024.

Inseego announced a significant debt reduction and restructuring initiative involving its 3.25% convertible notes due 2025, amounting to $125 million of face value or 80% of outstanding notes. This initiative includes three key transactions: repurchasing $45.9 million of notes from Highbridge Capital Management for $32.1 million in cash; securing a $19.5 million loan to finance this repurchase; and exchanging $80 million of notes held by North Sound Partners and Golden Harbor for long-term debt and equity, all at a 30% discount. This move reduces total debt to $84.3 million and strengthens Inseego's capital structure.

Inseego has launched the MiFi X PRO 5G mobile hotspot, the industry’s first 5G mobile hotspot certified with FIPS 140-2 cryptographic software. This certification meets the stringent standards set by the National Institute of Standards and Technology (NIST), ensuring unparalleled security for government agencies and businesses.

The MiFi X PRO 5G is equipped with the Snapdragon X65/X62 5G Modem-RF System, enabling extensive 5G NR carrier aggregation for broader coverage and faster speeds. This product targets critical sectors like government, finance, healthcare, and infrastructure that require secure data transmission.

Existing MiFi X PRO 5G devices will receive the FIPS 140-2 certification via an over-the-air update. This launch reinforces Inseego’s commitment to providing robust security solutions, especially for U.S. government customers.

Inseego Corp. (Nasdaq: INSG) reported Q1 2024 revenue of $45.0 million with positive Adjusted EBITDA of $3.8 million. The company saw a GAAP net loss of $4.5 million and had unrestricted cash of $12.3 million. Inseego had a strong quarter with good demand across product lines, exceeding revenue and Adjusted EBITDA guidance. The company also paid off its ABL facility, resulting in improved operations and free cash flow. Q2 2024 guidance predicts total revenue of $52.0 million to $56.0 million and Adjusted EBITDA of $6.5 million to $7.5 million.

Inseego Corp. voluntarily pays off and terminates asset-backed loan facility to enhance capital structure flexibility and significantly reduce financing costs. The company exercised its right to pay off and terminate the $8.5 million asset-backed loan facility, eliminating interest expenses and fees. This move aims to improve liquidity, financial performance, and cash management. Inseego paid off the outstanding balance of $3.0 million and will pay an exit fee of $400,000 to the Participants. The decision reflects the company's confidence in meeting its working capital needs due to revenue growth and favorable cash trends.

Inseego Corp. (INSG) will report its first-quarter 2024 financial results on May 9, 2024, discussing its performance and business outlook in a webcast and conference call.

Inseego Corp. (Nasdaq: INSG) reported Q4 2023 revenue of $42.8 million and Adjusted EBITDA of $4.1 million, marking the fourth consecutive quarter of positive Adjusted EBITDA. Philip Brace has been appointed as Executive Chairman.