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what it is
Inseego sells 5G routers, hotspots, and cloud software that keep businesses online when regular internet fails.
how it gets paid
Last year Inseego made $166M in revenue.
why growth slowed
Revenue fell 13.1% last year. $118 million matters because it shows the business can still land big hardware-driven quarters.
what just happened
The quarter showed a revenue spike to $118M, but the bigger story is that profitability still looks fragile.
At a glance
C++ balance sheet — some cracks in the foundation
40/100 earnings predictability — expect surprises
-$1.41 fy2024 eps est
$191M fy2024 rev est
7.9% operating margin
xvary composite: 32/100 — weak
What they do
Inseego sells 5G routers, hotspots, and cloud software that keep businesses online when regular internet fails.
Its edge is selling connectivity you buy when failure costs more than the hardware. If your branch, ambulance, or field team loses service, "SD EDGE" (software that routes traffic across networks) means your connection stays up, which is the whole point. The proof is gross margin at 42.9% on $166 million of annual revenue, according to SEC filings, even after revenue fell 13.1% vs. prior year.
How they make money
$166M
annual revenue · revenue declined -13.1% last year
total revenue
$166M
13.1%
The products that matter
enterprise 5g connectivity hardware
5G FWA & Mobile Hardware
$132.8M · 80% of reported segment revenue
it's the center of gravity. this business produced $132.8M, or 80% of the revenue split shown here, but it also fell 15%. scale without stability is not a moat.
80% of revenue
cloud device management software
Inseego Connect
$33.2M · 20% of reported segment revenue
this $33.2M segment is the part you want to matter more because software usually carries better economics. Right now it is still only 20% of revenue and fell 5%.
20% of revenue
Key numbers
$166M
annual revenue
That is the real size of the business in SEC filings. You are not buying a platform giant. You are buying a niche operator.
13.1%
sales decline
Revenue fell vs. prior year, which means management is still fixing the base business before it can really grow.
42.9%
gross margin
Gross margin means money left after making the product. At 42.9%, the product mix is not terrible even if profits still are.
$45M
long debt
Debt is not crushing, but for a company with losses it narrows your margin for error fast.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $45M (19% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for INSG right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter showed a revenue spike to $118M, but the bigger story is that profitability still looks fragile.
SEC data shows latest-quarter revenue of $118 million, up 157% vs. prior year, with EPS of -$0.15 and gross margin of 42.9%. Yahoo Finance lists last earnings at $0.03, so you should treat the EPS presentation across sources carefully.
$42M
revenue
$0.15
eps
42.9%
gross margin
the number that mattered
$118 million matters because it shows the business can still land big hardware-driven quarters, even while full-year revenue was only $166 million.
source: company earnings report, 2026
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What could go wrong
the #1 risk is a carrier-driven Q1 revenue cliff.
med
Q1 guidance breaks the turnaround rhythm
Management guided Q1 2026 revenue to $33M–$36M after reporting $48.4M in Q4 2025. That is a drop of more than 25% in one quarter and it immediately puts the $190M full-year target under pressure.
If Q1 is weak and the rebound does not show up fast, the market stops treating this as a recovery story.
med
carrier concentration cuts both ways
The 2026 plan depends on launches landing with just three Tier-1 carrier partners. When a company this small depends on that few channels, one delay matters more than management slides make it sound.
A delayed launch or weaker carrier demand can hit revenue immediately because there is not a broad base of other segments to offset it.
med
the software mix is still too small to rescue bad hardware quarters
Software and services produced $33.2M, or 20% of the revenue mix shown here, while hardware produced $132.8M, or 80%. The higher-quality recurring piece is still not large enough to stabilize results when device demand swings.
With 80% of revenue tied to hardware, margin pressure and revenue volatility stay part of the deal.
With 80% of reported segment revenue tied to hardware and Q1 guided to $33M–$36M after a $48.4M Q4, one bad carrier quarter can do real damage to the 2026 recovery narrative.
source: institutional data · regulatory filings · risk analysis
Pay attention to
q1 2026 earnings
does the revenue drop stop at guidance
The next print matters more than the last one. If revenue lands below $33M–$36M, the turnaround story gets shorter fast.
2026 launch slate
four planned launches need to show up on time
Management's growth plan leans on four new products in 2026. Watch launch timing and which carrier partners actually put them in market.
full-year math
the $190M target now needs a cleaner back half
After a Q1 guide of $33M–$36M, the company needs roughly $47.5M per quarter for the last three quarters to reach $190M. Same target. Harder path.
business mix
software has to become more than a sidecar
Software and services are just 20% of reported segment revenue today. If that mix does not rise, you are still mostly holding a hardware cycle.
Analyst rankings
earnings predictability
40 / 100
Quarterly results can swing around. In human-speak, analysts do not view this as a smooth compounding story.
balance sheet strength
C++
Below-average balance sheet grade. Translation: you do not have much room for an execution stumble.
price stability
5 / 100
This stock does not trade like a bond proxy. It trades like a small-cap turnaround under debate.
source: institutional data
Institutional activity
institutional ownership data for INSG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$11
current price
n/a
target midpoint · n/a from current
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