Inseego Corp.

Q2 2026 revenue was $44 million, up 28% sequentially and 9% year over year, and above the high end of guidance. Product revenue was $31.7 million, mobile solutions revenue was $17.3 million, FWA revenue was $14.4 million, and services and other revenue was $12.3 million. Non-GAAP gross margin was 34%, non-GAAP operating expenses were $16.9 million, and adjusted EBITDA was $0.5 million, or 1% margin. For Q3 2026, management expects total revenue of $28 million to $35 million and adjusted EBITDA of negative $1 million to negative $2 million. Full-year 2026 revenue is now expected to be approximately $155 million.

Juho Sarvikas said the company made progress in Q2 by completing refreshed mobile launches across all three North America Tier 1 carriers, including its largest MiFi customer, and by showing traction with its newest Tier 1 carrier across mobile and FWA. At the same time, he was candid that the business moved faster than its engineering processes could handle, causing product delays and a revenue gap that will not fully recover this year. His tone was constructive but frank, emphasizing tighter execution, better delivery cadence, and preparing the company for the Nokia FWA integration.

Steven Gatoff walked through the quarter’s financial details, highlighting $44 million of revenue, 34% non-GAAP gross margin, $16.9 million of non-GAAP operating expenses, and $0.5 million of adjusted EBITDA. He said Q2 benefited from roughly $5 million to $6 million of incremental revenue tied to a larger-than-normal order placed ahead of memory price increases, but that deal also pressured margin because higher-cost memory had to be used to fulfill it. On the balance sheet, he said cash ended June at approximately $2 million and revolver borrowings were $10 million, both of which have since been reduced with collections. He also said Subscribe software services revenue will step down by about $2 million per quarter starting in Q3 and then stay there, and that the company is actively aligning spend with the revised revenue profile.

Analysts focused on why guidance was cut, how much MSO revenue had been assumed, and whether Q4 implies a snapback. Management said the MSO opportunity had been meaningful, roughly in the $15 million to $20 million range, but had been removed from the 2026 forecast until conversion is proven. They also clarified that Subscribe is not being abandoned, but that pricing for professional services is being reset as the customer needs less complex support, with revenue stepping down by about $2 million per quarter and then stabilizing. On the Nokia deal, management said the transaction economics are unchanged, there is no repricing mechanism, and they remain comfortable with the about $200 million annual run-rate figure for the acquired business.