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Item 1. Business

2024-02-22 compared with 2023-03-03 · 88 added, 144 removed, 95 unchanged (71% of the section changed)

Inseego Corp.

is a leader in the design and development of cloud-managed 5G wireless wide area network (WWAN) and intelligent edge solution.

Our portfolio is comprised of secure, high-performance, cloud-managed fixed and mobile WWAN modems, routers, and gateways;

enterprise networking software-defined edge (“SD EDGE”) solutions powered by our 5G WWAN portfolio that secures and prioritizes corporate network traffic;

and intelligent edge and telematics solutions with built-in artificial intelligence (“AI”) technology, created to improve business outcomes.

All of these products and solutions are designed and developed in the U.S.

is a leader in the design and development of cloud-managed wireless wide area network (“WAN”) and intelligent edge solutions.

Our 4G and 5G WAN portfolio is comprised of secure and high-performance mobile broadband and fixed wireless access (“FWA”) solutions with associated cloud solutions for real time WAN visibility, monitoring, automation and control with centralized orchestration of network functions.

These solutions are specifically built for the enterprise and small and medium business (“SMB”) market segments with a focus on performance, scalability, quality and enterprise grade security.

Our intelligent edge telematics solutions are designed to improve business outcomes for enterprise and SMB market segments.

We also provide a wireless subscriber management solution for carrier’s management of their government and complex enterprise customer subscriptions.

Our 5G products and associated cloud solutions are designed and developed in the U.S.

and are used in mission-critical applications requiring the highest levels of security and zero unscheduled downtime.

These solutions support business applications such as enterprise networking, software-defined wide area network (“SD-WAN”) failover management, asset tracking, edge computing and artificial intelligence, fleet management, and other services.

Inseego has been at the forefront of the ways in which the world stays connected and accesses information, protects, and derives intelligence from that information.

With multiple first-to-market innovations across a number of wireless technologies, including 5G, and a strong and growing portfolio of hardware and software innovations for enterprise solutions, Inseego has been advancing technology and driving industry transformations for over 30 years.

It is this proven expertise, commitment to quality, obsession with innovation and relentless focus on execution that makes us a preferred global partner of service providers, distributors, value-added resellers, system integrators, and enterprises worldwide.

These solutions support applications such as business broadband for both mobile and fixed use cases, enterprise networking and software-defined wide area network (“SD-WAN”) failover management.

Inseego is at the forefront of providing high speed broadband through state-of-the-art 4G and 5G solutions to keep enterprise and SMB customers seamlessly connected.

With multiple first-to-market innovations through several generations of 4G and 5G technologies, Inseego has been advancing wireless WAN technology and driving industry transformations for over 30 years.

Inseego Corp.

is a Delaware corporation formed in 2016 as the successor to Novatel Wireless, Inc., a Delaware corporation formed in 1996, resulting from an internal reorganization that was completed in November 2016.

Our principal executive office as well as our corporate offices are located at 9710 Scranton Road, Suite 200, San Diego, CA 92121, and our sales and engineering offices are located throughout the world.

Our principal executive office is located at 9710 Scranton Road, Suite 200, San Diego, CA 92121.

Inseego’s common stock trades on The NASDAQ Global Select Market under the trading symbol “INSG.”

Industry Trends

For over two decades, the mobile industry has experienced tremendous advancements and growth.

As the largest technology platform in the world, mobile connectivity has changed the way we work, the way we live and the way we connect with each other.

The scale and pace of innovation in mobile technology, especially around connectivity and computing capabilities, is also impacting industries beyond traditional wireless.

We are working with leading global service providers and enterprises in the mobile and 5G fixed wireless access (“FWA”) ecosystems to further develop, commercialize and accelerate the availability of 5G-based solutions, which represent the next generation of mobile technology.

5G enables intelligent connectivity and is a catalyst for innovation and acceleration of the fourth industrial revolution across a wide range of vertical markets, including manufacturing, agriculture, utilities, industrial automation, retail, education, government, and healthcare.

5G addresses the constraints of 4G LTE technology with wider spectrum bandwidths, multi-gigabit speeds, and ultra-reliable low latency, in addition to other advancements.

As the fifth-generation wireless broadband technology, 5G is based on the Release 15 standard defined by the Generation Partnership Project (“3GPP”), an international consortium responsible for the development of mobile standards.

The key operating ranges for the 5G spectrum globally are in the sub-6 GHz (below 6 GHz), and millimeter wave (28 GHz and 39 GHz) bands, with speed offerings greater than 1 Gigabit (“Gb”) per second and sub-millisecond latency, providing better coverage and signaling efficiency.

The technological advancements of 5G technology, combined with many of the innovations developed for 4G LTE, provide a scalable and adaptable solution for a variety of use cases, which enable the creation of new industries and services, such as autonomous vehicles, telemedicine, live ultra-high-definition video streaming, cloud gaming, edge computing, and countless industrial applications such as augmented reality and robotics for smart manufacturing.

The development of these new services and applications results in a growing demand for high-speed data, increased capacity, and low latency requirements which are key factors contributing to the accelerated growth and roll-out of 5G networks.

4G LTE is expected to continue to operate alongside 5G as a major part of the wireless ecosystem.

Based on industry reports, such as the Global System for Mobile Communications Association (“GSMA”) Intelligence’s report The Mobile Economy , and the biannual Ericsson Mobility Report we believe that 4G and 5G networks will coexist and remain complementary for many years.

This means that operators will be able to service a significant share of the data traffic on 4G networks, leaving 5G with the dual remit of absorbing overflow capacity and underpinning consumer and enterprise services that require higher speeds and/or lower latency.

As such, most 5G devices are expected to include multimode support for 4G and Wi-Fi, enabling service continuity where 5G has yet to be deployed and simultaneous connectivity across 4G and Wi-Fi

technologies, while also allowing mobile operators to utilize current 5G network deployments.

At the same time, 4G is expected to continue to evolve in parallel with the development of 5G and become fundamental to many of the key 5G technologies, such as support for unlicensed spectrum, gigabit LTE user data rates (currently available from Inseego) and cellular IoT with connectivity designed to meet the needs of ultra-low-power and low-cost applications.

Further, based on reports from analyst firms including GSMA Intelligence and IoT Analytics, we expect that the number of IoT connections could grow to 27 billion by 2025, of which cellular-based IoT connections could reach 4 billion.

By 2025, global 4G connections will reach just under 55% of total connections.

Meanwhile, 5G migration is gaining pace.

According to Ericsson’s Mobility Report, November 2022 Edition, the rise of 5G has outpaced 4G within the first years of deployment.

By the end of 2028, over five billion 5G subscriptions are forecast globally, which would account for 55 percent of all mobile subscriptions.

5G subscription uptake has been faster than that of 4G, following the launch of 4G in 2009, with 5G expected to reach one billion subscriptions two years sooner than with the 4G launch.

4G is now declining rapidly in many markets and is expected to fall behind 5G in terms of adoption for the first time in 2023.

Based on reports, we believe that 5G will bring a number of enhanced benefits not available using 4G networks, including providing networks with massive numbers of IoT devices and wireless edge technologies with differing speed, bandwidth and quality of service demands for use cases including manufacturing, augmented and virtual reality, and video AI, and networking.

We are increasingly diversifying our business as this 5G opportunity comes into realization and our addressable market expands.

The scale and pace of innovation in mobile networks, especially around broadband speeds and network capacity, is expanding the market beyond traditional wireless which was predominantly focused on smartphones.

The new capabilities of 5G technology and additional capacity provided by recent mid-band spectrum auctions is allowing mobile operators to enter the home and business broadband markets.

These network enhancements will allow enterprise and SMB customers to enable a multitude of business applications to all their distributed sites and employees in an economical way.

It is also expected that 5G will enable a variety of new low latency use cases once the complete mid band and core networks are built out.

These use cases include telemedicine, industrial automation, robotics, AR/VR, edge computing, cloud gaming, and other applications.

We believe that 5G mid band networks will bring a number of enhanced benefits not available on 4G networks, including the capacity to add significant numbers of broadband connections to either bring primary or alternative broadband options to a large number of consumer and business users.

It is expected that these newly evolving 5G networks will also enable low latency use cases including manufacturing automation, augmented and virtual reality, video AI, and distributed networking.

The adoption of 5G and the cloud continues to grow as companies across a wide range of industries are leveraging digital transformation technologies to increase efficiency, gain better customer insights, facilitate compliance and build new business models.

This growth is expanding broadly, and adoption is particularly strong in the telematics and transportation industries and in industrial IoT markets such as smart city infrastructure, utilities, energy management, retail and manufacturing.

We are building intelligent edge capabilities by leveraging business models that monetize usage on most major carrier networks.

We have developed solutions that address key market needs for asset tracking applications, telematics, SD-WAN failover management, retail, remote work, remote monitoring and various other automation applications.

In addition, our cloud solutions can turn the data that our solutions provide into actionable insights for our customers so they can develop new services and create revenue growth.

Our objective is to be a leader in high performance 5G fixed, mobile, and IIoT device-to-cloud solutions for large enterprise verticals, service providers and small and medium-sized businesses around the globe.

We will meet this objective through innovations we are driving in IIoT, fixed, mobile and SaaS technologies.

In furtherance of that objective, we will continue to focus on developing mission critical enterprise applications, such as mobile and fixed broadband, industrial IoT, SD-WAN failover management, asset tracking and fleet management services.

Our solutions will be powered by our key innovations in 5G WWAN, purpose-built SaaS platforms for the enterprise and advanced wireless technologies.

We believe this growth will be initially driven by fixed wireless access with the new low latency enterprise use cases to follow.

Our objective is to be a leader in high performance 5G broadband solutions for mobile broadband and fixed wireless access applications for enterprise and SMBs.

We expect to meet this objective through our innovations in 5G hotspots, routers and gateways and our cloud solutions that enable ease of deployment and corporate policy orchestration for network wide distributed deployments.

We believe that we have a competitive advantage in the market that is rooted in deep technological differentiation in the 4G/5G modem technology that we design in-house.

The key elements of our strategy are to:

• Capitalize on our direct relationships with wireless operators, infrastructure providers, original equipment manufacturers (“OEMs”) and component suppliers.

We intend to continue to capitalize on our direct and long-standing relationships with wireless operators, infrastructure providers, OEMs and component suppliers in order to strengthen our worldwide market position, using these long-standing relationships to springboard both the expansion of the 4G LTE and 5G platforms globally, and influence the adoption of our 5G solutions around the world.

• Expand our 5G WWAN solutions portfolio by leveraging our core mobile technologies and platforms.

We intend to expand our 5G WWAN solutions portfolio with 5G device-cloud-managed solutions for the enterprise in North America, Australia, and targeted international markets that include edge devices based on the latest mobile technologies and cloud solutions.

• Aggressively expand our go-to-market offerings through sales and marketing expansion, channel development and strategic partnerships .

We intend to expand our go-to-market 5G WWAN cloud-managed offerings in North America, Australia, and targeted international markets.

• Capitalize on our direct relationships with mobile operators, infrastructure vendors, 5G chipset vendors and component suppliers.

We intend to continue to capitalize on our direct and long-standing relationships with the key ecosystem players to strengthen our market position within the enterprise and SMB market segments.

• Keep enhancing our 5G WWAN solutions portfolio by leveraging our core mobile technologies and platforms.

We intend to keep enhancing our 5G WWAN portfolio in partnership with our key carrier customers to bring the latest 5G capabilities to the enterprise and SMB market segments.

• Expand our go-to-market to enterprise and SMB customers.

We will continue to enhance our routes to market through mobile operators, channel partners, system integrators and OEM partners who sell into these market segments.

• Improve SaaS solution penetration .

Through our telematics and asset tracking platform solutions, we provide customers in our current target markets throughout Europe, the United Kingdom, Australia and New Zealand with actionable insights and workflow efficiencies with highly secure intelligent device-to-cloud platforms.

We also intend to roll out our cloud-based SaaS portfolio with enhancements in the areas of device management and security in our target markets, and we continue to offer the subscription management solution in North America.

• Increase the value of our offerings.

As we seek to capitalize on potential growth opportunities, we continue to develop cutting edge fixed, mobile and cloud solutions, with specific focus on end-to-end solutions that enable the best connected experiences for our customers.

In addition, our complete portfolio of advanced 4G and 5G solutions opens us up to larger worldwide potential markets.

Finally, continued investment within both edge devices and cloud platform solutions in predictive analytics, machine learning, and edge intelligence should expand our market opportunities.

Our Sources of Revenue

We provide intelligent, cloud-managed wireless 4G and 5G hardware products for the worldwide mobile communications and IIoT markets.

Our hardware products address multiple vertical markets including private LTE/5G networks, the First Responders Network Authority/Firstnet, SD-WAN, telematics, remote monitoring and surveillance, and fixed wireless access and mobile broadband devices.

Our broad range of products principally includes intelligent 4G and 5G fixed wireless routers and gateways, mobile hotspots, wireless gateways and routers for IIoT applications, Gb speed 4G LTE hotspots and USB modems, integrated telematics and mobile tracking hardware devices, which are supported by applications software and cloud services designed to enable customers to easily analyze data insights and configure/manage their hardware remotely.

Our products currently operate on most major global cellular wireless networks.

Our mobile hotspots sold under the MiFi brand have been sold to millions of end users, and provide subscribers with secure and convenient high-speed access to corporate, public and personal information through the Internet and enterprise networks.

Our wireless standalone and USB modems and gateways allow us to address the rapidly growing and underpenetrated IoT market segments.

Our telematics and mobile asset tracking hardware devices collect and control critical vehicle data and driver behaviors, and can reliably deliver that information to the cloud, all managed by our services enablement platforms.

Our MiFi customer base is comprised of wireless operators to whom we provide intelligent fixed and mobile wireless devices.

These wireless operators include Verizon Wireless, T-Mobile and U.S.

Cellular in the United States, Rogers and Telus in Canada, Telstra in Australia, as well as other international wireless operators, distributors and various companies in other vertical markets and geographies.

We sell our 5G WWAN solutions, integrated telematics and mobile tracking hardware devices through our direct sales force, value-added resellers and through distributors.

The customer base for our products is comprised of transportation companies, industrial enterprises, retailers, manufacturers, application service providers, system integrators and distributors in various industries, including fleet and vehicle transportation, aviation ground service management, energy and industrial automation, security and safety, medical monitoring and government.

Integrated telematics and asset tracking devices are provided as part of our integrated SaaS solutions.

We sell SaaS, software and services solutions across multiple vertical markets, including fleet management, vehicle telematics, stolen vehicle recovery, asset tracking, monitoring, business connectivity and subscription management.

Our SaaS delivery platforms include our telematics and asset tracking and management platforms, which provide fleet, vehicle, aviation, municipalities, healthcare, utilities asset and other telematics applications.

Our SaaS platforms are device-agnostic and provide a standardized, scalable way to order, connect and manage remote assets and to improve business operations.

The platforms are flexible and support both on-premise server or cloud-based deployments and are the basis for the delivery of a wide range of IoT services in multiple industries.

We classify our revenues from the sale of our products and services into two distinct groupings, specifically IoT & Mobile Solutions and Enterprise SaaS Solutions.

Both IoT & Mobile Solutions and Enterprise SaaS Solutions revenues include any hardware and software required for the respective solution.

For the years ended December 31, 2022, 2021 and 2020, our total net revenues were $245.3 million, $262.4 million and $313.8 million, respectively.

IoT and Mobile Solutions

Our 4G and 5G WWAN business focuses on addressing applications for a variety of enterprise verticals.

These applications include, among others, smart city infrastructure management, remote monitoring and control, SD-WAN failover and enterprise connectivity.

Our Skyus branded wireless gateways, routers and modems serve as connectivity solutions for the rapidly growing and underpenetrated IoT market segments.

Worldwide IoT spending is expected to increase at a 20% compound annual growth rate between 2022 and 2027 (as reported by IoT Analytics, 2023).

With many enterprise customers using our solutions, we believe that we already have a solid footing in this market.

We are continuing to invest and grow our product portfolio to realize the opportunities in the growing IoT market.

Our 4G and 5G WWAN business has been driving advanced mobile technologies for a multitude of consumer and enterprise applications for over 20 years.

We are focused on continuing to improve our recurring subscription revenue by providing value added capabilities to our customers through the four different types of cloud solutions that we develop.

◦ Our cloud management solution (Inseego Connect) manages all of the 4G and 5G gateways and routers deployed at distributed locations with a single pane of glass for ease of deployment and monitoring of all the connections.

◦ Our newly built 5G SD Edge solution provides real time WAN visibility, monitoring, automation and control.

It provides central orchestration of network functions such as SD WAN routing, firewall and cloud security services.

◦ Our wireless subscriber management solution (Inseego Subscribe) is specifically built for carrier servicing of government and is enterprise customers and is currently deployed in North America with a large carrier with several million end users.

◦ Our telematics solutions provide customers with actionable insights and workflow efficiencies with highly secure intelligent device-to-cloud platforms.

These solutions are primarily deployed in Europe, the United Kingdom, Australia and New Zealand.

We provide a portfolio of high performance 4G and 5G WAN solutions as well as several types of cloud solutions for the enterprise and SMB market segments.

Our 4G and 5G solutions connect end users with high performance broadband for both mobile and fixed wireless use cases.

These solutions include “MiFi" ™ hotspots, routers, and gateways for a wide variety of end user deployments.

We also offer several types of cloud solutions that are used for managing edge devices including security, SD WAN routing and corporate management of all customer locations.

We also provide a wireless subscriber management solution that is used to manage a carrier’s government and complex enterprise customer subscriptions.

In international markets we provide a comprehensive end-to-end telematics solution that provides customers with actionable insights and workflow efficiencies.

Our products currently operate on all major cellular networks in the US.

Our mobile hotspots, sold under the MiFi ™ brand, have been sold to millions of end users and provide secure and convenient high-speed broadband access to the Internet on the go.

As the 5G networks continue to expand both coverage and capacity, new enterprise and SMB market opportunities are opening up.

The largest initial opportunity is for enterprise and SMBs to provide primary or alternate broadband access to their distributed sites and employees through 5G fixed wireless access offerings.

Mobile operators are now providing fixed wireless access specific broadband plans that allow businesses to deploy 5G technology broadly without waiting for the availability of wired connections at those locations.

We classify our revenues from the sale of our products and services into two categories:

Product Revenue, which consists of our Mobile Solutions and Fixed Wireless Access Solutions, and Services and Other.

Mobile Solutions and Fixed Wireless Access Solutions revenues include both the hardware and software required for the respective solution.

Mobile Solutions

Our 5G and 4G mobile broadband (MiFi) business has been driving advanced wireless mobile technologies for a multitude of consumer and enterprise applications for over 20 years.

In the 2000s, Inseego invented mobile hotspots sold under the MiFi ™ brand.

2010s, Inseego was a leader in the 4G mobile hotspot market—delivering the highest 4G mobile hotspot performance in the market.

During the 2010s, Inseego was a leader in the 4G mobile MiFi ™ market—delivering the highest 4G mobile hotspot performance in the market.

In 2019, Inseego developed and produced the world’s first 5G mobile hotspot.

In 2022, we launched our fourth generation 5G mobile hotspot with Telstra, Verizon, and T-Mobile.

Our 4G and 5G WWAN business product portfolio consists of intelligent mobile broadband solutions, HD quality VoLTE products, residential 4G gateways and an advanced 5G portfolio of mobile and fixed wireless products.

Our mobile broadband solutions, sold under the MiFi brand, are actively used by millions of end users annually to provide secure and convenient high-speed access to corporate, public and personal information through the Internet and enterprise networks.

The introduction of 5G technology is rapidly expanding new enterprise and consumer market use cases and opportunities, including residential broadband gateways, industrial automation, massive machine connectivity and autonomous vehicles.

We believe we are strategically well placed to realize the opportunity for 5G and we are focused on developing a comprehensive portfolio of 5G products for fixed and mobile wireless applications.

Our cloud offering includes Inseego Connect for device management, Inseego Subscribe TM which helps organizations manage the selection, deployment and spend of their customer’s wireless assets, helping them save money on personnel and telecom expenses and 5G SD EDGE enterprise networking.

Telematics and Asset Tracking Business Intelligence-Business/Enterprise SaaS Solutions

Inseego entered the telematics software and services industry through the acquisition of DigiCore Holdings Limited (which was renamed Ctrack Holdings (Pty) Ltd (“Ctrack”) in October 2015).

Ctrack was founded in South Africa in 1985, and today Ctrack operations span over 50 countries on six continents.

Through a series of global acquisitions and mergers, the Ctrack group broadened its international reach by expanding into the United Kingdom, Europe, and Australia/New Zealand, and using distributors in emerging markets such as Asia.

On February 24, 2021, we entered into a Share Purchase Agreement (the “Purchase Agreement”) with an affiliate of Convergence Partners (“Convergence”), an investment management firm in South Africa, to sell our Ctrack business operations in Africa, Pakistan and the Middle East (together, “Ctrack South Africa”), in an all-cash transaction for 528.9 million South African Rand (“ZAR”) (approximately $36.6 million U.S.

On July 30, 2021, we completed the sale of Ctrack South Africa (the “Ctrack Transaction”).

See Part IV Item 15 Note 5.

Business Divestiture for additional information about the divestiture of Ctrack South Africa.

Following the Ctrack Transaction, we continue to provide telematics solutions under the Inseego brand in the rest of the world including in Europe, the United Kingdom and Australia.

With more than 30 years of experience, we are recognized as a leading global provider of advanced fleet management telematics and asset tracking solutions that add value to a global base of customers.

We design, develop and sell a robust range of asset management and monitoring systems using GPS satellite positioning, advanced cellular communications and advanced sensory technologies.

The result is innovative solutions ranging from basic track-and-trace, with stolen vehicle response services, to complete integrated enterprise-level solutions for large fleet owners across the globe.

We believe that our continued emphasis on development of next-generation products keeps Inseego telematics ahead of the market, meeting demands for value-added, flexible, feature-rich and cost-effective technology across multiple market verticals.

Our solutions, coupled with a proven track record in the successful implementation and support of projects of all sizes worldwide, provide Inseego with a competitive edge with respect to attracting and retaining customers.

In 2022, we launched our third generation 5G mobile hotspot with Telstra, Verizon, and T-Mobile.

Our MiFi customer base is primarily comprised of mobile operators.

These mobile operators include Verizon Wireless, T-Mobile and U.S.

Our mobile broadband solutions, sold under the MiFi brand, are actively used by millions of end users to provide secure and convenient high-speed access to corporate, public and personal information through the Internet and enterprise networks.

Our mobile portfolio is supported by our cloud offerings - Inseego Connect for device management, and 5G SD EDGE for secure networking enabling corporate managed mobile remote workforce.

Our Mobile Solutions portfolio also includes 4G VoLTE products and 4G USB modems.

Fixed Wireless Access Solutions

Our Fixed Wireless Access solutions are deployed by enterprise and SMB customers for their distributed sites and employees as a fully secure and corporate managed wireless WAN solution.

The portfolio consists of indoor, outdoor and industrial routers and gateways supported by our cloud solutions – Inseego Connect for device management and 5G SD Edge for secure cloud networking.

These solutions, sold under the Wavemaker and Skyus brands, are sold by mobile operators such as T-Mobile, U.S.

Cellular and Verizon Wireless along with distribution and channel partners.

Services and Other

We sell certain other types of SaaS solutions.

First is our telematics solution that is deployed across multiple vertical markets in Europe, the UK, Australia and New Zealand.

This solution provides real time visibility to fleet managers on their deployed vehicles with live maps and data to improve driver safety and performance.

We have thousands of enterprise and SMB customers currently subscribed to this service.

Second, we provide a wireless subscriber management solution (Inseego Subscribe) for carrier’s management of their government and complex enterprise customer subscriptions.

We also categorize non-recurring engineering services we provide to our customers as Service and other revenue.

Sales and Marketing

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This includes product marketing, corporate communications, brand marketing and demand generation.

The market for our mobile, 5G WWAN and asset tracking/telematics services and solutions is rapidly evolving and highly competitive.

The market for our 5G mobile and fixed wireless access solutions as well as telematics solutions is rapidly evolving and highly competitive.

It is likely to continue to be affected by new product introductions and industry participants.

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To maintain and improve our competitive position, we must continue to expand our customer base, invest in research and development, grow our distribution network, and leverage our strategic relationships.

Our products compete with a variety of telematics solutions providers and IoT solutions suppliers.

Our products compete with a variety of solutions providers in different market segments.

Our current competitors include:

• Fleet management SaaS and services providers, such as Lytx, Sierra Wireless, Samsara and Cartrack;

• Fixed wireless, mobile hotspot and wireless data modem providers, such as NETGEAR, Franklin Wireless, WNC, Nokia, TCL, ZTE and Huawei;

• IoT solution providers, such as Cradlepoint, Cisco, and Sierra Wireless;

• Customer experience software solutions and services providers, such as Cisco.

• Fleet management – Companies such as Lytx and Samsara;

• Mobile broadband – Companies such as Netgear, Franklin Wireless, TCL and ZTE

• Fixed wireless access – Companies such as Nokia, Cradlepoint, ZTE, Huawei and Cisco

As the market for our solutions and services expands, other entrants may seek to compete with us either directly or indirectly.

Research and Development

Our research and development efforts are focused on developing innovative fixed and mobile devices, including IoT and advanced gateway solutions in both the 4G LTE and 5G markets, and for device management, cloud enterprise networking, edge computing and telematics solutions and services, while improving the functionality, design and performance of our current products and solutions.

We intend to continue to identify and respond to our customers’ needs by introducing new SaaS, 5G WWAN and mobile solutions and product designs that meet the needs of the market and our customers, with an emphasis on creating next generation wireless product platforms targeting mass market initiatives in high growth verticals and technologies such as 5G NR and easy-to-use products and services that enable customers to connect, track, and manage their business systems and assets.

Our research and development efforts are focused on developing innovative 4G and 5G mobile broadband and fixed wireless access solutions that includes mobile hotspots, gateways and routers.

We also develop associated cloud management and enterprise networking cloud solutions to provide an end-to-end solution to our customers.

We also develop a comprehensive portfolio of telematics solutions for markets in Europe, UK, Australia and New Zealand and we develop for our subscriber management platform.

We will continue to improve the functionality, design and performance of our current products and solutions.

We intend to continue to identify and respond to our customers’ needs by introducing new 5G designs that meet the needs of the market and our customers.

We manage our research and development through a structured life-cycle process, from identifying initial customer requirements through development and commercial introduction to eventual phase-out.

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Key Partners and Customers

We have strategic technology, development and marketing relationships with several of our customers and partners.

Our strong customer and partner relationships provide us with the opportunity to expand our market reach and sales.

We partner with leading OEMs, wireless telecom service providers, and value-added resellers and distributors which allows us to offer customers integrated and holistic soluti ons.

We have strategic technology, development and marketing relationships with several of our carrier customers and partners.

Our strong carrier, enterprise, and partner relationships provide us with the opportunity to expand our market reach and sales.

We partner with leading OEMs, mobile operators, value-added resellers and distributors which allows us to offer our customers integrated soluti ons.

Our telematics platform uses leading cellular providers such as Vodafone, Telstra and Optus to ensure the optimal real-time visibility of tracked vehicles and systems, supported by accurate and sophisticated mapping services such as the HERE Open Location Platform.

Customers for our products include transportation companies, industrial companies, governmental agencies, manufacturers, application service providers, system integrators, distributors, and enterprises in various industries, including fleet and vehicle transportation, finance, accounting, legal, insurance, energy and industrial automation, security and safety, medical monitoring and government.

Customers for our products include transportation companies, industrial companies, governmental agencies, manufacturers, mobile operators, system integrators, distributors, and enterprises in various industries, including fleet and vehicle transportation, finance, accounting, legal, insurance, energy and industrial automation, security and safety, medical monitoring and government.

Our telematics customer base is comprised of wireless operators, distributors, OEMs and various companies in other vertical markets.

Fleet management customers include global enterprises such as BHP Billiton, Super Group, Mammoet and Australia Post.

Our customers for our business connectivity products include EnerNOC, Thermo Fisher Scientific, US Army, Fastenal, T-Mobile and Verizon Wireless, amongst others.

Customers for our device management solutions include carriers such as T-Mobile.

Our customers for our 4G and 5G products include EnerNOC, Thermo Fisher Scientific, US Army, Fastenal, T-Mobile and Verizon Wireless, amongst others.

Customers for our device management solutions include mobile operators such as T-Mobile.

A significant portion of our revenue during the year ended December 31, 2023 came from two customers, Verizon and T-Mobile, which together represented approximately 59% of our total revenues for the year ended December 31, 2023.

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These contract manufacturers are located in Asia and are able to produce our products using modern state-of-the-art equipment and facilities with relatively low-cost labor.

We outsource our manufacturing in an effort to:

We outsource our manufacturing in order to:

• focus on our core competencies of design, development and marketing;

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Our employees are not represented by any collective bargaining unit and we consider our relationship with our employees to be good.

Cybersecurity

In the normal course of business, we may collect and store personal information and certain sensitive Company information, including proprietary and confidential business information, trade secrets, intellectual property, sensitive third-party information and employee information.

To protect this information, our existing cybersecurity policies require monitoring and detection programs, network security measures, encryption of critical data, and security assessment of vendors.

We perform cyber-incident simulations and tabletop exercises to help with our overall risk-preparedness.

We maintain various protections designed to safeguard against cyberattacks, including firewalls and virus detection software.

We have established and test our disaster recovery plan and we protect against business interruption by backing up our major systems.

Additionally, we routinely scan our environment for any vulnerabilities, perform penetration testing and engage third parties to assess the effectiveness of our data security practices.

Our internal security team makes continuous efforts to prevent and mitigate cyber-attacks.

We continue to make significant investments in security and maintain insurance that includes cybersecurity coverage.

Our cybersecurity program is led by our Director of Information Security and Privacy.

The program incorporates industry-standard frameworks, policies and practices designed to protect the privacy and security of our sensitive information.

Our cybersecurity team provides regular, timely updates to the Board of Directors on information security and cybersecurity matters, as needed.

Our Security Council, has oversight responsibility for our data security practices and we believe the committee has the requisite skills and visibility into the design and operation of our data security practices to fulfill this responsibility effectively.

Despite the implementation of our cybersecurity program, our security measures cannot guarantee that a significant cyberattack will not occur.

A successful attack on our information technology systems could have significant consequences to the business.

While we devote resources to our security measures to protect our systems and information, these measures cannot provide absolute security.

See “Risk Factors” for additional information about the risks to our business associated with a breach or compromise to our information technology systems.

Human Capital Resources

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We are driven by our values of Accountability, Sense of Urgency, Market Driven Innovation, Customer Focus, and Integrity.

We are committed to creating a world class employee experience through leadership development, career planning, open two-way communications, total compensation, and positive work environment.

We are committed to creating a world class employee experience through leadership development, career planning, open two-way communications, total compensation, and a positive work environment.

Diversity & Inclusion :

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Our goal setting and performance evaluation process enables the company to focus on accelerating development for those who are top performers and strengthening the talent pipeline.

Work Life Balance :

We believe that it is important to provide Work Life Harmony and our practices can vary globally.

In the U.S., employees have Friday ‘summer hours’ where two hours in the afternoon are blocked from meetings to ensure that there is “work” and “think” time.

This time can be used to catch up on tasks, conduct a review of the past week, and plan for the following week.

Inseego has a flexible time off policy that does not limit employee time off to fixed accruals for exempt employees in the U.S.

This program gives team members the flexibility to take time off that makes sense for them and frees employees from the confines of traditional accrued time off policies.

We also encourage flexibility and balance by embracing remote and hybrid work whenever possible.

Employee Health and Wellness:

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Item 1. Business