78 unchanged sentences
Revenues related to our cloud offerings of Inseego Connect are included within
−Removed: Services and other below.
+Added: Software services and other below.
These devices, sold under the Wavemaker brands, are sold by mobile operators such as T-Mobile, U.S.
Cellular and Verizon Wireless along with distribution and channel partners.
−Removed: Services and other :
−Removed: A substantial majority of our Services and Other revenue comes from providing a SaaS wireless subscriber management solution (Inseego Subscribe) for carrier’s management of their government and complex enterprise customer subscriptions.
+Added: Software services and other :
+Added: A substantial majority of our software services and other revenue comes from providing a SaaS wireless subscriber management solution (Inseego Subscribe) for carrier’s management of their government and complex enterprise customer subscriptions.
Services and Other revenue also includes the Company’s above mentioned Inseego Connect offering.
−Removed: We also categorize non-recurring engineering services we provide to our customers as Service and other revenue.
+Added: We also categorize non-recurring engineering services we provide to our customers as Software s ervices and other revenue.
Business Segment Reporting
9 unchanged sentences
Results of Operations
−Removed: Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
−Removed: Revenues for the three months ended June 30, 2025 were $40.2 million, compared to $51.6 million for the same period in 2024.
+Added: Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024
+Added: Revenues for the three months ended September 30, 2025 were $45.9 million, compared to $54.0 million for the same period in 2024.
The following table summarizes revenues by our two categories (in thousands):
Three Months Ended
−Removed: June 30, Change
+Added: September 30, Change
Product Category 2025 2024 $ %
2 unchanged sentences
Product 33,687 42,005 (8,318) (19.8)
−Removed: Services and other 12,040 12,424 (384) (3.1)
+Added: Software services and other 12,206 12,027 179 1.5
Total revenues $ 45,893 $ 54,032 $ (8,139) (15.1)
2 unchanged sentences
Fixed wireless access solutions.
−Removed: The $1.2 million increase in fixed wireless access solutions revenues is primarily due to the successful launch of our current generation indoor FWA solution during the current period.
−Removed: Services and other The $0.4 million decrease in services and other revenues is primarily due to non-recurring engineering revenue generated in the prior period.
+Added: The $7.9 million increase in fixed wireless access solutions revenues is primarily due to the launch of our current generation indoor FWA solution that began selling in the second quarter of 2025.
+Added: Software services and other The $0.2 million increase in software services and other revenues is primarily due to increased revenue from Inseego Connect, partially offset by non-recurring engineering revenue generated in the prior period for which there was no equivalent during the current period.
Cost of revenues.
−Removed: Cost of revenues for the three months ended June 30, 2025 was $23.7 million, or 58.9% of revenues, compared to $32.8 million, or 63.6% of revenues, for the same period in 2024.
+Added: Cost of revenues for the three months ended September 30, 2025 was $26.8 million, or 58.4% of revenues, compared to $35.2 million, or 65.2% of revenues, for the same period in 2024.
The following table summarizes cost of revenues by category (in thousands):
Three Months Ended
−Removed: June 30, Change
+Added: September 30, Change
Product Category 2025 2024 $ %
Product $ 25,253 $ 33,592 $ (8,339) (24.8) %
−Removed: Services and other 1,343 2,304 (961) (41.7)
+Added: Software services and other 1,556 1,640 (84) (5.1)
Total cost of revenues $ 26,809 $ 35,232 $ (8,423) (23.9)
−Removed: The $8.1 million decrease in product cost of revenues is primarily due to decreased product revenues, partially offset by an increased proportion of higher cost FWA products in comparison to lower cost mobile products.
−Removed: Services and other.
−Removed: The $1.0 million decrease in services and other cost of revenues is primarily due to decreased outside service costs related to Inseego Subscribe revenues, decreased annual incentive bonus accruals, and decreased non-recurring engineering revenues and the related costs of performing those services.
+Added: The $8.3 million decrease in product cost of revenues is primarily due to decreased product revenues and an increased proportion of higher margin FWA products in comparison to lower margin mobile products.
+Added: Software services and other.
+Added: The $0.1 million decrease in software services and other cost of revenues is primarily due to decreased outside service costs related to Inseego Subscribe revenues and decreased non-recurring engineering revenues and the related costs of performing those services.
Gross profit.
−Removed: Gross profit for the three months ended June 30, 2025 was $16.5 million, or a gross margin of 41.1%, compared to $18.8 million, or a gross margin of 36.4% , for the same period in 2024.
−Removed: The decrease in gross profit is primarily due to decreased mobile solutions revenues.
−Removed: The increase in gross margin is primarily due to a increased proportion of higher margin service and FWA revenues as a percentage of total revenues.
+Added: Gross profit for the three months ended September 30, 2025 was $19.1 million, or a gross margin of 41.6%, compared to $18.8 million, or a gross margin of 34.8%, for the same period in 2024.
+Added: The increase in both gross profit and gross margin is primarily due to an increased proportion of higher margin service and FWA revenues as a percentage of total revenues.
Operating costs and expenses.
The following table summarizes operating costs and expenses (in thousands):
−Removed: Three Months Ended June 30, Change
+Added: Three Months Ended September 30, Change
Operating costs and expenses 2025 2024 $ %
3 unchanged sentences
Depreciation and amortization 2,164 3,154 (990) (31.4)
+Added: Impairment of capitalized software — 507 (507) *
Total $ 16,929 $ 17,784 $ (855) (4.8)
Research and development expenses.
−Removed: Research and development expenses for the three months ended June 30, 2025 were $4.8 million, or 12.0% of revenues, compared to $5.2 million, or 10.0% of revenues, for the same period in 2024.
−Removed: The decrease in research and development expenses was primarily due to more research and development projects that were capitalizable during the three months ended June 30, 2025, which resulted in a lower percentage of research and development costs being recorded as operating expenses, and decreased annual incentive bonus accruals, partially offset by increased outside services costs related to the Company’s increased development efforts for its next line of products.
+Added: Research and development expenses for the three months ended September 30, 2025 were $4.9 million, or 10.6% of revenues, compared to $5.2 million, or 9.6% of revenues, for the same period in 2024.
+Added: The decrease in research and development expenses was primarily due to more research and development projects that were capitalizable during the three months ended September 30, 2025, which resulted in a lower percentage of research and development costs being recorded as operating expenses, and decreased annual incentive bonus accruals, partially offset by increased outside services costs related to the Company’s increased development efforts for its next line of products.
Sales and marketing expenses.
−Removed: Sales and marketing expenses for the three months ended June 30, 2025 were $4.0 million, or 9.8% of revenues, compared to $4.2 million, or 8.2% of revenues, for the same period in 2024.
−Removed: The decrease in sales and marketing expenses was primarily due to decreased sales commissions as a result of lower sales and decreased annual incentive bonus accruals.
+Added: Sales and marketing expenses for the three months ended September 30, 2025 were $4.2 million, or 9.1% of revenues, compared to $4.1 million, or 7.6% of revenues, for the same period in 2024.
+Added: The increase in sales and marketing expenses was primarily due to increased compensation costs due to increased headcount, partially offset by decreased sales commissions, as a result of lower sales, and decreased annual incentive bonus accruals.
General and administrative expenses.
−Removed: General and administrative expenses for the three months ended June 30, 2025 were $4.7 million, or 11.7% of revenues, compared to $3.9 million, or 7.6% of revenues, for the same period in 2024.
−Removed: The increase in general and administrative expense was primarily due to an increase in share-based compensation expense related to awards issued to the Company’s CEO who was hired in January 2025 and an increase in compensation costs due to increased headcount, partially offset by decreased legal and consulting expenses related to the Company’s overall capital structure management efforts in the three months ended June 30, 2024.
+Added: General and administrative expenses for the three months ended September 30, 2025 were $5.7 million, or 12.4% of revenues, compared to $4.8 million, or 8.9% of revenues, for the same period in 2024.
+Added: The increase in general and administrative expense was primarily due to an increase in share-based compensation expense related to awards issued to the Company’s CEO who was hired in January 2025 and an increase in compensation costs due to increased headcount, partially offset by a gain on early lease termination recorded during the three months ended September 30, 2025.
Depreciation and amortization expenses .
−Removed: Depreciation and amortization expenses for the three months ended June 30, 2025 were $1.8 million, or 4.4% of revenues, compared to $3.7 million, or 7.1% of revenues, for the same period in 2024.
−Removed: The decrease in depreciation and amortization expenses was primarily due to the capitalized costs on the Company’s next generation of software intended for sale being capitalized but not amortizable until future quarters and the ending of useful life of certain amortizable purchased intangibles.
+Added: Depreciation and amortization expenses for the three months ended September 30, 2025 were $2.2 million, or 4.7% of revenues, compared to $3.2 million, or 5.8% of revenues, for the same period in 2024.
+Added: The decrease in depreciation and amortization expenses was primarily due to the capitalized costs on the Company’s next generation of software intended for sale being capitalized but not amortizable until future quarters when they go to market and the ending of useful life of certain amortizable purchased intangibles.
+Added: Impairment of capitalized software.
+Added: For the three months ended September 30, 2025 and 2024, we recorded impairments of $0.0 million and $0.5 million, respectively.
Other (expense) income.
The following table summarizes other (expense) income (in thousands):
−Removed: Three Months Ended June 30, Change
+Added: Three Months Ended September 30, Change
Other (expense) income 2025 2024 $ %
Interest expense $ (885) $ (5,731) $ 4,846 (84.6) %
−Removed: Loss on extinguishment of revolving credit facility — (788) 788 (100.0)
Gain on debt restructurings, net — 12,366 (12,366) *
3 unchanged sentences
Interest expense.
−Removed: The $0.8 million decrease in interest expense for the three months ended June 30, 2025 over the same period in 2024 was primarily a result the Company’s various repurchases and exchanges of the 2025 Convertible Notes (as defined below) that occurred during 2024 and the full repayment of the remaining Notes on May 1, 2025, resulting in lower coupon interest, partially offset by interest expense on the Company’s 2029 Senior Secured Notes (as defined below) that were issued in the fourth quarter of 2024.
−Removed: Loss on extinguishment of revolving credit facility The $0.8 million loss on extinguishment of revolving credit facility for the three months ended June 30, 2024 relates to the terminations of the Company’s Credit Facility (as defined in Part I, Item 1, Note 5 - Debt ) in April 2024.
−Removed: Gain on debt restructurings, net The $1.3 million net gain on troubled debt restructurings for the three months ended June 30, 2024 is a result of the Company’s various 2025 Convertible Notes restructurings completed during 2024 as part of our overall capital structure management efforts.
+Added: The $4.8 million decrease in interest expense for the three months ended September 30, 2025 over the same period in 2024 was primarily a result the Company’s various repurchases and exchanges of the 2025 Convertible Notes (as defined below) that occurred during 2024 and the full repayment of the remaining Notes on May 1, 2025, resulting in lower coupon interest, partially offset by interest expense on the Company’s 2029 Senior Secured Notes (as defined below) that were issued in the fourth quarter of 2024.
+Added: Gain on debt restructurings, net.
+Added: The $12.4 million net gain on debt restructurings for the three months ended September 30, 2024 is a result of the Company’s various 2025 Convertible Notes restructurings completed during 2024 as part of our overall capital structure management efforts.
Other income (expense), net.
−Removed: Other income (expense), net for the three months ended June 30, 2025 and 2024 was $0.2 million and $(0.4) million, respectively.
+Added: Other income (expense), net for the three months ended September 30, 2025 and 2024 was $0.1 million and $(0.1) million, respectively.
The increase in other income, net was primarily due to interest income earned on money market fund accounts that the Company began investing in during the first quarter of 2025.
−Removed: Income tax provision.
−Removed: Income tax provision for the six months ended June 30, 2025 and 2024 was a provision of $0.0 million and $0.1 million, respectively.
+Added: Income tax provision (benefit).
+Added: Income tax provision (benefit) was less than $0.1 million for both the three months ended September 30, 2025 and 2024.
Income (Loss) from discontinued operations, net of tax.
−Removed: Income (loss) from discontinued operations, net of tax for the three months ended June 30, 2025 and 2024 was $0.0 million and $0.5 million, respectively.
+Added: Income (loss) from discontinued operations, net of tax for the three months ended September 30, 2024 was $1.4 million.
+Added: There was no income (loss) from discontinued operations during the three months ended September 30, 2025 as the Telematics Business was sold in November 2024.
Preferred stock dividends.
−Removed: During the three months ended June 30, 2025 and 2024, we recorded dividends of $0.9 million and $0.8 million, respectively, on our Series E preferred stock.
−Removed: Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
−Removed: Revenues for the six months ended June 30, 2025 were $71.9 million, compared to $89.1 million for the same period in 2024.
+Added: During the three months ended September 30, 2025 and 2024, we recorded dividends of $0.9 million and $0.8 million, respectively, on our Series E preferred stock.
+Added: Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
+Added: Revenues for the nine months ended September 30, 2025 were $117.8 million, compared to $143.2 million for the same period in 2024.
The following table summarizes revenues by our two product categories (in thousands):
−Removed: Six Months Ended
−Removed: June 30, Change
+Added: Nine Months Ended
+Added: September 30, Change
Product Category 2025 2024 $ %
2 unchanged sentences
Product 81,563 110,653 (29,090) (26.3)
−Removed: Services and other 24,020 20,477 3,543 17.3
+Added: Software services and other 36,226 32,504 3,722 11.5
Total revenues $ 117,789 $ 143,157 $ (25,368) (17.7)
3 unchanged sentences
The $3.2 million decrease in fixed wireless access solutions revenues is primarily due to decreased sales with one of our carrier partners during the first three months of 2025 as we transitioned to our next generation of fixed wireless access products that launched during the second quarter of 2025 combined with decreased sales in our channel program.
−Removed: Services and other The $3.5 million increase in services and other revenues is primarily due to increased Inseego Subscribe revenues related to the terms of a two-year service contract renewal with a major customer that was executed in April 2024.
+Added: Software services and other The $3.7 million increase in software services and other revenues is primarily due to increased Inseego Subscribe revenues related to the terms of a two-year service contract renewal with a major customer that was executed in April 2024.
Cost of revenues.
−Removed: Cost of revenues for the six months ended June 30, 2025 was $40.4 million, or 56.2% of revenues, compared to $57.1 million, or 64.0% of revenues, for the same period in 2024.
+Added: Cost of revenues for the nine months ended September 30, 2025 was $67.2 million, or 57.1% of revenues, compared to $92.3 million, or 64.5% of revenues, for the same period in 2024.
The following table summarizes cost of revenues by category (in thousands):
−Removed: Six Months Ended
−Removed: June 30, Change
+Added: Nine Months Ended
+Added: September 30, Change
Product Category 2025 2024 $ %
Product $ 63,014 $ 86,812 $ (23,798) (27.4) %
−Removed: Services and other 2,637 3,852 (1,215) (31.5)
+Added: Software services and other 4,193 5,492 (1,299) (23.7)
Total cost of revenues $ 67,207 $ 92,304 $ (25,097) (27.2)
The $23.8 million decrease in product cost of revenues is primarily due to decreased product revenues, partially offset by an increased proportion of higher cost FWA products in comparison to lower cost mobile products.
−Removed: Services and other.
−Removed: The $1.2 million decrease in services and other cost of revenues is primarily due to decreased outside service costs related to Inseego Subscribe revenues, decreased annual incentive bonus accruals, and decreased non-recurring engineering revenues and the related costs of performing those services.
+Added: Software services and other.
+Added: The $1.3 million decrease in software services and other cost of revenues is primarily due to decreased outside service costs related to Inseego Subscribe revenues, decreased annual incentive bonus accruals, and decreased non-recurring engineering revenues and the related costs of performing those services.
Gross profit.
−Removed: Gross profit for the six months ended June 30, 2025 was $31.5 million, or a gross margin of 43.8%, compared to $32.1 million, or a gross margin of 36.0%, for the same period in 2024.
+Added: Gross profit for the nine months ended September 30, 2025 was $50.6 million, or a gross margin of 42.9%, compared to $50.9 million, or a gross margin of 35.5%, for the same period in 2024.
The decrease in gross profit is primarily due to decreased product revenues, partially offset by increased Inseego Subscribe service revenues.
2 unchanged sentences
The following table summarizes operating costs and expenses (in thousands):
−Removed: Six Months Ended
−Removed: June 30, Change
+Added: Nine Months Ended
+Added: September 30, Change
Operating costs and expenses 2025 2024 $ %
6 unchanged sentences
Research and development expenses.
−Removed: Research and development expenses for the six months ended June 30, 2025 were $9.4 million, or 13.0% of revenues, compared to $9.9 million, or 11.1% of revenues, for the same period in 2024.
−Removed: The decrease in research and development expenses was primarily due to more research and development projects that were capitalizable during the six months ended June 30, 2025, which resulted in a lower percentage of research and development costs being recorded as operating expenses, and decreased annual incentive bonus accruals, partially offset by increased prototype builds, testing and certification costs, and outside services costs related to the Company’s increased development efforts for its next line of products.
+Added: Research and development expenses for the nine months ended September 30, 2025 were $14.2 million, or 12.1% of revenues, compared to $15.0 million, or 10.5% of revenues, for the same period in 2024.
+Added: The decrease in research and development expenses was primarily due to more research and development projects that were capitalizable during the nine months ended September 30, 2025, which resulted in a lower percentage of research and development costs being recorded as operating expenses, and decreased annual incentive bonus accruals, partially offset by increased compensation costs related to increased headcount, increased prototype and certification costs, and outside services costs related to the Company’s increased development efforts for its next line of products.
Sales and marketing expenses.
−Removed: Sales and marketing expenses for the six months ended June 30, 2025 were $7.9 million, or 11.0% of revenues, compared to $8.1 million, or 9.0% of revenues, for the same period in 2024.
+Added: Sales and marketing expenses for the nine months ended September 30, 2025 were $12.1 million, or 10.3% of revenues, compared to $12.2 million, or 8.5% of revenues, for the same period in 2024.
The decrease in sales and marketing expenses was primarily due to decreased sales commissions as a result of lower sales and decreased annual incentive bonus accruals, partially offset by increased sales personnel-related compensation costs as a result of an increase in overall sales headcount.
General and administrative expenses.
−Removed: General and administrative expenses for the six months ended June 30, 2025 were $9.2 million, or 12.8% of revenues, compared to $7.9 million, or 8.8% of revenues, for the same period in 2024.
−Removed: The increase in general and administrative expense was primarily due to an increase in share-based compensation expense related to awards issued to the Company’s CEO who was hired in January 2025, partially offset by decreased legal and consulting expenses related to the Company’s overall capital structure management efforts in the six months ended June 30, 2024.
+Added: General and administrative expenses for the nine months ended September 30, 2025 were $14.9 million, or 12.6% of revenues, compared to $12.7 million, or 8.9% of revenues, for the same period in 2024.
+Added: The increase in general and administrative expense was primarily due to an increase in share-based compensation expense related to awards issued to the Company’s CEO who was hired in January 2025, partially offset by a gain on early lease termination recorded during the nine months ended September 30, 2025.
Depreciation and amortization expenses .
−Removed: Depreciation and amortization expenses for the six months ended June 30, 2025 were $3.8 million, or 5.3% of revenues, compared to $6.9 million, or 7.8% of revenues, for the same period in 2024.
−Removed: The decrease in depreciation and amortization expenses was primarily due to the capitalized costs on the Company’s next generation of software intended for sale being capitalized but not amortizable during all or most of the six months ended June 30, 2025 and the ending of the useful life of certain amortizable purchased intangibles.
+Added: Depreciation and amortization expenses for the nine months ended September 30, 2025 were $6.0 million, or 5.1% of revenues, compared to $10.1 million, or 7.1% of revenues, for the same period in 2024.
+Added: The decrease in depreciation and amortization expenses was primarily due to the capitalized costs on the Company’s next generation of software intended for sale being capitalized but not amortizable during all or most of the nine months ended September 30, 2025 and the ending of the useful life of certain amortizable purchased intangibles.
Impairment of capitalized software.
−Removed: For each of the six months ended June 30, 2025 and 2024, we recorded impairments of $0.4 million,
+Added: For the nine months ended September 30, 2025 and 2024, we recorded impairments of $0.4 million and $0.9 million, respectively.
Other (expense) income.
The following table summarizes other (expense) income (in thousands):
−Removed: Six Months Ended
−Removed: June 30, Change
+Added: Nine Months Ended
+Added: September 30, Change
Other (expense) income 2025 2024 $ %
6 unchanged sentences
Interest expense.
−Removed: The $2.0 million decrease in interest expense for the six months ended June 30, 2025 over the same period in 2024 was primarily a result the Company’s various repurchases and exchanges of the 2025 Convertible Notes (as defined below) that occurred during 2024 and the full repayment of the remaining Notes on May 1, 2025, resulting in lower coupon interest, partially offset by interest expense on the Company’s 2029 Senior Secured Notes (as defined below) that were issued in the fourth quarter of 2024.
−Removed: Loss on extinguishment of revolving credit facility The $0.8 million loss on extinguishment of revolving credit facility for the six months ended June 30, 2024 relates to the terminations of the Company’s Credit Facility in April 2024.
−Removed: Gain on debt restructurings, net The $1.3 million net gain on troubled debt restructurings for the six months ended June 30, 2024 is a result of the Company’s various 2025 Convertible Notes restructurings completed during 2024 as part of our overall capital structure management efforts.
+Added: The $6.8 million decrease in interest expense for the nine months ended September 30, 2025 over the same period in 2024 was primarily a result the Company’s various repurchases and exchanges of the 2025 Convertible Notes (as defined below) that occurred during 2024 and the full repayment of the remaining Notes on May 1, 2025, resulting in lower coupon interest, partially offset by interest expense on the Company’s 2029 Senior Secured Notes (as defined below) that were issued in the fourth quarter of 2024.
+Added: Loss on extinguishment of revolving credit facility.
+Added: The $0.8 million loss on extinguishment of revolving credit facility for the nine months ended September 30, 2024 relates to the terminations of the Company’s Prior Credit Facility in April 2024.
+Added: Gain on debt restructurings, net.
+Added: The $13.7 million net gain on troubled debt restructurings for the nine months ended September 30, 2024 is a result of the Company’s various 2025 Convertible Notes restructurings completed during 2024 as part of our overall capital structure management efforts.
Other income (expense), net.
−Removed: Other income (expense), net for the six months ended June 30, 2025 and 2024 was $0.5 million and $(0.8) million, respectively.
+Added: Other income (expense), net for the nine months ended September 30, 2025 and 2024 was $0.6 million and $(0.9) million, respectively.
The increase in other income, net was primarily due to interest income earned on money market fund accounts that the Company began investing in during the first quarter of 2025 and a decrease in consulting and legal fees that were incurred during 2024 related to the preliminary stages of the Company’s capital structure management efforts.
−Removed: Income tax provision.
−Removed: Income tax provision for the six months ended June 30, 2025 and 2024 was a provision of $0.0 million and $0.1 million, respectively.
+Added: Income tax provision (benefit).
+Added: Income tax provision (benefit) for the nine months ended September 30, 2025 and 2024 was a provision of $0.0 million and $0.2 million, respectively.
Income (loss) from discontinued operations, net of tax.
−Removed: Income (loss) from discontinued operations, net of tax for the six months ended June 30, 2025 and 2024 was $(0.4) million and $1.6 million, respectively.
+Added: Income (loss) from discontinued operations, net of tax for the nine months ended September 30, 2025 and 2024 was $(0.4) million and $3.0 million, respectively.
+Added: The change in income (loss) from discontinued operations is due to the sale of the Telematics Business in November 2024.
Preferred stock dividends.
−Removed: During the six months ended June 30, 2025 and 2024, we recorded dividends of $1.7 million and $1.6 million, respectively, on our Series E preferred stock.
+Added: During the nine months ended September 30, 2025 and 2024, we recorded dividends of $2.7 million and $2.4 million, respectively, on our Series E preferred stock.
Liquidity and Capital Resources
−Removed: As of June 30, 2025, the Company had available cash and cash equivalents totaling $13.2 million and maintained positive working capital of $9.9 million.
−Removed: The Company had negative cash outflows from operations of $7.9 million for the six months ended June 30, 2025, which was largely due to the payout of the Company’s annual bonuses that were fully accrued for at December 31, 2024 and an increase in sales occurring late in the current period.
+Added: As of September 30, 2025, the Company had available cash and cash equivalents totaling $14.6 million and maintained positive working capital of $13.1 million.
+Added: The Company had negative cash outflows from operations of $4.8 million for the nine months ended September 30, 2025, but this was largely due to timing of cash receipts on accounts receivable balances and the payout of the Company’s annual bonuses that were fully accrued for at December 31, 2024.
+Added: On August 5, 2025, the Company entered into a Credit and Security Agreement (the “Working Capital Facility Agreement”) with BMO Bank N.A.
+Added: (“BMO”) that provides up to a maximum $15.0 million secured asset-backed revolving credit facility (the “Working Capital Facility”).
+Added: The facility matures on August 5, 2028 and contains certain financial and non-financial covenants.
+Added: The Company was in compliance with all covenants under the Working Capital Facility Agreement as of September 30, 2025.
+Added: Obligations under the Working Capital Facility are secured by a continuing security interest in substantially all property of Inseego Corp.
+Added: and certain of its subsidiaries, subject to customary exclusions.
+Added: Availability under the Working Capital Facility is determined monthly as the excess of a borrowing base (“Borrowing Base”), comprised of a percentage of eligible accounts receivable and eligible inventory, over the total loans outstanding under the Working Capital Facility.
+Added: If the aggregate outstanding amount of the Working Capital Facility exceeds the Borrowing Base at any time, the excess amount shall be payable on demand by BMO.
+Added: Loans made under the Working Capital Facility bear interest at a Term Secured Overnight Financing Rate (“SOFR”), as defined in the Working Capital Facility Agreement, plus an applicable margin ranging from 1.00-2.50%, subject to certain exceptions.
+Added: Interest on loans made under the Working Capital Facility are paid in cash, in arrears, on a semi-annual basis.
+Added: As of September 30, 2025, outstanding borrowings and availability to borrow under the Working Capital Facility were $0.0 million and $14.5 million, respectively.
The Company’s 3.25% convertible notes due in 2025 (the “2025 Convertible Notes”) had a principal balance of $14.9 million as of December 31, 2024 and matured on May 1, 2025, at which time all outstanding principal and related accrued interest was paid-off in full.
−Removed: The Company’s 9.0% senior secured notes due in 2029 (the “2029 Senior Secured Notes”) had a principal balance of $40.9 million as of June 30, 2025 and mature on May 1, 2029.
+Added: The Company’s 9.0% senior secured notes due in 2029 (the “2029 Senior Secured Notes”) had a principal balance of $40.9 million as of September 30, 2025 and mature on May 1, 2029.
While the Company’s liquidity and financial results had several positive developments in 2025, the Company has a history of operating and net losses and overall usage of cash from operating and investing activities.
4 unchanged sentences
Contractual Obligations and Commitments
−Removed: As of June 30, 2025, our material contractual obligations consisted of the following:
+Added: As of September 30, 2025, our material contractual obligations consisted of the following:
• To mitigate the risk of material shortages and price increases, we enter into non-cancellable purchase obligations with certain key contract manufacturers for the purchase of goods and services in the three to four quarters following the balance sheet date.
Our purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business.
−Removed: As of June 30, 2025, our future payments under these noncancellable purchase obligations were approximately $62.3 million.
+Added: As of September 30, 2025, our future payments under these noncancellable purchase obligations were approximately $110.2 million.
• $40.9 million in outstanding borrowings under the 2029 Senior Secured Notes;
1 unchanged sentence
• Operating lease liabilities that are included on our consolidated balance sheet.
−Removed: There were no material changes in our other contractual obligations, other than the full repayment upon maturity of the 2025 Convertible Notes, during the three or six months ended June 30, 2025.
+Added: There were no material changes in our other contractual obligations, other than the full repayment upon maturity of the 2025 Convertible Notes, during the three or nine months ended September 30, 2025.
Historical Cash Flows
The following table summarizes our unaudited condensed consolidated statements of cash flows for the periods indicated (in thousands):
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
Operating cash flows from continuing operations $ (3,855) $ 40,679
Operating cash flows from discontinued operations (908) 7,031
−Removed: Net cash used in (provided by) operating activities (7,936) 32,889
+Added: Net cash provided by (used in) operating activities (4,763) 47,710
Investing cash flows from continuing operations (6,442) (3,638)
3 unchanged sentences
Financing cash flows from discontinued operations — —
−Removed: Net cash used in (provided by) financing activities (14,677) 9,970
+Added: Net cash used in financing activities (14,641) (32,811)
Effect of exchange rates on cash 99 (1,682)
−Removed: Net decrease (increase) in cash and cash equivalents (26,375) 40,274
+Added: Net increase (decrease) in cash and cash equivalents (25,037) 9,563
Cash and cash equivalents, beginning of period 39,596 2,409
1 unchanged sentence
Operating activities.
−Removed: Net cash used in operating activities for the six months ended June 30, 2025 is primarily comprised of a $0.7 million net loss from continuing operations during the period and net cash used for working capital of $15.0 million, which was largely due to the payout of the Company’s annual bonuses that were fully accrued for at December 31, 2024 and an increase in sales occurring late in the current period, partially offset by non-cash charges, including depreciation and amortization of $3.9 million, share-based compensation expense of $3.3 million, and provision for excess and obsolete inventory of $1.2 million.
−Removed: Net cash provided by operating activities for six months ended June 30, 2024 is comprised of cash flows from continuing operations of $32.0 million and cash flows from discontinued operations of $0.9 million.
−Removed: The cash inflows from continuing operations were primarily related to net cash provided by working capital of $28.6 million, partially offset by a net loss from continuing operations of $5.4 million that was offset by non-cash charges, including depreciating and amortization of $7.0 million, share-based compensation expense of $1.5 million, amortization of debt discount and debt issuance costs of $0.9 million, and capitalized software impairments of $0.4 million.
+Added: Net cash used in operating activities for the nine months ended September 30, 2025 is primarily comprised of a $0.8 million net loss from continuing operations during the period and net cash used for working capital of $16.3 million, which was largely due to timing of cash receipts on accounts receivable balances and the payout of the Company’s annual bonuses that were fully accrued for at December 31, 2024, partially offset by non-cash charges, including depreciation and amortization of $6.1 million and share-based compensation expense of $5.1 million.
+Added: Net cash provided by operating activities for nine months ended September 30, 2024 is comprised of cash flows from continuing operations of $40.7 million and cash flows from discontinued operations of $7.0 million.
+Added: The cash inflows from continuing operations were primarily related to net cash provided by working capital of $32.7 million, partially offset by a net loss from continuing operations of $2.1 million that was offset by net non-cash charges, including depreciating and amortization of $10.2 million, amortization of debt discount and debt issuance costs of $4.4 million, share-based compensation expense of $2.7 million, and a gain on debt restructurings, net of $13.7 million.
Investing activities.
−Removed: Net cash used in investing activities during the six months ended June 30, 2025 is comprised of $4.4 million of cash outflows related to the development of software in support of our products and services, partially offset by $0.7 million received during the period related to a working capital adjustment payment from the purchaser of the Company’s Telematics Business that was sold in 2024.
−Removed: Net cash used in investing activities for the six months ended June 30, 2024 is comprised of $2.3 million of cash outflows related to the development of software in support of our products and services.
+Added: Net cash used in investing activities during the nine months ended September 30, 2025 is primarily comprised of $6.1 million of cash outflows related to the development of software in support of our products and services.
+Added: Net cash used in investing activities for the nine months ended September 30, 2024 is primarily comprised of $3.6 million of cash outflows related to the development of software in support of our products and services.
Financing activities.
−Removed: Net cash used in financing activities during the six months ended June 30, 2025 is primarily comprised of the repayment of the remaining $14.9 million 2025 Convertible Notes principal balance, partially offset by $0.3 million of cash received from exercises of stock options.
−Removed: Net cash provided by financing activities for the six months ended June 30, 2024 is comprised of $16.5 million from the issuance of the short-term loan and common stock warrants, partially offset by $4.0 million of cash outflow from the
−Removed: termination and repayment of our revolving credit facility and $1.7 million of cash outflow from the repurchase of a portion of our convertible notes.
+Added: Net cash used in financing activities during the nine months ended September 30, 2025 is primarily comprised of the repayment of the remaining $14.9 million 2025 Convertible Notes principal balance, partially offset by $0.3 million of cash received from exercises of stock options.
+Added: Net cash used in financing activities for the nine months ended September 30, 2024 is comprised of cash outflows of $33.8 million from the repurchase of a portion of our convertible notes and $4.9 million from the termination and repayment of our Prior Credit Facility, partially offset by net cash inflows of $5.9 million from the issuance and partial repayment of our short-term loan and common stock warrants.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.