Inseego

INSG · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

INSG · Last close · November 6, 2026

$3.88

Inseego's revenue fell 13.1% to $166 million in fiscal 2025. Its operating margin was 2.6%, up from 0.9% a year earlier. Free cash flow was $7 million, down 80.5%. The diluted share count rose 20.7%.

INSEEGO CORP. Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001022652-26-000005 Updated November 8, 2026

Revenue

$166M

13.1%

Operating margin

2.6%

1.7 pts

Net income

$1M

81.7%

Free cash flow

$7M

80.5%

Return on equity

—

Market cap

$64M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (1-for-10), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

What Inseego does

Inseego designs wireless networking equipment and cloud software. Its main products are 5G devices that give businesses a high-speed internet connection over mobile networks: mobile hotspots and fixed wireless access gear that connects a site to the internet over a cellular signal instead of a cable. They are sold to mobile carriers, enterprises and small and medium businesses. The devices work with cloud software for monitoring and managing the network and for automatic failover from a wired connection.

It also sells a software-as-a-service product that carriers use to manage the subscriptions of their government and large enterprise customers. The company says its products are designed in the United States, and that it is the successor to Novatel Wireless.

Inseego says it depends on two customers for a substantial portion of its revenue. It has outside companies make and warehouse many of its products, and it relies on sole-source suppliers for some components. In January 2026 it bought back all of its Series E preferred stock from an affiliate of Mubadala Capital for about $26 million in cash, common stock and additional notes, which was about a 38% discount to its liquidation value.

Its biggest risks, as it describes them

It depends on two customers for a substantial portion of its revenue.
The market for fixed wireless access may develop more slowly than it expects.
Its business suffers if wireless carriers do not deliver acceptable service.
It faces rapid change and strong competition in its markets.
It relies on outside manufacturers and on sole-source suppliers for some parts.

From Inseego's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	46	7	2	40	25
Debt incl. finance leases	158	158	160	15	0
Net debt (negative means net cash)	111	151	158	−25	−25
Net debt to EBITDA	—	—	—	−1.7x	−1.9x
Debt to equity	—	—	—	—	—
Interest coverage	−8.6x	−10.5x	−6.0x	0.3x	1.1x
Current ratio	1.7x	1.4x	1.0x	1.1x	1.3x
Quick ratio	1.2x	0.7x	0.7x	0.9x	1.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Inseego's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Inseego's projections

Insider trades

No officer, director or 10% owner of Inseego reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	3 of 9	8 of 9	7 of 9
Rule of 40	−28.4%	31.8%	−9.2%
Altman Z''	−26.61	−28.91	−30.21
Accruals ratio	−37.0%	−26.1%	−6.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	3 of 9	8 of 9	7 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Inseego side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Inseego	FY25	−13.1%	2.6%	3.9%	—	−1.9x	7
Clearfield	FY25	19.6%	1.4%	14.5%	—	—	—	Compare
Lantronix	FY26	−1.6%	−3.4%	7.7%	−5.1%	—	7	Compare
KVH Industries	FY25	−2.5%	−10.1%	8.8%	−11.8%	—	4	Compare
BK Technologies	FY25	12.5%	18.6%	21.4%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	244	219	202	220	314	262	245	167	191	166
Revenue growth	10.2%	−10.0%	−7.7%	8.4%	43.0%	−16.4%	−6.5%	−31.8%	14.3%	−13.1%
Gross profit	76	67	71	64	91	76	67	36	69	71
Research and development	31	21	21	24	45	53	38	20	21	20
Operating income	−45	−22	14	−20	−25	−46	−58	−36	2	4
Net income	−61	−46	−8	−40	−111	−48	−68	−46	5	1
Diluted EPS (US$)	−11.20	−7.80	−1.20	−5.20	−11.90	−5.10	−6.59	−4.32	0.10	−0.18
Diluted shares (millions)	5	6	7	8	10	10	11	11	12	15
Cash flow
Cash from operations	−7	−15	−2	−18	20	−25	−33	6	34	7
Capital expenditure	1	2	1	7	6	5	2	0	0	1
Free cash flow	−8	−16	−3	−25	14	−30	−35	6	33	7
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	4	0	0	0	0	0	0	0	0	0
Stock-based compensation	5	4	5	7	10	17	18	7	4	7
Balance sheet at fiscal year end
Cash and short-term investments	10	21	31	12	40	46	7	2	40	25
Debt incl. finance leases	121	154	153	153	165	158	158	160	15	0
Total assets	159	158	162	161	227	216	160	122	100	94
Total liabilities	176	204	199	199	255	241	230	224	113	98
Shareholders' equity	−18	−46	−36	−37	−28	−25	−70	−102	−13	−4
Margins and ratios
Gross margin	31.3%	30.7%	34.9%	29.1%	28.9%	28.9%	27.3%	21.4%	36.0%	42.7%
Operating margin	−18.5%	−10.1%	6.9%	−8.9%	−8.0%	−17.7%	−23.6%	−21.5%	0.9%	2.6%
Net margin	−24.9%	−20.9%	−4.0%	−18.3%	−35.4%	−18.3%	−27.7%	−27.6%	2.4%	0.5%
Free cash flow margin	−3.3%	−7.5%	−1.5%	−11.2%	4.6%	−11.5%	−14.2%	3.4%	17.5%	3.9%
Rule of 40 (growth + FCF margin)	6.9%	−17.4%	−9.2%	−2.8%	47.5%	−27.9%	−20.7%	−28.4%	31.8%	−9.2%
Return on capital	−30.3%	−19.5%	12.9%	−16.4%	−19.8%	−40.0%	−54.6%	−41.6%	—	—
Return on equity	—	—	—	—	—	—	—	—	—	—
Return on assets	−33.9%	−28.9%	−5.0%	−24.8%	−57.2%	−21.7%	−36.2%	−32.8%	4.1%	0.9%
Net debt to EBITDA	—	—	4.4x	—	44.5x	—	—	—	−1.7x	−1.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Inseego's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Inseego.