The following is a summary of the Inseego Corp. (INSG) Q4 2023 Earnings Call Transcript:
Financial Performance:
Inseego Corp reported total revenue of $42.8 million for Q4 2023, slightly above guidance.
The company's fixed wireless access (FWA) business grew by 26% YoY, becoming a $55 million business in 2023.
A favorable product mix and some one-time adjustments led to a gross margin percentage of 39.7% for the quarter.
Adjusted EBITDA was surprisingly high at $4.1 million, a result of cost-saving initiatives and a favorable product mix.
They maintained year-over-year cash levels at $7.5 million and ended the year with a modest draw on their credit facility at $4.1 million.
Business Progress:
The company is realigning its reporting categories to 'product revenue' and 'services and other revenue' for greater transparency.
Growth is projected to be driven by the core FWA business following a strategic product portfolio assessment.
Short term borrowing dynamics are expected to improve through amendments to their ABL facility.
Inseego is now searching for a new CEO after a change in leadership.
The company maintains its focus on its 5G mobile and fixed wireless access solutions, intending to nurture strong carrier relationships and expand its services to small and medium-sized businesses.
Plans are in place to venture into software monetization and device management solutions.
More details: Inseego IR
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