Q2 2024 Inseego Corp Earnings Call Transcript
Key Points
- Inseego Corp (INSG) reported Q2 2024 revenue of $59 million, exceeding guidance and marking a 10% year-over-year growth.
- The company achieved a strong adjusted EBITDA of $8.3 million, driven by high gross margins and effective operating expense management.
- Significant progress was made in restructuring the capital structure, reducing debt, and improving the leverage profile.
- The mobile business saw a 37% year-over-year increase in revenue, supported by a successful carrier partner promotion.
- Inseego Corp (INSG) has maintained six consecutive quarters of positive adjusted EBITDA, showcasing consistent profitability improvements.
- Despite improvements, Inseego Corp (INSG) still faces challenges in diversifying its customer base, remaining heavily reliant on a few large North American mobile operators.
- The Fixed Wireless Access (FWA) revenue is expected to be marginally lower in Q3 due to the timing of product launches and channel program ramp-up.
- The company is experiencing supply chain constraints, scrambling for parts to meet the strong demand for mobile broadband products.
- There is ongoing work required to finalize the capital restructuring, indicating that the process is not yet complete.
- The CEO search is still underway, with the Executive Chairman extending his term to support ongoing restructuring efforts.
Hello, and welcome to Inseego Corp second quarter 2024 financial results conference call. Please note that today's event is being recorded. (Operator Instructions)
On the call today are Phil Brace, Executive Chairman of Inseego's Bord of Directors and Steven Gatoff, the company's Chief Financial Officer.
During this call, certain non-GAAP financial measures will be discussed. A reconciliation to the most directly comparable GAAP financial measures is included in the earnings release, which is available on the investors section of the company's website. An audio replay of this call will also be archived there.
Please also be advised that today's discussion will contain forward looking statements. These forward-looking statements are not historical fact, but rather are based on the company's current expectations and beliefs.
For a discussion on factors that could cause actual results to differ materially from the expectations for to the risk factors described in the Company's Form 10-K, 10-Q and other SEC filings, which are available on the company's website. Please
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