Inseego’s FWA Strategy Pays Off as Revenue Rises and Carrier Deals Expand

Date of Call: Feb 19, 2026

Financials Results

• Revenue: $48.4M for Q4, up sequentially and above guidance; full year $166.2M
• Gross Margin: 43% non-GAAP for Q4 and full year 2025, up 75 basis points sequentially in Q4

Guidance:

• Q1 2026 revenue expected to be $33M-$36M.
• Q1 2026 adjusted EBITDA expected to be $1M-$2M.
• Full year 2026 total revenue guidance of approximately $190M.
• Expect revenue and adjusted EBITDA growth across Q2, Q3, and Q4, with a lower Q1 sequentially.

Business Commentary:

Revenue Growth and Product Diversification:

• Inseego Corp. reported revenue of $48.4 million for Q4 2025, with adjusted EBITDA of $6 million, marking the third consecutive quarter of sequential growth.
• The growth was driven by strong performance in FWA products, increased mobile revenue, and a more diversified customer base.

Expansion in Fixed Wireless Access (FWA):

• Inseego's FWA revenue declined sequentially from Q3 but increased 50% year-over-year.
• The growth was attributed to a broader carrier footprint, with new partnerships with AT&T and Verizon, validating the company's strategy and positioning it for growth in 2026.

Mobile Revenue and Carrier Commitment:

• Mobile revenue increased 27% sequentially to $20.4 million in Q4 2025, representing about 40% of total company revenue.
• The growth was driven by higher carrier stock volumes and strong channel activity, supported by commitments from all three major U.S. carriers.

Software and Platform Integration:

• Inseego's software services revenue was $12 million in Q4 2025, contributing consistently to high-margin revenue.
• The company's focus on software and platform integration, particularly with Inseego Connect, reflects a strategic shift towards solution-led selling, enhancing its platform's differentiation.

Capital Structure and Preferred Stock Retirement:

• Inseego Corp. retired all preferred stock at a 38% discount, exchanging it for $26 million in aggregate consideration.
• This action simplified and strengthened the company's capital structure, reducing long-term obligations and enhancing common stockholder value.

Sentiment Analysis:

Overall Tone: Positive

• CEO states 'Q4 2025 was another strong quarter' and 'We are energized by the trajectory of the business.' Management highlights 'third consecutive quarter of sequential growth,' 'meaningfully higher quality and more diversified revenue base,' and being 'bullish on 2026' with 'more products going to more customers than this company has ever had.'

Q&A:

• Question from Scott Searle (ROTH Capital Partners): Could you detail memory management for the first half? Given the 2026 guidance ramps up significantly, what is the comfort level and visibility? Also, how should we think about adjusted EBITDA margins in the second half?
  Response: Management is secured on memory supply and pricing for H1 due to early action. For guidance, Q2 ramps to high $40M, with H2 seeing growth to reach the $190M annual target. Adjusted EBITDA margins are expected to be lightest in Q1, then grow in Q2-Q4, exiting the year at higher levels.

• Question from Scott Searle (ROTH Capital Partners): How do you see market share shifting in 2026, and what is the new product portfolio?
  Response: Mobile share is expected to grow with all 3 carriers launching new MiFi products in higher-volume segments. The portfolio includes a new entry-level enterprise FWA router, completing a 'good, better, best' lineup, plus expansion into other verticals.

• Question from Tyler Burmeister (Lake Street Capital Markets): Should FWA be a larger contribution to growth than mobile in 2026?
  Response: Both will grow, but long-term TAM favors FWA. The company expects to see which grows faster in 2026, but overall mix will shift towards FWA over time.

• Question from Tyler Burmeister (Lake Street Capital Markets): Could we see more meaningful contributions from MSO and distribution channels this year?
  Response: MSOs present significant FWA opportunities, with the FX4200 ideal for use cases like failover. Large VARs (CDW, Insight, SHI) are already stocking FX4200, driving immediate volume; MSPs are a slower-burn but significant long-term growth driver.

• Question from Christian Schwab (Craig-Hallum Capital Group): Is there an opportunity to deploy similar software programs with the other 2 major customers?
  Response: Yes, expansion for both Inseego Connect (device management) and Inseego Subscribe (subscriber lifecycle management) is expected, especially in government and enterprise segments, leveraging unique feature sets.

• Question from Christian Schwab (Craig-Hallum Capital Group): Is the focus on enterprise FWA related to Industry 4.0 or private 5G acceleration?
  Response: Enterprise FWA is driven by favorable economics (higher ARPU, lower consumption), spectrum availability (like C-band), and superior deployment ease. Industry forecasts show strong CAGR for enterprise FWA service revenue.

• Question from Lance Vitanza (TD Cowen): Will having Verizon in the mix increase or decrease result variability going forward?
  Response: Visibility is informed by reasonable expectations; having all 3 carriers committed provides a foundation for growth, as reflected in the 2026 guidance.

• Question from Lance Vitanza (TD Cowen): How should we think about 2026 EBITDA margin profile relative to 2025?
  Response: Similar to 2025 rates, exiting the year at higher levels. Q1 will be lower, with margins growing through H2.

• Question from Lance Vitanza (TD Cowen): Is double-digit revenue growth sustainable over the next few years?
  Response: Yes, management believes double-digit total revenue growth is achievable for the next several years, supported by the scalable foundation built in 2025.

Contradiction Point 1

FWA vs. Mobile Growth Contribution in 2026

Contradiction on which segment is expected to be the larger growth driver.

How do you view the current market dynamics impacting your business strategy? - Tyler Burmeister (Lake Street Capital Markets)

2025Q4: Both FWA and Mobile are expected to grow in revenue in 2026... the mix will be in favor of FWA due to its larger Total Addressable Market (TAM) and the new product introductions. - Steven Gatoff(CFO) and Juho Sarvikas(CEO)

Will FWA contribute more to 2026 growth than Mobile? - Scott Searle (ROTH Capital)

20251107-2025 Q3: The addressable market is constrained by available spectrum. Inseego aims to be the partner for mass-scale deployment... - Juho Sarvikas(CEO)

Contradiction Point 2

Visibility and Predictability with Verizon

Contradiction on whether having three major carriers increases predictability.

How do you expect the current economic environment to affect your Q3 performance? - Lance Vitanza (TD Cowen)

2025Q4: Having all three major carriers is a positive validation... While it's difficult to predict the exact growth rate... the company has 'very reasonable expectations' that inform the 2026 guidance. - Juho Sarvikas(CEO)

With Verizon's return, will results be more or less visible and predictable compared to working with AT&T and T-Mobile exclusively? - Christian Schwab (Craig-Hallum Capital Group)

20251107-2025 Q3: The new customer 'unlocked the missing third' of the market... Expect significant volume growth... - Juho Sarvikas(CEO)

Contradiction Point 3

EBITDA Margin Trajectory for 2026

Contradiction on the expected EBITDA margin exit rate for 2026.

What are your thoughts on the current market conditions and their impact on revenue growth? - Lance Vitanza (TD Cowen)

2025Q4: The full-year average margin will be between the low single digits in H1 and the 'decent double-digit' levels expected in H2. The company expects to exit 2026 at those higher margin rates. - Steven Gatoff(CFO)

For the 2026 EBITDA outlook, will margins stay near 2025's ~12.1% level, or might investment spending affect this? - Scott Searle (ROTH Capital)

20251107-2025 Q3: For Q1, expect: MiFi: Recurring revenue from the new carrier customer and renewals with existing customers, driving significant volume growth and share gains. FWA: Full ramp of the new carrier with the FX4200. - Steven Gatoff(CFO) and Juho Sarvikas(CEO)

Contradiction Point 4

Contribution and Growth Expectations for the Software Business

Contradiction on the near-term growth trajectory for the software platforms Inseego Subscribe and Inseego Connect.

What is Christian Schwab's role at Craig-Hallum Capital Group? - Christian Schwab (Craig-Hallum Capital Group)

2025Q4: For Inseego Connect... The investment in 2025 has changed the go-to-market motion to a \"solution first\" sale, increasing value capture. For Inseego Subscribe... business development is actively looking at expansion opportunities... - Juho Sarvikas(CEO)

Can similar programs be deployed with the other two major software customers beyond the one contributing a material percentage of revenue? - Scott Searle (ROTH Capital Partners)

2025Q3: Inseego Subscribe is a compelling part of the portfolio... The company has hired new executives and sees 2026 as a growth year for this software business. - Steven Gatoff(CFO)

Contradiction Point 5

Long-Term Revenue Growth Sustainability

Contradiction on the achievability of double-digit revenue growth over the next several years.

What are your key takeaways from the company's Q2 earnings report? - Lance Vitanza (TD Cowen)

2025Q4: Yes. The company believes double-digit revenue growth is achievable for the next several years. - Steven Gatoff(CFO)

Can double-digit revenue growth be sustained over the next few years? - Cam Tierney (on behalf of Tore Svanberg, Stifel)

2025Q3: The 2026 target of ~$190M is a \"nice double-digit\" growth year that involves a significant transition... Once this transition is up and running, it sets up a strong model for continued growth. - Steven Gatoff(CFO)