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- **Q3 Growth Milestones**: $45.9M revenue, $5.8M EBITDA, 50%+ FWA shipment growth, and 3x carrier partnerships.
- **Strategic Product Launches**: FX4200 premium FWA and upgraded Inseego Connect SaaS platform drive enterprise solutions expansion.
- **Leadership Reinforcement**: New CMO, CTO, and Board members enhance execution for 2026 growth.
- **Q4 Outlook**: Sequential revenue growth to $45M-$48M, mobile hotspot recovery, and FWA diversification.
- **2026 Catalysts**: FCC gear restrictions, MSO/Carrier FWA adoption, and U.S.-designed CPE leadership.

**【CEO Summary Section】**
- Q3 revenue of $45.9 million and adjusted EBITDA of $5.8 million, both above guidance, marking consecutive quarterly growth.
- FWA leadership expanded with FX4200 launch, driving 50%+ YoY shipment growth and enterprise adoption across retail, utilities, and MSOs.
- Inseego Connect SaaS platform upgraded to enable zero-touch provisioning, API integration, and carrier/enterprise network management, supporting SaaS attach rates.
- New leadership additions include CMO Donna Johnson and CTO Vishal Donthireddy, plus Board members Nabil Bukhari and Stephen Bye, enhancing strategic execution.

**【CFO Financial Commentary】**
- Q3 non-GAAP gross margin 41.8%, driven by FWA mix; operating expenses $15.6 million, reflecting R&D and G&A investments.
- Q4 guidance: revenue $45M-$48M (sequential growth despite seasonal trends), EBITDA $4M-$5M, with mobile hotspot revenue expected to ramp with new carrier wins.
- 2026 outlook includes FWA expansion, software services growth, and capital structure flexibility via $15M credit facility and universal shelf filing.

**【Q&A Key Highlights】**
- **Software monetization**: Inseego Connect API adoption positive with MSPs, enabling single-pane-of-glass network management; Subscribe SaaS expected to grow with new leadership in 2026.
- **Carrier dynamics**: New Tier 1 carrier adds 1/3 of hotspot market, offsetting ASP erosion with volume; FWA partnerships with T-Mobile and new carrier to drive 2026 share gains.
- **Regulatory tailwinds**: FCC restrictions on foreign gear favor Inseego as U.S.-designed CPE leader, with potential MSO and carrier network replacements.
- **Competitive positioning**: Unique enterprise-grade FWA solution bridges consumer-grade simplicity and carrier-grade performance, capturing 1/8 network bandwidth of consumer FWA.
- **FX4200 impact**: Premium product expands TAM into larger enterprises and MSOs, with Q4 shipments and Q1 carrier ramps driving 2026 growth.

Inseego Corp. (INSG) Q3 2025 Earnings Call Transcript

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INSG

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