Inseego Corp. (Nasdaq: INSG), an industry provider of solutions for intelligent mobile enterprises, has reported results for the fourth quarter and full year ended December 31, 2017, the company said.
The company reports fourth quarter revenues of USD 46.5 million, GAAP operating profit of USD 0.8 million, GAAP net loss of USD 3.8 million, or a net loss of USD 0.06 per share, adjusted EBITDA of USD 2.8 million and non-GAAP net loss of USD 0.02 per share. Non-GAAP operating expenses have been reduced by over USD 30 million on an annualized basis since the first quarter of 2017. Cash and cash equivalents at the end of the period, including restricted cash, was USD 21.3 million.
On a full year basis, 2017 revenues were USD 219.3 million and GAAP net loss was USD 45.7 million, or a net loss of USD 0.78 per share. This compares to 2016 revenues of USD 243.6 million and GAAP net loss of USD 60.6 million, or a net loss of USD 1.12 per share. Cash and cash equivalents at the end of 2016 was USD 9.9 million.
Inseego enables high performance mobile applications for large enterprise verticals, service providers and small-medium businesses around the globe. Our product portfolio consists of Enterprise SaaS Solutions and IoT & Mobile Solutions, which together form the backbone of compelling, intelligent, reliable and secure IoT services with deep business intelligence. Inseego powers mission critical applications with a “zero unscheduled downtime” mandate, such as asset tracking, fleet management, Industrial IoT, SD WAN failover management and mobile broadband services. Our solutions are powered by our key innovations in IoT, purpose-built SaaS cloud platforms and mobile technologies, including the newly emerging 5G technology. Inseego is headquartered in San Diego, California with offices worldwide. www.inseego.com Twitter @inseego