Novatel Wireless Q3 revenue up 12.2% YoY

Novatel Wireless, Inc. (NASDAQ: MIFI) revenue increased by 12.2% to USD60.9 million in the third quarter of 2016, compared to USD54.3 million in the third quarter of 2015, the company said.

Revenue from SaaS, software and services increased to USD14.8 million in the third quarter of 2016, from USD2.2 million in the third quarter of 2015, as the company continued its focus on IoT SaaS and services solutions, including the Ctrack® telematics solutions (“Ctrack”) that the company acquired in the fourth quarter of 2015.

Revenue from SaaS, software and services increased to a record 24.3% of the company´s total revenue in the third quarter of 2016, compared to 4.1% of total revenue in the third quarter of 2015.

Revenue from hardware products was USD46.1 million in the third quarter of 2016, a decrease of 11.3% from USD52.0 million in the third quarter of 2015, as the company continues to strategically de-emphasize lower margin hardware-only sales in favor of bundled solutions that include higher-margin SaaS, software and services offerings.

Novatel Wireless, Inc., will be an Inseego Corp. company effective November 9, 2016. Inseego is a leading global provider of software-as-a-service (SaaS) and solutions for the Internet of Things (IoT). The company is headquartered in San Diego, California.