Revenue remains highly erratic with gross margins oscillating significantly from a low of 25.0% in 2025Q4 to 43.1% in 2026Q1, reflecting limited pricing power.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 168.85M | 166.19M | 191.24M | 167.29M | 245.32M | 262.4M | 313.83M | 219.5M | 202.46M | 219.3M | 243.56M | 220.94M | 185.25M | 335.05M | 344.29M | 402.86M | 338.94M | 337.42M | 320.97M | 429.9M | 217.97M | 161.74M | 103.73M | 33.81M | 28.87M | 43.64M | 61.15M | 9.56M |
| Revenue Growth % | -8.93% | -13.1% | 14.32% | -31.81% | -6.51% | -16.39% | 42.98% | 8.41% | -7.68% | -9.96% | 10.23% | 19.27% | -44.71% | -2.68% | -14.54% | 18.86% | 0.45% | 5.12% | -25.34% | 97.23% | 34.77% | 55.92% | 206.75% | 17.12% | -33.85% | -28.63% | 539.95% | - |
| Cost of Goods Sold | 106.37M | 103.53M | 122.45M | 131.51M | 178.41M | 186.47M | 222.99M | 155.53M | 131.87M | 151.96M | 167.23M | 161.99M | 148.2M | 266.76M | 271.85M | 318.27M | 272.69M | 249.76M | 251.96M | 299.06M | 162.75M | 115.57M | 69.78M | 27.89M | 26.89M | 77.44M | 70.57M | 11.5M |
| COGS % of Revenue | - | 62.3% | 64.03% | 78.61% | 72.73% | 71.07% | 71.05% | 70.86% | 65.13% | 69.3% | 68.66% | 73.32% | 80% | 79.62% | 78.96% | 79% | 80.45% | 74.02% | 78.5% | 69.56% | 74.67% | 71.45% | 67.27% | 82.48% | 93.15% | 177.44% | 115.39% | 120.37% |
| Gross Profit | 62.48M | 62.66M | 68.8M | 35.78M | 66.91M | 75.92M | 90.84M | 63.97M | 70.6M | 67.33M | 76.33M | 58.95M | 37.05M | 68.29M | 72.44M | 84.59M | 66.25M | 87.66M | 69.02M | 130.84M | 55.22M | 46.17M | 33.95M | 5.92M | 1.98M | -33.8M | -9.41M | -1.95M |
| Gross Margin % | 37% | 37.7% | 35.97% | 21.39% | 27.27% | 28.93% | 28.95% | 29.14% | 34.87% | 30.7% | 31.34% | 26.68% | 20% | 20.38% | 21.04% | 21% | 19.55% | 25.98% | 21.5% | 30.44% | 25.33% | 28.55% | 32.73% | 17.52% | 6.85% | -77.44% | -15.39% | -20.37% |
| Gross Profit Growth % | - | -8.92% | 92.3% | -46.53% | -11.87% | -16.42% | 42.01% | -9.39% | 4.84% | -11.78% | 29.47% | 59.13% | -45.75% | -5.73% | -14.36% | 27.69% | -24.42% | 27.01% | -47.25% | 136.93% | 19.61% | 36% | 473.04% | 199.49% | 105.85% | -259% | -383.51% | - |
| Operating Expenses | 60.92M | 57.96M | 67.08M | 71.73M | 124.83M | 122.45M | 115.98M | 83.52M | 72.57M | 84.4M | 116.75M | 92.92M | 64.07M | 93.89M | 111.67M | 115.04M | 91.3M | 84.91M | 74.77M | 77.39M | 61.79M | 35.65M | 20.5M | 12.93M | 27.33M | 51.3M | 38.63M | 13.31M |
| OpEx % of Revenue | - | 34.88% | 35.08% | 42.88% | 50.88% | 46.66% | 36.96% | 38.05% | 35.84% | 38.49% | 47.94% | 42.06% | 34.59% | 28.02% | 32.43% | 28.56% | 26.94% | 25.16% | 23.3% | 18% | 28.35% | 22.04% | 19.77% | 38.24% | 94.66% | 117.53% | 63.17% | 139.31% |
| Selling, General & Admin | 42.29M | 38.16M | 33.19M | 32.48M | 59.03M | 66.48M | 66.44M | 56.24M | 48.35M | 59.43M | 82.17M | 55.35M | 29.19M | 45.08M | 50.17M | 51.43M | 42.21M | 40.02M | 39.64M | 39.84M | 30.47M | 15.14M | 9.88M | 6.21M | 10.36M | 20.1M | 23.29M | 8.92M |
| SG&A % of Revenue | - | 22.96% | 17.36% | 19.42% | 24.06% | 25.34% | 21.17% | 25.62% | 23.88% | 27.1% | 33.74% | 25.05% | 15.76% | 13.45% | 14.57% | 12.77% | 12.45% | 11.86% | 12.35% | 9.27% | 13.98% | 9.36% | 9.52% | 18.35% | 35.87% | 46.05% | 38.08% | 93.38% |
| Research & Development | 21.08M | 19.8M | 20.6M | 19.73M | 38.29M | 52.67M | 44.95M | 23.85M | 20.59M | 21.36M | 30.66M | 35.45M | 34.31M | 48.25M | 60.42M | 61.39M | 48.91M | 44.89M | 35.13M | 37.56M | 31.32M | 20.52M | 10.63M | 5.99M | 13.42M | 20.84M | 13.49M | 3.72M |
| R&D % of Revenue | - | 11.91% | 10.77% | 11.79% | 15.61% | 20.07% | 14.32% | 10.87% | 10.17% | 9.74% | 12.59% | 16.04% | 18.52% | 14.4% | 17.55% | 15.24% | 14.43% | 13.3% | 10.94% | 8.74% | 14.37% | 12.68% | 10.24% | 17.71% | 46.47% | 47.74% | 22.06% | 38.9% |
| Other Operating Expenses | 1000K | 0 | 13.29M | 19.52M | 27.5M | 3.29M | 4.58M | 3.42M | -895K | -4.08M | 414K | 1.13M | 0 | -222K | 0 | 2.22M | 179K | 0 | 0 | 0 | 0 | 0 | 0 | 738K | 3.56M | 10.36M | 1.85M | 672K |
| Operating Income | 1.56M | 4.7M | 1.72M | -35.96M | -57.92M | -46.52M | -25.13M | -19.54M | 14.01M | -22.21M | -45M | -37.79M | -35.57M | -43.22M | -88.74M | -33.73M | -25.05M | 2.75M | -5.75M | 53.45M | -6.57M | 10.51M | 13.45M | -7.83M | -28M | -92.14M | -48.04M | -15.26M |
| Operating Margin % | 0.92% | 2.83% | 0.9% | -21.49% | -23.61% | -17.73% | -8.01% | -8.9% | 6.92% | -10.13% | -18.48% | -17.1% | -19.2% | -12.9% | -25.78% | -8.37% | -7.39% | 0.81% | -1.79% | 12.43% | -3.01% | 6.5% | 12.96% | -23.17% | -96.98% | -211.12% | -78.56% | -159.68% |
| Operating Income Growth % | - | 174.05% | 104.77% | 37.92% | -24.5% | -85.09% | -28.6% | -239.49% | 163.07% | 50.64% | -19.09% | -6.24% | 17.7% | 51.3% | -163.12% | -34.64% | -1010.91% | 147.78% | -110.77% | 913.75% | -162.47% | -21.8% | 271.62% | 72.02% | 69.61% | -91.78% | -214.86% | - |
| EBITDA | 9.72M | 13.15M | 14.24M | -17.25M | -30.71M | -21.19M | 2.81M | -1.12M | 27.74M | -7.94M | -30.95M | -29.47M | -28.16M | -34.27M | -76.41M | -15.86M | -13.28M | 15.74M | 5.81M | 64.4M | 1.47M | 14.99M | 17.24M | -3.41M | -23.06M | -87.4M | -46.19M | -14.59M |
| EBITDA Margin % | 5.76% | 7.91% | 7.45% | -10.31% | -12.52% | -8.08% | 0.9% | -0.51% | 13.7% | -3.62% | -12.71% | -13.34% | -15.2% | -10.23% | -22.19% | -3.94% | -3.92% | 4.67% | 1.81% | 14.98% | 0.67% | 9.27% | 16.62% | -10.08% | -79.86% | -200.26% | -75.53% | -152.65% |
| EBITDA Growth % | -41.52% | -7.7% | 182.58% | 43.84% | -44.93% | -853.59% | 351.52% | -104.03% | 449.42% | 74.35% | -5.03% | -4.63% | 17.82% | 55.14% | -381.78% | -19.44% | -184.34% | 171.07% | -90.98% | 4283.93% | -90.2% | -13.08% | 606.08% | 85.22% | 73.62% | -89.21% | -216.66% | - |
| D&A (Non-Cash Add-back) | 8.16M | 8.45M | 12.53M | 18.71M | 27.21M | 25.33M | 27.95M | 18.43M | 13.73M | 14.27M | 14.05M | 8.32M | 7.41M | 8.95M | 12.34M | 17.87M | 11.77M | 12.99M | 11.56M | 10.95M | 8.04M | 4.47M | 3.8M | 4.43M | 4.94M | 4.74M | 1.85M | 672K |
| EBIT | 1.61M | 5.05M | -2.77M | -35.89M | -59.83M | -40.85M | -100.5M | -19.19M | 13.12M | -17.06M | -44.59M | -33.97M | -27.02M | -25.59M | -39.22M | -30.45M | -25M | 2.75M | -5.74M | 53.45M | -6.57M | 10.51M | 14.22M | -7.01M | -25.35M | -85.09M | -48.04M | -15.26M |
| Net Interest Income | -1.68M | -3.77M | -10.91M | -9.07M | -8.61M | -6.87M | -9.94M | -20.38M | -20.44M | -19.33M | -15.6M | -7.16M | -85K | 113K | 291K | 384K | -2.52M | 1.37M | 4.28M | 0 | 2.9M | 2.22M | 0 | -3.9M | 0 | 0 | 1.11M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 113K | 0 | 0 | 0 | 1.37M | 4.28M | 0 | 3.03M | 2.25M | 0 | 44K | 0 | 0 | 1.16M | 0 |
| Interest Expense | 1.68M | 3.77M | 10.91M | 9.07M | 8.61M | 6.87M | 9.94M | 20.38M | 20.44M | 19.33M | 15.6M | 7.16M | 85K | 0 | 291K | 384K | 2.52M | 0 | 0 | 0 | 134K | 27K | 0 | 3.94M | 0 | 0 | 43K | 0 |
| Other Income/Expense | -3.63M | -3.42M | -15.39M | -9.02M | -10.52M | -1.2M | -85.3M | -20.03M | -21.34M | -23.41M | -15.18M | -14.32M | -3.53M | -109K | 88K | -668K | -555K | 1.69M | 3.55M | 6.07M | 4.3M | 2.01M | 723K | -3.8M | 28M | 92.14M | 7K | 10K |
| Pretax Income | -2.07M | 1.28M | -13.68M | -44.97M | -68.43M | -47.72M | -110.44M | -39.57M | -7.33M | -45.63M | -60.19M | -52.11M | -39.55M | -43.33M | -88.66M | -34.4M | -25.6M | 4.44M | -2.2M | 59.52M | -2.26M | 12.52M | 14.17M | -11.64B | -28.32B | -90.88B | -48.04M | -15.25M |
| Pretax Margin % | -1.23% | 0.77% | -7.15% | -26.88% | -27.9% | -18.19% | -35.19% | -18.03% | -3.62% | -20.81% | -24.71% | -23.59% | -21.35% | -12.93% | -25.75% | -8.54% | -7.55% | 1.32% | -0.69% | 13.84% | -1.04% | 7.74% | 13.66% | -34416.68% | -98081.19% | -208228.12% | -78.55% | -159.58% |
| Income Tax | 55K | 44K | 689K | 43K | -465K | 191K | 748K | 536K | 815K | 214K | 381K | 181K | -124K | 83K | 611K | -9.5M | 7.46M | 527K | -970K | 20.76M | -2.71M | 1.41M | 349K | 4.63M | 2.97M | 11.4M | -1.12M | 3.21M |
| Effective Tax Rate % | -2.65% | 3.43% | -5.04% | -0.1% | 0.68% | -0.4% | -0.68% | -1.35% | -11.12% | -0.47% | -0.63% | -0.35% | 0.31% | -0.19% | -0.69% | 27.63% | -29.14% | 11.87% | 44.05% | 34.87% | 119.58% | 11.23% | 2.46% | -0.04% | -0.01% | -0.01% | 2.33% | -21.05% |
| Net Income | -2.13M | 838K | 4.57M | -46.19M | -67.97M | -48.13M | -111.22M | -40.13M | -8.06M | -45.73M | -60.57M | -52.29M | -39.67M | -43.41M | -89.27M | -24.89M | -33.06M | 3.91M | -1.23M | 38.76M | 443K | 11.12M | 13.82M | -11.64M | -28.32M | -90.88M | -46.92M | -18.47M |
| Net Margin % | -1.26% | 0.5% | 2.39% | -27.61% | -27.71% | -18.34% | -35.44% | -18.28% | -3.98% | -20.86% | -24.87% | -23.66% | -21.42% | -12.96% | -25.93% | -6.18% | -9.76% | 1.16% | -0.38% | 9.02% | 0.2% | 6.87% | 13.32% | -34.42% | -98.08% | -208.23% | -76.73% | -193.27% |
| Net Income Growth % | -128.54% | -81.67% | 109.9% | 32.05% | -41.23% | 56.73% | -177.17% | -397.95% | 82.38% | 24.5% | -15.85% | -31.79% | 8.61% | 51.37% | -258.61% | 24.72% | -945.22% | 417.53% | -103.18% | 8649.89% | -96.01% | -19.56% | 218.74% | 58.9% | 68.84% | -93.67% | -154.07% | - |
| Net Income (Continuing) | -2.13M | 1.24M | -14.37M | -45.02M | -67.97M | -47.91M | -111.19M | -40.11M | -8.14M | -45.84M | -60.57M | -52.29M | -39.23M | -43.41M | -89.27M | -24.89M | -33.45M | 3.91M | -1.24M | 38.76M | 443K | 11.12M | 13.82M | -11.64M | -28.32M | -90.88M | -46.92M | -18.47M |
| Discontinued Operations | 0 | -400K | 18.94M | -1.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -91K | -120K | -135K | -50K | 36K | 31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.39M |
| EPS (Diluted) | -0.13 | -0.18 | 0.10 | -4.32 | -6.59 | -5.07 | -11.87 | -5.12 | -1.22 | -7.79 | -11.24 | -9.91 | -10.45 | -12.79 | -27.17 | -7.77 | -10.50 | 0.13 | -0.40 | 1.21 | 0.01 | 0.37 | 0.48 | -14.89 | -55.45 | -375.73 | -44.94 | -152.70 |
| EPS Growth % | 168.27% | -280% | 102.31% | 34.45% | -29.98% | 57.29% | -131.84% | -319.67% | 84.34% | 30.69% | -13.42% | 5.17% | 18.3% | 52.93% | -249.68% | 26% | -8176.92% | 132.5% | -133.06% | 12000% | -97.3% | -22.92% | 103.22% | 73.15% | 85.24% | -736.07% | 70.57% | - |
| EPS (Basic) | - | -0.18 | 0.10 | -4.32 | -6.59 | -5.07 | -11.87 | -5.12 | -1.22 | -7.79 | -11.24 | -9.91 | -10.45 | -12.79 | -27.17 | -7.77 | -10.50 | 0.13 | -0.40 | 1.23 | 0.01 | 0.38 | 0.57 | -14.89 | -55.45 | -375.73 | -44.94 | -152.70 |
| Diluted Shares Outstanding | 16.36M | 15.13M | 12.54M | 11.37M | 10.73M | 10.32M | 9.61M | 7.83M | 6.61M | 5.87M | 5.39M | 5.28M | 3.8M | 3.39M | 3.29M | 3.2M | 3.15M | 3.12M | 3.12M | 3.2M | 3.01M | 3.03M | 2.89M | 781.75K | 510.67K | 241.87K | 1.04M | 120.95K |
| Basic Shares Outstanding | 16.09M | 15.13M | 12.54M | 11.37M | 10.73M | 10.32M | 9.61M | 7.83M | 6.61M | 5.87M | 5.39M | 5.28M | 3.8M | 3.39M | 3.29M | 3.2M | 3.15M | 3.06M | 3.12M | 3.14M | 2.96M | 2.91M | 2.4M | 781.75K | 510.67K | 241.87K | 1.04M | 120.95K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Carrier procurement cycle volatility
As reported in recent financial filings, Inseego's revenue trajectory remains highly erratic, with quarterly figures fluctuating between $31.7 million and $54.0 million over the last ten quarters, underscoring a lack of consistent organic growth and a heavy reliance on unpredictable carrier-driven procurement cycles.
The revenue profile suggests that Inseego is struggling to transition from a transactional hardware vendor to a stable SaaS provider. Investors should monitor whether the recent 8.4% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from the significant 15.1% and 22.1% contractions observed in late 2025.
Based on the company's reported figures, gross margins have oscillated significantly, reaching a low of 25.0% in 2025Q4 before recovering to 43.1% in 2026Q1, which highlights the company's limited pricing power and vulnerability to semiconductor supply chain costs and carrier-mandated price protection agreements.
The wide variance in gross margins suggests that Inseego lacks the scale to absorb component cost fluctuations effectively. This volatility, combined with thin operating margins that frequently dip into negative territory, implies that the company's profitability is highly sensitive to product mix shifts and inventory management efficiency.
According to the income statement data, Inseego has failed to demonstrate consistent operating leverage, as evidenced by operating margins that frequently turn negative despite fluctuations in gross profit, indicating that fixed R&D and SG&A expenses remain disproportionately high relative to the company's current revenue scale.
The inability to scale operating income faster than gross profit suggests that the company's cost structure is not yet optimized for its current revenue level. This warrants further investigation into whether the R&D spend is effectively driving future product differentiation or merely maintaining parity in a commoditized market.
While recent quarters show occasional net income, the historical data indicates that Inseego's profitability is often driven by non-operating items or volatile swings, suggesting that the underlying business model may still be struggling to achieve the consistent, high-quality earnings required for long-term valuation support.
Short-sellers would likely focus on the persistent reliance on debt and the potential for future dilution to fund operations. The recurring nature of negative net income in several periods suggests that the company's path to sustainable profitability remains speculative and highly dependent on external carrier spending patterns.
Quick answers to the most common questions about buying INSG stock.
For fiscal year 2025, Inseego Corp. (INSG) reported total revenue of $166.2M. This represents a 1639.1% increase compared to $9.6M in 1999.
Inseego Corp. (INSG) is profitable, generating $0.8M in net income for the fiscal year ending 2025 with a net profit margin of 0.5%.
Inseego Corp. (INSG) reported an operating income of $4.7M, resulting in an operating profit margin of 2.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Inseego Corp. (INSG) generated $62.7M in gross profit for the year, representing a gross profit margin of 37.7%. This demonstrates the company's core pricing power and production efficiency.