Inseego Corp. (INSG): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide de la connectivité sans fil, Inseego Corp. (INSG) émerge comme un acteur pivot, transformant la façon dont les entreprises et les consommateurs éprouvent des technologies 5G et IoT. Avec un modèle commercial stratégique qui pante l'innovation de pointe et les solutions axées sur le marché, cette entreprise redéfinit la communication sans fil via des hotspots mobiles hautes performances, des produits de réseautage de qualité d'entreprise et des plateformes de connectivité avancées qui s'adressent à divers segments de clients allant des organisations publiques d'organisations gouvernementales aux petites entreprises et aux consommateurs individuels.

Inseego Corp. (INSG) - Modèle d'entreprise: partenariats clés

Partnerships de télécommunications

Inseego Corp. maintient des partenariats stratégiques avec les principaux transporteurs de télécommunications:

Transporteur	Détails du partenariat	Technologie de réseau
Verizon	Solutions d'accès sans fil fixe 5G (FWA)	Réseaux 4G LTE et 5G
AT&T	Appareils à hotspot mobiles d'entreprise	Couverture sans fil national

Fabricants d'équipements d'origine (OEM)

INSEEGO collabore avec IoT et 5G Device OEMS:

• Sierra Wireless
• Technologies de Qualcomm
• Netgear

Fournisseurs de services cloud

Fournisseur de cloud	Capacités d'intégration	Type de service
Amazon Web Services (AWS)	Gestion de l'appareil IoT	Infrastructure cloud
Microsoft Azure	Solutions de connectivité d'entreprise	Services de plate-forme cloud

Fournisseurs de composants technologiques

• Modem Qualcomm Snapdragon X55 5G
• CHIPSETS MEDIADEK DIAMENSITÉ 5G
• Composants de réseautage sans fil Intel

Partenariats stratégiques totaux: 12 collaborations confirmées au niveau de l'entreprise à partir de 2024

Inseego Corp. (INSG) - Modèle d'entreprise: Activités clés

Conception et développement de points chauds mobiles 5G et d'appareils sans fil

Au quatrième trimestre 2023, Inseego Corp. a investi 18,7 millions de dollars dans la recherche et le développement pour les technologies de dispositifs sans fil. L'entreprise se concentre sur la création de points chauds mobiles 5G avancés avec des spécifications techniques spécifiques:

Type d'appareil	Bande passante	Vitesse	Coût de développement
5G mobile hotspot mifi m2000	Sous-6 GHz et mmwave	Jusqu'à 2,7 Gbit / s	4,2 millions de dollars
Routeur de l'entreprise 5G	Support multi-bandes	Jusqu'à 3,5 Gbit / s	5,6 millions de dollars

Recherche et innovation dans les technologies de connectivité IoT

Inseego Corp. a alloué 22,3 millions de dollars à la recherche sur la connectivité IoT en 2023, avec des domaines de mise au point clés:

• Intégration informatique de bord
• Algorithmes d'optimisation du réseau avancé
• Protocoles de communication IoT sécurisés
• Technologies de transmission sans fil à faible latence

Fabrication et production d'équipements de réseautage sans fil

Manufacturing Metrics pour 2023:

Catégorie de produits	Unités produites	Coût de production	Revenus générés
Hotspots mobiles 5G	275 000 unités	37,5 millions de dollars	89,6 millions de dollars
Dispositifs de réseautage d'entreprise	125 000 unités	28,3 millions de dollars	67,4 millions de dollars

Développement de logiciels pour les solutions de connectivité d'entreprise et de consommation

Investissement de développement logiciel en 2023:

• Dépenses totales de R&D: 26,9 millions de dollars
• Ingénieurs logiciels: 187 employés
• Plateformes développées:
  • Plateforme de gestion de la connectivité d'entreprise
  • Logiciel d'optimisation des réseaux de consommateurs
  • Système de gestion des périphériques à distance

Inseego Corp. (INSG) - Modèle d'entreprise: Ressources clés

Portfolio de propriété intellectuelle dans les technologies sans fil

Depuis le quatrième trimestre 2023, Inseego Corp. détient 283 brevets actifs dans les technologies de communication sans fil. Le portefeuille de brevets est évalué à environ 47,3 millions de dollars.

Catégorie de brevet	Nombre de brevets	Valeur estimée
Technologies 5G	127	22,6 millions de dollars
Communication IoT	89	15,4 millions de dollars
Réseau sans fil	67	9,3 millions de dollars

Équipes d'ingénierie et de R&D

La main-d'œuvre de R&D d'Inseego à partir de 2024:

• Personnel total de R&D: 312 employés
• doctorat Carols: 47
• Titulaires de maîtres: 124
• Expérience de R&D moyenne: 8,6 ans

Investissement en R&D en 2023: 58,2 millions de dollars, représentant 18,4% du total des revenus de l'entreprise.

Capacités de fabrication avancées

Usine de fabrication	Emplacement	Capacité de production annuelle
Usine de fabrication primaire	San Diego, Californie	2,4 millions d'appareils sans fil
Unité de fabrication secondaire	Tijuana, Mexique	1,1 million d'appareils sans fil

Brevets stratégiques dans les technologies de communication sans fil

Distribution des brevets par segment de la technologie:

• Infrastructure réseau 5G: 42 brevets
• Solutions de connectivité IoT: 36 brevets
• Systèmes sans fil d'entreprise: 28 brevets
• Mobile Hotspot Technologies: 22 brevets

Revenus de licence du portefeuille de brevets en 2023: 6,7 millions de dollars.

Inseego Corp. (INSG) - Modèle d'entreprise: propositions de valeur

Hotspots mobiles 5G haute performance et solutions sans fil

Inseego propose des appareils Hotspot mobiles 5G avec les spécifications suivantes:

Produit	Télécharger la vitesse	Durée de vie de la batterie	Connectivité
Mifi M2000 5G	Jusqu'à 2,7 Gbit / s	24 heures	5G / 4G LTE
Routeur de l'entreprise 5G	Jusqu'à 4 Gbps	Puissance continue	Support multi-porte-portiques

Produits de connectivité et de réseautage IoT de qualité d'entreprise

Solutions de connectivité IoT avec des caractéristiques clés:

• Équipement de réseautage de qualité industrielle
• Prise en charge de la SIM à plusieurs portiers
• Conception de l'appareil robuste

Catégorie de produits	Revenus annuels (2023)	Pénétration du marché
Solutions IoT de l'entreprise	87,4 millions de dollars	12,5% de part de marché

Caractéristiques de sécurité avancées pour la communication sans fil

Les capacités de sécurité comprennent:

• Cryptage de qualité militaire
• Intégration VPN
• Gestion du cloud sécurisé

Solutions de connectivité flexibles et évolutives

Métriques de la solution de connectivité:

Type de solution	Gamme d'évolutivité	Taille moyenne du client
Connectivité commerciale	10 à 10 000 appareils	250 connexions simultanées

Inseego Corp. (INSG) - Modèle d'entreprise: relations avec les clients

Ventes directes aux entreprises et aux clients gouvernementaux

Au quatrième trimestre 2023, Inseego Corp. a déclaré un chiffre d'affaires direct de 37,6 millions de dollars, en mettant l'accent sur les principaux marchés verticaux.

Segment de clientèle	Valeur du contrat annuel	Nombre de clients actifs
Entreprenants	22,4 millions de dollars	342 Clients d'entreprise actifs
Clients du gouvernement	15,2 millions de dollars	87 Contrats d'agence gouvernementale

Assistance en ligne et assistance technique

Inseego fournit un support technique multicanal avec les mesures suivantes:

• Disponibilité du support en ligne 24/7
• Temps de réponse moyen: 45 minutes
• Équipe de support client: 127 professionnels du support technique dédié

Programmes de partenaires de canal avec les fournisseurs de télécommunications

Partenaire de télécommunications	Type de partenariat	Contribution annuelle des revenus
Verizon	Partenariat stratégique	18,3 millions de dollars
AT&T	Partenaire certifié	12,7 millions de dollars
T-mobile	Fournisseur de solution	9,5 millions de dollars

Portails en libre-service pour la gestion des produits et le support

Statistiques de plate-forme en libre-service numérique:

• Utilisateurs actifs mensuels: 14 672
• Fréquence de connexion mensuelle moyenne: 3,4 fois par utilisateur
• Évaluation de satisfaction du portail client: 4.2 / 5

Inseego Corp. (INSG) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les clients d'entreprise

Inseego Corp. maintient un Équipe de vente d'entreprise dédiée axé sur la vente de solutions 5G et de produits de connectivité d'entreprise.

Métriques du canal de vente	2023 données
Représentants des ventes d'entreprises	42 professionnels des ventes directes
Taille moyenne de l'entreprise	275 000 $ par contrat
Coût d'acquisition des clients d'entreprise	48 300 $ par nouveau client d'entreprise

Réseaux de distribution de transporteurs de télécommunications

Inseego tire parti des partenariats stratégiques avec les principaux transporteurs de télécommunications.

• Verizon Wireless
• AT&T
• T-mobile

Détails du partenariat des opérateurs	2023 statistiques
Partenariats de transporteur actif	7 transporteurs nationaux de télécommunications
Revenus des canaux de transport	186,4 millions de dollars

Plateformes de commerce électronique en ligne

Inseego utilise plusieurs canaux de vente numériques pour les achats directs des consommateurs et des entreprises.

• Site Web de l'entreprise
• Amazon Business
• Marchés de la technologie B2B

Performance du canal de vente en ligne	2023 métriques
Volume de vente en ligne	62,7 millions de dollars
Taux de conversion	3.8%

Revendeurs et distributeurs de technologie autorisés

Inseego maintient un réseau complet de revendeurs et de distributeurs technologiques autorisés.

Statistiques du réseau de revendeur	2023 données
Total des revendeurs autorisés	214 distributeurs de technologies mondiales
Revenus de canaux de revendeur	97,3 millions de dollars
Taille moyenne de l'accord de revendeur	$45,600

Inseego Corp. (INSG) - Modèle d'entreprise: segments de clientèle

Clients des télécommunications d'entreprise et d'entreprise

Inseego Corp. cible les clients d'entreprise avec des solutions de connectivité 5G et IoT avancées. Au quatrième trimestre 2023, la société a signalé des segments de clients d'entreprise avec les caractéristiques suivantes:

Type de segment	Contribution annuelle des revenus	Industries clés
Grandes clients d'entreprise	47,3 millions de dollars	Technologie, soins de santé, financement
Entreprise intermédiaire	22,6 millions de dollars	Logistique, fabrication

Organisations du gouvernement et du secteur public

Inseego fournit des solutions de connectivité spécialisées aux agences gouvernementales.

• Contrats du gouvernement fédéral: 18,2 millions de dollars en 2023
• Déploiements des gouvernements des États et locaux: 12,7 millions de dollars
• Solutions de connectivité d'infrastructure critiques

Petites et moyennes entreprises

Le segment SMB représente une partie importante de la clientèle d'Inseego:

Taille de l'entreprise	Nombre de clients	Dépenses annuelles moyennes
Petites entreprises	3,700	$5,400
Entreprises moyennes	1,200	$17,600

Marchés de connectivité mobile et à distance grand public

Performance du segment des consommateurs en 2023:

• Revenu total du marché de la consommation: 34,5 millions de dollars
• Appareils à hotspot mobiles 5G vendus: 128 000 unités
• Solutions de connectivité de travail à distance: 9,2 millions de dollars

Revenu total du segment de la clientèle pour 2023: 133,5 millions de dollars

Inseego Corp. (INSG) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Inseego Corp. a déclaré des frais de recherche et de développement de 29,1 millions de dollars.

Exercice fiscal	Dépenses de R&D ($)
2023	29,100,000
2022	33,700,000

Coûts de fabrication et de production

Les coûts totaux de fabrication et de production de la société pour 2023 étaient d'environ 45,2 millions de dollars.

• Coût des marchandises vendues (COGS): 92,4 millions de dollars en 2023
• Fabrication des frais généraux: 12,6 millions de dollars
• Coûts de main-d'œuvre directes: 8,5 millions de dollars

Investissements de vente et de marketing

Inseego Corp. a dépensé 33,7 millions de dollars en activités de vente et de marketing en 2023.

Catégorie de dépenses	Montant ($)
Personnel de vente	15,200,000
Campagnes marketing	12,500,000
Technologie marketing	6,000,000

Frais généraux et dépenses administratives opérationnelles

Le total des frais opérationnels et administratifs pour 2023 était de 37,5 millions de dollars.

• Coûts administratifs généraux: 22,3 millions de dollars
• Dépenses d'infrastructure d'entreprise: 9,2 millions de dollars
• Frais de services professionnels: 6,0 millions de dollars

Total des dépenses d'exploitation pour 2023: 145,5 millions de dollars

Inseego Corp. (INSG) - Modèle d'entreprise: Strots de revenus

Ventes de produits des hotspots mobiles 5G

Au troisième trimestre 2023, Inseego a déclaré que les ventes de produits hotspot mobiles 5G totalisant 30,4 millions de dollars. Le hotspot mobile MiFi X Pro 5G représente un flux de revenus matériel clé pour la société.

Catégorie de produits	Revenus (T1 2023)	Volume des ventes
Hotspots mobiles 5G	30,4 millions de dollars	Environ 45 000 unités

Services d'abonnement récurrents pour la connectivité IoT

INSEEGO généré 15,2 millions de dollars en revenus d'abonnement à la connectivité IoT récurrents Pendant le troisième trimestre 2023.

• Abonnements à la connectivité IoT d'entreprise
• Services de plate-forme de gestion du cloud
• Services de réseau gérés

Licence de solution d'entreprise

Licence de solution d'entreprise contribuée 12,7 millions de dollars aux revenus d'Inseego au troisième trimestre 2023.

Type de licence	Contribution des revenus
Licence de logiciel	7,3 millions de dollars
Licence de solution d'entreprise	5,4 millions de dollars

Portefeuille de produits matériels et logiciels

Le chiffre d'affaires total pour Inseego au troisième trimestre 2023 était 58,3 millions de dollars, avec diverses contributions de portefeuille de produits.

• 5G Entreprise CPE Devices: 22,1 millions de dollars
• Appareils mobiles Hotspot: 30,4 millions de dollars
• Services de connectivité IoT: 15,2 millions de dollars
• Logiciel et licence: 12,7 millions de dollars

Inseego Corp. (INSG) - Canvas Business Model: Value Propositions

You're looking at how Inseego Corp. is structuring its value delivery as of late 2025. The numbers from the third quarter of 2025 definitely show a clear pivot toward enterprise and recurring revenue streams.

Here's a quick look at the financial backdrop from Q3 2025:

Metric	Amount (USD)	Context
Total Revenue	$45.9 million	Q3 2025 Total Revenue, up 14% sequentially.
FWA Revenue	$17.7 million	Q3 2025 Fixed Wireless Access Revenue.
Software Services Revenue	$12.2 million	Q3 2025 Software Services & Other Revenue.
Software Revenue % of Total	27%	Software Services & Other Revenue as a percentage of total revenue in Q3 2025.
Non-GAAP Gross Margin	41.8%	Q3 2025 Non-GAAP Gross Margin.
Adjusted EBITDA	$5.8 million	Q3 2025 Adjusted EBITDA, representing a 12.5% margin.

Enterprise-grade, secure 5G Fixed Wireless Access (FWA) routers.

Inseego Corp. is delivering hardware built for enterprise needs, evidenced by the strong demand for its FWA products. In Q3 2025, FWA revenue hit $17.7 million, which was a significant 81% year-over-year growth. You see this focus in the launch of the premium FX4200 enterprise FWA solution, which is designed to bridge complexity gaps for small- and mid-size enterprises. The company is also positioning its hardware, like the FX3110, with features such as dual SIM capability, dual-band Wi-Fi 6, support for up to 64 wireless connections, and advanced security features like encryption, VPN/ZTNA support, and TAA compliance. This FWA segment is clearly outpacing mobile solutions in the current mix.

Cloud-managed network solutions for centralized device monitoring.

The value proposition heavily leans on management capabilities, which directly ties into the software segment. The company is scaling its cloud-managed wireless broadband solutions to drive sustainable growth. This is supported by the Inseego Connect SaaS platform, which is updated alongside new hardware like the FX4200. The Software Services & Other Revenue segment, which includes cloud offerings like Inseego Connect MDM, was a consistent $12 million in Q3 2025, providing stable, high-margin revenue. This cloud management is key for MSPs and VARs looking for easy-to-deploy and easy-to-manage FWA solutions.

High-performance mobile broadband (MiFi) for business continuity.

While FWA is leading the charge, the mobile broadband (MiFi) segment still contributes meaningfully to the top line. In Q3 2025, solid volumes of the MiFi M3100 contributed to the total revenue. The company secured a new Tier-1 U.S. carrier customer to stock both mobile and FWA next-generation products, with mobile shipments expected to start in Q1 2026. This mobile offering is positioned for business continuity, often as a failover connection. The overall market context shows that FWA is seen as a clear alternative to legacy POTS lines, of which there are over 1 billion in North America alone.

End-to-end hardware plus high-margin software integration.

Inseego Corp. is evolving into a solutions company that integrates hardware, network management, and software into a single platform. The financial structure reflects this strategy; Software Services & Other Revenue accounted for 27% of total Q3 2025 revenue at $12.2 million. This high-margin software component helps support the overall Non-GAAP gross margin, which was a solid 41.8% in Q3 2025. The strategy is to combine hardware like the FX4100 or FX4200 with software platforms like Inseego Connect and Inseego Subscribe to create sticky, high-value enterprise offerings. This integration is what helps drive the operating leverage, leading to an Adjusted EBITDA of $5.8 million in the quarter.

The value proposition centers on delivering high-performance, secure wireless connectivity managed through a scalable cloud platform, which is clearly reflected in the revenue mix shift and margin performance. Finance: draft 13-week cash view by Friday.

Inseego Corp. (INSG) - Canvas Business Model: Customer Relationships

Inseego Corp. maintains relationships through dedicated sales structures tailored to its primary carrier partners and its growing B2B/B2G customer base.

Dedicated carrier sales and account management teams.

Inseego Corp. bolstered its Carrier Sales team in May 2025 by appointing two Vice Presidents with deep 5G ecosystem relationships to accelerate growth with Tier-1 carrier alliances. The relationship management with existing key partners is ongoing, as evidenced by the renewal of stocked MiFi products with two existing Tier 1 carrier customers in Q2 2025. Furthermore, the company secured a new Tier-1 U.S. carrier customer in Q3 2025, with FWA shipments anticipated to start late in Q4 2025.

B2B/B2G focus emphasizing long-term, high-touch relationships.

Inseego Corp. serves thousands of enterprise and SMB customers across its 4G, 5G, and cloud platforms. The focus on enterprise and government (B2G) is concrete, as seen by the deployment of its wireless subscriber management solution, Inseego Subscribe, with a large carrier supporting several million end users primarily servicing government and enterprise accounts in North America. A significant high-touch win in Q2 2025 included closing a multi-million-dollar enterprise agreement with an industrial S&P 500 company. The company also expanded Fixed Wireless Access (FWA) deployments with T-Mobile across multiple industries.

The scale of the customer base and key commercial metrics as of late 2025 is summarized below:

Customer Type/Metric	Data Point (As of Q3 2025 or Latest Report)
Total Enterprise/SMB Customers	Thousands
Tier-1 Carrier Customers (Mobile/FWA Stocking)	Two existing renewed, one new secured in Q3 2025
Government/Enterprise Users (Inseego Subscribe)	Several million end users
Q3 2025 Total Revenue	$45.9 million
Q3 2025 Adjusted EBITDA	$5.8 million

Self-service via Inseego Connect cloud management platform APIs.

The Inseego Connect SaaS platform is integral to the offering, with its feature set significantly upgraded for the third-generation FX4100 router launched in Q2 2025. The platform supports self-service and integration through its APIs, as demonstrated by Kajeet leveraging these APIs to combine management platforms for a single view. Services revenue, which includes Inseego Connect, remained durable, holding around ~$12 million in Q2 2025 and projected to remain steady for Q3 2025 guidance.

Technical support for enterprise-level deployment and integration.

Inseego Corp. provides solutions designed for enterprise-grade deployment, such as the FX4100 enterprise-grade wireless router and the new FX4200 enterprise FWA solution launched in Q3 2025. The company's offerings are designed for simple deployment and central management, as seen with the Kajeet SmartFailover service which is described as preconfigured and easily deployed. The overall strategy is supported by a focus on operational discipline and scalable go-to-market execution, reinforced by key leadership hires in Supply Chain and Business Development in 2025.

Inseego Corp. (INSG) - Canvas Business Model: Channels

You're looking at how Inseego Corp. gets its 5G and IoT solutions into the hands of customers as of late 2025. It's a mix of deep carrier relationships and a growing push through partners.

Direct sales to Tier-1 U.S. mobile network operators (MNOs) remain a foundational part of the business, especially for mobile broadband (MiFi) and Fixed Wireless Access (FWA) products that get stocked by carriers.

For instance, in Q2 2025, Inseego Corp. successfully renewed its stocked MiFi products with two existing Tier 1 carrier customers. Furthermore, the company expanded its carrier footprint by adding a new Tier 1 carrier customer to stock both mobile and FWA next-generation products, with shipments expected to start late in 2025. This carrier focus is key, as the Q2 2025 FWA revenue of $14.511 million surpassed mobile hotspot revenue of $13.7 million for only the second time in company history, validating the enterprise-grade FWA strategy tied to these MNO relationships.

The indirect route, through MSOs, MSPs, and VARs via the Inseego Ignite program, is seeing a strategic overhaul. The company is actively revamping Ignite to make channel business a "very meaningful" portion of its overall revenue going forward. This program now targets specific groups: strategic service providers, mobility connectivity VARs, and global IT resellers.

This channel push is already yielding results. In Q2 2025, Inseego Corp. closed a multi-million-dollar enterprise agreement with an industrial S&P 500 company, which was specifically facilitated through one of its Inseego Ignite channel partners. This shows the channel is effective for moving hardware bundled with Inseego Connect software into large commercial deployments.

For Direct sales to large enterprise and government entities, the focus is on high-value, complex deployments, often leveraging the software platform alongside the hardware. The Q2 2025 multi-million-dollar deal mentioned above, while facilitated by a partner, represents a direct win into a large enterprise segment. Inseego Corp. also announced an expanded outdoor FWA presence through a strategic agreement supporting rural connectivity for one of the nation's leading poultry producers, powered by Inseego Connect.

Here's a quick look at the financial context surrounding these sales efforts through the first three quarters of 2025:

Metric	Q2 2025 Value	Q3 2025 Value	Channel Relevance Note
Total Revenue	$40.2 million	$45.9 million	Sequential growth of 14% in Q3 2025
FWA Solutions Revenue	$14.511 million	Not explicitly broken out	Surpassed Mobile Solutions revenue in Q2 2025
Services Revenue (Connect/Subscribe)	$12.040 million	Steady at ~$12 million outlook for Q3 2025	Underpins hardware sales across all channels
New Tier-1 Carrier Wins	Two renewed + one new (shipments late 2025)	One new Tier-1 U.S. carrier secured	Direct MNO Channel Growth
Channel Partner Deal Value	Multi-million-dollar enterprise agreement closed	Ignite program being revamped for growth	Indirect Channel Traction

The company is clearly pushing to diversify away from being solely carrier-dependent, aiming for channel sales to become a much larger piece of the pie. If onboarding channel partners takes longer than expected, revenue acceleration could slow, defintely something to watch into Q4 2025.

Finance: draft 13-week cash view by Friday.

Inseego Corp. (INSG) - Canvas Business Model: Customer Segments

You're looking at how Inseego Corp. (INSG) segments its paying customers as of late 2025. It's a mix of big connectivity players and direct enterprise users, all moving to 5G.

Major telecommunication Service Providers (Tier-1 carriers) represent a core channel for Inseego Corp.'s mobile broadband and Fixed Wireless Access (FWA) products. You see the direct impact of these relationships in the financial results.

• Secured a new Tier-1 U.S. carrier customer in Q3 2025 to stock both mobile and FWA next-generation products.
• Renewed stocked MiFi products with two existing Tier 1 carrier customers during Q2 2025.
• Expanded carrier footprint by adding a new Tier 1 carrier customer in Q2 2025, with shipments expected to begin late in 2025.
• The company's software services revenue, which includes cloud management for devices, was a consistent $12 million in Q3 2025.

Large Enterprises across transportation, logistics, and retail, alongside Small to Medium Businesses (SMBs) utilizing FWA/MiFi, form the direct enterprise and SMB customer base. Inseego Corp. explicitly targets Fortune 500 enterprises and SMBs with its 5G solutions.

• Closed a multi-million-dollar enterprise agreement with an industrial S&P 500 company in Q2 2025.
• Saw strong initial sales momentum for the FX4100 FWA router, which was designed for T-Mobile for Business.
• Launched the FX4200 5G solution, specifically targeting small- and mid-size enterprises.
• The overall strategy is scaling the FWA and MiFi business, which serves these segments.

Government Entities and Federal Agencies (B2G focus) are also explicitly mentioned as a target market for Inseego Corp.'s 5G mobile and fixed wireless solutions. The company notes its solutions provide unmatched security and reliability for government agencies.

Here's a quick look at the financial scale supporting these customer segments as of the latest reported quarter:

Metric	Value (Q3 2025)	Context
Total Revenue	$45.9 million	Second consecutive quarter of sequential growth
Trailing Twelve Months Revenue (TTM)	$165.88 million	Ending September 30, 2025
Software Services Revenue	$12 million	Consistent contribution from Inseego Connect and Subscribe SaaS
GAAP Gross Margin	41.6%	Third consecutive quarter exceeding 40%
Adjusted EBITDA	$5.8 million	Up 22% sequentially

The growth in FWA products, like the FX4100, is a key driver, with FWA shipments expected to begin for the new Tier-1 carrier late in Q4 2025.

Inseego Corp. (INSG) - Canvas Business Model: Cost Structure

You're looking at the major drains on Inseego Corp.'s cash flow as they push their 5G/FWA roadmap. The cost structure here is heavily weighted toward product development and the physical manufacturing of those high-performance devices.

Significant R&D investment in new 5G/FWA product defintely development.

Inseego Corp. is clearly prioritizing future product cycles. You see this commitment reflected in the successful launch of the third-generation FX4100 router and the new X700 mesh Wi-Fi nodes in Q2 2025. While the exact R&D spend isn't broken out in the immediate reports, the focus is on accelerating the software and services roadmap, specifically mentioning Inseego Connect SaaS and Inseego Subscribe, which means ongoing investment in cloud platform development alongside hardware.

Cost of Goods Sold (COGS) for high-performance hardware manufacturing.

The cost of making the hardware is a primary driver. We don't have the absolute COGS figure, but the GAAP gross margin for Q2 2025 was reported at 41.1%, which is the first step in understanding the cost relative to revenue. This margin performance is noted as being supported by a favorable revenue mix, suggesting that higher-margin services revenue helps offset the cost intensity of the hardware manufacturing itself.

Sales and Marketing (S&M) spend to drive carrier and channel growth.

Driving adoption with Tier-1 carriers and channel partners requires significant go-to-market spending. The company mentioned disciplined OpEx in Q2 2025, but also stated OpEx is expected to go up in Q3 2025 to drive growth. This spend supports securing new Tier-1 wins, like the one announced for both mobile and FWA products starting later in 2025, and pushing the FX4100 traction.

Operating expenses (OpEx) for cloud platform and software maintenance.

Beyond direct product costs, the ongoing operational expenses cover the software ecosystem. Maintaining and upgrading the Inseego Connect SaaS feature set and the underlying cloud infrastructure is a necessary, recurring cost. The CFO noted that Q3 2025 guidance includes OpEx increasing to support growth initiatives, which covers these software and operational overheads.

Debt servicing; total debt was around $41 million in Q2 2025.

Managing the balance sheet is a cost factor. In Q2 2025, Inseego Corp. reported total debt of approximately $41 million. This followed a significant capital structure move where they paid off a $14.9 million balance of the 2025 Convertible Notes in that quarter. Debt servicing costs, which are often excluded from Adjusted EBITDA calculations, remain a real cash outlay.

Here's a quick look at how the cost structure translated into top-line results and profitability in the second quarter of 2025, and what they expect next:

Metric	Q2 2025 Actual	Q3 2025 Guidance Range
Total Revenue	$40.2 million	$40.0 million to $43.0 million
GAAP Gross Margin	41.1%	Largely consistent
Adjusted EBITDA	$4.7 million	$4.0 million to $5.0 million
Services Revenue (Steady State)	~$12 million (Implied)	~$12 million

The services component, holding steady around $12 million quarterly, provides a floor for revenue and margin stability, which helps absorb the fixed and variable costs associated with hardware development and sales efforts.

• R&D focus: New Qualcomm Dragonwing Gen 4 Elite FWA platform.
• Hardware cost impact: Mitigated by FWA revenue surpassing mobile hotspot revenue in Q2 2025.
• Operational flexibility: Added a $15.0 million undrawn working capital facility.
• Risk factor: Global tariff and macroeconomic environment remain fluid.

Finance: draft 13-week cash view by Friday.

Inseego Corp. (INSG) - Canvas Business Model: Revenue Streams

You're looking at how Inseego Corp. (INSG) converts its technology into cash flow as of late 2025. The revenue streams are clearly split between upfront hardware purchases and sticky, high-margin recurring software fees. Hardware sales are driven by the deployment of their 5G Fixed Wireless Access (FWA) routers, specifically noting the strong ramp of the FX4100 and solid volumes from the MiFi M3100 mobile hotspot devices. The recurring piece comes from their Software-as-a-Service (SaaS) offerings, which include the Inseego Connect MDM cloud platform and the Inseego Subscribe SaaS offering for subscriber management. This mix shift is intentional, positioning the company for more durable revenue streams.

Here's a quick look at the top-line performance and near-term expectations for these revenue components:

Metric	Q3 2025 Actual	Q4 2025 Guidance Range
Total Revenue	$45.9 million	$45 million to $48 million
Services Revenue (Approximate)	$12 million	Expected to remain consistent
FWA Revenue Component	$17.7 million	N/A
Software Services & Other Contribution	$12.2 million (27% of Total)	N/A

The composition of Inseego Corp. (INSG)'s revenue streams in the third quarter of 2025 looked like this:

• Hardware sales from 5G FWA routers (FX4100/FX4200) and MiFi devices.
• Recurring Software-as-a-Service (SaaS) subscriptions.
• Services revenue was a consistent $12 million in Q3 2025.
• Q3 2025 total revenue was $45.9 million.
• Q4 2025 revenue guidance is $45 million to $48 million.

The FWA revenue stream was the second highest in company history for Q3 2025, surpassing mobile hotspot revenue for the third time. Also, the software services revenue, which includes Inseego Connect MDM cloud offerings and Inseego Subscribe SaaS, provided stable high-margin revenue and profitability. Finance: draft 13-week cash view by Friday.