Inseego Corp., a specialist in electronics hardware and software as a service, reported a net loss of $13.8 million on net revenues of $57.5 million in its third quarter ending Sept. 30. The revenue figure was within the company’s guidance of $57 million to $63 million.
One year ago the company reported a net loss of $18.6 million on net revenues of $60.9 million.
Inseego (Nasdaq: INSG) also reported that it was executing on its restructuring effort.
Formerly known as Novatel Wireless, Inseego produces the MiFi-brand Wi-Fi hotspot. A recent effort to sell the MiFi business unit to a Hong Kong company failed when Inseego could not get U.S. regulators’ permission. In a bid to turn the company around, Inseego acquired companies specializing in the internet of things and wireless fleet management, including a South African firm that offers a connected-vehicle service called Ctrack.
Dan Mondor, CEO of Inseego, said in a statement Nov. 2 that the company made “tremendous progress” in the quarter, “with improvements across the board in technology, supply chain, customer wins and company efficiencies and processes. The market opportunities for mobile, IoT technologies and enterprise [software as a service] platforms have never been better.”
Mondor has been CEO since June and is building his management team. He recently added a chief financial officer, chief strategy officer and chief marketing officer.
The business also said it was collaborating with Qualcomm and Verizon on trials for fifth generation new radio (5G NR) technology.
Inseego projected revenue of $45 million to $50 million in the current quarter.