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inseego Inseego Reports First Quarter 2021 Financial Results May 5 , 2021 5G and SaaS revenues up 120 % year - over - year on a combined basis T - Mobile certifies three Inseego WavemakerTM enterprise 5G fixed wireless access products Generated first enterprise 5G product revenue in North America , Europe , and Australia SAN DIEGO -- ( BUSINESS WIRE ) -- May 5 , 2021-- Inseego Corp. ( Nasdaq : INSG ) ( the " Company " ) , a leader in 5G and intelligent loT device - to - cloud solutions , today reported its results for the first quarter ended March 31 , 2021. The Company reported first quarter net revenue of $ 57.6 million , GAAP operating loss of $ 16.2 million , GAAP net loss of $ 17.0 million , GAAP net loss of $ 0.18 per share , negative adjusted EBITDA of $ 0.9 million , and non - GAAP net loss of $ 0.08 per share . Cash and cash equivalents at quarter end was $ 59.6 million including cash and cash equivalents classified as held - for - sale . " Inseego's transformation into a pure - play 5G solution company continues at a rapid pace , as evidenced by both significant year - over - year growth in our 5G and SaaS revenue and the improving gross margin as a result of this growth . We launched multiple new enterprise 5G products in North America , EMEA and Asia - Pacific , and we achieved a major milestone with T - Mobile certifications of these new indoor and outdoor 5G fixed wireless products , " said Inseego Chairman and CEO Dan Mondor . " We are seeing tremendous traction with our industry - leading 5G product portfolio and Inseego Manage SaaS solutions across global markets . Inseego has made a remarkable transformation over the last couple of years and the company is better positioned than ever on almost every possible measure . " Corporate Highlights • Q1 revenue $ 57.6 million , up 1.3 % year - over - year • Cash balance of $ 59.6 million , including cash classified as held for sale , with zero bank debt • Non - GAAP Q1 gross margin was 35.7 % , up 4.2 % year - over - year ● Appointed new interim Chief Financial Officer Bob Barbieri loT & Mobile Solutions • Q1 revenue of $ 43.0 million , up 1.3 % year - over - year • Non - GAAP gross margins up 5.6 % year - over - year . Combined 5G and SaaS revenue now 44 % of overall revenue , double the level of Q1 2020 • Launched enterprise 5G solutions in multiple regions with leading distributors : Ingram Micro , Scansource , and Synnex in North America ; Solid State Supplies and Sphinx in Europe ; and Powertec in Australia • Launched MiFi® 8000 in Canada with Rogers and Fido • Achieved certification for three Wavemaker 5G fixed wireless access products for sale to T - Mobile enterprise customers • Inseego Connect cloud solution now available to AT & T MiFi 8000 enterprise customers • Secured a new 5G operator customer , Sunrise Switzerland ; commercial launch planned for early June 2021 • Achieved 11.5 % quarter - over - quarter growth of Inseego Manage cloud subscriptions Enterprise SaaS Solutions • Q1 revenue of $ 14.6 million , up 1.5 % year - over - year • On track to divest Ctrack South Africa operations by the end of the second quarter 2021 , subject to regulatory approval and other closing conditions " The improvement in our margins during the first quarter reflects our focus on driving 5G growth coupled with an increase in our software business , " said Inseego interim CFO Bob Barbieri . " The investments we've made in our 5G portfolio continue to expand and diversify our customer base as well as further improve our margins . " Conference Call Information Inseego will host a conference call and live webcast for analysts and investors today at 5:00 p.m. ET . A Q & A session with analysts will be held live directly after the prepared remarks . To access the conference call : • Online , visit http://investor.inseego.com ● Phone - only participants can pre - register by navigating https://dpregister.com/sreg/10152934/e3c52d3226 • Those without internet access or unable to pre - register may dial - in by calling : ■ In the United States , call 1-844-763-8274 ■ International parties can access the call at 1-412-717-9224