Inseego (INSG) AI Stock Analysis

• Market Cap: $201.11M
• Dividend Yield: N/A
• Average Volume (3M): 196.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.50
• Revenue Growth: -17.45%
• EPS Growth: 76.52%
• Country: US
• Employees: 218
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): 0.12
• Shares Outstanding: 16,218,933
• 10 Day Avg. Volume: 295,701
• 30 Day Avg. Volume: 196,579
• PEG Ratio: -0.66
• Price to Book (P/B): -38.42
• Price to Sales (P/S): 0.93
• P/FCF Ratio: 23.78
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 1.29
• Enterprise Value/Gross Profit: 3.41
• Enterprise Value/Ebitda: 15.82
• 1Y Price Target: $17.50
• Price Target Upside: 41.13% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.42
• Revenue Forecast (FY): $188.54M

• Rating: 55 Neutral
• Price Target: $11.00 ▼(-11.29% Downside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is driven primarily by improving but still inconsistent financial performance (better margins and deleveraging, offset by negative equity and earnings volatility). Earnings call guidance is constructive for 2026 with clear growth drivers, but near-term Q1 softness tempers confidence. Technical signals and valuation are less supportive, with weak trend indicators and a negative P/E.

Positive Factors

Tier‑1 carrier wins and distribution

Winning design wins and initial stocking with AT&T and Verizon, combined with existing T-Mobile placement, provides durable validation and distribution across the three largest U.S. operators. This materially lowers commercialization risk for FWA products and supports multi-quarter revenue scaling as carrier programs ramp.

Sustained margin expansion

A meaningful improvement in gross margins reflects a shift toward higher-margin FWA and software services and better product mix. Higher gross margins increase operating leverage potential, giving the company more durable ability to convert sales into profit as volumes grow and supporting sustainable EBITDA improvement.

Improving cash generation and deleveraging

Recent positive operating and free cash flow, coupled with substantial debt reduction and preferred retirement, strengthens liquidity and reduces interest and structural drag. Improved cash conversion and a simplified capital structure increase financial flexibility and make funding growth and product launches more sustainable.

Negative Factors

Negative shareholders' equity

Persistently negative shareholders' equity is a structural balance-sheet constraint that limits financial flexibility and can increase refinancing and covenant risk. It reduces lender and investor comfort, may raise borrowing costs, and constrains inorganic growth or large R&D investments during downturns.

Revenue and earnings volatility

Material year-to-year swings in revenue and profitability indicate dependence on timing of carrier programs and product cycles. This unpredictability complicates multi-quarter planning, makes sustained investment pacing harder, and increases execution risk if carrier rollouts or stocking slow.

Execution, inventory and supply risks

Engineering timing shifts, large-customer inventory dynamics and component market volatility are structural operational risks for a device-centric supplier. These can delay recognition of sales, compress margins via cost pass-throughs or negotiated cost-sharing, and make revenue cadence lumpy across quarters.

Inseego Business Overview & Revenue Model

Company Description

Inseego Corp. engages in the design and development of fixed and mobile wireless solutions, industrial Internet of Things (IIoT), and cloud solutions for large enterprise verticals, service providers, small and medium-sized businesses, governments, and consumers worldwide. The company provides wireless 4G and 5G hardware products, including private LTE/5G networks, First responders network authority/Firstnet, SD-WAN, telematics, remote monitoring and surveillance, and fixed wireless access and mobile broadband devices. Its products include 4G and 5G fixed wireless routers and gateways, mobile hotspots, and wireless gateways and routers for IIoT applications; and Gb speed 4G LTE hotspots and USB modems, integrated telematics, and mobile tracking hardware devices, which are supported by applications software and cloud services designed to enable customers to analyze data insights and configure/manage their hardware remotely. In addition, the company sells software-as-a-service (SaaS), software, and services solutions in various mobile and IIoT vertical markets comprising fleet management, vehicle telematics, stolen vehicle recovery, asset tracking, monitoring, business connectivity, and subscription management. Its SaaS delivery platforms include telematics, asset tracking, and management platforms which provide fleet, vehicle, aviation, asset, and other telematics applications; and Inseego Subscribe, a hosted SaaS platform that helps organizations in managing the selection, deployment, and spend of their customers wireless assets by helping them to save money on personnel and telecom expenses. Inseego Corp. was founded in 1996 and is based in San Diego, California.

How the Company Makes Money

Inseego generates revenue through several key streams. Primarily, it sells hardware products, including mobile hotspots and IoT devices, which are often bundled with service plans provided by telecommunications partners. The company also earns recurring revenue from its software and services, which include cloud-based management solutions that help businesses manage their connected devices and data. Inseego has established partnerships with major telecom carriers, enhancing its distribution channels and providing a steady customer base. Additionally, the company explores opportunities in emerging markets, which can contribute to its growth and revenue diversification.

Inseego Financial Statement Overview

Summary

Turnaround progress is evident (gross margin expansion to ~42.7% in 2025, debt materially reduced), and cash flow has been positive in 2024–2025. However, performance is volatile: 2025 revenue declined vs 2024, EBITDA margin compressed, the company returned to a small net loss in 2025, and negative shareholders’ equity remains a major balance-sheet constraint.

Income Statement

INSG shows a notable turnaround from deep losses in 2022–2023 to near-breakeven profitability more recently. Revenue rebounded strongly in 2024 (+14.3%) after a sharp 2023 decline, but 2025 revenue fell versus 2024 (down from $191.2M to $166.2M), indicating momentum is not yet consistent. Profitability improved meaningfully: gross margin expanded to ~42.7% in 2025 from ~36.0% in 2024 and ~21.4% in 2023, supporting the move toward operating stability. However, net results slipped back to a small loss in 2025 (net margin ~-1.6%) after a modest profit in 2024 (~2.4%), and EBITDA margin compressed materially in 2025 (~1.1%) versus 2024 (~5.1%), highlighting earnings volatility and limited cushion if demand softens.

Balance Sheet

The balance sheet remains the key weakness. Shareholders’ equity is negative across all years provided (e.g., about -$4.0M in 2025 and -$12.9M in 2024), which reduces financial flexibility and increases refinancing/credit risk. Debt has come down substantially from 2022–2023 levels (from ~ $174–171M to ~$44.5M in 2025), a clear positive that improves solvency on an absolute basis. Even so, negative equity makes leverage indicators structurally unfavorable and suggests the company is still rebuilding its capital base despite the deleveraging progress.

Cash Flow

Cash generation is a relative bright spot, with positive operating cash flow and free cash flow in both 2024 and 2025 (operating cash flow ~$33.5M in 2024 and ~$7.2M in 2025; free cash flow ~$33.4M in 2024 and ~$6.5M in 2025). That said, cash flow weakened sharply in 2025 versus 2024, and free cash flow growth is heavily negative year-over-year, signaling reduced conversion and/or higher cash needs. The earlier period also shows material volatility (negative free cash flow in 2021–2023 and negative operating cash flow in 2021–2022), so while recent performance is improved, durability through a full cycle is not yet proven.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	166.19M	191.24M	167.29M	245.32M	262.40M
Gross Profit	62.66M	68.80M	35.78M	66.91M	75.92M
EBITDA	13.50M	9.76M	-17.18M	-32.62M	-15.52M
Net Income	838.00K	4.57M	-46.19M	-67.97M	-48.13M
Balance Sheet
Total Assets	93.81M	100.00M	121.80M	159.95M	354.60M
Cash, Cash Equivalents and Short-Term Investments	24.89M	39.60M	7.52M	7.14M	49.81M
Total Debt	48.40M	60.71M	170.73M	173.94M	168.71M
Total Liabilities	97.85M	112.86M	223.90M	230.07M	379.45M
Stockholders Equity	-4.04M	-12.86M	-102.11M	-70.12M	-24.85M
Cash Flow
Free Cash Flow	6.53M	33.42M	-2.38M	-46.61M	-54.05M
Operating Cash Flow	7.20M	33.52M	5.96M	-33.29M	-25.21M
Investing Cash Flow	-8.57M	43.03M	-10.17M	-13.32M	6.08M
Financing Cash Flow	-13.43M	-38.78M	2.21M	5.43M	29.92M

Inseego Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 12.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INSG, the sentiment is Positive. The current price of 12.4 is above the 20-day moving average (MA) of 11.18, above the 50-day MA of 11.00, and above the 200-day MA of 10.85, indicating a bullish trend. The MACD of 0.50 indicates Negative momentum. The RSI at 58.46 is Neutral, neither overbought nor oversold. The STOCH value of 68.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INSG.

Inseego Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BKTI	77 Outperform	$323.29M	26.20	38.74%	―	10.12%	153.04%
AVNW	63 Neutral	$335.46M	22.99	5.60%	―	10.89%	―
CRNT	62 Neutral	$206.75M	-92.37	-1.23%	―	-3.78%	-92.62%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
INSG	55 Neutral	$201.11M	-67.69	―	―	-17.45%	76.52%
AUDC	55 Neutral	$202.39M	23.11	7.67%	4.28%	0.15%	17.21%
LTRX	55 Neutral	$243.71M	-25.95	-12.12%	―	-26.85%	-93.91%

Inseego Corporate Events

Inseego Retires Preferred Stock to Strengthen Capital Structure

On January 14, 2026, Inseego Corp. completed the repurchase and retirement of all of its Fixed-Rate Cumulative Perpetual Preferred Stock, Series E, which carried a $42 million liquidation preference as of December 31, 2025, by exchanging it for approximately $26 million in consideration. The consideration consisted of $10 million in cash payable in three installments over 12 months, $8 million in additional principal amount of the company’s existing 9.0% Senior Secured Notes due 2029, and about 767,000 shares of common stock, with the equity component subject to customary registration rights. The transaction, executed at a roughly 38% discount to the preferred shares’ liquidation value, fully removes the preferred layer from Inseego’s capital structure, reduces long-term obligations and is intended to strengthen the balance sheet while shifting Mubadala Capital’s affiliate from being the sole preferred holder to a minority common shareholder, aligning it more directly with other equity investors.

The most recent analyst rating on (INSG) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on Inseego stock, see the INSG Stock Forecast page.