Inseego Corp. (INSG) · Nov 4, 2026 · Earnings
In line — Revenue $33.3M vs ~$31.21M consensus; non-GAAP EPS -$0.27 vs ~$-0.33, but GAAP EPS was -$0.49
Inseego’s Q3 earnings beat revenue expectations, but profitability deteriorated sharply as the Nokia FastMile integration began.
Inseego is transitioning from a small North American wireless-broadband hardware business into a much larger global FWA platform after completing Nokia’s FastMile acquisition on October 1, 2026. The deal was already expected to roughly double revenue and expand carrier reach internationally; the new information is whether the legacy business can stabilize while that integration starts.
The quarter was roughly in line overall, not a clean beat. Revenue exceeded the published consensus, and non-GAAP EPS was less negative than the roughly -$0.33 estimate, but the filing does not clearly identify whether that external EPS estimate is GAAP or adjusted. On the company’s own benchmark, North America revenue landed inside its $28M-$35M range and adjusted EBITDA reached the favorable end of its -$2M to -$1M range. 〔0〕
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Revenue (Financial Highlights) | $33.3M (-27.5%) | $45.9M | $31.21M |
| Adjusted EBITDA (Quarterly results) | $(1.0)M | $5.8M | |
| GAAP net loss (Income Statement) | $(8.1)M | $1.4M | |
| Non-GAAP diluted EPS (Quarterly results) | $(0.27) | $0.12 | $(0.33) |
The underlying operating trend is still weak. Mobile revenue rose sequentially, but fixed-wireless revenue collapsed to $4.2M from $17.7M a year earlier, while GAAP gross margin fell to 33.3% from 41.6%. Lower operating expenses helped, but not enough to offset the revenue decline and margin pressure. 〔1〕
FastMile changes the scale of the story, but not yet the quality of earnings. The acquired business brings historical quarterly revenue in the $43M-$52M range, global carrier relationships, and Nokia support payments, but its historical gross margin was only 3.6% in Q2 2026. Q4 guidance of $56M-$65M total revenue includes $35M-$40M from FastMile and $12M-$14M of Nokia support embedded in adjusted EBITDA, so the first combined quarter will show more scale before it proves sustainable profitability.
Liquidity remains the immediate constraint. Cash fell to $6.6M from $24.9M at year-end, operating cash flow was negative $9.2M through nine months, and total liabilities exceeded assets by $36.6M. October Nokia payments and planned cost reductions provide support, but the filing still shows a business dependent on execution, integration benefits, and external financing capacity.
Bottom line: This is a transition quarter with better-than-feared revenue but materially weaker profitability. FastMile makes Inseego bigger immediately, yet the filing does not show that the combined company is healthier until Q4 demonstrates durable margins without relying on Nokia support payments.
Q4 report showing first full FastMile contribution
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