| As Reported | Pro Forma Adjustments | Pro Forma Inseego | ||||||||||
| (a) | (e) | Corp. | ||||||||||
| Revenues: | ||||||||||||
| Mobile solutions | $ | 143,524 | $ | – | $ | 143,524 | ||||||
| Fixed wireless access solutions | 43,602 | – | 43,602 | |||||||||
| Product revenues | 187,126 | – | 187,126 | |||||||||
| Services and other | 58,197 | 26,922 | 31,275 | |||||||||
| Total revenues | 245,323 | 26,922 | 218,401 | |||||||||
| Cost of revenues: | ||||||||||||
| Product | 161,943 | – | 161,943 | |||||||||
| Services and other | 16,471 | 12,718 | 3,753 | |||||||||
| Total cost of revenues | 178,414 | 12,718 | 165,696 | |||||||||
| Gross profit | 66,909 | 14,204 | 52,705 | |||||||||
| Operating costs and expenses: | ||||||||||||
| Research and development | 38,290 | 1,886 | 36,404 | |||||||||
| Sales and marketing | 32,825 | 6,634 | 26,191 | |||||||||
| General and administrative | 26,208 | 5,132 | 21,076 | |||||||||
| Depreciation and amortization | 24,490 | 1,390 | 23,100 | |||||||||
| Impairment of capitalized software | 3,014 | – | 3,014 | |||||||||
| Total operating costs and expenses | 124,827 | 15,042 | 109,785 | |||||||||
| Operating loss | (57,918) | (838) | (57,080) | |||||||||
| Other income (expense): | ||||||||||||
| Interest (expense) income, net | (8,606) | 101 | (8,707) | |||||||||
| Other income (expense), net | (1,910) | (2,131) | 221 | |||||||||
| Loss before income taxes | (68,434) | (2,868) | (65,566) | |||||||||
| Income tax provision (benefit) | (465) | (585) | 120 | |||||||||
| Net loss | (67,969) | (2,283) | (65,686) | |||||||||
| Series E preferred stock dividends and deemed dividends | (2,736) | – | (2,736) | |||||||||
| Net loss attributable to common stockholders | $ | (70,705) | $ | (2,283) | $ | (68,422) | ||||||
| Per share data: | ||||||||||||
| Net loss per common share: | ||||||||||||
| Basic and diluted | $ | (6.59) | $ | (6.38) | ||||||||
| Weighted-average shares used in computation of net loss per common share: | ||||||||||||
| Basic and diluted | 10,726,933 | 10,726,933 | ||||||||||
| Nine Months Ended September 30, | Change | |||||||||||||||
| Product Category | 2024 | 2023 | $ | % | ||||||||||||
| Mobile solutions | $ | 73,431 | $ | 64,469 | $ | 8,962 | 13.9 | % | ||||||||
| Fixed wireless access solutions | 37,222 | 42,489 | (5,267) | (12.4) | ||||||||||||
| Product | 110,653 | 106,958 | 3,695 | 3.5 | ||||||||||||
| Services and other | 32,504 | 24,409 | 8,095 | 33.2 | ||||||||||||
| Total revenues | $ | 143,157 | $ | 131,367 | $ | 11,790 | 9.0 | |||||||||
| 2023 | 2022 | 2021 | |||||
| PEO $ | Average Non-PEO NEOs $ | PEO1 (Mondor) $ | PEO2 (Sharma) $ | Average Non-PEO NEOs $ | PEO $ | Average Non-PEO NEOs $ | |
| Total Compensation from Summary Compensation Table | 512,500 | 312,667 | 1,100,516 | 5,462,347 | 584,577 | 5,862,494 | 2,520,607 |
| Adjustments for Equity Awards | |||||||
| Adjustment for grant date values in the Summary Compensation Table | – | (27,825) | (949,997) | (4,967,983) | (212,500) | (5,299,333) | (1,061,526) |
| Year-end fair value of unvested awards granted in the current year | – | 16,536 | – | 555,500 | 28,350 | 304,300 | 904,301 |
| Year-over-year difference of year-end fair values for unvested awards granted in prior years | (758,715) | (62,156) | – | (545,589) | (467,304) | – | (1,010,564) |
| Fair values at vest date for awards granted and vested in current year | – | – | 949,998 | 269,999 | 212,500 | 469,333 | 178,827 |
| Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years | 6,961 | (702) | (51,600) | (384,742) | (227,512) | (883,474) | (515,515) |
| Total Adjustments for Equity Awards | (751,754) | (74,147) | (51,599) | (5,072,815) | (666,466) | (5,409,174) | (1,504,477) |
| Compensation Actually Paid (as calculated) | (239,254) | 238,520 | 1,048,917 | 389,531 | (81,888) | 453,320 | 1,016,130 |
| Name | Fees Earned in Cash ($) | Stock Awards ($)(1)(2) | All Other Compensation ($) | Total ($) | ||||||||||||
| James B. Avery(3) | 66,000 | 125,000 | – | 191,000 | ||||||||||||
| Stephanie Bowers | 45,000 | 125,000 | – | 170,000 | ||||||||||||
| Philip Brace(4) | 11,087 | 145,000 | – | 156,087 | ||||||||||||
| Christopher Harland | 50,000 | 125,000 | – | 175,000 | ||||||||||||
| Christopher Lytle | 40,000 | 125,000 | – | 165,000 | ||||||||||||
| Jeffrey Tuder | 324,333 | 125,000 | – | 449,333 | ||||||||||||
| Preferred Stock | Common Stock | Additional Paid-in | Accumulated | Accumulated Other Comprehensive (Loss) | Total Stockholders’ | |||||||||||||||||||||||||||
| Shares | Amount | Shares (*) | Amount (*) | Capital (*) | Deficit | Income | Deficit | |||||||||||||||||||||||||
| Balance, June 30, 2023 | 25 | $ | – | 11,687 | $ | 12 | $ | 805,282 | $ | (869,254) | $ | (6,855) | $ | (70,815) | ||||||||||||||||||
| Net loss | – | – | – | – | – | (21,805) | – | (21,805) | ||||||||||||||||||||||||
| Foreign currency translation adjustment | – | – | – | – | – | – | (433) | (433) | ||||||||||||||||||||||||
| Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld | – | – | 16 | – | 3 | – | – | 3 | ||||||||||||||||||||||||
| Issuance of common shares in connection with a public offering, net of issuance costs | – | – | – | – | ||||||||||||||||||||||||||||
| Share-based compensation | – | – | – | – | 2,267 | – | – | 2,267 | ||||||||||||||||||||||||
| Preferred stock dividends | – | – | – | – | 756 | (756) | – | – | ||||||||||||||||||||||||
| Balance, September 30, 2023 | 25 | $ | – | 11,703 | $ | 12 | $ | 808,308 | $ | (891,815) | $ | (7,288) | $ | (90,783) | ||||||||||||||||||
| Balance, June 30, 2024 | 25 | $ | – | 11,910 | $ | 12 | $ | 816,002 | $ | (912,357) | $ | (5,420) | $ | (101,763) | ||||||||||||||||||
| Net income | – | – | – | – | – | 8,969 | – | 8,969 | ||||||||||||||||||||||||
| Foreign currency translation adjustment | – | – | – | – | – | – | (1,292) | (1,292) | ||||||||||||||||||||||||
| Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld | – | – | 146 | – | 213 | – | – | 213 | ||||||||||||||||||||||||
| Share-based compensation | – | – | – | – | 1,229 | – | – | 1,229 | ||||||||||||||||||||||||
| Issuance of common stock in connection with debt restructurings | – | – | 487 | 1 | 4,924 | – | – | 4,925 | ||||||||||||||||||||||||
| Issuance of common stock warrants in connection with debt restructurings | – | – | – | – | 2,656 | – | – | 2,656 | ||||||||||||||||||||||||
| Preferred stock dividends | – | – | – | – | 827 | (827) | – | – | ||||||||||||||||||||||||
| Balance, September 30, 2024 | 25 | $ | – | 12,543 | $ | 13 | $ | 825,851 | $ | (904,215) | $ | (6,712) | $ | (85,063) | ||||||||||||||||||
