Inseego reports Q4 rev $42.8M, Adj EBITDA $4.1M; CEO Sharma resigns, Brace named Exec Chairman

INSEEGO CORP.

2023-FY EPS reported -$4.32 revenue$195,688,000

Q4 rev $42.8M; GAAP net loss $14.3M ($1.28/shr); Adj EBITDA $4.1M.
FY 2023 rev $195.7M; Adj EBITDA $16.7M; fourth consecutive positive Adj EBITDA qtr.
Q1 2024 guidance: rev $40-42M; Adj EBITDA $2.5-3.0M.
CEO Sharma resigns eff Feb 23; Board appoints Philip Brace as Exec Chairman (interim).
Credit agreement amended: liquidity covenant lowered from $10M to $8M at no cost.

item 1.01 item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed (interim)

Philip G. Brace

Executive Chairman

INSG · INSEEGO CORP.

Effective: 2024-02-19
Filed: February 21, 2024, 6:59 PM ET

the Company’s board of directors (the “Board”) appointed Philip G. Brace, a member of the Board, to the newly-created role of Executive Chairman, effective as of February 19, 2024 and to continue until the earlier of six (6) months or a permanent chief executive officer and president is hired.

Departed

Ashish Sharma

Chief Executive Officer and President

INSG · INSEEGO CORP.

Effective: 2024-02-23
Filed: February 21, 2024, 6:59 PM ET

Ashish Sharma resigned as Chief Executive Officer and President of the Company, to be effective as of February 23, 2024.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

INSEEGO CORP. updated its the year and quarter ended December 31, 2023 guidance (reaffirmed).

Period: the year and quarter ended December 31, 2023
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

the Company issued a press release containing preliminary financial results for the year and quarter ended December 31, 2023

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Philip G. Brace was appointed as Executive Chairman at INSEEGO CORP..

Action: appointed
Role: Executive Chairman

Exact text from the filing

the Company’s board of directors (the “Board”) appointed Philip G. Brace, a member of the Board, to the newly-created role of Executive Chairman, effective as of February 19, 2024 and to continue until the earlier of six (6) months or a permanent chief executive officer and president is hired.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Ashish Sharma resigned as Chief Executive Officer and President at INSEEGO CORP..

Action: resigned
Role: Chief Executive Officer and President

Exact text from the filing

Ashish Sharma resigned as Chief Executive Officer and President of the Company, to be effective as of February 23, 2024.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

INSEEGO CORP. amended Loan and Security Agreement with Siena Lending Group LLC (effective 2024-02-20).

Action: amendment
Agreement: credit facility
Counterparty: Siena Lending Group LLC
Effective: 2024-02-20

Exact text from the filing

On February 20, 2024, Inseego Corp. (the “Company”) entered into a fourth amendment (the “Fourth Amendment”) of the Company’s Loan and Security Agreement (the “Credit Agreement”) with Siena Lending Group LLC, as lender.

View on SEC.gov

23 earnings releases filed in the last 30 days. Browse all earnings releases →

INSEEGO CORP. filing history →

Source: SEC EDGAR

accession 0001683168-24-001098

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