SAN DIEGO - Inseego Corp. (NASDAQ: NASDAQ:INSG), a provider of 5G and mobile broadband technology, has announced the availability of its MiFi X PRO 5G mobile hotspot for channel partners, resellers, and distributors. This new offering marks a shift from the previous model, which was only available through mobile network operators with network-specific hardware.
The MiFi X PRO is designed to cater to the needs of various demanding industries, including education, healthcare, finance, government, and public safety. It boasts FIPS 140-2 certification, TAA compliance, and CIPA support, ensuring high security and suitability for government use and safe internet access for education.
Equipped with the Snapdragon X62 5G Modem-RF System, the device offers multiple connectivity options, including Wi-Fi, Ethernet, and USB-C, and can connect up to 32 devices. Its long-lasting battery also functions as an external charger. Inseego has also introduced software add-ons like Inseego Connect and SD EDGE™ for enhanced device management and network configuration.
Steve Harmon, Chief Revenue Officer at Inseego, emphasized the significance of this launch for the company's channel partners, who can now offer a leading mobile hotspot that is certified and unlocked for all major U.S. carriers. This move is part of Inseego's strategy to widen its market presence through a robust network of channel partners.
The announcement follows the recent launch of Inseego Ignite, a revamped channel partner program designed to provide specialized support and resources to accelerate sales and increase revenues.
Inseego's MiFi X PRO is now available for purchase through the Inseego Ignite channel partners, offering flexibility for customers to buy devices and connectivity separately. This information is based on a press release statement from Inseego Corp.
In other recent news, Inseego Corp. reported robust Q2 2024 revenues of $59 million and an adjusted EBITDA of $8.3 million, surpassing market expectations. The company also announced the sale of its non-core fleet and asset tracking business, Ctrack, for $52 million in an all-cash deal. TD Cowen and Roth/MKM analysts viewed these developments positively. Inseego also made strides in debt restructuring, paying down $9.5 million of its short-term loan and converting $5 million of its convertible notes into long-term debt and equity. Inseego further streamlined its focus on its core Fixed Wireless Access (FWA) and 5G mobile hotspot businesses with the launch of the FX3110, a new multi-carrier 5G indoor router. For Q3 2024, Inseego Corp. projected revenues to range from $54 million to $58 million, with an adjusted EBITDA between $6.5 million and $7.5 million. The company's recent moves reflect its ongoing business transformation and commitment to financial stability and growth.
InvestingPro Insights
Inseego Corp.'s recent launch of the MiFi X PRO 5G mobile hotspot for channel partners aligns with its strategy to expand market presence, which is reflected in the company's recent financial performance. According to InvestingPro data, Inseego has shown impressive price returns, with a 74.86% increase over the last three months and a staggering 652.94% surge over the past six months. This positive momentum suggests that the market is responding favorably to the company's strategic initiatives.
An InvestingPro Tip indicates that 3 analysts have revised their earnings upwards for the upcoming period, which could be a positive signal related to the potential success of the new product launch and the revamped channel partner program. Additionally, the company's stock is trading near its 52-week high, with the current price at 95.52% of the peak, potentially reflecting investor optimism about Inseego's recent moves.
However, it's important to note that Inseego's financial health presents a mixed picture. While the company has shown strong recent returns, it was not profitable over the last twelve months, with a negative operating income margin of -12.07%. This underscores the importance of the new product launch and channel strategy in potentially improving the company's profitability.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Inseego Corp., providing a deeper understanding of the company's financial position and market performance.
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