Inseego Completes Nokia FastMile Deal After Legacy Revenue Drop

The Tip Desk · November 11, 2026 · 3 min read

Legacy third-quarter revenue was $33.3 million and adjusted EBITDA was negative $1.0 million as the company closed the Nokia FWA purchase on Oct. 1.

Inseego Corp. (INSG) completed its acquisition of Nokia’s Fixed Wireless Access business on Oct. 1, a deal the company said is expected to approximately double its revenue, after the legacy wireless-broadband operation posted a sequential revenue decline and a swing to negative adjusted EBITDA in the third quarter.

The San Diego company reported third-quarter 2026 revenue of $33.3 million, down from $44.0 million in the second quarter after that period had grown from $34.3 million in the first quarter. Adjusted EBITDA was negative $1.0 million, compared with $0.5 million in the second quarter. GAAP net loss was $8.1 million. GAAP gross margin was 33.3%.

Chief Executive Juho Sarvikas said Inseego North America, the legacy business, delivered third-quarter revenue and adjusted EBITDA within the company’s guided range, and that he had taken steps to address engineering and product-delivery issues, including bringing in a new chief technology officer and beginning a restructuring of the engineering function. Chief Financial Officer Steven Gatoff said the company had reduced headcount and spend in the fourth quarter to help move toward a return to profitability.

The results cover the legacy business only. On Oct. 1 the company closed the FastMile purchase, first announced April 30, adding indoor, outdoor and millimeter-wave FWA products and extending its carrier footprint across Europe, the Middle East, Asia and Oceania. About 250 people associated with the acquired business now support Inseego’s expanded operations, including employees and Nokia personnel under a transition services agreement. Acquired results will be included in consolidated results beginning in the fourth quarter of 2026.

In the three months ended Sept. 30, 2026, fixed wireless access solutions revenue was $4.2 million, down from $17.7 million a year earlier. Mobile solutions revenue was $19.1 million. Product revenue was $23.3 million and software services and other revenue was $10.0 million. Operating loss was $7.2 million, versus operating income of $2.2 million a year earlier.

Cash and cash equivalents were $6.6 million at Sept. 30, 2026, compared with $24.9 million at Dec. 31, 2025. Inventories were $20.5 million. Accounts payable were $36.9 million. The company recorded a $7.6 million working-capital facility and $50.2 million of 2029 senior secured notes, net. Stockholders’ deficit was $36.6 million.

Inseego said it selected a Tier-1 carrier to provide a ruggedized, high-powered premium-tier MiFi, with shipments expected to begin in mid-2027, and introduced intelligent multi-WAN control software for its SD-WAN appliances. It also achieved CMMC certification for Inseego Subscribe. Headcount and contractor spend were reduced in October 2026, anticipated to reduce spend by $8 million annually. Nick Lambourne was named chief technology officer.

For the fourth quarter of 2026, the company guided total revenue of $56 million to $65 million, comprising Inseego North America revenue of $21 million to $25 million and acquired FastMile revenue of $35 million to $40 million. Adjusted EBITDA is guided at $0 million to $2 million, including anticipated Nokia support payments of $12 million to $14 million under the acquisition agreement. The guidance supersedes prior outlooks.