(State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. Employer identification number) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Inseego Corp. | |||||
By: | /s/ Rober G. Barbieri | ||||
Robert G. Barbieri | |||||
Chief Financial Officer |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||
IoT & Mobile Solutions | $ | 56,975 | $ | 77,342 | $ | 151,770 | $ | 189,071 | |||||||||||||||
Enterprise SaaS Solutions | 9,242 | 12,898 | 37,737 | 38,698 | |||||||||||||||||||
Total net revenues | 66,217 | 90,240 | 189,507 | 227,769 | |||||||||||||||||||
Cost of net revenues: | |||||||||||||||||||||||
IoT & Mobile Solutions | 43,595 | 60,135 | 116,777 | 148,414 | |||||||||||||||||||
Enterprise SaaS Solutions | 3,679 | 4,935 | 14,965 | 14,958 | |||||||||||||||||||
Total cost of net revenues | 47,274 | 65,070 | 131,742 | 163,372 | |||||||||||||||||||
Gross profit | 18,943 | 25,170 | 57,765 | 64,397 | |||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Research and development | 12,626 | 10,684 | 38,954 | 29,448 | |||||||||||||||||||
Sales and marketing | 9,172 | 8,446 | 29,997 | 25,849 | |||||||||||||||||||
General and administrative | 6,599 | 8,699 | 22,657 | 23,257 | |||||||||||||||||||
Amortization of purchased intangible assets | 519 | 779 | 1,649 | 2,358 | |||||||||||||||||||
Impairment of capitalized software | — | — | 1,197 | — | |||||||||||||||||||
Total operating costs and expenses | 28,916 | 28,608 | 94,454 | 80,912 | |||||||||||||||||||
Operating loss | (9,973) | (3,438) | (36,689) | (16,515) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Gain on sale of Ctrack South Africa | 5,262 | — | 5,262 | — | |||||||||||||||||||
Loss on debt conversion and extinguishment, net | — | (1,180) | (432) | (76,354) | |||||||||||||||||||
Interest expense, net | (1,655) | (1,657) | (5,178) | (8,197) | |||||||||||||||||||
Other income (expense), net | (828) | 1,053 | 291 | 2,818 | |||||||||||||||||||
Loss before income taxes | (7,194) | (5,222) | (36,746) | (98,248) | |||||||||||||||||||
Income tax provision (benefit) | (4) | 217 | 445 | 193 | |||||||||||||||||||
Net loss | (7,190) | (5,439) | (37,191) | (98,441) | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | (3) | (214) | (29) | |||||||||||||||||||
Net loss attributable to Inseego Corp. | (7,190) | (5,442) | (37,405) | (98,470) | |||||||||||||||||||
Series E preferred stock dividends and deemed dividends from the preferred stock exchange | (1,843) | (829) | (3,596) | (2,056) | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (9,033) | $ | (6,271) | $ | (41,001) | $ | (100,526) | |||||||||||||||
Per share data: | |||||||||||||||||||||||
Net loss per common share: | |||||||||||||||||||||||
Basic and diluted | $ | (0.09) | $ | (0.06) | $ | (0.40) | $ | (1.06) | |||||||||||||||
Weighted-average shares used in computation of net loss per common share: | |||||||||||||||||||||||
Basic and diluted | 103,430,083 | 98,016,798 | 102,586,121 | 95,136,713 | |||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 58,114 | $ | 40,015 | |||||||
Restricted cash | 3,495 | — | |||||||||
Accounts receivable, net | 23,065 | 29,940 | |||||||||
Inventories | 33,701 | 33,952 | |||||||||
Prepaid expenses and other | 11,666 | 10,201 | |||||||||
Total current assets | 130,041 | 114,108 | |||||||||
Property, plant and equipment, net | 8,705 | 13,699 | |||||||||
Rental assets, net | 4,487 | 6,109 | |||||||||
Intangible assets, net | 47,710 | 51,487 | |||||||||
Goodwill | 21,196 | 32,511 | |||||||||
Right-of-use assets, net | 8,010 | 9,092 | |||||||||
Other assets | 380 | 388 | |||||||||
Total assets | $ | 220,529 | $ | 227,394 | |||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 44,451 | $ | 52,339 | |||||||
Accrued expenses and other current liabilities | 24,403 | 23,373 | |||||||||
Total current liabilities | 68,854 | 75,712 | |||||||||
Long-term liabilities: | |||||||||||
2025 Notes, net | 157,879 | 165,147 | |||||||||
Deferred tax liabilities, net | 1,042 | 4,505 | |||||||||
Other long-term liabilities | 8,086 | 9,929 | |||||||||
Total liabilities | 235,861 | 255,293 | |||||||||
Commitments and Contingencies | |||||||||||
Stockholders’ deficit: | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 105 | 99 | |||||||||
Additional paid-in capital | 766,736 | 711,487 | |||||||||
Accumulated other comprehensive loss | (7,242) | (6,972) | |||||||||
Accumulated deficit | (774,931) | (732,422) | |||||||||
Total stockholders’ deficit attributable to Inseego Corp. | (15,332) | (27,808) | |||||||||
Noncontrolling interests | — | (91) | |||||||||
Total stockholders’ deficit | (15,332) | (27,899) | |||||||||
Total liabilities and stockholders’ deficit | $ | 220,529 | $ | 227,394 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net loss | $ | (7,190) | $ | (5,439) | $ | (37,191) | $ | (98,441) | |||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 6,080 | 6,256 | 19,131 | 15,948 | |||||||||||||||||||
Provision for bad debts, net of recoveries | 80 | 166 | 346 | 240 | |||||||||||||||||||
Provision for excess and obsolete inventory | 91 | 250 | 587 | 430 | |||||||||||||||||||
Share-based compensation expense | 3,062 | 2,207 | 14,467 | 8,188 | |||||||||||||||||||
Amortization of debt discount and debt issuance costs | 371 | 387 | 1,117 | 3,632 | |||||||||||||||||||
Fair value adjustment on derivative instrument | (1,612) | (546) | (3,435) | (1,372) | |||||||||||||||||||
Impairment of capitalized software | — | — | 1,197 | — | |||||||||||||||||||
Gain on sale of Ctrack South Africa | (5,262) | — | (5,262) | — | |||||||||||||||||||
Loss on debt conversion and extinguishment, net | — | 1,180 | 432 | 76,354 | |||||||||||||||||||
Deferred income taxes | 137 | 100 | 175 | 110 | |||||||||||||||||||
Other | 19 | (108) | 572 | 50 | |||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | (3,649) | 2,433 | 2,834 | (19,065) | |||||||||||||||||||
Inventories | (7,055) | (4,803) | (7,889) | (2,078) | |||||||||||||||||||
Prepaid expenses and other assets | 271 | 1,380 | 1,429 | (3,918) | |||||||||||||||||||
Accounts payable | 8,809 | 2,836 | (7,206) | 25,170 | |||||||||||||||||||
Accrued expenses, income taxes, and other | 3,121 | 5,751 | 3,939 | 11,464 | |||||||||||||||||||
Net cash (used in) provided by operating activities | (2,727) | 12,050 | (14,757) | 16,712 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Acquisition of noncontrolling interest | — | — | (116) | — | |||||||||||||||||||
Purchases of property, plant and equipment | (1,844) | (2,253) | (4,299) | (5,084) | |||||||||||||||||||
Proceeds from the sale of property, plant and equipment | 637 | 92 | 1,143 | 327 | |||||||||||||||||||
Proceeds from sale of Ctrack South Africa, net of sold cash1 | 31,526 | — | 31,526 | — | |||||||||||||||||||
Additions to capitalized software development costs and purchases of intangible assets | (5,220) | (9,579) | (20,589) | (20,216) | |||||||||||||||||||
Net cash provided by (used in) investing activities | 25,099 | (11,740) | 7,665 | (24,973) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Gross proceeds from the issuance of 2025 Notes | — | — | — | 100,000 | |||||||||||||||||||
Payment of issuance costs related to 2025 Notes | — | (1,056) | — | (3,600) | |||||||||||||||||||
Payoff of term loan and related extinguishment costs | — | — | — | (48,830) | |||||||||||||||||||
Cash paid to investors in private exchange transactions | — | — | — | (32,062) | |||||||||||||||||||
Gross proceeds received from issuance of Series E preferred stock | — | — | — | 25,000 | |||||||||||||||||||
Repurchase of Series E preferred stock | — | — | — | (2,354) | |||||||||||||||||||
Proceeds from the exercise of warrants to purchase common stock | — | — | 1,861 | ||||||||||||||||||||
Net borrowing of bank and overdraft facilities | 20 | 6 | 315 | 110 | |||||||||||||||||||
Principal payments under finance lease obligations | (965) | (781) | (3,138) | (2,243) | |||||||||||||||||||
Proceeds from a public offering, net of issuance costs | 1 | — | 29,370 | — | |||||||||||||||||||
Proceeds from stock option exercises and employee stock purchase plan, net of taxes paid on vested restricted stock units | 412 | 1,441 | 2,432 | 2,872 | |||||||||||||||||||
Net cash (used in) provided by financing activities | (532) | (390) | 28,979 | 40,754 | |||||||||||||||||||
Effect of exchange rates on cash | (614) | (26) | (293) | (2,573) | |||||||||||||||||||
Net increase in cash, cash equivalents and restricted cash | 21,226 | (106) | 21,594 | 29,920 | |||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 40,383 | 42,100 | 40,015 | 12,074 | |||||||||||||||||||
Cash, and cash equivalents, end of period | $ | 61,609 | $ | 41,994 | $ | 61,609 | $ | 41,994 |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||
Net Loss | Net Loss Per Share | Net Loss | Net Loss Per Share | ||||||||||||||||||||
GAAP net loss attributable to common shareholders | $ | (9,033) | $ | (0.09) | $ | (41,001) | $ | (0.40) | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Preferred stock dividends(a) | 1,843 | 0.02 | 3,596 | 0.04 | |||||||||||||||||||
Net income attributable to noncontrolling interests(b) | — | — | 214 | — | |||||||||||||||||||
Share-based compensation expense(c) | 3,062 | 0.03 | 14,467 | 0.15 | |||||||||||||||||||
Purchased intangibles amortization(d) | 737 | 0.01 | 2,840 | 0.03 | |||||||||||||||||||
Debt discount and issuance costs amortization(e) | 371 | — | 1,117 | 0.01 | |||||||||||||||||||
Non-recurring costs(f) | 1,651 | 0.02 | 2,411 | 0.02 | |||||||||||||||||||
Fair value adjustment on derivative instrument(g) | (1,612) | (0.02) | (3,435) | (0.03) | |||||||||||||||||||
Gain on sale of Ctrack South Africa(h) | (5,262) | (0.05) | (5,262) | (0.05) | |||||||||||||||||||
Loss on debt conversion and extinguishment(i) | — | — | 432 | — | |||||||||||||||||||
Non-GAAP net loss | $ | (8,243) | $ | (0.08) | $ | (24,621) | $ | (0.23) |
GAAP | Share-based compensation expense (a) | Purchased intangibles amortization (b) | Non-GAAP | |||||||||||||||||||||||
Cost of net revenues | $ | 47,274 | $ | 416 | $ | 217 | $ | 46,641 | ||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||
Research and development | 12,626 | 604 | — | 12,022 | ||||||||||||||||||||||
Sales and marketing | 9,172 | 614 | — | 8,558 | ||||||||||||||||||||||
General and administrative | 6,599 | 1,428 | — | 5,171 | ||||||||||||||||||||||
Amortization of purchased intangible assets | 519 | — | 519 | — | ||||||||||||||||||||||
Total operating costs and expenses | $ | 28,916 | $ | 2,646 | $ | 519 | $ | 25,751 | ||||||||||||||||||
Total | $ | 3,062 | $ | 736 |
GAAP | Share-based compensation expense (a) | Purchased intangibles amortization (b) | Non-recurring costs (c) | Non-GAAP | ||||||||||||||||||||||||||||
Cost of net revenues | $ | 131,742 | $ | 2,229 | $ | 1,190 | $ | — | $ | 128,323 | ||||||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||||||||
Research and development | 38,954 | 4,366 | — | — | 34,588 | |||||||||||||||||||||||||||
Sales and marketing | 29,997 | 3,161 | — | — | 26,836 | |||||||||||||||||||||||||||
General and administrative | 22,657 | 4,711 | — | 150 | 17,796 | |||||||||||||||||||||||||||
Amortization of purchased intangible assets | 1,649 | — | 1,649 | — | — | |||||||||||||||||||||||||||
Impairment of purchased intangible assets | 1,197 | — | — | — | 1,197 | |||||||||||||||||||||||||||
Total operating costs and expenses | $ | 94,454 | $ | 12,238 | $ | 1,649 | $ | 150 | $ | 80,417 | ||||||||||||||||||||||
Total | $ | 14,467 | $ | 2,839 | $ | 150 |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | ||||||||||
GAAP net loss attributable to common shareholders | $ | (9,033) | $ | (41,001) | |||||||
Preferred stock dividends(a) | 1,843 | 3,596 | |||||||||
Income tax provision(b) | (4) | 445 | |||||||||
Net income attributable to noncontrolling interests(c) | — | 214 | |||||||||
Depreciation and amortization(d) | 6,080 | 19,131 | |||||||||
Share-based compensation expense(e) | 3,062 | 14,467 | |||||||||
Non-recurring costs(f) | 1,651 | 2,553 | |||||||||
Fair value adjustment of derivative(g) | (1,612) | (3,435) | |||||||||
Gain on sale of Ctrack South Africa(h) | (5,262) | (5,262) | |||||||||
Loss on debt conversion and extinguishment(i) | — | 432 | |||||||||
Interest expense, net(j) | 1,655 | 5,178 | |||||||||
Other(k) | 847 | 1,990 | |||||||||
Adjusted EBITDA | $ | (773) | $ | (1,692) | |||||||
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||
IoT & Mobile Solutions | $ | 56,975 | $ | 51,836 | $ | 42,959 | $ | 72,098 | $ | 77,342 | |||||||||||||||||||
Enterprise SaaS Solutions | 9,242 | 13,857 | 14,638 | 13,965 | 12,898 | ||||||||||||||||||||||||
Total net revenues | $ | 66,217 | $ | 65,693 | $ | 57,597 | $ | 86,063 | $ | 90,240 | |||||||||||||||||||
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Cover |
Mar. 01, 2021 |
Nov. 05, 2020 |
---|---|---|
Cover [Abstract] | ||
Document Type | 8-K | |
Amendment Flag | false | |
Document Period End Date | Nov. 03, 2021 | |
Entity Registrant Name | INSEEGO CORP. | |
Entity Central Index Key | 0001022652 | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-38358 | |
Entity Tax Identification Number | 81-3377646 | |
Entity Address, Address Line One | 12600 Deerfield Parkway | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Alpharetta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30004 | |
City Area Code | 858 | |
Local Phone Number | 812-3400 | |
Written Communications | false | |
Soliciting Material | false | |
Pre-commencement Tender Offer | false | |
Pre-commencement Issuer Tender Offer | false | |
Entity Emerging Growth Company | false | |
Common Stock, par value $0.001 per share | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | INSG | |
Security Exchange Name | NASDAQ | |
Entity Listings [Line Items] | ||
Title of 12(b) Security |
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