SAN DIEGO - Inseego Corp. (NASDAQ: NASDAQ:INSG), known for its 5G and mobile technology solutions, has announced the launch of its new Inseego Wavemaker 5G indoor router, the FX3110, now available through its Inseego Ignite Channel Partners. The device is notable for being certified across all major U.S. carrier networks and is designed to cater to a variety of applications, including remote work and retail.
The FX3110 router features dual SIM capability, allowing for efficient SIM management and cellular failover solutions, making it a versatile choice for businesses that require reliable connectivity. The device's integrated internal antennas and compact design aim to offer a straightforward setup and an aesthetic that suits environments such as healthcare and restaurants.
Equipped with the Snapdragon X62 5G Modem-RF System, the FX3110 supports dual-band Wi-Fi 6 and provides up to 64 wireless connections. It also includes two Ethernet WAN/LAN ports and a USB-C port for tethering. Security is a significant focus, with the router offering advanced encryption, guest Wi-Fi network, SASE capabilities, VPN/ZTNA support, and FIPS 140-2 Certification.
Inseego has also integrated its software solutions, Inseego Connect and SD EDGE, into the FX3110. These SaaS offerings enhance the router's functionality by providing remote management capabilities, network configuration, and management solutions.
Chief Revenue Officer Steve Harmon emphasized the router's ease of deployment and flexibility across carrier networks, stating that it is "future proof and literally deployable by anyone in less than one minute."
This product release is a strategic move for Inseego as it aims to solidify its market presence and provide innovative solutions to its partners and customers. The FX3110 is part of a broader portfolio of 5G solutions offered by Inseego, which includes enterprise cloud WAN solutions and 5G Edge Cloud technology.
The launch of the FX3110 is based on a press release statement from Inseego Corp., and for more information on the product, interested parties are directed to the company's official website.
In other recent news, Inseego Corp. has been making significant strides in the financial sector. The company reported robust Q2 2024 revenues of $59 million, exceeding market expectations, largely credited to its mobile business and the renewal of a significant contract for its subscription management platform. The adjusted EBITDA for the period stood at $8.3 million, bolstered by strong gross margins and effective expense management.
TD Cowen, an analyst firm, maintained a Hold rating on Inseego's stock while raising the price target to $15.00, up from $13.50, following Inseego's impressive revenue performance and a notable improvement in gross margin. The firm cited the company's recent financial maneuvers, which have strengthened its balance sheet and reduced debt, as key factors for this decision.
Inseego Corp. is currently in the process of finding a new CEO and remains committed to driving revenue growth and profitability. The company is also exploring opportunities for diversification and potential mergers and acquisitions after completing its restructuring. For Q3 2024, Inseego Corp. has projected revenue to range from $54 million to $58 million, with adjusted EBITDA between $6.5 million and $7.5 million. These are the recent developments in the company's financial landscape.
InvestingPro Insights
As Inseego Corp. (NASDAQ: INSG) rolls out its new FX3110 5G indoor router, the company's financial metrics and market performance provide valuable context for investors. With a market capitalization of $166.74 million, Inseego is navigating a competitive tech landscape. The company's revenue for the last twelve months as of Q2 2024 stands at $195.5 million, although it has experienced a downturn in revenue growth by 13.66% during the same period. Despite this, the quarterly revenue growth shows a positive sign, with a 10.44% increase in Q2 2024.
InvestingPro Tips highlight that analysts have recently revised their earnings upwards for the upcoming period, which could indicate confidence in Inseego's future performance. Moreover, the valuation of Inseego implies a strong free cash flow yield, suggesting that the company could provide good value for investors. For those interested in the company's prospects, there are additional InvestingPro Tips available, which could offer deeper insights into Inseego's financial health and market position.
Inseego's stock price movements have been quite volatile, but the company has shown a high return over the last year, with an impressive 112.74% price total return. This performance is reflected in the stock trading near its 52-week high, at 96.76% of the peak price. Investors looking to delve further into Inseego's market trends and potential can find more information at InvestingPro, where a total of 12 additional tips are listed, providing a comprehensive view of the company's financial landscape.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.