INSEEGO CORP
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 13, 2024
INSG$4.25+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Stockholders’ Deficit (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
| Preferred Stock · Common Stock · AdditionalPaid-in Capital (*) · Accumulated Deficit · AccumulatedOtherComprehensive (Loss) Income · TotalStockholders’ Deficit | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares () · Amount () | ||||||||||||
| Balance, June 30, 2023 | 25 | $— | 11,687 | $12 | $805,282 | (869,254) | $(6,855) | $(70,815) | ||||
| Net loss | — | — | — | — | — | (21,805) | — | (21,805) | ||||
| Foreign currency translation adjustment | — | — | — | — | — | — | (433) | (433) | ||||
| Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld | — | — | 16 | — | 3 | — | — | 3 | ||||
| Issuance of common shares in connection with a public offering, net of issuance costs | — | — | — | — | ||||||||
| Share-based compensation | — | — | — | — | 2,267 | — | — | 2,267 | ||||
| Preferred stock dividends | — | — | — | — | 756 | (756) | — | — | ||||
| Balance, September 30, 2023 | 25 | $— | 11,703 | $12 | $808,308 | $(891,815) | $(7,288) | $(90,783) | ||||
| Balance, June 30, 2024 | 25 | $— | 11,910 | $12 | $816,002 | $(912,357) | $(5,420) | $(101,763) | ||||
| Net income | — | — | — | — | — | 8,969 | — | 8,969 | ||||
| Foreign currency translation adjustment | — | — | — | — | — | — | (1,292) | (1,292) | ||||
| Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld | — | — | 146 | — | 213 | — | — | 213 | ||||
| Share-based compensation | — | — | — | — | 1,229 | — | — | 1,229 | ||||
| Issuance of common stock in connection with debt restructurings | — | — | 487 | 1 | 4,924 | — | — | 4,925 | ||||
| Issuance of common stock warrants in connection with debt restructurings | — | — | — | — | 2,656 | — | — | 2,656 | ||||
| Preferred stock dividends | — | — | — | — | 827 | (827) | — | — | ||||
| Balance, September 30, 2024 | 25 | $— | 12,543 | $13 | $825,851 | $(904,215) | $(6,712) | $(85,063) | ||||
(*)Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
| Preferred Stock · Common Stock · AdditionalPaid-in Capital (*) · Accumulated Deficit · AccumulatedOtherComprehensive (Loss) Income · TotalStockholders’ Deficit | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares () · Amount () | ||||||||
| Balance, December 31, 2022 | 25 | $— | 10,847 | $11 | $793,952 | $(857,751) | $(6,330) | $(70,118) |
| Net loss | — | — | — | — | — | (31,846) | — | (31,846) |
| Foreign currency translation adjustment | — | — | — | — | — | — | (958) | (958) |
| Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld | — | — | 52 | — | 51 | — | — | 51 |
| Issuance of common shares in connection with a public offering, net of issuance costs | — | — | 804 | 1 | 6,057 | — | — | 6,058 |
| Share-based compensation | — | — | — | — | 6,030 | — | — | 6,030 |
| Preferred stock dividends | — | — | — | — | 2,218 | (2,218) | — | — |
| Balance, September 30, 2023 | 25 | $— | 11,703 | $12 | $808,308 | $(891,815) | $(7,288) | $(90,783) |
| Balance, December 31, 2023 | 25 | $— | 11,879 | $12 | $810,138 | $(906,928) | $(5,327) | $(102,105) |
| Net income | — | — | — | — | — | 5,138 | — | 5,138 |
| Foreign currency translation adjustment | — | — | — | — | — | — | (1,385) | (1,385) |
| Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld | — | — | 177 | — | 207 | — | — | 207 |
| Share-based compensation | — | — | — | — | 2,815 | — | — | 2,815 |
| Issuance of common stock in connection with debt restructurings | — | — | 487 | 1 | 4,924 | — | — | 4,925 |
| Issuance of common stock warrants in connection with debt restructurings | — | — | — | — | 5,342 | — | — | 5,342 |
| Preferred stock dividends | — | — | — | — | 2,425 | (2,425) | — | — |
| Balance, September 30, 2024 | 25 | $— | 12,543 | $13 | $825,851 | $(904,215) | $(6,712) | $(85,063) |
(*)Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $5,138 | $(31,846) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 13,242 | 16,270 |
| Loss on extinguishment of revolving credit facility | 788 | — |
| Gain on debt restructurings, net | (13,690) | — |
| Provision for expected credit losses | (231) | 612 |
| Impairment of capitalized software | 927 | 1,115 |
| Provision for excess and obsolete inventory | 901 | 7,011 |
| Impairment of operating lease right-of-use assets | 139 | — |
| Share-based compensation expense | 2,815 | 6,030 |
| Amortization of debt discount and debt issuance costs | 4,435 | 2,048 |
| Deferred income taxes | 9 | 177 |
| Non-cash operating lease expense | 1,218 | 437 |
| Other | 6 | — |
| Changes in assets and liabilities: | ||
| Accounts receivable | 2,432 | 7,703 |
| Inventories | (274) | 7,685 |
| Prepaid expenses and other assets | 1,887 | 1,479 |
| Accounts payable | 12,284 | 1,162 |
| Accrued expenses and other liabilities | 14,683 | 2,561 |
| Operating lease liabilities | (1,334) | (41) |
| Net cash provided by operating activities | 45,375 | 22,403 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | (46) | (403) |
| Additions to capitalized software development costs and purchases of intangible assets | (3,608) | (6,114) |
| Net cash used in investing activities | (3,654) | (6,517) |
| Cash flows from financing activities: | ||
| Payments related to repurchases of 2025 Convertible Notes | (33,781) | — |
| Proceeds from issuance of short-term loan and warrants, net of issuance costs | 19,350 | — |
| Proceeds from a public offering of equity, net of issuance costs | — | 6,057 |
| Principal payments on financed assets | — | (360) |
| Net repayments on revolving credit facility | (4,882) | (7,851) |
| Repayments on short-term loan | (13,500) | — |
| Other financing activities | 2 | 128 |
| Net cash used in financing activities | (32,811) | (2,026) |
| Effect of exchange rates on cash | (1,682) | (2,057) |
| Net increase in cash and cash equivalents | 7,228 | 11,803 |
| Cash, cash equivalents and restricted cash from continuing operations, beginning of period | 2,409 | 3,241 |
| Cash, cash equivalents and restricted cash from discontinued operations, beginning of period | 5,110 | 3,902 |
| Cash and cash equivalents, beginning of period | 7,519 | 7,143 |
| Cash, cash equivalents and restricted cash from continuing operations, end of period | 11,972 | 14,424 |
| Cash, cash equivalents and restricted cash from discontinued operations, end of period | 2,775 | 4,522 |
| Cash and cash equivalents, end of period | $14,747 | $18,946 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the year for: | ||
| Interest | $4,283 | $3,336 |
| Income taxes | $269 | $217 |
| Supplemental disclosures of non-cash investing and financing activities: | ||
| Transfer of inventories to rental assets | $2,043 | $1,077 |
| Capital expenditures financed through accounts payable or accrued liabilities | $262 | $7,216 |
| Equity value issued in exchange for 2025 Convertible Notes | $7,088 | $— |
| Right-of-use assets obtained in exchange for operating leases liabilities | $508 | $1,030 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.