INSEEGO CORP.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
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, 2025 · Filed Nov 7, 2025
INSG$3.88-1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001022652-25-000017
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001022652-25-000024
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 128 previous paragraphs and 132 current paragraphs.
78 unchanged; 48 reworded; 5 added; 0 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
Income tax provision (benefit). Income tax provision (benefit) was less than $0.1 million for both the three months ended September 30, 2025 and 2024.
Current report
On August 5, 2025, the Company entered into a Credit and Security Agreement (the “Working Capital Facility Agreement”) with BMO Bank N.A. (“BMO”) that provides up to a maximum $15.0 million secured asset-backed revolving credit facility (the “Working Capital Facility”). The facility matures on August 5, 2028 and contains certain financial and non-financial covenants. The Company was in compliance with all covenants under the Working Capital Facility Agreement as of September 30, 2025.
Current report
Obligations under the Working Capital Facility are secured by a continuing security interest in substantially all property of Inseego Corp. and certain of its subsidiaries, subject to customary exclusions. Availability under the Working Capital Facility is determined monthly as the excess of a borrowing base (“Borrowing Base”), comprised of a percentage of eligible accounts receivable and eligible inventory, over the total loans outstanding under the Working Capital Facility. If the aggregate outstanding amount of the Working Capital Facility exceeds the Borrowing Base at any time, the excess amount shall be payable on demand by BMO.
Current report
Loans made under the Working Capital Facility bear interest at a Term Secured Overnight Financing Rate (“SOFR”), as defined in the Working Capital Facility Agreement, plus an applicable margin ranging from 1.00-2.50%, subject to certain exceptions. Interest on loans made under the Working Capital Facility are paid in cash, in arrears, on a semi-annual basis.
Current report
As of September 30, 2025, outstanding borrowings and availability to borrow under the Working Capital Facility were $0.0 million and $14.5 million, respectively.
Reworded paragraphs (48)
Previous wording
Services and other below. These devices, sold under the Wavemaker brands, are sold by mobile operators such as T-Mobile, U.S. Cellular and Verizon Wireless along with distribution and channel partners.
Current wording
Software services and other below. These devices, sold under the Wavemaker brands, are sold by mobile operators such as T-Mobile, U.S. Cellular and Verizon Wireless along with distribution and channel partners.
Previous wording
Services and other: A substantial majority of our Services and Other revenue comes from providing a SaaS wireless subscriber management solution (Inseego Subscribe) for carrier’s management of their government and complex enterprise customer subscriptions. Services and Other revenue also includes the Company’s above mentioned Inseego Connect offering. We also categorize non-recurring engineering services we provide to our customers as Service and other revenue.
Current wording
Software services and other: A substantial majority of our software services and other revenue comes from providing a SaaS wireless subscriber management solution (Inseego Subscribe) for carrier’s management of their government and complex enterprise customer subscriptions. Services and Other revenue also includes the Company’s above mentioned Inseego Connect offering. We also categorize non-recurring engineering services we provide to our customers as Softwares ervices and other revenue.
Previous wording
Revenues. Revenues for the three months ended June 30, 2025 were $40.2 million, compared to $51.6 million for the same period in 2024.
Current wording
Revenues. Revenues for the three months ended September 30, 2025 were $45.9 million, compared to $54.0 million for the same period in 2024.
Previous wording
Mobile solutions. The $12.2 million decrease in mobile solutions revenues is primarily due to decreased sales with one of our carrier partners due to significant promotional activity in the prior period.
Current wording
Mobile solutions. The $16.2 million decrease in mobile solutions revenues is primarily due to decreased sales with one of our carrier partners due to significant promotional activity in the prior period.
Previous wording
Fixed wireless access solutions. The $1.2 million increase in fixed wireless access solutions revenues is primarily due to the successful launch of our current generation indoor FWA solution during the current period.
Current wording
Fixed wireless access solutions. The $7.9 million increase in fixed wireless access solutions revenues is primarily due to the launch of our current generation indoor FWA solution that began selling in the second quarter of 2025.
Previous wording
Services and other The $0.4 million decrease in services and other revenues is primarily due to non-recurring engineering revenue generated in the prior period.
Current wording
Software services and other The $0.2 million increase in software services and other revenues is primarily due to increased revenue from Inseego Connect, partially offset by non-recurring engineering revenue generated in the prior period for which there was no equivalent during the current period.
Previous wording
Cost of revenues. Cost of revenues for the three months ended June 30, 2025 was $23.7 million, or 58.9% of revenues, compared to $32.8 million, or 63.6% of revenues, for the same period in 2024.
Current wording
Cost of revenues. Cost of revenues for the three months ended September 30, 2025 was $26.8 million, or 58.4% of revenues, compared to $35.2 million, or 65.2% of revenues, for the same period in 2024.
Previous wording
Product. The $15.5 million decrease in product cost of revenues is primarily due to decreased product revenues, partially offset by an increased proportion of higher cost FWA products in comparison to lower cost mobile products.
Current wording
Product. The $8.3 million decrease in product cost of revenues is primarily due to decreased product revenues and an increased proportion of higher margin FWA products in comparison to lower margin mobile products.
Previous wording
Services and other. The $1.2 million decrease in services and other cost of revenues is primarily due to decreased outside service costs related to Inseego Subscribe revenues, decreased annual incentive bonus accruals, and decreased non-recurring engineering revenues and the related costs of performing those services.
Current wording
Software services and other. The $0.1 million decrease in software services and other cost of revenues is primarily due to decreased outside service costs related to Inseego Subscribe revenues and decreased non-recurring engineering revenues and the related costs of performing those services.
Previous wording
Gross profit. Gross profit for the three months ended June 30, 2025 was $16.5 million, or a gross margin of 41.1%, compared to $18.8 million, or a gross margin of 36.4%, for the same period in 2024. The decrease in gross profit is primarily due to decreased mobile solutions revenues. The increase in gross margin is primarily due to a increased proportion of higher margin service and FWA revenues as a percentage of total revenues.
Current wording
Gross profit. Gross profit for the three months ended September 30, 2025 was $19.1 million, or a gross margin of 41.6%, compared to $18.8 million, or a gross margin of 34.8%, for the same period in 2024. The increase in both gross profit and gross margin is primarily due to an increased proportion of higher margin service and FWA revenues as a percentage of total revenues.
Previous wording
Research and development expenses. Research and development expenses for the three months ended June 30, 2025 were $4.8 million, or 12.0% of revenues, compared to $5.2 million, or 10.0% of revenues, for the same period in 2024. The decrease in research and development expenses was primarily due to more research and development projects that were capitalizable during the three months ended June 30, 2025, which resulted in a lower percentage of research and development costs being recorded as operating expenses, and decreased annual incentive bonus accruals, partially offset by increased outside services costs related to the Company’s increased development efforts for its next line of products.
Current wording
Research and development expenses. Research and development expenses for the three months ended September 30, 2025 were $4.9 million, or 10.6% of revenues, compared to $5.2 million, or 9.6% of revenues, for the same period in 2024. The decrease in research and development expenses was primarily due to more research and development projects that were capitalizable during the three months ended September 30, 2025, which resulted in a lower percentage of research and development costs being recorded as operating expenses, and decreased annual incentive bonus accruals, partially offset by increased outside services costs related to the Company’s increased development efforts for its next line of products.
Previous wording
Sales and marketing expenses. Sales and marketing expenses for the three months ended June 30, 2025 were $4.0 million, or 9.8% of revenues, compared to $4.2 million, or 8.2% of revenues, for the same period in 2024. The decrease in sales and marketing expenses was primarily due to decreased sales commissions as a result of lower sales and decreased annual incentive bonus accruals.
Current wording
Sales and marketing expenses. Sales and marketing expenses for the three months ended September 30, 2025 were $4.2 million, or 9.1% of revenues, compared to $4.1 million, or 7.6% of revenues, for the same period in 2024. The increase in sales and marketing expenses was primarily due to increased compensation costs due to increased headcount, partially offset by decreased sales commissions, as a result of lower sales, and decreased annual incentive bonus accruals.
Previous wording
General and administrative expenses. General and administrative expenses for the three months ended June 30, 2025 were $4.7 million, or 11.7% of revenues, compared to $3.9 million, or 7.6% of revenues, for the same period in 2024. The increase in general and administrative expense was primarily due to an increase in share-based compensation expense related to awards issued to the Company’s CEO who was hired in January 2025 and an increase in compensation costs due to increased headcount, partially offset by decreased legal and consulting expenses related to the Company’s overall capital structure management efforts in the three months ended June 30, 2024.
Current wording
General and administrative expenses. General and administrative expenses for the three months ended September 30, 2025 were $5.7 million, or 12.4% of revenues, compared to $4.8 million, or 8.9% of revenues, for the same period in 2024. The increase in general and administrative expense was primarily due to an increase in share-based compensation expense related to awards issued to the Company’s CEO who was hired in January 2025 and an increase in compensation costs due to increased headcount, partially offset by a gain on early lease termination recorded during the three months ended September 30, 2025.
Previous wording
Depreciation and amortization expenses. Depreciation and amortization expenses for the three months ended June 30, 2025 were $1.8 million, or 4.4% of revenues, compared to $3.7 million, or 7.1% of revenues, for the same period in 2024. The decrease in depreciation and amortization expenses was primarily due to the capitalized costs on the Company’s next generation of software intended for sale being capitalized but not amortizable until future quarters and the ending of useful life of certain amortizable purchased intangibles.
Current wording
Depreciation and amortization expenses. Depreciation and amortization expenses for the three months ended September 30, 2025 were $2.2 million, or 4.7% of revenues, compared to $3.2 million, or 5.8% of revenues, for the same period in 2024. The decrease in depreciation and amortization expenses was primarily due to the capitalized costs on the Company’s next generation of software intended for sale being capitalized but not amortizable until future quarters when they go to market and the ending of useful life of certain amortizable purchased intangibles.
Previous wording
Interest expense. The $0.8 million decrease in interest expense for the three months ended June 30, 2025 over the same period in 2024 was primarily a result the Company’s various repurchases and exchanges of the 2025 Convertible Notes (as defined below) that occurred during 2024 and the full repayment of the remaining Notes on May 1, 2025, resulting in lower coupon interest, partially offset by interest expense on the Company’s 2029 Senior Secured Notes (as defined below) that were issued in the fourth quarter of 2024.
Current wording
Interest expense. The $4.8 million decrease in interest expense for the three months ended September 30, 2025 over the same period in 2024 was primarily a result the Company’s various repurchases and exchanges of the 2025 Convertible Notes (as defined below) that occurred during 2024 and the full repayment of the remaining Notes on May 1, 2025, resulting in lower coupon interest, partially offset by interest expense on the Company’s 2029 Senior Secured Notes (as defined below) that were issued in the fourth quarter of 2024.
Previous wording
Gain on debt restructurings, net The $1.3 million net gain on troubled debt restructurings for the three months ended June 30, 2024 is a result of the Company’s various 2025 Convertible Notes restructurings completed during 2024 as part of our overall capital structure management efforts.
Current wording
Gain on debt restructurings, net. The $12.4 million net gain on debt restructurings for the three months ended September 30, 2024 is a result of the Company’s various 2025 Convertible Notes restructurings completed during 2024 as part of our overall capital structure management efforts.
Previous wording
Other income (expense), net. Other income (expense), net for the three months ended June 30, 2025 and 2024 was $0.2 million and $(0.4) million, respectively. The increase in other income, net was primarily due to interest income earned on money market fund accounts that the Company began investing in during the first quarter of 2025.
Current wording
Other income (expense), net. Other income (expense), net for the three months ended September 30, 2025 and 2024 was $0.1 million and $(0.1) million, respectively. The increase in other income, net was primarily due to interest income earned on money market fund accounts that the Company began investing in during the first quarter of 2025.
Previous wording
Income (Loss) from discontinued operations, net of tax. Income (loss) from discontinued operations, net of tax for the three months ended June 30, 2025 and 2024 was $0.0 million and $0.5 million, respectively.
Current wording
Income (Loss) from discontinued operations, net of tax. Income (loss) from discontinued operations, net of tax for the three months ended September 30, 2024 was $1.4 million. There was no income (loss) from discontinued operations during the three months ended September 30, 2025 as the Telematics Business was sold in November 2024.
Previous wording
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Current wording
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Previous wording
Revenues. Revenues for the six months ended June 30, 2025 were $71.9 million, compared to $89.1 million for the same period in 2024.
Current wording
Revenues. Revenues for the nine months ended September 30, 2025 were $117.8 million, compared to $143.2 million for the same period in 2024.
Previous wording
Mobile solutions. The $9.7 million decrease inmobile solutions revenues is primarily due to decreased sales with one of our carrier partners due to significant promotional activity in the prior period.
Current wording
Mobile solutions. The $25.9 million decrease in mobile solutions revenues is primarily due to decreased sales with one of our carrier partners due to significant promotional activity in the prior period.
Previous wording
Fixed wireless access solutions. The $11.1 million decrease in fixed wireless access solutions revenues is primarily due to decreased sales with one of our carrier partners during the first three months of 2025 as we transitioned to our next generation of fixed wireless access products that launched during the second quarter of 2025 combined with decreased sales in our channel program.
Current wording
Fixed wireless access solutions. The $3.2 million decrease in fixed wireless access solutions revenues is primarily due to decreased sales with one of our carrier partners during the first three months of 2025 as we transitioned to our next generation of fixed wireless access products that launched during the second quarter of 2025 combined with decreased sales in our channel program.
Previous wording
Services and other The $3.5 million increase in services and other revenues is primarily due to increased Inseego Subscribe revenues related to the terms of a two-year service contract renewal with a major customer that was executed in April 2024.
Current wording
Software services and other The $3.7 million increase in software services and other revenues is primarily due to increased Inseego Subscribe revenues related to the terms of a two-year service contract renewal with a major customer that was executed in April 2024.
Previous wording
Cost of revenues. Cost of revenues for the six months ended June 30, 2025 was $40.4 million, or 56.2% of revenues, compared to $57.1 million, or 64.0% of revenues, for the same period in 2024.
Current wording
Cost of revenues. Cost of revenues for the nine months ended September 30, 2025 was $67.2 million, or 57.1% of revenues, compared to $92.3 million, or 64.5% of revenues, for the same period in 2024.
Previous wording
Product. The $8.1 million decrease in product cost of revenues is primarily due to decreased product revenues, partially offset by an increased proportion of higher cost FWA products in comparison to lower cost mobile products.
Current wording
Product. The $23.8 million decrease in product cost of revenues is primarily due to decreased product revenues, partially offset by an increased proportion of higher cost FWA products in comparison to lower cost mobile products.
Previous wording
Services and other. The $1.0 million decrease in services and other cost of revenues is primarily due to decreased outside service costs related to Inseego Subscribe revenues, decreased annual incentive bonus accruals, and decreased non-recurring engineering revenues and the related costs of performing those services.
Current wording
Software services and other. The $1.3 million decrease in software services and other cost of revenues is primarily due to decreased outside service costs related to Inseego Subscribe revenues, decreased annual incentive bonus accruals, and decreased non-recurring engineering revenues and the related costs of performing those services.
Previous wording
Gross profit. Gross profit for the six months ended June 30, 2025 was $31.5 million, or a gross margin of 43.8%, compared to $32.1 million, or a gross margin of 36.0%, for the same period in 2024. The decreasein gross profit is primarily due to decreased product revenues, partially offset by increased Inseego Subscribe service revenues. The increase in gross margin is primarily due to a increased proportion of higher margin service revenues as a percentage of total revenues.
Current wording
Gross profit. Gross profit for the nine months ended September 30, 2025 was $50.6 million, or a gross margin of 42.9%, compared to $50.9 million, or a gross margin of 35.5%, for the same period in 2024. The decrease in gross profit is primarily due to decreased product revenues, partially offset by increased Inseego Subscribe service revenues. The increase in gross margin is primarily due to a increased proportion of higher margin service revenues as a percentage of total revenues.
Previous wording
Research and development expenses. Research and development expenses for the six months ended June 30, 2025 were $9.4 million, or 13.0% of revenues, compared to $9.9 million, or 11.1% of revenues, for the same period in 2024. The decrease in research and development expenses was primarily due to more research and development projects that were capitalizable during the six months ended June 30, 2025, which resulted in a lower percentage of research and development costs being recorded as operating expenses, and decreased annual incentive bonus accruals, partially offset by increased prototype builds, testing and certification costs, and outside services costs related to the Company’s increased development efforts for its next line of products.
Current wording
Research and development expenses. Research and development expenses for the nine months ended September 30, 2025 were $14.2 million, or 12.1% of revenues, compared to $15.0 million, or 10.5% of revenues, for the same period in 2024. The decrease in research and development expenses was primarily due to more research and development projects that were capitalizable during the nine months ended September 30, 2025, which resulted in a lower percentage of research and development costs being recorded as operating expenses, and decreased annual incentive bonus accruals, partially offset by increased compensation costs related to increased headcount, increased prototype and certification costs, and outside services costs related to the Company’s increased development efforts for its next line of products.
Previous wording
Sales and marketing expenses. Sales and marketing expenses for the six months ended June 30, 2025 were $7.9 million, or 11.0% of revenues, compared to $8.1 million, or 9.0% of revenues, for the same period in 2024. The decrease in sales and marketing expenses was primarily due to decreased sales commissions as a result of lower sales and decreased annual incentive bonus accruals, partially offset by increased sales personnel-related compensation costs as a result of an increase in overall sales headcount.
Current wording
Sales and marketing expenses. Sales and marketing expenses for the nine months ended September 30, 2025 were $12.1 million, or 10.3% of revenues, compared to $12.2 million, or 8.5% of revenues, for the same period in 2024. The decrease in sales and marketing expenses was primarily due to decreased sales commissions as a result of lower sales and decreased annual incentive bonus accruals, partially offset by increased sales personnel-related compensation costs as a result of an increase in overall sales headcount.
Previous wording
General and administrative expenses. General and administrative expenses for the six months ended June 30, 2025 were $9.2 million, or 12.8% of revenues, compared to $7.9 million, or 8.8% of revenues, for the same period in 2024. The increase in general and administrative expense was primarily due to an increase in share-based compensation expense related to awards issued to the Company’s CEO who was hired in January 2025, partially offset by decreased legal and consulting expenses related to the Company’s overall capital structure management efforts in the six months ended June 30, 2024.
Current wording
General and administrative expenses. General and administrative expenses for the nine months ended September 30, 2025 were $14.9 million, or 12.6% of revenues, compared to $12.7 million, or 8.9% of revenues, for the same period in 2024. The increase in general and administrative expense was primarily due to an increase in share-based compensation expense related to awards issued to the Company’s CEO who was hired in January 2025, partially offset by a gain on early lease termination recorded during the nine months ended September 30, 2025.
Previous wording
Depreciation and amortization expenses. Depreciation and amortization expenses for the six months ended June 30, 2025 were $3.8 million, or 5.3% of revenues, compared to $6.9 million, or 7.8% of revenues, for the same period in 2024. The decrease in depreciation and amortization expenses was primarily due to the capitalized costs on the Company’s next generation of software intended for sale being capitalized but not amortizable during all or most of the six months ended June 30, 2025 and the ending of the useful life of certain amortizable purchased intangibles.
Current wording
Depreciation and amortization expenses. Depreciation and amortization expenses for the nine months ended September 30, 2025 were $6.0 million, or 5.1% of revenues, compared to $10.1 million, or 7.1% of revenues, for the same period in 2024. The decrease in depreciation and amortization expenses was primarily due to the capitalized costs on the Company’s next generation of software intended for sale being capitalized but not amortizable during all or most of the nine months ended September 30, 2025 and the ending of the useful life of certain amortizable purchased intangibles.
Previous wording
Impairment of capitalized software. For each of the six months ended June 30, 2025 and 2024, we recorded impairments of $0.4 million,
Current wording
Impairment of capitalized software. For the nine months ended September 30, 2025 and 2024, we recorded impairments of $0.4 million and $0.9 million, respectively.
Previous wording
Interest expense. The $2.0 million decrease in interest expense for the six months ended June 30, 2025 over the same period in 2024 was primarily a result the Company’s various repurchases and exchanges of the 2025 Convertible Notes (as defined below) that occurred during 2024 and the full repayment of the remaining Notes on May 1, 2025, resulting in lower coupon interest, partially offset by interest expense on the Company’s 2029 Senior Secured Notes (as defined below) that were issued in the fourth quarter of 2024.
Current wording
Interest expense. The $6.8 million decrease in interest expense for the nine months ended September 30, 2025 over the same period in 2024 was primarily a result the Company’s various repurchases and exchanges of the 2025 Convertible Notes (as defined below) that occurred during 2024 and the full repayment of the remaining Notes on May 1, 2025, resulting in lower coupon interest, partially offset by interest expense on the Company’s 2029 Senior Secured Notes (as defined below) that were issued in the fourth quarter of 2024.
Previous wording
Loss on extinguishment of revolving credit facility The $0.8 million loss on extinguishment of revolving credit facility for the six months ended June 30, 2024 relates to the terminations of the Company’s Credit Facility in April 2024.
Current wording
Loss on extinguishment of revolving credit facility. The $0.8 million loss on extinguishment of revolving credit facility for the nine months ended September 30, 2024 relates to the terminations of the Company’s Prior Credit Facility in April 2024.
Previous wording
Gain on debt restructurings, net The $1.3 million net gain on troubled debt restructurings for the six months ended June 30, 2024 is a result of the Company’s various 2025 Convertible Notes restructurings completed during 2024 as part of our overall capital structure management efforts.
Current wording
Gain on debt restructurings, net. The $13.7 million net gain on troubled debt restructurings for the nine months ended September 30, 2024 is a result of the Company’s various 2025 Convertible Notes restructurings completed during 2024 as part of our overall capital structure management efforts.
Previous wording
Other income (expense), net. Other income (expense), net for the six months ended June 30, 2025 and 2024 was $0.5 million and $(0.8) million, respectively. The increase in other income, net was primarily due to interest income earned on money market fund accounts that the Company began investing in during the first quarter of 2025 and a decrease in consulting and legal fees that were incurred during 2024 related to the preliminary stages of the Company’s capital structure management efforts.
Current wording
Other income (expense), net. Other income (expense), net for the nine months ended September 30, 2025 and 2024 was $0.6 million and $(0.9) million, respectively. The increase in other income, net was primarily due to interest income earned on money market fund accounts that the Company began investing in during the first quarter of 2025 and a decrease in consulting and legal fees that were incurred during 2024 related to the preliminary stages of the Company’s capital structure management efforts.
Previous wording
Income tax provision. Income tax provision for the six months ended June 30, 2025 and 2024 was a provision of $0.0 million and $0.1 million, respectively.
Current wording
Income tax provision (benefit). Income tax provision (benefit) for the nine months ended September 30, 2025 and 2024 was a provision of $0.0 million and $0.2 million, respectively.
Previous wording
Income (loss) from discontinued operations, net of tax. Income (loss) from discontinued operations, net of tax for the six months ended June 30, 2025 and 2024 was $(0.4) million and $1.6 million, respectively.
Current wording
Income (loss) from discontinued operations, net of tax. Income (loss) from discontinued operations, net of tax for the nine months ended September 30, 2025 and 2024 was $(0.4) million and $3.0 million, respectively. The change in income (loss) from discontinued operations is due to the sale of the Telematics Business in November 2024.
Previous wording
Preferred stock dividends. During the six months ended June 30, 2025 and 2024, we recorded dividends of $1.7 million and $1.6 million, respectively, on our Series E preferred stock.
Current wording
Preferred stock dividends. During the nine months ended September 30, 2025 and 2024, we recorded dividends of $2.7 million and $2.4 million, respectively, on our Series E preferred stock.
Previous wording
As of June 30, 2025, the Company had available cash and cash equivalents totaling $13.2 million and maintained positive working capital of $9.9 million. The Company had negative cash outflows from operations of $7.9 million for the six months ended June 30, 2025, which was largely due to the payout of the Company’s annual bonuses that were fully accrued for at December 31, 2024 and an increase in sales occurring late in the current period.
Current wording
As of September 30, 2025, the Company had available cash and cash equivalents totaling $14.6 million and maintained positive working capital of $13.1 million. The Company had negative cash outflows from operations of $4.8 million for the nine months ended September 30, 2025, but this was largely due to timing of cash receipts on accounts receivable balances and the payout of the Company’s annual bonuses that were fully accrued for at December 31, 2024.
Showing the first 40 of 48 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Impairment of capitalized software. For the three months ended September 30, 2025 and 2024, we recorded impairments of $0.0 million and $0.5 million, respectively.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Loss on extinguishment of revolving credit facility The $0.8 million loss on extinguishment of revolving credit facility for the three months ended June 30, 2024 relates to the terminations of the Company’s Credit Facility (as defined in Part I, Item 1, Note 5 - Debt) in April 2024.
Previous report — wording carried elsewhere
Income tax provision. Income tax provision for the six months ended June 30, 2025 and 2024 was a provision of $0.0 million and $0.1 million, respectively.