INSEEGO CORP.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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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.
Jun 30, 2026 · Filed Aug 6, 2026
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 2026-03-31; filed 2026-05-08.
0001022652-26-000010
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001022652-26-000013
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 113 previous paragraphs and 138 current paragraphs.
82 unchanged; 28 reworded; 20 added; 3 removed; 0 previous and 8 current paragraphs rearranged.
Tables are not compared: 5 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 (20)
Current report
Mobile solutions. The $3.6 million increase in mobile solutions revenues is primarily due to sales to a new carrier partner during the three months ended June 30, 2026, who was not a customer during the comparable prior period. This increase was partially offset by the impact of the late-quarter launch of our current generation of mobile solutions products, which limited revenue contribution from the new product line during the three months ended June 30, 2026.
Current report
Fixed wireless access solutions. The $0.1 million decrease in fixed wireless access solutions revenues reflects overall consistent demand for our fixed wireless access products period over period. The modest decrease was primarily driven by a shift in the customer mix, as revenues concentrated with a key carrier partner in the prior period were largely replaced by revenues from a new carrier partner during the three months ended June 30, 2026, resulting in only a negligible net change in total fixed wireless access revenues.
Current report
Software services and other. The increase in software services and other cost of revenues is consistent with the increase in software services and other revenues over the same period, as the underlying cost drivers — primarily personnel costs related to Inseego Subscribe and Inseego Connect — remained relatively stable period over period. The largely fixed cost structure of the Company's software and services operations meant that the change in revenue activity did not require a meaningful change in the resources required to deliver those services.
Current report
Research and development expenses. Research and development expenses for the three months ended June 30, 2026 were $5.3 million, or 12.1% of revenues, compared to $4.8 million, or 12.0% of revenues, for the same period in 2025. The increase in research and development expenses was primarily due to increased compensation costs due to increased headcount related to the Company’s development efforts for its next line of products, partially offset by decreased annual incentive bonus accruals.
Current report
Depreciation and amortization expenses. Depreciation and amortization expenses for the three months ended June 30, 2026 were $2.2 million, or 5.1% of revenues, compared to $1.8 million, or 4.4% of revenues, for the same period in 2025. The increase in depreciation and amortization expenses was primarily due higher capitalized software balances being amortized in the current period related to significant development efforts relating to our current generation of mobile and fixed wireless products, as well as efforts related to further development of our software services.
Current report
Interest expense. The increase in interest expense is primarily due to the $8.0 million increase in 2029 Senior Secured Notes principal in January 2026 as part of the Preferred Stock Exchange Agreement and drawn balances on the Working Capital Facility that was executed in August 2025, partially offset by the repayment of the 2025 Convertible Notes in May 2025.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Current report
Revenues. Revenues for the six months ended June 30, 2026 were $78.3 million, compared to $71.9 million for the same period in 2025.
Current report
The following table summarizes revenues by our two product categories (in thousands):
Current report
Mobile solutions. The $2.5 million increase in mobile solutions revenues is primarily due to sales to a new carrier partner during the six months ended June 30, 2026, who was not a customer during the comparable prior period. This increase was partially offset by the impact of the launch of our current generation of mobile solutions products late in the current period, which limited revenue contribution from the new product line during the six months ended June 30, 2026.
Current report
Software services and other The $0.6 million increase in software services and other revenues is primarily due to increased revenue from Inseego Connect, primarily on our fixed wireless access devices.
Current report
Cost of revenues. Cost of revenues for the six months ended June 30, 2026 was $46.9 million, or 59.9% of revenues, compared to $40.4 million, or 56.2% of revenues, for the same period in 2025.
Current report
Product. The $6.4 million increase in product cost of revenues is primarily due to increased product revenues, increased component costs, specifically memory costs, and lower margin on the current year’s generation of products in comparison to the prior year period.
Current report
Software services and other. The increase in software services and other cost of revenues is consistent with the increase in software services and other revenues over the same period, as the underlying cost drivers — primarily personnel costs related to Inseego Subscribe and Inseego Connect — remained relatively stable period over period. The largely fixed cost structure of the Company's software and services operations meant that the change in revenue activity did not require a meaningful change in the resources required to deliver those services.
Current report
Gross profit. Gross profit for the six months ended June 30, 2026 was $31.4 million, or a gross margin of 40.1%, compared to $31.5 million, or a gross margin of 43.8%, for the same period in 2025. The decrease in both gross profit and gross margin is primarily due to increased product component costs, specifically memory costs, and lower margin on the current year’s generation of mobile and fixed wireless access products in comparison to the prior year period.
Current report
Sales and marketing expenses. Sales and marketing expenses for the six months ended June 30, 2026 were $12.1 million, or 15.4% of revenues, compared to $7.9 million, or 11.0% of revenues, for the same period in 2025. The increase in sales and marketing expenses was primarily due to increased compensation costs due to an increase in overall headcount, increased share-based compensation expense related to equity awards granted in late 2025, increased marketing spend on demo units, and increased commissions expense related to higher sales during the period, partially offset by decreased annual incentive bonus accruals.
Current report
Depreciation and amortization expenses. Depreciation and amortization expenses for the six months ended June 30, 2026 were $4.0 million, or 5.2% of revenues, compared to $3.8 million, or 5.3% of revenues, for the same period in 2025. The increase in depreciation and amortization expenses was primarily due higher capitalized software balances being amortized in the current period related to significant development efforts relating to our current generation of mobile and fixed wireless products, as well as efforts related to further development of our software services.
Current report
Percentage not meaningful
Current report
Income tax provision (benefit). Income tax provision (benefit) for the six months ended June 30, 2026 and 2025 was a provision of $0.1 million and $0.0 million, respectively.
Current report
As of June 30, 2026, the Company had $3.0 million of outstanding letters of credit issued under the Working Capital Facility to support inventory purchases. No amounts had been drawn under the letters of credit as of June 30, 2026, and no funded obligations were payable to BMO.
Removed paragraphs (3)
Previous report
Mobile solutions. The $1.1 million decrease in mobile solutions revenues is primarily due to decreased sales with one of our carrier partners due to promotional activity in the prior period.
Previous report
Software services and other. The $0.1 million increase in software services and other cost of revenues is primarily due to increased Inseego Connect services and the related costs of performing those services.
Previous report
Depreciation and amortization expenses. Depreciation and amortization expenses for the three months ended March 31, 2026 were $1.8 million, or 5.2% of revenues, compared to $2.1 million, or 6.5% of revenues, for the same period in 2025. The decrease in depreciation and amortization expenses was primarily due to capitalized costs on various development projects being capitalized during three months ended March 31, 2026 but not amortizable until future quarters when they go to market and the ending of useful life of certain amortizable purchased intangibles.
Reworded paragraphs (28)
Previous wording
•our ability to compete in the market for wireless broadband data access products, wireless modem products, and telematics products and services;
Current wording
•our ability to compete in the market for wireless broadband data access and wireless modem products and services;
Previous wording
On April 30, 2026, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Nokia Solutions and Networks Oy (“Nokia”), pursuant to which Inseego has agreed to purchase substantially all of the assets (the “Purchased Assets”) comprising Nokia’s fixed wireless access business (the “Nokia FWA Business”). Under the Purchase Agreement and subject to the terms and conditions set forth therein, at the closing (the “Closing”) of the transactions contemplated by the Purchase Agreement (collectively, the “Transaction”), Inseego will purchase the Purchased Assets from Nokia for a purchase price consisting of (i) 1,163,693 shares (the “Shares”) of Inseego’s common stock (“Common Stock”), (ii) warrants to purchase an aggregate of 521,139 shares of Common Stock, at an exercise price of $12.89 per share and (iii) the assumption of certain liabilities relating to the Nokia FWA Business (the “Transaction”). The warrants will be exercisable for a period of four years following the Closing and will be exercisable on a cash basis.
Current wording
On April 30, 2026, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Nokia Solutions and Networks Oy (“Nokia”), pursuant to which Inseego has agreed to purchase substantially all of the assets (the “Purchased Assets”) comprising Nokia’s fixed wireless access business (the “Nokia FWA Business”). Under the Purchase Agreement and subject to the terms and conditions set forth therein, at the closing (the “Closing”) of the transactions contemplated by the Purchase Agreement (collectively, the “Transaction”), Inseego will purchase the Purchased Assets from Nokia for a purchase price consisting of (i) 1,163,693 shares (the “Shares”) of Inseego’s common stock (“Common Stock”), (ii) warrants to purchase an aggregate of 521,139 shares of Common Stock, at an exercise price of $12.89 per share and (iii) the assumption of certain liabilities relating to the Nokia FWA Business. The warrants will be exercisable for a period of four years following the Closing and will be exercisable on a cash basis.
Previous wording
Fixed Wireless Access Solutions: Our fixed wireless access solutions are deployed by enterprise and SMB customers for their distributed sites and employees as a fully secure and corporate managed wireless WWAN solution. The portfolio consists of indoor, outdoor and industrial routers and gateways supported by our cloud offering – Inseego Connect – for device management. Revenues related to our cloud offerings of Inseego Connect are included within Software Services and Other below. These devices, sold under the Wavemaker and Skyus brands, are sold by mobile operators such as T-Mobile, Verizon Wireless, and AT&T along with distribution and channel partners.
Current wording
Fixed Wireless Access Solutions: Our fixed wireless access solutions are deployed by enterprise and SMB customers for their distributed sites and employees as a secure and corporate managed wireless WWAN solution. The portfolio consists of indoor, outdoor and industrial routers and gateways supported by our cloud offering – Inseego Connect – for device management. Revenues related to our cloud offerings of Inseego Connect are included within Software Services and Other below. These devices, sold under the Wavemaker and Skyus brands, are sold by mobile operators such as T-Mobile, Verizon Wireless, and AT&T along with distribution and channel partners.
Previous wording
Revenues. Revenues for the three months ended March 31, 2026 were $34.3 million, compared to $31.7 million for the same period in 2025.
Current wording
Revenues. Revenues for the three months ended June 30, 2026 were $44.0 million, compared to $40.2 million for the same period in 2025.
Previous wording
Software services and other. The $0.4 million increase in software services and other revenues is primarily due to increased revenue from Inseego Connect.
Current wording
Software services and other. The $0.3 million increase in software services and other revenues is primarily due to increased revenue from Inseego Connect, primarily on our fixed wireless access devices.
Previous wording
Cost of revenues. Cost of revenues for the three months ended March 31, 2026 was $17.7 million, or 51.7% of revenues, compared to $16.7 million, or 52.7% of revenues, for the same period in 2025.
Current wording
Cost of revenues. Cost of revenues for the three months ended June 30, 2026 was $29.1 million, or 66.2% of revenues, compared to $23.7 million, or 58.9% of revenues, for the same period in 2025.
Previous wording
Product. The $1.0 million increase in product cost of revenues is primarily due to increased product revenues.
Current wording
Product. The $5.4 million increase in product cost of revenues is primarily due to increased product revenues, increased component costs, specifically memory costs, and lower margin on the current year’s generation of products in comparison to the prior year period.
Previous wording
Gross profit. Gross profit for the three months ended March 31, 2026 was $16.6 million, or a gross margin of 48.3%, compared to $15.0 million, or a gross margin of 47.3%, for the same period in 2025. 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.
Current wording
Gross profit. Gross profit for the three months ended June 30, 2026 was $14.8 million, or a gross margin of 33.8%, compared to $16.5 million, or a gross margin of 41.1%, for the same period in 2025. The decrease in both gross profit and gross margin is primarily due to increased product component costs, specifically memory costs, and lower margin on the current year’s generation of mobile and fixed wireless access products in comparison to the prior year.
Previous wording
Sales and marketing expenses. Sales and marketing expenses for the three months ended March 31, 2026 were $5.6 million, or 16.4% of revenues, compared to $3.9 million, or 12.4% of revenues, for the same period in 2025. The increase in sales and marketing expenses was primarily due to increased compensation costs due to increased headcount and increased share-based compensation expense related to equity awards granted in late 2025.
Current wording
Sales and marketing expenses. Sales and marketing expenses for the three months ended June 30, 2026 were $6.4 million, or 14.6% of revenues, compared to $4.0 million, or 9.8% of revenues, for the same period in 2025. The increase in sales and marketing expenses was primarily due to increased marketing spend on demo units, increased compensation costs due to increased headcount, increased share-based compensation expense related to equity awards granted in late 2025, and increased commissions expense related to higher sales during the period, partially offset by decreased annual incentive bonus accruals.
Previous wording
Impairment of capitalized software. For the three months ended March 31, 2026 and 2025, we recorded impairments of $0.0 million and $0.4 million, respectively.
Current wording
Impairment of capitalized software. For the three months ended June 30, 2026 and 2025, we recorded impairments of $0.3 million and $0.0 million, respectively.
Previous wording
Other income (expense), net. Other income (expense), net for the three months ended March 31, 2026 and 2025 was $0.1 million and $0.3 million, respectively. The decrease in other income, net was primarily due to lower interest bearing cash balances in the current quarter.
Current wording
Other income (expense), net. Other income (expense), net for the three months ended June 30, 2026 and 2025 was less than $0.1 million and $0.2 million, respectively. The decrease in other income, net was primarily due to lower interest bearing cash balances in the current quarter.
Previous wording
Fixed wireless access solutions. The $3.4 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.
Current wording
Fixed wireless access solutions. The $3.3 million increase 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.
Previous wording
Research and development expenses. Research and development expenses for the three months ended March 31, 2026 were $5.8 million, or 16.9% of revenues, compared to $4.5 million, or 14.3% of revenues, for the same period in 2025. The increase in research and development expenses was primarily due to increased compensation costs due to increased headcount and 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 six months ended June 30, 2026 were $11.1 million, or 14.2% of revenues, compared to $9.4 million, or 13.0% of revenues, for the same period in 2025. The increase in research and development expenses was primarily due to increased compensation costs due to increased headcount and increased prototype costs related to the Company’s development efforts for its next line of products, partially offset by decreased annual incentive bonus accruals.
Previous wording
General and administrative expenses. General and administrative expenses for the three months ended March 31, 2026 were $6.9 million, or 20.2% of revenues, compared to $4.5 million, or 14.2% of revenues, for the same period in 2025. The increase in general and administrative expense was primarily due to non-recurring transaction costs related to the Preferred Stock Exchange Agreement and Purchase Agreement for Nokia’s FWA business and increased share-based compensation expense related to equity awards granted in late 2025.
Current wording
General and administrative expenses. General and administrative expenses for the six months ended June 30, 2026 were $14.7 million, or 18.8% of revenues, compared to $9.2 million, or 12.8% of revenues, for the same period in 2025. The increase in general and administrative expense was primarily due to non-recurring transaction costs related to the Preferred Stock Exchange Agreement and Purchase Agreement for Nokia’s FWA business and increased share-based compensation expense related to equity awards granted in late 2025, partially offset by decreased annual incentive bonus accruals.
Previous wording
Interest expense. The change in interest expense is due to the offsetting impacts of the $8.0 million increase in 2029 Senior Secured Notes principal during the three months ended March 31, 2026 as part of the Preferred Stock Exchange Agreement and the repayment of the 2025 Convertible Notes in May 2025.
Current wording
Interest expense. The $0.3 million increase in interest expense for the six months ended June 30, 2026 over the same period in 2025 was primarily due to the repayment of the 2025 Convertible Notes in May 2025, partially offset by the impact of the $8.0 million increase in 2029 Senior Secured Notes principal in January 2026 as part of the Preferred Stock Exchange Agreement.
Previous wording
Income (Loss) from discontinued operations, net of tax. Income (loss) from discontinued operations, net of tax for the three months ended March 31, 2025 was $0.4 million. There was no income (loss) from discontinued operations during the three months ended March 31, 2026 as the Telematics Business was sold in November 2024.
Current 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 was $(0.4) million. There was no income (loss) from discontinued operations during the six months ended June 30, 2026 as the Telematics Business was sold in November 2024.
Previous wording
As of March 31, 2026, the Company had available cash and cash equivalents totaling $19.3 million and maintained positive working capital of $1.1 million. The Company had positive cash flows from operations of $1.7 million for the three months ended March 31, 2026.
Current wording
As of June 30, 2026, the Company had available cash and cash equivalents totaling $1.9 million and maintained positive working capital of $3.8 million. The Company had negative cash flows from operations of $22.1 million for the six months ended June 30, 2026.
Previous wording
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 March 31, 2026.
Current wording
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”). On May 22, 2026, the Company amended the Working Capital Facility Agreement to increase the maximum borrowing capacity to $20.0 million. 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 June 30, 2026.
Previous wording
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 wording
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 and issued letters of credit outstanding under the Working Capital Facility. If the aggregate outstanding amount of the Working Capital Facility, including outstanding letters of credit, exceeds the Borrowing Base at any time, the excess amount shall be payable on demand by BMO.
Previous wording
As of March 31, 2026, there were no outstanding borrowings and availability to borrow under the Working Capital Facility was $14.5 million.
Current wording
As of June 30, 2026, there were $10.0 million in outstanding borrowings and availability to borrow under the Working Capital Facility was $6.5 million.
Previous wording
•To mitigate the risk of material shortages and price increases, we enter into non-cancellable purchase obligations with certain key contract manufacturers and other vendors for the purchase of goods and services to be received up to three to four quarters following the balance sheet date. Our purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business. As of March 31, 2026, our future payments under these noncancellable purchase obligations were approximately $127.1 million.
Current wording
•To mitigate the risk of material shortages and price increases, we enter into non-cancellable purchase obligations with certain key contract manufacturers and other vendors for the purchase of goods and services to be received up to three to four quarters following the balance sheet date. Our purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business. As of June 30, 2026, our future payments under these noncancellable purchase obligations were approximately $119.9 million.
Previous wording
•$48.9 million in outstanding borrowings under the 2029 Senior Secured Notes; see Part I Item 1, Note 4 – Debt; and
Current wording
•$48.9 million in long-term debt outstanding under the 2029 Senior Secured Notes; see Part I Item 1, Note 4 – Debt;
Previous wording
Net cash provided by operating activities for the three months ended March 31, 2026 is primarily comprised of net cash provided by working capital of $1.9 million, which was largely due to timing of large cash receipts on accounts receivable balances, partially offset by the payout of the Company’s annual bonuses that were accrued for at December 31, 2025. The net cash provided by working capital was partially offset by a $4.5 million net loss and non-cash charges during the period, including share-based compensation expense of $2.3 million and depreciation and amortization of $1.8 million.
Current wording
Net cash used in operating activities for the six months ended June 30, 2026 is primarily comprised of net cash used for working capital of $19.9 million, which was largely due to timing of large cash receipts on accounts receivable balances and the payout of the Company’s annual bonuses that were accrued for at December 31, 2025, and a $13.0 million net loss, partially offset by non-cash charges during the period, including share-based compensation expense of $5.4 million and depreciation and amortization of $4.1 million.
Previous wording
Net cash used in operating activities for three months ended March 31, 2025 is primarily comprised of a $1.2 million net loss from continuing operations during the period and net cash used for working capital of $7.0 million, which was largely due to the payout of the annual bonus that was accrued for at December 31, 2024, partially offset by non-cash charges, including depreciation and amortization of $2.1 million, share-based compensation expense of $1.6 million, and provision for excess and obsolete inventory of $0.7 million.
Current wording
Net cash used in operating activities for six months ended June 30, 2025 is primarily comprised of a $0.7 million net loss from continuing operations during the period and net cash used for working capital of $15.0 million, which was largely due to the payout of the annual bonus that was accrued for at December 31, 2024, partially offset by non-cash charges, including depreciation and amortization of $3.9 million, share-based compensation expense of $3.3 million, and provision for excess and obsolete inventory of $1.2 million.
Previous wording
Net cash used in investing activities during the three months ended March 31, 2026 is primarily comprised of $3.8 million of cash outflows related to the development of software in support of our products and services.
Current wording
Net cash used in investing activities during the six months ended June 30, 2026 is primarily comprised of $7.8 million of cash outflows related to the development of software in support of our products and services.
Previous wording
Net cash used in investing activities for the three months ended March 31, 2025 is comprised of $1.7 million of cash outflows related to the development of software in support of our products and services, partially offset by $0.7 million received during the period related to a working capital adjustment payment from the purchaser of the Company’s Telematics Business that was sold in 2024.
Current wording
Net cash used in investing activities for the six months ended June 30, 2025 is comprised of $4.4 million of cash outflows related to the development of software in support of our products and services, partially offset by $0.7 million received during the period related to a working capital adjustment payment from the purchaser of the Company’s Telematics Business that was sold in 2024.
Previous wording
Net cash used in financing activities during the three months ended March 31, 2026 is primarily comprised of the $3.3 million payment made as part of the Preferred Stock Exchange Agreement.
Current wording
Net cash provided by financing activities during the six months ended June 30, 2026 is primarily comprised of $10.0 million drawn on the Working Capital Facility and $0.7 million of cash received from exercises of stock options and purchases through the Company’s employee stock purchase plan, partially offset by the $3.3 million payment made as part of the Preferred Stock Exchange Agreement.
Previous wording
Net cash provided by financing activities for the three months ended March 31, 2025 is comprised of less than $0.1 million of cash received from exercises of stock options.
Current wording
Net cash used in financing activities for the six months ended June 30, 2025 is is primarily comprised of the repayment of the remaining $14.9 million 2025 Convertible Notes principal balance, partially offset by $0.3 million of cash received from exercises of stock options.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
General and administrative expenses. General and administrative expenses for the three months ended June 30, 2026 were $7.8 million, or 17.6% of revenues, compared to $4.7 million, or 11.7% of revenues, for the same period in 2025. The increase in general and administrative expense was primarily due to non-recurring transaction costs related to the Purchase Agreement for Nokia’s FWA business and increased share-based compensation expense related to equity awards granted in late 2025, partially offset by decreased annual incentive bonus accruals.
Current report — wording carried from elsewhere
The following table summarizes cost of revenues by category (in thousands):
Current report — wording carried from elsewhere
Operating costs and expenses. The following table summarizes operating costs and expenses (in thousands):
Current report — wording carried from elsewhere
Impairment of capitalized software. For the six months ended June 30, 2026 and 2025, we recorded impairments of $0.3 million and $0.4 million, respectively.
Current report — wording carried from elsewhere
Other (expense) income. The following table summarizes other (expense) income (in thousands):
Current report — wording carried from elsewhere
Other income (expense), net. Other income (expense), net for the six months ended June 30, 2026 and 2025 was $0.2 million and $0.5 million, respectively. The decrease in other income, net was primarily due to lower interest bearing cash balances in the current period.
Current report — wording carried from elsewhere
Preferred stock dividends. During the six months ended June 30, 2025, we recorded dividends of $1.7 million. There were no preferred stock dividends during the six months ended June 30, 2026 as all outstanding preferred stock was surrendered and forfeited by the Preferred Stock Holder as part of the Preferred Stock Exchange Agreement on January 14, 2026.
Current report — wording carried from elsewhere
•$10.0 million in outstanding borrowings under the Working Capital Facility; see Part I Item 1 Note 4 – Debt; and