INSEEGO CORP.

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 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 (as subsequently amended, the “Purchase Agreement”) with Nokia Solutions and Networks Oy (“Nokia”), pursuant to which Inseego agreed to purchase substantially all of the assets (the “Purchased Assets”) comprising Nokia’s fixed wireless access business (the “FastMile FWA Business”). Inseego and Nokia completed the transactions (the “Closing”) contemplated by the Purchase Agreement on October 1, 2026, at which time Inseego purchased 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 $4.26 per share and (iii) the assumption of certain liabilities relating to the FastMile FWA Business. The warrants are exercisable for a period of four years following the Closing and are exercisable on a cash basis.

Previous wording

The Purchase Agreement contains customary representations, warranties and indemnities made or given by each of Nokia and Inseego. The Purchase Agreement also contains customary covenants of the parties, including covenants relating to the conduct of the Nokia FWA Business prior to Closing, efforts to obtain required consents and approvals, and other matters. Nokia, on behalf of itself and its affiliates, has agreed that for a period of three years after the Closing (the “Restricted Period”) it will not, anywhere in the world, engage in any business that develops, produces or sells certain fixed wireless access products and devices sold by the Nokia FWA Business, subject to certain exceptions. In addition, Nokia has agreed that if during the Restricted Period it determines that it intends to solicit proposals from, or to enter into negotiations with, any third party for the development of any product or device featuring upstream connectivity with both wired and cellular radio access and use products or technology comprising part of the Purchased Assets, Nokia will provide Inseego with a right of first offer to provide such products.

Current wording

The Purchase Agreement contains customary representations, warranties, covenants and indemnities made or given by each of Nokia and Inseego. Nokia, on behalf of itself and its affiliates, has agreed that for a period of three years after the Closing (the “Restricted Period”) it will not, anywhere in the world, engage in any business that develops, produces or sells certain fixed wireless access products and devices sold by the FastMile FWA Business, subject to certain exceptions. In addition, Nokia has agreed that if during the Restricted Period it determines that it intends to solicit proposals from, or to enter into negotiations with, any third party for the development of any product or device featuring upstream connectivity with both wired and cellular radio access and use products or technology comprising part of the Purchased Assets, Nokia will provide Inseego with a right of first offer to provide such products.

Previous wording

In addition, pursuant to the Purchase Agreement, Nokia has agreed that if the EBITDA (as defined in the Purchase Agreement) of the Nokia FWA Business for the first 12 months following the Closing is negative, Nokia will reimburse Inseego on a quarterly basis by the amount of such negative EBITDA, capped at an aggregate total payment of $38.0 million, subject to certain limitations. Additionally, for the next 24 months after the initial 12-month period after Closing, Inseego has agreed to pay to Nokia a portion of the EBITDA profits generated by the Nokia FWA Business, if any, ranging from 0% to 50%, dependent upon the Nokia FWA Business achieving certain revenue thresholds.

Current wording

In addition, pursuant to the Purchase Agreement, Nokia has agreed that if the EBITDA (as defined in the Purchase Agreement) of the FastMile FWA Business for the first 12 months following the Closing is negative, Nokia will reimburse Inseego on a quarterly basis by the amount of such negative EBITDA, capped at an aggregate total payment of $38.0 million, subject to certain limitations. Additionally, for the next 24 months after the initial 12-month period after Closing, Inseego has agreed to pay to Nokia a portion of the EBITDA profits generated by the FastMile FWA Business, if any, ranging from 0% to 50%, dependent upon the FastMile FWA Business achieving certain revenue thresholds.

Previous wording

On April 30, 2026, Inseego and Nokia also entered into a Subscription Agreement (the “Subscription Agreement”), pursuant to which, subject to the terms and conditions contained therein (including the Closing occurring), at the Closing, Nokia will invest $10.0 million in cash in Inseego, for which it will receive 775,795 shares of Common Stock and warrants to purchase an aggregate of 260,569 shares of Common Stock, at an exercise price of $12.89 per share and otherwise in the same form as the warrants to be issued pursuant to the terms of the Purchase Agreement, except that such warrants will be exercisable for cash or on a cashless exercise basis.

Current wording

On April 30, 2026, Inseego and Nokia also entered into a Subscription Agreement (the “Subscription Agreement”), pursuant to which at the Closing, Nokia invested $10.0 million in cash in Inseego, for which it received 775,795 shares of Common Stock and warrants to purchase an aggregate of 260,569 shares of Common Stock, at an exercise price of $4.26 per share and otherwise in the same form as the warrants issued pursuant to the terms of the Purchase Agreement, except that such warrants are exercisable for cash or on a cashless exercise basis.

Previous 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.

Current wording

Revenues. Revenues for the three months ended September 30, 2026 were $33.3 million, compared to $45.9 million for the same period in 2025.

Previous 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.

Current wording

Software services and other. The $2.2 million decrease in software services and other revenues is primarily due to decreased Inseego Subscribe revenues related to the terms of an 18-month service contract renewal with a major customer that was effective in July 2026, partially offset by 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 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.

Current wording

Cost of revenues. Cost of revenues for the three months ended September 30, 2026 was $22.2 million, or 66.7% of revenues, compared to $26.8 million, or 58.4% of revenues, for the same period in 2025.

Previous 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.

Current wording

Product. The $4.2 million decrease in product cost of revenues is primarily due to decreased product revenues, partially offset by 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

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 wording

Software services and other. The decrease in software services and other cost of revenues is primarily due to decreased annual incentive bonus accruals during the three months ended September 30, 2026. Outside of the decrease in bonus accruals, software services and other cost of revenues was consistent with the prior period, as the underlying cost drivers — primarily personnel costs related to Inseego Subscribe and Inseego Connect — remained relatively stable period over period.

Previous wording

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 wording

Gross profit. Gross profit for the three months ended September 30, 2026 was $11.1 million, or a gross margin of 33.3%, compared to $19.1 million, or a gross margin of 41.6%, for the same period in 2025. The decrease in gross profit and gross margin is primarily due to decreased Inseego Subscribe revenues related to the terms of an 18-month service contract renewal with a major customer that was effective in July 2026 and an inventory reserve on an FWA product of $1.8m taken during the three months ended September 30, 2026. Other impacts included 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

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 wording

Research and development expenses. Research and development expenses for the three months ended September 30, 2026 were $5.1 million, or 15.4% of revenues, compared to $4.9 million, or 10.6% of revenues, for the same period in 2025. The increase in research and development expenses was primarily due to increased costs related to the Company's development efforts for its next generation of products during the three months ended September 30, 2026, partially offset by decreased annual incentive bonus accruals during the three months ended September 30, 2026.

Previous 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.

Current wording

Sales and marketing expenses. Sales and marketing expenses for the three months ended September 30, 2026 were $4.6 million, or 13.7% of revenues, compared to $4.2 million, or 9.1% of revenues, for the same period in 2025. The increase in sales and marketing expenses was primarily due to increased share-based compensation expense related to equity awards granted in late 2025, severance costs and increased travel expenses, partially offset by decreased annual incentive bonus accruals during the three months ended September 30, 2026.

Previous wording

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 wording

General and administrative expenses. General and administrative expenses for the three months ended September 30, 2026 were $6.2 million, or 18.5% of revenues, compared to $5.7 million, or 12.4% 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 a gain on early lease termination recorded during the three months ended September 30, 2025, for which there was no equivalent in the current period, partially offset by decreased annual incentive bonus accruals during the three months ended September 30, 2026.

Previous wording

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 wording

Depreciation and amortization expenses. Depreciation and amortization expenses for the three months ended September 30, 2026 were $2.4 million, or 7.3% of revenues, compared to $2.2 million, or 4.7% of revenues, for the same period in 2025. The increase in depreciation and amortization expenses was primarily due to 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.

Previous 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.

Current wording

Impairment of capitalized software. We recorded no impairments of capitalized software during the three months ended September 30, 2026 or 2025.

Previous wording

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 wording

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.

Previous 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.

Current wording

Other income (expense), net. Other income (expense), net for the three months ended September 30, 2026 and 2025 was less than $0.1 million and $0.1 million, respectively. The decrease in other income, net was primarily due to lower interest bearing cash balances in the current quarter.

Previous wording

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Current wording

Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025

Previous wording

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 wording

Revenues. Revenues for the nine months ended September 30, 2026 were $111.6 million, compared to $117.8 million for the same period in 2025.

Previous wording

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 wording

Software services and other The $1.6 million decrease in software services and other revenues is primarily due to decreased Inseego Subscribe revenues related to the terms of an 18-month service contract renewal with a major customer that was effective in July 2026, partially offset by increased revenue from Inseego Connect, primarily on our fixed wireless access devices.

Previous wording

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 wording

Cost of revenues. Cost of revenues for the nine months ended September 30, 2026 was $69.1 million, or 61.9% of revenues, compared to $67.2 million, or 57.1% of revenues, for the same period in 2025.

Previous wording

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 wording

Product. The $2.1 million increase in product cost of revenues is primarily due to increased mobile product revenues and lower margins on the current year's generation of mobile products due to product mix and increased component costs, specifically memory costs, and an inventory reserve recorded during the three months ended September 30, 2026 related to our prior generation indoor FWA solution, partially offset by decreased fixed wireless access product revenues.

Previous wording

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 wording

Software services and other. The decrease in software services and other cost of revenues is primarily due to decreased annual incentive bonus accruals during the nine months ended September 30, 2026. Outside of the decrease in bonus accruals, software services and other cost of revenues was consistent with the prior 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.

Previous 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.

Current wording

Gross profit. Gross profit for the nine months ended September 30, 2026 was $42.5 million, or a gross margin of 38.1%, compared to $50.6 million, or a gross margin of 42.9%, for the same period in 2025. The decrease in gross profit and gross margin is primarily due to decreased Inseego Subscribe revenues related to the terms of an 18-month service contract renewal with a major customer that was effective in July 2026, 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

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.

Current wording

Research and development expenses. Research and development expenses for the nine months ended September 30, 2026 were $16.2 million, or 14.5% of revenues, compared to $14.2 million, or 12.1% 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, temporary agency costs, and prototype costs related to the Company’s development efforts for its next generation of products during the nine months ended September 30, 2026, partially offset by decreased annual incentive bonus accruals during the nine months ended September 30, 2026.

Previous wording

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 wording

Sales and marketing expenses. Sales and marketing expenses for the nine months ended September 30, 2026 were $16.6 million, or 14.9% of revenues, compared to $12.1 million, or 10.3% 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, and increased marketing spend on demo units, partially offset by decreased annual incentive bonus accruals during the nine months ended September 30, 2026.

Previous 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.

Current wording

General and administrative expenses. General and administrative expenses for the nine months ended September 30, 2026 were $20.9 million, or 18.7% of revenues, compared to $14.9 million, or 12.6% 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, increased share-based compensation expense related to equity awards granted in late 2025, and a gain on early lease termination recorded during the nine months ended September 30, 2025, for which there was no equivalent in the current period, partially offset by decreased annual incentive bonus accruals during the nine months ended September 30, 2026.

Previous wording

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 wording

Depreciation and amortization expenses. Depreciation and amortization expenses for the nine months ended September 30, 2026 were $6.5 million, or 5.8% of revenues, compared to $6.0 million, or 5.1% of revenues, for the same period in 2025. The increase in depreciation and amortization expenses was primarily due to 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.

Previous wording

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 wording

Impairment of capitalized software. For the nine months ended September 30, 2026 and 2025, we recorded impairments of $0.3 million and $0.4 million, respectively.

Previous 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.

Current wording

Interest expense. The $0.3 million increase in interest expense for the nine months ended September 30, 2026 over the same period in 2025 was 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.

Previous wording

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 wording

Other income (expense), net. Other income (expense), net for the nine months ended September 30, 2026 and 2025 was $0.2 million and $0.6 million, respectively. The decrease in other income, net was primarily due to lower interest bearing cash balances in the current period.

Previous wording

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 wording

Income tax provision (benefit). Income tax provision (benefit) for the nine months ended September 30, 2026 and 2025 was a provision of $0.1 million and less than $0.1 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 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.

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 was $(0.4) million. There was no income (loss) from discontinued operations during the nine months ended September 30, 2026 as the Telematics Business was sold in November 2024.

Previous wording

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 wording

Preferred stock dividends. During the nine months ended September 30, 2025, we recorded dividends of $2.7 million. There were no preferred stock dividends during the nine months ended September 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.

Previous 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.

Current wording

As of September 30, 2026, the Company had cash and cash equivalents totaling $6.6 million but had negative working capital of $(5.1) million. The Company had negative cash flows from operations of $9.2 million for the nine months ended September 30, 2026.

Previous 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.

Current wording

As of September 30, 2026, there were $7.6 million in outstanding borrowings under the Working Capital Facility, as defined below, and remaining availability to borrow was $6.7 million.

Previous wording

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.

Current wording

As of September 30, 2026, the Company had $3.0 million of outstanding letters of credit issued under the Working Capital Facility to support inventory purchases. $2.0 million had been drawn under the letters of credit as of September 30, 2026, and no funded obligations were payable to BMO.

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 June 30, 2026, our future payments under these noncancellable purchase obligations were approximately $119.9 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 September 30, 2026, our future payments under these noncancellable purchase obligations were approximately $98.5 million.

Previous wording

•$10.0 million in outstanding borrowings under the Working Capital Facility; see Part I Item 1 Note 4 – Debt; and

Current wording

•$7.6 million in outstanding borrowings under the Working Capital Facility; see Part I Item 1 Note 4 – Debt; and

Previous 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.

Current wording

Net cash used in operating activities for the nine months ended September 30, 2026 is primarily comprised of a $21.1 million net loss during the period and net cash used for working capital of $5.3 million, partially offset by non-cash charges during the period, including share-based compensation expense of $7.6 million, depreciation and amortization of $6.5 million, and provision for excess and obsolete inventory of $2.9 million.