Inseego Corp (INSG) 2025 Q2 法說會逐字稿

Hello, and welcome to Inseego Corp's second quarter 2025 financial results conference call. Please note that today's event is being recorded. (Operator Instructions)

您好，歡迎您參加 Inseego Corp 2025 年第二季財務業績電話會議。請注意，今天的會議正在錄製中。 （操作員指示）

On the call today are Juho Sarvikas, Chief Executive Officer; and Steven Gatoff, Chief Financial Officer. During this call, certain non-GAAP financial measures will be discussed. A reconciliation to the most directly comparable GAAP financial measures is included in the earnings release, which is available on the Investors section of the company's website. An audio replay of this call will also be archived there.

今天的電話會議由執行長 Juho Sarvikas 和財務長 Steven Gatoff 出席。本次電話會議將討論某些非公認會計準則 (GAAP) 財務指標。與最直接可比較的 GAAP 財務指標的對帳表已包含在收益報告中，該報告可在公司網站的「投資者」版塊查看。本次電話會議的音訊回放也將存檔。

Please also be advised that today's discussion will contain forward-looking statements. These forward-looking statements are not historical facts, but rather are based on the company's current expectations and beliefs.

另請注意，今天的討論將包含前瞻性陳述。這些前瞻性陳述並非歷史事實，而是基於公司目前的預期和信念。

For a discussion on factors that could cause actual results to differ materially from the expectations, please refer to the risk factors described in the company's Form 10-K, 10-Q and other SEC filings, which are available on the company's website. Please also refer to the cautionary note regarding forward-looking statements section contained in today's press release.

有關可能導致實際結果與預期出現重大差異的因素的討論，請參閱本公司10-K、10-Q表格及其他美國證券交易委員會（SEC）文件中所述的風險因素，這些文件可在公司網站上查閱。另請參閱今日新聞稿中關於前瞻性陳述的警示說明部分。

With that, I'd like to turn the call over to Juho Sarvikas, Chief Executive Officer. Please go ahead, sir.

接下來，我想把電話轉給執行長 Juho Sarvikas。先生，請講。

Good afternoon everyone, and thank you for joining us today. My first full quarter here at In Sego has been both productive and strategically significant as we transform the company to live in the next generation of enterprise connectivity through cloud managed high performance wireless solutions.

大家下午好，感謝大家今天加入我們。我在 In Sego 的第一個完整季度既富有成效，又具有重要的策略意義，我們透過雲端管理的高效能無線解決方案，幫助公司轉型，迎接下一代企業連結。

There are a lot of exciting elements to this, and on today's call I'd like to focus on the two most important ones. First, I'll share my perspective on the key highlights in the business for Q2 and the momentum that we're seeing with our products and customer take up.

這其中有很多令人興奮的因素，今天的電話會議我想重點談談其中最重要的兩個。首先，我將分享我對第二季業務主要亮點的看法，以及我們在產品和客戶使用方面所看到的勢頭。

And second, I'll update you on our execution of the two key strategic growth vectors that I outlined at the beginning of the year around scaling the core and evolving to a solutions company.

其次，我將向您介紹我們在年初概述的兩個關鍵策略成長方向的執行情況，即擴大核心規模並發展成為解決方案公司。

With that, let's start with the first topic Q2 results and highlights.

那麼，讓我們從第一個主題第二季的結果和亮點開始。

Q2 was a pivotal quater for seagull as we build meaningful momentum with our products and customer traction, and as a result, we see the company now being well positioned to drive long term sustainable growth.

第二季度對於海鷗來說是一個關鍵的季度，因為我們透過產品和客戶吸引力建立了有意義的發展勢頭，因此，我們看到公司現在已準備好推動長期可持續成長。

Financially, we delivered sequential growth in Q2 in both revenue and adjusted EIDA, exceeding guidance to a combination of strong FWA demand, a favorable product mix, and disciplined expense management. Steven will walk through the details shortly.

財務方面，我們第二季度的營收和調整後 EIDA 均實現了環比增長，超出預期，這得益於強勁的 FWA 需求、良好的產品組合以及嚴格的費用管理。 Steven 稍後會詳細介紹。

Operationally, this was a significant quar on two fronts. First was the market introduction of our next generation 5G advanced Iniggo Wave maker FX 4,100 FWA solution. It leverages our new edge router OS and significantly upgraded inigo ConnectAS feature set, and the mid-Q2 launch has greatly exceeded our expectations with strong early demand. I'll go into detail in a bit.

從營運角度來看，本季在兩個方面取得了顯著進展。首先，我們推出了下一代 5G 先進 Iniggo Wave Maker FX 4,100 FWA 解決方案。它利用了我們全新的邊緣路由器作業系統和顯著升級的 Iniggo ConnectAS 功能集，並且在第二季中期推出，其早期需求強勁，遠超我們的預期。稍後我會詳細介紹。

The second big item for the quarter was that we successfully renewed our stocked My fi products with our 2 large tier 1 carrier customers, while at the same time we also added a new tier 1 carrier to stock both our mobile and FWA products starting later this year.

本季的第二件大事是我們成功地與兩家大型一級營運商客戶續簽了庫存的 My fi 產品，同時，我們還增加了一家新的一級營運商，從今年稍後開始為我們的行動和 FWA 產品提供庫存。

These wins not only diversify our customer base but also underscore the market appeal of our combined mobile and fixed wireless broadband portfolio purpose built for enterprise grade connectivity.

這些勝利不僅豐富了我們的客戶群，也凸顯了我們專為企業級連接而構建的行動和固定無線寬頻產品組合的市場吸引力。

Together these accomplishments mark a quarter where our strategic plan began to translate into tangible commercial wins, strengthening our tier one relationships and validating the growth opportunity ahead.

這些成就共同標誌著我們的策略計劃在本季度開始轉化為切實的商業勝利，加強了我們與一級客戶的關係，並驗證了未來的成長機會。

Let me now turn to my second topic and talk about the solid progress we've made this past quarter on our growth strategy that is anchored by two vectors 1, scaling the core or execution across our mobile and FWA business, and 2, evolving into a solutions company by investing in our software, APIs, and platform intelligence to transition Incio into a solution oriented provider, enabling greater value creation and sustainable growth.

現在讓我轉到我的第二個主題，談談我們上個季度在增長戰略上取得的堅實進展，該戰略以兩個向量為基礎：1、擴展我們的移動和 FWA 業務的核心或執行；2、通過投資我們的軟體、API 和平台智能，發展成為一家解決方案公司，將 Incio 轉變為面向更大的價值提供商，從而實現更大的價值提供商，從而實現更大的價值提供商，從而實現更大的價值提供商，從而實現更大的價值提供商，從而實現更大的價值提供商，從而實現更大的價值提供商，從而實現更大的價值提供商，從而實現更大的價值和增長。

Let's begin with our first growth vector, scaling our mobile and FWA business, and I'll start with mobile broadband, a category in Seo pioneered in 2009 with the launch of the iconic Maifi brand, a trademark that we proudly own.

讓我們從第一個成長向量開始，擴展我們的行動和 FWA 業務，我將從行動寬頻開始，這是 Seo 的一個類別，於 2009 年推出標誌性的 Maifi 品牌，這是我們自豪擁有的商標。

Since the beginning of the year, we've redefined our mobile product strategy and repositioned our my fi portfolio to capture greater share with the same enterprise grade H router OS and Incio Connect enhancements as the FWA category that uniquely differentiates us and requires little marginal investment.

自今年年初以來，我們重新定義了我們的行動產品策略，並重新定位了我們的 my fi 產品組合，以利用與 FWA 類別相同的企業級 H 路由器作業系統和 Incio Connect 增強功能來獲取更大的份額，這使我們與眾不同並且幾乎不需要邊際投資。

This is a major benefit of now having a platform strategy across our products that all benefit from the same software efforts.

這是現在在我們的產品中擁有平台策略的一個主要好處，所有產品都受益於相同的軟體工作。

This new approach directly enabled us to renew our stock positions with our two large existing US carriers, providing stability, growth, and visibility going forward. In addition, as I mentioned a moment ago, in Q2, we want a new major tier one carrier customer with our next generation mobile solution. This marks an important new carrier relationship for Incio and diversifies our customer base.

這種新策略直接使我們能夠與兩家現有的美國大型營運商續約，從而確保未來的穩定性、成長性和可視性。此外，正如我剛才提到的，我們希望在第二季度獲得新的一級營運商客戶，並採用我們的下一代行動解決方案。這對 Incio 來說是一個重要的新營運商關係，並能豐富我們的客戶群。

When I joined the company, we aligned on a common goal to win and consolidate the my fi market, and the team is executing on it. These renewals and new customer win reinforce our leadership in mobile broadband, driving scale, and operational leverage across our entire portfolio.

當我加入公司時，我們達成了共同的目標：贏得並鞏固 MyFi 市場，而團隊也正在努力實現這一目標。這些續約和新客戶的成功鞏固了我們在行動寬頻領域的領先地位，並提升了我們整個產品組合的規模和營運槓桿。

Let's now look at the FWA aspect of Driving scale. As you might remember, in Q1, our FWA revenue declined from a customer transitioning to the latest FWA generation. The new FX 4 100 launched midway through Q2, and demand has exceeded the expectations we set with our partner T-Mobile, materially outpacing adoption of our prior two generations.

現在我們來看看FWA在推動規模化方面的表現。大家可能還記得，在第一季度，由於一位客戶升級到最新一代FWA，我們的FWA收入出現了下滑。新款FX 4 100在第二季中期上市，其需求量已經超出了我們與合作夥伴T-Mobile設定的預期，大幅超過了前兩代產品的採用率。

This strong adoption reflects two dynamics. One, the expanding TAM in enterprise FWA market, and 2, our capturing of greater market share with our new enterprise grade solution.

這種強勁的採用反映了兩個動態。第一，企業級 FWA 市場的潛在市場規模不斷擴大；第二，我們憑藉全新的企業級解決方案佔領了更大的市場份額。

The FX 4100's rapid success reflects a unique combination of performance, ease of deployment, enterprise grade features set, and excellent go to market execution, together with our partner that differentiates in Seal and positions us as the partner of choice for carriers and enterprise customers.Building on this success, we also entered a new product category in Q2 with the introduction of our X700 Wi Fi mesh node.

FX 4100 的快速成功反映了效能、易於部署、企業級功能集和出色的市場執行力的獨特組合，加上我們在 Seal 方面的差異化優勢，使我們成為營運商和企業客戶的首選合作夥伴。在此成功的基礎上，我們也在第二季推出了 X700 Wi-Fi 網狀節點，進入了新的產品類別。

When paired with the new FX 4,100, the X700 creates a single unified network with support up to 3 mesh nodes per router. This eliminates the need for traditional switches and multiple access points, giving enterprises and branch locations a cost efficient plug and play solution that simplifies deployment, reduces hardware complexity, and delivers reliable wall to wall coverage.

與全新 FX 4100 搭配使用時，X700 可建立單一統一網絡，每個路由器支援最多 3 個網狀節點。這消除了對傳統交換器和多個接入點的需求，為企業和分支機構提供經濟高效的即插即用解決方案，簡化部署，降低硬體複雜性，並提供可靠的牆到牆覆蓋。

Together, the FX 4,100 and X700 mesh node solution redefine enterprise connectivity, offering the same plug and play simplicity and performance advantage that make FWA a compelling replacement for wired broadband.

FX 4,100 和 X700 網狀節點解決方案共同重新定義了企業連接，提供了相同的即插即用簡單性和性能優勢，使 FWA 成為有線寬頻的有力替代品。

Our unique approach and success in Enterprise FWA has opened new opportunities with the broader customer base. I'm happy to share that we've won a new stock FWA product with a new tier one carrier customer. This landmark win validates our strategy and strengthens our position as carriers increasingly look for a high performance enterprise ready FWA solution.

我們在企業級 FWA 領域的獨特方法和成功經驗，為更廣泛的客戶群帶來了新的機會。我很高興地宣布，我們贏得了一級營運商客戶的全新 FWA 產品。這一里程碑式的勝利驗證了我們的策略，並鞏固了我們的地位，因為營運商越來越需要高效能的企業級 FWA 解決方案。

We are now hard at work in scaling the traction in Enterprise FWA across the broader carrier base while accelerating engagement with MSOs, MSPs, bars, and strategic partners. The FX 4,100 strong early adoption combined with the X700 mesh launch and new tier one win positions FWA as a key growth driver for Incio in the second half of 25 and beyond.

我們目前正努力在更廣泛的營運商群體中擴大企業級 FWA 的吸引力，同時加快與 MSO、MSP、營運商和策略合作夥伴的互動。 FX 4,100 的早期採用，加上 X700 Mesh 的發布和新的一級市場勝利，使 FWA 成為 Incio 在 2025 年下半年及以後的關鍵成長動力。

With the carrier momentum accelerating, we also secured notable wins with enterprise customers and channel partners, demonstrating the scalability of our combined hardware and software solutions.

隨著營運商勢頭的加速，我們也在企業客戶和通路合作夥伴中取得了顯著的成功，證明了我們結合硬體和軟體解決方案的可擴展性。

We closed a multi-million dollar enterprise agreement with an industrial S&P 500 company facilitated through one of our Incio Ignite channel partners for a deployment that combines our high performance hardware with Incio Connect software, reinforcing our value as a trusted enterprise connectivity partner. We also expanded our outdoor FWA presence to a strategic agreement supporting rural connectivity for one of the nation's leading poultry producers. PowerPo Sego Connect this deployment delivers centralized device management and enterprise grid connectivity across distributed farming locations.

我們透過一家 Incio Ignite 通路合作夥伴，與一家工業標準普爾 500 指數公司達成了一項價值數百萬美元的企業協議，該協議將我們的高效能硬體與 Incio Connect 軟體相結合，進一步鞏固了我們作為值得信賴的企業連接合作夥伴的價值。我們還擴展了戶外 FWA 業務，並與一家美國領先的家禽生產商達成了一項戰略協議，支持其農村連接。 PowerPo Sego Connect 的部署可在分散的農場地點提供集中式設備管理和企業電網連接。

With that, I'll turn the second part of our growth strategy, transforming Incigo into a solution driven company through software, APIs, and platform intelligence. By deepening the software and services layer around our hardware, we're creating reoccurring value for our customers and a stronger competitive mode for the long term.

以此為基礎，我將開啟我們成長策略的第二部分，透過軟體、API 和平台智能，將 Incigo 轉型為解決方案驅動的公司。透過深化圍繞硬體的軟體和服務層，我們將為客戶創造持續性價值，並打造更強大的長期競爭模式。

In Sequel Connect, our cloud-based device management platform, is at the center of this strategy. Our immediate priority has been seamless API integration into the carriers, MSOs, and MSPs, existing business systems to expand our addressable market. With the critical APIs now released, we've also significantly expanded the InCgo Connect feature set based on the valuable feedback from our customers and partners.

我們的雲端設備管理平台 Sequel Connect 是這項策略的核心。我們的當務之急是將 API 無縫整合到營運商、MSO 和 MSP 以及現有業務系統中，以拓展我們的目標市場。隨著關鍵 API 的發布，我們也根據客戶和合作夥伴的寶貴回饋，大幅擴展了 InCgo Connect 的功能集。

When paired with our new Edgewater OS, these enhanced capabilities are elevating InCo from a hardware provider to a high value connectivity solutions partner, driving reoccurring revenue opportunities, deeper customer engagement, and a strong position in enterprise networking.

與我們的新 Edgewater OS 搭配使用時，這些增強的功能將使 InCo 從硬體供應商提升為高價值連接解決方案合作夥伴，從​​而帶來經常性收入機會、更深入的客戶參與度以及在企業網路中的強大地位。

Along these lines, let me also spend a moment on In Sego subscribe, our enterprise and government subscriber management SA platform.

順著這個思路，我也花點時間介紹一下 In Sego subscribe，也就是我們的企業和政府使用者管理 SA 平台。

As I mentioned on the last earnings call, I am particularly excited about the future for this offering, and we're now investing in expanded functionality, market reach, and scalability.

正如我在上次財報電話會議上提到的那樣，我對該產品的未來感到特別興奮，我們現在正在投資擴展功能、市場覆蓋範圍和可擴展性。

I've been pleased with the reception from the market, and I look forward to updating you as we close out the year and head out to 2026.

我對市場的反應感到滿意，並期待在今年結束、邁向 2026 年向您報告最新情況。

As we enter back half of 2025, our focus remains on bringing new products to market and expanding our customer base, building a sustainable path to long-term growth. Importantly, I am focused to exiting the year with a strong run rate business to support this sustainable growth.

步入2025年下半年，我們將繼續專注於將新產品推向市場，擴大客戶群，建立可持續的長期成長之路。重要的是，我致力於在年底實現強勁的營運率，以支持這項永續成長。

We expect sequential revenue growth for each of the next 2 quarters as we move forward. Steven will share more details on this in his remarks.

我們預計未來兩個季度的營收都將實現環比成長。 Steven 將在演講中分享更多細節。

One appears with data point to share with you that we see as a strong endorsement of our market presence and ability to garner large deals with new customers is a $10 million plus educational mobile deal that we were awarded for the second half of 2025.

我們認為，與大家分享的一個數據點是，我們在 2025 年下半年獲得了一項價值 1000 萬美元以上的教育移動交易，這有力地證明了我們的市場地位和與新客戶達成大額交易的能力。

But that was contingent upon congressional ERAD funding for hotspots. However, hotspot's inclusion in the ERAD program continues to sit in limbo in the House with no established path forward. Based on this, we have removed the deal from our forecast.

但這取決於國會對熱點地區ERAD計畫的撥款。然而，將熱點地區納入ERAD計畫在眾議院仍懸而未決，目前尚無確定的推進方案。基於此，我們將該協議從預測中剔除。

At the end of the day, it all comes down to great people executing well, and on that front, I'm really pleased to share the announcement you probably saw earlier in the week. We recently welcomed two accomplished leaders to the NCO executive team. Lawrence Howe joined as chief supply chain officer bringing 20 plus years of experience in global procurement and operational excellence to enhance supply chain resilience and cost structure. Zach Kowalski joined as senior Vice President of business development, leading our expansion into indirect channels including Wires, MSPs, and strategic partners.

歸根究底，一切都取決於優秀的人才和優秀的執行力。在這方面，我很高興與大家分享本週早些時候可能已經看到的公告。我們最近迎來了兩位傑出的領導者加入NCO執行團隊。 Lawrence Howe加入擔任首席供應鏈官，他在全球採購和卓越營運方面擁有20多年的經驗，致力於提升供應鏈的韌性和成本結構。 Zach Kowalski加入擔任業務發展資深副總裁，領導我們擴展至包括Wires、MSP和策略合作夥伴在內的間接管道的擴展。

These additions reinforce our focus on operational discipline and scalable go to market execution consistent with our goal of exiting the year on a strong run rate basis.

這些新增功能加強了我們對營運紀律和可擴展的市場執行的關注，符合我們以強勁的運行率結束今年的目標。

And with that, I'll turn the call over to Stephen.

說完這些，我將把電話轉給史蒂芬。

Thanks, Juho. Hi, everyone. Thank you for joining us. I'd like to cover 3 topics today. First, I'll take you through the Q2 2025 financial results. Second, I'll provide a brief update on the further strengthening of our capital structure around the convert paydown and our new working capital facility. And third, I'll share some color on the financial profile of the business and provide guidance for Q3 2025 as we head into the second half of the year.

謝謝，Juho。大家好，感謝你們的收看。今天我想談三個話題。首先，我將向大家介紹2025年第二季的財務表現。其次，我將簡要介紹我們圍繞轉換償還和新的營運資本工具進一步加強資本結構的情況。第三，在即將進入下半年之際，我將介紹公司的財務狀況，並為2025年第三季提供指引。

As we always do, we'll, of course, wrap up by opening the call to your questions.

像往常一樣，我們當然會在電話會議結束時回答大家的問題。

Let's start with the Q2 financial results. We delivered sequential growth in both revenue and adjusted EBITDA in Q2 2025 and that performance was paired with strong gross margins and disciplined spend to continue meaningful operating leverage and the favorable results.

我們先從第二季的財務表現開始。 2025年第二季度，我們的營收和調整後EBITDA均實現了環比增長，同時，強勁的毛利率和嚴格的支出控制也讓我們得以繼續保持可觀的營運槓桿，並保持良好的業績。

On the top line, total revenue for Q2 was $40.2 million and was driven by better-than-expected FWA volumes, a large channel deal and continued execution in our services offerings. For only the second time in the company's history, Q2 2025 marked a notable dynamic where FWA revenue surpassed mobile hotspot revenue. We see this as an indicator of the execution of our growth strategy and the ongoing shift in our product mix with the tangible data point around the successful ramp of our new FX4100 product that Juho talked about.

第二季總收入為 4,020 萬美元，這得益於好於預期的 FWA 業務量、一筆大額通路交易以及我們持續推進的服務項目。 2025 年第二季度，FWA 收入首次超過行動熱點收入，這在公司歷史上尚屬首次。我們認為，這反映了我們成長策略的執行情況以及產品組合的持續轉變，Juho 提到的 FX4100 新產品的成功量產就是一個強大的數據支撐。

As expected, mobile revenue came in lower year-over-year on the record promotional activity in 2024 and the timing of new program launches that are expected to occur later in 2025. Our strong services revenue remained consistent at $12 million for the quarter, providing stable, high-margin contribution to results. Non-GAAP gross margin was a solid 41.2% in Q2, reflecting a favorable product mix and the strong FWA results.

如預期，由於2024年創紀錄的促銷活動以及預計2025年稍後推出的新項目，行動收入較去年同期有所下降。我們強勁的服務收入在本季保持穩定，達到1,200萬美元，為業績貢獻了穩定且高利潤率的業績。第二季非公認會計準則毛利率達到41.2%，這反映了良好的產品組合和強勁的固定無線接取（FWA）業績。

Looking at non-GAAP operating expenses, Q2 2025 was another quarter of disciplined execution. We manage the business to lower dollar spend year-over-year on both a P&L and cash spend basis.

從非公認會計準則營運支出來看，2025年第二季再次展現了嚴謹的執行力。我們透過管理業務，實現了損益表和現金支出的年減。

Pulling this all together, Q2 2025 adjusted EBITDA came in at $4.7 million, up 29% sequentially and at an 11.7% margin, our second highest in a decade.

綜合以上所有因素，2025 年第二季調整後的 EBITDA 達到 470 萬美元，季增 29%，利潤率為 11.7%，為十年來的第二高水準。

Finishing the section with the balance sheet. We ended Q2 with $13.2 million in cash and healthy working capital and leverage metrics. This provides us flexibility as we execute our growth initiatives in the back half of the year and is a good segue to my second discussion topic, our meaningfully improved capital structure.

最後以資產負債表結束本節。我們第二季末持有1,320萬美元現金，營運資本與槓桿指標穩健。這為我們在下半年實施成長計畫提供了靈活性，也很好地銜接了​​我的第二個討論主題——我們顯著改善的資本結構。

Our healthy cash position of $13 million at June 30 reflects the payoff of the $15 million remaining balance on the convertible notes that matured on May 1. Over the past year, we've materially reduced the company's total debt. And with this payoff, our total debt now stands at $41 million or a very manageable 2x LTM adjusted EBITDA.

截至6月30日，我們擁有1300萬美元的穩健現金狀況，這反映了我們已償還5月1日到期的1500萬美元可轉換債券剩餘餘額。過去一年，我們大幅減少了公司的總債務。償還這些債務後，我們的總債務目前為4,100萬美元，相當於長期調整後息稅折舊攤提前利潤（LTM）的兩倍，非常可控。

To provide additional operational flexibility and liquidity earlier this week, we set up a $15 million working capital facility with BMO Bank. The terms are attractive, and we don't currently need or plan to draw on the facility.

為了提供額外的營運靈活性和流動性，本週早些時候，我們與蒙特利爾銀行（BMO Bank）設立了1500萬美元的營運資金貸款。貸款條款頗具吸引力，我們目前不需要也不打算動用該貸款。

Altogether, these actions further strengthen our balance sheet, provide additional flexibility to invest in product when and where needed to drive growth and support the value of the common stockholders.

總而言之，這些舉措進一步增強了我們的資產負債表，提供了額外的靈活性，可以在需要的時間和地點投資產品，以推動成長並支持普通股股東的價值。

With that, let's finish with the third topic today, the financial profile that we're seeing in the business and guidance for Q3 2025.

就這樣，我們今天的第三個主題就結束了，即我們在業務中看到的財務狀況和 2025 年第三季的指導。

As Juho talked through, 2025 is a foundational year as we invest in and scale new products and our software platforms and bring on new carrier and MSO relationships. We're starting to see the business evolve along the strategic lines that Juho set out. And for Q3 and from those initiatives, we expect to see continued sequential revenue growth.

正如Juho所說，2025年是奠定基礎的一年，我們將投資並擴展新產品和軟體平台，並與新的營運商和MSO建立合作關係。我們開始看到業務沿著Juho所製定的策略路線發展。對於第三季以及這些舉措，我們預計收入將繼續環比成長。

In terms of revenue, FWA is showing nice momentum as we continue through Q3, supported by the ramp of our new FX4100 product. Mobile revenue is also expected to show sequential growth in Q3, with volumes picking up at our carrier customers. And our attractive services revenue should remain consistent at roughly $12 million.

就營收而言，在第三季度，FWA 業務表現良好，這得益於我們新產品 FX4100 的強勁成長。隨著營運商客戶業務量的回升，預計第三季行動收入也將實現季比成長。我們有吸引力的服務收入預計將維持在 1,200 萬美元左右。

Non-GAAP gross margins are expected to remain fairly consistent on a percentage basis in Q3 and total operating expense is expected to increase on a dollar basis as we invest in sales and marketing to drive growth. Importantly, we're also investing in the new products we talked about and that is expected to drive increases in capitalized spend in the second half of 2025.

預計第三季非公認會計準則毛利率將保持相對穩定，而由於我們加大對銷售和行銷的投資以推動成長，預計總營運支出將以美元計算有所增長。重要的是，我們還在投資我們之前提到的新產品，預計這將推動2025年下半年資本化支出的成長。

And finally, on OpEx, we're driving more company-wide efficiencies and expect improvement in G&A on a percentage of revenue basis going forward.

最後，在營運支出方面，我們正在提高全公司的效率，並預期未來一般及行政管理費用將佔收入的百分比將有所改善。

And so pulling this all together, we're providing the following guidance for Q3 2025. total revenue in a range of $40 million to $43 million and adjusted EBITDA in a range of $4 million to $5 million.

綜合以上所有因素，我們為 2025 年第三季提供以下指引：總營收在 4,000 萬美元至 4,300 萬美元之間，調整後的 EBITDA 在 400 萬美元至 500 萬美元之間。

With that, we appreciate your time and support and are glad to open the call for questions. Operator?

最後，我們感謝您的時間和支持，並很高興開始回答問題。接線生？

(Operator Instructions)

（操作員指示）

Lance Vitanza with TD Cowen.

蘭斯·維坦扎 (Lance Vitanza) 與 TD Cowen。

Hi, thanks, guys. Can you hear me?

嗨，謝謝大家。聽得到我說話嗎？

Yeah.

是的。

Yeah, great. Congrats on the quarter. A couple of questions, if I could. The first is, could you talk a little bit more about this multimillion-dollar enterprise agreement with the industrial S&P 500 company? It would appear that, that validates the channel partner model. But I'm just wondering how close or how far does this leave you with the end user, with the client?

是的，太棒了。恭喜本季取得佳績。如果可以的話，我有幾個問題。首先，您能否再談談與這家標普500指數工業公司簽署的數百萬美元的企業協議？這似乎驗證了通路合作夥伴模式的有效性。但我想知道，這能讓您與最終用戶、與客戶的連結有多緊密？

And then if you could just maybe talk about why you won there, price versus quality versus service versus I'm made in America versus the breadth of the portfolio and how quickly -- slowly do you expect wins like this to sort of unfold going forward?

然後，您能否談談為什麼您會在那裡獲勝，價格、品質、服務、美國製造、產品組合的廣度，以及您預計這樣的勝利在未來會以多快的速度展開？

Lance thanks for the question and thanks for joining us. I'll take that. So yes, you're right, it's a multi-million dollar FWA deal with an industrial S&P 500 company. The way we ended up discovering and closing the deal was through our IGNITE -- Inseego IGNITE channel partner program. So we have broad channel and the people in many places.

Lance，謝謝你的提問，也謝謝你接受我們的訪問。我接受。是的，你說得對，這是一筆與一家工業標準普爾500指數公司達成的數百萬美元的固定資產收購交易。我們最終透過我們的IGNITE（Inseego IGNITE通路合作夥伴計畫）發現並達成了這筆交易。因此，我們擁有廣泛的管道和遍布各地的人才。

The value proposition that we had was unique in that we were -- we partnered very strong, together with the partner to make sure that we had sufficient support or the technical validation, and it really came down to both the hardware and the software. The partner was very keen in having managed ability and visibility to the entire fleet.

我們的價值主張之所以獨特，是因為我們與合作夥伴建立了非常牢固的合作關係，以確保我們獲得足夠的支援或技術驗證，這實際上涉及硬體和軟體兩個方面。合作夥伴非常渴望擁有整個機隊的管理能力和視覺性。

And if I could just -- on the guidance. I guess, how much of the Q3 revenue -- I mean how much Q3 revenue and EBITDA was if any, was associated with that business that you mentioned you pulled out of the forecast due to the congressional lag there?

如果我可以就指引進行討論的話，我想問一下，第三季度的收入——我的意思是，第三季度的收入和息稅折舊攤銷前利潤（EBITDA）中有多少與您提到的由於國會滯後而從預測中剔除的業務相關？

Yeah, So to be -- thank you for inquiring. Our guidance, our forecast has -- while we go have no assumptions of that deal coming back. So we are not including any of it in our forecast or guidance.

是的，謝謝您的詢問。我們的指引和預測是──但我們目前對這筆交易的後續發展沒有任何假設。因此，我們的預測或指引中沒有包含任何相關內容。

My question, though, I guess, was like if that had been in what would that is -- presumably the guidance would have been higher.

不過，我想，我的問題是，如果真是這樣，那會是什麼情況──大概指導價會更高。

Yeah, got you. So yes, the deal was north of $10 million. And so whether the deal closed in Q3 or Q4, both, but to the point for the back half of the year, there would have been $10 million plus more revenue on the product side of the business.

是的，明白了。沒錯，這筆交易確實超過了1000萬美元。所以，無論這筆交易是在第三季還是第四季完成，但就今年下半年而言，產品業務的收入應該在1000萬美元以上。

Okay. Great. And then -- so then what are the puts and takes depending on the $40 million to $43 million, is any of that range related to potential macro factors? Or does it all sort of assume kind of benign macro environment and just hinges on what the particular customers sell-through might be or are there other factors at play?

好的。太好了。那麼，4000萬到4300萬美元的銷售額和利潤分別是多少呢？這個範圍是否與潛在的宏觀因素有關？還是說，這一切都假設了某種良性的宏觀環境，僅僅取決於特定客戶的銷售情況，還是還有其他因素在起作用？

Lance, maybe to you -- this is an opportunity to complete my answer to your first question. You're also inquiring on the role of channel for us and what to expect from that go-to-market motion.

蘭斯，也許對你來說——這是一個機會來完善我對你第一個問題的回答。你也詢問了通路對我們來說的作用，以及對進入市場的舉措有何期待。

As I said, like our -- in media priorities, scale with big carriers, big MSOs, and they continue to invest in as far as SMB or channel program. So the part of the Q3 variability, of course, is how much business and opportunity will close in channel.

正如我所說，就像我們在媒體優先事項方面一樣，與大型營運商、大型MSO進行規模化合作，並且他們繼續在SMB或通路計劃方面進行投資。因此，第三季變化的一部分當然在於通路中將有多少業務和機會成交。

And to add on to -- you have good point, Lance, to pick up the rest is the view for Q3 is really based on basic blocking and tackling in the business. There's no silver bullet or Herculean assumptions. We're seeing some modest volume growth with the mobile side. And as you heard a lot about, we're seeing nice traction on the carrier side with the new FWA product. And so we have pretty good visibility into that for the current quarter, for sure. And so it's really based on what we're seeing at the carrier. We're not really getting out over our skis on anything on that front.

補充一點——Lance，你說得對，剩下的就是，我們對第三季的預測實際上是基於業務的基本部署和應對措施。沒有什麼靈丹妙藥，也沒有艱鉅的假設。我們看到行動端的流量略有成長。正如你經常聽到的，我們看到運營商方面憑藉新的FWA產品獲得了良好的發展。因此，我們對本季的前景有相當好的預期。所以，這實際上是基於我們在運營商方面所看到的。我們在這方面並沒有真正放棄。

Great. It's a welcome change from -- before the current leadership team took over. So thank you for that.

太好了。與現任領導團隊接手之前相比，這是一個令人欣喜的變化。所以，謝謝你。

Your next question today will come from Torre Svanberg with Stifel Niklas. Please go ahead.

今天的下一個問題來自 Stifel Niklas 的 Torre Svanberg。請提問。

This is Jeremy on for Tore. And let me add our congrats on the solid FDA results and the new product launch. Maybe a quick follow-up on the enterprise win. Can you provide any details on the mechanics of it? What type of revenue recognition that goes into that? Is this kind of how an agreement might last? And how -- is there anything we can track in terms of a new potential customer wins in this enterprise segment?

我是 Jeremy，Tore 的轉播人。請允許我祝賀我們取得的 FDA 認證的良好結果和新產品的發布。接下來我想簡單聊聊企業業務的勝利。您能否提供一些關於其運作機制的細節？這其中涉及哪些類型的收入確認？這種協議的持續時間是怎麼樣的？在企業業務領域，我們能否追蹤新的潛在客戶的進展？

This specific -- thanks, Jeremy, for joining, a great question. This specific deal that we mentioned as part of the prepared remarks was specific to Q2, and we're, of course, working on the pipeline for Q3 and beyond.

感謝傑里米的參與，這個問題問得很好。我們在準備好的發言中提到的這個具體交易是針對第二季的，當然，我們正在為第三季及以後的交易做準備。

Got it. And then I guess maybe looking at the cash flows, it looks like accounts receivables up a lot. I understand that's probably from channel fill like the new product launch. Can we expect some improvement on that cash flow front as you kind of -- as the ramp continues and you increase the collections, how should we think about cash flows in this respect?

明白了。然後我想，從現金流來看，應收帳款似乎成長了很多。我理解這可能是由於通路擴張，例如新產品的推出。隨著業務的持續成長和回款的增加，我們能否預期現金流方面會有所改善？我們該如何看待這方面的現金流？

Yeah, So the short answer is our goal is consistently to drive cash for sure. And obviously, as a profitable business, that affords us that ability. What we're also balancing though is investing in product and building inventory to supply the demand that we're starting to see tick up a little by little.

是的，簡而言之，我們的目標是持續穩定地創造現金流。顯然，作為一家獲利企業，這賦予了我們這種能力。但我們也在平衡產品投資和庫存建設，以滿足我們逐漸上升的需求。

And so we would rather invest and build a little bit more, particularly as we're launching a pretty robust product portfolio in the second half of the year, more so candidly than the company has ever done in probably 5 or 10 years, we're pushing out a whole bunch of new products in the second half. So it's going, as you said, into good investment.

因此，我們寧願加大投資和建設力度，尤其是在我們下半年將推出相當強大的產品組合的情況下。坦白說，下半年我們將推出一大批新產品，這比公司過去5年或10年來的任何一次都要多。所以，正如您所說，這將是一項不錯的投資。

The one thing that you called out properly is that on the balance sheet, there's a little bit of an uptick in AR, which is for all the right reasons, which is there's really a big uptake at the end of the quarter in our new FX product or FWA product. And so we're thrilled with that. Everything else was kind of business as usual.

您指出的一點很正確，那就是資產負債表上的應收帳款（AR）略有上升，這完全是出於合理的理由，因為我們的新產品（FX 產品或 FWA 產品）在本季度末確實出現了大幅增長。我們對此感到非常高興。其他一切基本上都正常。

Great. That's very helpful. And maybe 1 final question on the new FX4100 launch. Are there any potential catalysts that we can look out for, maybe promotions? And maybe even looking out 12 to 18 months, where do you see FWA in terms of proportional to mobile? Do you expect this 50/50 to continue or maybe FWA to be a kind of more consistently exceeds mobile revenue over time?

太好了，這很有幫助。關於新款 FX4100 的發布，我還有最後一個問題。有什麼潛在的催化劑值得我們關注嗎？例如促銷活動？展望未來 12 到 18 個月，您認為 FWA 與行動網路的比例是多少？您預計這種 50/50 的比例會持續下去嗎？或者 FWA 的收入會隨著時間的推移而更加持續地超過行動網路的收入？

Thank you.

謝謝。

Thanks, Jeremy. I'll take the first part. If you look at the FX4100, the -- our unique formula really is if I start from the solution side, performance, I would actually add technology leadership there. So 5G advanced, device performance, but they even maybe more importantly, ease of deployment as well as enterprise-grade feature set. That makes a pretty unique combination. If you just look at what the solution stands for and what enables for our partners to do.

謝謝，傑里米。我先說第一部分。以 FX4100 為例，我們的獨特之處在於，如果我從解決方案、效能方面入手，我實際上會在其中加入技術領導。 5G 先進技術、設備效能，甚至更重要的是，易於部署以及企業級功能集。這是一個非常獨特的組合。如果您只看解決方案的含義以及它能為我們的合作夥伴帶來什麼，那就更好了。

The second key catalyst to your point, less so on promotion, although we do have a great promotional framework, but I'm very pleased with the excellent go-to-market collaboration that we've had together with our partner, marketing, field sales, overall enablement. If I compare this to the engagement and also solution maturity with the previous generation product, which is also very successful, this third generation FWA definitely is driving for a much larger impact in the marketplace.

第二個關鍵催化劑與您所說，與其說是推廣，不如說是推廣。雖然我們確實擁有出色的推廣框架，但我對與合作夥伴在市場推廣、現場銷售和整體支援方面的出色合作感到非常滿意。如果我將其與同樣非常成功的上一代產品的參與度和解決方案成熟度進行比較，那麼第三代 FWA 無疑將在市場上產生更大的影響。

Yeah, and good question on the revenue mix. If the strategy kind of coming to fruition, right, where the FWA market, we're beginning to win more and more share, consolidate that market on the mobile -- sorry, on the mobile side. And so that's kind of a nice market that will continue with some modest growth quarter-over-quarter.

是的，關於收入結構的問題問得好。如果這個策略能夠奏效，那麼在固定無線存取（FWA）市場，我們開始贏得越來越多的份額，並在行動端鞏固這個市場——抱歉，是在行動端。所以這是一個不錯的市場，並且會繼續保持環比溫和成長。

But we're pretty bullish, as you can hear and tell and see it, and I go to stand and check in the market, on the FWA trajectory. And so we see that continuing to be a positive dynamic in so far as revenue mix and the presence of FWA in the model.

但我們非常看好固定資產淨值（FWA）的發展軌跡，正如你們所聽到、看到和看到的，而且我也親自去市場考察過。因此，就收入結構和FWA在模型中的存在而言，我們認為這將繼續保持積極的態勢。

If you look at the overall macro picture, what I would say is that FWA is only start of the journey, like the adaptation curve were nowhere near the peak. And maybe even more importantly, if you look at FWA for enterprise end market, that has not advanced as fast as the consumer side. And we're, of course, participating in enterprise. So I view the TAM growth is something that's highly appealing in addition to our ability to participate.

從宏觀角度來看，我想說的是，FWA 才剛起步，適應曲線還遠遠沒有達到高峰。或許更重要的是，如果看企業級 FWA 市場，它的發展速度不如消費者端那麼快。當然，我們也參與了企業級市場。所以我認為，除了我們參與的能力之外，TAM 的成長也是一個極具吸引力的因素。

Great. One last question, I'm sorry. It sounds like your software and services feature set is really expanding and 1 of the key front points. Is there maybe a path to maybe directly monetizing that to see potential expansion in the services line of your revenues?

好的。抱歉，我還有最後一個問題。聽起來你們的軟體和服務功能確實不斷擴展，而且是關鍵的尖端技術之一。有沒有辦法直接將其貨幣化，從而擴大你們服務業務的收入？

Yeah, So it's a good question. And the short answer is yes. The software functionality, both MDM like Inseego Connect is really a growing investment and growing uptake from customers on the value prop with the product side of the business as well as subscribe BSS TAM-like functionality that we provide to carriers and the investments we're making there on everything from subscriber management, order management, contract management is something that we look to continue to grow and invest in and yield higher revenue as we move forward, for sure.

是的，這是個好問題。簡而言之，答案是肯定的。軟體功能，包括像 Inseego Connect 這樣的 MDM，實際上是一項不斷增長的投資，客戶對產品價值主張的接受度也在不斷提高，以及我們為運營商提供的類似訂閱 BSS TAM 的功能，以及我們在用戶管理、訂單管理、合約管理等各個方面的投資，我們期待在未來繼續增長和投資，並帶來更高的收入。

Sure, and maybe to double click on the Device Cloud or Inseego Connect with the MDM functionality, the immediate focus this year has been to enable a broader TAM for our product business by enabling partner integration through API library.

當然，也許雙擊 Device Cloud 或 Inseego Connect 的 MDM 功能，今年的首要重點是透過 API 庫實現合作夥伴集成，為我們的產品業務提供更廣泛的 TAM。

I'm actually very pleased how fast the team has been able to act and move in doing that enablement. The feedback from our partners who are now -- right now working on the integration has been excellent. Once this work is complete, and also in parallel, we've released multiple new hero features and what you should expect us to see us do is on the device cloud side continue to develop more value-added feature. And of course, with that, we would target a higher value capture as well.

我對團隊在實現這項功能方面如此迅速的行動感到非常滿意。目前正在進行整合的合作夥伴的回饋非常好。這項工作完成後，我們同時發布了多個新的主打功能，大家應該期待我們在設備雲端繼續開發更多增值功能。當然，我們也將以此為目標，實現更高的價值捕獲。

Perfect. Thank you very much.

太好了！非常感謝。

Right on, thanks.

好的，謝謝。

Alright I mean this will conclude our question-and-answer session. I would like to turn the call back over to management for any closing remarks.

好的，我們的問答環節到此結束。我想把電話轉回給管理階層，請他們做最後發言。

Thank you for the colorful questions. To close, Q2 was an important strategic quarter for Inseego. We launched the FX4100 to strong demand. We renewed our key MiFi relationships and we secured a major new Tier 1 carrier win across both mobile and FWA.

感謝您提出的這些精彩的問題。最後，第二季對 Inseego 來說是一個重要的策略季度。我們推出了 FX4100，市場需求強勁。我們與關鍵的 MiFi 合作夥伴續簽了協議，並在行動和 FWA 領域贏得了重要的一級營運商。

These milestones are the data points that validate our strategy as we're building the foundation for a sustainable growth and profitability. I want to acknowledge our exceptional engineering team alongside with the broader Inseego organization whose dedication and teamwork continue to drive our success. Thank you for joining us today, and we look forward to updating you on our continued progress.

這些里程碑是驗證我們策略的數據點，我們正在為永續成長和獲利奠定基礎。我要感謝我們傑出的工程團隊以及整個Inseego組織，他們的奉獻精神和團隊合作持續推動著我們的成功。感謝您今天的到來，我們期待向您報告我們持續取得的進展。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您可以斷開連線了。