Inseego Corp (INSG) 2025 Q4 法說會逐字稿

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

大家好，歡迎參加 Inseego 公司 2025 年第四季財務業績電話會議。請注意，今天的活動正在錄影。（操作說明）

On the call today are Juho Sarvikas, Chief Executive Officer; and Steven Gatoff, Chief Financial Officer.

今天參加電話會議的有執行長 Juho Sarvikas 和財務長 Steven Gatoff。

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.

在本次電話會議中，我們將討論一些非GAAP財務指標。獲利報告中包含與最直接可比較的 GAAP 財務指標的調整表，該報告可在公司網站的投資者關係部分查閱。本次通話的錄音回放也將存檔於此。

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. 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.

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。有關可能導致實際結果與預期結果有重大差異的因素的討論，請參閱公司 10-K 表格、10-Q 表格和其他美國證券交易委員會文件中所述的風險因素，這些文件可在公司網站上查閱。另請參閱今天新聞稿中關於前瞻性聲明的警示性說明部分。

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

接下來，我將把電話交給執行長 Juho Sarvikas。請繼續。

Good afternoon, everyone, and thank you for joining us today. Q4 2025 was another strong quarter for Inseego. We generated revenue of $48.4 million and adjusted EBITDA of $6 million, both above our guidance and marking our third consecutive quarter of sequential growth in each metric. These results capped a year of steady, disciplined execution.

各位下午好，感謝各位今天參加我們的節目。2025年第四季是Inseego另一個強勁的季度。我們實現了 4,840 萬美元的收入和 600 萬美元的調整後 EBITDA，都高於我們的預期，並且標誌著我們連續第三個季度在這兩項指標上實現了環比增長。這些成果標誌著一年來穩定、嚴謹的執行工作圓滿完成。

We exited 2025 with a meaningfully higher quality and more diversified revenue base driven by broader product breadth and increased customer diversity. Shortly after year-end, we further strengthened our operating momentum by improving our capital structure by retiring all preferred stock. We accomplished this at a meaningful discount, enhancing the company's long-term flexibility and are pleased to welcome Mubadala Capital as a significant common stockholder. Steven will walk through the financials and outlook in more detail later in the call.

到 2025 年底，我們擁有了品質顯著提高、多元化程度更高的收入基礎，這得益於更廣泛的產品範圍和日益增長的客戶多樣性。年末之後不久，我們透過回購所有優先股來改善資本結構，從而進一步增強了我們的經營勢頭。我們以相當優惠的價格完成了這項收購，增強了公司的長期靈活性，我們很高興地歡迎穆巴達拉資本成為重要的普通股股東。稍後，史蒂文將在電話會議中更詳細地介紹財務狀況和前景。

I'd like to step back and discuss how our performance in 2025 and our trajectory going into 2026 demonstrates that the strategy I outlined when I stepped into the CEO role a year ago is working. To frame that discussion, let me briefly revisit our strategy.

我想回顧一下，探討我們在 2025 年的表現以及我們進入 2026 年的發展軌跡如何證明我一年前擔任 CEO 時制定的策略是有效的。為了更好地展開討論，讓我先簡單回顧一下我們的策略。

We are building an enterprise wireless broadband platform that combines cellular-first connectivity with intelligence, manageability and scalability at the wireless edge. That strategy has remained consistent throughout 2025 and is grounded on five clear strategic priorities.

我們正在建立一個企業級無線寬頻平台，該平台將蜂窩優先連接與無線邊緣的智慧、可管理性和可擴展性相結合。該戰略在 2025 年全年保持不變，並以五個明確的戰略重點為基礎。

First, scaling carrier revenue to a broader enterprise-focused Fixed Wireless Access and mobile portfolio. Second, accelerating Inseego's evolution into a solutions company by creating a platform that includes industry-leading wireless hardware, network and device management and subscriber life cycle management. Third, expanding and diversifying our routes to market and customer base. Fourth, maintaining financial discipline and strengthening our capital structure. And fifth, building a world-class management team and Board of Directors to drive long-term growth and scale.

首先，將營運商收入擴展到更廣泛的以企業為中心的固定無線存取和行動產品組合。其次，透過創建一個包含業界領先的無線硬體、網路和設備管理以及用戶生命週期管理的平台，加速 Inseego 向解決方案公司的轉型。第三，拓展和多元化我們的市場和客戶群管道。第四，維持財務紀律，加強資本結構。第五，建立世界一流的管理團隊和董事會，以推動長期成長和規模發展。

Our fourth-quarter results and 2025 full-year progress are consistent proof points of execution against these strategic priorities. With that context, I want to do three things on today's call. First, I'll walk through how we executed in the fourth quarter. Second, discuss what we delivered across the full year in 2025. And third, share how that execution positions Inseego for its next phase of expansion as we move into 2026.

我們第四季的業績和 2025 年全年的進展情況，都充分證明了我們在執行這些策略重點方面的成效。基於以上背景，我想在今天的電話會議上做三件事。首先，我將回顧我們在第四節的執行情況。其次，討論一下我們在 2025 年全年取得了哪些成果。第三，分享一下隨著我們邁入 2026 年，這種執行方式如何讓 Inseego 為其下一階段的擴張做好準備。

With that, let me now turn to my first topic, how we executed in Q4.

接下來，讓我談談我的第一個主題，即我們在第四季的執行情況。

Starting with our core business of cloud-managed FWA and mobile solutions. We continue to see strong performance from our FX4100 FWA product with T-Mobile during the quarter, reflecting ongoing enterprise demand and solid sell-through.

首先從我們以雲端管理的 FWA 和行動解決方案為核心業務開始。本季度，我們的 FX4100 FWA 產品在 T-Mobile 的銷售業績依然強勁，反映了企業持續的需求和良好的銷售情況。

During Q4, we significantly expanded our Tier 1 carrier footprint for Fixed Wireless Access. As we shared on our last call, we meaningfully broadened our reach and customer diversification by securing an FX4200 FWA award with AT&T. Equally importantly, we just announced this Tuesday that we also signed Verizon for the FX4200. Both AT&T and Verizon have placed initial stocking orders, and we expect commercial sales to begin ramping up in earnest in the first half of 2026 as these programs come online.

第四季度，我們大幅擴大了固定無線存取一級營運商的覆蓋範圍。正如我們在上次電話會議中分享的那樣，我們透過與 AT&T 簽訂 FX4200 FWA 合同，顯著擴大了我們的業務範圍和客戶多元化。同樣重要的是，我們本週二剛剛宣布，我們也與 Verizon 簽署了 FX4200 的合作協議。AT&T 和 Verizon 都已下了初步的庫存訂單，我們預計隨著這些計劃的上線，商業銷售將在 2026 年上半年開始真正加速成長。

With the addition of Verizon, all three US Tier 1 carriers have now chosen Inseego to support their enterprise FWA offerings. This marks an important inflection point for our business. As carriers increasingly position FWA as a primary connectivity solution for businesses, alignment across all three Tier 1 carriers validates our strategy, reinforces our position as a partner of choice as enterprise adoption accelerates and establishes a clear foundation for meaningful growth in 2026.

隨著 Verizon 的加入，美國三大一級營運商現在都選擇了 Inseego 來支援其企業級 FWA 產品。這標誌著我們業務的一個重要轉捩點。隨著營運商越來越多地將 FWA 定位為企業的主要連接解決方案，三大一級營運商的協同合作驗證了我們的策略，鞏固了我們作為首選合作夥伴的地位，因為企業採用 FWA 的速度正在加快，並為 2026 年的實質成長奠定了清晰的基礎。

Turning to mobile. Our hotspot portfolio delivered its strongest quarter of 2025 with revenue increasing 27% sequentially to $20.4 million. Mobile represents roughly 40% of total company's revenue in Q4, underscoring the increasingly diversified mix of our platforms across mobile, FWA and software and services.

轉向移動端。我們的熱門產品組合在 2025 年迎來了最強勁的季度，營收季增 27%，達到 2,040 萬美元。行動業務在第四季度約占公司總收入的 40%，這凸顯了我們在行動、FWA 以及軟體和服務等平台方面日益多元化的組合。

Growth was driven by higher carrier stock volumes and solid channel activity as enterprises expand their use of mobile connectivity. With all three carriers committed to Inseego as a key part of their mobile portfolio, we see mobile as a durable and important pillar of our enterprise wireless platform.

成長主要得益於營運商庫存量增加和通路活動活躍，因為企業正在擴大對行動連接的使用。由於這三家營運商都致力於將 Inseego 作為其行動產品組合的關鍵組成部分，我們認為行動是我們企業無線平台持久且重要的支柱。

Continuing with our fourth-quarter execution, we've made strong progress in evolving into a solutions company and advancing our platform strategy. In Q3, we shared that we have delivered a major release of Inseego Connect, our network orchestration SaaS offering, expanding its functionality and usability.

延續第四季度的執行情況，我們在轉型為解決方案公司和推進平台策略方面取得了顯著進展。第三季度，我們宣布發布了 Inseego Connect（我們的網頁編排 SaaS 產品）的重大版本，擴展了其功能和可用性。

In Q4, we began to see an impact from that investment. For the first time, Inseego Connect is being taken to market alongside our FWA solutions by all three Tier 1 US carriers, each through their own commercial models and routes to market. This represents an important milestone.

第四季度，我們開始看到這項投資的影響。Inseego Connect 首次與我們的 FWA 解決方案一起被美國三大一級營運商推向市場，每家營運商都透過自己的商業模式和市場管道進行推廣。這標誌著一個重要的里程碑。

The combined offering of the FX4200, FX4100 and Inseego Connect reflects a clear shift from device-led selling to solution-led selling and establishes Connect as a foundational element of our enterprise wireless edge platform. As we continue to expand, this solution-based approach is an important source of differentiation for Inseego.

FX4200、FX4100 和 Inseego Connect 的組合產品體現了從設備主導的銷售向解決方案主導的銷售的明顯轉變，並將 Connect 確立為我們企業無線邊緣平台的基礎要素。隨著我們不斷發展壯大，這種以解決方案為導向的方法成為 Inseego 的重要差異化優勢來源。

We also continue to invest in our subscriber life cycle management platform, Inseego Subscribe, building out the leadership team and platform capabilities. Subscribe is a strategic investment area and an important component of our long-term software and solutions growth strategy.

我們也將繼續投資於我們的用戶生命週期管理平台 Inseego Subscribe，擴充領導團隊並提昇平台能力。訂閱是一個策略投資領域，也是我們長期軟體和解決方案成長策略的重要組成部分。

Turning to revenue diversity. With our fourth-quarter execution, we broadened our revenue base to initial FX4200 orders from both AT&T and Verizon and delivered a strong quarter in our channel business. Importantly, channel growth was driven by traction across multiple areas rather than a single large transaction, reflecting healthier and more diversified demand.

轉向收入多元化。透過第四季度的執行，我們將營收基礎擴大到來自 AT&T 和 Verizon 的 FX4200 初始訂單，並在通路業務方面取得了強勁的季度業績。重要的是，通路成長是由多個領域的成長推動的，而不是由單一的大額交易推動的，這反映出更健康、更多元化的需求。

I'd like to take a step back now and review what we delivered over the full year of 2025. At the start of last year, when I arrived at the company, we set out clear execution-focused objectives, execute and scale our FWA and MiFi business, strengthen our two-pronged go-to-market strategy and increase our investment in software. And throughout the year, we've not only stayed tightly aligned with these priorities, we've delivered against them.

現在我想回顧一下我們在 2025 年全年所取得的成就。去年年初我剛到公司時，我們制定了以執行為導向的明確目標，執行並擴大了我們的FWA和MiFi業務，加強了我們雙管齊下的市場進入策略，並增加了對軟體的投資。在過去的一年中，我們不僅始終與這些優先事項緊密結合，而且還實現了這些目標。

We meaningfully expanded our enterprise wireless broadband footprint by doing exactly what we said we would do. I reset the product strategy when I joined a year ago, and those products are now launching. Not only that, but I also focused on diversification of our customer base. So those new products are now launching across the broadest customer base the company has ever had. It took a year, but we got there.

我們說到做到，切實擴大了企業無線寬頻覆蓋範圍。我一年前加入公司時重新制定了產品策略，現在這些產品正在陸續推出。不僅如此，我還致力於客戶群的多元化。因此，這些新產品現在面向公司有史以來最廣泛的客戶群推出。雖然花了一年時間，但我們最終還是成功了。

Throughout 2025, we continued elevating software and platform integration as core elements of our value proposition. Inseego Connect increasingly became positioned as the management, intelligence and control layer of the wireless edge. We made progress towards more integrated hardware and software solutions and took steps towards greater differentiation at the platform level.

2025 年全年，我們將持續提升軟體和平台整合作為我們價值主張的核心要素。Inseego Connect 逐漸被定位為無線邊緣的管理、智慧和控制層。我們在硬體和軟體解決方案的整合方面取得了進展，並採取措施在平台層面實現更大的差異化。

This laid out the groundwork for deeper software attach and solution-led selling as our portfolio and routes to market continue to expand.

隨著我們的產品組合和市場管道不斷擴展，這為更深入的軟體附加和以解決方案為導向的銷售奠定了基礎。

To highlight the scale of this growth, we entered 2025 with three products offered to two carriers. And entering 2026, we are now in the middle of expanding to six products across all three carriers. In parallel, we've broadened our go-to-market approach in 2025. Along with the expanding and diversifying carrier base, we laid the groundwork for VARs, MSPs, SSPs and MSOs and built the product, commercial and operational capability required to support broader enterprise engagement.

為了凸顯這一成長的規模，我們進入 2025 年時，已經向兩家營運商提供了三款產品。進入 2026 年，我們目前正處於向所有三家營運商擴展產品線至六款產品的階段。同時，我們擴大了 2025 年的市場推廣策略。隨著營運商基礎的不斷擴大和多元化，我們為加值經銷商 (VAR)、託管服務供應商 (MSP)、共享服務供應商 (SSP) 和託管系統營運商 (MSO) 奠定了基礎，並建立了支援更廣泛的企業參與所需的產品、商業和營運能力。

All of this execution was delivered with continued financial discipline. We maintained strong double-digit adjusted EBITDA margins through a transition year, managed costs carefully while funding growth investments and strengthened our capital structure. This demonstrates our ability to invest in growth while maintaining profitability and operating rigor.

所有這些工作的發展都秉持著一貫的財務紀律。在轉型年中，我們保持了兩位數的強勁調整後 EBITDA 利潤率，在為成長投資提供資金的同時，謹慎地控制了成本，並加強了我們的資本結構。這證明了我們有能力在保持獲利能力和營運嚴謹性的同時，投資於成長。

And finally, 2025 was a year of further strengthening the organization. We significantly up-leveled the management team and Board of Directors, added operating depth across product, technology, sales, operations and supply chain from the C level down and built the infrastructure required to support the next phase of growth.

最後，2025 年是進一步加強組織的一年。我們大幅提升了管理團隊和董事會的水平，從高階主管層到基層，在產品、技術、銷售、營運和供應鏈方面都增加了營運深度，並建立了支持下一階段成長所需的基礎設施。

That brings us to 2026. 2025 was a year of building the foundation for long-term growth through disciplined execution of our revised strategy that requires significant product investment. In 2026, we're continuing to make product investments in the first half of the year to drive growth. This also includes increased spend in go-to-market capabilities to ensure the success of new products and platforms we're bringing to market. This is a deliberate need to scale the business.

這就引出了 2026 年。 2025 年是為長期成長奠定基礎的一年，這需要透過嚴格執行我們修訂後的策略來實現，而這需要大量的產品投資。2026年上半年，我們將繼續加大產品投資，以推動成長。這也包括增加對市場推廣能力的投入，以確保我們推向市場的新產品和平台成功。這是為了擴大業務規模而刻意為之。

Looking ahead to 2026, the market backdrop continues to strengthen and expand our opportunity. Enterprises are increasingly prioritizing resilience, always on connectivity with Fixed Wireless Access emerging as a primary connectivity solution. That shift is reinforced by carrier commitments as all major US carriers continue scaling enterprise FWA programs.

展望2026年，市場環境持續走強，為我們帶來更多機會。企業越來越重視網路彈性，始終保持連接，而固定無線接入正成為主要的連接解決方案。營運商的承諾進一步強化了這一轉變，所有主要的美國營運商都在繼續擴大企業級固定無線存取（FWA）計畫的規模。

Industry forecasts reflect this momentum with ABI Research projecting North America enterprise FWA service revenue to grow at a 37% compound annual rate through 2030, expanding from roughly $2 billion to more than $11 billion. We see similar momentum in federal, state and local government, where cellular is supporting distributed operations, public safety and mission-critical connectivity and where security concerns have made US designs an important consideration.

產業預測反映了這一勢頭，ABI Research 預測，到 2030 年，北美企業 FWA 服務收入將以 37% 的複合年增長率增長，從約 20 億美元增長到超過 110 億美元。我們在聯邦、州和地方政府中也看到了類似的趨勢，蜂窩網路正在支持分散式營運、公共安全和關鍵任務連接，而安全問題使得美國的設計成為一個重要的考慮因素。

At the same time, AI-driven workloads and accelerating mobile data traffic are increasing network complexity and raising the importance of performance, visibility and centralized management. As enterprises and governments expand their use of cellular, managing cost, usage and performance becomes as critical as connectivity.

同時，人工智慧驅動的工作負載和不斷增長的行動數據流量正在增加網路複雜性，並提高了效能、可見性和集中管理的重要性。隨著企業和政府擴大對蜂巢網路的使用，成本、使用情況和效能的管理與連結性同樣重要。

Taken together, these dynamics, including the growing convergence of cellular and satellite and continued advances in cloud technologies are elevating the importance of wireless edge and driving demand for integrated platforms that combine connectivity with management and control. This environment aligns directly with Inseego's platform strategy and positions us for our next phase of growth in 2026.

綜合來看，蜂窩網路和衛星網路日益融合以及雲端技術的不斷進步等這些動態因素，正在提升無線邊緣的重要性，並推動對將連接性與管理和控制相結合的整合平台的需求。這種環境與 Inseego 的平台策略直接契合，並為我們 2026 年的下一階段成長奠定了基礎。

Against this backdrop, our core priorities remain consistent. What changes in 2026 is the scale and intensity of execution.

在此背景下，我們的核心優先事項保持不變。2026年將發生變化的是執行的規模和強度。

Compared to 2025, this is a much more front-loaded year with a higher concentration of carrier launches and product introductions in the first half, specifically in Q1. With that in mind, we're entering 2026 focused on five key areas.

與 2025 年相比，今年是前期投入更大的一年，營運商的推出和產品的上市將集中在上半年，特別是第一季。基於此，我們在進入 2026 年時將重點放在五個關鍵領域。

First, we will continue to scale enterprise wireless broadband across FWA and mobile. With all three US Tier 1 carriers now aligned with Inseego, 2026 begins with multiple carrier launches in Q1 and ramps as operations get underway. That requires increased investment early in the year, but the result is a higher carrier-driven revenue run rate, broader channel participation, and continued expansion opportunities as we move into the second half.

首先，我們將持續擴大企業無線寬頻在固定無線存取 (FWA) 和行動領域的覆蓋範圍。隨著三家美國一級航空公司全部與 Inseego 達成合作，2026 年開始，第一季將有多家航空公司推出服務，隨著營運的展開，服務也將逐步擴展。這需要在年初增加投資，但結果是營運商驅動的收入運行率更高，通路參與度更廣，並且隨著我們進入下半年，擴張機會也將持續增加。

Second, we will accelerate portfolio expansion. In the first half alone, we expect to introduce four new products. This includes the rollout of three new MiFi products across all major carriers, the introduction of a new entry tier enterprise FWA offering and expansion into additional verticals. This represents the most comprehensive enterprise wireless portfolio in the company's history with all products managed through a common software interface rather than a stand-alone hardware.

其次，我們將加快投資組合擴張。光是上半年，我們就預計將推出四款新產品。這包括在所有主要營運商中推出三款新的 MiFi 產品，推出新的入門級企業 FWA 產品，以及擴展到其他垂直領域。這代表了該公司歷史上最全面的企業無線產品組合，所有產品均透過通用軟體介面進行管理，而不是透過獨立的硬體進行管理。

Third, we will deepen the software and platform layer. Inseego Connect continues to evolve as the management and intelligence layer of the wireless edge. And in 2026, we will expand its role as our installed base grows rapidly. This allows us to introduce additional services, increase software attach and offer more value to customers and partners through a single integrated management experience.

第三，我們將深化軟體和平台層。Inseego Connect 作為無線邊緣的管理和智慧層，不斷發展演進。到 2026 年，隨著用戶群的快速成長，我們將擴大其作用。這使我們能夠推出更多服務，增加軟體附加功能，並透過單一的整合管理體驗為客戶和合作夥伴提供更多價值。

Fourth, we will broaden routes to market. The investments we've made in products and platforms are already opening doors with new VARs, MSPs, MVNOs and service providers. We are encouraged by early momentum, including progress with MSOs, and we expect partner-led activity to increase meaningfully as new products come to market. More of our growth going forward will be informed by this new expanding partner ecosystem.

第四，我們將拓寬市場通路。我們在產品和平台方面的投資已經為新的增值經銷商、託管服務提供商、行動虛擬網路營運商和服務提供者打開了大門。我們對早期的發展勢頭感到鼓舞，包括與MSO的合作進展，我們預計隨著新產品上市，合作夥伴主導的活動將顯著增加。未來，我們的更多成長將得益於這個不斷擴展的新型合作夥伴生態系統。

Fifth, we will advance our subscriber life cycle management capabilities within Inseego Subscribe. Finally, we will continue to execute with discipline. As we accelerate investment to support carrier ramps, product launches and go-to-market expansion, we remain focused on balancing growth with profitability and long-term margin expansion.

第五，我們將提升 Inseego Subscribe 的使用者生命週期管理能力。最後，我們將繼續嚴謹執行。在加快投資以支持營運商產能提升、產品發布和市場拓展的同時，我們仍然專注於平衡成長與獲利能力和長期利潤率擴張。

Before I get to Q1, I want to briefly address the current memory market dynamic. Overall, as you've all seen, there's a lot of discussion on price increases and supply shortages as the suppliers have pivoted towards AI and data center.

在進入第一季之前，我想先簡單談談當前記憶體市場的動態。總的來說，正如大家所看到的，由於供應商轉向人工智慧和資料中心領域，價格上漲和供應短缺的問題引發了許多討論。

We have done a huge job in securing supply, and I do not see any meaningful impact on our deployments. When it comes to pricing, we've acted early, and we have been able to lock in modest price increases for products in the first part of the year. In addition to this, we're working with our large customers on price increases and cost sharing.

我們在保障物資供應方面做了大量工作，我認為不會對我們的部署產生任何實質影響。在定價方面，我們行動迅速，並已鎖定今年上半年產品價格的適度上漲。除此之外，我們正在與大客戶協商價格上漲和成本分攤事宜。

Let's now talk about Q1. Overall, I'm bullish on 2026. We have more products going to more customers than this company has ever had. Q1 is a transition quarter, and there are several moving parts as we introduce a new mobile product generation and work with new large customers to develop joint go-to-market for FWA.

現在我們來談談問題1。整體而言，我對2026年持樂觀態度。我們現在的產品數量和客戶數量都比公司以往任何時候都要多。第一季是一個過渡季度，由於我們推出了新一代行動產品，並與新的大客戶合作開發 FWA 的聯合市場推廣方案，因此有很多方面都在改變。

While we still expect Q1 to grow year over year, there are three reasons for lower sequential Q1 revenue. First, we have had engineering delays in delivering our new mobile products that have pushed revenue to Q2. Second, one of our large Tier 1 FWA carrier customers has higher than initially expected inventory that they're selling out in Q1. And third, that same Tier 1 carrier recently changed their go-to-market strategy to address a broader set of customers, but causing a short-term disruption on selling logistics.

雖然我們仍然預計第一季營收將年增，但第一季營收季減的原因有三點。首先，由於工程方面的延誤，我們的新行動產品交付出現延誤，導致收入延後到第二季。其次，我們的一家大型一級固定式貨運代理客戶的庫存高於最初預期，他們在第一季就已售罄。第三，這家一級承運商最近改變了其市場策略，以吸引更廣泛的客戶群體，但這在短期內對銷售物流造成了乾擾。

In summary, 2025 was about implementing the strategy I laid out when I joined a year ago and building the foundation for growth.

總而言之，2025 年的目標是落實我一年前加入公司時所製定的策略，並為公司的發展奠定基礎。

Now 2026 is about execution and scale. We're launching more products, ramping more Tier 1 carrier programs, expanding our software platform and broadening our partner ecosystem across MSOs, VARs and MSPs. This is positioning us to drive significant growth as the year progresses and scale Inseego at the enterprise wireless edge. We are energized by the trajectory of the business that we see exiting Q1 and confident in delivering the year.

現在，2026 年的關鍵在於執行和規模。我們正在推出更多產品，擴大更多一級營運商計劃，擴展我們的軟體平台，並拓展我們在MSO、VAR和MSP領域的合作夥伴生態系統。這將使我們能夠在今年實現顯著成長，並在企業無線邊緣擴展 Inseego 的規模。我們對公司第一季末的發展軌跡感到振奮，並對今年的業績充滿信心。

With that, I'll turn over to Steven to walk through the financial results and our outlook in more detail.

接下來，我將把麥克風交給史蒂文，讓他更詳細地介紹財務表現和我們的展望。

Thanks, Juho. Hi, everyone. Thank you for joining us. I'd like to cover three topics today. First, I'll take you through some details on the Q4 and full-year 2025 financial results. Second, I'll provide an update on a material improvement in our capital structure that is adding to stockholder value. And third, I'll share some color on the financial profile of the business and provide guidance for Q1 and look at the full-year 2026. As we always do, we'll wrap up the call by opening up to your questions.

謝謝你，Juho。大家好。感謝您的參與。今天我想談三個話題。首先，我將帶您了解 2025 年第四季和全年的財務表現詳情。其次，我將介紹我們資本結構的一項重大改進，這項改進正在增加股東價值。第三，我將分享一些關於公司財務狀況的細節，並對第一季和 2026 年全年業績進行展望。像往常一樣，我們會在通話結束時回答大家的問題。

In 2025, we delivered three consecutive quarters of sequential revenue growth, culminating in a strong Q4 that exceeded guidance and paired with strong gross margins and disciplined spending, resulted in solid profitability in the form of adjusted EBITDA that was the second highest on an apples-to-apples basis in more than a decade.

2025 年，我們連續三個季度實現了營收環比成長，並在第四季度實現了強勁成長，超越預期。加上強勁的毛利率和嚴格的支出控制，最終實現了穩健的盈利能力，調整後的 EBITDA 為十多年來第二高（按同等條件計算）。

On the top line, total revenue for Q4 was $48.4 million, driven by higher mobile volumes, increased channel activity, continued strength in FWA and a consistent contribution from our Inseego Connect and Inseego Subscribe SaaS offerings. As expected, mobile revenue was strong in Q4 2025 and was driven by a more broad carrier adoption and ordering cadence.

從營收方面來看，第四季總營收為 4,840 萬美元，這主要得益於行動端流量增加、通路活動增多、FWA 業務持續強勁成長以及 Inseego Connect 和 Inseego Subscribe SaaS 產品持續貢獻。正如預期的那樣，2025 年第四季度行動業務收入強勁成長，這得益於營運商更廣泛的採用和訂單節奏的加快。

While FWA revenue declined sequentially from the record Q3 2025, which benefited from new product rollouts at a carrier customer that we discussed last call, FWA revenue in Q4 was up 50% year over year and was driven by the diversification of our carrier customer base and solid channel activity.

儘管 FWA 收入較 2025 年第三季度創紀錄的水平有所下降（該季度受益於我們上次電話會議討論過的一家運營商客戶的新產品推出），但第四季度的 FWA 收入同比增長了 50%，這得益於我們運營商客戶群的多元化和穩健的渠道活動。

Software services revenue was $12 million in Q4, consistent and again providing a stable high-margin contribution to results. For the full-year 2025, total revenue was $166.2 million, reflecting sequential quarterly momentum throughout the year.

第四季軟體服務收入為 1,200 萬美元，與上季持平，再次為業績提供了穩定的高利潤貢獻。2025 年全年總收入為 1.662 億美元，反映了全年各季度持續成長的勢頭。

Moving through the P&L. Non-GAAP gross margin in Q4 2025 was 43%, up 75 basis points sequentially and driven by sales of some high-margin mobile products and the continued contribution from our high-margin SaaS services. For the full-year 2025, non-GAAP gross margin was also 43%, reflecting an overall strong FWA business and our software services contribution and also the highest level of gross margin has been on an apples-to-apples basis in more than a decade.

分析損益表。2025 年第四季非 GAAP 毛利率為 43%，季增 75 個基點，主要得益於一些高利潤率行動產品的銷售以及我們高利潤率 SaaS 服務的持續貢獻。2025 年全年，非 GAAP 毛利率也達到 43%，這反映了 FWA 業務整體強勁增長以及軟體服務貢獻良好，同時也是十多年來毛利率在同等條件下達到的最高水平。

Non-GAAP operating expenses for Q4 were $17 million or 35% of revenue, reflecting the targeted investments in sales and marketing and R&D to support Tier 1 execution and new product launches that we talked about last quarter. As we also talked about and we'll review in a few minutes, we're continuing to make those investments in Q1 2026 to drive both revenue growth and scale as we move through 2026.

第 4 季非 GAAP 營運費用為 1700 萬美元，佔收入的 35%，反映了我們上個季度討論過的，為支持一級執行和新產品發布而對銷售、市場營銷和研發進行的有針對性的投資。正如我們之前討論過的，我們稍後會回顧一下，我們將繼續在 2026 年第一季進行這些投資，以推動收入成長和規模擴大，直至 2026 年結束。

For 2025, non-GAAP operating expenses were $59.4 million or 35.7% of total revenue. Adjusted EBITDA in Q4 2025 came in at $6 million, a 12.4% margin, among the highest dollars and margin percentage also in more than a decade. About $1 million-plus of benefit was from the timing of R&D spend that pushed out of Q4 into Q1 2026 that I'll get to in a moment.

2025 年，非 GAAP 營運費用為 5,940 萬美元，佔總收入的 35.7%。2025 年第四季調整後 EBITDA 為 600 萬美元，利潤率為 12.4%，這是十多年來最高的金額和利潤率之一。研發支出從第四季度推遲到 2026 年第一季度，帶來了超過 100 萬美元的收益，我稍後會詳細介紹。

For the full-year 2025, adjusted EBITDA came in at $20.1 million, representing a 12.1% margin. We see this as an important overall proof point in our ability to invest in growth in the short term while maintaining profitability over the long term.

2025 年全年調整後 EBITDA 為 2,010 萬美元，利潤率為 12.1%。我們認為這是證明我們有能力在短期內投資成長，同時在長期內保持獲利能力的重要證據。

Turning to the balance sheet. We ended Q4 with $24.9 million in cash, a very manageable debt balance of $41 million or approximately 2 times LTM adjusted EBITDA. The strong cash finish to the year was a function of a combination of favorable outcomes on customer payments, inventory dynamics and strong working capital management by the team. Overall, the balance sheet strength underpins how we run the business and leads directly to my second topic, our capital structure.

接下來看一下資產負債表。在第四季末，我們擁有 2,490 萬美元現金，債務餘額為 4,100 萬美元，非常可控，約為過去 12 個月調整後 EBITDA 的 2 倍。今年現金流強勁成長，得益於客戶付款的良好結果、庫存動態以及團隊強大的營運資金管理。總而言之，資產負債表的穩健性是我們經營業務的基礎，並直接引出了我的第二個主題：我們的資本結構。

Last month, on January 14, we retired 100% of our outstanding preferred stock. It had a liquidation preference of $42 million as of December 31, 2025, and we exchanged it for $26 million of aggregate consideration, representing a 38% discount that immediately accrued to common stockholders. Total consideration consisted of $10 million in cash, $8 million in additional senior secured notes and approximately 767,000 shares of common stock.

上個月，也就是 1 月 14 日，我們贖回了 100% 已發行的優先股。截至 2025 年 12 月 31 日，該資產的清算優先權為 4,200 萬美元，我們以 2,600 萬美元的總對價將其交換，相當於普通股股東立即獲得的 38% 的折扣。總對價包括 1,000 萬美元現金、800 萬美元額外優先擔保票據和約 767,000 股普通股。

The cash is paid in three equal installments, one-third or $3.3 million was paid at closing, one-third will be paid six months following closing and the remaining one-third will be paid 12 months after closing. This transaction represents another purposeful initiative to simplify and strengthen our capital structure. By retiring the preferred at a meaningful discount to its liquidation preference, we reduced long-term obligations, improve balance sheet quality and immediately enhanced common stockholder value.

現金分三期等額支付，三分之一（即 330 萬美元）在交割時支付，三分之一將在交割後六個月支付，剩餘的三分之一將在交割後 12 個月支付。此次交易是我們為簡化和加強資本結構而採取的另一項旨在實現目標的舉措。透過以遠低於清算優先權的價格贖回優先股，我們減少了長期債務，提高了資產負債表質量，並立即提升了普通股股東價值。

The preferred stock was held by an affiliate of Mubadala Capital. And so as a result of the exchange, they now hold the position in our common stock. We're pleased to have them in the value creation going forward as a long-term common shareholder.

該優先股由穆巴達拉資本的關聯公司持有。因此，透過此次交易，他們現在持有我們普通股的股份。我們很高興他們能作為長期普通股東參與未來的價值創造。

With that context on our capital structure, let's now turn to our thoughts on the business and financial guidance for Q1 and the full-year 2026. As we discussed on the last call, we started investing meaningfully going into Q4 2025 in new product development and go-to-market capabilities to drive revenue growth in 2026. We're committed to and expect to deliver that revenue growth outcome.

在了解了我們的資本結構之後，現在讓我們來看看我們對 2026 年第一季和全年業務及財務指引的看法。正如我們在上次電話會議上討論的那樣，我們從 2025 年第四季開始，對新產品開發和市場推廣能力進行了大量投資，以推動 2026 年的營收成長。我們致力於實現並期望達成此營收成長目標。

We also talked on the last call how 2026 would be front-loaded with spend in the first few months impacting profitability to similarly support carrier ramps, multiple product launches and overall portfolio expansion. Importantly, with the now expanded carrier customer base, that spend positions us to scale the business, drive operating leverage and deliver profitability improvement in the second half of the year.

我們還討論了 2026 年將如何提前幾個月投入資金，從而影響盈利能力，以支持運營商的產能提升、多款產品的推出和整體產品組合的擴張。重要的是，隨著營運商客戶群的擴大，這筆支出使我們能夠擴大業務規模，提高營運槓桿，並在今年下半年實現盈利能力的提升。

To add more color on the revenue profile, as we've seen historically, Q1 has been a baseline quarter for the year from a revenue perspective, where Q1 has been down from Q4 for three of the last four years. We see this dynamic for Q1 and 2026, albeit for three specific factors.

為了更詳細說明收入情況，正如我們從歷史數據中看到的那樣，從收入的角度來看，第一季一直是全年的基準季度，在過去四年中，有三年第一季的收入都低於第四季度。我們看到，第一季和 2026 年都出現了這種動態，儘管主要取決於三個因素。

First, the second half of 2025 benefited nicely and particularly from a strong ramp of our new FX4100 FWA product with a Tier 1 carrier and from elevated mobile volumes driven by carrier promotions. Second, we have a Tier 1 FWA customer who went through a sizable company reorg and business realignment, as Juho mentioned, that impacted Q1 volumes and timing. And third, our new MiFi portfolio is set to launch late in Q1 2026, delayed from our initial target date, but that's setting up to drive a meaningful contribution beginning in Q2.

首先，2025 年下半年受益匪淺，特別是得益於我們與一級營運商合作推出的新型 FX4100 FWA 產品強勁成長，以及由營運商促銷活動推動的行動業務量增加。其次，正如 Juho 所提到的，我們有一位一級 FWA 客戶經歷了大規模的公司重組和業務調整，這影響了第一季的銷售和時間表。第三，我們的新 MiFi 產品組合計劃於 2026 年第一季末推出，比我們最初的目標日期有所延遲，但這將為從第二季度開始做出有意義的貢獻奠定基礎。

And so while Q1 2026 revenue is lighter than desired on new product rollouts and transitions, we remain very positive on the outlook for both mobile and FWA in 2026 as we execute with our Tier 1 carriers and continue expanding our routes to market through SSPs and VARs.

因此，儘管由於新產品推出和轉型，2026 年第一季的收入低於預期，但我們對 2026 年行動和 FWA 的前景仍然非常樂觀，因為我們與一級營運商合作，並透過 SSP 和 VAR 繼續擴大我們的市場管道。

Looking at non-GAAP gross margin, we expect Q1 to reflect a lower mobile revenue margin, partially offset by a return to solid gross margin contribution on FWA and consistent software services. Total non-GAAP operating expense dollars are expected to increase modestly sequentially in Q1 2026 on the P&L and more so in total dollar spend in Q1 due to two drivers.

從非GAAP毛利率來看，我們預期第一季行動業務營收毛利率將有所下降，但FWA業務和軟體服務業務恢復穩健的毛利率貢獻將部分抵銷此影響。預計 2026 年第一季非 GAAP 營運支出總額將較上季小幅成長，主要受以下兩個因素影響：第一季總支出金額的成長幅度更大。

First, as I mentioned, R&D spend originally planned for Q4 2025 shifted out to Q1 2026 on adjustments in product delivery timing. That shift out in spend resulted in more than $1 million of higher adjusted EBITDA in Q4 2025 and a corresponding higher spend level, therefore, now in Q1 2026. This funding of new product build-outs will also be seen in higher levels of capitalized R&D in the quarter as we've discussed. The second dynamic driving higher current spend in Q1 is the investments in sales and marketing that we've been talking about as part of the 2026 growth driver investment.

首先，正如我之前提到的，原計劃在 2025 年第四季進行的研發支出，由於產品交付時間的調整，推遲到了 2026 年第一季。支出轉移導致 2025 年第四季調整後 EBITDA 增加超過 100 萬美元，因此，2026 年第一季的支出水準也相應提高。正如我們之前討論過的，對新產品開發的資金投入也將在本季體現在更高的研發資本投入水準上。推動第一季當前支出增加的第二個因素是我們在 2026 年成長驅動投資計畫中提到的銷售和行銷投資。

Pulling this all together, we're providing the following guidance for Q1 2026. Total revenue in a range of $33 million to $36 million and adjusted EBITDA in a range of $1 million to $2 million.

綜合以上所有因素，我們對 2026 年第一季做出以下預測。總收入在 3,300 萬美元至 3,600 萬美元之間，調整後 EBITDA 在 100 萬美元至 200 萬美元之間。

Overall, looking back at 2025, we see a similar dynamic for 2026 of growth and profitability coming off of Q1, growing in Q2, growing in Q3 and growing in Q4, with the important difference that there's now a foundation of a more diversified customer base and product portfolio, along with a rightsized balance sheet that provides important flexibility. And so on that strong foundation, we're also providing guidance for the full-year 2026 for total revenue of approximately $190 million.

總體而言，展望 2025 年，我們看到 2026 年的增長和盈利能力與 2025 年類似，即第一季度增長，第二季度增長，第三季度增長，第四季度增長，但重要的區別在於，現在有了更加多元化的客戶群和產品組合的基礎，以及規模合理的資產負債表，這提供了重要的靈活性。因此，基於這項堅實的基礎，我們也對 2026 年全年總收入做出預測，預計約 1.9 億美元。

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

在此，我們感謝您的時間和支持，並很高興開始接受提問。操作員？

(Operator Instructions) Scott Searle, ROTH Capital.

（操作說明）斯科特·塞爾，ROTH Capital。

Nice job on the fourth quarter and really nice to see the diversified customer base and product portfolio building over the course of '26.

第四季表現出色，很高興看到在 2026 年期間客戶群和產品組合不斷多元化發展。

Maybe just to start, Steven, I wanted to dive in quickly on the memory front. I know you had some comments in terms of your opening monologue, but it sounds like you guys are managing that pretty well. I'm wondering if you could detail that a little bit more in the first half of this year. It sounds like it's going to be a shared burden with your MNO customers going forward.

史蒂文，或許我們可以先快速切入正題，談談記憶體方面的問題。我知道你對開場獨白有一些意見，但聽起來你們處理得相當不錯。我想知道您能否在今年上半年更詳細地介紹一下這方面的情況。聽起來今後這將是你們和行動網路業者客戶共同承擔的負擔。

And then as it relates to the 2026 guidance, certainly implies things ramping up over the course of the year. As you articulated, it averages out to like $50 million a quarter. So that's a pretty big step up. I'm wondering, given the expected time lines and product introductions, what the comfort level and visibility that you have to that?

至於 2026 年的指導意見，這無疑意味著在這一年中各項工作將逐步推進。正如你所說，平均下來每季大約是 5000 萬美元。所以這算是一個相當大的進步。考慮到預期的時間表和產品推出計劃，我想知道您對此的信心程度和可見度如何？

And a lot of moving parts from an OpEx standpoint and gross margin standpoint, Steven. I'm wondering if you could give us a little bit of guidance about how we should be thinking about adjusted gross margins -- excuse me, adjusted EBITDA margins in the second half of the year?

史蒂文，從營運成本和毛利率的角度來看，有很多環節都在變動。我想請教一下，在下半年我們該如何看待調整後的毛利率——抱歉，是調整後的 EBITDA 利率？

Yeah, sure. In a sense -- I will tag team. Juho and I on a good chunk because certainly on the memory part that Juho was talking about. And the short answer on the first part, Scott, is that on memory, we're pretty well locked in for Q1 certainly and really most of the first half of the year, and we'll get to that if you want to --

當然可以。從某種意義上來說——我會和別人搭檔。我和 Juho 有相當一部分共同點，因為肯定包括 Juho 所說的記憶部分。關於第一部分，斯科特，簡而言之，就內存而言，我們第一季以及上半年的大部分時間都基本確定了，如果你想了解更多，我們可以再詳細討論。--

Maybe the big thing, Scott, on the memory -- and thanks for the great question, really is that we have so much new exciting products and customers ramping in first half. And I wanted to make sure that we have sufficient buffer to also capture upside, channel fill, all of that good stuff.

斯科特，關於內存方面，也許最重要的一點——感謝你提出的好問題——是我們上半年有很多令人興奮的新產品和客戶正在迅速增長。而且我還想確保我們有足夠的緩衝空間來捕捉上漲行情、通道填充等所有這些好東西。

So from a memory standpoint of view, as we were doing that, we realized, somewhere around six months ago, that the memory market is going to get tight. So we took the appropriate actions. So I feel good about the first-half inventory situation as well as the pricing environment.

所以從記憶體的角度來看，大約六個月前，我們在進行記憶體市場開發時意識到，記憶體市場將會變得緊張。因此我們採取了相應的措施。因此，我對上半年的庫存狀況以及定價環境都感到滿意。

Awesome. And then good question, Scott, quite a few of them on the dynamic guidance. But the crux of what you're saying in our view is that, yes, things ramp quite quickly so that the Q2 -- we gave guidance, obviously, for the year, but the math, if you just sit there pretty back of the envelope, you would see that Q2 ramps to the high 4s, and then you would expect Q3 and four to have a 5 handle on it. Like yeah, like that's how -- that's the math that gets you to $190 million. And so we get that. And so you -- in our view, you're thinking about it, right?

驚人的。史考特，你問得好，動態引導方面有很多問題。但我們認為，你所說的關鍵在於，是的，事情進展得相當快，所以第二季度——我們顯然給出了全年的業績指引，但如果你只是粗略地估算一下，你會發現第二季度會達到400萬左右，然後你會預期第三季度和第四季度會達到500萬左右。沒錯，就是這樣——就是用這種方法算出來的，這樣就能算出 1.9 億美元。所以我們就得到了這個結果。所以，在我們看來，你正在考慮這個問題，對吧？

And a similar dynamic, which is consistent with what we've talked about probably for the last 1.5 quarters which is EBITDA is the lightest in Q1 and then starts to grow and scale as we go into Q2 and then certainly in Q3 and Q4, where we said the average for the year doesn't really exist in nature, right? The first half of the year is at a lower rate and then the second half of the year is at a much higher rate, and we're exiting the year at a nice dollar amount of EBITDA and margin percentage.

類似的動態也與我們過去 1.5 個季度一直在討論的情況一致，即 EBITDA 在第一季度最低，然後隨著我們進入第二季度，EBITDA 開始增長和擴大，然後在第三季度和第四季度肯定會增長，我們說過，在自然界中，年度平均值並不存在，對吧？上半年成長率較低，下半年成長率較高，到年底我們實現了可觀的 EBITDA 金額和利潤率。

Let me pause there. Does that hit up what you were asking about?

我先停一下。這是否回答了你之前的問題？

That's perfect. And if I could just quickly tack on. Juho, there's been a lot of dynamic changes within the industry, I think, from a competitive standpoint. I'm wondering if you could give us some thoughts in terms of how you see your share shifting over the course of 2026. A lot of moving currents, I think, competitively in the mobile hotspot market.

那很完美。如果我能再補充一點就好了。Juho，我認為從競爭的角度來看，這個產業內部發生了許多動態變化。我想請您談談您認為貴公司在 2026 年的市佔率將如何變化。我認為，行動熱點市場的競爭格局瞬息萬變。

But then also, if you can provide a little bit of color in terms of some of the new product portfolio. Is that mostly going to be MiFi? Are there some other products that we should be expecting to see in new categories potentially taking us in international markets in the second half of the year?

此外，如果您還能就一些新產品組合提供一些細節的介紹就更好了。主要會是MiFi嗎？今年下半年，我們是否應該期待看到一些新的產品類別，這些產品可能會將我們帶入國際市場？

Scott, excellent questions. So I'll start with the mobile part. What I'm super excited is that we'll have now all three large carriers launching our new mobile generation. And like we discussed in the prepared remarks, we were hoping to see that earlier in Q1, but it will now take place towards the latter part of Q1.

史考特，問得好。那我就先從行動裝置部分開始吧。我最興奮的是，現在三大營運商都將推出我們的新一代行動通訊產品。正如我們在準備好的演講稿中所討論的那樣，我們原本希望在第一季早些時候看到這種情況，但現在它將在第一季後期發生。

But the thing with mobile is that it's a predictable run rate business. Think of it like a light switch. Once you launch the product, you get the share in the category. All three of them are also positioned in a higher-volume segment than where you've seen us historically. So I feel really good about the MiFi volume. And I think I've been fairly open about it.

但行動業務的特點在於其運行速度是可預測的。把它想像成一個電燈開關。產品一旦上市，你就能獲得該品類的市佔率。這三款產品都定位在比我們以往所處的市場規模更大的細分市場。所以我對MiFi的音量非常滿意。而且我覺得我在這件事上一直都相當坦誠。

Look, I think in mobile or in hotspot, our job really is to go and consolidate the market. And these three across all three is a huge, huge milestone. I also see opportunity towards the latter part of the year or going forward in expanding a hotspot. There's also a value segment. And I also believe there's a great opportunity in the premium segment.

我認為，在行動或熱點領域，我們真正的任務是去整合市場。這三個指標同時取得這樣的成績，是一個巨大的里程碑。我也看到了在今年下半年或未來一段時間擴大熱點地區的機會。此外，還有價值型細分市場。而且我認為高端市場也蘊藏著巨大的機會。

So mobile, we innovate the category. We're huge fans of, and we look forward to continuing investing and growing in that.

因此，我們在行動領域進行了創新。我們非常喜歡這個領域，並期待繼續投資和發展。

I believe your second question was then on the portfolio. So I already described the mobile part of the story. Like you know, in FWA, today, we have, if you think good, better, best. We have the better with the FX4100 that we launched about 9, 10 months ago. We recently introduced FX4200, which is the best. And now what we're going to roll out during the first half is an entry-level, yet enterprise grade, same manageability, everything you know us for, but a lower tier router.

我相信你當時的第二個問題是關於投資組合的。我已經描述了故事中移動端的部分。你知道，在 FWA 中，如今我們有好、更好、最好這三個等級。我們推出的 FX4100 性能更好，這款產品大約在 9、10 個月前上市。我們最近推出了FX4200，它是最好的。現在，我們將在上半年推出一款入門級但企業級的產品，它擁有同樣的易管理性，具備我們所熟知的一切，但它是一款低端路由器。

So we'll complete this good, better, best for SMB, enterprise, call it, carpeted environments. And then, of course, there's a lot of other attractive verticals. So that would be my summary on the immediate portfolio expansion.

所以我們將完成這個針對中小企業、大型企業，或是地毯式環境的良好、更好、最佳選擇。當然，還有許多其他有吸引力的垂直領域。以上就是我對近期投資組合擴張的總結。

Tyler Burmeister, Lake Street.

泰勒·伯梅斯特，湖街。

So as we think about the 2026 guide across your mobile and your FWA businesses, the FWA side of the business continues to gain momentum and you kind of highlighted the mobile side of the business as being stable. Just wondering with the new customer ramping this year and mobile coming off a softer '25 and different dynamics, should we still expect the Fixed Wireless Access side to be a relatively larger contribution to growth this year?

因此，當我們考慮 2026 年行動和 FWA 業務指南時，FWA 業務方面繼續保持成長勢頭，而您則強調行動業務方面保持穩定。考慮到今年新客戶數量的成長，以及行動業務在 2025 年表現疲軟且市場動態發生變化，我們是否仍應該預期固定無線存取業務今年將對成長做出相對更大的貢獻？

Awesome. Thanks, Tyler. We'll tag team as usual. So we expect mobile and FWA both to grow on a revenue basis in 2026 for albeit different reasons, right? Fixed pie, if you will, on mobile, growing pie on FWA.

驚人的。謝謝你，泰勒。我們將像往常一樣搭檔合作。因此，我們預計到 2026 年，行動和固定無線存取 (FWA) 的收入都會成長，儘管原因不同，對嗎？（如果可以這麼說的話）在行動裝置上是固定的圓餅圖，在 FWA 上是不斷增長的餅圖。

So you all share all the thoughts on that. And on both the revenue and customer base. So short -- just to make sure you said flat, but it's a growth driver, both of them.

所以你們都抱持著相同的看法。無論從營收或客戶數量來看都是如此。所以很短——只是為了確認你說的是“平坦”，但它們都是成長的驅動因素。

Yes. The one thing I would add here or highlight is that, like I mentioned when I was answering Scott's earlier question, there's plenty of room to grow in mobile, and we're going to go as fast as we can, and that pony will do extremely well. At the same time, FWA on the back of the portfolio expansion, the customer expansion is going to be also a great story in 2026.

是的。我在這裡想補充或強調的一點是，就像我在回答 Scott 之前的問題時提到的那樣，移動領域還有很大的發展空間，我們將盡最大努力快速發展，而這匹小馬駒將會表現得非常出色。同時，隨著產品組合的擴展，FWA 的客戶拓展在 2026 年也將成為一個大故事。

So if you look at 2026, we'll see which one of these two categories ends up running faster. But if you take the long-term view, the FWA TAM for mobile. Also, now with these product introductions, our share in mobile will significantly grow. So if you take a longer-term view, it will be in -- the mix will be in favor of FWA.

所以，展望 2026 年，我們將看到這兩個類別中哪一個最終發展得更快。但從長遠來看，FWA TAM 適用於行動裝置。此外，隨著這些產品的推出，我們在行動領域的市場份額將顯著增長。所以從長遠來看，FWA 將會佔優勢。

That's great. And then we talked maybe a little bit less about the MSO and the distribution channel opportunities on this call.

那太棒了。然後，我們在這次電話會議上可能稍微少談了MSO和分銷管道的機會。

So I was just wondering, as we look out this year, could we possibly hear some announcements or start seeing maybe some more meaningful contributions from those customer groups this year? Is that maybe a little bit further out opportunity for you guys?

所以我想知道，展望今年，我們是否有可能聽到一些公告，或是開始看到這些客戶群做出一些更有意義的貢獻？對你們來說，這或許是個稍微遠一點的機會？

Thanks, Tyler. I think that's a fantastic question. So -- and I'm sure you're asking because I've been mentioning in my remarks, and I have been talking about it a little bit already.

謝謝你，泰勒。我覺得這個問題問得非常好。所以——我知道你們一定會問這個問題，因為我在發言中已經提到過，也已經稍微談過這件事了。

Look, to me, the MSOs, whether it's cable or fiber, many of these guys actually have cellular assets as well, right? They're kind of like a carrier. So like I would even put them in the same bucket as the large -- three large carriers, and there's brilliant FWA use cases with the MSOs, starting with failover, day 1, all of that.

在我看來，MSO（多系統運營商），無論是有線還是光纖，許多運營商實際上也擁有蜂窩網路資產，對吧？它們有點像載體。所以，我甚至會把它們和三大運營商歸為一類——MSO 有三個大型運營商，而且 MSO 有非常棒的 FWA 用例，從故障轉移開始，第一天就如此。

And we've done massive investment in both products where the FX4200 is actually the ideal, I'll call it, router platform for that use case, but also in our cloud with deep understanding of those use cases. So MSO is definitely something where I expect that we'll have great discussions as the year progresses.

我們對這兩款產品都進行了大量投資，其中 FX4200 實際上是該用例的理想路由器平台，我們對雲端也進行了大量的投資，因為我們對這些用例有著深刻的理解。因此，我預計隨著今年的推進，MSO 將會是我們將進行深入探討的議題。

The VAR and the managed service provider, let's call this the channel, this is a different type of an animal. Now you have a fairly fragmented set of partners. By the way, I did mention or I should mention that the three large value-added resellers, CDW, Insight -- and I can't believe I'm flagging on a third one now, are all going to launch -- we've already introduced programs. They're all stocking the FX4200 as of late last year. That is going to be a steady ramp.

VAR 和託管服務提供者，我們姑且稱之為頻道，這是一種不同的模式。現在你的合作夥伴群體相當分散。順便提一下，我之前提到過，或者應該提一下，三家大型增值經銷商，CDW、Insight——我簡直不敢相信我現在又提到了第三家——都將推出——我們已經推出了相關計劃。從去年年底開始，他們所有門市都開始銷售FX4200。這將是一個穩定上升的過程。

It's a little bit like the FWA. So these large guys, whether they are the carriers or the MSOs, they will drive big immediate volume uplift. The VARs and the MSPs in the long term become significant growth driver for us, but will be a slower burn. The third large value reason, of course, is SHI.

這有點像 FWA。因此，這些大型企業，無論是航空公司或MSO（多系統營運商），都將立即推動貨運量大幅成長。從長遠來看，加值經銷商 (VAR) 和託管服務提供者 (MSP) 將成為我們重要的成長驅動力，但成長速度會比較慢。當然，第三個重要原因是SHI。

Did I answer your question?

我回答你的問題了嗎？

Yeah. That's great.

是的。那太棒了。

Christian Schwab, Craig-Hallum Capital Group.

Christian Schwab，Craig-Hallum Capital Group。

Good quarter, and congrats on all the deals. As we look at the software business, you have one customer who's a material percentage of that software and services revenue. Is there an opportunity with the other two customers to deploy a similar program as your historical leading customer?

本季業績不錯，恭喜你們達成了所有交易。當我們審視軟體業務時，會發現有一個客戶貢獻了軟體和服務收入的很大一部分。是否有機會與其他兩位客戶合作，實施與您以往領先客戶類似的計畫？

Christian, thanks for joining us. Actually, I'll answer both aspects of the software business. Let me start with the Inseego Connect, which is our device management platform, orchestration platform.

克里斯蒂安，謝謝你加入我們。實際上，我會回答軟體產業的這兩個面向。首先讓我介紹一下 Inseego Connect，這是我們的裝置管理平台和編排平台。

One of the really important things that we've implemented now, especially with the FX4200, but much broader is that since we've made that investment over 2025, in creating a world-class device management platform with great differentiation capability, our go-to-market motion has really changed on the routers. It really is a solution first sale attach rate, but also the value capture is growing.

我們現在實施的一項非常重要的舉措，尤其是在 FX4200 上，但更廣泛地說，是因為我們已在 2025 年投入資金，打造了一個具有強大差異化能力的世界級設備管理平台，我們在路由器領域的市場策略也發生了真正的變化。這確實是一個解決方案，不僅提高了首次銷售附加率，而且價值獲取也在不斷增長。

The installed base, of course, takes time to grow. But again, here, if you take a multiyear view, Inseego Connect is a really important part of our story. It also provides other service opportunities for us where we can expand, as you might imagine.

當然，用戶基數的成長需要時間。但話說回來，從多年的角度來看，Inseego Connect 是我們發展歷程中非常重要的一部分。正如您所想，它也為我們提供了其他可以拓展業務的服務機會。

If you look at the subscriber life cycle management platform, yes, for sure. We've done significant investment here as well, and we're looking at from a business development standpoint of view, expansion opportunities. It really does have a unique feature set, especially if you go into the Fed and government space where you have a lot of compliance, a lot of complexity in terms of how you manage those customers, and there are significant benefits for carriers, broadly speaking, to leverage that platform.

如果你查看用戶生命週期管理平台，答案是肯定的。我們在這裡也進行了大量投資，並且從業務發展的角度來看，我們正在尋求擴張機會。它確實具有獨特的功能集，尤其是在聯邦和政府領域，那裡有許多合規要求，在客戶管理方面也非常複雜，總的來說，營運商利用該平台可以獲得顯著的好處。

Great. I guess my second question, with the broadening base out of all three carriers, there seems to be a greater industry focus on enterprise class Fixed Wireless Access versus just residential. From a bigger picture standpoint, do you believe any of this has to do with Industry 4.0 initiatives or greater acceleration finally of private 5G networks by the carriers and their thoughts?

偉大的。我的第二個問題是，隨著三大業者用戶群的擴大，業界似乎更加關注企業級固定無線接入，而不僅僅是住宅用戶。從更宏觀的角度來看，您認為這一切是否與工業 4.0 計劃或運營商最終加速推進私有 5G 網路及其相關想法有關？

So there was an immediate gold rush in FWA when 5G merged to consumer. The problem with consumer is the ARPU and the consumption profile. Very, very data demanding, massive consumption profile and you're competing against cable and other value props for the consumer.

因此，當 5G 進入消費市場時，FWA 領域立即出現了淘金熱潮。消費者的問題在於每用戶平均收入（ARPU）和消費模式。數據需求量非常大，消耗量龐大，而且你還要與有線電視和其他提供類似價值主張的服務來爭取消費者。

Enterprise, on the other hand, has a very rich ARPU profile. And if you think about it, the usage profile is completely the opposite of the consumer because you'll be working through the day, you maybe should not be streaming Netflix at the office. So just like from the basic dynamic standpoint of view, very favorable from a carrier P&L standpoint of view.

另一方面，企業級用戶的 ARPU 數據非常豐富。仔細想想，使用者的使用習慣與一般消費者完全相反，因為你白天要工作，可能不應該在辦公室看 Netflix。所以從基本的動態角度來看，從營運商的損益角度來看，這是非常有利的。

There has been a significant constraint on the industry, and it really has been spectrum. So C-band when the auction happened, launched a massive wave of FWA expansion. There was a recent acquisition that one of the carriers made that you're very much familiar with. And all of a sudden, FWA and especially the business or enterprise segment became top of mind because now you have the capacity to go there, and it has the highest ARPU.

該產業一直面臨一個重大限制因素，那就是頻譜。因此，當 C 波段發生拍賣時，掀起了一股大規模的 FWA 擴張浪潮。最近，其中一家航空公司進行了一項收購，你對此非常熟悉。突然之間，FWA，尤其是企業或公司細分市場，成為了人們關注的焦點，因為現在你有能力進入這個領域，而且它的平均每用戶收入最高。

So one of the really foundational things that we believe in is that cellular will take over the world in two ways. One, 5G performance is now broadband like as opposed to 4G. 6G is yet again another 10 times faster. So you could make the case where now cellular should become the primary and there shouldn't be a discussion around it. It will also release massive amounts of spectrum, massive amounts of capacity when you can utilize higher on auction spectrum assets that are still out there yet to be deployed.

因此，我們堅信的一個真正基礎的觀點是，細胞技術將以兩種方式統治世界。第一，5G 的性能現在已經達到寬頻水平，而不再像 4G 那樣了。6G 的速度又比以前快了 10 倍。所以你可以提出這樣的論點：現在蜂窩網絡應該成為主要網絡，不應該再對此進行討論。它還將釋放大量的頻譜和容量，因為您可以利用拍賣頻譜資產中尚未部署的更高價值資源。

And then look from an enterprise end-customer standpoint of view, super easy to deploy, single management interface. You don't need to worry which of your location to get fiber or cable or how do you patch all of that together. So I think there's a lot of benefits that will continue to accelerate enterprise FWA. And that was one of the data points I was sharing is this 30 -- high-30s CAGR on service provider revenue increase in the enterprise FWA.

從企業終端客戶的角度來看，部署超級簡單，單一管理介面。您無需擔心應該在哪個位置鋪設光纖或電纜，或如何將它們連接起來。所以我認為這有很多好處，將繼續加速企業級 FWA 的發展。我分享的數據點之一是企業 FWA 服務供應商收入成長的複合年增長率達到 30% 以上。

Lance Vitanza, TD Cowen.

蘭斯·維坦扎，TD Cowen。

I've got a couple, if I could. The first is it's good to have Verizon back in the fold. That said, I do wonder what this means, if anything, for the variability of results going forward. I'm just wondering beyond the initial rollout, just looking ahead here, do you expect this to -- I mean will your visibility be better or worse off for having Verizon back in the mix relative to working with AT&T and T-Mobile?

如果可以的話，我有幾個。首先，Verizon 回歸是件好事。話雖如此，我確實想知道這對未來結果的變異性意味著什麼（如果有的話）。我只是想問，除了最初的推廣之外，展望未來，您認為——我的意思是，與和 AT&T 和 T-Mobile 合作相比，Verizon 的回歸會讓您的知名度更高還是更低？

That's an FWA question, I take it, Lance.

我猜這是個 FWA 問題，蘭斯。

Yes.

是的。

So the way to look at it is that -- I kind of go back to my previous answer. There's a strong economic incentive. All three players have made the statement that they're investing in FWA for enterprise. Where we got with our existing large customer, it took a couple of product generations, and it took some time to develop the co-selling motion and to be able to drive that kind of volume uplift.

所以，看待這個問題的方式是──我還是回到我之前的回答。這其中存在著強烈的經濟動機。這三家公司都已聲明，他們將投資FWA（固定無線存取）技術以發展企業級應用。我們與現有大客戶取得的成績，經歷了幾個產品世代，也花了一些時間來發展聯合銷售模式，並最終實現了銷量的大幅提升。

So at this early stage, I can't really tell you like how fast each of these opportunities will grow. But I think we have very reasonable expectations, reasonable expectations that inform the guide for 2026 that Steven was sharing.

所以在現階段，我真的無法告訴你這些機會中的每一個會發展得有多快。但我認為我們有非常合理的預期，這些合理的預期為史蒂文分享的 2026 年指南提供了基礎。

Okay. Great. And then -- so just to sort of go back to Scott's question about the full-year EBITDA outlook. If I'm doing the math right, I think you put up about a 12.1% EBITDA margin for 2025. Should we be thinking about 2026 as kind of being in and around the same ZIP code?

好的。偉大的。然後——所以，回到 Scott 關於全年 EBITDA 展望的問題。如果我計算沒錯，我認為你們2025年的EBITDA利潤率約為12.1%。我們是否應該把 2026 年看作是在同一個郵遞區號區域內或附近？

Or could there be upside or potential downside maybe for investment spend and so forth? How should we think about that relative to margin profile year over year on the EBITDA line?

或者，投資支出等方面是否有上漲或下跌的風險？我們該如何看待 EBITDA 指標較去年同期的變動？

Good question. Similar outcome, Lance. And so far as the answer for the year doesn't really exist in nature because we would expect to exit 2026 at those levels you're saying, at the higher levels, kind of where we are now-ish. But the first part of the year is going to be a bit lower.

問得好。結果也差不多，蘭斯。至於今年的答案，自然界中實際上並不存在，因為我們預計到 2026 年底，價格會達到你所說的水平，也就是更高的水平，差不多就是我們現在所處的水平。但今年上半年會略低。

So the average for the year is somewhere in between that's not really existing. So if it's -- you can see the math for Q1, right? So if the first half of the year is single digits and the second half of the year is getting into a decent double digit, you'll do the math on the average. But the short answer is the rates that we're at, we would expect to be seeing in the second half and exiting the year for sure.

所以，全年的平均值介於兩者之間，實際上並不存在。所以如果是這樣的話——你可以看到 Q1 的計算過程，對吧？所以，如果上半年是個位數，下半年達到了不錯的兩位數，那麼你就要計算平均值。但簡而言之，我們預計下半年以及年底的利率都會維持目前的水平。

Perfect. Understood. And maybe just one last one for me. And just sort of thinking a little bit longer term, is double-digit revenue growth sort of sustainable over the next few years, do we think? Or should we be sort of thinking I'm not expecting guidance here.

完美的。明白了。也許最後我還能再來一杯。從更長遠的角度來看，我們認為未來幾年兩位數的營收成長是否可持續？或者我們應該這樣理解：我並不指望在這裡得到指導。

I'm not expecting that '27 will necessarily look as robust as 2026. But will those years -- will we continue to see robust growth, do you imagine? Or does 2026 sort of bring us back to kind of more of a new plateau level would you expect?

我並不認為 2027 年的情況會像 2026 年那樣強勁。但你認為未來幾年——我們還能繼續看到強勁成長嗎？或者說，你認為2026年會讓我們回到一個新的平穩水平嗎？

Of total revenue growth? You're saying, hey, can you grow total revenue at double digits in the next couple of years?

總收入成長？你是說，嘿，你們能在未來幾年內實現總收入兩位數的成長嗎？

Correct. Yes.

正確的。是的。

Yeah, we can. I think we said that at the end of last year as we're setting up for this year. And candidly, the growth profile for 2026 is a nice double digit with a pretty low week lane we might say internally, Q1. And so if we're pulling that off in a year where we're ramping a whole bunch of new products and transitioning, right, we're going from a company that was one product, one customer to many products, all three carriers, and we're doing that all this quarter. So like that's a big deal.

是的，我們可以。我想我們在去年年底為今年做準備的時候就說過這件事了。坦白說，2026 年的成長前景是兩位數，而且第一季的周線相當低，我們內部可能會這麼說。因此，如果我們要在今年推出大量新產品並進行轉型，那麼我們就是從一家只有一種產品、一個客戶的公司，發展成為一家擁有多種產品、服務所有三家運營商的公司，而我們整個季度都在進行這項工作。所以這可是件大事。

And once that gets up and running, like that's a really nice model. And so a little probably long-winded, but the short answer is yes, we do believe that's a double-digit growth for the next several years.

一旦它運轉起來，那將是一個非常好的模式。所以，雖然可能有點囉嗦，但簡而言之，是的，我們相信未來幾年將保持兩位數的成長。

This concludes our question-and-answer session. I would like to turn the call back over to management for any closing remarks.

我們的問答環節到此結束。我想把電話轉回給管理階層，請他們作總結發言。

Thank you for the great questions and for joining us today. Steven and I will be at the ROTH Conference next month, and we hope to see many of you there.

感謝大家提出的精彩問題，也感謝大家今天參與我們的節目。下個月，我和史蒂文將參加 ROTH 會議，我們希望在那裡見到你們中的許多人。

I also wanted to thank our awesome employees for their hard work and dedication and our shareholders for your continued support and confidence in our vision. We are excited to have you with us on this journey.

我還要感謝我們優秀的員工的辛勤工作和奉獻精神，以及我們的股東對我們願景的持續支持和信任。我們很高興能與您一同踏上這段旅程。

Thank you again for your time, and we look forward to catching up soon.

再次感謝您抽出時間，我們期待盡快與您見面。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。