Inseego Corp. — the business formerly known as Novatel Wireless, which is trying to transition its business model from hardware to services — reported financial results for the fourth quarter and the year on March 9.
Inseego (Nasdaq: INSG) posted a net loss of $27.4 million on net revenues of $52.9 million in its fourth quarter. For the fourth quarter of 2015, the business reported a net loss of $14.4 million on net revenues of $61.5 million.
For the year, Inseego reported a net loss of $60.6 million on net revenues of $243.6 million. During 2015, the company reported a net loss of $52.3 million on net revenues of $220.9 million.
The business also said that its high-margin software as a service, software and services revenue increased 18.3 percent during the fourth quarter, compared to the fourth quarter of 2015. Subscribers for its Ctrack telematics solutions grew 20.7 percent in the fourth quarter, compared with the same quarter one year ago.
The Committee on Foreign Investment in the United States, part of the Treasury Department, must still sign off on Inseego’s sale of its MiFi mobile broadband business. With that wrapped up, Inseego will complete its transformation into a pure play internet of things solutions provider, CEO Sue Swenson said in a statement.