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Inseego makes equipment that connects users and business locations to the internet over cellular networks. Its MiFi mobile hotspots provide portable connections, while Wavemaker routers and gateways provide fixed wireless broadband for business sites and employees. Wireless carriers are its main device customers; it also sells through distribution and channel partners. Hardware sales bring in most of its revenue.
The company also earns revenue from cloud software. Inseego Subscribe helps carriers manage government and complex enterprise subscriptions, and T-Mobile’s use of this service supplies most of its software-services-and-other revenue. Inseego Connect lets customers deploy and monitor hotspots, routers and gateways across multiple locations.
Verizon and T-Mobile together supply the vast majority of total revenue, making their device orders and service purchases central to the business. Inseego relies on outside manufacturers, principally Foxconn and Inventec, to produce its hardware, and its MiFi and fixed wireless devices depend heavily on Qualcomm chips.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Inseego’s hardware deliveries also depend on its main contract manufacturers, Foxconn and Inventec Appliance Corporation, neither of which appears in this list.
Inseego depends heavily on Verizon’s purchases of its MiFi mobile hotspots and Wavemaker fixed wireless devices: Verizon and T-Mobile together supplied approximately 89% of its total revenue in the year ended December 31, 2025. Verizon sells wireless and broadband services to consumers and businesses, making its fixed wireless broadband offerings a concrete area to watch for Inseego device demand.
T-Mobile’s purchases of mobile hotspots and fixed wireless devices carry substantial weight for Inseego: together with Verizon, it supplied approximately 89% of Inseego’s total revenue in the year ended December 31, 2025. T-Mobile earns revenue from wireless and broadband customers and device sales; watch its 5G fixed wireless broadband offerings for clues to demand for Inseego hardware.
Franklin Wireless competes directly with Inseego’s MiFi devices by selling 4G/5G portable hotspot routers that connect multiple devices to the internet. Its hotspot products for mobile work and remote learning are the part of its business to watch against Inseego’s operator-focused mobile broadband sales.
NETGEAR competes with Inseego’s MiFi hotspots for mobile broadband users and a place in carriers’ device offerings. Watch the 4G/5G mobile products within NETGEAR’s Consumer business, rather than its business-networking products, for the closest comparison with Inseego.
Inseego relies substantially on Qualcomm’s chipsets inside its MiFi hotspots and fixed wireless access devices; Qualcomm sells these chips and related software to manufacturers. Chip availability matters more to this tie than Qualcomm’s overall sales: Inseego says component shortages without a suitable timely replacement can prevent it from meeting deliveries and revenue expectations.
Digi International competes for enterprise connectivity spending with routers and device-management platforms that rival Inseego’s Wavemaker routers and Inseego Connect. Its enterprise and industrial routers, and its shift toward subscriptions in IoT Products & Services, are the relevant areas to watch—not its entire IoT portfolio.
Ericsson’s Wireless Solutions business, including Cradlepoint, competes with the Wavemaker routers and gateways Inseego sells for enterprise and small-business sites. That wireless equipment business is the part of Ericsson to watch for this rivalry, rather than its broader cellular technology and patent licensing activities.
Semtech’s Sierra Wireless routers, gateways and connected services compete with Inseego’s enterprise cellular connectivity products, serving enterprises, device makers and solution providers. Its IoT Systems and Connectivity revenue is the relevant line to follow for this rivalry, rather than its separate semiconductor businesses.
Airgain competes with Inseego’s enterprise gateways and device-management services by combining cellular gateways with software and cloud management. Watch its integrated connectivity offerings and potential software, cloud-service and support subscriptions, which overlap more closely with Inseego’s hardware-plus-management offering than Airgain’s standalone antennas do.
AT&T’s purchases of Inseego wireless access devices offer a route to reduce reliance on Verizon and T-Mobile. AT&T sells communications and broadband services to consumers and businesses; its Business unit’s addition of Inseego’s FX4200 5G gateway is the concrete offering to watch as Inseego broadens its customer base.
Nokia competes with Inseego for telecommunications providers’ purchases of equipment that delivers broadband over wireless networks, known as fixed wireless access. Nokia’s fixed-access offerings are the relevant comparison with Inseego’s Wavemaker routers and gateways, not the full Network Infrastructure business with its optical and IP networking products.
AT&T Inc. earningsT
AT&T's report will offer clues to business demand for fixed wireless broadband, a possible new customer route for Inseego, but will not show how many Inseego devices AT&T bought.
Look for signs in AT&T's business results and fixed-wireless broadband activity, not as a proxy for Inseego orders. If business connectivity is strong and fixed-wireless demand is supported, the market backdrop for this new customer route is more favorable; if that demand is weak, having a device in AT&T's offering alone does not show that Inseego has broadened its revenue base.
Verizon Communications earningsVZ
Verizon's report will show demand trends in wireless and fixed wireless broadband, giving Inseego a read on the buying environment at one of its largest customers.
Focus on Verizon's fixed-wireless broadband activity alongside its broader wireless business. Strength in fixed wireless would support the demand backdrop for Inseego's Wavemaker devices; weakness would make that backdrop less favorable, but Verizon subscriber growth is not the same as increased orders from Inseego.
Inseego Corp. earningsThis company
Inseego's report will show whether growth in Wavemaker fixed-wireless devices and subscription services can offset falling MiFi sales and keep gross margin firm.
Read Mobile Solutions, Fixed Wireless Access Solutions, and Software Services and Other revenue alongside gross margin. If growth in fixed wireless and software offsets the decline in mobile sales while margin holds, the revenue mix is improving; if mobile revenue falls faster or margin slips, the recovery remains exposed to a few large customers and weaker device sales.
Qualcomm Inc earningsQCOM
Qualcomm's report can offer clues about chipset supply and costs, which affect Inseego's ability to make and deliver MiFi and fixed-wireless devices.
Watch for Qualcomm's comments on constrained supply or rising costs for relevant chipsets. Either could disrupt Inseego deliveries or squeeze gross margin if it cannot pass costs on; an improving supply backdrop would ease one risk, but Qualcomm's overall results do not prove that Inseego has the chips or favorable pricing it needs.
Franklin Wireless Corp. earningsFKWL
Franklin Wireless's report will show demand and competition in portable hotspots, the market most directly shared with Inseego's MiFi mobile broadband business.
Compare Franklin Wireless's hotspot performance with the direction of Inseego's Mobile Solutions revenue. Growth would show that the market has demand, but could also mean a direct rival is better placed to win users and carrier channels; a decline would ease the competitive signal only if the wider market remains steady, otherwise it points to weaker category demand.
