SAN DIEGO, CA – Inseego Corp. (NASDAQ:INSG), a player in the communications equipment sector, announced the appointment of James Paul McClaskey as its new Principal Accounting Officer, effective September 30, 2024. This move comes as part of the company's ongoing efforts to strengthen its accounting, financial reporting, and internal controls.
McClaskey, 47, joined Inseego in December 2023 as Vice President and Chief Accounting Officer. His promotion to Principal Accounting Officer was confirmed by the company's Board of Directors, and he will report to Chief Financial Officer Steven Gatoff.
Before his tenure at Inseego, McClaskey served as Chief Accounting Officer at Berkeley Lights, Inc., and held various senior roles at DISH Network Corporation (NASDAQ:DISH), including Vice President of Accounting. His career also includes positions at URS Corporation and experience in both the audit and advisory practices at KPMG, LLP. McClaskey holds a Bachelor of Arts in Economics and a Master of Accounting degree. He is a licensed CPA and a CFA charterholder.
According to the press release, McClaskey's compensation will not be altered due to his new designation. Furthermore, there are no familial ties or transactions between McClaskey and other company executives or directors that would necessitate disclosure under SEC regulations.
This executive shift is part of Inseego's broader strategy to enhance its leadership in financial expertise, as the company continues to navigate the competitive communications equipment landscape. The information provided is based on a press release statement.
In other recent news, Inseego Corp. reported strong Q2 2024 revenues of $59 million and an adjusted EBITDA of $8.3 million, exceeding market expectations. The company also announced the sale of its non-core fleet and asset tracking business, Ctrack, for $52 million in an all-cash deal. Analysts from Roth/MKM and TD Cowen view these developments positively, with TD Cowen raising the price target for Inseego's shares to $20.00, while Roth/MKM maintained a Neutral rating and a $12.00 price target.
Inseego has also made significant strides in debt restructuring, paying down $9.5 million of its short-term loan and converting $5 million of its convertible notes into long-term debt and equity. The company's focus on its core Fixed Wireless Access (FWA) and 5G mobile hotspot businesses has been further streamlined with the launch of the FX3110, a new multi-carrier 5G indoor router certified across all major U.S. carrier networks.
For Q3 2024, Inseego Corp. has projected revenue to range from $54 million to $58 million, with adjusted EBITDA between $6.5 million and $7.5 million. These recent developments reflect Inseego's ongoing business transformation and commitment to financial stability and growth.
InvestingPro Insights
As Inseego Corp. (NASDAQ:INSG) strengthens its financial leadership with the appointment of James Paul McClaskey, investors may find additional context from recent financial data and analyst insights. According to InvestingPro, Inseego's market capitalization stands at $197.75 million, reflecting its current position in the communications equipment sector.
The company's recent performance shows mixed signals. While Inseego has experienced a remarkable 490.81% price return over the past six months, its revenue for the last twelve months as of Q2 2024 was $195.5 million, with a year-over-year decline of 13.66%. However, the most recent quarter (Q2 2024) showed a revenue growth of 10.44%, potentially indicating a turnaround.
InvestingPro Tips highlight that three analysts have revised their earnings upwards for the upcoming period, suggesting some optimism about Inseego's financial prospects. This could be particularly relevant given McClaskey's appointment and the company's focus on strengthening its accounting and financial reporting.
It's worth noting that Inseego is not currently profitable, with a negative operating income of $23.59 million for the last twelve months. However, analysts predict the company will become profitable this year, which aligns with the company's efforts to enhance its financial leadership.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Inseego, providing a deeper dive into the company's financial health and market position.
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