Inseego Corp reported QQ3 2024 revenue of $54.0 million, up 11.22% year over year and down 8.65% quarter over quarter, reflecting a resilient top line amid a higher base in the prior year and seasonality. Gross profit stood at $18.8 million, producing a gross margin of approximately 34.8%, while operating income was modest at $1.0 million, resulting in an EBITDA of $5.83 million and an EBITDA margin near 10.8%. Net income reached $8.97 million, supported by total other income of about $6.56 million, with a diluted EPS of $0.51 relative to $0.38 basic, underscoring a one-time or non-core contributor to profitability in the quarter. Free cash flow was solid at $10.8 million on $12.1 million of operating cash flow, and minimal capital expenditure, signaling healthy cash generation from ongoing operations. However, the balance sheet remains a material risk: negative shareholders’ equity of roughly $85.1 million, total debt of $115.2 million with net debt around $103.3 million, and liquidity metrics that show a current ratio of 0.45 and a cash ratio near 0.06. The company ended QQ3 with $11.97 million of cash and cash equivalents, signaling limited cushion for near-term working capital needs or debt maturities without external financing or equity support. The qualitative backdrop points to growth in IoT/enterprise SaaS avenues, but the negative equity and leverage profile warrant cautious execution on medium-term profitability and capital structure improvements.