Inseego Corp.

After today's presentation, there will be an opportunity for Q&A. On the call today are Phil Brace, Executive Chairman of INSEGO's Board of Directors, and Steven Gadoff, the company's Chief Financial Officer. 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. 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. With that, I'd like to turn the call over to Phil Brace, Executive Chairman of INSEGO. Please go ahead.

Thank you, operator, and good afternoon, everyone. It's a pleasure to be here. I'd like to cover three topics with you today. First, I'd like to give you a quick summary of the Q1 results. Second, I'd like to share some thoughts on our capital structure. And third, I'll provide some high-level view of the current quarter and focus areas ahead. I'll then turn the call over to Stephen, and we'll wrap up with some Q&A. Q1 2024 was a solid quarter for NSEGO. Revenue came in at $45 million above our guidance and helped by strong year-over-year growth in our FWA business. Q1 adjusted EBITDA came in at $3.8 million, which was also better than expected and was driven by higher gross margin and lower operating expense. During the quarter, the sales organization launched a new channel program, which is an important part of starting to diversify the company's revenue base and expand our go-to-market capabilities. We are already starting to see opportunities develop there. Finally, the company also secured a significant renewal of its subscribed management platform at a major Tier 1 carrier customer.

As I mentioned on the last call,