SEQUANS COMMUNICATIONS

Listed Company

SQNSCIK 0001383395NYSENon-AcceleratedSemiconductors & Related DevicesI0FRFY ends Dec 31

Period

FY 2024

Revenue

—

Net Income

$57.57M

Total Assets

$106.53M

Equity

—

Shares Out

1.60B

Op. Cash Flow

—

Business

SEQUANS COMMUNICATIONS is a fabless designer, developer and supplier of cellular semiconductor solutions focused on the IoT market. It offers integrated baseband processors, RF transceivers, highly integrated SoCs, certified LTE/5G modules and accompanying modem, protocol stack and application software to enable low‑power, cost‑optimized connected devices. Key product platforms include Monarch (LTE‑M/NB‑IoT), Calliope (LTE Cat‑1/Cat‑1bis) and Cassiopeia (LTE Cat‑4), with development of 5G RedCap/eRedCap variants. It sells primarily through OEMs, ODMs, carriers and global distributors across Asia‑Pacific, Europe, the Middle East and North America.

Summary from filing dated 2025-04-30

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Profit or loss [abstract]	—	—	—
Revenue [abstract]	—	—	—
Revenue	26	37	34
Cost of revenue	12	9	9
Gross profit	14	28	24
Operating income (expenses):	—	—	—
Gain on sale of 4G intangible and tangible assets, net	0	153	0
Research and development	31	29	26
Sales and marketing	9	12	12
General and administrative	12	14	16
Digital assets impairment losses	67	0	0
Digital assets losses on sales, net	6	0	0
Impairment of 5G broadband platform intangible and tangible assets	0	57	0
Other operating income (expenses), net	−738,000	0	0
Total operating income (expenses)	−126	42	−54
Operating income (loss)	−112	70	−30
Financial income (expense):	—	—	—
Interest expense	12	24	11
Interest income	1	850,000	176,000
Gain (loss) on debt extinguishment	−29	14	247,000
Change in fair value of derivative financial instruments	45	3,000	3
Foreign exchange gain (loss), net	−1	494,000	−692,000
Income (loss) before income taxes	−108	61	−38
Income tax expense	832,000	4	3
Net profit (loss)	−109	58	−41
Attributable to:	—	—	—
Shareholders of the parent	−109	58	−41
Basic earnings (loss) per share (in dollars per share)	−0.13	0.23	−0.18
Diluted earnings (loss) per share (in dollars per share)	−0.13	0.2	−0.18
Weighted average number of shares used for computing:	—	—	—
Basic (in shares)	867	248	225
Diluted (in shares)	867	284	225
Basic earnings (loss) per ADS (in dollars per share)	−12.6	23.19	−18.2
Diluted earnings (loss) per ADS (in dollars per share)	−12.6	20.27	−18.2
Income tax expense	—	—	—
Basis per ADS (in dollars per share)	9	2	2
Diluted per ADS (in dollars per share)	9	3	2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Statement of financial position [abstract]	—	—	—
ASSETS	—	—	—
Non-current assets:	—	—	—
Property, plant and equipment	4	4	7
Intangible assets	9	6	64
Goodwill	4	0	0
Digital assets, pledged as collateral for convertible debt	142	0	0
Digital assets, unrestricted	46	—	0
Deposits and other receivables	2	3	801,000
Prepaid expenses	2	0	0
Other non-current financial assets	409,000	353,000	360,000
Total non-current assets	208	14	72
Current assets:	—	—	—
Inventories	4	3	6
Trade receivables	3	5	8
Contract assets	98,000	122,000	497,000
Prepaid expenses	3	1	1
Other receivables	6	17	5
Research tax credit receivable	6	4	10
Short-term deposits	0	53	0
Cash and cash equivalents	13	9	6
Total current assets	35	93	37
Total assets	244	107	109
EQUITY (DEFICIT) AND LIABILITIES	—	—	—
Equity (deficit):	—	—	—
Issued capital, euro 0.01 nominal value, 1,599,589,702 ordinary shares issued and outstanding at December 31, 2025 (251,408,922 at December 31, 2024 and 246,262,004 at December 31, 2023)	19	3	3
Share premium	186	15	15
Other capital reserves	78	75	70
Treasury shares	9	0	0
Accumulated deficit	−145	−36	−93
Other components of equity	284,000	−796,000	−416,000
Total equity (deficit)	128	55	−6
Non-current liabilities:	—	—	—
Government loans	0	616,000	173,000
Government research financing	3	6	3
Lease liabilities	1	333,000	2
Provisions	2	1	2
Trade payables and other non-current liabilities	1	0	0
Deferred tax liabilities	129,000	173,000	264,000
Contract liabilities	3	809,000	0
Total non-current liabilities	11	9	7
Current liabilities:	—	—	—
Trade payables	10	6	16
Interest-bearing financing of receivables	0	4	10
Convertible debt	56	0	52
Convertible debt embedded derivative	11	0	3,000
Lease liabilities	601,000	1	1
Unsecured related party loan	0	0	9
Government loans	979,000	2	2
Government research financing	4	4	3
Other current liabilities and provisions	11	11	9
Income tax liabilities of the parent company	3	3	0
Contract liabilities	7	11	6
Total current liabilities	105	42	108
Total equity and liabilities	244	107	109

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Statement of cash flows [abstract]	—	—	—
Operating activities:	—	—	—
Profit (loss) before income taxes	−108	61	−38
Adjustments to reconcile profit before tax to net cash flows :	—	—	—
Amortization and impairment of property, plant and equipment	3	3	5
Amortization and impairment of intangible assets	3	61	7
Impairment of digital assets	67	0	0
Share-based payment expense	3	4	7
Increase (Decrease) in provisions	887,000	191,000	−97,000
Interest expense, net	11	23	11
Change in the fair value of embedded derivatives	45	3,000	3
Loss (gain) on debt extinguishment, net of non-cash transaction cots	28	−14	−247,000
Foreign exchange loss (gain)	−3	−29,000	741,000
Loss (gain) on disposal of assets	12,000	−157	0
Loss on sale of digital assets	−6	0	0
Working capital adjustments:	—	—	—
Decrease (Increase) in trade receivables and other receivables	8	4	−41,000
Decrease (Increase) in inventories	−1	3	3
Increase in research tax credit receivable	−2	−2	−3
Increase (Decrease) in trade payables and other liabilities	4	−13	7
Increase (Decrease) in contract liabilities	−3	6	−199,000
Increase (Decrease) in government grant advances	2	2	−1
Income tax paid	679,000	753,000	2
Net cash flow used in operating activities	−26	−20	−7
Investing activities:	—	—	—
Purchase of intangible assets and property, plant and equipment	2	3	5
Purchase of digital assets	377	0	0
Capitalized development expenditures	0	16	24
Sale (Purchase) of financial assets	365,000	−30,000	−41,000
Decrease (Increase) of short-term deposit	53	−53	5
Interest received	1	850,000	176,000
Investment in ACP Advanced Circuit Pursuit, net of cash acquired	3	0	0
Proceeds from sale of digital assets	117	0	0
Proceeds from sale of 4G intangible and tangible assets	0	166	0
Net cash flow from (used in) investments activities	−211	94	−24
Financing activities:	—	—	—
Private equity offering proceeds, including pre-funded warrants, net of transaction costs paid	152	0	25
Proceeds from convertible debt, net of transaction costs paid	174	0	0
Proceeds from exercise of pre-funded and 2025 warrants	33	0	0
Proceeds (repayment of) from interest-bearing receivables financing, net	−4	3	1
Proceeds from interest-bearing research project financing	1	934,000	545,000
Proceeds from related party loans	0	14	9
Purchase of treasury shares	9	0	0
Repayment of loans	420,000	23	0
Repayment of government loans	1	2	1
Repayment of convertible debt	101	55	0
Repayment of interest-bearing research project financing	461,000	1	939,000
Payment of lease liabilities	2	2	1
Interest paid	1	7	1
Net cash flows from (used in) financing activities	242	−71	32
Net increase in cash and cash equivalents	4	3	38,000
Net foreign exchange difference	137,000	0	−4,000
Cash and cash equivalents at period end	—	—	—
Cash and cash equivalents at period end	—	—	—

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