Core Insights - Sequans Communications S.A. reported its unaudited financial results for Q4 and the full year of 2025, highlighting a significant increase in revenue from its IoT semiconductor business, although overall financial performance showed losses due to various factors including digital asset impairments [1][3]. Financial Performance Summary - **Revenue**: Q4 2025 revenue was $7.0 million, a 72.6% increase from Q3 2025 but a 37.0% decrease from Q4 2024. Full year 2025 revenue totaled $27.2 million, down from $36.8 million in 2024 [2][4]. - **Gross Profit**: Gross profit for Q4 2025 was $2.6 million, with a gross margin of 37.7%, down from 42.4% in Q3 2025 and 67.4% in Q4 2024. The decrease in gross margin was attributed to a higher proportion of product sales and provisions for slow-moving inventory [5]. - **Operating Loss**: The operating loss for Q4 2025 was $74.5 million, compared to a loss of $20.5 million in Q3 2025 and $5.6 million in Q4 2024. This included a $56.9 million unrealized loss on Bitcoin investments [6]. - **Net Loss**: The net loss for Q4 2025 was $87.1 million, or ($5.62) per diluted ADS, compared to a profit of $0.9 million in Q3 2025 and a loss of $2.4 million in Q4 2024 [7]. - **Non-IFRS Loss**: The non-IFRS net loss for Q4 2025 was $18.5 million, or ($1.19) per diluted ADS, compared to a loss of $11.2 million in Q3 2025 and a profit of $2.2 million in Q4 2024 [8]. Digital Asset Strategy - The company has adopted a disciplined approach to capital allocation, focusing on its Bitcoin treasury strategy. In Q4 2025, Sequans repurchased approximately 9.7% of its outstanding ADSs and received authorization to repurchase an additional 10% [3][9]. - As of December 31, 2025, Sequans held 2,139 Bitcoin valued at $187.1 million, with 1,617 Bitcoin pledged as collateral for convertible debt [9]. Business Outlook - The company reported a strong order backlog and a design-win pipeline exceeding $300 million in potential revenue over the next three years, with over 44% of design-wins already in mass production [3]. - Sequans aims to achieve cash-flow break-even by the end of 2026, driven by increasing production and demand across various IoT segments [3].

Core Viewpoint - Sequans Communications S.A. is set to release its fourth quarter and full year 2025 financial results on February 10, 2026, followed by a management conference call [1]. Group 1: Financial Results Announcement - The financial results will be announced during pre-market hours on February 10, 2026 [1]. - A conference call will be hosted by Sequans' management at 8:00 a.m. ET [1]. Group 2: Conference Call Details - Participants can join the conference call by registering to receive a confirmation email with dial-in details [2]. - The company recommends that participants join the call or sign on to the webcast at least 15 minutes in advance [2]. Group 3: Replay Information - A replay of the conference call will be available on the company's website after 9:00 a.m. ET for those unable to attend live [3]. Group 4: Company Overview - Sequans Communications S.A. specializes in 4G/5G cellular technology for IoT and is a pioneer in Bitcoin treasury [4]. - The company offers a comprehensive portfolio of 4G/5G solutions designed for IoT, focusing on wireless connectivity, power efficiency, security, and performance [4]. - Founded in 2003, Sequans is headquartered in France and has a global presence with offices in multiple countries including the United States, United Kingdom, and China [5].

Core Viewpoint - Sequans Communications has successfully completed its ADS repurchase program and has initiated a new buyback program to enhance shareholder value through disciplined capital allocation and strategic execution [1][3]. Group 1: ADS Repurchase Program - As of December 17, 2025, Sequans repurchased a total of 1,516,973 American Depositary Shares (ADSs), which is approximately 9.7% of the outstanding ADSs, at an average price of $6.17 per ADS [2]. - The current number of outstanding ADSs is approximately 14.5 million, or 15.5 million if including potential exercise of pre-funded warrants, resulting in a 6.1% yield in Bitcoin per outstanding ADS [2]. - The repurchase was funded through proceeds from recent Bitcoin dispositions, reflecting the company's disciplined capital allocation strategy [2]. Group 2: New Buyback Program - The Board of Directors has approved a new ADS repurchase program, allowing for the buyback of up to an additional 10% of the outstanding ADSs [4]. - The timing and amount of repurchases under the new program will depend on market conditions, ADS price, and other factors, and will be executed in accordance with applicable regulations [4]. Group 3: Company Overview - Sequans Communications S.A. is a leading fabless semiconductor company specializing in wireless 4G/5G cellular technology for the Internet of Things (IoT) and is a pioneer in Bitcoin Treasury [7]. - The company designs and develops innovative technologies that support AI-connected applications, including secured payment, smart mobility, and smart cities [7]. - Founded in 2003 and headquartered in France, Sequans operates globally with offices in multiple countries, including the United States, United Kingdom, and China [8].

Core Viewpoint - Sequans Communications has successfully repurchased 755,349 American Depositary Shares (ADSs), representing approximately 5% of outstanding ADSs, as part of its ongoing strategy to enhance shareholder value through disciplined capital allocation [1][2][4] Group 1: ADS Repurchase Program - The repurchases were executed at an average price of $6.40 per ADS, resulting in a current outstanding ADS count of approximately 15.2 million, or 16.3 million including potential pre-funded warrants [2] - The reduction in outstanding ADSs has generated a 4.4% yield in Bitcoin per outstanding ADS since the company's earnings call on November 4, 2025, showcasing the effectiveness of its capital allocation strategy [2][3] Group 2: Funding and Strategy - The ADS repurchases were funded through proceeds from the sale of Bitcoin and operational funds, indicating a strategic approach to enhance Bitcoin per share [3] - The company aims to continue executing share repurchases at prices below net asset value (NAV) per ADS to create additional value for shareholders [3][4] Group 3: Management's Perspective - The CEO of Sequans, Dr. Georges Karam, emphasized that the current digital asset market conditions present an opportunity to strengthen the balance sheet and advance the Bitcoin Treasury strategy [4] - The company remains committed to reducing debt and executing share repurchases to reinforce its growth strategy and deliver value to shareholders [4] Group 4: Company Overview - Sequans Communications is a leading fabless semiconductor company specializing in 4G/5G cellular technology for IoT and is recognized as a pioneer in Bitcoin Treasury [8] - The company views Bitcoin as a long-term investment and plans to accumulate it as its primary treasury reserve asset, utilizing proceeds from equity and debt issuances as well as operational cash flow [8][9]

Company Overview - Sequans Communications S.A. is a leading fabless semiconductor company specializing in wireless 4G/5G cellular technology for the Internet of Things (IoT) and is a pioneer in Bitcoin Treasury [3] - The company was founded in 2003 and is headquartered in France, with global operations including offices in the United States, United Kingdom, Switzerland, Israel, Singapore, Finland, Taiwan, and China [5] Bitcoin Acquisition - As of August 1, 2025, Sequans holds a total of 3,157 bitcoins, with a total net investment amounting to approximately $368.5 million, reflecting an average acquisition price of $116,708 per bitcoin [2] - Recently, the company acquired an additional 85 bitcoins for approximately $10.0 million, at an average purchase price of $117,360 per bitcoin [1] Strategic Focus - Sequans views Bitcoin as a long-term investment and intends to strategically accumulate it as its primary treasury reserve asset [3] - The company's approach to acquiring Bitcoin involves using net proceeds from equity and debt issuances, as well as cash generated from operations and intellectual property monetization [3] - The combination of a strategic Bitcoin reserve and a focus on semiconductor innovation is believed to position the company for long-term value creation [4]

Core Insights - Sequans Communications reported preliminary financial results for Q2 2025, highlighting a revenue of $8.1 million, unchanged from Q1 2025 but down 15.8% from Q2 2024 [1][3] - The company has initiated a Bitcoin Treasury strategy, acquiring 3,072 Bitcoin with proceeds from a $384 million financing [1][2] Financial Performance - **Revenue**: Total revenue for Q2 2025 was $8.1 million, with product revenue at $3.9 million (up 10.3% from Q1 2025 and up 59.0% from Q2 2024) and license and services revenue at $4.3 million (down from $4.5 million in Q1 2025 and $7.2 million in Q2 2024) [2][3] - **Gross Profit**: Gross profit was $5.2 million, resulting in a gross margin of 64.4%, slightly down from 64.5% in Q1 2025 and significantly lower than 84.0% in Q2 2024 [4][6] - **Operating Income**: The operating loss was $8.7 million, compared to a loss of $6.8 million in Q1 2025 and $3.7 million in Q2 2024, influenced by non-recurring costs [4][5] - **Net Loss**: The net loss for Q2 2025 was $9.1 million, or ($0.36) per diluted ADS, worsening from a loss of $7.3 million in Q1 2025 and $0.6 million in Q2 2024 [6][7] - **Non-IFRS Results**: The non-IFRS net loss was $8.1 million, or ($0.32) per diluted ADS, compared to a loss of $6.1 million in Q1 2025 and $5.8 million in Q2 2024 [7] Cash Position - **Cash and Cash Equivalents**: As of June 30, 2025, cash and cash equivalents totaled $41.6 million, down from $45.9 million at the end of Q1 2025, excluding the $358.5 million from recent financing [8] Strategic Initiatives - The company is committed to its Bitcoin Treasury strategy, which is expected to provide long-term value for shareholders, with further details to be shared in the upcoming quarter [1][2]