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Visual21 Nov 2025
Data center suppliers
Sequans Communications (SQNS) investor relations material
Sequans Communications Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Reduced convertible debt by 50% through tactical sale of Bitcoin holdings, improving financial flexibility and lowering debt-to-NAV ratio to ~35%.
Q3 2025 revenue was $4.3M, down 47.3% sequentially and 57.5% year-over-year, due to lower license and services revenue from prior Qualcomm deals.
Gross margin declined to 40.9% from 64.4% in Q2 2025 and 82.5% in Q3 2024, reflecting the absence of high-margin license revenue.
Operating loss was $20.4M in Q3, including $8.2M unrealized Bitcoin impairment; non-IFRS net loss was $11M.
Remain committed to Bitcoin treasury strategy, with ongoing tools for accumulation and shareholder value creation.
Financial highlights
Cash and equivalents at Q3-end were $13.4M, pro forma $23.4M including $10M Qualcomm escrow released in October.
Held 3,234 Bitcoin valued at $365.6M; 970 Bitcoin sold at average $108,600 each to repay debt.
Total assets at September 30, 2025, were $431.8M, up from $106.5M at December 31, 2024.
Net loss was $6.7M ($0.48/ADS), improved from $9.1M ($3.59/ADS) in Q2, aided by $20.6M non-cash gain on convertible debt derivatives.
Non-IFRS net loss was $11.0M, or ($0.79) per diluted ADS, compared to a $8.1M loss in Q2 2025 and $80.8M profit in Q3 2024.
Outlook and guidance
Q4 2025 product revenue expected to exceed $6M, with total revenue above $7M including services and licensing.
2026 targeted to reach break-even in Q4, with cost reductions to bring cash OpEx below $10M per quarter.
IoT business expected to generate positive cash flow in 2026 and grow 50% year-over-year into 2027.
Average annual product revenue of $45M projected over next three years from current design win pipeline.
Three-year revenue design win pipeline increased to $300M, with over 45% of projects expected in mass production by 2026.
Detail new treasury initiatives post-debt reduction
Elaborate on IoT strategic alternatives
Path to Q4 2026 breakeven for IoT business
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Next Sequans Communications earnings date
Q4 202513 Feb, 2026
Next Sequans Communications earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Sequans Communications S.A. is a fabless semiconductor company specializing in the design, development, and marketing of integrated circuits (chips) and modules for 4G and 5G cellular Internet of Things (IoT) devices. Its offerings target a wide range of IoT applications, including massive IoT, broadband, and critical IoT markets, with a focus on low power consumption, integrated functionalities, and global deployment capabilities. Sequans' product portfolio is centered around its Monarch LTE-M/NB-IoT and Calliope Cat 1 chip platforms for massive IoT applications, and its Cassiopeia Cat 4/Cat 6 4G and Taurus 5G chip platforms for broadband and critical IoT applications. These technologies are optimized for a variety of uses, from low-cost residential and enterprise applications to industrial applications. The company is headquartered in Colombes, France, and its shares are listed on the New York Stock Exchange.
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