Sequans Communications Unaudited Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Sequans Communications (NYSE: SQNS) reported unaudited Q4 and full‑year 2025 results on February 10, 2026. Q4 revenue was $7.0M (up 72.6% QoQ, down 37.0% YoY); full‑year revenue was $27.2M. Q4 net loss was $87.1M (loss per ADS $5.62) driven by Bitcoin impairments and realized losses; cash was $13.4M and the company held 2,139 BTC ($187.1M market value).
The company cited a >$300M three‑year design‑win pipeline, repurchased ~9.7% of ADS in Q4, and expects cash‑flow break‑even by end of 2026.
Positive
- Q4 revenue increased 72.6% sequentially to $7.0M
- Design‑win pipeline exceeds $300M in potential three‑year product revenue
- Approximately 44% of design‑wins already in mass production
- Company repurchased ~9.7% of outstanding ADS in Q4 and has board authorization for an additional 10%
Negative
- Q4 net loss of $87.1M driven by $56.9M unrealized Bitcoin impairment and $8.4M realized Bitcoin sale loss
- Full‑year revenue declined to $27.2M from $36.8M in 2024 (−26.1%)
- Cash and cash equivalents remained low at $13.4M at year end
- 1,617 BTC ($141.4M) pledged as security for $94.5M convertible debt
News Market Reaction – SQNS
On the day this news was published, SQNS declined 1.13%, reflecting a mild negative market reaction. Argus tracked a peak move of +3.9% during that session. Argus tracked a trough of -4.5% from its starting point during tracking. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $590K from the company's valuation, bringing the market cap to $51.61M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SQNS fell 5.09% while peers were mixed: MRAM gained 3.76%, ICG dropped 11.17%, and others moved modestly. This points to a stock-specific reaction to the earnings and Bitcoin-impairment news rather than a broad semiconductor move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Earnings update | Negative | -16.6% | Preliminary Q3 2025 results with steep revenue drop and net loss tied to Bitcoin. |
| Jul 31 | Earnings update | Negative | -6.7% | Q2 2025 results showing revenue decline, net loss, and large Bitcoin-financed treasury shift. |
| May 06 | Earnings update | Positive | -23.2% | Q1 2025 revenue growth and expanding pipeline despite ongoing operating loss. |
| Feb 11 | Earnings update | Positive | -8.3% | Q4 2024 revenue surge, full-year profit and Qualcomm deal completion. |
| Nov 05 | Earnings update | Positive | +6.3% | Q3 2024 revenue growth, high margins, and strong net profit from Qualcomm transaction. |
Earnings releases have often triggered sharp moves, with an average same-tag move of -9.69%. The stock has sometimes sold off even on upbeat operational commentary, especially when results include losses or complex balance-sheet items.
Recent history shows Sequans using quarterly results to communicate both IoT progress and major balance sheet shifts. In Q3–Q4 2024, Qualcomm transactions drove strong revenue, margins, and net profit, yet the stock reaction was mixed. In 2025, earnings updates highlighted revenue volatility, widening operating losses, and growing exposure to Bitcoin financing. Today’s full-year 2025 report extends that narrative with product-led revenue, sizeable operating and net losses, and a large digital-asset position.
Historical Comparison
Across five prior earnings updates, SQNS showed an average move of -9.69%, with several selloffs following otherwise constructive operational commentary and balance-sheet actions.
Earnings releases trace a shift from Qualcomm-driven profitability in 2024 to a 2025 profile dominated by IoT product ramp, Bitcoin treasury deployment, and heavier operating losses, framing today’s full-year 2025 report within that transition.
Market Pulse Summary
This announcement details a mixed 2025 exit: Q4 revenue of $7.0M and full-year revenue of $27.2M alongside a sizable Q4 operating loss of $74.5M and net loss of $87.1M. Results highlight growing IoT product revenue but also compressed 37.7% gross margin and heavy dependence on a 2,139 BTC digital-asset treasury. Investors watching the story may focus on cash of $13.4M, Bitcoin-backed financing, and management’s stated goal of cash-flow breakeven by 2026.
Key Terms
ifrs financial
non-gaap financial
digital assets financial
bitcoin financial
embedded derivative financial
convertible debt financial
ads financial
impairment financial
AI-generated analysis. Not financial advice.
Paris, France--(Newsfile Corp. - February 10, 2026) - Sequans Communications S.A. (NYSE: SQNS) ("Sequans" or the "Company"), a leading provider of 5G/4G cellular IoT semiconductor solutions and a pioneer in Bitcoin treasury, today announced unaudited financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter and Full Year 2025 Summary Unaudited Results Table (*):
| (in US$ millions, except share and per share data) | Q4 2025 | Q3 2025 (1) | Q4 2024 | Full year 2025 | Full year 2024 |
| Revenue | | | | | |
| Gross profit | | | | | |
| Gross margin (%) | 37.7 % | 42.4 % | 67.4 % | 54.3 % | 75.3 % |
| Operating income (loss) | ( | ( | ( | ( | |
| Net profit (loss) | ( | | ( | ( | |
| Diluted income (loss) per ADS | ( | | ( | ( | |
| Non-IFRS diluted income (loss) per ADS (2) | ( | ( | ( | ( | |
| Weighted average number of diluted ADS (IFRS) | 15,504,809 | 15,356,080 | 2,500,854 | 8,673,667 | 2,840,210 |
| Weighted average number of diluted ADS (Non-IFRS) | 15,504,809 | 13,933,963 | 2,500,854 | 8,673,667 | 2,840,210 |
| (1) Restated to reflect finalization of the allocation of the ACP acquisition purchase price and accounting for compound financial instruments issued in July 2025, and change of | |||||
| (2) See Use of Non-IFRS/non-GAAP Financial Measures disclosure on page 3. | |||||
| (*) Bitcoin KPIs are presented on the website and are updated with public information on an ongoing basis: https://sequans.com/bitcoin-treasury | |||||
"Our IoT semiconductor business continues to gain momentum and our fourth-quarter revenue of
Dr. Karam added, "At the same time, we have continued to take a disciplined and value-driven approach to capital allocation, balancing execution of our IoT business with thoughtful management of our Bitcoin digital asset treasury. In an environment where many of our digital asset treasury peers are trading below intrinsic value, we believe the most accretive action has been repurchasing our ADS at a meaningful discount to our net cash and Bitcoin NAV. In the fourth quarter, we repurchased approximately
Fourth Quarter 2025 Financial Summary:
Revenue: Revenue was
Gross margin: Gross margin was
Operating loss: Operating loss was
Net profit (loss): Net loss was
Non-IFRS loss: Excluding non-cash impairment of digital assets, non-cash stock-based compensation, the non-cash impact of the fair-value, non-cash loss on early extinguishment of debt, and effective interest adjustments related to the convertible debt and associated embedded derivatives and other financings, non-IFRS net loss was
Cash: Cash and cash equivalents at December 31, 2025 totaled
Digital assets: At December 31, 2025, the Company held 2,139 Bitcoin with a market value of
Conference Call Details
Date: Tuesday, February 10, 2026
Time: 8:00 a.m. ET / 14:00 CET
The live webcast will be available on the Sequans Investor Relations website at https://sequans.com/investor-relations/investor-materials/.
To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIc0264ac506fc4ae09bd78844e6d8f586. Upon registration, participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.
Those who wish to join the live webcast can access it here: https://edge.media-server.com/mmc/p/rfdt2cm6/
The company suggests participants for both the conference call and those listening via the web dial in or sign on at least 15 minutes in advance of the call.
For those unable to participate in the live event, a replay will be available on the company's website after 9:00 a.m. ET.
Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements with respect to financial condition, results of operations and business of Sequans, bitcoin treasury and business strategy for 2026 and beyond, ADS repurchase plans, financing requirements, and business strategy for 2026 and beyond. These forward-looking statements include, but are not limited to, statements that are not historical fact. These forward-looking statements can be identified by the fact that they do not relate to historical or current facts. Forward-looking statements also often use words such as "anticipate," "committed to", "target," "continue," "estimate," "expect," "forecast," "intend," "may," "plan," "goal," "believe," "hope," "aims," "continue," "could," "project," "should," "will" or other words of similar meaning. These statements are based on assumptions and assessments made by Sequans in light of its experience and perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct, and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement.
Forward-looking statements are not guarantees of future performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Such risks and uncertainties include, but are not limited to, our ability to successfully implement our Bitcoin treasury strategy and potential adverse reactions or changes to business relationships resulting from the implementation of the Bitcoin treasury initiative and fluctuations on the value of Bitcoin and the implications of a decline in the value of Bitcoin on our collateral requirements. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business and competitive environments, market and regulatory forces, including tariffs and trade wars, and a decline in the value of Bitcoin. If any one or more of these risks or uncertainties materialize or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward-looking statements should therefore be construed in the light of such factors. A more complete description of these and other material risks can be found in Sequans' filings with the SEC, including its annual report on Form 20-F for the year ended December 31, 2024, "Risk Related to Our Bitcoin Strategy and Holdings" filed on Form 6-K on July 17, 2025 and other documents that may be filed from time to time with the SEC. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this announcement. Sequans undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.
Use of Non-IFRS/non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements prepared in accordance with IFRS, we disclose certain non-IFRS, or non-GAAP, financial measures. These measures exclude the non-cash impairment of digital assets, non-cash stock-based compensation and the non-cash impacts of convertible debt extensions, and effective interest adjustments related to the convertible debt with embedded derivatives and other financings. We believe that these measures can be useful to facilitate comparisons among different companies. These non-GAAP measures have limitations in that the non-GAAP measures we use may not be directly comparable to those reported by other companies. We seek to compensate for this limitation by providing a reconciliation of the non-GAAP financial measures to the most directly comparable IFRS measures in the table attached to this press release.
About Sequans Communications
Sequans Communications S.A. (NYSE: SQNS) is a leading fabless semiconductor company specializing in wireless 4G/5G cellular technology for the Internet of Things (IoT) as well as a pioneer in Bitcoin Treasury. Sequans views Bitcoin as a long-term investment and intends to strategically accumulate it as its primary treasury reserve asset. The company's approach involves acquiring and holding Bitcoin using net proceeds from equity and debt issuances — executed from time to time based on market conditions — as well as cash generated from operations and intellectual property monetization.
Sequans' engineers design and develop innovative, secure, and scalable technologies that power the next generation of AI-connected applications - including secured payment, smart mobility and logistics, smart cities, industrial, e-health, and smart homes. Sequans offers a comprehensive portfolio of 4G/5G solutions, including LTE-M/NB-IoT, 4G LTE Cat 1bis, and 5G NR RedCap/eRedCap platforms, all purpose-built for IoT and delivering breakthroughs in wireless connectivity, power efficiency, security, and performance. The company also provides advanced design services and technology licensing. Sequans management believes the combination of a strategic Bitcoin reserve and deep focus on semiconductor innovation positions the company for long-term value creation.
Founded in 2003, Sequans is headquartered in France and operates globally, with offices in the United States, United Kingdom, Switzerland, Israel, Finland, Taiwan, and China.
Visit Sequans at sequans.com and follow us on LinkedIn and X.
Sequans investor relations: David Hanover/Rob Kelly, KCSA Strategic Communications (USA), +1 212.682.6300, ir@sequans.com
Sequans media relations: Linda Bouvet (France), +33 170721600 media@sequans.com
Condensed financial tables follow
SEQUANS COMMUNICATIONS S.A.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three months ended | ||||||||||||
| (in thousands of US$, except share and per share amounts) | ||||||||||||
| Dec 31, 2025 | Sept 30, 2025 (1) | Dec 31, 2024 | ||||||||||
| Revenue | 6,961 | 4,034 | 11,049 | |||||||||
| Cost of revenue | (4,339) | (2,324) | (3,605) | |||||||||
| Gross profit | 2,622 | 1,710 | 7,444 | |||||||||
| Other operating Income (expenses) | (320) | (418) | - | |||||||||
| Research and development expense | (6,614) | (7,510) | (7,522) | |||||||||
| Sales and marketing expense | (1,825) | (2,143) | (2,411) | |||||||||
| General and administrative expense | (3,084) | (3,935) | (3,072) | |||||||||
| Digital asset Impairment losses | (56,899) | (8,230) | - | |||||||||
| Digital asset losses on sales, net | (8,390) | - | - | |||||||||
| Total operating income (expenses) | (77,132) | (22,236) | (13,005) | |||||||||
| Operating profit (loss) | (74,510) | (20,526) | (5,561) | |||||||||
| Financial income (expense): | ||||||||||||
| Interest income (expense), net | (5,737) | (6,957) | 540 | |||||||||
| Change in fair value of derivative financial instruments | 23,079 | 28,325 | - | |||||||||
| Gain (loss) on debt extinguishment | (29,067) | - | 332 | |||||||||
| Foreign exchange gain (loss) | (251) | 230 | 854 | |||||||||
| Profit (Loss) before income taxes | (86,486) | 1,072 | (3,835) | |||||||||
| Income tax expense | (641) | (178) | 1,458 | |||||||||
| Profit (Loss) | $ | (87,127 | ) | $ | 894 | $ | (2,377 | ) | ||||
| Attributable to: | ||||||||||||
| Shareholders of the parent | (87,127 | ) | 894 | (2,377 | ) | |||||||
| Minority interests | - | - | - | |||||||||
| Basic income (loss) per ADS | ( | ) | $ | 0.06 | ( | ) | ||||||
| Diluted income (loss) per ADS | ( | ) | $ | 0.06 | ( | ) | ||||||
| Weighted average number of ADS used for computing: | ||||||||||||
| - Basic | 15,504,809 | 13,933,963 | 2,500,854 | |||||||||
| - Diluted | 15,504,809 | 15,356,080 | 2,500,854 | |||||||||
| (1) Restated to reflect finalization of the allocation of the ACP acquisition purchase price and accounting for compound financial instruments issued in July 2025, and change of | ||||||||||||
SEQUANS COMMUNICATIONS S.A.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Twelve months ended Dec 31, | ||||||||
| (in thousands of US$, except share and per share amounts) | 2025 | 2024 | ||||||
| Revenue | 27,191 | 36,831 | ||||||
| Cost of revenue | (12,426) | (9,092) | ||||||
| Gross profit | 14,765 | 27,739 | ||||||
| Other operating Income (expenses) | (738) | - | ||||||
| Gain on sale of 4G intangible and tangible assets, net | - | 153,129 | ||||||
| Research and development expense | (29,844) | (28,527) | ||||||
| Sales and marketing expense | (8,521) | (11,773) | ||||||
| General and administrative expense | (12,489) | (14,402) | ||||||
| Digital asset Impairment losses | (65,129) | - | ||||||
| Digital asset losses on sales, net | (8,390) | - | ||||||
| Impairment of 5G broadband platform intangible and tangible assets | - | (56,633) | ||||||
| Total operating income (expenses) | (125,111) | 41,794 | ||||||
| Operating profit (loss) | (110,346) | 69,533 | ||||||
| Financial income (expense): | ||||||||
| Interest income (expense), net | (12,165) | (22,878) | ||||||
| Change in fair value of derivative financial instruments | 51,404 | 3 | ||||||
| Gain (loss) on debt extinguishment | (29,067) | 13,952 | ||||||
| Foreign exchange gain (loss) | (1,014) | 494 | ||||||
| Profit (Loss) before income taxes | (101,188) | 61,104 | ||||||
| Income tax expense | (1,254) | (3,537) | ||||||
| Profit (Loss) | $ | (102,442 | ) | $ | 57,567 | |||
| Attributable to: | ||||||||
| Shareholders of the parent | (102,442 | ) | 57,567 | |||||
| Minority interests | - | - | ||||||
| Basic income (loss) per ADS | ( | ) | $ | 23.19 | ||||
| Diluted income (loss) per ADS | ( | ) | $ | 20.27 | ||||
| Weighted average number of ADS used for computing: | ||||||||
| - Basic | 8,673,667 | 2,482,902 | ||||||
| - Diluted | 8,673,667 | 2,840,410 | ||||||
SEQUANS COMMUNICATIONS S.A.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| At Dec 31, | At Dec 31, | |||||
| (in thousands of US$) | 2025 | 2024 | ||||
| ASSETS | ||||||
| Non-current assets | ||||||
| Property, plant and equipment | ||||||
| Intangible assets | 9,413 | 5,641 | ||||
| Goodwill | 3,099 | - | ||||
| Digital assets | 187,149 | - | ||||
| Deposits and other receivables | 2,262 | 3,246 | ||||
| Prepaid expenses | 5,461 | - | ||||
| Other non-current financial assets | 409 | 353 | ||||
| Total non-current assets | 214,000 | 13,548 | ||||
| Current assets | ||||||
| Inventories | 3,933 | 2,874 | ||||
| Trade receivables | 3,512 | 4,809 | ||||
| Contract assets | 98 | 122 | ||||
| Prepaid expenses | 1,721 | 1,410 | ||||
| Other receivables | 6,059 | 17,492 | ||||
| Research tax credit receivable | 6,228 | 4,184 | ||||
| Short-term deposits | - | 53,000 | ||||
| Cash and cash equivalents | 13,398 | 9,093 | ||||
| Total current assets | 34,949 | 92,984 | ||||
| Total assets | $ | 248,949 | $ | 106,532 | ||
| EQUITY AND LIABILITIES | ||||||
| Equity | ||||||
| Issued capital, | $ | 18,718 | $ | 2,934 | ||
| Share premium | 179,083 | 14,512 | ||||
| Other capital reserves | 77,521 | 74,504 | ||||
| Treasury shares | (9.363 | ) | - | |||
| Accumulated deficit | (138,237 | ) | (35,795 | ) | ||
| Other components of equity | (5 | ) | (796 | ) | ||
| Total equity | 127,717 | 55,359 | ||||
| Non-current liabilities | ||||||
| Government loan | - | 616 | ||||
| Government research financing | 3,091 | 5,669 | ||||
| Convertible debt | 57,024 | - | ||||
| Embedded derivatives | 10,800 | - | ||||
| Lease liabilities | 2,015 | 333 | ||||
| Trade payables and other non-current liabilities | 1,439 | - | ||||
| Provisions | 2,096 | 1,400 | ||||
| Deferred tax liabilities | 186 | 173 | ||||
| Contract liabilities | 5,186 | 809 | ||||
| Total non-current liabilities | 81,837 | 9,000 | ||||
| Current liabilities | ||||||
| Trade payables | 11,199 | 6,106 | ||||
| Interest-bearing receivables financing | - | 3,742 | ||||
| Lease liabilities | 679 | 1,439 | ||||
| Government loan | 979 | 1,802 | ||||
| Government research financing | 4,269 | 4,062 | ||||
| Contract liabilities | 5,682 | 11,021 | ||||
| Income tax liabilities - Parent | 3,124 | 2,827 | ||||
| Other current liabilities and provisions | 13,463 | 11,174 | ||||
| Total current liabilities | 39,395 | 42,173 | ||||
| Total equity and liabilities | $ | 248,949 | $ | 106,532 |
SEQUANS COMMUNICATIONS S.A.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
| Twelve months ended Dec 31, | |||||||||
| (in thousands of US$) | 2025 | 2024 | |||||||
| Operating activities | |||||||||
| Loss before income taxes | $ | (101,188 | ) | $ | 61,104 | ||||
| Adjustments to reconcile profit before tax to net cash flows | |||||||||
| Depreciation and impairment of property, plant and equipment | 2,959 | 3,353 | |||||||
| Amortization and impairment of intangible assets | 4,991 | 60,690 | |||||||
| Impairment of digital assets | 65,129 | - | |||||||
| Share-based payment expense | 3,017 | 4,090 | |||||||
| Decrease in provision | 541 | 191 | |||||||
| Interest expense, net | 12,165 | 22,878 | |||||||
| Change in the fair value of convertible debt embedded derivative | (51,404 | ) | (3 | ) | |||||
| Loss (gain) on debt extinguishment, net of non-cash transaction costs | 28,018 | (13,952 | ) | ||||||
| Foreign exchange loss (gain) | (439 | ) | (29 | ) | |||||
| Loss (gain) on disposal of intangible and tangible assets | 12 | (157,095 | ) | ||||||
| Loss on digital assets | 8,360 | - | |||||||
| Working capital adjustments | |||||||||
| Decrease in trade receivables and other receivables | 5,294 | 3,637 | |||||||
| Decrease (increase) in inventories | (1,275 | ) | 3,141 | ||||||
| Increase in research tax credit receivable | (2,439 | ) | (2,081 | ) | |||||
| Increase (decrease) in trade payables and other liabilities | 4,936 | (13,076 | ) | ||||||
| Increase (Decrease) in contract liabilities | (2,432 | ) | 5,978 | ||||||
| Increase in government grant advances | 1,863 | 2,416 | |||||||
| Income tax paid | (888 | ) | (753 | ) | |||||
| Net cash flow used in operating activities | (22,780 | ) | (19,511 | ) | |||||
| Investing activities | |||||||||
| Purchase of intangible assets and property, plant and equipment | (5,913 | ) | (3,316 | ) | |||||
| Purchase of digital assets | (377,200 | ) | - | ||||||
| Capitalized development expenditures | - | (16,428 | ) | ||||||
| Proceeds from sale of intangible assets | - | 165,611 | |||||||
| Proceeds from sale of digital assets | 116,532 | - | |||||||
| Investment in ACP Advanced Circuit Pursuit, net of cash acquired | (2,398 | ) | - | ||||||
| Sale (Purchase) of financial assets | 382 | (30 | ) | ||||||
| Decrease (increase) of short-term deposit | 53,000 | (53,000 | ) | ||||||
| Interest received | 1,413 | 850 | |||||||
| Net cash flow from (used in) investing activities | (214,184 | ) | 93,687 | ||||||
| Financing activities | |||||||||
| Private equity offering proceeds, net of transaction costs paid | 184,660 | - | |||||||
| Proceeds from convertible debt, net of transaction costs paid | 174,395 | - | |||||||
| Proceeds (repayment of) from interest-bearing receivables financing | (3,742 | ) | 3,329 | ||||||
| Proceeds from related party loans | - | 14,000 | |||||||
| Proceeds from interest-bearing research project financing | 1,129 | 934 | |||||||
| Purchase on own shares | (9,363 | ) | - | ||||||
| Payment of lease liabilities | (1,518 | ) | (1,508 | ) | |||||
| Repayment of convertible debt | (100,643 | ) | (54,935 | ) | |||||
| Repayment of government loans | (1,402 | ) | (1,705 | ) | |||||
| Repayment of loans | (420 | ) | (23,000 | ) | |||||
| Repayment of interest-bearing research project financing | (461 | ) | (1,316 | ) | |||||
| Interest paid | (1,504 | ) | (6,587 | ) | |||||
| Net cash flows from (used in) financing activities | 241,131 | (70,788 | ) | ||||||
| Net increase in cash and cash equivalents | 4,167 | 3,388 | |||||||
| Net foreign exchange difference | 138 | - | |||||||
| Cash and cash equivalents at January 1 | 9,093 | 5,705 | |||||||
| Cash and cash equivalents at end of the period | 13,398 | 9,093 | |||||||
SEQUANS COMMUNICATIONS S.A.
UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS
| (in thousands of US$, except share and per share amounts) | Three months ended | |||||||||
| Dec 31, 2025 | Sept 30, 2025 (3) | December 31, 2024 | ||||||||
| IFRS profit (loss) as reported | $ | (87,127 | ) | $ | 894 | $ | (2,377 | ) | ||
| Add back | ||||||||||
| Non-cash stock-based compensation expense according to IFRS 2 (1) | 362 | 762 | 480 | |||||||
| Non-cash impairment of digital assets | 56,899 | 8,230 | - | |||||||
| Non-cash change in the fair value of embedded derivatives | (23,079 | ) | (28,325 | ) | - | |||||
| Non-cash interest on convertible debt and other financing (2) | 5,352 | 7,216 | 62 | |||||||
| Non-cash impact on gain (loss) on debt extinguishment | 29,067 | - | (332 | ) | ||||||
| Non-IFRS profit (loss) adjusted | $ | (18,526 | ) | $ | (11,223 | ) | $ | (2,167 | ) | |
| IFRS basic profit (loss) per ADS as reported | ( | ) | $ | 0.06 | ( | ) | ||||
| Add back | ||||||||||
| Non-cash stock-based compensation expense according to IFRS 2 (1) | $ | 0.02 | $ | 0.05 | $ | 0.19 | ||||
| Non-cash impairment of digital assets | $ | 3.67 | $ | 0.59 | $ | 0.00 | ||||
| Non-cash change in the fair value of embedded derivatives | ( | ) | ( | ) | $ | 0.00 | ||||
| Non-cash interest on convertible debt and other financing (2) | $ | 0.35 | $ | 0.52 | $ | 0.02 | ||||
| Non-cash impact on gain (loss) on debt extinguishment | $ | 1.88 | $ | 0.00 | ( | ) | ||||
| Non-IFRS basic profit (loss) per ADS | ( | ) | ( | ) | ( | ) | ||||
| IFRS diluted profit (loss) per ADS | ( | ) | $ | 0.06 | ( | ) | ||||
| Add back | ||||||||||
| Non-cash stock-based compensation expense according to IFRS 2 (1) | $ | 0.02 | $ | 0.05 | $ | 0.19 | ||||
| Non-cash impairment of digital assets | $ | 3.67 | $ | 0.54 | $ | 0.00 | ||||
| Non-cash change in the fair value of embedded derivatives | ( | ) | ( | ) | $ | 0.00 | ||||
| Non-cash interest on convertible debt and other financing (2) | $ | 0.35 | $ | 0.52 | $ | 0.02 | ||||
| Non-cash impact on gain (loss) on debt extinguishment | $ | 1.88 | $ | 0.00 | ( | ) | ||||
| Non-IFRS diluted profit (loss) per ADS | ( | ) | ( | ) | ( | ) | ||||
| (1) Included in the IFRS profit (loss) as follows: | ||||||||||
| Cost of product revenue | $ | (21 | ) | $ | 12 | $ | 18 | |||
| Research and development | 215 | 166 | 228 | |||||||
| Sales and marketing | (93 | ) | 172 | (41 | ) | |||||
| General and administrative | 261 | 412 | 275 | |||||||
| (2) Related to the difference between contractual and effective interest rates | ||||||||||
| (3) Restated to reflect finalization of the allocation of the ACP acquisition purchase price and accounting for compound financial instruments issued in July 2025, and change of | ||||||||||
SEQUANS COMMUNICATIONS S.A.
UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS
| (in thousands of US$, except share and per share amounts) | Twelve months ended Dec 31, | |||||||
| 2025 | 2024 | |||||||
| IFRS profit (loss) as reported | $ | (102,442 | ) | $ | 57,567 | |||
| Add back | ||||||||
| Non-cash stock-based compensation expense according to IFRS 2 (1) | 3,017 | 4,126 | ||||||
| Non-cash impairment of digital assets | 65,129 | - | ||||||
| Non-cash change in the fair value of embedded derivatives | (51,404 | ) | (3 | ) | ||||
| Non-cash interest on convertible debt and other financing (2) | 12,882 | 16,377 | ||||||
| Non-cash impact on gain (loss) on debt extinguishment | 29,067 | (13,952 | ) | |||||
| Non-IFRS profit (loss) adjusted | $ | (43,751 | ) | $ | 64,115 | |||
| IFRS basic profit (loss) per ADS as reported | ( | ) | $ | 23.19 | ||||
| Add back | ||||||||
| Non-cash stock-based compensation expense according to IFRS 2 (1) | $ | 0.35 | $ | 1.66 | ||||
| Non-cash impairment of digital assets | $ | 7.51 | $ | 0.00 | ||||
| Non-cash change in the fair value of embedded derivatives | ( | ) | $ | 0.00 | ||||
| Non-cash interest on convertible debt and other financing (2) | $ | 1.49 | $ | 6.59 | ||||
| Non-cash impact on gain (loss) on debt extinguishment | $ | 3.35 | ( | ) | ||||
| Non-IFRS basic profit (loss) per ADS | ( | ) | $ | 25.82 | ||||
| IFRS diluted profit (loss) per ADS | ( | ) | $ | 20.27 | ||||
| Add back | ||||||||
| Non-cash stock-based compensation expense according to IFRS 2 (1) | $ | 0.35 | $ | 1.45 | ||||
| Non-cash impairment of digital assets | $ | 7.51 | $ | 0.00 | ||||
| Non-cash change in the fair value of embedded derivatives | ( | ) | $ | 0.00 | ||||
| Non-cash interest on convertible debt and other financing (2) | $ | 1.49 | $ | 5.77 | ||||
| Non-cash impact on gain (loss) on debt extinguishment | $ | 3.35 | ( | ) | ||||
| Non-IFRS diluted profit (loss) per ADS | ( | ) | $ | 22.57 | ||||
| (1) Included in the IFRS profit (loss) as follows: | ||||||||
| Cost of product revenue | $ | 20 | $ | 84 | ||||
| Research and development | 766 | 722 | ||||||
| Sales and marketing | 494 | 992 | ||||||
| General and administrative | 1,737 | 2,328 | ||||||
| (2) Related to the difference between contractual and effective interest rates | ||||||||
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283397
FAQ
What were Sequans (SQNS) Q4 2025 revenue and net loss figures?
How many Bitcoins does Sequans (SQNS) hold and how are they used as collateral?
What did Sequans (SQNS) say about its product pipeline and production status for 2026?
How much of Sequans's (SQNS) ADS did the company repurchase in Q4 2025 and what authorization remains?
What is Sequans's (SQNS) cash position and outlook for cash‑flow breakeven?
