Sequans Communications S A Stock Price, News & Analysis

Sequans Communications S.A. (NYSE: SQNS) is a fabless semiconductor company focused on 4G/5G cellular technology for the Internet of Things (IoT). The company designs, develops, and supplies cellular semiconductor solutions and platforms that enable broadband and narrowband IoT connectivity for non-smartphone devices. Sequans states that it is a leading provider of 5G/4G cellular IoT semiconductor solutions and that its technology is purpose-built for IoT applications.

According to company disclosures, Sequans offers a portfolio of 4G/5G IoT solutions that includes LTE-M/NB-IoT, 4G LTE Cat 1bis, and 5G NR RedCap/eRedCap platforms. These platforms are described as delivering improvements in wireless connectivity, power efficiency, security, and performance for IoT devices. Sequans also provides advanced design services and technology licensing, supporting customers who want to integrate its cellular technology into their own products and systems.

Business focus and operating model

Sequans identifies itself as a fabless semiconductor company, meaning it focuses on the design and marketing of semiconductor components rather than operating its own fabrication facilities. Earlier descriptions and company statements indicate that Sequans has one operating segment, centered on the design and marketing of semiconductor components for cellular wireless systems. The company targets broadband and cellular IoT markets, providing chips and modules optimized for non-smartphone devices.

The company highlights applications in smart mobility and logistics, smart utility meters, smart cities, industrial environments, e-health and wellness, smart homes, secured payment, and other AI-connected use cases. Its platforms are intended to support devices that require cellular connectivity with low power consumption, secure communication, and scalable performance.

Bitcoin treasury strategy

In addition to its semiconductor activities, Sequans describes itself as a pioneer in Bitcoin treasury and a pioneer in adopting Bitcoin as its primary treasury reserve asset. The company states that it views Bitcoin as a long-term investment and intends to strategically accumulate Bitcoin as its primary treasury reserve asset. According to its public communications, Sequans’ approach involves acquiring and holding Bitcoin using net proceeds from equity and debt issuances, as well as cash generated from operations and intellectual property monetization, executed from time to time based on market conditions.

Sequans has reported actions such as redeeming a portion of its convertible debt through the sale of Bitcoin and using proceeds from Bitcoin dispositions to fund ADS repurchase programs. Management communications emphasize a focus on Bitcoin per share metrics, a Bitcoin-focused treasury strategy, and the belief that combining a strategic Bitcoin reserve with its IoT semiconductor business can support long-term value creation.

Global footprint and industry classification

Sequans was founded in 2003 and is headquartered in France. Company materials state that it operates globally, with offices in the United States, United Kingdom, Switzerland, Israel, Finland, Taiwan, and China, and in some communications also reference Singapore. The company’s American Depositary Shares (ADS), each representing one hundred ordinary shares, trade on the New York Stock Exchange under the symbol SQNS.

Based on the provided classification, Sequans operates in the Semiconductor and Related Device Manufacturing industry within the Manufacturing sector. It positions its technology for use by partners and customers that build IoT devices and systems, and it has announced collaborations with companies such as MultiTech and Oki Electric Industry (OKI) that use Sequans platforms in embedded cellular modem solutions and zero-energy IoT infrastructure monitoring products.

Key technology platforms and IoT focus

Sequans highlights several named technology platforms in its communications:

• Calliope 2 LTE Cat 1bis platform, used in embedded cellular modem platforms and intended to support migration to future 5G connectivity within the Calliope family.
• Monarch LTE-M/NB-IoT platform, described as a low-power cellular IoT platform selected by partners such as OKI for zero-energy IoT solutions that monitor critical infrastructure and disaster sites.
• 5G NR RedCap/eRedCap platforms, which are part of its 5G IoT portfolio.

Sequans states that these platforms are purpose-built for IoT and are intended to support secure, low-power, and scalable connectivity for AI-connected applications. Use cases cited in company communications include secured payment, smart mobility and logistics, smart cities and infrastructure, industrial IoT, e-health, smart homes, and critical infrastructure monitoring. The company also notes that its technology is used in embedded cellular platforms that are carrier-approved and designed to accelerate time-to-market for customers.

Capital markets activity and NYSE listing

Sequans’ securities are listed on the New York Stock Exchange, and the company has filed multiple Form 6-K reports describing capital markets and corporate actions. On June 5, 2025, the NYSE notified Sequans that it was not in compliance with continued listing standards because its average global market capitalization over a consecutive 30-trading-day period had fallen below $50 million while its stockholders’ equity was also below $50 million. To address this, Sequans undertook measures including a $195 million equity private placement that closed on July 7, 2025, which the company states increased its stockholders’ equity and market capitalization.

On January 15, 2026, Sequans announced that it had regained compliance with NYSE continued listing standards, and a related Form 6-K filing confirms that the NYSE determined the company to be fully compliant with applicable listing requirements following these corrective actions.

Share structure, warrants, and repurchase programs

Sequans has reported several actions affecting its ADS and capital structure. In a Form 6-K dated September 4, 2025, the company announced a change in the ratio of its American Depositary Shares to ordinary shares, resulting in a reverse split on the ADSs on the basis of one new ADS for every ten old ADSs, effective September 17, 2025. The ordinary shares were not affected by the ratio change.

The company has also disclosed the issuance of warrants in connection with private placements of equity and secured convertible debentures, with terms such as an exercise price per warrant and the ability to exercise into ADSs or pre-funded warrants. On October 1, 2025, Sequans extended the expiration date of certain Common Warrants to December 31, 2025, while keeping other terms unchanged.

In addition, Sequans has announced ADS repurchase programs. A Form 6-K dated September 30, 2025 references the launch of a program to repurchase ADSs, and subsequent news releases describe progress on these repurchases, including the completion of an ADS repurchase program and the approval of a new buyback authorization by the Board of Directors. The company has linked funding for these repurchases to proceeds from Bitcoin dispositions and has described the repurchases as part of a disciplined capital allocation strategy aligned with its Bitcoin treasury approach.

Debt, Bitcoin holdings, and financial disclosures

Sequans has reported issuing convertible debt and pledging Bitcoin holdings as security for that debt. In its preliminary third quarter 2025 financial results, the company disclosed holding 3,234 Bitcoin pledged as security for $189 million of convertible debt, and later communications describe the redemption of 50% of this convertible debt funded by the sale of Bitcoin. The company has discussed the impact of these actions on its debt-to-NAV ratio, its Bitcoin Net Asset Value, and its capacity to continue ADS repurchases.

The same financial disclosures detail items such as revenue, gross profit, operating income or loss, net profit or loss, and non-IFRS measures. Sequans explains that it uses non-IFRS (non-GAAP) measures that exclude certain non-cash items, including impairment of digital assets, stock-based compensation, and fair-value adjustments related to convertible debt and embedded derivatives, and provides reconciliations to IFRS metrics in its releases.

Corporate governance and insider activity transparency

As a foreign private issuer, Sequans notes in several Form 6-K filings that its officers and directors are not required to report insider transactions on Forms 3 and 4 under Section 16 of the Securities Exchange Act of 1934. However, the company has chosen to voluntarily report open-market purchases of its ADSs by members of its Board of Directors via Form 6-K filings. These filings describe specific purchases by named directors and state that these purchases reflect confidence in the company’s Bitcoin-focused treasury strategy and its cellular IoT semiconductor business.

FAQs about Sequans Communications (SQNS)

• What does Sequans Communications S.A. do?
  Sequans Communications S.A. is a fabless semiconductor company that designs, develops, and supplies 4G/5G cellular IoT semiconductor solutions. It focuses on platforms such as LTE-M/NB-IoT, 4G LTE Cat 1bis, and 5G NR RedCap/eRedCap, which are intended to provide cellular connectivity, power efficiency, security, and performance for IoT devices.
• In which industry and sector does Sequans operate?
  Sequans operates in the Semiconductor and Related Device Manufacturing industry within the Manufacturing sector, based on the provided classification. Its business centers on semiconductor components for cellular wireless systems and IoT connectivity.
• Where is Sequans headquartered and where does it operate?
  Sequans states that it was founded in 2003 and is headquartered in France. The company reports that it operates globally, with offices in locations that include the United States, United Kingdom, Switzerland, Israel, Finland, Taiwan, and China, and in some communications also mentions Singapore.
• On which exchange is SQNS listed and what does each ADS represent?
  Sequans’ American Depositary Shares trade on the New York Stock Exchange under the symbol SQNS. Company materials describe the ADSs as American Depositary Shares, each representing one hundred ordinary shares, following the ADS ratio change and reverse split described in its Form 6-K filings.
• What is Sequans’ Bitcoin treasury strategy?
  Sequans describes itself as a pioneer in Bitcoin treasury and states that it views Bitcoin as a long-term investment and its primary treasury reserve asset. The company indicates that it intends to accumulate Bitcoin using net proceeds from equity and debt issuances, as well as cash generated from operations and intellectual property monetization, and has reported using Bitcoin holdings to support debt reduction and ADS repurchase programs.
• How does Sequans generate value from its IoT semiconductor business?
  According to its disclosures, Sequans develops and supplies cellular IoT semiconductor platforms such as LTE-M/NB-IoT, 4G LTE Cat 1bis, and 5G NR RedCap/eRedCap, and offers advanced design services and technology licensing. These platforms are used in IoT applications like smart mobility and logistics, smart cities, industrial IoT, e-health, smart homes, and secured payment, and are integrated by partners into embedded cellular devices and infrastructure monitoring solutions.
• What types of partnerships has Sequans announced?
  Sequans has announced collaborations with companies such as MultiTech, which selected Sequans technology for embedded cellular modem platforms, and Oki Electric Industry (OKI), which chose the Monarch LTE-M/NB-IoT platform for its Zero-Energy IoT Series for monitoring critical infrastructure and disaster sites. These partnerships illustrate how Sequans’ platforms are used in industrial, infrastructure, and other IoT deployments.
• What happened with Sequans’ NYSE listing compliance?
  On June 5, 2025, the NYSE notified Sequans that it was not in compliance with continued listing standards due to its average global market capitalization and stockholders’ equity being below specified thresholds. Sequans reports that it took corrective actions, including a $195 million equity private placement, and on January 15, 2026 announced that the NYSE had confirmed the company was back in full compliance with all applicable listing requirements.
• Has Sequans undertaken share repurchase programs?
  Yes. Sequans has announced ADS repurchase programs, including the launch of a program to repurchase ADSs and later the completion of an authorized program and approval of a new buyback authorization. The company has stated that these repurchases were funded in part by proceeds from Bitcoin dispositions and are intended to support its capital allocation and Bitcoin treasury strategies.
• How does Sequans report its financial results?
  Sequans files Form 6-K reports with the U.S. Securities and Exchange Commission to furnish press releases that include preliminary and periodic financial results. These releases provide IFRS-based financial statements and also disclose non-IFRS (non-GAAP) measures that adjust for items such as impairment of digital assets, stock-based compensation, and fair-value impacts of convertible debt and derivatives, with reconciliations to the corresponding IFRS metrics.