Sequans Communications sells its last 314 Bitcoin
Q2 product revenue grew more than 80% year over year, while the six-month product backlog at quarter-end more than tripled.
Rhea-AI Filing Summary
Sequans Communications S.A. completed its Bitcoin treasury exit by selling the remaining 314 Bitcoin held on its balance sheet as of June 30, 2026. The company says it has no cryptocurrency holdings and no outstanding debt outside debt tied to government-financed R&D projects, following the convertible-debt redemption in May 2026. It says its strategic and financial focus is now on its cellular IoT and software-defined radio semiconductor business.
Q2 2026 product revenue grew more than 80% year over year, while the six-month product backlog at quarter-end more than tripled year over year. Sequans reported its first drone design win in Q2 2026 and a growing pipeline of opportunities for its recently launched RF transceiver across defense, drone and space applications. It also said it continues to execute on its 5G eRedCap platform as cellular IoT transitions from 4G to 5G.
Positive
- Q2 2026 product revenue grew more than 80% year over year.
Negative
- None.
Key Figures
Bitcoin sold: 314 Bitcoin
Q2 product revenue growth: More than 80% year over year
Six-month product backlog: More than tripled year over year
3 metrics
Bitcoin sold
314 Bitcoin
Remaining balance-sheet holdings as of June 30, 2026
Q2 product revenue growth
More than 80% year over year
Q2 2026
Six-month product backlog
More than tripled year over year
At quarter-end
Key Terms
Bitcoin treasury exit, convertible debt, 5G eRedCap platform, software-defined radio (SDR)
4 terms
Bitcoin treasury exit financial
"completed its Bitcoin treasury exit"
convertible debt financial
"redemption of its convertible debt in May 2026"
A convertible debt is a loan a company takes that gives the lender the option to swap the owed money for a set number of the company’s shares instead of getting cash back. It matters to investors because it can change who owns the company and how much their shares are worth: if lenders convert, existing shareholders can be diluted, but conversion can also signal confidence and reduce a company’s cash pressure — like getting a coupon that can be redeemed for store ownership rather than a refund.
5G eRedCap platform technical
"execute on its 5G eRedCap platform"
software-defined radio (SDR) technical
"RF transceiver in software-defined radio applications"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much Bitcoin did SQNS sell to complete its treasury exit?
Sequans sold the remaining 314 Bitcoin held on its balance sheet as of June 30, 2026, completing its Bitcoin treasury exit.
How did SQNS product revenue and backlog change?
Q2 2026 product revenue grew more than 80% year over year, and the six-month product backlog at quarter-end more than tripled year over year.
What debt remains at SQNS after its Bitcoin exit?
Sequans said it has no outstanding debt outside debt tied to government-financed R&D projects.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934
For the month of September 2026
Commission File Number: 001-35135
Sequans Communications S.A.
(Translation of Registrant’s name into English)
15-55 boulevard Charles de Gaulle
92700 Colombes, France
Telephone : +33 1 70 72 16 00
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F R Form 40-F £
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes £ NoR
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes £ NoR
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
The information in this report furnished on Form 6-K shall be incorporated by reference into each of the following Registration Statements under the Securities Act of 1933, as amended, of the registrant: Form S-8 (File Nos. 333-203539, 333-211011, 333-214444, 333-215911, 333-219430, 333-226458, 333-233473, 333-239968, 333-259914, 333-266481 and 333-289027) and Form F-3 (File Nos. 333-271884 and 333-288709).
EXPLANATORY NOTE
On September 24, 2026, Sequans Communications S.A. issued a press release announcing that it has completed its Bitcoin treasury exit following the sale of its remaining Bitcoin holdings, emerging with a strengthened balance sheet and a sharpened focus on executing its semiconductor growth strategy. A copy of the press release is attached to this Form 6-K as Exhibit 99.1 and is incorporated herein by reference.
EXHIBIT INDEX
The following exhibit is filed as part of this Form 6-K:
Exhibit | Description | ||||
99.1 | Press release dated September 24, 2026 | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SEQUANS COMMUNICATIONS S.A. (Registrant) | ||||||||||||||
| Date: September 24, 2026 | By: | /s/ Norman Brodt | ||||||||||||
| Norman Brodt | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
 | NEWS | ||||
Sequans Completes Bitcoin Treasury Exit and Emerges with a Solid Financial Foundation
Positioned to accelerate its semiconductor growth strategy through expanding product revenue, licensing opportunities and next-generation technologies
PARIS - 24 September, 2026 - Sequans Communications S.A. (NYSE: SQNS) (“Sequans” or the “Company”), a leading provider of 5G/4G cellular IoT and software-defined radio (SDR) semiconductor solutions, today announced that it has completed its Bitcoin treasury exit following the sale of its remaining Bitcoin holdings, emerging with a strengthened balance sheet and a sharpened focus on executing its semiconductor growth strategy.
Highlights:
•Bitcoin Treasury Strategy Fully Concluded: Sequans has sold the remaining 314 Bitcoin held on its balance sheet as of June 30, 2026, completing the treasury exit initially outlined with the May 2026 redemption of its convertible debt.
•Strengthened Balance Sheet: With no outstanding debt outside of that tied to government-financed R&D projects and no cryptocurrency holdings on the balance sheet, Sequans now holds a strong cash position, reflecting a simpler capital structure and clearer financial profile for investors.
•Pure-Play Semiconductor Focus: The Company's full strategic and financial attention returns to scaling its cellular IoT and SDR semiconductor business.
•Product Revenue Acceleration: Q2 2026 product revenue grew more than 80% year-over-year, with the Company's six-month product backlog at quarter-end tripling year-over-year, reflecting accelerating design-win conversion and improved visibility into future growth.
•5G eRedCap on Track: Sequans continues to execute on its 5G eRedCap platform, positioning the Company to be ready as the cellular IoT industry transitions from 4G to 5G.
•SDR Momentum in Defense, Drones, and Space: Sequans is seeing a growing pipeline of opportunities for its recently launched RF transceiver in software-defined radio applications, with increasing interest from customers across defense, drone, and space markets.
"The completion of our Bitcoin treasury strategy marks an important milestone for Sequans and reflects the disciplined execution of a strategy designed to strengthen our financial foundation," said Dr. Georges Karam, CEO of Sequans. "By eliminating our convertible debt, monetizing our remaining Bitcoin holdings in a measured and opportunistic manner, and emerging with a very strong balance sheet, we have positioned the Company to focus entirely on executing our long-term semiconductor growth strategy."
Dr. Karam continued, "With this transition complete, we are focused on capitalizing on the strong momentum across our semiconductor business. We are seeing accelerating product growth, increasing customer adoption, expanding licensing opportunities, and continued progress across our 5G eRedCap and software-defined radio platforms. Combined with our strengthened financial position, we believe Sequans is well positioned to execute our strategy, scale the business, and deliver sustainable long-term value for our shareholders."
The completion of the Company's Bitcoin treasury strategy marks the final step in a broader balance sheet transformation that began with the redemption of its convertible debt in May 2026. Following the disciplined sale of its remaining Bitcoin holdings, Sequans now operates with strong balance sheet, providing enhanced financial flexibility and allowing management to focus entirely on executing its semiconductor growth strategy.
| NEWS | ||||
The Company's strengthened financial position comes as its core semiconductor business continues to accelerate. Product revenue grew over 80% year-over-year in the second quarter, while the Company's six-month product backlog at quarter-end more than tripled versus the prior year, providing significantly improved visibility into future revenue growth. Sequans continues to execute on its 5G eRedCap platform, positioning the Company to be ready as the cellular IoT industry transitions from 4G to 5G connectivity. The Company is also building momentum with its recently launched RF transceiver for SDR applications, securing its first drone design win in the second quarter of 2026 and seeing a growing pipeline of opportunities across defense, drone, and space markets.
About Sequans
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) and RF transceiver solutions for software-defined applications. 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, as well as mission-critical deployments in space and defense.
Sequans offers a comprehensive portfolio of 4G/5G solutions, including LTE-M/NB-IoT, 4G LTE Cat 1bis, and 5G NR RedCap and eRedCap platforms, all purpose-built for IoT and delivering breakthroughs in wireless connectivity, power efficiency, security, and performance. Sequans RF transceiver solutions enable highly flexible, programmable wireless systems optimized for performance and resilience in demanding environments. The company also provides advanced design services and technology licensing.
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.
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, 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. 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 our ability to convert our product pipeline and design wins into revenue. If any one or more of these risks or uncertainties materialize or if any one or more of the assumptions prove incorrect,
| NEWS | ||||
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, 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.
Contacts
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