Sequans Communications S.A.

The grade, in three tenses

Headline 4.8 out of ten, 6 of 9 metrics filed and 3 estimated: past 4.6 out of ten, present 4.8 out of ten, future 4.8 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 3.5 out of ten. 3 warning events since 2017; the latest 2026-04-30. 35th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 6.9 out of ten. +21.8% a year over 3 filed years; profitable in 0 of 3. 69th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 1.4 out of ten. Share count grew 24.6% a year. 0% of cash flow returned. Insiders: 0 sales, 0 purchases. 14th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 5.4 out of ten. ROE 104%: 104¢ of profit per shareholder dollar. Leverage 48%: owes 48¢ per asset dollar. 54th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 3.8 out of ten. bottom 38% of 97 in its family; net margin -54.2%. 38th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.3 out of ten. CrossAssetData estimate 5.3/10, confidence 20 of 100 (family median). 50th percentile among 78 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Room to expand (future): 4.6 out of ten. CrossAssetData estimate 4.6/10, confidence 35 of 100 (one part). 46th percentile among 97 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Growth drivers (future): 5.0 out of ten. bottom 50% of 93 in its family for growth drivers. 50th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.2 out of ten. CrossAssetData estimate 5.2/10, confidence 20 of 100 (family median). 50th percentile among 88 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.

The filing record

Newest annual report: Form 20-F filed 2026-05-11 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 6-K, 2026-09-24. Filings on record since 2011. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-05-11.

The people

Dr. Georges Karam has been chairman and chief executive since he founded Sequans in 2003. Before that he was vice president of cable access at Juniper Networks, and earlier held senior posts at Alcatel, SAGEM and Philips. Deborah Choate has been chief financial officer since July 2007, after the same role at Esmertec and Wavecom and an early career as an audit partner at Ernst & Young. Bertrand Debray, vice president of engineering from the founding and later chief operating officer, is now chief of staff to the chief executive and acting head of research and development. [1, 2, 3, 4]

The rest of the executive team: Dr. Qiuting Huang, chief technology officer since Sequans bought ACP in January 2025, founded ACP in 2001 and is an emeritus professor at ETH Zurich, where he led research on radio chips; Nikhil Taluja has run worldwide sales since September 2016, after SK hynix and ST-Ericsson; Olivier Pauzet, head of marketing and strategy since June 2023, came from Sierra Wireless; and Louis Chuang has run product management since October 2024. [5, 6, 7, 8, 9]

Some directors have served a long time: Zvi Slonimsky since November 2006 and Hubert de Pesquidoux, a former chief financial officer of Alcatel-Lucent, since March 2011. Newer ones bring industry ties: Maria Marced, a director since June 2023, was president of TSMC Europe, the arm of the foundry that makes its chips, until January 2024, and Jason Cohenour, who joined in June 2025, ran Sierra Wireless as chief executive from 2005 to 2018. All 14 directors and officers on the record first filed insider reports in March 2026, when those reporting rules began to apply to them. [10, 11, 12, 13, 14, 15, 16, 17]

At the end of 2025 Sequans had 171 full-time employees: 70 in France, 25 in Israel, 23 in the United Kingdom, 18 in Switzerland, 15 in the United States, 11 in Taiwan and 7 in China. Research and development took 109 of them. Headcount had been 264 at the end of 2023; about 70 people moved to Qualcomm in October 2024 with the technology sale. It also used 20 engineers from Global Logic in Ukraine for software development and testing, and 25 other contractors. [18, 19, 20, 21]

How it operates

Sequans is fabless, meaning it designs chips and hires others to make them. It sells cellular chips and ready-made modules for the Internet of Things, meaning devices other than phones that connect to mobile networks: the Monarch platform for LTE-M and NB-IoT, cellular standards built for low-power devices, Calliope for LTE Cat 1 and Cat 1bis, and Cassiopeia for faster LTE Cat 4. Since buying ACP it also sells Iris radio transceivers for software defined radio in defense, aerospace and drones, and it earns license, royalty and services revenue by licensing its technology and doing development work for others. [22, 23, 24, 25]

It sells mostly to device makers, the OEMs and ODMs, and through distributors, on purchase orders, and rarely to mobile carriers themselves. Its top ten customers brought in 88% of 2025 revenue. A strategic partner located in the Americas took 33%, down from 53% in 2024; an ODM partner in China took 13%; and a strategic partner in China that took 56% in 2023 fell below a tenth. The named top ten also include Honeywell, Lockheed Martin, Qualcomm, Telit Cinterion, Withings, Asiatelco, Matlog, MorningCore and Nanjing Cygnus Semiconductor. Its distributors include Avnet, Digi-Key, Mouser Electronics and Richardson RFPD. [26, 27, 28, 29, 30]

Because its chips must be certified on each network, it works closely with carriers: its Monarch 2 chips and modules are certified by AT&T, T-Mobile, Verizon, NTT DoCoMo, Softbank, KDDI, Telstra, Deutsche Telekom, Orange and Vodafone, among others. By where customers are invoiced, the United States brought in 9,248 thousand dollars in 2025, down from 20,368 thousand, China including Hong Kong 7,261 thousand, France 2,957 thousand and Japan 1,960 thousand. It reports in US dollars under IFRS, the international accounting standards. [31, 32, 33, 34, 35, 36]

Its wafers come from TSMC, which the filing calls its sole foundry, on mature 65 and 40 nanometer processes, with 22 nanometer planned for the next generation; the results discussion adds that it has also bought wafers from SMIC since 2025. ASE and Silicon Precision Industries assemble and test most of its chips, and Asiatel Technologies makes its modules, the only one of these suppliers with a manufacturing agreement; the rest is bought on purchase orders. [15, 37, 38, 39]

The specifics

Sequans was founded in France on October 7, 2003 and is run from Colombes. On September 30, 2024 it sold Qualcomm the intellectual property behind its two main 4G products, Monarch 2 and Calliope 2, with a license to its whole patent portfolio and to its unfinished 5G broadband platform, Taurus, for 200 million dollars in cash; about 70 employees moved to Qualcomm. It licensed the two designs back on a royalty-free basis, so it still sells them. It had suspended the 5G broadband product in June 2024, writing off 56.6 million dollars, and turned to low-power 5G for connected devices, known as RedCap and eRedCap. In January 2025 it bought ACP, a Swiss company that had shipped millions of radio transceivers. [40, 41, 42, 43, 44, 45, 46, 47]

It names Qualcomm as its largest competitor, selling products similar to the 4G designs it bought, and says that until it introduces new products it competes mainly on better customer support. It also names Nordic Semiconductor, MediaTek, and Unisoc, ASR and Eigencomm in China, with Altair Semiconductor, part of Sony, and GCT Semiconductor among smaller rivals. It held 61 issued and allowed US patents and nine pending at the end of 2025, the first due to expire in 2026, and its Monarch 2 chip carries a secure enclave certified to Common Criteria EAL5+, a security standard. [48, 49, 50, 51]

The Qualcomm license sets the terms for the designs it licensed back: it is royalty-free for current products and minor derivatives but carries royalties through September 2029 for major derivatives once annual revenues reach a certain level, and it cannot be assigned, including in a change of control, before September 30, 2027 without Qualcomm's agreement. From October 1, 2027 to September 30, 2030, assigning it to a semiconductor company costs a fee payable to Qualcomm. [52]

In mid 2025 Sequans turned to Bitcoin: it raised about 384 million dollars through share sales, warrants and 189 million dollars of secured convertible debentures, and spent 377.2 million on 3,234 Bitcoin, all pledged as collateral for the debentures. It then sold coins to buy back the debt: 970 in November 2025 to repurchase half, and 700 more by April 23, 2026. It booked 67.4 million dollars of impairment on the coins in 2025, ended the year with a net loss of 109.3 million and negative working capital of 69.5 million, and says it will not pursue the strategy further. Its auditor's report carries a going concern paragraph, and management states that a material uncertainty may cast significant doubt on its ability to continue as a going concern. [53, 54, 55, 56, 57, 58, 59, 60, 61]

What drives growth, line by line

Total revenue was 26.3 million dollars in 2025, down from 36.8 million in 2024, when licensing from the Qualcomm deal swelled it, and 33.6 million in 2023. The mix turned: products rose to 59% of revenue from 33%, while license, royalty and services revenue fell to 39% from 67%. [62, 63, 64]

Product revenue. Product revenue rose 29% to 15.5 million dollars, from 12.0 million, mainly on higher shipments of its Cat M products, above all modules, as customers moved design wins into production. Units shipped slipped to 3.0 million from 3.1 million because the mix leaned to modules, which sell for much more per unit than chips because other components are added. Product gross margin fell to 28% from 34% on that mix and a larger provision for slow-moving inventory. [65, 66, 67, 68]

License and services revenue. License and services revenue fell 59% to 10.3 million dollars from 24.8 million, because 2024 carried most of the licensing from the Qualcomm deal: license revenue from Qualcomm was 19.0 million dollars in 2024 and 7.9 million in 2025, while development services held at 2.2 million. Before that, a large 5G license with its Chinese strategic partner had driven licensing in 2022 and 2023, until that contract was terminated early in 2024. The company expects this revenue to remain significant but a lesser part of the mix as it signs smaller new agreements. [69, 63, 70, 71]

Royalties. Royalties were new in 2025: 574,000 dollars, earned on customer relationships that came with ACP. [72]

Cut by technology, the radio transceiver line that came with ACP accounted for 3,616 thousand dollars of 2025 revenue, and cellular IoT systems for the other 22,709 thousand, against 36,831 thousand in 2024. [73]

What comes next, in the company's own words: it expects product revenue to grow in 2026 as customer design wins ramp into production, and expects revenue from the mask set services it introduced in 2025 to increase in 2026 and beyond as order volumes rise. Its next chips, Monarch 3 and Calliope 3, add 5G eRedCap. [74, 75, 76]

What the desk infers (inferred, not filed)

• The strategic partner located in the Americas that took 53% of 2024 revenue and 33% of 2025 revenue is most likely Qualcomm. Because: The customer, listed as A and located in America, took nothing in 2023, 53% in 2024 and 33% in 2025, the years after the Qualcomm transaction closed on September 30, 2024. [27, 42] License revenue from Qualcomm was 19.0 million dollars in 2024 and 7.9 million in 2025, against total revenue of 36.8 million and 26.3 million. [63, 62] Qualcomm appears in its list of top ten customers for 2025, and the filing calls the deal a strategic transaction and customer A a strategic partner. [28, 26, 42] Confidence 80 of 100. Wrong if: A filing that names the strategic partner as a company other than Qualcomm, or shows Qualcomm's share of revenue well apart from that partner's.
• For now Sequans pays its way by selling its remaining Bitcoin rather than from its own operations: the coins, not the chip business, are what its liquidity plan leans on. Because: It ended 2025 with 13.4 million dollars of cash and negative working capital of 69.5 million, after a net loss of 109.3 million. [59] Its liquidity plan assumes proceeds from the sale of unpledged Bitcoin, alongside revenue growth, lower costs and government research funding. [77] It expects about 600 Bitcoin to be left unencumbered once the debentures are repaid, and says its objective is to monetize its holdings over time. [78, 58] Operating cash flow was negative in every year from 2020 to 2024. [79] Confidence 75 of 100. Wrong if: A year in which operating cash flow turns positive, or the company funds its operations without selling Bitcoin.
• Qualcomm has more sway over Sequans than any single customer share shows: it is at once its largest licensing customer, the owner of the 4G designs it sells, its largest competitor, and the party whose consent governs any transfer of that license until September 2027. Because: Qualcomm bought the intellectual property for its two main 4G products and licensed it back. [43, 44] The filing says its business substantially depends on intellectual property licensed from Qualcomm. [80] It names Qualcomm as its largest competitor, selling products similar to its own. [48] The license cannot be assigned, even in a change of control, before September 30, 2027 without Qualcomm's agreement. [52] Confidence 70 of 100. Wrong if: A filing showing Sequans selling products built on intellectual property it owns outright, with Qualcomm neither a large customer nor a party to its license.

Sources

1. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Dr. Georges Karam has served as our chairman of the board and chief executive officer since the company was founded in 2003. Before founding Sequans, Dr. Karam was vice president of cable access at Juniper Networks”
2. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Dr. Karam has served in a variety of senior management positions at Alcatel, SAGEM and Philips.”
3. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Deborah Choate has served as our chief financial officer since July 2007. Prior to joining Sequans, she was chief financial officer at Esmertec AG from September 2005 to June 2007 and at Wavecom SA, from August 1998 to August 2004, and as vice president of finance at Platinum Equity from October 2004 to September 2005. Earlier in her career, she was an audit partner with Ernst & Young.”
4. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Bertrand Debray has served as our chief of staff to the CEO and acting vice president of R&D since October 2024. Previously he served as executive vice president for the broadband IoT business unit from October 2020 to September 2024; from July 2013 until September 2020, Mr. Debray served as our chief operating officer and prior to that as vice president, engineering since the company was founded in 2003.”
5. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Dr. Qiuting Huang has served as our chief technology officer since our acquisition of ACP in January 2025, where he was CEO. Dr. Huang is also an emeritus professor of the Swiss Federal Institute of Technology (ETH) in Zurich, where he led research into the design of RF integrated circuits in CMOS technology”
6. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Dr. Huang founded ACP Advanced Circuit Pursuit Ltd , a fabless developer of RF transceivers and SoCs for cellular communications, in 2001.”
7. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Nikhil Taluja has served as our executive vice president of worldwide sales since September 2016. From July 2013 until August 2016, Mr. Taluja was vice president of sales at SK hynix, a leading supplier of DRAM and Flash memory solutions, where he led the sales organization for the Americas. From March 2012 until July 2013, Mr. Taluja led the Americas’ sales and marketing organizations at ST-Ericsson”
8. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Olivier Pauzet has served as our executive vice president, marketing and strategy, since June 2023. Prior to that Mr. Pauzet was vice president of product and IoT solutions at Sierra Wireless (a Semtech company).”
9. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Louis Chuang has served as executive vice president of product management since October 2024.”
10. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Zvi Slonimsky has served as a director since November 2006.”
11. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Hubert de Pesquidoux has served as a director since March 2011. Mr. de Pesquidoux has served as an Executive Partner at Siris Capital”
12. Sequans Communications S.A., Form 20-F filed 2026-05-11: “From 1991 until December 2009, Mr. de Pesquidoux held various positions at the telecommunications company Alcatel-Lucent SA (and its predecessor, Alcatel S.A. and its affiliates), where he most recently served as Chief Financial Officer from November 2007 until December 2008”
13. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Maria Marced has served as a director since June 2023. Ms. Marced served as president of TSMC Europe from 2007 until her retirement in January 2024”
14. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Jason Cohenour has served as a director since June 2025. Mr. Cohenour brings more than 30 years of executive leadership experience across sales, operations, and international mergers and acquisitions. He served as President, CEO, and Director of Sierra Wireless, Inc. from 2005 to 2018.”
15. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Our sole foundry vendor is TSMC, and currently we use their commercially available mature standard 65nm and 40nm, standard RF, mixed-signal and digital CMOS foundry processes to enable us to produce our products more cost-effectively. We expect to add 22nm technology in the next generation of products.”
16. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Beginning March 18, 2026, our officers and directors are required to report insider transactions on Form 3s and Form 4s under Section 16 of the Securities Exchange Act of 1934.”
17. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
18. Sequans Communications S.A., Form 20-F filed 2026-05-11: “At December 31, 2025, we had 171 full-time employees, of whom 70 were located in France, 25 were in Israel, 23 were in the United Kingdom, 18 were in Switzerland, 15 were in the United States, 11 were in Taiwan, 7 were in China, and there was one employee in each of Finland and Hong Kong.”
19. Sequans Communications S.A., Form 20-F filed 2026-05-11: “2023 2024 2025 Department: Research and development 190 90 109 Sales and marketing 45 42 37 General and administration 24 18 19 Operations 5 5 6 Total 264 155 171”
20. Sequans Communications S.A., Form 20-F filed 2026-05-11: “In addition, approximately 70 of our employees transferred to Qualcomm effective October 1, 2024.”
21. Sequans Communications S.A., Form 20-F filed 2026-05-11: “At December 31, 2025, we had 20 dedicated engineers from Global Logic in Ukraine for software development and testing, and also had 25 other independent contractors primarily in research and development but also in business development and finance”
22. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We are a fabless designer, developer and supplier of semiconductor solutions primarily for the IoT markets. We offer a comprehensive set of cellular IoT 5G/4G chips and modules fully optimized for non-smartphone devices. Since the acquisition of ACP, we also provide RF transceivers for Software Defined Radio applications as well as advanced design services and technology licensing.”
23. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We provide a comprehensive product portfolio based on our flagship Monarch platform (LTE-M/NB IoT), Calliope platform (LTE Cat 1 and Cat 1 bis) featuring industry-leading low power consumption, a large set of integrated functionalities, and global deployment capability. We also address higher bandwidth IoT applications with our Cassiopeia platform (LTE Cat 4).”
24. Sequans Communications S.A., Form 20-F filed 2026-05-11: “In July 2025, we introduced Iris, a line of RF Integrated Transceivers for Software Defined Radio (SDR) applications. Purpose-built for mission-critical applications in defense, aerospace, drones, vehicle-to-everything (V2X), routers and other 5G systems”
25. Sequans Communications S.A., Form 20-F filed 2026-05-11: “License, royalty and services revenue consists of the sale of licenses to use our technology solutions, royalties earned from royalty-bearing sales of customer products using our licensed technology, and service revenue from associated annual software maintenance and support agreements, technical support services and development services.”
26. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We do not typically sell directly to wireless carriers, except from time to time in the context of selling services to enable new technologies or markets being developed by the carrier. Our sales are conducted on a purchase order basis with OEMs, ODMs, contract manufacturers, system integrators, or distributors”
27. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Our top ten customers accounted for 92%, 97% and 88% of our total revenue in 2023, 2024, and 2025, respectively. A strategic partner accounted for 53% of our revenues in 2024 and 33% in 2025. Our strategic partner based in China accounted for 56% of our revenue in 2023, 12% in 2024 and less than 10% in 2025. An ODM partner who represented less than 10% of our revenues in 2023, accounted for 15% of our 2024 revenues and 13% of our 2025 revenues.”
28. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Asiatelco • Honeywell • Lockheed Martin • Matlog • MorningCore • Nanjing Cygnus Semiconductor Company Ltd • Qualcomm • Telit Cinterion Deutschland GmbH • Withings”
29. Sequans Communications S.A., Form 20-F filed 2026-05-11: “December 31, 2023 2024 2025 A America —% 53% 33% B China Less than 10% 15% 13% C China 56% 12% Less than 10% D Japan 16% Less than 10%”
30. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We have signed worldwide distribution contracts with Avnet, Digi-Key, Mouser Electronics and Richardson RFPD.”
31. Sequans Communications S.A., Form 20-F filed 2026-05-11: “In addition, wireless carriers require semiconductor solutions to undergo extensive certification qualification and interoperability testing prior to mass production.”
32. Sequans Communications S.A., Form 20-F filed 2026-05-11: “For example, our LTE-M/NB-IoT Monarch 2 chipsets and module offerings have been certified by AT&T, T-Mobile, Verizon, Sprint, NTT DoCoMo, Softbank, KDDI, Telstra, LG U+, Deutsche Telekom, Telus, Telstra, Orange, Vodafone, CHT, Firstnet, Spark Networks”
33. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Sales to external customers disclosed below are based on the geographical location of the customers to which the Company invoices.”
34. Sequans Communications S.A., Form 20-F filed 2026-05-11: “2024 2025 Asia : China (including Hong Kong) $ 11,458 $ 7,261 Taiwan 468 893 Japan 696 1,960 Rest of Asia 47 436 Total Asia 12,669 10,550 Germany 687 629 France 1,405 2,957 United States of America 20,368 9,248”
35. Sequans Communications S.A., Form 20-F filed 2026-05-11: “The Consolidated Financial Statements are presented in U.S. dollars.”
36. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Our Consolidated Financial Statements for 2023, 2024 and 2025 have been prepared in accordance with IFRS as issued by the IASB.”
37. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We purchase processed wafers from our fabrication suppliers, currently mainly TSMC, but also from SMIC since 2025.”
38. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We use well-known outsourced semiconductor assembly and test (OSAT) suppliers such as Advanced Semiconductor Engineering ChungLi (ASECL), Advanced Semiconductor Engineering, Inc. (ASEKH) and Silicon Precision Industries Limited (SPIL) for most of our chipset assembly and testing. We use Asiatel Technologies Co. for manufacturing of our modules.”
39. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We do not have manufacturing agreements with our foundry or with our testing and packaging or module vendors, other than with Asiatel, and we place our orders with our foundry and other vendors on a purchase order basis.”
40. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Sequans Communications S.A. was incorporated as a société anonyme under the laws of the French Republic on October 7, 2003, for a period of 99 years.”
41. The record on this page: the filing record (the EDGAR submissions feed)
42. Sequans Communications S.A., Form 20-F filed 2026-05-11: “On September 30, 2024, we concluded a strategic transaction with Qualcomm Technologies, Inc ("Qualcomm"), valued at $200 million in cash.”
43. Sequans Communications S.A., Form 20-F filed 2026-05-11: “The overall deal resulted in Qualcomm acquiring the intellectual property ("IP") for our two main 4G products (Monarch 2 and Calliope 2) and certain physical assets, as well as receiving a license to our entire patent portfolio and a license to our partially developed 5G broadband platform, known as Taurus. In addition, approximately 70 of our employees transferred to Qualcomm effective October 1, 2024.”
44. Sequans Communications S.A., Form 20-F filed 2026-05-11: “The transaction included a license back to us of the Monarch2 and Calliope2 IP, which means that we will continue to have the right to manufacture and sell the products to serve our customers as usual, on a royalty-free basis.”
45. Sequans Communications S.A., Form 20-F filed 2026-05-11: “In June 2024, we suspended the development of our 5G broadband product for Fixed Wireless Access applications and reoriented our product roadmap towards low-power 5G variants for IoT, specifically RedCap and eRedCap.”
46. Sequans Communications S.A., Form 20-F filed 2026-05-11: “In 2024, we discontinued the development of our 5G broadband platform, and in the third quarter recognized an impairment loss for the full $56.6 million on the balance sheet.”
47. Sequans Communications S.A., Form 20-F filed 2026-05-11: “In January 2025, we acquired ACP Advanced Circuit Pursuit AG ("ACP"), a recognized leader in RF semiconductor innovation, that has shipped millions of RF transceivers powering advanced applications such as 5G small cells, drones, and V2X systems.”
48. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Our largest competitor is Qualcomm Incorporated, who acquired the intellectual property of certain of our 4G products in 2024. Until we are able to introduce new products, we will be competing against Qualcomm selling similar products, differentiating our offering primarily based our ability to provide better customer support.”
49. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We face competition from established semiconductor companies such as Qualcomm Incorporated, Nordic Semiconductors, MediaTek, and companies located in China such as Unisoc Technologies, ASR and Eigencomm as well as smaller actors in the market with more limited product portfolios, such as Altair Semiconductor (Sony), GCT Semiconductor.”
50. Sequans Communications S.A., Form 20-F filed 2026-05-11: “At December 31, 2025, we had 61 issued and allowed United States patents, and 9 pending United States patents. The first of our issued and allowed patents will expire in 2026.”
51. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Security, which is at the heart of the IoT devices, has also been strengthened in our Monarch 2, embedding a Common Criteria EAL5+ secure enclave.”
52. Sequans Communications S.A., Form 20-F filed 2026-05-11: “The license is royalty-free for current products and minor derivatives and royalty bearing through September 2029 for major derivatives, assuming annual revenues reach a certain minimum level. The only material limitation in the license is on our ability to assign the license, including in the event of change of control, until September 30, 2027. No assignment of the license is permitted without Qualcomm's agreement, except to certain identified permitted transferees. From October 1, 2027 to September 30, 2030, the license may be assigned but if assigned to a semi-conductor company, a fee will be payable to Qualcomm.”
53. Sequans Communications S.A., Form 20-F filed 2026-05-11: “In June 2025, we raised approximately $384 million through private placements involving equity, warrants, and $189 million in secured convertible debentures. The funds were used to purchase 3,234 Bitcoin, all pledged as collateral for the debentures.”
54. Sequans Communications S.A., Form 20-F filed 2026-05-11: “The financings generated total gross proceeds of approximately $384 million, which were used to purchase 3,234 Bitcoin for $377.2 million”
55. Sequans Communications S.A., Form 20-F filed 2026-05-11: “On October 27, 2025, the Debenture Purchase Agreement was amended to allow us to repurchase 50% of the debentures at face value plus a 6.5% premium, releasing 50% of the Bitcoin collateral. This repurchase, completed on November 10, 2025 for $100.6 million, was funded by selling 970 Bitcoin, and 647 Bitcoin were released from collateral.”
56. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Since executing the second amendment of the Debenture Purchase Agreement, through April 23, 2026, the Company has sold 700 Bitcoin to fund redemption of $50.8 million of the debentures.”
57. Sequans Communications S.A., Form 20-F filed 2026-05-11: “The digital assets are measured at the lower of cost or market, and as such, we recognized impairment charges of $67.4 million during the year”
58. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Going forward, we do not intend to further pursue our Bitcoin treasury strategy. Instead, our objective will be to monetize our Bitcoin holdings over time”
59. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We experienced net losses of $41.0 million and $109.3 million in 2023 and 2025, respectively, and net profit of $57.6 million in 2024. At December 31, 2025, our accumulated deficit was $145.1 million and we had negative working capital of $69.5 million, including $13.4 million of cash and cash equivalents.”
60. Sequans Communications S.A., Form 20-F filed 2026-05-11: “the Company has suffered recurring losses from operations, has a working capital deficiency, and has stated that substantial doubt exists about the Company’s ability to continue as a going concern.”
61. Sequans Communications S.A., Form 20-F filed 2026-05-11: “As a result, a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.”
62. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Our total revenue was $26.3 million in 2025, $36.8 million in 2024, and $33.6 million in 2023.”
63. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We recognized $19.0 million in license revenue in 2024 from the Qualcomm strategic transaction compared with $7.9 million in 2025. Development services revenue remained stable at $2.2 million in 2024 and 2025.”
64. Sequans Communications S.A., Form 20-F filed 2026-05-11: “2024 2025 (% of total revenue) Revenue: Product revenue 33 59 License, royalty and services revenue 67 39”
65. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Product revenue increased 29% from $12.0 million in 2024 to $15.5 million in 2025. The increase was mainly due to the increase in our Cat M product category shipments, particularly modules, as customers began moving design wins to production.”
66. Sequans Communications S.A., Form 20-F filed 2026-05-11: “In 2025, we shipped 3.0 million units of 4G products and RF transceivers compared to 3.1 million units of 4G products in 2024 with the unit decline due to a product mix more focused on modules.”
67. Sequans Communications S.A., Form 20-F filed 2026-05-11: “The ASP of the module is much higher than the ASP of our semiconductor solutions as many other components are added in order to provide a complete 4G- LTE solution.”
68. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Product gross margin percentage decreased from 34% in 2024 to 28% in 2025 due to the revenue mix including a higher percentage of module sales, and an increase in the provision for slow-moving inventory.”
69. Sequans Communications S.A., Form 20-F filed 2026-05-11: “License and services revenue decreased 59% from $24.8 million in 2024 to $10.3 million in 2025.”
70. Sequans Communications S.A., Form 20-F filed 2026-05-11: “There was a peak in licensing revenue recognized in 2022 following the execution of a large 5G license with the Chinese strategic partner and recognition of delivery of all technology blocks developed through 2023. This contract resulted again in significant revenues in 2023, but declined in 2024 as the contract was terminated early in the year.”
71. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We expect license, royalty and services revenue to continue to be a significant, but lesser, part of the total revenue mix in the short term as we enter into smaller new agreements.”
72. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We recognized royalties revenue for the first time in 2025 related to customer relationships of the acquired entity, ACP Advanced Circuit Pursuit AG. Royalties revenue totaled $574,000 in 2025.”
73. Sequans Communications S.A., Form 20-F filed 2026-05-11: “The Company categorizes its total revenue based on technology. Year ended December 31, 2024 2025 Cellular IoT systems $ 36,831 $ 22,709 Radio transceivers for all wireless systems — 3,616 Total revenue $ 36,831 $ 26,325”
74. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We expect product revenue growth in 2026, supported by a strong ramp-up of customer design wins going into production.”
75. Sequans Communications S.A., Form 20-F filed 2026-05-11: “The related revenues these were not significant in 2025, but we expect them to increase in 2026 and beyond as order volumes rise.”
76. Sequans Communications S.A., Form 20-F filed 2026-05-11: “We are currently developing our next generation of semiconductors, the Monarch 3 and Calliope 3, adding 5G eRedCap and enhances performances.”
77. Sequans Communications S.A., Form 20-F filed 2026-05-11: “These plans incorporate a number of key assumptions regarding significant revenue growth by product and by customer, assumes a declining operating cost structure, proceeds from the sale of unpledged Bitcoin, and ongoing and new government funding of research programs.”
78. Sequans Communications S.A., Form 20-F filed 2026-05-11: “we expect to have approximately 600 Bitcoin remaining after repurchase of all the debentures, which Bitcoin will be unencumbered.”
79. The record on this page: the filed annual figures (EDGAR's company facts)
80. Sequans Communications S.A., Form 20-F filed 2026-05-11: “Our business substantially depends on intellectual property licensed from Qualcomm, and we may be unable to successfully grow our business due to the covenants under the Qualcomm asset purchase agreement and license agreement.”

Who runs it

Karam, Georges M. (CEO); Brodt, Norman (CFO); Choate, Deborah Annette (CFO); Debray, Bertrand (Chief of Staff); Chuang, Ping Lin (EVP Product Management); Huang, Qiuting (CTO); Pauzet, Olivier Julien (EVP Marketing and Strategy); Taluja, Nikhil (EVP Sales); De, Pesquidoux Hubert (director); Cohenour, Jason (director); and 5 more. 15 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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