Sequans Communications S.A. is a fabless semiconductor company specializing in wireless cellular technology for the Internet of Things (IoT). The company designs and develops innovative chips, modules, intellectual property (IP), and services that enable secure and scalable connectivity for IoT devices. Its solutions cater to a wide range of applications, including smart homes, industrial IoT, and enterprise connectivity, leveraging advanced LTE and 5G technologies.
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Broadband IoT - Powers applications requiring high throughput, low latency, and large data volumes, such as enterprise routers, home gateways, and industrial devices. Includes 4G LTE Cat 4/Cat 6 platforms and the upcoming Taurus 5G/4G chip platform.
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Massive IoT - Focuses on low-power, cost-efficient solutions for large-scale IoT deployments, including smart mobility, logistics, utility meters, and e-health. Features Monarch LTE-M/NB-IoT platforms and Calliope Cat 1 platforms optimized for power efficiency and global deployment.
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Critical IoT - Supports ultra-reliable, low-latency communications for applications requiring high performance and reliability.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Dr. Georges Karam ExecutiveBoard | Chairman of the Board and CEO | None | Dr. Karam has been with Sequans since its founding in 2003, serving as its Chairman and CEO. He has a PhD in Signal Processing and Communication Theory and has been instrumental in establishing Sequans as a leader in 4G and 5G solutions. | View Report → |
Bertrand Debray Executive | Executive Vice President, Broadband IoT Business | None | Bertrand Debray has been with Sequans since its founding in 2003, previously serving as COO and VP of Engineering. He has over 20 years of experience in access technologies. | |
Danny Kedar Executive | Chief Operating Officer | None | Danny Kedar has been COO since November 2020, previously VP of the IoT Business Unit. He has a background in engineering and business management. | |
Deborah Choate Executive | Chief Financial Officer | None | Deborah Choate has been the CFO since July 2007, with over 35 years of experience in management, finance, and accounting, particularly in technology companies. | |
Louis Chuang Executive | Executive Vice President, Massive IoT Business | None | Louis Chuang has been with Sequans since April 2022, previously serving as General Manager for Asia-Pacific. He has extensive experience in wireless solutions. | |
Nikhil Taluja Executive | Executive Vice President of Worldwide Sales | None | Nikhil Taluja has been with Sequans since September 2016, with over 20 years of experience in sales and marketing in communications. | |
Olivier Pauzet Executive | Executive Vice President of Marketing and Strategy | None | Olivier Pauzet joined Sequans in August 2023, previously holding multiple roles at Sierra Wireless, including VP of Product and IoT Solutions. | |
Dominique Pitteloud Board | Director | Co-founder and Managing Partner at Climb Ventures, Advisor to ASSIA | Dominique Pitteloud has been a director since January 2005, with a background in venture capital and executive roles in technology companies. | |
Hubert de Pesquidoux Board | Director | Executive Partner at Siris Capital, Director and Audit Committee Chair at Criteo S.A., Executive Chairman of Mavenir Systems, Inc., Board Member at Tarana Wireless | Hubert de Pesquidoux has been a director since March 2011, with a background in executive roles at Alcatel-Lucent. | |
Maria Marced Board | Director | Chairwoman of the EMEA Leadership Council of the Global Semiconductor Alliance | Maria Marced joined SQNS as a director in June 2023, previously President of TSMC Europe BV. | |
Richard Nottenburg Board | Director | Executive Chairman of NxBeam Inc., Board Member of Verint Systems Inc., Cognyte Ltd., and Applied Digital Inc. | Richard Nottenburg has been a director since June 2016, with extensive experience in executive roles and board memberships. | |
Wesley Cummins Board | Director | CEO of Applied Digital Corporation, President of B. Riley Asset Management, Board Member of Vishay Precision Group and CalAmp | Wesley Cummins has been a director since June 2018 and holds significant roles in other companies, including CEO of Applied Digital Corporation. | |
Yves Maitre Board | Director | CEO of Able France, Board Member of Orange China | Yves Maitre has been a director since June 2014, with previous executive roles at HTC Corporation and Orange Corporate. | |
Zvi Slonimsky Board | Director | Chairman of Awear, Maradin, and Surf | Zvi Slonimsky has been a director since November 2006, with extensive experience in executive roles in high-tech companies. |
- Given the $250 million design win pipeline over the next three years, what specific measures are you implementing to ensure these design wins convert into actual revenue as projected, especially considering past delays in design win conversions?
- With the indefinite suspension of the 5G Taurus project and the associated $56.6 million impairment charge, can you elaborate on the reasons behind this decision and how it impacts your overall 5G strategy moving forward?
- You plan to reduce cash operating expenses to below $10 million per quarter in 2025 while investing in next-generation 5G RedCap and eRedCap solutions; how do you intend to balance cost reductions with the necessary R&D investments to stay competitive in the rapidly evolving IoT market?
- The Qualcomm transaction has improved your financial standing, but with only $13 million of licensing revenue to be recognized between Q4 and 2025 from this deal, what are your expectations for sustainable, long-term revenue streams from this partnership beyond the initial agreement?
- Considering your previous financial challenges and the impact on securing new project wins, what concrete steps are you taking to generate new licensing and services revenue in 2025, and how confident are you in closing these deals to support your path to breakeven?
Research analysts who have asked questions during SEQUANS COMMUNICATIONS earnings calls.
Recent press releases and 8-K filings for SQNS.
- Sequans reported Q3 2025 total revenues of $4.3 million, a 47.3% decrease compared to Q2 2025, and a net loss of $6.7 million, or $0.48 per diluted ADS. Cash and cash equivalents totaled $13.4 million at September 30, 2025, with a pro forma ending cash of $23.4 million after a $10 million payment released from escrow in October 2025.
- The company proactively reduced its convertible debt by 50% through the tactical sale of 970 Bitcoin at an average price of $108,600 per Bitcoin. This action lowered the debt-to-NAV ratio closer to 35% and freed up 647 unpledged Bitcoin for potential use in an approved ADS buyback program.
- Sequans' IoT business pipeline reached $550 million in potential three-year product revenue, with $300 million in design win projects, marking a 20% increase. The company expects to enter 2026 with over 45% of design win projects in production, which could generate $45 million in average annual product revenue over the next three years.
- For Q4 2025, Sequans anticipates total revenue to exceed $7 million, comprising over $6 million in product revenue and approximately $1 million from services and IP licensing. The company is implementing a 20% cost reduction program to limit cash burn in 2026, targeting cash operating expenses below $10 million per quarter and aiming for break-even in Q4 2026.
- Sequans reduced its convertible debt by 50% through a tactical sale of a portion of its Bitcoin holdings, aiming to lower its debt-to-NAV ratio to the 35% range and enable an ADS buyback program.
- For Q3 2025, total revenues were $4.3 million, a 47.3% decrease compared to Q2 2025, with a gross margin of 40.9% and a net loss of $6.7 million.
- As of September 30, 2025, the company held 3,234 Bitcoin with a market value of $365.6 million and reported cash and cash equivalents of $13.4 million, which increased to a pro forma $23.4 million after a $10 million payment released in October 2025.
- Sequans expects Q4 2025 revenue to exceed $7 million and is implementing a 20% cost reduction program across functions, targeting breakeven in Q4 2026.
- The IoT business pipeline represents about $550 million in potential three-year product revenue, with $300 million in design win projects, and the company is evaluating strategic alternatives for this business.
- Sequans Communications reported preliminary Q3 2025 revenue of $4.3 million, representing a 47.3% decrease from Q2 2025 and a 57.5% decrease from Q3 2024, primarily due to lower high-margin license revenue.
- The company recorded a net loss of $6.7 million, or ($0.48) per diluted ADS, which included an $8.2 million unrealized loss on impairment of its Bitcoin investment.
- As of September 30, 2025, cash and cash equivalents totaled $13.4 million. The company held 3,234 Bitcoin with a market value of $365.6 million, pledged as security for convertible debt.
- Sequans has leveraged a portion of its Bitcoin holdings to reduce half of its debt and reinforce its ADS repurchase program, having sold 970 Bitcoin as of November 4, 2025.
- The three-year revenue design win pipeline for its IoT product business increased to $300 million in Q3 2025, with expectations for the business to ramp in Q4 2025.
- Sequans Communications S.A. announced the redemption of 50% of its convertible debt issued on July 7, 2025, with a face value of $94.5 million.
- This strategic move, announced on November 4, 2025, was funded through the sale of 970 Bitcoin.
- As a result, the company's total outstanding debt was reduced from $189 million to $94.5 million, and its debt-to-NAV ratio decreased from 55% to 39%.
- The company's Bitcoin holdings now stand at 2,264 BTC, down from 3,234 BTC, and this deleveraging is expected to boost Sequans' previously announced ADS buyback program.
- Sequans Communications S.A. (SQNS) has authorized a program to repurchase up to 1.57 million American Depositary Shares (ADSs), representing approximately 10% of its currently outstanding ADSs.
- This buyback program is authorized through June 30, 2026, and is intended to support the share price and enhance market net asset value (NAV) as part of the Company's Bitcoin Treasury strategy.
- The company will repurchase ADSs at its discretion, subject to market conditions and compliance with applicable legal requirements.
- Sequans Communications reported preliminary financial results for the second quarter ended June 30, 2025, with revenue of $8.1 million and a net loss of ($9.1 million), or ($0.36) per diluted ADS.
- The company successfully deployed $384 million in financing to launch its Bitcoin Treasury strategy, resulting in the initial acquisition of 3,072 Bitcoin.
- Sequans is committed to its Bitcoin Treasury strategy and plans to share more about its long-term treasury plans before the end of the third quarter of 2025.
- The IoT business continues to improve, with a target of achieving breakeven operating income in 2026.
- Cash and cash equivalents totaled $41.6 million at June 30, 2025, which excludes the $358.5 million net proceeds from private placements completed on July 7, 2025.
- Sequans Communications S.A. is implementing a Bitcoin treasury strategy, which exposes the company to significant risks, including the high volatility of Bitcoin, which has traded between below $50,000 and above $120,000 per Bitcoin in the past 12 months.
- A large portion of the company's assets will be concentrated in Bitcoin, limiting risk mitigation through diversification, and Bitcoin purchases will be primarily funded by equity and debt financings.
- The Bitcoin strategy subjects the company to heightened regulatory scrutiny and potential adverse impacts from changes in accounting standards, such as a convergence with US GAAP, which could increase the volatility of financial results.
- All current Bitcoin holdings serve as collateral for secured convertible debentures issued on July 7, 2025, and the company's operating results will be dependent on the price of digital assets and Bitcoin.
- Sequans Communications S.A. (SQNS) closed a strategic investment totaling $384 million on July 7, 2025.
- This investment consists of a $195 million PIPE (private investment in public equity) and $189 million in principal amount of secured convertible debentures.
- The total gross proceeds received by the company from this financing amounted to approximately $376 million.
- The net proceeds from the offering will be used to purchase bitcoin, initiating the first phase of the company's bitcoin treasury strategy, with plans for future bitcoin acquisitions.
- Sequans Communications S.A. has announced an expected Bitcoin treasury strategy, intending to utilize proceeds from new capital raises and existing cash to acquire Bitcoin.
- The company secured $195 million in PIPE Equity and $189 million in Convertible Notes to fund this strategy, following the $200 million sale of its 4G IP to Qualcomm in 2024.
- The company's financial results and the market price of its American Depositary Shares (ADSs) are expected to be significantly influenced by the highly volatile price of Bitcoin.
- Key risks associated with this strategy include Bitcoin price volatility, limited liquidity, potential market manipulation, theft, and regulatory uncertainty.
- $384 M raised via private placements, comprising $195 M in equity and $189 M in secured convertible notes to fund a Bitcoin treasury initiative.
- Equity issuance covers 139.3 M ADSs and warrants at $1.40 per ADS; convertible notes carry 6%–8% interest and convert at $2.10 per ADS.
- The Offering is expected to close around July 1, 2025, subject to shareholder approval at the June 30 general meeting.
- Net proceeds will be used to purchase Bitcoin and for general corporate purposes, with treasury management in partnership with Swan Bitcoin.