# EDGAR Filing Document

**Accession Number:** 0001383395
**File Stem:** 0001383395-25-000080
**Filing Date:** 2025-7
**Character Count:** 33986
**Document Hash:** 5c85d27940f635f8a54290a02f8e59e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001383395-25-000080.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001383395-25-000080

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEQUANS COMMUNICATIONS
- **CENTRAL INDEX KEY:** 0001383395
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** I0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35135
- **FILM NUMBER:** 251169114

**BUSINESS ADDRESS:**
- **STREET 1:** 15-55 BLVD CHARLES DE GAULLE
- **STREET 2:** LES PORTES DE LA DEFENSE
- **CITY:** COLOMBES
- **STATE:** I0
- **ZIP:** 92700
- **BUSINESS PHONE:** 33170721600

**MAIL ADDRESS:**
- **STREET 1:** 15-55 BLVD CHARLES DE GAULLE
- **STREET 2:** LES PORTES DE LA DEFENSE
- **CITY:** COLOMBES
- **STATE:** I0
- **ZIP:** 92700

**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 July 2025**

**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 ☑ 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 ⬜ No☑

**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 ⬜ No☑

**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 and 333-266481) and Form F-3 (File No. 333-271884, 333-288709, 333-288708).

------

**EXPLANATORY NOTE**

On July 31, 2025, Sequans Communications S.A. issued a press release announcing its preliminary financial results for the quarter ended June 30, 2025. 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:

---

| | |
|:---|:---|
| <u>Exhibit</u> | <u>Description</u> |
| 99.1 | Press release dated July 31, 2025 |

---

------

**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.**<br>(Registrant) | **SEQUANS COMMUNICATIONS S.A.**<br>(Registrant) |
| Date: July 31, 2025 | By: | /s/ Deborah Choate |
|  |  | Deborah Choate |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| ![sequanslogo071318colorweba.jpg](sequanslogo071318colorweba.jpg) | <br>NEWS |

---

**Sequans Communications** 

**Preliminary Second Quarter 2025 Financial Results**

**PARIS - July 31, 2025** - Sequans Communications S.A. (NYSE: SQNS) ("Sequans" or the "Company"), a pioneer in Bitcoin Treasury and a leading provider of 5G/4G cellular IoT semiconductor solutions, today announced preliminary financial results for the second quarter ended June 30, 2025.

**Second Quarter 2025 Summary Preliminary Results Table** <sup>(\*)</sup>**:**

---

| | | | |
|:---|:---|:---|:---|
| (in US$ millions, except share and per share data) | **Q2 2025** <sup>(1)</sup> | Q1 2025 <sup>(1)</sup> | Q2 2024 |
| Revenue | **$8.1** | $8.1 | $9.7 |
| Gross profit | **$5.2** | $5.2 | $8.1 |
| Gross margin (%) | **64.4%** | 64.5% | 84.0% |
| Operating income (loss) | **($8.7)** | ($6.8) | ($3.7) |
| Net profit (loss) | **($9.1)** | ($7.3) | ($0.6) |
| Diluted income (loss) per ADS | ($0.36) | ($0.29) | ($0.02) |
| Non-IFRS diluted income (loss) per ADS <sup>(2)</sup> | ($0.32) | ($0.24) | ($0.23) |
| Weighted average number of diluted ADS (IFRS) | 25406045 | 25156570 | 24765063 |
| Weighted average number of diluted ADS (Non-IFRS) | 25406045 | 25156570 | 24765063 |
| (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price | (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price | (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price | (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price |
| (2) See Use of Non-IFRS/non-GAAP Financial Measures disclosure on page 3. IFRS Net Loss in Q2 2024 includes significant non-cash interest expense, debt amendment and change in value of embedded derivative that are excluded from Non-IFRS measures | (2) See Use of Non-IFRS/non-GAAP Financial Measures disclosure on page 3. IFRS Net Loss in Q2 2024 includes significant non-cash interest expense, debt amendment and change in value of embedded derivative that are excluded from Non-IFRS measures | (2) See Use of Non-IFRS/non-GAAP Financial Measures disclosure on page 3. IFRS Net Loss in Q2 2024 includes significant non-cash interest expense, debt amendment and change in value of embedded derivative that are excluded from Non-IFRS measures | (2) See Use of Non-IFRS/non-GAAP Financial Measures disclosure on page 3. IFRS Net Loss in Q2 2024 includes significant non-cash interest expense, debt amendment and change in value of embedded derivative that are excluded from Non-IFRS measures |
| (\*) Bitcoin KPIs will be presented beginning with the results of the third quarter of 2025 |  |  |  |

---

"Sequans has successfully deployed the net proceeds from the $384 million financing completed on July 7 to launch its Bitcoin Treasury strategy, resulting in the initial acquisition of 3,072 Bitcoin," said Dr. Georges Karam, CEO of Sequans. "We are committed to this strategy and believe it will deliver meaningful long-term value for shareholders. We look forward to sharing more about our long-term treasury plans before the end of this quarter. We are also pleased to report that our IoT business continues to improve as we work toward our target of achieving breakeven operating income in 2026."

**Second Quarter 2025 Financial Summary:**

**Revenue**: Revenue was $8.1 million, an increase of 1.1% compared to the first quarter of 2025 and a decrease of 15.8% compared to the second quarter of 2024. Product revenue was $3.9 million, an increase of 10.3% compared to the first quarter of 2025 and an increase of 59.0% compared to the second quarter of 2024. License and services revenue was $4.3 million compared to $4.5 million in the first quarter of 2025 and $7.2 million in the second quarter of 2024, with the variation primarily related to the timing of revenue recognition for the 5G broadband platform license to Qualcomm in both the first and second quarters of 2025 and for the 4G manufacturing license to Qualcomm in the second quarter of 2024.

**Gross margin:** Gross margin was 64.4% compared to 64.5% in the first quarter of 2025 and 84.0% in the second quarter of 2024.

**Operating profit (loss):** Operating loss was $8.7 million compared to operating loss of $6.8 million in the first quarter of 2025 and operating loss of $3.7 million in the second quarter of 2024. The operating loss in the second quarter of 2025 reflected a number of non-recurring items such as restructuring costs and advisory fees related to major transactions. No research and development costs were capitalized in 2025 whereas over $5 million was capitalized in the second quarter of 2024.

**Net loss:** Net loss was $9.1 million, or ($0.36) per diluted ADS, compared to net loss of $7.3 million, or ($0.29) per diluted ADS, in the first quarter of 2025 and net loss of $0.6 million, or ($0.02) per diluted ADS, in the second quarter of 2024.

------

Sequans reports preliminary second quarter 2025 financial results

**Non-IFRS loss:** Excluding non-cash stock-based compensation, the non-cash impact of the fair-value and effective interest adjustments related to the convertible debt and associated embedded derivatives and other financings, non-IFRS net loss was $8.1 million, or ($0.32) per diluted ADS, in the second quarter of 2025 compared to non-IFRS net loss of $6.1 million, or ($0.24) per diluted ADS in the first quarter of 2025, and non-IFRS net loss of $5.8 million, or ($0.23) per diluted ADS, in the second quarter of 2024.

**Cash:** Cash and cash equivalents at June 30, 2025 totaled $41.6 million compared to $45.9 million at March 31, 2025. This excludes the $358.5 million net proceeds from the private placements of equity and convertible debt completed on July 7, 2025.

**Conference Call Details**

Date: Thursday, July 31, 2025

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/BI4548043c012347a0897f1a34c5ac8b2c. Upon registration, telephone participants will receive a confirmation email detailing how to join the audio version of the webcast, including the dial-in number and a unique registrant ID.

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 after

8:00 a.m. ET on the same website

**Forward Looking Statements**

This press release contains certain statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations and business of Sequans, strategy for the second half of 2025. 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, potential adverse reactions or changes to business relationships resulting from the implementation of the Bitcoin treasury initiative. 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. 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, subsequent filings on Form 6-K 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**

------

Sequans reports preliminary second quarter 2025 financial results

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 stock-based compensation and the non-cash impacts of convertible debt extensions, end 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/Gerrick Johnson, 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 reports preliminary second quarter 2025 financial results

**SEQUANS COMMUNICATIONS S.A.**

**PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Three months ended** |
| **(in thousands of US$, except share and per share amounts)** | **June 30,** <br>**2025** <sup>(1)</sup> | **March 31, 2025** <sup>(1)</sup> | **June 30, 2024** |
| **(in thousands of US$, except share and per share amounts)** | **June 30,** <br>**2025** <sup>(1)</sup> | **March 31, 2025** <sup>(1)</sup> | **June 30, 2024** |
| **Revenue:** | | | |
| Product revenue | $3872 | $3509 | $2435 |
| License and services revenue | 4270 | 4545 | 7240 |
| **Total revenue** | **8142** | **8054** | **9675** |
| **Cost of revenue** | **(2900)** | **(2863)** | **(1547)** |
| **Gross profit** | **5242** | **5191** | **8128** |
| **Operating income (expenses) :** |  |  |  |
| Research and development expense | (8779) | (7227) | (5789) |
| Sales and marketing expense | (2176) | (2337) | (3131) |
| General and administrative expense | (3019) | (2451) | (2916) |
| **Total operating income (expenses)** | **(13974)** | **(12015)** | **(11836)** |
| **Operating profit (loss)** | **(8732)** | **(6824)** | **(3708)** |
| **Financial income (expense):** |  |  |  |
| Interest income (expense), net | 250 | 368 | (10806) |
| Change in fair value of convertible debt derivative |  |  | 39 |
| Impact of debt amendment |  |  | 13952 |
| Foreign exchange gain (loss) | (476) | (517) | 90 |
| **Profit (Loss) before income taxes** | **(8958)** | **(6973)** | **(433)** |
| **Income tax expense** | (154) | (281) | (146) |
| **Profit (Loss)** | $**(9112)** | $**(7254)** | $**(579)** |
| **Attributable to:** |  |  |  |
| Shareholders of the parent | (9112) | (7254) | (579) |
| Minority interests |  |  |  |
| Basic income (loss) per ADS | ($0.36) | ($0.29) | ($0.02) |
| Diluted income (loss) per ADS | ($0.36) | ($0.29) | ($0.02) |
| Weighted average number of ADS used for computing: |  |  |  |
| — Basic | 25406045 | 25156570 | 24765063 |
| — Diluted | 25406045 | 25156570 | 24765063 |
| (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price. | (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price. | (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price. | (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price. |

---

------

Sequans reports preliminary second quarter 2025 financial results

**SEQUANS COMMUNICATIONS S.A.**

**PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
|<br>**(in thousands of US$, except share and per share amounts)** | **2025** <sup>(1)</sup> | **2024** |
| **Revenue:** |  |  |
| Product revenue | $7381 | $4903 |
| License and services revenue | 8815 | 10799 |
| **Total revenue** | **16196** | **15702** |
| **Cost of revenue** | **(5763)** | **(3720)** |
| **Gross profit** | **10433** | **11982** |
| **Operating income (expenses) :** |  |  |
| Research and development expense | (16006) | (12402) |
| Sales and marketing expense | (4513) | (6003) |
| General and administrative expense | (5470) | (5818) |
| **Total operating income (expenses)** | **(25989)** | **(24223)** |
| **Operating profit (loss)** | **(15556)** | **(12241)** |
| **Financial income (expense):** |  |  |
| Interest income (expense), net | 618 | (14124) |
| Change in fair value of convertible debt derivative |  | 3 |
| Impact of debt amendment |  | 13952 |
| Foreign exchange gain (loss) | (993) | 354 |
| **Profit (Loss) before income taxes** | **(15931)** | **(12056)** |
| **Income tax expense** | (435) | (313) |
| **Profit (Loss)** | $**(16366)** | $**(12369)** |
| **Attributable to:** |  |  |
| Shareholders of the parent | (16366) | (12369) |
| Minority interests |  |  |
| Basic income (loss) per ADS | ($0.65) | ($0.50) |
| Diluted income (loss) per ADS | ($0.65) | ($0.50) |
| Weighted average number of ADS used for computing: |  |  |
| — Basic | 25282261 | 24705875 |
| — Diluted | 25282261 | 24705875 |
| (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price. | (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price. | (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price. |

---

------

Sequans reports preliminary second quarter 2025 financial results

**SEQUANS COMMUNICATIONS S.A.** 

**PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

---

| | | |
|:---|:---|:---|
|<br>**(in thousands of US$)** | **At June 30,**<br>**2025** <sup>(1)</sup> | **At Dec 31,**<br>**2024**  |
| **ASSETS** |  |  |
| **Non-current assets** |  |  |
| Property, plant and equipment | $4244 | $4308 |
| Intangible assets | 13118 | 5641 |
| Deposits and other receivables | 3653 | 3246 |
| Other non-current financial assets | 435 | 353 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total non-current assets** | 21450 | 13548 |
| **Current assets** |  |  |
| Inventories | 2884 | 2874 |
| Trade receivables | 2693 | 4809 |
| Contract assets | 13 | 122 |
| Prepaid expenses | 1755 | 1410 |
| Other receivables | 13081 | 17492 |
| Research tax credit receivable | 4815 | 4184 |
| Short-term deposits | 23000 | 53000 |
| Cash and cash equivalents | 18600 | 9093 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total current assets** | 66841 | 92984 |
| **Total assets** | $**88291** | $**106532** |
| **EQUITY AND LIABILITIES** |  |  |
| **Equity** |  |  |
| Issued capital, euro 0.01 nominal value, 255,176,342 shares authorized, issued and outstanding at June 30, 2025 (251,408,922 shares at December 31, 2024) | $2974 | $2934 |
| Share premium | 14473 | 14512 |
| Other capital reserves | 76397 | 74504 |
| Accumulated deficit | (52161) | (35795) |
| Other components of equity | (215) | (796) |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total equity** | 41468 | 55359 |
| **Non-current liabilities** |  |  |
| Government loan |  | 616 |
| Government research financing | 4723 | 5669 |
| Lease liabilities |  | 333 |
| Trade payables and other non-current liabilities | 667 |  |
| Provisions | 2147 | 1400 |
| Deferred tax liabilities | 190 | 173 |
| Contract liabilities | 2641 | 809 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total non-current liabilities** | 10368 | 9000 |
| **Current liabilities** |  |  |
| Trade payables | 9812 | 6106 |
| Interest-bearing receivables financing |  | 3742 |
| Lease liabilities | 1126 | 1439 |
| Government loan | 1837 | 1802 |
| Government research financing | 3250 | 4062 |
| Contract liabilities | 5513 | 11021 |
| Income tax liabilities - Parent | 3761 | 2827 |
| Other current liabilities and provisions | 11156 | 11174 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities** | 36455 | 42173 |
| **Total equity and liabilities** | $**88291** | $**106532** |
| (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price. | (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price. | (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price. |

---

------

Sequans reports preliminary second quarter 2025 financial results

**PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW**

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
|<br>**(in thousands of US$)** | **2025** <sup>(1)</sup> | **2024** |
| **Operating activities** |  |  |
| Loss before income taxes | $**(15931)** | $**(12056)** |
| Non-cash adjustment to reconcile income before tax to net cash from (used in) operating activities |  |  |
| Depreciation and impairment of property, plant and equipment | 1418 | 1670 |
| Amortization and impairment of intangible assets | 1960 | 2748 |
| Share-based payment expense | 1893 | 2964 |
| Decrease in provision | (92) | (219) |
| Interest (income) expense, net | (620) | 14124 |
| Change in the fair value of convertible debt embedded derivative |  | (3) |
| Convertible debt amendment |  | (13952) |
| Foreign exchange loss (gain) | (525) | 216 |
| Loss on disposal of intangible and tangible assets | 12 |  |
| Working capital adjustments |  |  |
| Decrease in trade receivables and other receivables | 3066 | 5209 |
| Decrease in inventories | 48 | 1812 |
| Increase in research tax credit receivable | (509) | (987) |
| Increase in trade payables and other liabilities | 1790 | 792 |
| Increase (Decrease) in contract liabilities | (5146) | 5102 |
| Increase in government grant advances | 2044 | 3112 |
| Income tax paid | (586) | (560) |
| **Net cash flow from (used in) operating activities** | **(11178)** | **9972** |
| **Investing activities** |  |  |
| Purchase of intangible assets and property, plant and equipment | (1109) | (1200) |
| Capitalized development expenditures |  | (14851) |
| Investment in ACP Advanced Circuit Pursuit, net of cash acquired | (3586) |  |
| Sale (Purchase) of financial assets | (151) | 60 |
| Decrease of short-term deposit | 30000 |  |
| Interest received | 990 | 27 |
| **Net cash flow from (used in) investing activities** | **26144** | **(15964)** |
| **Financing activities** |  |  |
| Proceeds (repayment of) from interest-bearing receivables financing | (3742) | 577 |
| Proceeds from related party loans |  | 14000 |
| Proceeds from interest-bearing research project financing | 1129 | 934 |
| Payment of lease liabilities | (749) | (753) |
| Repayment of government loans | (678) | (679) |
| Repayment of loans | (420) |  |
| Repayment of interest-bearing research project financing | (395) | (266) |
| Interest paid | (637) | (412) |
| **Net cash flows from (used in) financing activities** | **(5492)** | **13401** |
| Net increase (decrease) in cash and cash equivalents | 9474 | 7409 |
| Net foreign exchange difference | 33 | (6) |
| Cash and cash equivalents at January 1 | 9093 | 5705 |
| **Cash and cash equivalents at end of the period** | 18600 | 13108 |
| (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price. | (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price. | (1) Final results are subject to finalization of the allocation of the ACP acquisition purchase price. |

---

------

Sequans reports preliminary second quarter 2025 financial results

**SEQUANS COMMUNICATIONS S.A.**

**PRELIMINARY UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS**

---

| | | | |
|:---|:---|:---|:---|
| **(in thousands of US$, except share and per share amounts)** | **Three months ended** | **Three months ended** | **Three months ended** |
| **(in thousands of US$, except share and per share amounts)** | **June 30,** <br>**2025** <sup>(3)</sup> | **March 31, 2025** | **June 30, 2024** |
| **IFRS profit (loss) as reported** | $**(9112)** | $**(7254)** | $**(579)** |
| **Add back** |  |  |  |
| Non-cash stock-based compensation expense according to IFRS 2 <sup>(1)</sup> | 879 | 1014 | 1847 |
| Non-cash change in the fair value of convertible debt embedded derivative |  |  | (39) |
| Non-cash interest on convertible debt and other financing <sup>(2)</sup> | 108 | 111 | 6972 |
| **Non-IFRS profit (loss) adjusted** | $**(8125)** | $**(6129)** | $**(5751)** |
| *IFRS basic profit (loss) per ADS as reported* | *($0.36)* | *($0.29)* | *($0.02)* |
| *Add back* |  |  |  |
| Non-cash stock-based compensation expense according to IFRS 2 <sup>(1)</sup> | *$0.03* | *$0.04* | *$0.07* |
| Non-cash change in the fair value of convertible debt embedded derivative | *$0.00* | *$0.00* | *$0.00* |
| Non-cash interest on convertible debt and other financing <sup>(2)</sup> | *$0.01* | *$0.01* | *$0.28* |
| *Non-IFRS basic profit (loss) per ADS* | *($0.32)* | *($0.24)* | *($0.23)* |
| *IFRS diluted profit (loss) per ADS* | *($0.36)* | *($0.29)* | *($0.02)* |
| *Add back* |  |  |  |
| Non-cash stock-based compensation expense according to IFRS 2 <sup>(1)</sup> | *$0.03* | *$0.04* | *$0.07* |
| Non-cash change in the fair value of convertible debt embedded derivative | *$0.00* | *$0.00* | *$0.00* |
| Non-cash interest on convertible debt and other financing <sup>(2)</sup> | *$0.01* | *$0.01* | *$0.28* |
| *Non-IFRS diluted profit (loss) per ADS* | *($0.32)* | *($0.24)* | *($0.23)* |
| (1) Included in the IFRS profit (loss) as follows: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of product revenue | $13 | $16 | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 181 | 205 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 191 | 223 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 494 | 570 | 876 |
| (2) Related to the difference between contractual and effective interest rates | (2) Related to the difference between contractual and effective interest rates | (2) Related to the difference between contractual and effective interest rates | (2) Related to the difference between contractual and effective interest rates |
| (3) Final results are subject to finalization of the allocation of the ACP acquisition purchase price | (3) Final results are subject to finalization of the allocation of the ACP acquisition purchase price | (3) Final results are subject to finalization of the allocation of the ACP acquisition purchase price | (3) Final results are subject to finalization of the allocation of the ACP acquisition purchase price |

---

------

Sequans reports preliminary second quarter 2025 financial results

**SEQUANS COMMUNICATIONS S.A.**

**PRELIMINARY UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS**

---

| | | |
|:---|:---|:---|
| **(in thousands of US$, except share and per share amounts)** | **Six months ended June 30,** | **Six months ended June 30,** |
| **(in thousands of US$, except share and per share amounts)** | **2025** <sup>(3)</sup> | **2024** |
| **IFRS profit (loss) as reported** | $**(16366)** | $**(12369)** |
| **Add back** |  |  |
| Non-cash stock-based compensation expense according to IFRS 2 <sup>(1)</sup> | 1893 | 2964 |
| Non-cash change in the fair value of convertible debt embedded derivative |  | (3) |
| Non-cash interest on convertible debt and other financing <sup>(2)</sup> | 218 | 8805 |
| Non-cash impact of convertible debt amendment |  | (13952) |
| **Non-IFRS profit (loss) adjusted** | $**(14255)** | $**(14555)** |
| IFRS basic profit (loss) per ADS as reported | *($0.65)* | ($0.50) |
| *Add back* |  |  |
| Non-cash stock-based compensation expense according to IFRS 2 <sup>(1)</sup> | *$0.07* | *$0.12* |
| Non-cash change in the fair value of convertible debt embedded derivative | *$0.00* | *$0.00* |
| Non-cash interest on convertible debt and other financing <sup>(2)</sup> | *$0.01* | *$0.35* |
| Non-cash impact of convertible debt amendment | *$0.00* | *($0.56)* |
| *Non-IFRS basic profit (loss) per ADS* | *($0.56)* | *($0.59)* |
| *IFRS diluted profit (loss) per ADS* | *($0.65)* | *($0.50)* |
| *Add back* |  |  |
| Non-cash stock-based compensation expense according to IFRS 2 <sup>(1)</sup> | *$0.07* | *$0.12* |
| Non-cash change in the fair value of convertible debt embedded derivative | *$0.00* | *$0.00* |
| Non-cash interest on convertible debt and other financing <sup>(2)</sup> | *$0.01* | *$0.35* |
| Non-cash impact of convertible debt amendment | *$0.00* | *($0.56)* |
| Non-IFRS diluted profit (loss) per ADS | *($0.56)* | *($0.59)* |
| (1) Included in the IFRS profit (loss) as follows: |  |  |
| Cost of product revenue | $29 | $44 |
| Research and development | 386 | 827 |
| Sales and marketing | 414 | 678 |
| General and administrative | 1064 | 1415 |
| (2) Related to the difference between contractual and effective interest rates | (2) Related to the difference between contractual and effective interest rates |  |
| (3) Final results are subject to finalization of the allocation of the ACP acquisition purchase price | (3) Final results are subject to finalization of the allocation of the ACP acquisition purchase price |  |

---

<br>