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 October,
2014
Commission
File Number: 001-35135
Sequans Communications S.A.
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(Translation of Registrant’s name into English)
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15-55 boulevard Charles de Gaulle
92700 Colombes, France
Telephone : +33 1 70 72 16 00
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(Address of Principal Executive Office)
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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.
Indicate by
check mark whether the registrant by furnishing the information
contained in this Form is also
thereby
furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange
Act
of 1934. Yes ⃞
No ☑
If "Yes" is
marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-_______________.
Exhibit 99.1 to this report, furnished on Form 6-K, except for the
section entitled “Fourth Quarter 2014
Outlook,” 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. 333-177919, 333-180487, 333-
187611
and 333-194903) and Form F-3 (File No. 333-198758).
EXPLANATORY NOTE
On October 23, 2014, Sequans Communications S.A. issued a press release
announcing its financial results for the third quarter ended September
30, 2014. A copy of the press release is attached to this Form 6-K as
Exhibit 99.1 and is incorporated herein by reference.
Social Media Disclosure
Sequans may choose to use social media channels such as its website
(www.sequans.com), Twitter account (www.twitter.com/Sequans) and
Facebook page (www.facebook.com/Sequans) as a means of disclosing
material information. A list of these social media channels will be
posted on Sequans website at www.sequans.com/investors/ and may be
updated from time to time.
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.
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SEQUANS COMMUNICATIONS S.A.
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(Registrant)
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Date:
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October 23, 2014
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By:
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/s/ Deborah Choate
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Deborah Choate
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Chief Financial Officer
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EXHIBIT INDEX
The following exhibit is filed as part of this Form 6-K:
Exhibit
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Description
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99.1
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Press release dated Press release dated October 23, 2014
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Exhibit 99.1
Sequans
Communications Announces Third Quarter 2014 Financial Results
PARIS--(BUSINESS WIRE)--October 23, 2014--4G chipmaker Sequans
Communications S.A. (NYSE: SQNS) today announced financial results for
the third quarter ended September 30, 2014.
Third Quarter 2014 Highlights:
Revenue: Revenue of $6.5 million increased 27.4% compared to the
second quarter of 2014, due to higher sales of chipsets and higher other
revenue. Revenue increased 58.7% compared to the third quarter of 2013
due to higher sales of products primarily for the LTE markets.
Gross margin: Gross margin was 39.4% compared to gross margin of
41.3% in the second quarter of 2014, due to a slightly less favorable
revenue mix, and compared to 25.1% in the third quarter of 2013, due to
higher revenues allowing for a better absorption of fixed production
costs.
Operating loss: Operating loss was $8.0 million compared to an
operating loss of $8.7 million in the second quarter of 2014 and an
operating loss of $8.8 million in the third quarter of 2013, reflecting
higher gross profit and slightly lower operating expenses.
Net loss: Net loss was $8.1 million, or ($0.14) per diluted
share/ADS, compared to a net loss $8.7 million, or ($0.15) per diluted
share/ADS in the second quarter of 2014 and a net loss of $8.8 million,
or ($0.20) per diluted share/ADS in the third quarter of 2013.
Non-IFRS Net loss: Excluding stock-based compensation, non-IFRS
net loss was $7.8 million, or ($0.13) per diluted share/ADS, compared to
a non-IFRS net loss of $8.4 million, or ($0.14) per diluted share/ADS in
the second quarter of 2014, and a non-IFRS net loss of $8.3 million, or
($0.19) per diluted share/ADS, in the third quarter of 2013.
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In millions of US$ except percentages, shares and per share amounts
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Key Metrics
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Q3 2014
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%*
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Q2 2014
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%*
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Q3 2013
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%*
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Revenue
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$6.5
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$5.1
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$4.1
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Gross profit
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2.5
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39.4%
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2.1
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41.3%
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1.0
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25.1%
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Operating loss
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(8.0)
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(123.3%)
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(8.7)
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(171.2%)
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(8.8)
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(215.5%)
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Net loss
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(8.1)
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(126.0%)
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(8.7)
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(171.4%)
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(8.8)
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(215.4%)
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Diluted EPS
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($0.14)
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($0.15)
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($0.20)
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Weighted average number of diluted shares/ADS
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59,144,741
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59,144,398
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44,683,839
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Cash flow used in operations
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(7.0)
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(3.3)
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(9.5)
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Cash, cash equivalents and short-term investments at quarter-end
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16.9
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22.1
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15.0
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Additional information:
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Stock-based compensation included in operating result
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0.3
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0.3
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0.4
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Non-IFRS diluted EPS (excludes stock-based compensation)
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($0.13)
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($0.14)
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($0.19)
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* Percentage of revenue
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“Our third quarter revenues reflect a 68% increase in LTE product
revenues compared to the second quarter, driven mainly by the growing
momentum from emerging and green field operators,” said Georges Karam,
Sequans CEO. “We are anticipating to start volume shipments in the
fourth quarter for new LTE-only devices in the United States, with
expansion to other regions next year.”
Fourth Quarter 2014 Outlook
The following statements are based on management’s current
assumptions and expectations. These statements are
forward-looking and actual results may differ materially. Sequans
undertakes no obligation to update these statements.
Sequans expects revenue for the fourth quarter of 2014 to be in the
range of $7 to $8 million, with non-IFRS gross margin above 35%. Based
on this revenue range and expected gross margin, non-IFRS net loss per
diluted share/ADS is expected to be between ($0.12) and ($0.14) for the
fourth quarter of 2014, based on approximately 59.1 million weighted
average number of diluted shares/ADSs. Non-IFRS EPS guidance excludes
the impact of stock based compensation and any other relevant non-cash
or non-recurring expenses. During the fourth quarter, Sequans expects to
receive approximately $7 to $8 million in the form of a research tax
credit and research and development funding from the French government,
which will augment Sequans’ cash on hand.
Conference Call and Webcast
Sequans plans to conduct a teleconference and live webcast to discuss
the financial results for the third quarter of 2014 today, October 23,
2014, at 8:00 a.m. EDT /14:00 CEST. To participate in the live call,
analysts and investors should dial 800-230-1074 (or +1 612-234-9960 if
outside the U.S.). A live and archived webcast of the call will be
available from the Investors section of the Sequans website at www.sequans.com/investors/.
A replay of the conference call will be available until November 23,
2014, by dialing toll free 800-475-6701 in the U.S., or +1 320-365-3844
from outside the U.S., using the following access code: 338240.
Sequans may choose to use social media channels such as its website (www.sequans.com),
Twitter account (www.twitter.com/Sequans) and Facebook page (www.facebook.com/Sequans)
as a means of disclosing material information. A list of these social
media channels will be posted on Sequans website at www.sequans.com/investors/
and may be updated from time to time.
Forward Looking Statements
This press release contains projections and other forward-looking
statements regarding future events or our future financial performance.
All statements other than present and historical facts and conditions
contained in this release, including any statements regarding our future
results of operations and financial positions, business strategy, plans
and our objectives for future operations, are forward-looking statements
(within the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended). These
statements are only predictions and reflect our current beliefs and
expectations with respect to future events and are based on assumptions
and subject to risk and uncertainties and subject to change at any time.
We operate in a very competitive and rapidly changing environment. New
risks emerge from time to time. Given these risks and uncertainties, you
should not place undue reliance on these forward-looking statements.
Actual events or results may differ materially from those contained in
the projections or forward-looking statements. Some of the factors that
could cause actual results to differ materially from the forward-looking
statements contained herein include, without limitation: (i) the
contraction or lack of growth of markets in which we compete and in
which our products are sold, including LTE and WiMAX markets, (ii)
unexpected increases in our expenses, including manufacturing expenses,
(iii) our inability to adjust spending quickly enough to offset any
unexpected revenue shortfall, (iv) delays or cancellations in spending
by our customers, (v) unexpected average selling price reductions, (vi)
the significant fluctuation to which our quarterly revenue and operating
results are subject due to cyclicality in the wireless communications
industry and transitions to new process technologies, (vii) our
inability to anticipate the future market demands and future needs of
our customers, (viii) our inability to achieve new design wins or for
design wins to result in shipments of our products at levels and in the
timeframes we currently expect, and (ix) other factors detailed in
documents we file from time to time with the Securities and Exchange
Commission. Forward-looking statements in this release are made pursuant
to the safe harbor provisions contained in the Private Securities
Litigation Reform Act of 1995.
Use of Non-IFRS/non-GAAP Financial Measures
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 non-cash charges relating to
stock-based compensation. 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 4G chipmaker and leading
provider of single-mode LTE chipset solutions to wireless device
manufacturers worldwide. Founded in 2003, Sequans has developed and
delivered six generations of 4G technology and its chips are certified
and shipping in 4G networks, both LTE and WiMAX, around the world.
Today, Sequans offers two LTE product lines: StreamrichLTE™, optimized
for feature-rich mobile computing and home/portable router devices, and
StreamliteLTE™, optimized for M2M devices and other connected devices
for the Internet of Things. Sequans is based in Paris, France with
additional offices in the United States, United Kingdom, Israel, Hong
Kong, Singapore, Taiwan, South Korea, and China. Visit Sequans online at www.sequans.com; www.facebook.com/sequans; www.twitter.com/sequans
Condensed financial tables follow
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SEQUANS COMMUNICATIONS S.A.
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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Three months ended
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(in thousands of US$, except share and per share amounts)
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Sept 30,
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June 30,
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Sept 30,
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2014
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2014
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2013
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Revenue :
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Product revenue
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5,573
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4,404
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3,842
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Other revenue
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885
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664
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227
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Total revenue
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6,458
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5,068
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|
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4,069
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Cost of revenue
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Cost of product revenue
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3,824
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2,932
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3,026
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Cost of other revenue
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87
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44
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21
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Total cost of revenue
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3,911
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|
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2,976
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|
|
3,047
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Gross profit
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2,547
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|
|
2,092
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|
|
1,022
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Operating expenses :
|
|
|
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Research and development
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7,603
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7,518
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7,339
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Sales and marketing
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1,390
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1,454
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1,101
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General and administrative
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1,516
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1,796
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1,350
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Total operating expenses
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10,509
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10,768
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9,790
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Operating loss
|
|
(7,962
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)
|
|
(8,676
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)
|
|
(8,768
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)
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Financial income (expense):
|
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Interest income (expense), net
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(7
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)
|
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(1
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)
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3
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Foreign exchange gain
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(121
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)
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30
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|
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52
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Loss before income taxes
|
|
(8,090
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)
|
|
(8,647
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)
|
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(8,713
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)
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Income tax expense
|
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45
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|
|
41
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|
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53
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Loss
|
|
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(8,135
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)
|
|
(8,688
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)
|
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(8,766
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)
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Attributable to :
|
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Shareholders of the parent
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(8,135
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)
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(8,688
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)
|
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(8,766
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)
|
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Minority interests
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-
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-
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-
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Basic loss per share
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|
($0.14
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)
|
|
($0.15
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)
|
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($0.20
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)
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Diluted loss per share
|
|
($0.14
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)
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($0.15
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)
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($0.20
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)
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Weighted average number of shares used for computing:
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|
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— Basic
|
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59,144,741
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|
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59,144,398
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|
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44,683,839
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— Diluted
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59,144,741
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|
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59,144,398
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44,683,839
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|
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|
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|
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|
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SEQUANS COMMUNICATIONS S.A.
|
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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Nine months ended Sept 30,
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(in thousands of US$, except share and per share amounts)
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2014
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2013
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Revenue :
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Product revenue
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14,077
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6,737
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Other revenue
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1,953
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1,981
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Total revenue
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16,030
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|
|
8,718
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Cost of revenue
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Cost of product revenue
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9,399
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5,620
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Cost of other revenue
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213
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|
392
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Total cost of revenue
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9,612
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|
6,012
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Gross profit
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6,418
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2,706
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Operating expenses :
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|
|
|
|
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Research and development
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22,039
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|
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21,101
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Sales and marketing
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4,023
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|
|
3,375
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General and administrative
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5,265
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|
|
5,469
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|
|
|
|
|
|
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Total operating expenses
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31,327
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|
|
29,945
|
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Operating loss
|
|
(24,909
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)
|
|
(27,239
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)
|
Financial income (expense):
|
|
|
|
|
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Interest income, net
|
|
3
|
|
|
32
|
|
|
Foreign exchange gain
|
|
(47
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)
|
|
87
|
|
Loss before income taxes
|
|
(24,953
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)
|
|
(27,120
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)
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Income tax expense (benefit)
|
|
128
|
|
|
141
|
|
Loss
|
|
|
(25,081
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)
|
|
(27,261
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)
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Attributable to :
|
|
|
|
|
|
Shareholders of the parent
|
|
(25,081
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)
|
|
(27,261
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)
|
|
Minority interests
|
|
-
|
|
|
-
|
|
Basic loss per share
|
|
($0.42
|
)
|
|
($0.64
|
)
|
Diluted loss per share
|
|
($0.42
|
)
|
|
($0.64
|
)
|
Weighted average number of shares used for computing:
|
|
|
|
|
— Basic
|
|
59,140,697
|
|
|
42,779,077
|
|
— Diluted
|
|
59,140,697
|
|
|
42,779,077
|
|
|
|
|
|
|
|
|
|
SEQUANS COMMUNICATIONS S.A.
|
|
|
|
|
|
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
|
|
|
|
|
|
|
|
At Sept 30,
|
|
At December 31,
|
(in thousands of US$)
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
Property, plant and equipment
|
|
8,308
|
|
|
6,622
|
|
|
Intangible assets
|
|
3,428
|
|
|
4,679
|
|
|
Deposits and other receivables
|
|
330
|
|
|
471
|
|
|
Available for sale assets
|
|
618
|
|
|
1,098
|
|
|
Total non-current assets
|
|
12,684
|
|
|
12,870
|
|
|
Current assets
|
|
|
|
|
|
Inventories
|
|
8,198
|
|
|
6,582
|
|
|
Trade receivables
|
|
6,100
|
|
|
5,486
|
|
|
Prepaid expenses and other receivables
|
|
3,090
|
|
|
2,832
|
|
|
Recoverable value added tax
|
|
385
|
|
|
508
|
|
|
Research tax credit receivable
|
|
5,824
|
|
|
8,006
|
|
|
Cash and cash equivalents
|
|
16,865
|
|
|
37,244
|
|
|
Total current assets
|
|
40,462
|
|
|
60,658
|
|
Total assets
|
|
53,146
|
|
|
73,528
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Issued capital, euro 0.02 nominal value, 59,144,741 shares
authorized, issued and outstanding at September 30, 2014 (
59,129,639 at December 31, 2013)
|
|
1,568
|
|
|
1,567
|
|
|
Share premium
|
|
165,507
|
|
|
165,785
|
|
|
Other capital reserves
|
|
15,781
|
|
|
14,721
|
|
|
Accumulated deficit
|
|
(148,320
|
)
|
|
(123,239
|
)
|
|
Other components of equity
|
|
130
|
|
|
95
|
|
|
Total equity
|
|
34,666
|
|
|
58,929
|
|
|
Non-current liabilities
|
|
|
|
|
|
Government grant advances and interest-free loans
|
|
429
|
|
|
604
|
|
|
Finance lease obligations
|
|
43
|
|
|
240
|
|
|
Provisions
|
|
768
|
|
|
460
|
|
|
Deferred tax liabilities
|
|
36
|
|
|
37
|
|
|
Total non-current liabilities
|
|
1,276
|
|
|
1,341
|
|
|
Current liabilities
|
|
|
|
|
|
Trade payables
|
|
9,659
|
|
|
7,252
|
|
|
Interest-bearing receivables financing
|
|
2,670
|
|
|
-
|
|
|
Government grant advances and interest-free loans
|
|
360
|
|
|
435
|
|
|
Finance lease obligations
|
|
236
|
|
|
261
|
|
|
Other current liabilities
|
|
3,861
|
|
|
4,384
|
|
|
Deferred revenue
|
|
332
|
|
|
343
|
|
|
Provisions
|
|
86
|
|
|
583
|
|
|
Total current liabilities
|
|
17,204
|
|
|
13,258
|
|
Total equity and liabilities
|
|
53,146
|
|
|
73,528
|
|
|
|
|
|
|
|
|
|
SEQUANS COMMUNICATIONS S.A.
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended Sept 30,
|
(in thousands of US$)
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
Loss before income taxes
|
|
(24,953
|
)
|
|
(18,407
|
)
|
|
Non-cash adjustment to reconcile income before tax to net cash from
(used in) operating activities
|
|
|
|
|
Amortization and impairment of property, plant and equipment
|
|
2,621
|
|
|
2,055
|
|
|
|
Amortization and impairment of intangible assets
|
|
1,361
|
|
|
954
|
|
|
|
Share-based payment expense
|
|
1,060
|
|
|
1,050
|
|
|
|
Increase (decrease) in provisions
|
|
(189
|
)
|
|
(71
|
)
|
|
|
Financial income
|
|
(3
|
)
|
|
(29
|
)
|
|
|
Foreign exchange loss (gain)
|
|
(21
|
)
|
|
60
|
|
|
|
Loss (Gain) on disposal of property, plant and equipment
|
|
26
|
|
|
-
|
|
|
Working capital adjustments
|
|
|
|
|
|
|
Decrease (Increase) in trade receivables and other receivables
|
|
(1,170
|
)
|
|
1,059
|
|
|
|
Decrease (Increase) in inventories
|
|
(1,616
|
)
|
|
(455
|
)
|
|
|
Decrease (Increase) in research tax credit receivable
|
|
2,182
|
|
|
(1,577
|
)
|
|
|
Increase (Decrease) in trade payables and other liabilities
|
|
1,999
|
|
|
900
|
|
|
|
Increase (Decrease) in deferred revenue
|
|
(11
|
)
|
|
281
|
|
|
|
Increase (Decrease) in government grant advances
|
|
171
|
|
|
(180
|
)
|
|
Income tax paid
|
|
(211
|
)
|
|
(210
|
)
|
Net cash flow used in operating activities
|
|
(18,754
|
)
|
|
(14,570
|
)
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
Purchase of intangible assets and property, plant and equipment
|
|
(4,450
|
)
|
|
(2,623
|
)
|
|
Sale (purchase) of financial assets
|
|
621
|
|
|
(103
|
)
|
|
Interest received
|
|
109
|
|
|
82
|
|
Net cash flow used in investments activities
|
|
(3,720
|
)
|
|
(2,644
|
)
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
Public equity offering, net of costs
|
|
(300
|
)
|
|
13,548
|
|
|
Proceeds from issue of warrants and exercise of stock
options/warrants
|
|
22
|
|
|
-
|
|
|
Proceeds from Interest-bearing receivables financing
|
|
2,670
|
|
|
-
|
|
|
Repayment of borrowings and finance lease liabilities
|
|
(193
|
)
|
|
(122
|
)
|
|
Interest paid
|
|
(104
|
)
|
|
(54
|
)
|
Net cash flows from financing activities
|
|
2,095
|
|
|
13,372
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
(20,379
|
)
|
|
(3,842
|
)
|
|
Net foreign exchange difference
|
|
|
|
(3
|
)
|
|
Cash and cash equivalent at January 1
|
|
37,244
|
|
|
28,751
|
|
Cash and cash equivalents at end of the period
|
|
16,865
|
|
|
24,906
|
|
|
SEQUANS COMMUNICATIONS S.A.
|
|
|
|
|
|
|
|
|
|
UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
(in thousands of US$, except share and per share amounts)
|
|
Sept 30,
|
|
June 30,
|
|
Sept 30,
|
|
|
|
|
2014
|
|
|
|
2014
|
|
|
|
2013
|
|
Net IFRS loss as reported
|
|
(8,135
|
)
|
|
|
(8,688
|
)
|
|
|
(8,766
|
)
|
Add back
|
|
|
|
|
|
|
|
Stock-based compensation expense according to IFRS 2
|
|
334
|
|
|
|
331
|
|
|
|
427
|
|
Non-IFRS loss adjusted
|
|
(7,801
|
)
|
|
|
(8,357
|
)
|
|
|
(8,339
|
)
|
|
|
|
|
|
|
|
|
|
IFRS basic loss per share as reported
|
|
($0.14
|
)
|
|
|
($0.15
|
)
|
|
|
($0.20
|
)
|
Add back
|
|
|
|
|
|
|
|
Stock-based compensation expense according to IFRS 2
|
|
($0.00
|
)
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
Non-IFRS basic loss per share
|
|
($0.13
|
)
|
|
|
($0.14
|
)
|
|
|
($0.19
|
)
|
IFRS diluted loss per share
|
|
($0.14
|
)
|
|
|
($0.15
|
)
|
|
|
($0.20
|
)
|
Add back
|
|
|
|
|
|
|
|
Stock-based compensation expense according to IFRS 2
|
|
($0.00
|
)
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
Non-IFRS diluted loss per share
|
|
($0.13
|
)
|
|
|
($0.14
|
)
|
|
|
($0.19
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEQUANS COMMUNICATIONS S.A.
|
|
|
|
|
|
|
|
UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
|
(in thousands of US$, except share and per share amounts)
|
|
Sept 30,
|
|
Sept 30,
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
Net IFRS loss as reported
|
|
|
(25,081
|
)
|
|
|
(27,261
|
)
|
Add back
|
|
|
|
|
|
Stock-based compensation expense according to IFRS 2
|
|
|
1,060
|
|
|
|
1,477
|
|
Non-IFRS loss adjusted
|
|
|
(24,021
|
)
|
|
|
(25,784
|
)
|
|
|
|
|
|
|
|
IFRS basic loss per share as reported
|
|
|
($0.42
|
)
|
|
|
($0.64
|
)
|
Add back
|
|
|
|
|
|
Stock-based compensation expense according to IFRS 2
|
|
$
|
0.01
|
|
|
$
|
0.04
|
|
Non-IFRS basic loss per share
|
|
|
($0.41
|
)
|
|
|
($0.60
|
)
|
IFRS diluted loss per share
|
|
|
($0.42
|
)
|
|
|
($0.64
|
)
|
Add back
|
|
|
|
|
|
Stock-based compensation expense according to IFRS 2
|
|
$
|
0.01
|
|
|
$
|
0.04
|
|
Non-IFRS diluted loss per share
|
|
|
($0.41
|
)
|
|
|
($0.60
|
)
|
CONTACT:
Sequans Communications S.A.
Media Relations: Kimberly
Tassin, +1.425.736.0569, Kimberly@sequans.com
Investor
Relations: Claudia Gatlin, +1.212.830.9080, Claudia@sequans.com
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