Sequans Communications S.A. (NYSE: SQNS), a leading developer
and provider of 5G/4G chips and modules, today announced financial
results for the fourth quarter and full year ended December 31,
2020.
Fourth Quarter and Fully Year 2020 Highlights:
Revenue: Revenue was $15.8 million, an increase of 11.8%
compared to the third quarter of 2020 and an increase of 58.4%
compared to the fourth quarter of 2019. Full-year revenue for 2020
was $50.9 million, an increase of 65.0% compared to $30.9 million
for 2019.
Gross margin: Gross margin was 45.1% compared to 42.0% in
the third quarter of 2020, and compared to 51.2% in the fourth
quarter of 2019. Full-year gross margin increased from 40.1% in
2019 to 46.1% in 2020.
Operating loss: Operating loss was $5.4 million compared
to $5.9 million in the third quarter of 2020 and $4.6 million in
the fourth quarter of 2019. Full year operating loss for 2020 was
$24.7 million compared to $28.0 million for 2019.
Net loss: Net loss was $11.3 million, or ($0.36) per
diluted ADS, compared to $9.0 million, or ($0.30) per ADS, in the
third quarter of 2020 and $8.1 million, or ($0.34) per ADS, in the
fourth quarter of 2019. Net loss in the fourth quarter of 2020
includes a $0.1 million gain on revaluation of the embedded
derivative arising from the amendments to the convertible debt made
in March 2020. The revaluation was a $1.5 million gain in the third
quarter of 2020. Full year net loss for 2020 was $54.5 million, or
($1.94) per ADS, compared to $36.7 million, or ($1.54) per ADS, for
2019. Net loss for the full year includes a $13.1 million loss on
the revaluation of the embedded derivative and a $1.4 million
non-cash gain recorded as a result of the amendments to the
convertible debt agreements.
Non-IFRS Net loss and diluted loss per ADS: Excluding the
non-cash stock-based compensation, the non-cash impact of the
fair-value and effective interest adjustments related to the
convertible debt with embedded derivatives and other financings,
the non-cash impact of convertible debt amendments, and deferred
tax benefit or expense related to the convertible debt and other
financings, non-IFRS net loss was $8.5 million, or ($0.28) per ADS,
compared to $8.4 million, or ($0.28) per ADS in the third quarter
of 2020, and $6.8 million, or ($0.29) per ADS, in the fourth
quarter of 2019. The non-IFRS net loss includes foreign exchange
losses of $1.9 million, or ($0.06) per ADS, in the fourth quarter
of 2020 and $0.9 million, or ($0.03) per ADS, in the third quarter
of 2020 and a foreign exchange loss of $0.8 million, or ($0.03) per
ADS, in the fourth quarter of 2019. Full year non-IFRS net loss for
2020 was $33.0 million, or ($1.17) per ADS, compared to $31.6
million, or ($1.33) per ADS in 2019. Full year non-IFRS net loss
for 2020 includes foreign exchange losses of $2.6 million, or
($0.09) per ADS, compared with a foreign exchange gain of $0.1
million, or ($0.00) per ADS, in 2019.
Cash: Cash, cash equivalents and short-term deposits at
December 31, 2020 totaled $18.5 million compared to $25.3 million
at September 30, 2020.
In millions of US$ except percentages,
shares and per share amounts
Key Metrics
Q4 2020
%*
Q3 2020
%*
Q4 2019 (1)
%*
Full year 2020
%*
Full year 2019
%*
Revenue
$15.8
$14.1
$10.0
$50.9
$30.9
Gross profit
7.1
45.1
%
5.9
42.0
%
5.1
51.2
%
23.5
46.1
%
12.4
Operating loss
(5.4
)
(34.4
)%
(5.9
)
(41.8
)
%
(4.6
)
(45.7
)
%
(24.7
)
(48.5
)
%
(28.0
)
40.1
%
Net loss
(11.3
)
(71.3
)%
(9.0
)
(63.7
)
%
(8.1
)
(81.4
)
%
(54.5
)
(107.0
)
%
(36.7
)
(90.6
)
%
Diluted earnings per ADS
($0.36
)
($0.30
)
($0.34
)
($1.94
)
($1.54
)
(118.9
)
%
Weighted average number of diluted ADS
31,044,769
30,275,352
23,797,256
28,108,247
23,752,130
Cash flow from (used in) operations
(1.4
)
(7.9
)
16.3
5.1
Cash, cash equivalents and short-term
deposits at quarter-end
18.5
25.3
14.1
18.5
14.1
Additional information on non-cash
items:
- Non-cash stock-based compensation
included in operating result
1.2
0.5
0.5
3.0
1.8
- Non-cash interest on convertible debt
and other financing
1.7
1.6
1.3
6.4
4.4
- Non-cash change in the fair value of
convertible debt embedded derivative
(0.1
)
(1.5
)
—
13.1
—
- Non-cash impact of convertible debts
amendment
—
—
—
(1.4
)
—
- Non-cash impact of deferred tax expense
(benefit)
—
—
(0.5
)
0.4
(1.0
)
Non-IFRS diluted earnings per ADS
($0.28
)
($0.28
)
($0.29
)
($1.17
)
($1.33
)
* Percentage of revenue (1) Updated from the prior earnings
release
"We had a strong finish in 2020 and we are off to an excellent
start for 2021," said Georges Karam, CEO of Sequans. "Our fourth
quarter revenue growth exceeded our target, even as demand related
to portable routers began to return to pre-COVID levels, leading to
year-over-year growth of almost 65%. Some of our most important
accomplishments in 2020 included the strengthening of our
go-to-market capabilities via relationships with new distributors
and MCU partners, extending our technology leadership by
introducing the second generation of our Monarch platform, and
reaching important milestones in our 5G development, which is
expected to create another major growth engine for the company.
Several of these initiatives are already making a positive
contribution and all will help sustain our momentum as time goes
on, and support our goal of an average of 50% annual growth for the
five-year period beginning in 2020.
"We are entering 2021 with the highest-ever level of backlog,
driven by strong demand in the Massive IoT business. Since the end
of 2020, we have secured several key Massive IoT design wins within
our strong pipeline of developing business which will help offset
lower revenue related to portable routers in 2021 and support our
long-term growth objectives.”
Q1 2021 Outlook
The following statement is based on management’s current
assumptions and expectations and assumes no increase in the
severity or duration of the COVID-19 pandemic. This statement is
forward-looking and actual results may differ materially.
Overall demand, driven mainly by Massive IoT, continues to be
strong and supports the company’s short and long-term growth
targets despite the already-anticipated reduction in the portable
router business. Management expects Q1 2021 revenue to follow the
company’s typical seasonal pattern of a decline compared to Q4;
management has decided not to give specific quarterly guidance in
view of the potential impact of industry-wide supply chain
bottlenecks, which could delay some shipments.
Conference Call and Webcast
Sequans plans to conduct a teleconference and live webcast to
discuss the financial results for the fourth quarter of 2020 today,
February 9, 2021 at 8:00 a.m. ET /14:00 CET. To participate in the
live call, analysts and investors should dial 800-437-2398 or +1
720-452-9102 if outside the U.S. When prompted, provide the event
title or access code: 2037577. A live and archived webcast of the
call will be available from the Investors section of the Sequans
website at www.sequans.com/investors/. An audio replay of the
conference call will be available until February 16, 2021 by
dialing toll free 888-203-1112 or 719-457-0820 from outside the
U.S., using the following access code: 2037577.
Forward Looking Statements
This press release contains projections and other
forward-looking statements regarding future events or our future
financial performance and potential financing sources. All
statements other than present and historical facts and conditions
contained in this release, including any statements regarding
expected seasonal revenue decline for the first quarter of 2021,
long-term revenue goals, future results of operations and financial
positions, business strategy and plans, expectations for Massive
IoT and Broadband and Critical IoT sales, the ability to continue
to operate remotely (as required) at high levels of productivity,
increasing backlog of orders, the impact of the coronavirus on our
manufacturing operations, supply chain, and on customer demand, the
impact of component shortages and manufacturing capacity, 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 undertake no obligation to update
the information made in this release in the event facts or
circumstances subsequently change after the date of this press
release. 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 rely on or 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. In addition to the risk factors
contained in our Form 20-F for the fiscal year ended December 31,
2019, 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,
(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, (ix) our inability to enter into and execute on
strategic alliances, (x) our ability to meet performance milestones
under strategic license agreements, (xi) the impact of natural
disasters on our sourcing operations and supply chain, (xii) our
ability to remediate material weaknesses in our internal controls
relating to controls over the accounting and presentation of
complex, non-routine and certain other transactions, including
certain revenue arrangements, (xiii) the impact of the coronavirus
on the ability to operate our business and research, production of
our products or demand for our products by customers whose supply
chain is impacted or whose operations have been impacted by
government shelter-in-place or similar orders, (xiv) the impact of
the coronavirus on capital markets and our ability to raise debt
and equity financing, and (xv) other factors detailed in documents
we file from time to time with the Securities and Exchange
Commission. We have not filed our Form 20-F for the year ended
December 31, 2020. As a result, all financial results described in
this earnings release should be considered preliminary, and are
subject to change to reflect any necessary adjustments or changes
in accounting estimates, that are identified prior to the tie we
file the Form 20-F.
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 the non-cash
stock-based compensation and the non-cash impacts of convertible
debt amendments, effective interest adjustments related to the
convertible debt with embedded derivatives and other financings,
and deferred tax benefit or expense related to the convertible debt
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 developer
and provider of 5G and 4G chips and modules for IoT devices. For
5G/4G massive IoT applications, Sequans provides a comprehensive
product portfolio based on its flagship Monarch LTE-M/NB-IoT and
Calliope Cat 1 chip platforms, featuring industry-leading low power
consumption, a large set of integrated functionalities, and global
deployment capability. For 5G/4G broadband and critical IoT
applications, Sequans offers a product portfolio based on its
Cassiopeia 4G Cat 4/Cat 6 and high-end Taurus 5G chip platforms,
optimized for low-cost residential, enterprise, and industrial
applications. Founded in 2003, Sequans is based in Paris, France
with additional offices in the United States, United Kingdom,
Israel, Hong Kong, Singapore, Finland, Taiwan, South Korea, and
China.
Visit Sequans online at www.sequans.com; www.facebook.com/sequans; www.twitter.com/sequans
SEQUANS COMMUNICATIONS
S.A.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
(in thousands of US$, except share and
per share amounts)
December 31, 2020
Sept 30, 2020
December 31, 2019 (1)
Revenue :
Product revenue
$
12,064
$
11,580
$
5,854
Other revenue
3,727
2,542
4,112
Total revenue
15,791
14,122
9,966
Cost of revenue
Cost of product revenue
8,183
7,668
4,534
Cost of other revenue
494
527
332
Total cost of revenue
8,677
8,195
4,866
Gross profit
7,114
5,927
5,100
Operating expenses :
Research and development
7,938
7,984
5,664
Sales and marketing
2,003
1,774
1,864
General and administrative
2,606
2,076
2,124
Total operating expenses
12,547
11,834
9,652
Operating loss
(5,433
)
(5,907
)
(4,552
)
Financial income (expense):
Interest income (expense), net
(3,643
)
(3,623
)
(3,110
)
Change in fair value of convertible debt
derivative
111
1,522
—
Foreign exchange gain (loss)
(1,936
)
(885
)
(822
)
Loss before income taxes
(10,901
)
(8,893
)
(8,484
)
Income tax expense (benefit)
361
98
(374
)
Loss
$
(11,262
)
$
(8,991
)
$
(8,110
)
Attributable to :
Shareholders of the parent
(11,262
)
(8,991
)
(8,110
)
Minority interests
—
—
—
Basic loss per ADS
($0.36
)
($0.30
)
($0.34
)
Diluted loss per ADS
($0.36
)
($0.30
)
($0.34
)
Weighted average number of ADS used for
computing:
— Basic
31,044,769
30,275,352
23,797,256
— Diluted
31,044,769
30,275,352
23,797,256
(1) Updated from the prior earnings
release
SEQUANS COMMUNICATIONS
S.A.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
Twelve months ended Dec
31,
(in thousands of US$, except share and
per share amounts)
2020
2019 (1)
Revenue :
Product revenue
$
37,919
$
21,947
Other revenue
12,997
8,917
Total revenue
50,916
30,864
Cost of revenue
Cost of product revenue
25,632
16,703
Cost of other revenue
1,834
1,782
Total cost of revenue
27,466
18,485
Gross profit
23,450
12,379
Operating expenses :
Research and development
30,855
23,799
Sales and marketing
7,912
7,968
General and administrative
9,369
8,570
Total operating expenses
48,136
40,337
Operating loss
(24,686
)
(27,958
)
Financial income (expense):
Interest income (expense), net
(14,474
)
(9,593
)
Change in fair value of convertible debt
derivative
(13,129
)
—
Convertible debt amendment
1,399
—
Foreign exchange gain (loss)
(2,650
)
71
Loss before income taxes
(53,540
)
(37,480
)
Income tax expense (benefit)
936
(783
)
Loss
$
(54,476
)
$
(36,697
)
Attributable to :
Shareholders of the parent
(54,476
)
(36,697
)
Minority interests
—
—
Basic loss per ADS
($1.94
)
($1.54
)
Diluted loss per ADS
($1.94
)
($1.54
)
Weighted average number of ADS used for
computing:
— Basic
28,108,247
23,752,130
— Diluted
28,108,247
23,752,130
(1) Updated from the prior earnings
release
SEQUANS COMMUNICATIONS
S.A.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
At Dec 31,
At Dec 31,
(in thousands of US$)
2020
2019 (1)
ASSETS
Non-current assets
Property, plant and equipment
$
9,187
$
8,858
Intangible assets
25,312
16,696
Deposits and other receivables
466
401
Other non-current financial assets
386
335
Total non-current assets
35,351
26,290
Current assets
Inventories
6,225
6,664
Trade receivables
17,277
8,390
Contract assets
537
1,587
Prepaid expenses
962
901
Other receivables
3,264
2,253
Research tax credit receivable
5,232
3,132
Short-term deposits
10,900
—
Cash and cash equivalents
7,574
14,098
Total current assets
51,971
37,025
Total assets
$
87,322
$
63,315
EQUITY AND LIABILITIES
Equity
Issued capital, euro 0.02 nominal value,
133,934,090 shares authorized, issued
and outstanding at December 31, 2020
(95,587,146 shares at December 31, 2019)
$
3,269
$
2,403
Share premium
276,560
233,720
Other capital reserves
46,677
43,656
Accumulated deficit
(363,209
)
(308,733
)
Other components of equity
(423
)
(607
)
Total equity
(37,126
)
(29,561
)
Non-current liabilities
Government grant advances, loans and other
liabilities
11,203
6,150
Venture debt
2,172
7,071
Convertible debt
26,074
23,342
Convertible debt embedded derivative
12,395
—
Lease liabilities
4,762
3,204
Trade payables
851
1,139
Provisions
1,874
1,905
Deferred tax liabilities
19
429
Contract liabilities
2,473
11,572
Total non-current liabilities
61,823
54,812
Current liabilities
Trade payables
15,701
8,834
Interest-bearing receivables financing
14,228
4,068
Venture debt
6,104
5,109
Convertible debt
—
7,329
Lease liabilities
1,014
900
Government grant advances and loans
3,867
1,472
Contract liabilities
13,235
5,812
Other current liabilities and
provisions
8,476
4,540
Total current liabilities
62,625
38,064
Total equity and liabilities
$
87,322
$
63,315
(1) Updated from the prior earnings
releases; as set forth in the annual report on Form 20-F
SEQUANS COMMUNICATIONS
S.A.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
Twelve months ended Dec
31,
(in thousands of US$)
2020
2019 (1)
Operating activities
Loss before income taxes
$
(53,540
)
$
(37,480
)
Non-cash adjustment to reconcile income
before tax to net cash from (used in) operating activities
Depreciation and impairment of property,
plant and equipment
3,755
4,126
Amortization and impairment of intangible
assets
6,018
4,279
Share-based payment expense
2,985
1,797
Increase (Decrease) in provisions
112
(244
)
Interest expense, net
14,474
9,593
Change in the fair value of convertible
debt embedded derivative
13,129
—
Convertible debt amendment
(1,399
)
—
Foreign exchange loss (gain)
2,749
(420
)
Loss on disposal of property, plant and
equipment
6
(22
)
Bad debt expense
4
515
Working capital adjustments
Decrease (Increase) in trade receivables
and other receivables
(8,703
)
6,546
Decrease in inventories
439
1,579
Decrease (Increase) in research tax credit
receivable
(718
)
622
Increase (Decrease) in trade payables and
other liabilities
6,216
(705
)
Decrease (Increase) in contract
liabilities
(4,897
)
14,984
Increase in government grant advances
270
288
Income tax paid
(286
)
(365
)
Net cash flow provided by (used in)
operating activities
(19,386
)
5,093
Investing activities
Purchase of intangible assets and
property, plant and equipment
(6,566
)
(3,520
)
Capitalized development expenditures
(7,209
)
(5,626
)
Sale (purchase) of financial assets
(116
)
(5
)
Purchase of short-term deposits
(10,900
)
—
Interest received
29
50
Net cash flow used in investments
activities
(24,762
)
(9,101
)
Financing activities
Proceeds from issue of warrants, exercise
of stock options/warrants
32
—
Public equity offering proceeds, net of
transaction costs paid
29,272
—
Proceeds from issuing of warrants, net of
transaction costs paid
—
8,269
Proceeds (Repayment of) from
interest-bearing receivables financing
9,914
(6,227
)
Proceeds from government loans, net of
transaction cost
5,392
7,967
Proceeds from interest-bearing research
project financing
405
1,126
Proceeds from convertible debt, net of
transaction cost
2,050
—
Payment of lease liabilities
(1,221
)
(1,299
)
Repayment of interest-bearing research
project financing
(355
)
(168
)
Repayment of government loans
(241
)
(447
)
Repayment of venture debt
(5,165
)
(801
)
Interest paid
(2,464
)
(2,401
)
Net cash flows from financing
activities
37,619
6,019
SEQUANS COMMUNICATIONS
S.A.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW (Continued)
Net increase (decrease) in cash and cash
equivalents
(6,529
)
2,011
Net foreign exchange difference
5
1
Cash and cash equivalents at January 1
14,098
12,086
Cash and cash equivalents at end of the
period
7,574
$
14,098
(1) Updated from the prior earnings
release
SEQUANS COMMUNICATIONS
S.A.
UNAUDITED RECONCILIATION OF
NON-IFRS FINANCIAL RESULTS
(in thousands of US$, except share and
per share amounts)
Three months ended
Dec 31, 2020
Sept 30, 2020
Dec 31, 2019 (3)
Net IFRS loss as reported
$
(11,262
)
$
(8,991
)
$
(8,110
)
Add back
Non-cash stock-based compensation expense
according to IFRS 2 (1)
1,172
521
517
Non-cash change in the fair value of
convertible debt embedded derivative
(111
)
(1,522
)
—
Non-cash interest on convertible debt and
other financing (2)
1,663
1,608
1,265
Non-cash impact of deferred tax income
(loss)
—
—
(489
)
$
(8,538
)
$
(8,384
)
$
(6,817
)
IFRS basic loss per ADS as reported
($0.36
)
($0.30
)
($0.34
)
Add back
Non-cash stock-based compensation expense
according to IFRS 2 (1)
$0.04
$0.02
$0.02
Non-cash change in the fair value of
convertible debt embedded derivative
$0.00
($0.05
)
$0.00
Non-cash interest on convertible debt and
other financing (2)
$0.04
$0.05
$0.05
Non-cash impact of deferred tax income
(loss)
$0.00
$0.00
($0.02
)
Non-IFRS basic loss per ADS
($0.28
)
($0.28
)
($0.29
)
IFRS diluted loss per ADS
($0.36
)
($0.30
)
($0.34
)
Add back
Non-cash stock-based compensation expense
according to IFRS 2 (1)
$0.04
$0.02
$0.02
Non-cash change in the fair value of
convertible debt embedded derivative
$0.00
($0.05
)
$0.00
Non-cash interest on convertible debt and
other financing (2)
$0.04
$0.05
$0.05
Non-cash impact of deferred tax income
(loss)
$0.00
$0.00
($0.02
)
Non-IFRS diluted loss per ADS
($0.28
)
($0.28
)
($0.29
)
(1) Included in the IFRS loss as
follows:
Cost of product revenue
$
28
$
4
$
4
Research and development
647
209
136
Sales and marketing
190
105
100
General and administrative
307
203
277
(2) Related to the difference between
contractual and effective interest rates
(3) Updated from the prior earnings
release
SEQUANS COMMUNICATIONS
S.A.
UNAUDITED RECONCILIATION OF
NON-IFRS FINANCIAL RESULTS
(in thousands of US$, except share and
per share amounts)
Twelve months ended Dec
31,
2020
2019(3)
Net IFRS loss as reported
$
(54,476
)
$
(36,697
)
Add back
Non-cash stock-based compensation expense
according to IFRS 2 (1)
2,985
1,797
Non-cash change in the fair value of
convertible debt embedded derivative
13,129
—
Non-cash interest on convertible debt and
other financing (2)
6,355
4,358
Non-cash impact of deferred tax income
(loss)
398
(1,018
)
Non-cash impact of convertible debt
amendment
(1,399
)
—
$
(33,008
)
$
(31,560
)
IFRS basic loss per ADS as reported
($1.94
)
($1.54
)
Add back
Non-cash stock-based compensation expense
according to IFRS 2 (1)
$0.11
$0.09
Non-cash change in the fair value of
convertible debt embedded derivative
$0.47
$0.00
Non-cash interest on convertible debt and
other financing (2)
$0.23
$0.18
Non-cash impact of deferred tax income
(loss)
$0.01
($0.04
)
Non-cash impact of convertible debt
amendment
($0.05
)
$0.00
Non-IFRS basic loss per ADS
($1.17
)
($1.33
)
IFRS diluted loss per ADS
($1.94
)
($1.54
)
Add back
Non-cash stock-based compensation expense
according to IFRS 2 (1)
$0.11
$0.09
Non-cash change in the fair value of
convertible debt embedded derivative
$0.47
$0.00
Non-cash interest on convertible debt and
other financing (2)
$0.23
$0.18
Non-cash impact of deferred tax income
(loss)
$0.01
($0.04
)
Non-cash impact of convertible debt
amendment
($0.05
)
$0.00
Non-IFRS basic loss per ADS
($1.17
)
($1.33
)
(1) Included in the IFRS loss as
follows:
Cost of product revenue
$
42
$
10
Research and development
1,394
508
Sales and marketing
529
282
General and administrative
1,020
997
(2) Related to the difference between
contractual and effective interest rates
(3) Updated from the prior earnings
release
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210209005533/en/
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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