Sequans Q4 Revenue Rises 72.6% to $7M; Full-Year Net Loss $102.4M
Sequans Communications posted Q4 2025 revenue of $7.0 million, a 72.6% sequential increase, but recorded a $74.5 million operating loss driven by a $56.9 million Bitcoin impairment. Full-year revenue declined to $27.2 million from $36.8 million, with a net loss of $102.4 million ($11.81 per ADS).
1. Q4 Financial Performance
Sequans reported Q4 revenue of $7.0 million, up 72.6% sequentially but down 37.0% year-over-year. Gross margin was 37.7%, and the company posted a $74.5 million operating loss including a $56.9 million unrealized Bitcoin impairment, resulting in a net loss of $87.1 million ($5.62 per ADS).
2. Full-Year 2025 Results
Full-year revenue declined 26.1% to $27.2 million, with gross margin falling to 54.3% from 75.3% in 2024. Sequans recorded a $110.3 million operating loss and a net loss of $102.4 million ($11.81 per ADS), versus a net profit of $57.6 million in the prior year.
3. IoT Business Momentum
Sequans exited 2025 with a strong order backlog and a design-win pipeline valued at over $300 million in potential three-year product revenue, with more than 44% already in mass production. Growing demand across LTE-M, Cat 1bis, RF transceivers and early 5G eRedCap engagements underpins a path to cash-flow break-even by the end of 2026.
4. Bitcoin Treasury and Capital Allocation
In Q4, Sequans realized an $8.4 million loss on Bitcoin sales to fund convertible debt redemption and an ADS buyback program, alongside a $56.9 million unrealized impairment. The company repurchased 9.7% of outstanding ADSs at a discount to net cash and Bitcoin NAV and has board authorization for an additional 10% repurchase.