Revenue has experienced a persistent downward trajectory, culminating in a 2026Q1 quarterly revenue of $6.1M alongside a deeply negative operating margin of -156.6%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 25.46M | 27.28M | 36.83M | 33.62M | 60.55M | 50.88M | 50.92M | 30.86M | 40.25M | 48.26M | 45.58M | 32.71M | 22.6M | 13.71M | 22.25M | 93.71M | 68.54M | 19.56M | 22.74M |
| Revenue Growth % | -34.47% | -25.95% | 9.56% | -44.48% | 19.01% | -0.07% | 64.97% | -23.32% | -16.6% | 5.89% | 39.35% | 44.72% | 64.83% | -38.38% | -76.25% | 36.72% | 250.5% | -14.02% | - |
| Cost of Goods Sold | 13.55M | 12.46M | 9.09M | 9.48M | 17.67M | 23.69M | 27.47M | 18.48M | 24.36M | 27.12M | 25.6M | 19.45M | 15.78M | 8.82M | 11.96M | 46.41M | 33.61M | 8.19M | 7.69M |
| COGS % of Revenue | - | 45.7% | 24.69% | 28.19% | 29.18% | 46.56% | 53.94% | 59.89% | 60.53% | 56.2% | 56.16% | 59.47% | 69.82% | 64.33% | 53.73% | 49.53% | 49.04% | 41.9% | 33.81% |
| Gross Profit | 11.91M | 14.81M | 27.74M | 24.14M | 42.88M | 27.19M | 23.45M | 12.38M | 15.89M | 21.14M | 19.98M | 13.26M | 6.82M | 4.89M | 10.3M | 47.3M | 34.93M | 11.36M | 15.05M |
| Gross Margin % | 46.77% | 54.3% | 75.31% | 71.81% | 70.82% | 53.44% | 46.06% | 40.11% | 39.47% | 43.8% | 43.84% | 40.53% | 30.18% | 35.67% | 46.27% | 50.47% | 50.96% | 58.1% | 66.19% |
| Gross Profit Growth % | - | -46.61% | 14.91% | -43.7% | 57.71% | 15.94% | 89.4% | -22.07% | -24.85% | 5.79% | 50.72% | 94.37% | 39.46% | -52.5% | -78.23% | 35.41% | 207.42% | -24.52% | - |
| Operating Expenses | 59.49M | 51.01M | -41.79M | 53.98M | 46.72M | 45.51M | 48.19M | 40.34M | 47.41M | 40.67M | 39.73M | 36.86M | 40.88M | 40.33M | 43.07M | 42.01M | 35.62M | 26.51M | 23.85M |
| OpEx % of Revenue | - | 187.03% | -113.48% | 160.57% | 77.16% | 89.44% | 94.65% | 130.7% | 117.78% | 84.26% | 87.16% | 112.68% | 180.87% | 294.15% | 193.52% | 44.83% | 51.97% | 135.55% | 104.88% |
| Selling, General & Admin | 20.49M | 21.08M | 26.18M | 27.85M | 20.11M | 19.09M | 17.31M | 16.54M | 19.5M | 15.46M | 13.39M | 11.41M | 12.25M | 12.25M | 14.66M | 21.29M | 17.6M | 12.65M | 11.82M |
| SG&A % of Revenue | - | 77.27% | 71.07% | 82.86% | 33.21% | 37.53% | 33.99% | 53.58% | 48.44% | 32.04% | 29.38% | 34.89% | 54.19% | 89.32% | 65.87% | 22.72% | 25.68% | 64.7% | 51.98% |
| Research & Development | 30.78M | 29.94M | 28.53M | 26.12M | 26.61M | 26.41M | 30.88M | 23.8M | 32.04M | 25.2M | 26.33M | 25.45M | 28.63M | 28.36M | 28.41M | 24.93M | 18.02M | 13.86M | 12.03M |
| R&D % of Revenue | - | 109.76% | 77.45% | 77.71% | 43.95% | 51.92% | 60.65% | 77.11% | 79.6% | 52.22% | 57.78% | 77.79% | 126.69% | 206.8% | 127.65% | 26.61% | 26.3% | 70.86% | 52.89% |
| Other Operating Expenses | 1000K | 0 | -96.5M | 0 | 0 | 0 | 0 | 0 | -4.13M | 0 | 0 | 0 | 0 | -271K | 0 | -4.21M | 0 | 0 | 0 |
| Operating Income | -47.58M | -36.2M | 69.53M | -29.84M | -3.84M | -18.32M | -24.74M | -27.96M | -31.52M | -19.52M | -19.74M | -23.6M | -34.06M | -35.44M | -32.77M | 1.07M | -479K | -15.15M | -8.8M |
| Operating Margin % | -186.88% | -132.72% | 188.79% | -88.76% | -6.34% | -36% | -48.59% | -90.58% | -78.3% | -40.46% | -43.32% | -72.15% | -150.69% | -258.48% | -147.25% | 1.15% | -0.7% | -77.45% | -38.69% |
| Operating Income Growth % | - | -152.06% | 333.04% | -677.23% | 79.04% | 25.96% | 11.5% | 11.3% | -61.42% | 1.11% | 16.34% | 30.71% | 3.9% | -8.16% | -3148.28% | 324.43% | 96.84% | -72.13% | - |
| EBITDA | -39.88M | -28.23M | 133.58M | -17.9M | 8.18M | -7.77M | -14.97M | -19.61M | -25.35M | -13.95M | -14.45M | -18.32M | -28.76M | -29.35M | -26.57M | 6.98M | 3.44M | -11.5M | -5.52M |
| EBITDA Margin % | -156.61% | -103.49% | 362.67% | -53.24% | 13.5% | -15.26% | -29.4% | -63.53% | -62.99% | -28.9% | -31.7% | -56.02% | -127.25% | -214.04% | -119.39% | 7.45% | 5.01% | -58.81% | -24.28% |
| EBITDA Growth % | -129.62% | -121.13% | 846.4% | -318.88% | 205.28% | 48.13% | 23.65% | 22.66% | -81.75% | 3.45% | 21.15% | 36.28% | 2.01% | -10.46% | -480.81% | 103.11% | 129.87% | -108.28% | - |
| D&A (Non-Cash Add-back) | 7.71M | 7.97M | 64.04M | 11.94M | 12.02M | 10.55M | 9.77M | 8.35M | 6.16M | 5.58M | 5.29M | 5.28M | 5.3M | 6.09M | 6.2M | 5.9M | 3.91M | 3.65M | 3.28M |
| EBIT | -91.99M | -89.3M | 84.1M | -27.85M | 3.65M | -9.09M | -39.71M | -28.42M | -32.22M | -24.53M | -19.74M | -23.64M | -34.06M | -35.34M | -32.64M | 428K | -1.35M | -15.9M | -7.53M |
| Net Interest Income | -16.25M | -12.2M | -22.15M | -10.29M | -9.84M | -10.5M | -14.44M | -9.59M | -5.78M | -4.61M | -3.77M | -1.66M | -20K | 34K | 137K | -389K | -879K | -781K | -341K |
| Interest Income | 253.15K | 0 | 850K | 176K | 68K | 47K | 29.19K | 50K | 71K | 60K | 48K | 26K | 125K | 143K | 241K | 81K | 311K | 131K | 333K |
| Interest Expense | 16.5M | 12.2M | 23M | 10.46M | 9.9M | 10.55M | 14.47M | 9.64M | 5.85M | 4.67M | 3.82M | 1.69M | 145K | 109K | 104K | 470K | 1.19M | 912K | 674K |
| Other Income/Expense | -108.63M | -65.3M | -8.43M | -8.48M | -2.42M | -1.32M | -28.84M | -9.48M | -5.67M | -6.33M | -4.76M | -3.45M | 98K | -1K | -21K | 0 | -2.06M | -1.67M | 593K |
| Pretax Income | -156.21M | -101.5M | 61.1M | -38.32M | -6.26M | -19.64M | -53.58M | -37.52M | -37.19M | -25.86M | -24.5M | -27.05M | -33.96M | -35.44M | -32.79M | -42K | -2.54M | -16.81M | -8.21M |
| Pretax Margin % | -613.5% | -372.14% | 165.9% | -113.98% | -10.34% | -38.6% | -105.23% | -121.57% | -92.4% | -53.58% | -53.76% | -82.69% | -150.26% | -258.49% | -147.34% | -0.04% | -3.71% | -85.96% | -36.08% |
| Income Tax | 1.12M | 1.26M | 3.54M | 2.67M | 2.75M | 625K | 936K | -783K | -968K | 300K | 284K | 317K | 162K | 142K | 234K | 371K | 150K | 61K | 70K |
| Effective Tax Rate % | -0.72% | -1.24% | 5.79% | -6.98% | -43.9% | -3.18% | -1.75% | 2.09% | 2.6% | -1.16% | -1.16% | -1.17% | -0.48% | -0.4% | -0.71% | -883.33% | -5.9% | -0.36% | -0.85% |
| Net Income | -157.33M | -102.76M | 57.57M | -40.99M | -9.01M | -20.26M | -54.52M | -36.74M | -36.22M | -26.16M | -24.79M | -27.4M | -34.12M | -35.59M | -33.02M | -431.86K | -2.69M | -16.87M | -8.28M |
| Net Margin % | -617.9% | -376.75% | 156.3% | -121.94% | -14.88% | -39.83% | -107.07% | -119.04% | -90% | -54.2% | -54.38% | -83.78% | -150.98% | -259.52% | -148.4% | -0.46% | -3.93% | -86.28% | -36.39% |
| Net Income Growth % | -352% | -278.5% | 240.44% | -355.04% | 55.54% | 62.83% | -48.39% | -1.42% | -38.47% | -5.54% | 9.54% | 19.7% | 4.11% | -7.76% | -7546.92% | 83.96% | 84.04% | -103.87% | - |
| Net Income (Continuing) | -157.33M | -102.76M | 57.57M | -40.99M | -9.01M | -20.26M | -54.52M | -36.74M | -36.22M | -26.16M | -24.79M | -27.4M | -34.12M | -35.59M | -32.98M | -431.86K | -2.69M | -16.87M | -8.28M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1079.40 | -7.40 | 0.20 | -0.18 | -0.05 | -0.14 | -0.48 | -0.39 | -0.39 | -0.34 | -0.39 | -0.46 | -0.58 | -0.78 | -0.95 | -0.01 | -0.10 | -0.61 | -0.30 |
| EPS Growth % | -15318.99% | -3800% | 211.11% | -260% | 64.29% | 70.83% | -23.08% | 0% | -14.71% | 12.82% | 15.22% | 20.69% | 25.64% | 17.89% | -9400% | 90% | 83.61% | -103.33% | - |
| EPS (Basic) | - | -7.40 | 0.23 | -0.18 | -0.05 | -0.14 | -0.48 | -0.39 | -0.39 | -0.34 | -0.39 | -0.46 | -0.58 | -0.78 | -0.95 | -0.01 | -0.10 | -0.61 | -0.30 |
| Diluted Shares Outstanding | 145.76K | 13.93M | 28.4M | 22.52M | 18.46M | 14.67M | 11.24M | 9.5M | 9.38M | 7.77M | 6.38M | 5.91M | 5.91M | 4.55M | 3.47M | 3.26M | 2.79M | 2.79M | 2.79M |
| Basic Shares Outstanding | 145.76K | 13.93M | 24.83M | 22.52M | 18.46M | 14.67M | 11.24M | 9.5M | 9.38M | 7.77M | 6.38M | 5.91M | 5.91M | 4.55M | 3.47M | 3.26M | 2.79M | 2.79M | 2.79M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and Going Concern
As reported in recent financial filings, Sequans experienced a significant revenue decline, with quarterly figures dropping to $6.1M in 2026Q1 from $11.0M in 2024Q4, representing a persistent downward trend that suggests the company is struggling to maintain its competitive positioning within the specialized cellular IoT semiconductor market.
The volatility in revenue, characterized by a -24.6% year-over-year decline in the most recent quarter, indicates that the company's transactional business model is highly susceptible to cyclical downturns in IoT spending. This contraction appears to be exacerbated by a lack of recurring revenue stability, leaving the firm exposed to the timing of individual design wins and OEM procurement cycles.
Based on the provided income statement data, Sequans' gross margin has fluctuated significantly, reaching a low of 37.7% in 2026Q1, which highlights the company's inability to consistently leverage its proprietary IP to command premium pricing in a highly competitive and commoditizing cellular IoT chipset environment.
The compression of gross margins from the 80% range seen in mid-2024 to current levels suggests that the company may be forced to offer pricing concessions to maintain market share or clear inventory. This margin instability implies that the firm lacks the structural pricing power necessary to offset the high fixed costs inherent in its semiconductor design operations.
According to historical income statements, Sequans continues to operate with a negative operating margin of -156.6% as of 2026Q1, demonstrating that the company has failed to achieve the necessary scale to amortize its substantial R&D and SG&A expenses against its current, shrinking revenue base.
The persistent gap between gross profit and operating income suggests that the company's cost structure is overly rigid, with R&D spending remaining elevated despite declining top-line performance. Investors should monitor whether management can implement meaningful cost rationalization, as the current trajectory indicates that operating losses are scaling in tandem with revenue declines.
As evidenced by the extreme net income swings, including a $72.3M profit in 2024Q3 followed by a $87.1M loss in 2025Q4, the company's reported earnings appear heavily influenced by non-operating items and accounting adjustments rather than core operational profitability, warranting significant caution for fundamental analysis.
The massive discrepancy between operating performance and net income suggests that one-time gains or non-recurring charges are distorting the bottom line, making it difficult to assess the underlying health of the business. The absence of consistent profitability, coupled with these accounting anomalies, implies that the reported EPS figures may not be reliable indicators of long-term value creation.
Based on the reported figures, the company's TTM net losses and shrinking cash runway suggest a precarious financial position, where the inability to secure external financing or achieve rapid revenue growth may threaten the firm's status as a going concern in the near term.
Short-sellers would likely focus on the company's inability to reach a break-even point despite multiple technology cycles, viewing the current cost structure as unsustainable. The termination of the Renesas acquisition agreement further removes a critical liquidity backstop, leaving the company vulnerable to further dilution or potential insolvency if market conditions do not improve immediately.
Quick answers to the most common questions about buying SQNS stock.
For fiscal year 2025, Sequans Communications S.A. (SQNS) reported total revenue of $27.3M. This represents a 19.9% increase compared to $22.7M in 2008.
Sequans Communications S.A. (SQNS) reported a net loss of $102.8M for the fiscal year ending 2025.
Sequans Communications S.A. (SQNS) reported an operating income of $-36.2M, resulting in an operating profit margin of -132.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Sequans Communications S.A. (SQNS) generated $14.8M in gross profit for the year, representing a gross profit margin of 54.3%. This demonstrates the company's core pricing power and production efficiency.