Sequans Communications reported Q3 2024 revenue of $10.1M, up 29.5% YoY and 4.2% QoQ. The quarter was highlighted by a $172M strategic deal with Qualcomm, leading to a net profit of $72.3M. Product revenue remained flat at $2.4M while license revenue increased to $7.7M, driven by Taurus 5G licensing.The company significantly strengthened its balance sheet, with cash and equivalents reaching $173.6M at quarter-end. Subsequently, $85M in convertible debt and related party loans were repaid. Operating profit was $87M, including a $152.7M gain from the 4G IP asset sale to Qualcomm, partially offset by a $56.6M impairment of 5G Taurus assets.Management expects approximately 10% sequential growth in Q4 2024, with product revenue projected to double. The company anticipates continued growth into 2025 and targets breakeven in 2026, supported by reduced operating expenses and an enhanced competitive position in the IoT market through its 4G IoT platforms and upcoming 5G RedCap products.

Sequans Communications reported Q3 2024 revenue of $10.1M, up 29.5% YoY and 4.2% QoQ. The quarter was highlighted by a $172M strategic deal with Qualcomm, leading to a net profit of $72.3M. Product revenue remained flat at $2.4M while license revenue increased to $7.7M, driven by Taurus 5G licensing.The company significantly strengthened its balance sheet, with cash and equivalents reaching $173.6M at quarter-end. Subsequently, $85M in convertible debt and related party loans were repaid. Operating profit was $87M, including a $152.7M gain from the 4G IP asset sale to Qualcomm, partially offset by a $56.6M impairment of 5G Taurus assets.Management expects approximately 10% sequential growth in Q4 2024, with product revenue projected to double. The company anticipates continued growth into 2025 and targets breakeven in 2026, supported by reduced operating expenses and an enhanced competitive position in the IoT market through its 4G IoT platforms and upcoming 5G RedCap products.