PARIS - July 31, 2025 - Sequans Communications S.A. (NYSE: SQNS) (“Sequans” or the “Company”), a pioneer in Bitcoin Treasury and a leading provider of 5G/4G cellular IoT semiconductor solutions, today announced preliminary financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Summary Preliminary Results Table (*):

“Sequans has successfully deployed the net proceeds from the $384 million financing completed on July 7 to launch its Bitcoin Treasury strategy, resulting in the initial acquisition of 3,072 Bitcoin,” said Dr. Georges Karam, CEO of Sequans. “We are committed to this strategy and believe it will deliver meaningful long-term value for shareholders. We look forward to sharing more about our long-term treasury plans before the end of this quarter. We are also pleased to report that our IoT business continues to improve as we work toward our target of achieving breakeven operating income in 2026.”

Revenue: Revenue was $8.1 million, an increase of 1.1% compared to the first quarter of 2025 and a decrease of 15.8% compared to the second quarter of 2024. Product revenue was $3.9 million, an increase of 10.3% compared to the first quarter of 2025 and an increase of 59.0% compared to the second quarter of 2024. License and services revenue was $4.3 million compared to $4.5 million in the first quarter of 2025 and $7.2 million in the second quarter of 2024, with the variation primarily related to the timing of revenue recognition for the 5G broadband platform license to Qualcomm in both the first and second quarters of 2025 and for the 4G manufacturing license to Qualcomm in the second quarter of 2024.

Gross margin: Gross margin was 64.4% compared to 64.5% in the first quarter of 2025 and 84.0% in the second quarter of 2024.

Operating profit (loss): Operating loss was $8.7 million compared to operating loss of $6.8 million in the first quarter of 2025 and operating loss of $3.7 million in the second quarter of 2024. The operating loss in the second quarter of 2025 reflected a number of non-recurring items such as restructuring costs and advisory fees related to major transactions. No research and development costs were capitalized in 2025 whereas over $5 million was capitalized in the second quarter of 2024.

Net loss: Net loss was $9.1 million, or ($0.36) per diluted ADS, compared to net loss of $7.3 million, or ($0.29) per diluted ADS, in the first quarter of 2025 and net loss of $0.6 million, or ($0.02) per diluted ADS, in the second quarter of 2024.

Non-IFRS loss: Excluding non-cash stock-based compensation, the non-cash impact of the fair-value and effective interest adjustments related to the convertible debt and associated embedded derivatives and other financings, non-IFRS net loss was $8.1 million, or ($0.32) per diluted ADS, in the second quarter of 2025 compared to non-IFRS net loss of $6.1 million, or ($0.24) per diluted ADS in the first quarter of 2025, and non-IFRS net loss of $5.8 million, or ($0.23) per diluted ADS, in the second quarter of 2024.

Cash: Cash and cash equivalents at June 30, 2025 totaled $41.6 million compared to $45.9 million at March 31, 2025. This excludes the $358.5 million net proceeds from the private placements of equity and convertible debt completed on July 7, 2025.

Date: Thursday, July 31, 2025

Time: 8:00 a.m. ET / 14:00 CET

The live webcast will be available on the Sequans Investor Relations website at https://sequans.com/investor-relations/investor-materials/.

To participate via telephone, please register in advance using this link, https://register-conf.media-server.com/register/BI4548043c012347a0897f1a34c5ac8b2c. Upon registration, telephone participants will receive a confirmation email detailing how to join the audio version of the webcast, including the dial-in number and a unique registrant ID.

The company suggests participants for both the conference call and those listening via the web dial in or sign on at least 15 minutes in advance of the call. For those unable to participate in the live event, A replay will be available after

8:00 a.m. ET on the same website

This press release contains certain statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations and business of Sequans, strategy for the second half of 2025. These forward-looking statements include, but are not limited to, statements that are not historical fact. These forward-looking statements can be identified by the fact that they do not relate to historical or current facts. Forward-looking statements also often use words such as “anticipate,” "committed to", “target,” “continue,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “goal,” “believe,” “hope,” “aims,” “continue,” “could,” “project,” “should,” “will” or other words of similar meaning. These statements are based on assumptions and assessments made by Sequans in light of its experience and perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct, and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement.

Forward-looking statements are not guarantees of future performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Such risks and uncertainties include, but are not limited to, potential adverse reactions or changes to business relationships resulting from the implementation of the Bitcoin treasury initiative. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business and competitive environments, market and regulatory forces, including tariffs and trade wars. If any one or more of these risks or uncertainties materialize or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward-looking statements should therefore be construed in the light of such factors. A more complete description of these and other material risks can be found in Sequans’ filings with the SEC, including its annual report on Form 20-F for the year ended December 31, 2024, subsequent filings on Form 6-K and other documents that may be filed from time to time with the SEC. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this announcement. Sequans undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.

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 extensions, end effective interest adjustments related to the convertible debt with embedded derivatives 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.

Sequans Communications S.A. (NYSE: SQNS) is a leading fabless semiconductor company specializing in wireless 4G/5G cellular technology for the Internet of Things (IoT) as well as a pioneer in Bitcoin Treasury. Sequans views Bitcoin as a long-term investment and intends to strategically accumulate it as its primary treasury reserve asset. The company’s approach involves acquiring and holding Bitcoin using net proceeds from equity and debt issuances — executed from time to time based on market conditions — as well as cash generated from operations and intellectual property monetization.

Sequans’ engineers design and develop innovative, secure, and scalable technologies that power the next generation of AI-connected applications - including secured payment, smart mobility and logistics, smart cities, industrial, e-health, and smart homes. Sequans offers a comprehensive portfolio of 4G/5G solutions, including LTE-M/NB-IoT, 4G LTE Cat 1bis, and 5G NR RedCap/eRedCap platforms, all purpose-built for IoT and delivering breakthroughs in wireless connectivity, power efficiency, security, and performance. The company also provides advanced design services and technology licensing. Sequans management believes the combination of a strategic Bitcoin reserve and deep focus on semiconductor innovation positions the company for long-term value creation.

Founded in 2003, Sequans is headquartered in France and operates globally, with offices in the United States, United Kingdom, Switzerland, Israel, Finland, Taiwan, and China.

Visit Sequans at sequans.com and follow us on LinkedIn and X.

Sequans investor relations: David Hanover/Gerrick Johnson, KCSA Strategic Communications (USA), +1 212.682.6300, ir@sequans.com

Sequans media relations: Linda Bouvet (France), +33 170721600 media@sequans.com

Condensed financial tables follow