PARIS - November 4, 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 third quarter ended September 30, 2025.

Third Quarter 2025 Summary Preliminary Results Table (*):

“Sequans has taken a proactive and disciplined approach to managing its balance sheet and reducing half of its debt by opportunistically leveraging a portion of its Bitcoin holdings,” said Dr. Georges Karam, CEO of Sequans. “This initiative has enhanced our financial flexibility, meaningfully reduced our debt-to-NAV ratio, and boosted our ability to execute our buyback program, while still preserving long-term Bitcoin treasury optionality. We remain fully committed to our Bitcoin treasury strategy, which we continue to believe will deliver meaningful long-term value for our shareholders.”

Mr. Karam continued, “At the same time, our IoT product business has continued to strengthen. We are pleased that our three-year revenue design win pipeline has increased to $300m in the third quarter, and we remain on track to enter 2026 with over 45% of the related projects in mass production. We also expect the business to ramp in the fourth quarter as it is getting better visibility into 2026. With a solid balance sheet, expected growth in IoT business, and a commitment to Bitcoin treasury, we believe Sequans is well positioned to deliver sustainable growth and enhance shareholder value over the long term.”

Revenue: Revenue was $4.3 million, a decrease of 47.3% compared to the second quarter of 2025 and a decrease of 57.5% compared to the third quarter of 2024. In both prior periods, revenue included significant license and services revenue from Qualcomm related to the 2024 sale and license of intellectual property.

Gross margin: Gross margin was 40.9% compared to 64.4% in the second quarter of 2025 and 82.5% in the third quarter of 2024, reflecting the lower amount of high margin license revenue in the third quarter of 2025 compared with both prior periods.

Operating profit (loss): Operating loss was $20.4 million compared to operating loss of $8.7 million in the second quarter of 2025 and operating profit of $87.3 million in the third quarter of 2024. The operating loss in the third quarter of 2025 included an $8.2 million unrealized loss on impairment of the value of our Bitcoin investment, which was marked to market. The operating profit in the third quarter of 2024 reflects the gain on sale of intellectual property to Qualcomm of $153.1 million partially offset by a $56.6 million impairment loss related to previously capitalized research and development costs. No research and development costs were capitalized in 2025.

Net loss: Net loss was $6.7 million, or ($0.48) per diluted ADS, compared to net loss of $9.1 million, or ($3.59) per diluted ADS, in the second quarter of 2025 and net profit of $72.6 million, or $26.25 per diluted ADS, in the third quarter of 2024. Net loss in the third quarter of 2025 included a non-cash $20.6 million gain on the change in value of the embedded derivative related to convertible debt issued in July 2025 and included net interest expense of $6.9 million that was also primarily non-cash and related to the IFRS accounting for the convertible debt issued in July.

Non-IFRS loss: Excluding non-cash impairment of digital assets, 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 $11.0 million, or ($0.79) per diluted ADS, in the third quarter of 2025 compared to non-IFRS net loss of $8.1 million, or ($3.20) per diluted ADS in the second quarter of 2025, and non-IFRS net profit of $80.8 million, or $29.21 per diluted ADS, in the third quarter of 2024.

Cash: Cash and cash equivalents at September 30, 2025 totaled $13.4 million compared to $41.6 million at June 30, 2025. This does not include the $10 million final payment from the 2024 Qualcomm transaction that was released from escrow in October 2025.

Digital assets: At September 30, 2025, the Company held 3,234 Bitcoin with a market value of $365.6 million, all of which was pledged as security for the $189 million of convertible debt issued in July 2025. Following the recently announced amendment of the debt agreement, 1,617 Bitcoin are being released from the pledge in order to repay half of the debt and to reinforce the previously announced ADS repurchase program. The Company has sold 970 of the released Bitcoin as of today and holds a total of 2,264 Bitcoin.

Date: Tuesday, November 4, 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/BIc0264ac506fc4ae09bd78844e6d8f586. Upon registration, participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.

Those who wish to join the live webcast can access it here: https://edge.media-server.com/mmc/p/rfdt2cm6/

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 on the company's website after 9:00 a.m. ET.

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, bitcoin treasury and business strategy for the remainder of 2025 and beyond. 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, our ability to successfully implement our Bitcoin treasury strategy and 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 impairment of digital assets, non-cash stock-based compensation and the non-cash impacts of convertible debt extensions, and 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/Rob Kelly, 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