Detailed financial statements for Sequans Communications S.A. (SQNS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Sequans Communications S.A., together with its affiliated companies, operates as a fabless semiconductor firm. It specializes in conceiving, developing, and supplying cellular communication solutions specifically designed for both the high-throughput (broadband) and low-power (massive) segments of the Internet of Things (IoT) market.
Analysis Summary
Sequans Communications S.A. reported revenue of $27.3M in the most recent fiscal year, growing at a 5-year CAGR of -11.7%.
Trailing-twelve-month margins: gross margin 36.8%, operating margin -195.0%, net margin -6.4%.
At the current price of $2.92, SQNS has negative trailing earnings (P/E not meaningful) and an ROE of -135.06%. Market capitalisation stands at $45M.
Balance sheet quality for SQNS: current ratio of 0.9, net debt of $56.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $45.6M | $48.3M | $40.2M | $30.9M | $50.9M | $50.9M | $60.6M | $33.6M | $36.8M | $27.3M |
| Cost of Revenue | $25.6M | $27.1M | $24.4M | $18.5M | $27.5M | $23.7M | $17.7M | $9.5M | $9.1M | $12.5M |
| Gross Profit | $20.0M | $21.1M | $15.9M | $12.4M | $23.4M | $27.2M | $42.9M | $24.1M | $27.7M | $14.8M |
| Research & Development | $26.3M | $25.2M | $32.0M | $23.8M | $30.9M | $26.4M | $26.6M | $26.1M | $28.5M | $29.9M |
| Selling, General & Admin | $13.4M | $15.5M | $19.5M | $16.5M | $17.3M | $19.1M | $20.1M | $27.9M | $26.2M | $21.1M |
| Operating Expenses | $39.7M | $40.7M | $47.4M | $40.3M | $48.2M | $45.5M | $46.7M | $54.0M | -$41.8M | $51.0M |
| Operating Income | -$19.7M | -$19.5M | -$31.5M | -$28.0M | -$24.7M | -$18.3M | -$3.8M | -$29.8M | $69.5M | -$36.2M |
| EBITDA | -$14.4M | -$19.0M | -$26.1M | -$20.1M | -$29.9M | $1.5M | $15.7M | -$15.9M | $148.1M | -$81.3M |
| Interest Expense | $3.8M | $4.7M | $5.8M | $9.6M | $14.5M | $10.6M | $9.9M | $10.5M | $23.0M | $12.2M |
| Pre-tax Income | -$24.5M | -$25.9M | -$37.2M | -$37.5M | -$53.6M | -$19.6M | -$6.3M | -$38.3M | $61.1M | -$101.5M |
| Income Tax | $284000 | $300000 | -$968000 | -$783000 | $936000 | $625000 | $2.7M | $2.7M | $3.5M | $1.3M |
| Net Income | -$24.8M | -$26.2M | -$36.2M | -$36.7M | -$54.5M | -$20.3M | -$9.0M | -$41.0M | $57.6M | -$102.8M |
| EPS | $-0.39 | $-0.34 | $-0.39 | $-0.39 | $-0.48 | $-0.14 | $-0.05 | $-0.18 | $0.23 | $-7.40 |
| EPS (Diluted) | $-0.39 | $-0.34 | $-0.39 | $-0.39 | $-0.48 | $-0.14 | $-0.05 | $-0.18 | $0.20 | $-7.40 |
| Shares Outstanding (Diluted) | $6.4M | $7.8M | $9.4M | $9.5M | $11.2M | $14.7M | $18.5M | $22.5M | $28.4M | $13.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $4.3M | $7.0M | $6.1M | $7.5M |
| Gross Profit | $1.8M | $2.6M | $2.3M | $2.5M |
| Operating Income | -$20.4M | -$8.9M | -$9.5M | -$9.5M |
| EBITDA | $2.8M | -$80.7M | -$49.1M | -$8.1M |
| Net Income | -$6.7M | -$87.1M | -$54.5M | -$9.8M |
| EPS | $-0.48 | $-6.30 | $-3.90 | $-0.65 |
| EPS (Diluted) | $-0.48 | $-6.30 | $-3.90 | $-0.65 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $20.2M | $2.9M | $12.1M | $14.1M | $7.6M | $4.8M | $5.7M | $5.7M | $9.1M | $13.4M |
| Short-term Investments | $345000 | $347000 | 0 | 0 | $10.9M | 0 | $5.0M | 0 | $53.0M | 0 |
| Receivables | $17.7M | $24.9M | $19.6M | $13.7M | $26.0M | $27.5M | $19.0M | $23.4M | $26.6M | $15.9M |
| Inventory | $8.7M | $7.4M | $8.2M | $6.7M | $6.2M | $6.4M | $9.4M | $6.3M | $2.9M | $3.9M |
| Total Current Assets | $50.1M | $39.7M | $43.2M | $37.0M | $51.7M | $40.9M | $40.4M | $36.9M | $93.0M | $34.9M |
| Property, Plant & Equipment | $6.7M | $7.0M | $6.3M | $8.9M | $9.2M | $8.0M | $8.5M | $6.8M | $4.3M | $6.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $12.5M |
| Intangible Assets | $7.7M | $9.6M | $12.4M | $16.7M | $25.3M | $38.0M | $48.7M | $64.3M | $5.6M | 0 |
| Total Assets | $65.1M | $57.1M | $62.6M | $63.3M | $87.2M | $89.6M | $98.8M | $109.2M | $106.5M | $248.9M |
| Accounts Payable | $18.4M | $13.0M | $9.4M | $8.8M | $15.7M | $13.9M | $9.3M | $16.3M | $6.1M | $11.2M |
| Short-term Debt | $7.9M | $8.9M | $11.7M | $17.6M | $23.5M | $12.4M | $10.9M | $74.6M | $9.0M | $5.9M |
| Total Current Liabilities | $31.5M | $27.9M | $27.2M | $38.1M | $62.5M | $48.7M | $36.8M | $107.9M | $42.2M | $39.4M |
| Long-term Debt | $21.3M | $21.7M | $37.1M | $36.1M | $51.2M | $53.8M | $52.0M | $2.9M | $5.6M | $62.1M |
| Total Liabilities | $56.2M | $52.9M | $67.6M | $92.5M | $124.0M | $113.9M | $96.7M | $115.2M | $51.2M | $121.2M |
| Retained Earnings | -$209.6M | -$235.7M | -$272.0M | -$308.8M | -$363.3M | -$383.6M | -$65.1M | -$93.4M | -$35.8M | -$138.2M |
| Total Equity | $8.9M | $4.1M | -$5.0M | -$29.2M | -$36.8M | -$24.3M | $2.1M | -$6.1M | $55.4M | $127.7M |
| Total Debt | $29.2M | $31.9M | $48.9M | $57.8M | $80.5M | $70.8M | $66.5M | $80.7M | $16.4M | $70.1M |
| Net Debt | $9.0M | $29.0M | $36.8M | $43.7M | $62.0M | $66.0M | $55.8M | $75.0M | -$45.7M | $56.7M |
| Working Capital | $18.6M | $11.8M | $16.0M | -$1.0M | -$10.9M | -$7.8M | $3.6M | -$71.0M | $50.8M | -$4.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $13.4M | $13.4M | $10.6M | $21.0M |
| Total Assets | $431.8M | $248.9M | $158.1M | $83.6M |
| Total Liabilities | $206.0M | $121.2M | $85.3M | $41.9M |
| Total Equity | $225.7M | $127.7M | $72.8M | $41.7M |
| Total Debt | $164.1M | $70.1M | $50.6M | $7.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$24.5M | -$25.9M | -$36.7M | -$37.5M | -$53.6M | -$19.6M | -$6.3M | -$41.0M | $61.1M | -$102.8M |
| Depreciation & Amortization | $5.3M | $5.6M | $6.2M | $8.4M | $9.8M | $10.6M | $12.0M | $11.2M | $64.0M | $8.0M |
| Stock-based Compensation | $1.1M | $1.6M | $1.8M | $1.8M | $3.0M | $5.1M | $5.5M | $7.1M | $4.1M | 0 |
| Change in Working Capital | -$2.4M | -$15.6M | -$525000 | $23.3M | -$7.4M | -$6.0M | -$13.4M | $5.8M | $15000 | $6.0M |
| Operating Cash Flow | -$15.6M | -$28.9M | -$23.3M | $5.1M | -$19.4M | -$8.5M | -$1.8M | -$7.3M | -$19.5M | -$22.9M |
| Capital Expenditure | -$5.4M | -$6.2M | -$8.7M | -$9.1M | -$13.8M | -$28.9M | -$22.7M | -$29.6M | -$19.7M | -$5.9M |
| Acquisitions | $374000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$2.4M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$9.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$21.0M | -$35.0M | -$32.0M | -$4.1M | -$33.2M | -$37.4M | -$24.5M | -$36.8M | -$39.3M | -$28.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$10.8M | -$1.5M | -$14.9M | -$8.4M |
| Capital Expenditure | -$4.1M | -$700896 | -$1.2M | -$1.4M |
| Free Cash Flow | -$14.9M | -$2.2M | -$16.1M | -$9.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | $468000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +5.9% | -16.6% | -23.3% | +65.0% | -0.1% | +19.0% | -44.5% | +9.6% | -25.9% |
| Net Income Growth (YoY) | | -5.5% | -38.5% | -1.4% | -48.4% | +62.8% | +55.5% | -355.0% | +240.4% | -278.5% |
| EPS Growth (YoY) | | +12.8% | -14.7% | +0.0% | -23.1% | +70.8% | +65.0% | -267.3% | +227.8% | -3317.4% |
| Shares Change (YoY) | | +21.7% | +20.7% | +1.3% | +18.3% | +30.5% | +25.8% | +22.0% | +26.1% | -50.9% |
| FCF Growth (YoY) | | -67.1% | +8.6% | +87.3% | -717.2% | -12.8% | +34.5% | -50.3% | -6.6% | +26.4% |
| Gross Margin | 43.8% | 43.8% | 39.5% | 40.1% | 46.1% | 53.4% | 70.8% | 71.8% | 75.3% | 54.3% |
| Operating Margin | -43.3% | -40.5% | -78.3% | -90.6% | -48.6% | -36.0% | -6.3% | -88.8% | 188.8% | -132.7% |
| EBITDA Margin | -31.7% | -39.3% | -64.7% | -65.0% | -58.8% | 2.9% | 25.9% | -47.3% | 402.2% | -298.2% |
| Net Margin | -54.4% | -54.2% | -90.0% | -119.0% | -107.1% | -39.8% | -14.9% | -121.9% | 156.3% | -376.7% |
| FCF Margin | -46.0% | -72.6% | -79.6% | -13.1% | -65.1% | -73.6% | -40.5% | -109.6% | -106.6% | -105.9% |
| Effective Tax Rate | -1.2% | -1.2% | 2.6% | 2.1% | -1.7% | -3.2% | -43.9% | -7.0% | 5.8% | -1.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-3.29 | $-4.51 | $-3.42 | $-0.43 | $-2.95 | $-2.55 | $-1.33 | $-1.64 | $-1.38 | $-2.07 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $6.4M | $7.8M | $9.4M | $9.5M | $11.2M | $14.7M | $18.5M | $22.5M | $24.8M | $13.9M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -135.06% |
| Return on Invested Capital | -89.76% |
| Return on Assets | -188.94% |
| Gross Margin | 36.81% |
| Operating Margin | -195.04% |
| Net Margin | -637.59% |
Financial Health
| Debt / Equity | 0.17 |
| Current Ratio | 1.39 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -480.72 | -575.67 | -202.07 | -193.80 | -312.63 | -858.70 | -1693.88 | -389.01 | 150.43 | -0.61 |
| P/B | 134.67 | 363.25 | -145.72 | -24.38 | -46.13 | -71.52 | 728.17 | -262.61 | 15.65 | 0.49 |
| P/S | 26.18 | 31.22 | 18.17 | 23.09 | 33.34 | 34.17 | 25.30 | 47.43 | 23.53 | 2.29 |
| Gross Margin | 43.8% | 43.8% | 39.5% | 40.1% | 46.1% | 53.4% | 70.8% | 71.8% | 75.3% | 54.3% |
| Operating Margin | -43.3% | -40.5% | -78.3% | -90.6% | -48.6% | -36.0% | -6.3% | -88.8% | 188.8% | -132.7% |
| Net Margin | -54.4% | -54.2% | -90.0% | -119.0% | -107.1% | -39.8% | -14.9% | -121.9% | 156.3% | -376.7% |