24/7 Market News- Sequans Communications Reports Preliminary Q2 2024 Financial Results and Agrees to Sell 4G IoT Technology Qualcomm

August 23, 2024

DENVER, Colo., Aug 23, 2024 (247marketnews.com)- Sequans Communications (NYSE: SQNS) agreed to sell its 4G IoT technologies to a subsidiary of Qualcomm (NASDAQ: QCOM) for $200 million. The deal allows Sequans to retain full ownership of 5G intellectual property and the right to sell, support, maintain and enhance its existing 4G product portfolio and develop new generations of chips and modules using such technologies.

Georges Karam, CEO of Sequans, commented, “We are excited to enter into this transaction with Qualcomm. This transaction validates our LTE-M/NB-IoT and Cat 1bis technologies and strengthens our balance sheet. Retaining ownership of our 5G technology and a perpetual 4G license allows us to continue selling the Monarch and Calliope products families and expand towards 5G RedCap and eRedCap, enabling our continued growth and innovation.”

Sequans Communications further reported its preliminary second quarter 2024 financial results, as its revenue increased from $6 million, for the previous quarter, to $9.7 million, gross profit increased from $3.9 million to $8.1 million, and net loss was reduced from $11.8 million to $0.9 million, for the same periods.

Karam added, “Our second quarter revenue was $9.7M, representing a 5.4% increase year-over-year and a 60.5% sequential increase. License and services revenue accounted for 75% of it, largely driven by the Monarch 2 manufacturing license agreement that we announced on June 18, 2024, which we can now disclose was with Qualcomm. Note however, that our Q2 2024 results presented here are subject to change based on the final allocation of the purchase price of the new Qualcomm deal we have just announced.”

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