Sequans Communications Announces Second Quarter 2020 Financial Results
July 28, 2020

PARIS–July 28, 2020–Sequans Communications S.A. (NYSE: SQNS), a leading developer and provider of 5G/4G chips and modules, today announced financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights:

Revenue: Revenue was $12.2 million, an increase of 39.4% compared to the first quarter of 2020 and an increase of 54.6% compared to the second quarter of 2019.

Gross margin: Gross margin was 48.3% compared to 51.3% in the first quarter of 2020, and compared to 37.7% in the second quarter of 2019.

Operating loss: Operating loss was $5.6 million compared to $7.8 million in the first quarter of 2020 and $6.9 million in the second quarter of 2019.

Net loss: Net loss was $19.0 million, or ($0.70) per diluted ADS, compared to $15.3 million, or ($0.64) per ADS, in the first quarter of 2020 and $9.2 million, or ($0.39) per ADS, in the second quarter of 2019. Net loss in the second quarter of 2020 includes $9.1 million loss on revaluation of the embedded derivative arising from the amendments to the convertible debt made in March 2020. The loss on the revaluation was $5.6 million in the first quarter of 2020.

Note: Net loss and net loss per diluted ADS for the first and second quarters of 2020 include the non-cash impact of the March 20, 2020 amendments to the Company’s five issues of convertible debt. As the amendments give the Company the option to change certain terms of the convertible debt rendering the equity conversion variable, IFRS accounting requires that the conversion option be considered as an embedded derivative, which must be marked to market each quarter with the change in value reflected as a non-cash financial gain or loss. Previously, the estimated value of the conversion option was recorded through equity. The results for the first quarter of 2020 have been updated from the preliminary figures announced on April 23, 2020 to reflect this accounting, following completion of the valuation analyses subsequent to publication of the first quarter results.

Non-IFRS Net loss and diluted loss per ADS: Excluding the non-cash stock-based compensation, the non-cash impact of the fair-value and effective interest adjustments related to the convertible debt with embedded derivatives and other financings, the non-cash impact of convertible debt amendments, and deferred tax benefit or expense related to the convertible debt and other financings, non-IFRS net loss was $7.5 million, or ($0.28) per ADS, compared to $8.7 million, or ($0.36) per ADS in the first quarter of 2020, and $7.9 million, or ($0.33) per ADS, in the second quarter of 2019.

Cash: Cash, cash equivalents and short-term deposits at June 30, 2020 totaled $35.5 million compared to $5.1 million at March 31, 2020.

In millions of US$ except percentages, shares and per share amounts

Key Metrics
Q2 2020 %*

Q1 2020 (2)

%*

Q2 2019 (1)

%*

Revenue

$12.2

$8.8

$7.9

Gross profit

5.9

48.3 %

4.5

51.3 %

3.0

37.7 %

Operating loss

(5.6 )

(45.4 )%

(7.8

)

(88.8 )%

(6.9

)

(86.6 )%

Net loss (2)

(19.0 )

(155.0 )%

(15.3

)

(174.1 )%

(9.2

)

(115.8 )%

Diluted earnings per ADS

($0.70 )

($0.64

)

($0.39

)

Weighted average number of diluted ADS

27,150,562

23,904,935

23,742,687

Cash flow from (used in) operations

(1.4 )

(7.7

)

(5.7

)

Cash, cash equivalents and short-term deposits at quarter-end

35.5

5.1

5.9

Additional information on non-cash items:

– Non-cash stock-based compensation included in operating result

0.6

0.7

0.4

– Non-cash interest on convertible debt and other financing

1.7

1.3

1.0

– Non-cash impact of convertible debts amendment

(1.4

)

– Non-cash change in the fair value of convertible debt embedded derivative

9.1

5.6

– Non-cash impact of deferred tax expense (benefit)

0.4

(0.2

)

Non-IFRS diluted earnings per ADS

($0.28 )

($0.36 )

($0.33 )

* Percentage of revenue

(1) Updated from the prior earnings release; as set forth in the annual report on Form 20-F

(2) Updated from the prior earnings release of preliminary results to include the impact of the valuation of the March 20, 2020 amendments to the Company’s five issues of convertible debt.

“The second quarter was a pivotal one for us,” said Georges Karam, CEO of Sequans. “We achieved excellent sequential growth in both our Broadband IoT and Massive IoT businesses, significantly reduced our operating loss, strengthened our balance sheet, secured several key design wins, continued building a channel pipeline, and met several important milestones related to our strategic partnership for 5G.

“Broadband IoT revenue was particularly strong in Q2 because we were able to mitigate COVID-19 related supply issues and satisfy a significant portion of the extra demand for portable routers generated by the measures taken to deal with the pandemic. We will continue to fulfill this backlog in Q3, and we believe ongoing Broadband IoT demand will normalize at a higher level than we experienced pre-coronavirus. Our Massive IoT business continues to experience strong demand, in particular related to equipment for health monitoring, augmenting the overall ramp of this business segment.

“We expect continued sequential growth in both Massive IoT and Broadband IoT during the remaining quarters of this year, with the positive impact on demand from the coronavirus likely to continue to offset any negative impact. Recent design wins, our strong position in CBRS, a growing channel pipeline and additional platform wins that could close during the second half of 2020 together support continued strong growth next year. The excellent progress we are making on 5G technology continues to attract very strong interest from both prospective new customers and potential strategic partners, serving to further increase our confidence in our long-term success.”

Q3 2020 Outlook

The following statement is based on management’s current assumptions and expectations and assumes no increase in the severity or duration of the COVID-19 pandemic. This statement is forward-looking and actual results may differ materially. Sequans undertakes no obligation to update this statement.

Sequans is targeting a sequential increase in revenue of at least 10% for the third quarter of 2020, which would cause revenue in the first nine months of 2020 to be greater than the revenue for all of 2019. The backlog of orders and indications regarding customer demand support this goal, but the company also sees ongoing risks related to COVID-19.

Conference Call and Webcast

Sequans plans to conduct a teleconference and live webcast to discuss the financial results for the second quarter of 2020 today, July 28, 2020 at 8:00 a.m. EDT /14:00 CEST. To participate in the live call, analysts and investors should dial 800-263-0877, or 646-828-8143 if outside the U.S. When prompted, provide the event title or access code: 4258091. A live and archived webcast of the call will be available from the Investors section of the Sequans website at www.sequans.com/investors/. An audio replay of the conference call will be available until August 4, 2020 by dialing toll free 888-203-1112 or 719-457-0820 from outside the U.S., using the following access code: 4258091.

Forward-Looking Statements

This press release contains projections and other forward-looking statements regarding future events or our future financial performance and potential financing sources. All statements other than present and historical facts and conditions contained in this release, including any statements regarding expected revenue for the third and fourth quarter of 2020, future results of operations and financial positions, business strategy and plans, expectations for Massive IoT and Broadband and Critical IoT sales, the ability to continue to operate remotely (as required) at high levels of productivity, increasing backlog of orders, the impact of the coronavirus on our manufacturing operations, and on customer demand, and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: (i) the contraction or lack of growth of markets in which we compete and in which our products are sold, (ii) unexpected increases in our expenses, including manufacturing expenses, (iii) our inability to adjust spending quickly enough to offset any unexpected revenue shortfall, (iv) delays or cancellations in spending by our customers, (v) unexpected average selling price reductions, (vi) the significant fluctuation to which our quarterly revenue and operating results are subject due to cyclicality in the wireless communications industry and transitions to new process technologies, (vii) our inability to anticipate the future market demands and future needs of our customers, (viii) our inability to achieve new design wins or for design wins to result in shipments of our products at levels and in the timeframes we currently expect, (ix) our inability to enter into and execute on strategic alliances, (x) (our ability to meet performance milestones under strategic license agreements, (xi) the impact of natural disasters on our sourcing operations and supply chain, (xii) our ability to remediate material weaknesses in our internal controls relating to the impact of accounting changes relating to deferred tax assets and deferred tax liabilities related to the application of IFRS to deferred taxes on debt instruments with equity components, (xiii) the impact of the coronavirus on the ability to operate our business and research, production of our products or demand for our products by customers whose supply chain is impacted or whose operations have been impacted by government shelter-in-place or similar orders, (xiv) the impact of the coronavirus on capital markets and our ability to raise debt and equity financing, and (xv) other factors detailed in documents we file from time to time with the Securities and Exchange Commission.

Use of Non-IFRS/non-GAAP Financial Measures

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 amendments, effective interest adjustments related to the convertible debt with embedded derivatives and other financings, and deferred tax benefit or expense related to the convertible debt 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.

About Sequans Communications

Sequans Communications S.A. (NYSE: SQNS) is a leading developer and provider of 5G and 4G chips and modules for IoT devices. For 5G/4G massive IoT applications, Sequans provides a comprehensive product portfolio based on its flagship Monarch LTE-M/NB-IoT and Calliope Cat 1 chip platforms, featuring industry-leading low power consumption, a large set of integrated functionalities, and global deployment capability. For 5G/4G broadband and critical IoT applications, Sequans offers a product portfolio based on its Cassiopeia 4G Cat 4/Cat 6 and high-end Taurus 5G chip platforms, optimized for low-cost residential, enterprise, and industrial applications. Founded in 2003, Sequans is based in Paris, France with additional offices in the United States, United Kingdom, Israel, Hong Kong, Singapore, Taiwan, South Korea, and China.

Visit Sequans online at www.sequans.com; www.facebook.com/sequans; www.twitter.com/sequans

Condensed financial tables follow

 SEQUANS COMMUNICATIONS S.A.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended

(in thousands of US$, except share and per share amounts) June 30,

2020

March 31,

2020 (2)

June 30,

2019 (1)

Revenue :

Product revenue

$

8,774

$

5,501

$

6,774

Other revenue

3,457

3,271

1,136

Total revenue

12,231

8,772

7,910

Cost of revenue

Cost of product revenue

5,884

3,897

4,443

Cost of other revenue

440

373

482

Total cost of revenue

6,324

4,270

4,925

Gross profit

5,907

4,502

2,985

Operating expenses :

Research and development

7,512

7,421

5,773

Sales and marketing

1,871

2,264

2,026

General and administrative

2,082

2,605

2,038

Total operating expenses

11,465

12,290

9,837

Operating loss

(5,558 )

(7,788 )

(6,852 )

Financial income (expense):

Interest income (expense), net

(3,717

)

(3,491

)

(2,214

)

Change in fair value of convertible debt derivative

(9,141

)

(5,621

)

Convertible debt amendment

1,399

Foreign exchange gain (loss)

(505

)

675

(303

)

Loss before income taxes

(18,921 )

(14,826 )

(9,369 )

Income tax expense (benefit)

34

443

(213

)

Loss $ (18,955 )

$ (15,269 )

$ (9,156 )

Attributable to :

Shareholders of the parent

(18,955

)

(15,269

)

(9,156

)

Minority interests

Basic loss per ADS

($0.70

)

($0.64

)

($0.39

)

Diluted loss per ADS

($0.70

)

($0.64

)

($0.39

)

Weighted average number of ADS used for computing:

— Basic

27,150,562

23,904,935

23,742,687

— Diluted

27,150,562

23,904,935

23,742,687

(1) Updated from the prior earnings release; as set forth in the annual report on Form 20-F

(2) Updated from the prior earnings release to include the impact of the valuation of the March 20, 2020 amendments to the Company’s five issues of convertible debt.

SEQUANS COMMUNICATIONS S.A.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Six months ended June 30,
(in thousands of US$, except share and per share amounts) 2020

2019 (1)

Revenue :

Product revenue

$

14,275

$

10,885

Other revenue

6,728

3,493

Total revenue

21,003

14,378

Cost of revenue

Cost of product revenue

9,781

8,018

Cost of other revenue

813

1,056

Total cost of revenue

10,594

9,074

Gross profit

10,409

5,304

Operating expenses :

Research and development

14,933

11,930

Sales and marketing

4,135

4,247

General and administrative

4,687

3,951

Total operating expenses

23,755

20,128

Operating loss

(13,346 )

(14,824 )
Financial income (expense):

Interest income (expense), net

(7,208

)

(4,190

)

Change in fair value of convertible debt derivative

(14,762

)

Convertible debt amendment

1,399

Foreign exchange gain (loss)

170

19

Loss before income taxes

(33,747 )

(18,995 )
Income tax expense (benefit)

477

(230

)

Loss $ (34,224 )

$ (18,765 )
Attributable to :

Shareholders of the parent

(34,224

)

(18,765

)

Minority interests

Basic loss per ADS

($1.34

)

($0.79

)

Diluted loss per ADS

($1.34

)

($0.79

)

Weighted average number of ADS used for computing:

— Basic

25,502,105

23,719,912

— Diluted

25,502,105

23,719,912

(1) Updated from the prior earnings release; as set forth in the annual report on Form 20-F

SEQUANS COMMUNICATIONS S.A.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

At June 30,

At Dec 31,
(in thousands of US$) 2020

2019 (1)
ASSETS

Non-current assets

Property, plant and equipment

$

8,843

$

8,858

Intangible assets

24,360

16,696

Deposits and other receivables

429

401

Other non-current financial assets

334

335

Total non-current assets

33,966

26,290

Current assets

Inventories

5,862

6,664

Trade receivables

10,726

8,390

Contract assets

608

1,587

Prepaid expenses and other receivables

7,804

2,556

Recoverable value added tax

550

598

Research tax credit receivable

1,972

3,132

Deposits

17,900

Cash and cash equivalents

17,581

14,098

Total current assets

63,003

37,025

Total assets $ 96,969

$ 63,315

EQUITY AND LIABILITIES

Equity

Issued capital, euro 0.02 nominal value, 121,078,142 shares authorized, issued and outstanding at June 30, 2020 (95,587,146 shares at December 31, 2019)

$

2,958

$

2,403

Share premium

262,699

233,720

Other capital reserves

40,491

43,656

Accumulated deficit

(342,957

)

(308,733

)

Other components of equity

(814

)

(607

)

Total equity

(37,623

)

(29,561

)

Non-current liabilities

Government grant advances and loans

12,209

6,150

Venture debt

4,605

7,071

Convertible debt

32,902

23,342

Convertible debt embedded derivative

20,028

Lease liabilities

3,452

3,204

Trade payables

1,242

1,139

Provisions

1,888

1,905

Deferred tax liabilities

17

429

Contract liabilities

7,519

11,572

Total non-current liabilities

83,862

54,812

Current liabilities

Trade payables

16,996

8,834

Interest-bearing receivables financing

9,640

4,068

Venture Debt

5,326

5,109

Convertible debt

7,329

Lease liabilities

741

900

Government grant advances and loans

2,574

1,472

Contract liabilities

5,839

5,812

Other current liabilities and provisions

9,614

4,540

Total current liabilities

50,730

38,064

Total equity and liabilities $ 96,969

$ 63,315

(1) Updated from the prior earnings releases; as set forth in the annual report on Form 20-F

SEQUANS COMMUNICATIONS S.A.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

Six months ended June 30,
(in thousands of US$) 2020

2019 (1)
Operating activities

Loss before income taxes

$ (33,747 )

$ (18,995 )

Non-cash adjustment to reconcile income before tax to net cash from (used in) operating activities

Depreciation and impairment of property, plant and equipment

1,934

2,074

Amortization and impairment of intangible assets

2,624

2,252

Share-based payment expense

1,292

917

Decrease in provisions

(40

)

(61

)

Interest expense, net

7,274

4,190

Change in the fair value of convertible debt embedded derivative

14,762

Convertible debt amendment

(1,399

)

Foreign exchange loss (gain)

127

(188

)

Loss on disposal of property, plant and equipment

(32

)

Bad debt expense

18

Working capital adjustments

Decrease (Increase) in trade receivables and other receivables

(3,709

)

1,606

Decrease in inventories

802

1,362

Decrease (Increase) in research tax credit receivable

1,680

(1,313

)

Increase (Decrease) in trade payables and other liabilities

4,310

(1,442

)

Decrease in contract liabilities

(5,835

)

(441

)

Increase (Decrease) in government grant advances

919

(163

)

Income tax paid

(180

)

(130

)

Net cash flow provided by (used in) operating activities

(9,168 )

(10,364 )
Investing activities

Purchase of intangible assets and property, plant and equipment

(2,845

)

(822

)

Capitalized development expenditures

(3,048

)

(2,187

)

Sale (purchase) of financial assets

(27

)

6

Purchase of short-term deposits

(17,900

)

Interest received

20

5

Net cash flow used in investments activities

(23,800 )

(2,998 )
Financing activities

Proceeds from issue of warrants, exercise of stock options/warrants

32

Public equity offering proceeds, net of transaction costs paid

29,503

Proceeds from issuing of warrants, net of transaction costs paid

8,269

Proceeds (Repayment of) from interest-bearing receivables financing

5,572

(2,956

)

Proceeds from government loans, net of transaction cost

5,392

Proceeds from interest-bearing research project financing

405

1,126

Proceeds from convertible debt, net of transaction cost

2,984

Payment of lease liabilities

(786

)

(923

)

Repayment of government loans

(113

)

Repayment of venture debt

(2,449

)

Interest paid

(1,215

)

(1,257

)

Net cash flows from financing activities

36,454

7,130

Net increase (decrease) in cash and cash equivalents

3,486

(6,232

)

Net foreign exchange difference

(3

)

Cash and cash equivalent at January 1

14,098

12,086

Cash and cash equivalents at end of the period $ 17,581

$ 5,854

(1) Updated from the prior earnings releases; as set forth in the annual report on Form 20-F

SEQUANS COMMUNICATIONS S.A.
UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS
(in thousands of US$, except share and per share amounts) Three months ended
June 30,

2020

March 31,

2020 (4)

June 30,

2019 (3)

Net IFRS loss as reported $ (18,955 )

$ (15,269 )

$ (9,156 )
Add back

Non-cash stock-based compensation expense according to IFRS 2 (1)

625

667

429

Non-cash change in the fair value of convertible debt embedded derivative

9,141

5,621

Non-cash interest on convertible debt and other financing (2)

1,671

1,294

1,041

Non-cash impact of deferred tax income (loss)

398

(166

)

Non-cash impact of convertible debt amendment

(1,399

)

$ (7,518 )

$ (8,689 )

$ (7,852 )
IFRS basic loss per ADS as reported * ($0.70 )

($0.64 )

($0.39 )
Add back

Non-cash stock-based compensation expense according to IFRS 2 (1)

$0.02

$0.03

$0.02

Non-cash change in the fair value of convertible debt embedded derivative

$0.34

$0.24

$0.00

Non-cash interest on convertible debt and other financing (2)

$0.06

$0.05

$0.04

Non-cash impact of deferred tax income (loss)

$0.00

$0.00

$0.00

Non-cash impact of convertible debt amendment

$0.00

($0.06 )

$0.00

Non-IFRS basic loss per ADS * ($0.28 )

($0.36 )

($0.33 )
IFRS diluted loss per ADS* ($0.70 )

($0.64 )

($0.39 )
Add back

Non-cash stock-based compensation expense according to IFRS 2 (1)

$0.02

$0.03

$0.02

Non-cash change in the fair value of convertible debt embedded derivative

$0.34

$0.24

$0.00

Non-cash interest on convertible debt and other financing (2)

$0.06

$0.05

$0.04

Non-cash impact of deferred tax income (loss)

$0.00

$0.02

$0.00

Non-cash impact of convertible debt amendment

$0.00

($0.06 )

$0.00

Non-IFRS diluted loss per ADS * ($0.28 )

($0.36 )

($0.33 )

(1) Included in the IFRS loss as follows:

Cost of product revenue

$

4

$

5

$

3

Research and development

266

272

121

Sales and marketing

111

124

60

General and administrative

244

266

245

(2) Related to the difference between contractual and effective interest rates

(3) Updated from the prior earnings release; as set forth in the annual report on Form 20-F

(4) Updated from the prior earnings release to include the impact of the valuation of the March 20, 2020 amendments to the Company’s five issues .

* Reflects the November 29, 2019 adjustment in the ratio of shares to ADS : each ADS represents 4 ordinary shares

SEQUANS COMMUNICATIONS S.A.
UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS
(in thousands of US$, except share and per share amounts) Six months ended June 30,
2020

2019 (3)
Net IFRS loss as reported $ (34,224 )

$ (18,765 )
Add back

Non-cash stock-based compensation expense according to IFRS 2 (1)

1,292

917

Non-cash change in the fair value of convertible debt embedded derivative

14,762

Non-cash interest on convertible debt and other financing (2)

2,965

1,913

Non-cash impact of deferred tax income (loss)

398

(242

)

Non-cash impact of convertible debt amendment

(1,399

)

$ (16,206 )

$ (16,177 )

IFRS basic loss per ADS as reported *

($1.34 )

($0.79 )
Add back

Non-cash stock-based compensation expense according to IFRS 2 (1)

$0.05

$0.04

Non-cash change in the fair value of convertible debt embedded derivative

$0.58

$0.00

Non-cash interest on convertible debt and other financing (2)

$0.12

$0.08

Non-cash impact of deferred tax income (loss)

$0.02

($0.01 )

Non-cash impact of convertible debt amendment

($0.05 )

$0.00

Non-IFRS basic loss per ADS * ($0.64 )

($0.68 )

IFRS diluted loss per ADS*

($1.34 )

($0.79 )
Add back

Non-cash stock-based compensation expense according to IFRS 2 (1)

$0.05

$0.04

Non-cash change in the fair value of convertible debt embedded derivative

$0.58

$0.00

Non-cash interest on convertible debt and other financing (2)

$0.12

$0.08

Non-cash impact of deferred tax income (loss)

$0.02

($0.01 )

Non-cash impact of convertible debt amendment

($0.05 )

$0.00

Non-IFRS basic loss per ADS * ($0.64 )

($0.68 )

(1) Included in the IFRS loss as follows:

Cost of product revenue

$

9

$

5

Research and development

538

261

Sales and marketing

235

128

General and administrative

510

523

(2) Related to the difference between contractual and effective interest rates

* Reflects the November 29, 2019 adjustment in the ratio of shares to ADS : each ADS represents 4 ordinary shares

(3) Updated from the prior earnings release; as set forth in the annual report on Form 20-F

 

Contacts

Media Relations:

Kimberly Tassin

+1.425.736.0569

Kimberly@sequans.com

Investor Relations:

Claudia Gatlin

+1 212.830.9080

Claudia@sequans.com

 

Source: Sequans Communications S.A.

 

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