Sequans Communications (NYSE: SQNS) released unaudited fourth-quarter and full-year 2025 financial results on Tuesday, February 10, 2026, revealing a complex balance sheet shaped by its pioneering—and volatile—Bitcoin treasury strategy.
The Paris-based semiconductor firm reported a quarterly net loss of $87.1 million, or $5.62 per ADS, driven primarily by a $56.9 million non-cash impairment of its Bitcoin holdings and an additional $8.4 million realized loss from strategic Bitcoin sales used to deleverage its debt.
In its core cellular IoT business, Sequans showed signs of a tactical recovery.
Fourth-quarter revenue reached $7 million, representing a robust 72.6% increase over the previous quarter, though still down 37% year-over-year compared to a 2024 period that was skewed by a major Qualcomm licensing deal.
For the full year, revenue totaled $27.2 million.
CEO Georges Karam highlighted a massive "design-win" pipeline exceeding $300 million over the next three years, with 44% of those projects already in mass production, signaling a shift from development-heavy phases to high-volume shipping.
The company’s "Bitcoin-first" financial model remains a central point of investor scrutiny.