Sequans nearly triples revenue and exits bitcoin, but sits $12.5 million under NYSE's $50 million line
The Paris chipmaker printed 183% revenue growth and near-breakeven operations on November 3, but its press release says nothing about the NYSE's $50 million market-cap floor it was notified of in September, and the 90-day compliance clock is running.
Vincent Jiang · 2 min read
Sequans Communications+10.89% — Sequans Communications, up 10.89 percent as of its last quote, the Paris-based chipmaker whose radios connect payment terminals and smart meters to mobile networks, reported its best quarter in two years on November 3: revenue of $9.1 million, up 182.8% year over year, with product sales more than quadrupled and the operating loss cut to $1.0 million from $7.2 million a quarter earlier 1. The stock closed Friday at a market value of $37.5 million, $12.5 million under the NYSE's $50 million listing floor, and only $68,500 of shares traded that day 5.
The best quarter, and the clock the release never mentions
The quarter itself is clean. Gross margin reached 33.0% against 25.3% a year ago, and the adjusted loss per ADS of $0.04 beat the $0.54 analysts expected on revenue slightly above the $9.0 million consensus 24. But the $1.5 million net loss includes a $6.2 million realized gain from selling the last of the company's bitcoin; without that sale, the chips alone still run at a loss 12.
The bitcoin trade is unwound; the cure period is not
The June 2025 raise of $384 million bought coins that fell more than 30% in value; the final 314 coins were sold by September, $94.5 million of convertible debt is repaid, and cash doubled to $39.7 million 15.
Cash nearly tripled from the Q3 2025 trough as the bitcoin unwind finished
Data
| Cash | |
|---|---|
| Q3 '25 | $13.43M |
| Q4 '25 | $13.39M |
| Q1 '26 | $10.63M |
| Q2 '26 | $20.97M |
| Q3 '26 | $39.7M |
What the press release does not mention is the reason the market is watching: in September the NYSE notified Sequans that its average market cap had fallen below the $50 million line for thirty trading days, giving it 90 days to file a compliance plan and a nine-month cure period 5.
Revenue has more than doubled from the restated Q3 2025 trough
Data
| Revenue | |
|---|---|
| Q3 '25 | $3.2M |
| Q4 '25 | $5.84M |
| Q1 '26 | $6.05M |
| Q2 '26 | $7.46M |
| Q3 '26 | $9.1M |
Backlog now extends into the second half of 2027, management says, and that growth is one route back over the exchange line 2. The other routes are narrower: dilution to lift market value, or delisting. On a tape this thin, the compliance plan, not the next quarter's revenue, decides which.
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