--- title: "Sequans nearly triples revenue and exits bitcoin, but sits $12.5 million under NYSE's $50 million line" description: "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." publisher: "The Inference" section: "Chips" published: 2026-11-03T14:25:21.919Z modified: 2026-11-03T14:25:21.919Z canonical: https://theinference.org/article/sequans-nearly-triples-revenue-and-exits-bitcoin-but-sits-12-5-million-under-nyse-s-50-million-line language: en keywords: "Sequans, Chips, Earnings, NYSE Compliance, Bitcoin" --- # 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. [Sequans Communications](https://theinference.org/markets/companies/sequans-communications), 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](https://www.streetinsider.com/Corporate+News/Sequans+Q3+2026+revenue+rises+183%25+year-over-year+to+%249.1M/27276625.html): 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](https://wtop.com/national/2026/11/sequans-q3-earnings-snapshot/) on revenue slightly above the $9.0 million consensus [2][4]. 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 [1][2]. ## 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](https://www.sec.gov/Archives/edgar/data/1383395/000138339526000117/0001383395-26-000117-index.htm), $94.5 million of convertible debt is repaid, and cash doubled to $39.7 million [1][5]. *Chart: **Cash nearly tripled from the Q3 2025 trough as the bitcoin unwind finished** Line chart of Sequans cash and short-term deposits, Q3 2025 through Q3 2026, rising to $39.7 million.* *Cash and short-term deposits at each quarter end, in millions of US dollars, from Sequans' SEC filings; the Q3 2026 figure is from the November 3, 2026, earnings press release. Sources: [2][6]. [2][6]* 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](https://theinference.org/article/sequans-market-cap-is-12-5-million-below-the-nyse-s-50-million-line-before-november-3-results), giving it 90 days to file a compliance plan and a nine-month cure period [5]. *Chart: **Revenue has more than doubled from the restated Q3 2025 trough** Column chart of Sequans quarterly revenue, Q3 2025 through Q3 2026, rising from $3.2M to $9.1M.* *Quarterly total revenue in millions of US dollars, from Sequans' Q3 2026 earnings press release; the Q3 2025 figure is as restated in the November 3, 2026, filing. All five quarters are reported figures. Sources: [2][5]. [2][5]* 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. ## Takeaway Sequans' best quarter in two years does not lift it back over NYSE's $50 million floor: with $37.5 million of market value on $68,500 of daily volume, the compliance plan due within 90 days, not the next quarter's revenue, decides whether the stock stays listed. ## Sources 1. [StreetInsider, "Sequans Q3 2026 revenue rises 183% year-over-year to $9.1M", 3 November 2026](https://www.streetinsider.com/Corporate+News/Sequans+Q3+2026+revenue+rises+183%25+year-over-year+to+%249.1M/27276625.html) 2. [SEC EDGAR, Sequans Communications Form 6-K and Q3 2026 earnings press release, 3 November 2026](https://www.sec.gov/Archives/edgar/data/1383395/000138339526000117/0001383395-26-000117-index.htm) 4. [WTOP News (AP/Zacks), "Sequans: Q3 Earnings Snapshot", 3 November 2026](https://wtop.com/national/2026/11/sequans-q3-earnings-snapshot/) 5. [The Inference, "Sequans' market cap is $12.5 million below the NYSE's $50 million line before November 3 results", 1 November 2026](https://theinference.org/article/sequans-market-cap-is-12-5-million-below-the-nyse-s-50-million-line-before-november-3-results) 6. [Sequans Communications, quarterly figures from its SEC filings, retrieved 3 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001383395) --- Sequans nearly triples revenue and exits bitcoin, but sits $12.5 million under NYSE's $50 million line — The Inference. Canonical: https://theinference.org/article/sequans-nearly-triples-revenue-and-exits-bitcoin-but-sits-12-5-million-under-nyse-s-50-million-line