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Sequans Communications | 6-K: Report of foreign private issuer (related to financial reporting)

Sequans Communications | 6-K: Report of foreign private issuer (related to financial reporting)

Sequans Communications | 6-K：外国发行人报告（业绩相关）
美股SEC公告 ·  2024/06/18 03:13

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Sequans Communications announced several strategic initiatives, including a new $15 million licensing agreement for its Monarch2 LTE platform with a leading technology company. The company has also secured an extension of debt maturities with major holders until August 26, 2024, providing additional time to negotiate a strategic transaction.The company reported Q1 2024 revenue of $6.0 million, down 49.3% YoY but up 26.3% QoQ. Operating loss widened to $8.5 million from $4.0 million in Q1 2023. Cash position stood at $0.5 million as of March 31, 2024, excluding $20 million from recent financing and licensing deals.In a strategic shift, Sequans is suspending development of its 5G Taurus product for Fixed Wireless Access to focus on low-power 5G variants for Massive IoT applications. While this decision will reduce 2024 revenue by $10 million from its Chinese partner agreement, the new Monarch2 license is expected to offset this impact. The company aims to achieve break-even in 2025 through these optimization efforts.
Sequans Communications announced several strategic initiatives, including a new $15 million licensing agreement for its Monarch2 LTE platform with a leading technology company. The company has also secured an extension of debt maturities with major holders until August 26, 2024, providing additional time to negotiate a strategic transaction.The company reported Q1 2024 revenue of $6.0 million, down 49.3% YoY but up 26.3% QoQ. Operating loss widened to $8.5 million from $4.0 million in Q1 2023. Cash position stood at $0.5 million as of March 31, 2024, excluding $20 million from recent financing and licensing deals.In a strategic shift, Sequans is suspending development of its 5G Taurus product for Fixed Wireless Access to focus on low-power 5G variants for Massive IoT applications. While this decision will reduce 2024 revenue by $10 million from its Chinese partner agreement, the new Monarch2 license is expected to offset this impact. The company aims to achieve break-even in 2025 through these optimization efforts.
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