Slide 1: Investor Presentation
Investor Presentation November 2025
Slide 2: Safe Harbor
Safe Harbor This presentation contains certain statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations and business of Sequans, bitcoin treasury and business strategy for the remainder of 2025 and beyond. These forward-lo
Slide 3: Company Overview
Company Overview Pioneer in Bitcoin Treasury and Leading Provider of Semiconductors for Cellular IoT Global Presence BTC Treasury IoT Business Headquartered in France 2,264 BTC(1) $20.6 M >200 Team Valued at $204M(2) Revenue first 9-months 2025 (ended Sep 30) 80% Engineering Among the top 35 largest
Slide 4: Bitcoin Treasury Update
Bitcoin Treasury Update ▪ 2,264 BTC holding(1) (recently sold 970 BTC to reduce debt and strengthen ADS buyback program) ▪ BTC NAV at ~$204 million(2) ▪ Convertible debt $94.5 million (down from $189 million) ▪ Among Top 35 largest public Bitcoin Treasury companies(3) ▪ Unique European Bitcoin Treas
Slide 5: Bitcoin Treasury Strategy
Bitcoin Treasury Strategy A forward-thinking approach, pioneering a new era in Bitcoin management Moving beyond “Never Sell” Dogma: ▪ Active treasury management: from passive holding toward strategic balance-sheet optimization ▪ Shareholder-centered strategy: sell shares/debt to buy Bitcoin AND sell
Slide 6: Bitcoin Treasury Strategy (Cont'd)
Bitcoin Treasury Strategy (Cont’d) Disciplined and opportunistic approach to maximize Bitcoin per share Depending on market conditions, leveraging the tools in place: ▪ Opportunistically use our ATM to accumulate Bitcoin in an accretive manner ▪ Opportunistically sell Bitcoin to buyback ADS and redu
Slide 7: Growth Opportunities in Key IoT Markets
Growth Opportunities in Key IoT Markets Leading Market Position Market Share Gain Opportunity Smart Meters Healthcare Asset Tracking Smart City Security Systems Telematics Industrial Space & Defense Wearable Payment Industry Leaders Trust Sequans’ Technology Sequans Communications ©2025 | 7
Slide 8: Transforming Product Design Pipeline in Revenue
Transforming Product Design Pipeline in Revenue Line-of-sight to Product Revenue supporting break-even goal in 2026 Growth supported by both Qualified Opportunities existing and new D-Wins, and new products launches Product Pipeline of $550M Product revenue : Design Wins & Ins • $300M in Design-Wins
Slide 9: Q3 Update – Design Win Progress
Q3 Update – Design Win Progress Q3 $300M Q2 Design-Win 3-years pipeline $250M Design-Win 3-years pipeline Q4 Target +6 DWIN Projects + 5 MP* projects 45% in MP* i.e. $45M 3-Y Annual Average Revenue +3 MP* Projects 38% in MP* 20% in MP* *MP = mass production Sequans Communications ©2025 | 9
Slide 10: Financial Overview
Quarterly Revenue Financial Overview Revenue: $4.3M Q3 2025 $10.1 Revenue of $4.3M down 47.3% Q/Q and 57.5% Y/Y. In $8.1 Q2 2025 and 2024, revenue included significant license $4.3 and services revenue from Qualcomm related to the 2024 sale and license of intellectual property. Sep. 30, 2024 Jun. 30
Slide 11: Q3 Balance Sheet Details
Q3 Balance Sheet Details $23M Cash 647 Bitcoin Free ~ $58M* Convertible Debt : $94.5M 1617 Bitcoin Conversion Price: $21 Securing Debt Maturity: July 2028 No Make-Whole Interest : 0% in first year (6% 2nd year, 8% 3rd year) Provision ~ $145M* 20% in MP* *BTC = $90,000 Sequans Communications ©2025 |
Slide 12: Key Take Aways
Key Take Aways Bitcoin Treasury IoT Business Disciplined and opportunistic approach to Setting the Stage for Sustainable Growth maximize Bitcoin per share ✓ Revenue Growth Primarily from 4G and RF ✓ Based on market conditions, maximize Bitcoin per Product: $300 million 3-year revenue design win shar
Slide 13: Appendix
Appendix • Capitalization Table Sequans Communications ©2025 | 13
Slide 14: Capital - fully diluted as of October 31, 2025
Capital - fully diluted as of October 31, 2025 Shares ADS 10-31-2025 Total issued shares/ADS 1,595,697,302 15,956,973 Fully Diluted, assuming all warrants/SO exercised: Bitcoin deal convertible debt (repurchase assumed executed in October) 450,000,000 4,500,000 Bitcoin deal pre-funded warrants 96,15
Slide 15: THANK YOU!
THANK YOU! Investor Relations: David Hanover / Robert Kelly ir@sequans.com linkedin.com/company/sequans-communications/ linkedin.com/company/sequans-communications/ twitter.com/Sequans twitter.com/Sequans youtube.com/user/SequansIoT youtube.com/user/SequansIoT sequans.com sequans.com Sequans Communi