Slide 1: Investor Presentation July 2025
NYSE: SQNS Investor Presentation July 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 a proposed Bitcoin treasury strategy and related equity and debt financings, including statements regarding the proposed partnership between Sequans and Swan Bitcoin
Slide 3: Safe Harbor (cont’d)
Safe Harbor (cont’d) INDUSTRY AND MARKET DATA Although all information and opinions expressed in this presentation, including market data and other statistical information, were obtained from sources believed to be reliable and are included in good faith, Sequans has not independently verified the i
Slide 4: Sequans Company Overview
Sequans Company Overview New Sequans with Legacy Operations BTC Treasury Strategy 1 Leading Semiconductors for 4G $36.8 M and 5G Cellular IoT Revenue in 2024 Utilize proceeds from capital raise and cash on balance Global Presence sheet to acquire Bitcoin Headquartered in France $8.1 M Revenue in Q1
Slide 5: Sequans IP Monetization Strategy
Sequans IP Monetization Strategy Sequans sold its 4G technology portfolio to Qualcomm for $200 million in 2024 Future Monetization Opportunity o Potential to monetize additional IP from technology portfolio o Broad potential buyer universe for IP, including Transaction Summary strategic chipmakers,
Slide 6: Bitcoin Treasury | Strategic Advisory Team
Bitcoin Treasury | Strategic Advisory Team Cory Klippsten Ben Werkman Yan Pritzker Founder & CEO – Swan Bitcoin CIO – Swan Bitcoin Co-Founder & CTO – Swan Bitcoin › 3 acquired startups (incl. Reverb.com to › 65x Startup Angel & Advisor › 15 Years in Commercial Distressed Etsy) › Former Google, McKin
Slide 7: Treasury Operations
Treasury Operations Deep Experience in Treasury Services › Over $5B in Bitcoin transactions executed since 2024 › $1.7B+ in AUC › Custody solutions provide ability to execute immediately › Existing partnerships in custody and trading enable immediate execution › Published a primer on Bitcoin treasur
Slide 8: Security Is a Key Requirement for Bitcoin Treasury Management
Security Is a Key Requirement for Bitcoin Treasury Management Distributed Custodian Strategy The foundation of our Bitcoin custody strategy centers on distributing holdings across three premier institutional custodians, each offering distinct regulatory advantages and risk mitigation features. This
Slide 9: Layered Approach to Asset Security
Layered Approach to Asset Security Beyond the primary custody relationships, our strategy incorporates multiple layers of operational security and redundancy measures designed to provide comprehensive protection and recovery capabilities Multiple Redundant Backup Independent Proof of Reserve Insuran
Slide 10: Bitcoin Treasury Strategy | Overview
Bitcoin Treasury Strategy | Overview Widespread Adoption of Bitcoin Treasuries › As of July 2025, 252 entities—including companies, ETFs, and governments—hold 3.48 million BTC, or over 15% of all Bitcoin, worth over $350 billion › Institutional interest in publicly traded firms with on-balance-sheet
Slide 11: Bitcoin Treasury Strategy | Key Performance Indicators
Bitcoin Treasury Strategy | Key Performance Indicators BTC Per Share BTC Yield mNav › The measure of a company’s market capitalization in comparison to the › Total BTC held by a company divided by current net asset value of its BTC total fully diluted shares outstanding › The measure of the rate of
Slide 12: Bitcoin Treasury Strategy | Outperforms All Asset Classes
Bitcoin Treasury Strategy | Outperforms All Asset Classes Comparative 12-Month Asset & Sector Price Returns (1) 1,081.5% Metaplanet: 17.4x Return of Underlying Bitcoin Since Announcing BTC Treasury Strategy 191.6% 78.2% 56.6% 46.5% 43.2% 40.5% 28.0% 18.6% 13.6% 14.9% 11.6% 10.9% 13.3% 11.7% 8.2% 5.5
Slide 13: Entering Environment of Widespread Bitcoin Adoption
Entering Environment of Widespread Bitcoin Adoption Corporate Adoption Institutional Adoption 11 largest corporate Bitcoin holders control over 780,000 BTC, valued at nearly $85 billion Since the start of 2024, Bitcoin ETFs have added more than $100 billion in AUM Grayscale Bitcoin Trust (BTC) iShar
Slide 14: Bitcoin’s Value as an Asset… …and a Currency
Bitcoin’s Value as an Asset… …and a Currency Asset Return Correlation Currency Comparison Table Bitcoin Pre-Covid Post-Covid Asset class 2013-2024 2013-2020 2020-2024 Attribute Fiat Gold Bitcoin Russell 1000 0.18 0.09 0.58 Scarcity Low Moderate High Russell 2000 0.16 0.06 0.56 US Technology 0.16 0.0
Slide 15: MSTR: Strategic Capital Deployment for Bitcoin Accumulation
MSTR: Strategic Capital Deployment for Bitcoin Accumulation 4.00x MSTR’s Bitcoin Strategy Has Outpaced 700,000 3.50x All Asset Classes (1) 600,000 3.38x Bitcoin: 800.9% 3.00x S&P 500: 84.7% 500,000 3,149.6% Bitcoins Held 2.50x Gold: 61.9% 400,000 2.00x 2.14x 1.89x 300,000 1.50x 1.76x 1.76x mNAV Bitc
Slide 16: Summary Risk Factors
Summary Risk Factors This presentation includes certain risk factors that investors should consider in connection with the expected implementation of Sequan Communications S.A.’s (the “Company’s”) Bitcoin treasury strategy. If any of the following risks occur, the business, financial condition, resu
Slide 17: Summary Risk Factors (cont’d)
Summary Risk Factors (cont’d) • The availability of spot exchange-traded products (“ETPs”) for Bitcoin and other digital assets may adversely affect the market price of its listed securities. Although we are an operating company, and we believe we offer a different value proposition than a Bitcoin i
Slide 18: Summary Risk Factors (cont’d)
Summary Risk Factors (cont’d) • The Company will face risks relating to the custody of its Bitcoin at third party custodians, including the loss or destruction of private keys required to access its Bitcoin and cyberattacks or other data loss relating to its Bitcoin. Furthermore, if our custodially-