Sequans Communications S.A. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q1 2022 revenue was $13.9 million, up 12.7% YoY and slightly above Q4 2021 ($13.8 million). When adjusted to exclude Verizon Jetpack contribution in Q1 2021, revenue increased 23.7% YoY.
  • Gross Margin: Increased significantly to 68.1% from 50.1% in Q1 2021 and 57.1% in Q4 2021, driven by higher services and licensing revenues in 5G Broadband.
  • Net Results: Non-IFRS net loss improved to $1.8 million from $5.1 million YoY and from $3.5 million sequentially. IFRS net income of $2.0 million included a $6.4 million non-cash gain from convertible debt derivatives.
  • Cash Position: Cash and short-term deposits increased to $26.3 million, up from $4.8 million at the end of 2021, boosted by a $20.9 million equity raise.
  • Massive IoT: Monarch LTE-M/NB-IoT product family grew 125% YoY and 24% sequentially. It now represents 45% of total revenue. Product pipeline over $320 million, 80% in Massive IoT.
  • Broadband IoT: Revenue grew 35% YoY and 66% when adjusted for Jetpack. Services/licensing revenues led growth while CBRS remained lumpy. CBRS expected to rebound in H2 2022.

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Operator: Greetings, and welcome to the Sequans Communications First Quarter 2022 Results Call. [Operator Instructions]. I would now like to turn the call over to your host, Kim Rogers with Hayden IR. Thank you, you may begin. Kim Rogers : Thank you, Melissa, and thank you, to everyone participating in today’s call. Joining me on the call today from Sequans Communications are Georges Karam, Chairman and Chief Executive Officer; and Deborah Choate, Chief Financial Officer. Before turning the call over to Georges, I would like to remind our participants of the following important information on behalf of Sequans. Sequans issued the earnings press release this morning, which was posted to the Company’s website at www.sequans.com under the Newsroom section. Before we start, I would like to remind everyone that this conference call contains projections and other forward-looking statements regarding future events or our future financial performance and potential financing sources. All statements other than present and historical facts and conditions contained in this call, including any statements regarding future results of operations and financial positions, business strategy and plans, including financing alternatives for our 5G business, expectations for Massive IoT and portable router sales, the impact of the COVID-19 on our supply chain and on customer demand, the impact of component shortages and manufacturing capacity, our ability to convert our pipeline to revenue, and ou

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