Sequans Communications S.A. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q2 2021 revenue was $12.9 million, up 4.4% sequentially and 5.1% year-over-year. Massive IoT drove growth, with revenue in that segment up 14% QoQ and 120% YoY. Broadband IoT revenue declined YoY due to the loss of Jetpack business but grew more than 400% YoY excluding Jetpack.
  • Gross Margin: Increased to 56.6% from 50.1% in Q1 2021 and 48.3% in Q2 2020, driven by higher-margin service revenue and lower module sales.
  • Operating Loss: Q2 2021 IFRS operating loss was $3.4 million, improving from $5.8 million in Q1 2021 and $5.6 million in Q2 2020. Non-IFRS operating loss was $5.6 million.
  • Net Loss: IFRS net loss of $1.3 million included non-cash gains of $6.6 million. Non-IFRS net loss was $5.6 million, aligned with Q1 levels.
  • Cash Position: $30.3 million in cash and short-term deposits at the end of Q2 2021, up from $18.5 million at the end of 2020. Operating cash flow was positive at $6.5 million for the first half of 2021.

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Operator: Welcome to Sequans Second Quarter 2021 Results Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Instructions will be given at that time. As a reminder, this conference is being recorded. I would now like to turn the call over to Kim Rogers of Hayden IR. Ms. Rogers, you may begin. Kim Rogers: Thank you Maria. Thank you to everyone participating in today's call. Joining me on the call from Sequans Communications are Georges Karam, Chairman and Chief Executive Officer; and Deborah Choate, Chief Financial Officer. Before I turn the call over to Georges, I'd like to remind our participants of the following important information on behalf of Sequans. Sequans issued the earnings press release this morning and was posted to the company's website at www.sequans.com/investors under the News section. Before we start, I'd 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, expectations for massive IoT and portable router sales, the impact of COVID-19 on our supply chain and on customer demand, the impact of component shortages and manufacturing

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