Sequans Communications S.A. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Sequans Communications Q2 2022 Earnings Summary

  • Quarterly Revenue: $14.2 million, representing a 10.6% increase from Q2 2021 ($12.8 million) and a 2.4% increase from Q1 2022 ($13.9 million).
  • Massive IoT Revenue: Accounted for 59% of total revenue, growing 36% sequentially and 12% year-over-year.
  • Broadband IoT Revenue: Declined 25% sequentially due to lower licensing revenue and COVID-19 driven delays in CBRS project execution.
  • Product Revenue: Grew 29.5% sequentially due to increased sales in Massive IoT; represented 54% of total revenue.
  • License and Service Revenue: Fell 17.8% due to one-time license fees in Q1 not recurring in Q2.
  • Gross Margin: 60.9% in Q2 2022, up from 56.6% in Q2 2021 but down from 68.1% in Q1 2022 due to product mix.
  • Non-IFRS Net Loss: $1.2 million, an improvement from $1.8 million in Q1 2022 and $5.6 million in Q2 2021.
  • IFRS Net Loss: $3.2 million, compared to net income of $2 million in Q1 2022 and a loss of $1.3 million in Q2 2021. Variability heavily influenced by non-cash derivatives revaluation and FX movements.
  • Cash Position: $16.8 million at the end of Q2 (would have been $19.8 million including government grant received July 1).

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Operator: Greetings, and welcome to Sequans Communications S.A. Second Quarter 2022 Financial Results Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded. I would now like to turn the conference over to your host, Kim Rogers with Hayden IR. Please proceed. Kimberly Rogers: Thank you, Maria 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 the ability to enter into and close a new 5G strategic agreement on presently negotiated terms and the expe

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