Sequans Communications S.A. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Q4 2021 Revenue: $13.8 million, up 16.1% QoQ but down 12.5% YoY (Q4 2020: $15.8M).
  • Full-Year 2021 Revenue: $50.9 million, on par with 2020. Adjusted for Jetpack wind-down, 2021 revenue grew 79% YoY.
  • Gross Margin: Q4 2021 at 57.1% (up from 49.2% in Q3 and 45.1% in Q4 2020). FY2021 gross margin was 53.4%.
  • Operating Loss: Q4 operating loss of $4.0 million improved from $5.1 million in Q3 and $5.4 million in Q4 2020.
  • Net Loss: IFRS net loss of $7.7M or $0.21/ADS (vs. net profit of $0.2M in Q3 and net loss of $11.3M in Q4 2020). Non-IFRS net loss was $3.5M or $0.09/ADS.
  • Cash Position: $4.8M at year-end, excluding $17M from Renesas deal received in Q1 2022. Company expects additional $3.2M from 5G innovation grants in Q2.

Segment Performance

  • Massive IoT: Represented over 50% of total revenue; grew 79% YoY in 2021, with related product revenue nearly doubling. Growth driven by LTE-M/NB-IoT (Monarch 2) and Cat 1 design wins.
  • Broadband IoT: Grew 78% YoY (excluding Jetpack). Includes Cat 4/6, CBRS products, and 5G services/licensing revenue. CBRS revenue rose from almost zero to over $3M in 2021.

Strategic Highlights

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Operator: Greetings. Welcome to Sequans Communications Fourth Quarter and Year-End 2021 Financial Results. 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 hand over the call to your host, Ms. Kim Rogers, Hayden IR. Please go ahead. Kim Rogers: 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'd 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'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, including financing alternatives for our 5G business; expectations for massive IoT and portable router sales, the impact of the COVID-19 on our supply chai

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