Sequans Communications (NYSE: SQNS) reported Q3 EPS of ($0.08), $0.01 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $10.3 million versus the consensus estimate of $14.3 million.

“Although some customers’ project delays are causing the acceleration of the ramp in LTE-M revenues to be pushed out until early 2019, we are confident this is only a timing issue. We see the ramp building as we are working on more than 130 projects in different phases with over 25 of them either in production or scheduled to launch by mid-2019,” said Georges Karam, Sequans’ CEO. “We have mitigated the financial impact of this delay by securing an additional $18 million of debt financing. We have also implemented operating efficiencies, without affecting our technology leadership, and believe our current financial resources are adequate to reach cash flow breakeven. The overall momentum in the IoT market remains strong and our pipeline of opportunities continues to grow.”

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