Sequans Communications S.A. (NYSE: SQNS) reported preliminary unaudited revenue of $7.5 million for the second quarter ended June 30, 2026, a 23.2% increase from $6.1 million in the first quarter of 2026, according to a company press release. Revenue declined 8.4% from $8.1 million in the second quarter of 2025, a period that included significant license and services revenue from Qualcomm.

Product sales accounted for the majority of Q2 2026 revenue, rising 39.4% sequentially and 83.7% year over year. Gross margin was 32.9%, down from 37.7% in Q1 2026 and 64.4% in Q2 2025, reflecting a higher share of product sales in the revenue mix.

Net loss was $9.8 million, or ($0.65) per diluted ADS, compared with a net loss of $76.2 million in Q1 2026 and $9.0 million in Q2 2025. The Q1 2026 loss included a $31.5 million non-cash charge on early debt extinguishment. On a non-IFRS basis, net loss was $4.0 million, or ($0.27) per diluted ADS.

Operating loss narrowed to $7.2 million from $50.5 million in Q1 2026, with the quarter including $3.0 million in unrealized Bitcoin impairment losses and a $5.3 million realized net gain on Bitcoin sales. Cash and cash equivalents at June 30, 2026 were $21.0 million, up from $10.6 million at March 31, 2026. The company completed the full redemption of its convertible debt in May 2026 and held 314 Bitcoin with a market value of $18.4 million at quarter end, compared with 1,514 Bitcoin valued at $103.2 million at the end of Q1 2026.