Sequans Communications S.A. completed a share‑repurchase of 755,349 American Depositary Shares (ADS) at an average price of $6.40 per share, a transaction that represents about 5 % of the company’s outstanding ADS and half of the board‑authorized limit of 1.57 million shares. The buyback was executed on November 18 2025 and announced the following day, reducing the number of shares outstanding to roughly 15.2 million, or 16.3 million if pre‑funded warrants are exercised.
The repurchase was financed with proceeds from a prior Bitcoin sale and operating cash flow. Sequans’ Bitcoin treasury strategy, launched in mid‑2025, has seen the company acquire 3,234 bitcoins, valued at $365.6 million as of Q3 2025. By buying back shares at a price below the net asset value per ADS, Sequans increases the amount of Bitcoin held per share—reported to have risen 4.4 % since the November 4 2025 earnings call—while also reducing debt, which stood at $117.74 million with a debt‑to‑equity ratio of 0.52.
The buyback improves earnings per share by shrinking the share base, but it occurs against a backdrop of significant financial pressure. In Q3 2025, Sequans reported a net loss of $6.7 million, or $0.48 per diluted ADS, and revenue fell 47.3 % to $4.3 million from $8.1 million in Q2 2025. The company’s gross margin contracted from 64.4 % to 40.9 % as high‑margin license revenue declined, while operating costs were partially offset by disciplined cost control measures. The share repurchase therefore serves as a tool to enhance shareholder value while the company works to stabilize its operating performance.
CEO Dr. Georges Karam emphasized that the Bitcoin treasury and debt‑reduction initiatives are part of a broader strategy to strengthen the balance sheet and create long‑term value. “By reducing our debt and executing share repurchases when the market value of our Bitcoin holdings is below one, we are increasing Bitcoin per share and reinforcing our commitment to disciplined, accretive growth,” Karam said. He added that the company remains focused on expanding its IoT portfolio and pursuing cost‑efficient operations to support future profitability.
The transaction signals Sequans’ confidence in its capital‑allocation discipline and its belief that the market undervalues the company’s Bitcoin‑backed assets. At the same time, the company’s recent revenue decline and net loss underscore the need for continued operational improvements and a focus on high‑margin IoT solutions to drive future growth.
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