The company's financial stability is increasingly precarious, characterized by a current ratio of 0.47 and a debt-to-equity ratio of 0.69 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Total Current Assets | 35.82M | 34.95M | 92.98M | 36.9M | 40.44M | 40.9M | 51.68M | 37.02M | 43.16M | 39.75M | 50.07M | 35.97M | 36.31M | 60.66M | 49.54M | 86.25M | 39.37M | 21.92M | 27.64M |
| Cash & Short-Term Investments | 10.63M | 13.4M | 62.09M | 5.71M | 10.67M | 4.83M | 18.47M | 14.1M | 12.09M | 2.95M | 20.2M | 8.29M | 12.49M | 37.24M | 28.75M | 57.22M | 9.74M | 7.79M | 15.85M |
| Cash Only | 10.63M | 13.4M | 9.09M | 5.71M | 5.67M | 4.83M | 7.57M | 14.1M | 12.09M | 2.95M | 20.2M | 8.29M | 12.33M | 37.24M | 28.75M | 57.22M | 9.74M | 7.79M | 15.85M |
| Short-Term Investments | 0 | 0 | 53M | 0 | 5M | 0 | 10.9M | 0 | 0 | 347K | 345K | 393K | 160K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 18.39M | 15.9M | 26.61M | 23.43M | 18.98M | 27.53M | 26.02M | 13.71M | 19.6M | 24.86M | 17.66M | 16.5M | 7.75M | 14M | 10.27M | 17.38M | 17.52M | 10.35M | 8.64M |
| Days Sales Outstanding | 270.26 | 212.74 | 263.68 | 254.44 | 114.44 | 197.47 | 186.54 | 162.1 | 177.71 | 188.02 | 141.4 | 184.09 | 125.14 | 372.67 | 168.46 | 67.67 | 93.32 | 193.25 | 138.64 |
| Inventory | 4.03M | 3.93M | 2.87M | 6.33M | 9.39M | 6.43M | 6.22M | 6.66M | 8.24M | 7.38M | 8.69M | 4.07M | 9.2M | 6.58M | 7.44M | 11.66M | 8.77M | 1.94M | 2.04M |
| Days Inventory Outstanding | 101.04 | 115.17 | 115.38 | 244.01 | 193.89 | 99.12 | 82.72 | 131.6 | 123.5 | 99.26 | 123.96 | 76.28 | 212.76 | 272.35 | 227.21 | 91.69 | 95.21 | 86.29 | 96.87 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | -10.9M | 1.66M | 2.11M | 0 | 0 | 3.56M | 3.89M | -82 | 0 | -2.57M | 0 | 0 | 0 |
| Total Non-Current Assets | 122.27M | 214M | 13.55M | 72.28M | 58.31M | 48.66M | 35.47M | 26.29M | 19.41M | 17.31M | 15.01M | 13.04M | 13.1M | 12.87M | 18.86M | 14.78M | 10.35M | 6.89M | 6.95M |
| Property, Plant & Equipment | 4.32M | 6.21M | 4.31M | 6.82M | 8.49M | 8.01M | 9.19M | 8.86M | 6.27M | 6.99M | 6.66M | 7.12M | 8.74M | 6.62M | 9.19M | 9.33M | 5.29M | 4.45M | 4.22M |
| Fixed Asset Turnover | 4.47x | 4.39x | 8.55x | 4.93x | 7.13x | 6.35x | 5.54x | 3.48x | 6.42x | 6.90x | 6.84x | 4.60x | 2.59x | 2.07x | 2.42x | 10.04x | 12.95x | 4.40x | 5.38x |
| Goodwill | 3.68M | 12.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 7.86M | 0 | 5.64M | 64.3M | 48.7M | 37.98M | 25.31M | 16.7M | 12.41M | 9.56M | 7.71M | 5.25M | 3.44M | 4.68M | 4.18M | 4.23M | 3.14M | 1.58M | 2.03M |
| Long-Term Investments | 387.49M | 409K | 353K | 360K | 337K | 357K | 386K | 335K | 337K | 353K | 310K | 321K | 597K | 1.1M | 931K | 677K | 432K | 463K | 443K |
| Other Non-Current Assets | 85.78M | 194.87M | 3.25M | 801K | 783K | 2.31M | 588K | 401K | 394K | 402K | 332K | 345K | 320K | 471K | 8.66M | 677K | 432K | 463K | 249K |
| Total Assets | 158.09M | 248.95M | 106.53M | 109.17M | 98.75M | 89.56M | 87.16M | 63.31M | 62.57M | 57.06M | 65.08M | 49.01M | 49.41M | 73.53M | 68.4M | 101.03M | 49.72M | 28.81M | 34.59M |
| Asset Turnover | 0.11x | 0.11x | 0.35x | 0.31x | 0.61x | 0.57x | 0.58x | 0.49x | 0.64x | 0.85x | 0.70x | 0.67x | 0.46x | 0.19x | 0.33x | 0.93x | 1.38x | 0.68x | 0.66x |
| Asset Growth % | 262.3% | 133.68% | -2.42% | 10.55% | 10.26% | 2.76% | 37.65% | 1.18% | 9.67% | -12.33% | 32.79% | -0.83% | -32.79% | 7.49% | -32.3% | 103.21% | 72.55% | -16.7% | - |
| Total Current Liabilities | 75.44M | 39.4M | 42.17M | 107.86M | 36.83M | 48.74M | 62.53M | 38.06M | 27.2M | 27.94M | 31.47M | 29.13M | 19.05M | 13.26M | 11.95M | 16.09M | 27.56M | 14.18M | 8.52M |
| Accounts Payable | 7.47M | 11.2M | 6.11M | 16.28M | 9.34M | 13.92M | 15.7M | 8.83M | 9.41M | 13.02M | 18.36M | 9.5M | 11.23M | 7.25M | 6.04M | 8.58M | 15.51M | 3.38M | 3.41M |
| Days Payables Outstanding | 284.79 | 327.94 | 245.13 | 627.12 | 192.96 | 214.41 | 208.65 | 174.45 | 141.01 | 175.26 | 261.79 | 178.23 | 259.76 | 300.08 | 184.32 | 67.47 | 168.4 | 150.76 | 162 |
| Short-Term Debt | 47.46M | 5.93M | 8.97M | 74.64M | 10.91M | 12.41M | 23.51M | 17.63M | 11.75M | 8.91M | 7.92M | 12.56M | 2.13M | 261K | 129K | 0 | 4.1M | 4.71M | 317K |
| Deferred Revenue (Current) | 23.73M | 5.68M | 11.65M | 6.56M | 6.93M | 11.99M | 13.84M | 6.16M | 1.03M | 833K | 725K | 2.14M | 917K | 778K | 1.12M | 1.59M | 2.25M | 2.44M | 2.06M |
| Other Current Liabilities | 9.82M | 13.46M | 11.17M | 8.9M | 8.36M | 9.18M | 8.48M | 4.54M | 5.01M | 5.17M | 4.46M | 4.92M | 4.57M | 4.71M | 4.53M | 5.92M | 5.7M | 3.65M | 2.62M |
| Current Ratio | 0.47x | 0.89x | 2.20x | 0.34x | 1.10x | 0.84x | 0.83x | 0.97x | 1.59x | 1.42x | 1.59x | 1.23x | 1.91x | 4.58x | 4.14x | 5.36x | 1.43x | 1.55x | 3.24x |
| Quick Ratio | 0.42x | 0.79x | 2.14x | 0.28x | 0.84x | 0.71x | 0.73x | 0.80x | 1.28x | 1.16x | 1.31x | 1.10x | 1.42x | 4.08x | 3.52x | 4.64x | 1.11x | 1.41x | 3.00x |
| Cash Conversion Cycle | 86.5 | -0.04 | 133.93 | -128.66 | 115.36 | 82.18 | 60.62 | 119.25 | 160.2 | 112.03 | 3.58 | 82.14 | 78.14 | 344.94 | 211.35 | 91.89 | 20.13 | 128.79 | 73.52 |
| Total Non-Current Liabilities | 9.87M | 81.84M | 9M | 7.39M | 59.82M | 65.13M | 61.43M | 54.48M | 40.4M | 24.97M | 24.75M | 20.97M | 5.25M | 1.34M | 977K | 699K | 1.46M | 13.74M | 11.26M |
| Long-Term Debt | 1.89M | 62.13M | 5.61M | 2.93M | 52.02M | 53.76M | 51.2M | 36.05M | 37.12M | 21.74M | 21.29M | 13.78M | 3.65M | 0 | 0 | 0 | 624K | 12.46M | 10.14M |
| Capital Lease Obligations | 5.27M | 2.02M | 333K | 1.65M | 2.28M | 3.37M | 4.76M | 3.2M | 0 | 1.29M | 0 | 0 | 9K | 240K | 236K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 689K | 186K | 173K | 264K | 258K | 138K | 19K | 429K | 691K | 52K | 22K | 10K | 2K | 37K | 85K | 55K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3.47M | 12.32M | 1.4M | 2.22M | 3.98M | 3.1M | 2.4M | 2.71M | 1.69M | 1.53M | 1.31M | 4.65M | 1.23M | 460K | 369K | 259K | 184K | 777K | 741K |
| Total Liabilities | 85.31M | 121.23M | 51.17M | 115.24M | 96.65M | 113.87M | 123.96M | 92.54M | 67.59M | 52.91M | 56.22M | 50.1M | 24.3M | 14.6M | 12.93M | 16.79M | 29.02M | 27.92M | 19.78M |
| Total Debt | 50.58M | 70.07M | 16.36M | 80.69M | 66.5M | 70.79M | 80.48M | 57.79M | 48.87M | 31.95M | 29.21M | 26.36M | 6M | 501K | 365K | 0 | 4.72M | 17.17M | 10.57M |
| Net Debt | 39.95M | 56.67M | 7.26M | 74.98M | 60.83M | 65.95M | 72.91M | 43.69M | 36.78M | 29M | 9.01M | 18.07M | -6.33M | -36.74M | -28.39M | -57.22M | -5.02M | 9.37M | -5.28M |
| Debt / Equity | 0.69x | 0.55x | 0.30x | - | 31.61x | - | - | - | - | 7.70x | 3.30x | - | 0.24x | 0.01x | 0.01x | - | 0.23x | 19.22x | 0.71x |
| Debt / EBITDA | -1.27x | - | 0.12x | - | 8.13x | - | - | - | - | - | - | - | - | - | - | - | 1.37x | - | - |
| Net Debt / EBITDA | -1.00x | - | 0.05x | - | 7.44x | - | - | - | - | - | - | - | - | - | - | -8.20x | -1.46x | - | - |
| Interest Coverage | -5.57x | -7.32x | 3.66x | -2.66x | 0.37x | -0.86x | -2.74x | -2.95x | -5.51x | -5.25x | -5.17x | -14.01x | -234.90x | -324.17x | -313.85x | 0.91x | -1.14x | -17.43x | -11.18x |
| Total Equity | 72.78M | 127.72M | 55.36M | -6.07M | 2.1M | -24.31M | -36.81M | -29.23M | -5.02M | 4.15M | 8.86M | -1.25M | 25.11M | 58.93M | 55.47M | 84.24M | 20.7M | 893K | 14.81M |
| Equity Growth % | 831.76% | 130.71% | 1011.86% | -388.55% | 108.66% | 33.96% | -25.93% | -482.33% | -221% | -53.18% | 809.94% | -104.97% | -57.38% | 6.23% | -34.15% | 307% | 2217.92% | -93.97% | - |
| Book Value per Share | 499.33 | 9.17 | 1.95 | -0.27 | 0.11 | -1.66 | -3.27 | -3.08 | -0.54 | 0.53 | 1.39 | -0.21 | 4.25 | 12.96 | 16.00 | 25.83 | 7.43 | 0.32 | 5.32 |
| Total Shareholders' Equity | 72.78M | 127.72M | 55.36M | -6.07M | 2.1M | -24.31M | -36.81M | -29.23M | -5.02M | 4.15M | 8.86M | -1.25M | 25.11M | 58.93M | 55.47M | 84.24M | 20.7M | 893K | 14.81M |
| Common Stock | 17.83M | 18.72M | 2.93M | 2.88M | 2.31M | 3.69M | 3.27M | 2.4M | 2.38M | 2.03M | 1.92M | 1.57M | 1.57M | 1.57M | 912K | 912K | 710K | 606K | 590K |
| Retained Earnings | -199.39M | -138.24M | -35.8M | -93.36M | -65.1M | -383.55M | -363.29M | -308.77M | -272.04M | -235.71M | -209.55M | -184.77M | -157.36M | -123.24M | -87.65M | -54.67M | -54.26M | -51.57M | -34.7M |
| Treasury Stock | -933K | -9.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 78.07M | 77.52M | 74.5M | 70.26M | 62.87M | 57.2M | 46.68M | 43.66M | 39.77M | 33.31M | 28.26M | 16.86M | 16M | 14.72M | 12.56M | 9.37M | 5.19M | 4.06M | 3.04M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Going Concern
As reported in recent financial statements, Sequans' total assets have plummeted from $431.8M in 2025Q3 to $158.1M by 2026Q1, signaling a severe contraction in the company's resource base that underscores the ongoing deterioration of its financial position amidst persistent operational losses.
The rapid decline in asset value suggests that the company is consuming its remaining capital to fund operations rather than investing in growth. This trajectory implies that the firm's ability to sustain its R&D-heavy business model is increasingly compromised without external capital injections.
Based on the latest quarterly filings, Sequans maintains a debt-to-equity ratio of 0.69 as of 2026Q1, a metric that appears increasingly precarious given the company's history of negative retained earnings and the lack of consistent operating cash flow to service these obligations.
The presence of $50.6M in debt against a shrinking equity base of $72.8M highlights a high degree of financial risk. Investors should monitor whether the company can manage these debt levels or if refinancing will require further dilutive measures that could impair shareholder value.
According to the 2026Q1 balance sheet, Sequans holds only $10.6M in cash, which, when compared to a current ratio of 0.47, indicates a severe liquidity shortfall that leaves the company with minimal buffer against operational shocks or further revenue volatility.
A current ratio below 1.0 suggests that the company's short-term liabilities significantly outweigh its liquid assets, creating a high risk of insolvency. This liquidity profile necessitates immediate attention, as the current cash runway appears insufficient to support the firm's ongoing R&D and operating requirements.
As evidenced by the fluctuation in goodwill from $75.7M in 2024Q2 down to $3.7M in 2026Q1, the company has undergone significant write-downs, suggesting that previous acquisitions have failed to deliver the expected strategic value or market positioning for the firm.
The volatility in intangible assets warrants further investigation into the quality of the remaining balance sheet items. Such aggressive write-downs may indicate that the company's historical capital allocation strategy was flawed, potentially masking deeper issues regarding the long-term viability of its technology portfolio.
Quick answers to the most common questions about buying SQNS stock.
As of 2025, Sequans Communications S.A. (SQNS) had total assets of $248.9M including $34.9M in current assets.
Sequans Communications S.A. (SQNS) carries total debt of $70.1M, offset by $13.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sequans Communications S.A. (SQNS) has total shareholders' equity (book value) of $127.7M ($9.17 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sequans Communications S.A. (SQNS) reported a current ratio of 0.89x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.