Sequans Communications SA (SQNS) 2025 Q2 法說會逐字稿

Welcome to the second-quarter 2025 Sequans earnings conference call. My name is Lisa, and I'll be your operator for today's conference. (Operator Instructions) Please note, this conference is being recorded.

歡迎參加 2025 年第二季 Sequans 收益電話會議。我叫麗莎，今天會議的接線生。（操作員指示）請注意，本次會議正在錄音。

I will now turn the call over to David Hanover, Investor Relations. David, you may begin.

現在我將把電話轉給投資者關係部的 David Hanover。大衛，你可以開始了。

Thank you, operator, and thank you to everyone participating in today's call. Joining me on the call from Sequans Communications are George Karam, CEO and Chairman; and Deborah Choate, CFO. Before turning the call over to George, I would like to remind our participants of the following important information on behalf of Sequans.

謝謝接線員，也感謝今天參加電話會議的所有人。與我一起參加電話會議的還有 Sequans Communications 執行長兼董事長 George Karam 和財務長 Deborah Choate。在將電話轉給喬治之前，我想代表 Sequans 提醒我們的參與者以下重要訊息。

First, Sequans issued an earnings press release this morning, and you'll find a copy of the release on the company's website at www.sequans.com under the Newsroom section. Second, this conference call contains projections and other forward-looking statements regarding future events or our future financial performance and potential financing sources.

首先，Sequans 今天早上發布了一份收益新聞稿，您可以在公司網站 www.sequans.com 的新聞編輯室部分找到該新聞稿的副本。其次，本次電話會議包含有關未來事件或我們未來財務表現和潛在融資來源的預測和其他前瞻性陳述。

All statements other than present and historical facts and conditions contained in this release including any statements regarding our business strategy, cost optimization plans, strategic options, the ability to enter into new strategic agreements, expectations for sales, our ability to convert our pipeline to revenue, and our objectives for future operations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A, and the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended.

本新聞稿中除當前和歷史事實和情況之外的所有陳述，包括有關我們的業務戰略、成本優化計劃、戰略選擇、達成新戰略協議的能力、銷售預期、將渠道轉化為收入的能力以及我們未來運營的目標的任何陳述，均為《1995 年私人證券訴訟改革法》第 27A 條、經修訂的 1933 年證券交易法的 1933 年證券法。

These statements are only predictions and reflect our current beliefs and expectations with respect to our future events and are based on assumptions and subject to risks and uncertainties and subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not rely on or place undue reliance on these forward-looking statements.

這些聲明僅是預測，反映了我們對未來事件的當前信念和期望，並且基於假設，受風險和不確定性的影響，並且隨時可能發生變化。我們在一個競爭非常激烈且快速變化的環境中運作。新的風險時有出現。鑑於這些風險和不確定性，您不應依賴或過度依賴這些前瞻性陳述。

Actual events or results may differ materially from those contained in the projections or forward-looking statements. More information on factors that could affect our business and financial results are included in our public filings made with the Securities and Exchange Commission.

實際事件或結果可能與預測或前瞻性陳述中的內容有重大差異。有關可能影響我們業務和財務結果的因素的更多信息，請參閱我們向美國證券交易委員會提交的公開文件。

And now I'd like to hand the call over to George Karam. Please go ahead, George.

現在我想把電話交給喬治·卡拉姆。請繼續，喬治。

Thank you, David. Good morning to everyone. We are pleased to hold our first earnings conference call since our decision to adopt Bitcoin as our primary treasury reserve asset. We view Bitcoin as a long-term store of value asset and intend to strategically accumulate it over time. Our approach involves actively acquiring and holding Bitcoin using net proceeds from equity and debt issuances executed from time to time based on market conditions as well as cash generated from operations and intellectual property monetization.

謝謝你，大衛。大家早安。我們很高興召開自我們決定採用比特幣作為主要財政儲備資產以來的首次收益電話會議。我們將比特幣視為一種長期價值儲存資產，並打算隨著時間的推移策略性地累積它。我們的方法是利用根據市場情況不時執行的股權和債務發行的淨收益以及營運和智慧財產權貨幣化產生的現金積極收購和持有比特幣。

We are committed to this strategy and believe it will unlock significant long-term value for our shareholders. We'll look to continue to accumulate Bitcoin for our treasury and do not intend to sell. At the end of last week, Sequans successfully completed the deployment of all net proceeds from the $384 million offering closed on July 7, 2025, to launch our Bitcoin treasury strategy.

我們致力於這項策略，並相信它將為我們的股東帶來巨大的長期價值。我們將繼續累積比特幣作為我們的金庫，並且不打算出售。上週末，Sequans 成功完成了 2025 年 7 月 7 日結束的 3.84 億美元發行的全部淨收益的部署，以啟動我們的比特幣財務戰略。

As of July 25, the company holds 3,072 Bitcoins acquired using the full net proceeds from the offering at a total cost of approximately $358.5 million. This reflects an average purchase price, including fees, of $116,690 per Bitcoin. According to BitcoinTreasuries.net, this positions Sequans among the top 25 largest public Bitcoin treasury companies globally. Also, we are uniquely positioned as a European Bitcoin treasury company in the US, which may attract a broader international shareholder base.

截至 7 月 25 日，該公司持有 3,072 枚比特幣，這些比特幣是使用發行的全部淨收益獲得的，總成本約為 3.585 億美元。這反映了包括費用在內的每比特幣平均購買價格為 116,690 美元。根據 BitcoinTreasuries.net 的數據，這使 Sequans 躋身全球 25 大公共比特幣財務公司之列。此外，作為一家位於美國的歐洲比特幣資金公司，我們擁有獨特的優勢，這可能會吸引更廣泛的國際股東群體。

With the price of Bitcoin today around $118,000, this represents a Bitcoin NAV of around $363 million. We are focused on delivering best-in-class disclosure and transparency practices for our shareholders. We have added a metrics dashboard to our website, specifically dedicated to the Bitcoin treasury strategy. These metrics will continue to be enhanced as we work to integrate additional industry standard Bitcoin treasury KPIs into our dashboard.

目前比特幣的價格約為 118,000 美元，這意味著比特幣資產淨值約為 3.63 億美元。我們致力於為股東提供一流的揭露和透明度實踐。我們在網站上新增了一個指標儀表板，專門用於比特幣財務策略。隨著我們努力將更多行業標準比特幣財務 KPI 整合到我們的儀表板中，這些指標將繼續增強。

Following our initial deployment, our short-term strategy for the second half of 2025 is to continue the momentum we've built and further expand our Bitcoin reserves. We intend to pursue this through three primary channels: first, deploying a portion of the available cash on our balance sheet; second, utilizing net proceeds expected from the exercise of common warrants issued in the offering successfully closed on July 7; and third, allocating additional capital anticipated from the public equity market. Collectively, these initiatives are designed to establish a strong foundation for the continued evolution of our treasury strategy.

在我們最初的部署之後，我們 2025 年下半年的短期策略是延續我們已經建立的勢頭並進一步擴大我們的比特幣儲備。我們打算透過三個主要管道來實現這一目標：首先，在我們的資產負債表上部署一部分可用現金；其次，利用 7 月 7 日成功完成的發行中發行的普通股認股權證行使預期所得的淨收益；第三，分配預計從公開股票市場獲得的額外資本。總的來說，這些舉措旨在為我們的財務策略的持續發展奠定堅實的基礎。

Beyond this year, we are developing a plan to expand this strategy. We expect this to include the issuance of equity, debt and fixed income instruments, along with other highly accretive options such as the monetization of our operational business and intellectual property.

今年以後，我們正在製定擴展這項策略的計劃。我們預計這將包括發行股票、債務和固定收益工具，以及其他高增值選擇，例如我們的營運業務和智慧財產權的貨幣化。

Our goal is to continue increasing the Bitcoin per share and to generate Bitcoin yield to our shareholders. To ensure flawless execution, we have partnered with Swan Bitcoin, a premier platform for Bitcoin wealth management and institutional services. Through strategic Bitcoin treasury management agreement, Swan will support us with its world-class team and deep expertise. This partnership positions us strongly to lead in this era of Bitcoin treasury strategy and to drive long-term value for our shareholders.

我們的目標是繼續提高每股比特幣的價格，並為我們的股東創造比特幣收益。為了確保完美執行，我們與比特幣財富管理和機構服務的頂級平台 Swan Bitcoin 合作。透過策略性比特幣資金管理協議，Swan 將以其世界一流的團隊和深厚的專業知識為我們提供支援。這種合作關係使我們在比特幣財務策略時代佔據領先地位，並為我們的股東創造長期價值。

Now turning to our IoT business. This business continues to improve and move in the right direction. We strongly believe that we are well positioned to leverage the operating business to help accelerate our Bitcoin treasury strategy. Our second-quarter IoT revenue was $8.14 million, in line with our guidance, with a Product revenue of $3.85 million, up 10% quarter over quarter and 59% year over year. Product revenue growth was mainly driven by Monarch 2 shipment.

現在轉向我們的物聯網業務。這項業務不斷改善並朝著正確的方向發展。我們堅信，我們完全有能力利用營運業務來幫助加速我們的比特幣財務策略。我們第二季的物聯網營收為 814 萬美元，符合我們的預期，其中產品收入為 385 萬美元，季增 10%，年增 59%。產品收入成長主要得益於 Monarch 2 的出貨量。

We continue to expect Product revenue to ramp in the second half of 2025 and in 2026, driven mainly by the move of design win projects from the development phase to mass production and shipment. Business momentum continued to be focused around our 4G IoT products offering with the main two modem categories, LTE-M and Cat 1bis supported by our Monarch and Calliope families, respectively.

我們繼續預期產品收入將在 2025 年下半年和 2026 年大幅成長，主要原因是設計中標專案從開發階段轉向大規模生產和出貨。業務動能繼續集中在我們的 4G IoT 產品上，主要有兩種數據機類別：LTE-M 和 Cat 1bis，分別由我們的 Monarch 和 Calliope 系列支援。

We are adding new opportunities every week, specifically with Cat 1bis Calliope 2 platform, which is needed to address security and fleet management applications. Our total three years revenue pipeline now exceeds $485 million with $250 million already at the design win stage. All design win projects are progressing well, and we remain confident that by the end of 2025, approximately half of them will have reached mass production and shipment.

我們每週都會增加新的機會，特別是 Cat 1bis Calliope 2 平台，這是解決安全和車隊管理應用所需的。我們三年的總收入現已超過 4.85 億美元，其中 2.5 億美元已處於設計中標階段。所有設計得標項目均進展順利，我們堅信到 2025 年底，其中約一半將實現量產和出貨。

In the second quarter, three additional design win projects advanced to this stage and are expected to contribute to our future revenue growth. In terms of new design wins, we secured five new IoT projects in the second quarter. I'm pleased to announce that we have secured a major design win with Iris, our new family of RF transceivers product that we have just launched to market, addressing many radio applications outside the usual IoT market like defense, drones and V2X automotive.

第二季度，另外三個設計得標項目進入這一階段，預計將為我們未來的收入成長做出貢獻。在新的設計勝利方面，我們在第二季度獲得了五個新的物聯網專案。我很高興地宣布，我們剛剛向市場推出的全新射頻收發器產品系列 Iris 贏得了一項重大設計勝利，該產品可滿足國防、無人機和 V2X 汽車等常見物聯網市場之外的許多無線電應用需求。

These six design wins represent in total close to $30 million of three years revenue. We'll move them to the design win stage as soon as the customers have reached the sampling phase of their products integrating our technology.

這六項設計勝利意味著三年的總收入接近 3000 萬美元。一旦客戶整合我們的技術的產品進入樣品階段，我們就會將其轉入設計獲勝階段。

Finally, regarding our 5G IoT road map strategy, development of the eRedCap 5G platform is progressing well. We are on track to deliver best-in-class technology, building on the success of our 4G IoT solutions. Customer interest remains strong, driven by our unique value proposition that enables a seamless transition from 4G to 5G while ensuring long-term application viability.

最後，關於我們的5G物聯網路線圖策略，eRedCap 5G平台的開發進展順利。我們正致力於在 4G IoT 解決方案成功的基礎上提供一流的技術。我們獨特的價值主張能夠實現從 4G 到 5G 的無縫過渡，同時確保長期應用的可行性，這推動了客戶的興趣仍然濃厚。

Turning to licensing and services. We have a strong track record of successfully monetizing our intellectual property through strategic licensing agreement. Notable examples include our $60 million 5G Taurus license with a Chinese partner and the $200 million sale of our 4G IP to Qualcomm, which included a backward license.

轉向許可和服務。我們在透過戰略許可協議成功將我們的知識產權貨幣化方面有著良好的記錄。值得注意的例子包括我們與中國合作夥伴簽署的價值 6000 萬美元的 5G Taurus 許可證，以及以 2 億美元的價格向高通出售我們的 4G IP，其中包括向後許可。

Looking ahead, we believe our eRedCap and RF technologies will further strengthen this trajectory. Additionally, our Chinese Taurus licensing partner is progressing towards production with royalty revenues expected to begin in 2026.

展望未來，我們相信我們的 eRedCap 和 RF 技術將進一步加強這一軌跡。此外，我們的中國金牛座授權合作夥伴正在推動生產，預計將於 2026 年開始產生特許權使用費收入。

In summary, we are reaffirming our outlook that given the current business momentum, our IoT operations are on track to become cash flow positive in the second half of 2026. Our objective is to leverage the value generated by this business to support further investment in our Bitcoin treasury. This will complement the capital already raised for that purpose with the goal of increasing our Bitcoin holdings and enhancing long-term shareholder value.

總而言之，我們重申我們的展望：鑑於目前的業務勢頭，我們的物聯網業務預計在 2026 年下半年實現現金流為正。我們的目標是利用這項業務產生的價值來支持對我們的比特幣金庫的進一步投資。這將補充為此目的已經籌集的資金，目標是增加我們的比特幣持有量並提高長期股東價值。

I will now turn the call over to Deborah to review the second-quarter 2025 financial results in greater detail. Deborah?

現在，我將把電話交給 Deborah，讓她更詳細地回顧 2025 年第二季的財務表現。黛博拉？

Thank you, George, and good morning, everyone. I'll cover our second-quarter financial results and then speak more about our Bitcoin holdings. Total revenues in Q2 2025 were $8.1 million, up 1.1% compared to the first quarter of 2025. Gross margin remained strong at 64.4%.

謝謝你，喬治，大家早安。我將介紹我們的第二季財務業績，然後詳細介紹我們的比特幣持有。2025 年第二季總營收為 810 萬美元，與 2025 年第一季相比成長 1.1%。毛利率仍維持強勁，達到 64.4%。

Comparisons to the first quarter of 2024 -- I'm sorry, to the second quarter of 2024 are included in the press release, but I will not comment on them here as they are not very relevant. The company was in a very different position prior to the Qualcomm transaction that took place in the second half of 2024.

與 2024 年第一季的比較——抱歉，與 2024 年第二季的比較包含在新聞稿中，但我不會在這裡對它們發表評論，因為它們不太相關。在 2024 年下半年與高通進行交易之前，該公司的處境截然不同。

Operating expenses in Q2 2025 were $14 million versus $12 million in Q1 of 2025, reflecting a number of nonrecurring expenses in the quarter -- in the second quarter related to some restructuring and various advisory fees related to our strategic transactions. We continue to target to reduce cash operating expense, meaning expenses, excluding depreciation expense, to be around $10 million per quarter by the end of 2025.

2025 年第二季的營運費用為 1,400 萬美元，而 2025 年第一季的營運費用為 1,200 萬美元，反映了本季的一些非經常性支出——第二季與一些重組和與我們的策略交易相關的各種諮詢費用有關。我們持續致力於降低現金營運費用，即到 2025 年底，不包括折舊費用在內的費用將達到每季約 1,000 萬美元。

The loss from operations was $8.7 million compared to a loss from operations of $6.8 million in the prior quarter. And for the second quarter of 2025, our net loss was $9.1 million or $0.36 per diluted ADS compared to a net loss of $7.3 million or $0.29 per diluted ADS in the first quarter. Our non-IFRS loss in Q2 2025 was $8.1 million compared to a non-IFRS net loss of $6.1 million in Q1 2025.

營業虧損為 870 萬美元，而上一季的營業虧損為 680 萬美元。2025 年第二季度，我們的淨虧損為 910 萬美元，即每股攤薄 ADS 虧損 0.36 美元，而第一季的淨虧損為 730 萬美元，即每股攤薄 ADS 虧損 0.29 美元。我們 2025 年第二季的非國際財務報告準則虧損為 810 萬美元，而 2025 年第一季的非國際財務報告準則淨虧損為 610 萬美元。

Cash, cash equivalents and short-term deposits at June 30 were $41.6 million compared to $45.9 million at the end of March, representing a significant reduction in cash burn compared with the first quarter of 2025, in part due to receiving some government R&D funding earlier than expected. We continue to have strong support from EU, French, and Swiss governments with various R&D funding programs. And we expect to collect the remaining $10 million from Qualcomm held in escrow on September 30, 2025.

截至 6 月 30 日的現金、現金等價物和短期存款為 4,160 萬美元，而 3 月底為 4,590 萬美元，與 2025 年第一季相比，現金消耗大幅減少，部分原因是比預期更早獲得了一些政府研發資金。我們持續獲得歐盟、法國和瑞士政府透過各種研發資助計畫的大力支持。我們預計將於 2025 年 9 月 30 日從高通收取剩餘的 1,000 萬美元託管款項。

On the Bitcoin treasury strategy front, as announced earlier this month, we completed the sale of 139.4 million American Depositary shares and prefunded warrants for total gross proceeds of $195 million and the issuance of $189 million in principal amount of secured convertible debentures due July 7, 2028, at original issued discount of 4%.

在比特幣財務策略方面，正如本月稍早宣布的那樣，我們完成了 1.394 億股美國存託股票和預付認股權證的出售，總收益為 1.95 億美元，並發行了本金額為 1.89 億美元的擔保可轉換債券，到期日為 2028 年 7 月 7 日，原始發行折扣為 4%。

Common warrants to purchase up to 41.2 million ADSs exercisable within 90 days of the closing of the offering were also issued. Total proceeds before payment of deal fees were approximately $368.5 million. The secured convertible debentures are convertible at a conversion price of $2.10 per ADS and the common warrants have an exercise price of $1.40 per ADS. We have used all the net proceeds from these deals to purchase 3,072 Bitcoins as announced earlier this week. And now we are beginning to execute the next phase of the treasury implementation, as mentioned by George earlier.

也發行了可在發行結束後 90 天內行使的最多 4,120 萬股 A​​DS 普通股認股權證。支付交易費用前的總收益約為 3.685 億美元。擔保可轉換債券的轉換價格為每股 ADS 2.10 美元，普通股認股權證的行使價格為每股 ADS 1.40 美元。正如本週早些時候宣布的那樣，我們已使用這些交易的所有淨收益購買了 3,072 個比特幣。現在我們開始執行財政實施的下一階段，正如喬治之前提到的。

Under international accounting standards, our Bitcoin assets on the balance sheet will be remeasured at fair value at each balance sheet date. Any loss from historical cost and any gain to bring the value back to historical cost will be recognized in net income.

根據國際會計準則，我們資產負債表上的比特幣資產將在每個資產負債表日以公允價值重新計量。任何歷史成本的損失以及任何使價值恢復到歷史成本的收益都將計入淨收入。

However, IFRS does not allow us to recognize unrealized gains above historical cost in the income statement, but rather directly in an equity reserve account. While this mark-to-market may introduce volatility into our reported results, it does not impact our cash. We also launched a Bitcoin dashboard today on our website, sequans.com/bitcoin-treasury, where investors will be able to find our Bitcoin-related statistics in one location.

然而，國際財務報告準則不允許我們在損益表中確認高於歷史成本的未實現收益，而是直接在權益儲備帳戶中確認。雖然這種以市價計價的方式可能會為我們的報告結果帶來波動，但不會影響我們的現金。我們今天也在我們的網站 sequans.com/bitcoin-treasury 上推出了比特幣儀表板，投資者可以在一個地方找到與比特幣相關的統計數據。

We encourage investors to check back often as it will track additional Bitcoins as we announce them and provide a real-time snapshot of our market and Bitcoin metrics. And beginning with our Q3 2025 results announcement, we will highlight Bitcoin-related statistics in our press release.

我們鼓勵投資者經常回來查看，因為它會在我們宣布更多比特幣時進行跟踪，並提供我們的市場和比特幣指標的即時快照。從我們 2025 年第三季業績公告開始，我們將在新聞稿中重點介紹與比特幣相關的統計數據。

And now I'll turn the call back to George before we begin Q&A.

現在，在我們開始問答環節之前，我將把電話轉回給喬治。

Thank you, Deborah. So to conclude this call, we are very excited about the Bitcoin treasury strategy we've just launched. Following the successful deployment of the initial phase, we've established a short-term execution plan, and we are actively preparing for further expansion beyond this year. In summary, we are fully committed to flawless execution, aiming to become a best-in-class Bitcoin treasury and deliver long-term value to our shareholders.

謝謝你，黛博拉。所以，總結一下這次電話會議，我們對剛推出的比特幣財務策略感到非常興奮。在初始階段成功部署之後，我們制定了短期執行計劃，並正在積極為今年以後的進一步擴展做準備。總而言之，我們全力致力於完美執行，旨在成為一流的比特幣金庫並為我們的股東帶來長期價值。

With that, let's begin the Q&A session. Operator?

讓我們開始問答環節。操作員？

Scott Searle, Capital Roth Markets.

史考特‧塞爾 (Scott Searle)，Capital Roth Markets。

Just to dive in on the Bitcoin treasury initiative. I know it's early going days, and you just launched the dashboard, so we'll see more details on that going forward. But I'm wondering if there is a Bitcoin yield number or target that you're looking for. I think in the early going here, I know it's been three weeks in, but it looks like your annualized yield is well over 15%. I'm wondering if you have any early thoughts on that?

只是為了深入了解比特幣財政計畫。我知道現在還處於早期階段，而且您剛剛啟動了儀表板，因此我們將在未來看到更多有關它的詳細資訊。但我想知道您是否正在尋找比特幣收益率數字或目標。我認為，從一開始，我知道已經過了三週，但看起來你的年化報酬率遠遠超過 15%。我想知道您對此有什麼初步想法嗎？

And kind of what the capital structure or target is as you look forward over the next 18 to 24 months? I know it's premature, but I'm wondering if you have some high-level thoughts on that front. And Deborah, just -- I was wondering if you could detail the nonrecurring expenses in the quarter, just the magnitude of it. And then I had a couple of follow-ups on the IoT front.

您展望未來 18 到 24 個月的資本結構或目標是什麼？我知道現在還為時過早，但我想知道您對此是否有一些高層次的想法。黛博拉，我只是想知道您是否可以詳細說明本季的非經常性支出及其規模。然後我對物聯網方面進行了一些跟進。

Thank you, Scott. I mean, on the -- obviously, in terms of yield, we have a target, I mean, depending on the tools, I would say, for 2025. As I mentioned, about three steps that we are doing, one which is really a piece of the available cash on our balance sheet because we have still strong balance sheet. You know that we have another $10 million coming from Qualcomm at the end of the quarter.

謝謝你，斯科特。我的意思是，顯然，就產量而言，我們有一個目標，我的意思是，取決於工具，我想說，是 2025 年的目標。正如我所提到的，我們正在採取三個步驟，其中之一實際上是我們資產負債表上可用現金的一部分，因為我們的資產負債表仍然強勁。您知道，本季末我們還會從高通獲得另外 1,000 萬美元。

We are reserving for the operation some piece, but there is -- some of it can be used for Bitcoin, and this will be executed. And obviously, there is the warrants where it depends on the exercise. I mean, I'm giving high level of -- I believe this will exercise, but we need to wait two months to see them exercising. All this obviously will give us a level of yield. And then from there, our ability, I would say, to go back to market and raise some equity as well in the fourth quarter that we put in the plan.

我們為該操作保留了一些部分，但其中一些可以用於比特幣，這將被執行。顯然，有認股權證，但這取決於行使情況。我的意思是，我給予了高度評價——我相信這會奏效，但我們需要等待兩個月才能看到他們的行動。所有這些顯然都會為我們帶來一定程度的利益。然後從那時起，我想說，我們有能力重返市場並在計劃中的第四季度籌集一些股權。

Depending on those three, if the three are executing, I believe there is a target maybe for sure we'll exceed 10% yield. From today, I don't know which -- the reference because the real problem of the yield to give it is to take the reference. So if I take the reference, which is last week, closing the transaction, from there, I believe we can be above 10%. And if we are lucky, maybe we can be at 15% towards the end of the year.

取決於這三個，如果這三個都在執行，我相信我們肯定會有一個目標，收益率將超過 10%。從今天起，我不知道哪一個——參考，因為給出收益的真正問題是參考。因此，如果我以上週完成交易作為參考，那麼我相信我們可以達到 10% 以上。如果我們幸運的話，也許到年底我們可以達到 15%。

Now in terms about structure for next year, I mean, again, I -- we are working, as you can imagine, on this strategy since -- nonstop since three months. And obviously, the first phase was more about executing, and I believe we executed well by closing the deal and deploy, I would say, the -- and buy the Bitcoin and reach the level where we are today in number of Bitcoin that we hold.

現在就明年的結構而言，我的意思是，正如你所想像的，我們一直在努力實施這項策略，因為三個月來我們一直在不停地努力。顯然，第一階段更多的是執行，我相信我們透過完成交易和部署執行得很好，我想說——購買比特幣並達到我們今天持有的比特幣數量的水平。

Immediately, we put in place and concluded what I would say the next step just to keep the momentum in the coming four months, and this is in place. And from there, I'm working really on a bigger plan to go beyond even 2026, not only to cover '26, but even beyond. We're essentially using the equity, debt and preferred, whatever fixed income tools, all smart ideas there are on the table, and we are discussing them to work on them and be able to raise capital and continue the momentum buying Bitcoin and increasing the yield.

我們立即制定並完成了下一步計劃，以保持未來四個月的勢頭，目前已經制定完成。從那時起，我正在製定一個更大的計劃，甚至超越 2026 年，不僅涵蓋 2026 年，還要超越 2026 年。我們基本上使用股票、債務和優先股，無論什麼固定收益工具，所有現有的聰明想法，我們正在討論並實施它們，能夠籌集資金並繼續購買比特幣並提高收益率的勢頭。

But obviously, also, there is -- and this is really what I consider important in Sequans and different Sequans, I mean there is a valuable piece of business that we have in hand that can be monetized in one way or another, and this can be an easy -- it can deliver nice yield for the shareholder, mainly considering the value or the NAV that we have today, right?

但顯然，還有——這確實是我認為在 Sequans 和不同的 Sequans 中很重要的一點，我的意思是，我們手中有一項有價值的業務，可以以某種方式貨幣化，這可以很容易——它可以為股東帶來不錯的收益，主要考慮到我們今天的價值或資產淨值，對吧？

I mean, if you compare the NAV versus the Sequans business today, we still have significant cash to extract from this business. And obviously, we are working on all the plans here to do. So this is really at the high level. Deborah, for the --

我的意思是，如果你將 NAV 與今天的 Sequans 業務進行比較，我們仍然可以從這項業務中提取大量現金。顯然，我們正在努力執行這裡的所有計劃。所以這確實處於高水準。黛博拉，--

Yes. On the nonrecurring expenses, we had about $600,000 falling in R&D expense that was related to some restructuring costs following the acquisition of ACP and some salary adjustment catch-up that was booked in the quarter, part of the integration process.

是的。在非經常性支出方面，我們的研發支出下降了約 60 萬美元，這與收購 ACP 後的一些重組成本以及本季記帳的一些薪資調整追趕有關，這是整合過程的一部分。

And then on the G&A line, we had just a number of fees that were related to the ACP acquisition, integration, finalization of sort of the tax review related to the Qualcomm transaction and the favorable tax treatment we were filing for and then a number of things related to preparation for the various Bitcoin strategies. So it's probably another $600,000, $700,000 related to those various fees.

然後在 G&A 方面，我們有一些與 ACP 收購、整合、與高通交易相關的稅務審查的最終確定以及我們申請的優惠稅收待遇相關的費用，以及一些與準備各種比特幣策略相關的費用。因此，可能還有另外 60 萬到 70 萬美元與這些費用有關。

Got you. Very helpful. And George, then maybe on the cash front within the business, it sounds like you'll deploy some of that $40-plus million that is on the balance sheet around the IoT operating business. You also have $10 million coming in from Qualcomm. And it sounds like you continue to still target cash flow breakeven in the second half of 2026. Is that all correct in terms of additional cash opportunities? And I guess you can throw on top of that some incremental licensing opportunities.

明白了。非常有幫助。喬治，那麼也許在業務的現金方面，聽起來你會將資產負債表上的 4000 多萬美元中的一部分部署到物聯網運營業務中。您還從高通獲得了 1000 萬美元的資金。聽起來您仍然以 2026 年下半年實現現金流收支平衡為目標。就額外的現金機會而言，這一切都正確嗎？我想您還可以在此基礎上增加一些增量許可機會。

Absolutely. I mean, whether on the front of licensing or the business itself and obviously, any strategic angle for all this business opportunity that we are exploring will be a cash-generating event for the company that can be used for the Bitcoin.

絕對地。我的意思是，無論是在許可方面還是在業務本身方面，顯然，我們正在探索的所有這些商業機會的任何戰略角度都將成為公司的現金產生事件，可用於比特幣。

And as I said, the business -- as you said, as I'm reiterating, business is going very well. I mean, the convergence of design win, we have more and more customers turning their product to mass production as predicted this second half of the year, and they are preparing a forecast for next year. So this reinforced our position in the business and the revenue.

正如我所說，正如您所說，我重申的是，業務進展非常順利。我的意思是，隨著設計勝利的融合，我們有越來越多的客戶將他們的產品投入量產，正如我們預測的今年下半年一樣，他們正在準備明年的預測。因此，這鞏固了我們在業務和收入方面的地位。

On the other side, obviously, we're extremely disciplined in the -- in our target for cash spending, I would say, per quarter, and we'll keep watching this to reduce it. And the two together put us still on track for our target next year to be breakeven as announced.

另一方面，顯然，我們對每季的現金支出目標非常嚴格，我們會持續關注並減少支出。這兩個因素共同使我們仍有望實現我們宣布的明年收支平衡的目標。

Great. And George, on the licensing front, I know in the past, I think you've talked about some ongoing potential engagements or discussions. Can you give us an update on that front? It sounds also like your Chinese partner should start to transition into a royalty-generating mode in 2026 as well, which can be redeployed with the Bitcoin strategy.

偉大的。喬治，關於許可方面，我知道你過去曾談論過一些正在進行的潛在合作或討論。可以向我們介紹一下這方面的最新進展嗎？聽起來你的中國合作夥伴也應該在 2026 年開始轉型為特許權使用費產生模式，這可以透過比特幣策略重新部署。

Absolutely. I mean -- and Sequans, I mean, this is -- this also could be also a turning point in our strategy where maybe versus the past, we will be more reinforcing the licensing and all those -- this angle of the business because this is really -- it could be a recurring business, recurring revenue with 100% margin with very little effort behind it, I would say.

絕對地。我的意思是——對於 Sequans 來說，這也可能是我們策略的一個轉折點，與過去相比，我們將更加加強許可和所有這些——業務的這個角度，因為這真的——它可能是一個經常性的業務，經常性的收入，利潤率為 100%，我想說，這背後幾乎不需要付出任何努力。

The Chinese partner, yes, it's moving well. They are in -- they got the product and something ready to go for mass production next year, and we believe this will start paying revenue -- paying royalty next year. And I was working on -- I'm still working on a couple of opportunities that are progressing well. We should have some kind of decisions in the Q4 around them, and that could be also an injection of cash coming from those licenses.

是的，中國合作夥伴進展順利。他們已經做好了——他們已經獲得了產品並準備在明年進行大規模生產，我們相信這將在明年開始產生收入——支付版稅。我正在努力中——我仍在努力實現一些進展順利的機會。我們應該在第四季度對它們做出一些決定，這也可能是來自這些許可證的現金注入。

Great. Very helpful. And then lastly, if I could, a couple of questions on the IoT business, and I'll get back in the queue. But I just want to clarify, it sounds like you continue to expect product revenue ramp-up in the second half of this year and exiting the year, about 50% of those $250 million worth of design wins should be going into production by the end of this year. Is that correct?

偉大的。非常有幫助。最後，如果可以的話，我想問幾個有關物聯網業務的問題，然後我會回到隊列中。但我只是想澄清一下，聽起來您繼續預計今年下半年產品收入將會增加，到今年年底，價值 2.5 億美元的設計訂單中約有 50% 應該會投入生產。對嗎？

Absolutely, yes. Absolutely.

絕對是的。絕對地。

Okay. And lastly, just on ACP, it seems like it's been this stealth home run. I'm wondering if you could extrapolate a little bit on that opportunity. Very high gross margin business, a very unique business in terms of you're going after defense, drone, UAV and I guess, some [Vehicle2x] markets. Just how big is that opportunity as we think about 2026 and beyond, that would be helpful.

好的。最後，僅在 ACP 上，這似乎就是一次隱形本壘打。我想知道您是否可以對這個機會進行一些推斷。這是一項毛利率非常高的業務，而且在國防、無人機、無人駕駛飛機以及一些 [Vehicle2x] 市場方面非常獨特。當我們考慮 2026 年及以後時，這個機會到底有多大，這將會很有幫助。

I mean, Scott, it's important like -- and this was really a nice piece of the acquisition when we acquired it, we acquired them really for the IP of RF to include it into our 5G road map, which we did and it's working very well and accelerate our time to market and save investment for the company, a lot of investment. However, at the same time, we discovered a portfolio of products that's very, very advanced, ready. There is no R&D investment. So we're not investing any penny on this. It's just only the product were there.

我的意思是，斯科特，這很重要——當我們收購它時，這確實是一個很好的收購，我們收購它實際上是為了獲得 RF 的 IP，並將其納入我們的 5G 路線圖，我們這樣做了，而且效果很好，加快了我們的產品上市時間，為公司節省了大量的投資。然而，同時，我們發現了一系列非常先進、準備就緒的產品。沒有研發投入。所以我們不會在這上面投資一分錢。那裡只有產品。

We just only push it into our marketing machine and sales machine to sell it to market. And as I announced, we won already a big deal, really very big deal that should turn to revenue Q1 next year. So there is upside there.

我們只是將其推入我們的行銷機器和銷售機器並將其銷售到市場。正如我宣布的那樣，我們已經贏得了一筆大交易，真的是一筆非常大的交易，這筆交易應該會在明年第一季轉化為收入。因此這其中存在好處。

The number, very honestly, if I have to put a target for next year, we should be able to do on those maybe $6 million, $7 million very easily on the backlog, above $5 million in any case. And depending on some timing and on how things will go, maybe we can reach the $10 million end with very high margin, exceeding 70% margin in this business. And it has as well licensing opportunity related to this as well.

說實話，如果我必須為明年設定一個目標，我們應該可以輕鬆完成積壓的 600 萬美元、700 萬美元，無論如何都超過 500 萬美元。並且根據時間和事情的進展情況，也許我們可以達到 1000 萬美元的目標，利潤率非常高，超過該業務的 70%。而且它也有與此相關的許可機會。

And that does conclude today's Q&A session. I would like to turn the call back over to George for closing remarks. Please go ahead.

今天的問答環節到此結束。我想將電話轉回給喬治，請他做最後發言。請繼續。

Yes. So thank you all for listening. And again, continue stressing that we are fully focused on the Bitcoin, making the transition of the company, a lot of things, a lot of question. I understand it from many of you and maybe not being patient. But believe me, we're working 24/7, and we are committed to this strategy, and we'll make it completely successful.

是的。謝謝大家的聆聽。再次強調，我們完全專注於比特幣，進行公司的轉型，解決很多事情和很多問題。我理解你們中的許多人可能沒有耐心。但請相信我，我們全天候工作，我們致力於這項策略，我們將使其圓滿成功。

Stay tuned with us and looking forward, I would say, to speak with you on the next earnings call in a quarter from now and maybe if we have other opportunity in the meantime. Thank you very much. Operator, we can close the call.

請繼續關注我們，並期待在一個季度後的下一次財報電話會議上與您交談，也許我們在此期間還有其他機會。非常感謝。接線員，我們可以結束通話了。

Thank you for joining today's conference call. You may all now disconnect.

感謝您參加今天的電話會議。你們現在都可以斷開連結了。