"Sequans reported revenue of $6.1 million for the quarter ended March 31, down 24.8% from $8.1 million a year earlier, revealing the company's vulnerability."
"Operating losses reached $50.5 million in the quarter, driven by $29.3 million in unrealized impairment charges on bitcoin holdings and $11.7 million in realized losses."
"The bitcoin holdings that CEO Georges Karam once framed as a balance-sheet asset have become a source of substantial losses, underscoring the shift in strategy."
Sequans Communications sold 1,025 bitcoin in Q1 2026, reducing its holdings from 2,139 BTC to 1,114 BTC. The company faced declining revenue of $6.1 million, down 24.8% year-over-year. Although product sales increased by 45%, gross margin fell significantly. Operating losses reached $50.5 million, driven by substantial impairment charges on bitcoin. The sale proceeds were used to reduce liabilities, indicating a shift from an accumulation strategy to liquidation of digital assets.
Read at Bitcoin Magazine
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