Sequans revenues slide 19% to USD 11.3 mln in December quarter

4G chipmaker Sequans Communications reported revenues for the fourth quarter down 18.9 percent year-on-year to USD 11.3 million, reflecting decreases in both product and other revenue. Gross margin increased to 41.7 percent compared to 38.2 percent in the fourth quarter of 2016, reflecting primarily an increase in the proportion of module sales in the revenue mix compared to the prior quarter and an increase in the proportion of other revenue in the revenue mix, the company said.

The operating loss grew to USD 5.6 million from USD 4.9 million in the fourth quarter of 2016. Net loss widened to USD 7.6 million or USD 0.10 per share from a net loss of USD 5.4 million or USD 0.07 per share in the fourth quarter of 2016.

Cash, cash equivalents and short-term deposits at 31 December 2017 fell to USD 3.3 million from USD 13.3 million at 30 September 2017. The cash balance does not reflect the USD 20.9 million of net proceeds from the January 2018 public offering.