Sequans Communications S.A. (SQNS) Balance Sheet
SQNS balance sheet, 2025
December 31, 2025 · U.S. dollars$248.9M assets = $121.2M liabilities + $127.7M equity
Both columns are drawn to the same scale: what SQNS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SQNS financial health
Descriptive bands, not a rating. Fiscal 2025.
SQNS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $65.1M2016 | $248.9M2025 | +16.1%/yr | |
| Total liabilities | $56.2M2016 | $121.2M2025 | +8.9%/yr | |
| Shareholders’ equity | $8.9M2016 | $127.7M2025 | +34.5%/yr | |
| Cash & short-term investments | $20.2M2016 | $13.4M2025 | −4.5%/yr | |
| Total debt | $29.2M2016 | $70.1M2025 | +10.2%/yr | |
| Net cash (debt) | −$9.0M2016 | −$56.7M2025 | −$47.7M | |
| Working capital | $18.6M2016 | −$4.4M2025 | −$23.0M | |
| Book value per share | $1.392016 | $9.172025 | +23.3%/yr | |
| Current ratio | 1.592016 | 0.892025 | −0.70 | |
| Debt / equity | 3.302016 | 0.552025 | −2.75 | |
| Shares outstanding | 6.4M2016 | 13.9M2025 | +9.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SQNS assets
SQNS liabilities and equity
SQNS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SQNS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $13.4M | $62.1M | $5.7M | $10.7M | $4.8M | $18.5M | $14.1M | $12.1M | $2.9M | $20.2M |
| Cash & equivalents | $13.4M | $9.1M | $5.7M | $5.7M | $4.8M | $7.6M | $14.1M | $12.1M | $2.9M | $20.2M |
| Short-term investments | $0 | $53.0M | $0 | $5.0M | $0 | $10.9M | — | $0 | $347,000 | $345,000 |
| Receivables | $15.9M | $26.6M | $23.4M | $19.0M | $27.5M | $26.0M | $13.7M | $19.6M | $24.9M | $17.7M |
| Inventory | $3.9M | $2.9M | $6.3M | $9.4M | $6.4M | $6.2M | $6.7M | $8.2M | $7.4M | $8.7M |
| Other current assets | $1.7M | $1.4M | $1.4M | $1.4M | $2.1M | $962,000 | $2.6M | $3.2M | $4.6M | $3.5M |
| Total current assets | $34.9M | $93.0M | $36.9M | $40.4M | $40.9M | $51.7M | $37.0M | $43.2M | $39.7M | $50.1M |
| Property, plant & equipment (net) | $6.2M | $4.3M | $6.8M | $8.5M | $8.0M | $9.2M | $8.9M | $6.3M | $7.0M | $6.7M |
| Goodwill & intangible assets | $21.0M | $5.6M | $64.3M | $48.7M | $38.1M | $25.3M | $16.7M | $12.4M | $9.6M | $7.7M |
| Long-term investments | $409,000 | $353,000 | $360,000 | $337,000 | $357,000 | $386,000 | $335,000 | $337,000 | $353,000 | $310,000 |
| Other non-current assets | $186.3M | $3.2M | $801,000 | $783,000 | $2.2M | $588,000 | $401,000 | $394,000 | $402,000 | $332,000 |
| Total assets | $248.9M | $106.5M | $109.2M | $98.8M | $89.6M | $87.2M | $63.3M | $62.6M | $57.1M | $65.1M |
| Liabilities | ||||||||||
| Accounts payable | $11.2M | $6.1M | $16.3M | $9.3M | $13.9M | $15.7M | $8.8M | $9.4M | $13.0M | $18.4M |
| Short-term debt | $5.9M | $10.4M | $76.1M | $12.2M | $13.7M | $24.5M | $18.5M | $11.7M | $8.9M | $7.9M |
| Deferred revenue | $5.7M | $11.7M | $6.6M | $6.9M | $12.0M | $13.8M | $6.2M | $1.0M | $833,000 | $725,000 |
| Total current liabilities | $39.4M | $42.2M | $107.9M | $36.8M | $48.7M | $62.5M | $38.1M | $27.2M | $27.9M | $31.5M |
| Long-term debt | $2.7M | $5.6M | $2.9M | $49.7M | $36.4M | $39.4M | $33.6M | $31.5M | $17.1M | $16.3M |
| Lease obligations | $1.8M | $1.8M | $3.1M | $3.6M | $4.6M | $5.8M | $15.7M | — | $0 | $0 |
| Other long-term liabilities | $79.1M | $3.4M | $4.5M | $10.1M | $28.8M | $22.0M | $20.9M | $8.9M | $7.9M | $8.4M |
| Total liabilities | $121.2M | $51.2M | $115.2M | $96.7M | $113.9M | $124.0M | $92.5M | $67.6M | $52.9M | $56.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $18.7M | $2.9M | $2.9M | $2.3M | $3.7M | $3.3M | $2.4M | $2.4M | $2.0M | $1.9M |
| Retained earnings (deficit) | −$138.2M | −$35.8M | −$93.4M | −$65.1M | −$383.6M | −$363.3M | −$308.8M | −$272.0M | −$235.7M | −$209.6M |
| Accumulated other comprehensive income | $77.5M | $74.5M | $70.3M | $62.9M | $57.2M | $46.7M | $43.7M | $39.8M | $33.3M | $28.3M |
| Total shareholders' equity | $127.7M | $55.4M | −$6.1M | $2.1M | −$24.3M | −$36.8M | −$29.2M | −$5.0M | $4.1M | $8.9M |
| Key figures | ||||||||||
| Total debt | $70.1M | $16.4M | $80.7M | $66.5M | $70.8M | $80.5M | $57.8M | $48.9M | $31.9M | $29.2M |
| Net cash (debt) | −$56.7M | $45.7M | −$75.0M | −$55.8M | −$66.0M | −$62.0M | −$43.7M | −$36.8M | −$29.0M | −$9.0M |
| Working capital | −$4.4M | $50.8M | −$71.0M | $3.6M | −$7.8M | −$10.9M | −$1.0M | $16.0M | $11.8M | $18.6M |
| Tangible book value | $106.7M | $49.7M | −$70.4M | −$46.6M | −$62.4M | −$62.1M | −$45.9M | −$17.4M | −$5.4M | $1.2M |
| Book value per share | $9.17 | $1.95 | −$0.27 | $0.11 | −$1.66 | −$3.27 | −$3.08 | −$0.54 | $0.53 | $1.39 |
| Shares outstanding | 13.9M | 28.4M | 22.5M | 18.5M | 14.7M | 11.2M | 9.5M | 9.4M | 7.8M | 6.4M |
| Current ratio | 0.89 | 2.20 | 0.34 | 1.10 | 0.84 | 0.83 | 0.97 | 1.59 | 1.42 | 1.59 |
| Quick ratio | 0.74 | 2.10 | 0.27 | 0.81 | 0.66 | 0.71 | 0.73 | 1.16 | 1.00 | 1.20 |
| Debt / equity | 0.55 | 0.30 | — | 31.61 | — | — | — | — | 7.70 | 3.30 |
| Equity / assets | 51.3% | 52.0% | −5.6% | 2.1% | −27.1% | −42.2% | −46.2% | −8.0% | 7.3% | 13.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $21.0M | $10.6M | $13.4M | $13.4M | $41.6M | $45.9M | $62.1M | $173.6M | $13.1M | $474,000 | $474,000 | $6.7M |
| Cash & equivalents | $21.0M | $10.6M | $13.4M | $13.4M | $18.6M | $11.9M | $9.1M | $173.6M | $13.1M | $474,000 | $474,000 | $6.7M |
| Short-term investments | — | — | $0 | — | $23.0M | $34.0M | $53.0M | — | — | — | $0 | — |
| Receivables | $18.9M | $18.4M | $15.9M | $20.5M | $20.6M | $25.0M | $26.6M | $30.4M | $18.2M | $20.9M | $20.9M | $19.9M |
| Inventory | $4.0M | $4.0M | $3.9M | $4.2M | $2.9M | $3.0M | $2.9M | $4.1M | $4.5M | $5.2M | $5.2M | $8.5M |
| Other current assets | $2.6M | $2.8M | $1.7M | $1.9M | $1.8M | $1.8M | $1.4M | $1.2M | $1.5M | $1.9M | $1.9M | $2.0M |
| Total current assets | $46.4M | $35.8M | $34.9M | $40.0M | $66.8M | $75.8M | $93.0M | $209.3M | $37.4M | $28.5M | $28.5M | $37.2M |
| Property, plant & equipment (net) | $3.8M | $4.3M | $6.2M | $8.0M | $4.2M | $4.7M | $4.3M | $4.4M | $5.6M | $6.2M | $6.2M | $7.1M |
| Goodwill & intangible assets | $11.9M | $11.5M | $12.5M | $14.1M | $13.1M | $13.3M | $5.6M | $4.4M | $75.7M | $71.6M | $71.6M | $59.1M |
| Long-term investments | $397,000 | $400,000 | $409,000 | $0 | $435,000 | $402,000 | $353,000 | $586,000 | $349,000 | $353,000 | $360,000 | $334,000 |
| Other non-current assets | $21.0M | $106.0M | $194.9M | $369.7M | $3.7M | $3.4M | $3.2M | $3.4M | $3.2M | $6.8M | $6.8M | $760,000 |
| Total assets | $83.6M | $158.1M | $248.9M | $431.8M | $88.3M | $97.6M | $106.5M | $222.1M | $122.2M | $113.4M | $113.4M | $104.5M |
| Liabilities | ||||||||||||
| Accounts payable | $10.0M | $7.5M | $11.2M | $13.8M | $9.8M | $8.9M | $6.1M | $19.8M | $14.9M | $18.5M | $18.5M | $15.4M |
| Short-term debt | $3.7M | $47.5M | $5.9M | $6.5M | $6.2M | $6.1M | $10.4M | $98.1M | $89.6M | $84.8M | $84.8M | $62.3M |
| Deferred revenue | $5.9M | $7.6M | $5.7M | $4.9M | $5.5M | $8.7M | $11.7M | $16.5M | $11.0M | $3.2M | $3.2M | $1.1M |
| Total current liabilities | $33.5M | $75.4M | $39.4M | $41.2M | $36.5M | $39.1M | $42.2M | $154.2M | $126.9M | $115.7M | $115.7M | $87.5M |
| Long-term debt | $2.4M | $1.9M | $60.1M | $0 | $4.7M | $4.8M | $5.6M | $7.1M | $7.9M | $10.8M | $2.9M | $3.8M |
| Lease obligations | $1.3M | $1.5M | $2.7M | — | $1.1M | $1.5M | $1.8M | $2.0M | $2.4M | $2.7M | $3.1M | $3.1M |
| Other long-term liabilities | $6.1M | $8.0M | $21.7M | $164.8M | $5.6M | $4.5M | $3.4M | $3.4M | $3.3M | $3.8M | $834,000 | $4.3M |
| Total liabilities | $41.9M | $85.3M | $121.2M | $206.0M | $46.8M | $48.3M | $51.2M | $164.7M | $138.2M | $130.2M | $119.5M | $95.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $17.9M | $17.8M | $18.7M | $18.3M | $3.0M | $3.0M | $2.9M | $2.9M | $2.9M | $2.9M | $2.9M | $2.8M |
| Retained earnings (deficit) | −$231.1M | −$199.4M | −$138.2M | −$58.8M | −$52.2M | −$43.0M | −$35.8M | −$33.8M | −$106.1M | −$105.2M | −$105.2M | −$76.1M |
| Accumulated other comprehensive income | $78.5M | $78.0M | $77.5M | $84.0M | $76.4M | $75.5M | $74.5M | $74.1M | $73.4M | $71.5M | $70.9M | $68.3M |
| Total shareholders' equity | $41.7M | $72.8M | $127.7M | $225.7M | $41.5M | $49.3M | $55.4M | $57.4M | −$15.9M | −$16.8M | −$16.8M | $8.8M |
| Key figures | ||||||||||||
| Total debt | $7.3M | $50.6M | $70.1M | $164.1M | $10.9M | $11.0M | $16.4M | $105.9M | $98.7M | $96.9M | $82.0M | $68.0M |
| Net cash (debt) | $13.7M | −$40.0M | −$56.7M | −$150.7M | $30.7M | $35.0M | $45.7M | $67.7M | −$85.5M | −$96.4M | −$81.5M | −$61.3M |
| Working capital | $13.0M | −$39.6M | −$4.4M | −$1.2M | $30.4M | $36.7M | $50.8M | $55.1M | −$89.6M | −$87.2M | −$87.2M | −$50.4M |
| Tangible book value | $29.8M | $61.2M | $115.2M | $211.7M | $28.4M | $36.0M | $49.7M | $53.0M | −$91.7M | −$88.4M | −$88.4M | −$50.3M |
| Book value per share | $2.78 | $5.22 | $9.17 | $16.20 | $1.63 | $1.95 | — | $2.30 | −$0.64 | −$0.68 | −$0.68 | $0.39 |
| Shares outstanding | 15.0M | 13.9M | 13.9M | 13.9M | 25.4M | 25.3M | — | 25.0M | 24.8M | 24.6M | 24.6M | 22.7M |
| Current ratio | 1.39 | 0.47 | 0.89 | 0.97 | 1.83 | 1.94 | 2.20 | 1.36 | 0.29 | 0.25 | 0.25 | 0.42 |
| Quick ratio | 1.19 | 0.38 | 0.74 | 0.82 | 1.71 | 1.82 | 2.10 | 1.32 | 0.25 | 0.18 | 0.18 | 0.30 |
| Debt / equity | 0.17 | 0.69 | 0.55 | 0.73 | 0.26 | 0.22 | 0.30 | 1.84 | — | — | — | 7.69 |
| Equity / assets | 49.9% | 46.0% | 51.3% | 52.3% | 47.0% | 50.5% | 52.0% | 25.9% | −13.0% | −14.8% | −14.8% | 8.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed May 11, 2026); data from EODHD.
SQNS financial position
At the end of fiscal 2025 (December 31, 2025), Sequans Communications had total assets of $248.9 million (up 133.7% from a year earlier), total liabilities of $121.2 million and shareholders' equity of $127.7 million. It held $13.4 million in cash and short-term investments against $70.1 million of debt, net debt of $56.7 million. Its current ratio was 0.89. In the latest quarter (ended June 30, 2026) total assets were $83.6 million and equity $41.7 million.
Related: SQNS income statement, SQNS cash flow statement, SQNS key metrics. See the SQNS stock overview for the latest quote and news.
SQNS balance sheet FAQ
What are Sequans Communications's total assets?
Sequans Communications reported total assets of $248.9 million at the end of fiscal 2025 (December 31, 2025), compared with $106.5 million a year earlier.
How much debt does Sequans Communications have?
Sequans Communications had $70.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.55.
How much cash does Sequans Communications have?
Sequans Communications held $13.4 million in cash and short-term investments at the end of fiscal 2025; with $70.1 million of debt that is net debt of $56.7 million.
What is Sequans Communications's book value?
Sequans Communications's shareholders' equity (book value) was $127.7 million at the end of fiscal 2025, or $9.17 per share.
What is Sequans Communications's current ratio?
Sequans Communications had current assets of $34.9 million and current liabilities of $39.4 million, a current ratio of 0.89 (current liabilities exceed current assets).
How much goodwill does Sequans Communications have?
Sequans Communications carried $21.0 million of goodwill and intangible assets, 8.4% of total assets, at the end of fiscal 2025.