Patria Investments Limited Q3 2026 Earnings Recap

Sequans shares rose 3.8% after Q3 revenue of approximately $9.1 million came in within the company’s guidance range, with growth driven by 4G IoT products. The quarter also brought a substantial cash increase following the completion of the Bitcoin treasury exit, while the longer-term 5G and defense opportunities remain in development.

Key Takeaways

• Q3 revenue was approximately $9.1 million, up 22% from Q2 and 183% year over year; product sales accounted for the vast majority of revenue.
• For the first nine months, revenue totaled $22.6 million, already above the company’s 2025 full-year revenue excluding $8 million of nonrecurring Qualcomm-related 5G revenue.
• Sequans ended Q3 with $391 million in cash, equivalents and short-term deposits, versus $21 million in cash plus 314 Bitcoin at Q2-end. It sold the remaining Bitcoin for $24.6 million and said it now has no digital assets.
• The 4G product pipeline reached $300 million in potential three-year revenue at the last annual update; $165 million was in mass production at Q2-end, with management expecting that portion to exceed $180 million by year-end. Q3 book-to-bill was well above 1.
• More than 80% of Q3 product revenue came from Monarch CAT M. The 5G eRedCap chip is still in development, and the Iris RF business remains early-stage, though the first drone customer is ready for production with shipments expected to begin in Q4.