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r2025-12-310001383395ifrs-full:WarrantsMembersqns:BoardOfDirectorsMember2024-12-310001383395ifrs-full:WarrantsMembersqns:BoardOfDirectorsMember2025-01-012025-12-310001383395ifrs-full:WarrantsMembersqns:BoardOfDirectorsMember2024-01-012024-12-310001383395ifrs-full:WarrantsMembersqns:BoardOfDirectorsMember2023-01-012023-12-310001383395sqns:NewYorkStockExchangeComplianceMember2026-01-142026-01-140001383395sqns:NewYorkStockExchangeComplianceMember2026-01-140001383395sqns:AmendmentToConvertibleDebtAndSaleOfBitcoinMember2026-02-100001383395sqns:AmendmentToConvertibleDebtAndSaleOfBitcoinMember2026-04-232026-04-230001383395sqns:AmendmentToConvertibleDebtAndSaleOfBitcoinMember2026-04-2300013833952026-04-232026-04-230001383395sqns:AmendmentToConvertibleDebtAndSaleOfBitcoinMembersqns:SecuredConvertibleDebenturesMember2026-04-250001383395sqns:GrantingOfSharesMember2026-04-280001383395sqns:GrantingOfSharesMembersqns:RestrictedShareAwardsRSAMember2026-04-282026-04-280001383395sqns:AmericanDepositorySharesMembersqns:GrantingOfSharesMember2026-04-282026-04-28\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 20-F\n\n     ¨\nREGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nOR\n\n     þ\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2025\n\nOR\n\n     ¨\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from                      to                     \n\nOR\n\n    ¨\nSHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nDate of event requiring this shell company report                     \n\nCommission file number 001-35135\n\nSEQUANS COMMUNICATIONS S.A.\n\n(Exact name of Registrant as specified in its charter)\n\nNot Applicable\n\n(Translation of Registrant’s name into English)\n\nFrench Republic\n\n(Jurisdiction of incorporation or organization)\n\n15-55 Boulevard Charles de Gaulle\n\n92700 Colombes, France\n\n(Address of principal executive offices)\n\nGeorges Karam\n\nChairman and Chief Executive Officer\n\nSequans Communications S.A.\n\n15-55 Boulevard Charles de Gaulle\n\n92700 Colombes, France\n\nTelephone: +33 1 70 72 16 00\n\nFacsimile: +33 1 70 72 16 09\n\n(Name, telephone, e-mail and/or facsimile number and address of company contact person)\n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act.\n\nTitle of each classSymbolName of each exchange on which registered\n\nAmerican Depositary Shares, each representing four ordinary shares, nominal value €0.01 per shareSQNSNew York Stock Exchange\n\nOrdinary shares, nominal value €0.01 per share\nNew York Stock Exchange*\n\n \n\n*Not for trading, but only in connection with the registration of American Depositary Shares.\n\nSecurities registered or to be registered pursuant to Section 12(g) of the Act.\n\nNot Applicable\n\n(Title of Class)\n\nSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act.\n\nNot Applicable\n\n(Title of Class)\n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.\n\nOrdinary shares, nominal value €0.01 per share: 1,599,589,702 as of December 31, 2025\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ¨  Yes   þ  No\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes  ¨    No  þ\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  þ    No  ¨\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.:\n\nLarge accelerated filer  ¨                 Accelerated filer  ¨                 \n\n                Non-accelerated filer  þ        Emerging growth company  ¨\n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  ¨\n\n† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.     Yes  ¨   No  þ\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨\n\nIndicate by check mark which basis for accounting the registrant has used to prepare the financing statements included in this filing:\n\nU.S. GAAP  ¨\n\nInternational Financial Reporting Standards as issued\n\nby the International Accounting Standards Board  þ\n\nOther  ¨\n\nIf “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.  ¨ Item 17  ¨ Item 18\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨     No  þ\n\nSEQUANS COMMUNICATIONS S.A.\n\n________________________________________________\n\n FORM 20-F\n\nANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025\n\n_________________________________________________\n\nTABLE OF CONTENTS\n\n[Introduction](#id7a36a459db940a6aa2751de859fa394_10)\n\n[1](#id7a36a459db940a6aa2751de859fa394_10)\n\n[Special Note Regarding Forward-Looking Statements and Industry Data](#id7a36a459db940a6aa2751de859fa394_13)\n\n[1](#id7a36a459db940a6aa2751de859fa394_13)\n\n[PART I](#id7a36a459db940a6aa2751de859fa394_16)"}