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Technology Stocks : Sequans Communications

SQNS 7.340

-3.5%

Oct 31 9:30 AM EST

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From: FJB	10/27/2020 9:16:02 AM
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Formal Remarks for Third Quarter 2020 We exceeded our revenue target for Q3 in our Broadband IoT business because we managed to accommodate more orders for modules powering the JetPack Ellipsis 4G portable router sold by Verizon. On the past two conference calls, we have spoken about the exponential increase in demand that began in Q1 related to these routers being supplied to schools as part of Covid-related distance learning support. We also have spoken about the challenges we have faced with extended lead times for certain components. Fortunately, our supply chain issues became more manageable during the third quarter, and we were able to ship more than originally expected. On our last conference call, we were assuming orders related to portable routers would settle back toward pre-Covid levels in Q4, but we currently see Q4 module sales in Broadband IoT remaining at a very high level - similar to Q3. Looking into next year, we don’t have good visibility yet . . . but our current assumption is that we will not remain in “surge” mode for portable routers in Q1. As a result, we are expecting a shift in business drivers in Broadband IoT next year and more customers diversity, as the new CBRS market begins to ramp and we gain more traction in our emerging markets business.

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