| | | | As I referenced in my opening comments, the current snapshot of our pipeline of potential business in Broadband and Massive IoT has grown to $600 million in product revenue, assuming a 3-year revenue cycle from the date the customer’s device goes into initial production. Design wins increased as well and now represent 40% of the product pipeline or $240 million. We can add to this services revenue secured by design wins that exceed $40 million, with more potential opportunities fueling the pipe every quarter. In summary, we have a record backlog, a growing pipeline, and increasing design wins, which we see contributing to revenue later this year, along with continuous strategic traction in our 5G. Overall, Sequans is well positioned to achieve our stated goal of an average of 50% annual growth for the 2020-2024 period. From this vantage point, we are modeling revenue to approach or exceed $100 million in 2022 and to reach scale on a quarterly basis in 2023. |
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