#1SEQUANS Sequans Investor Presentation March 2024 Dr. Georges Karam, CEO Deborah Choate, CFO#2Safe Harbor This presentation contains projections and other forward-looking statements regarding future events and our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding Q1 2024 outlook our business strategy, expectation for increasing product revenue, strategic options, the ability to enter into new strategic agreements, expectations for Massive IoT sales, our ability to convert our pipeline to revenue, and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We undertake no obligation to update the information made in this release in the event facts or circumstances subsequently change after the date of this press release. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not rely on or place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. In addition to the risk factors contained in our Form 20-F for the fiscal year ended December 31, 2022, some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: (i) the contraction or lack of growth of markets in which we compete and in which our products are sold, (ii) unexpected increases in our expenses resulting from inflationary pressures and rising interest rates, including manufacturing and operating expenses and interest expense, (iii) our inability to adjust spending quickly enough to offset any unexpected revenue shortfall, (iv) delays or cancellations in spending by our customers, (v) unexpected average selling price reductions, (vi) the significant fluctuations to which our quarterly revenue and operating results are subject due to cyclicality in the wireless communications industry and transitions to new process technologies, (vii) our inability to anticipate the future market demands and future needs of our customers, (viii) our inability to achieve new design wins or for design wins to result in shipments of our products at levels and in the timeframes we currently expect, (ix) our inability to enter into and execute on strategic alliances, (x) our ability to meet performance milestones under strategic license agreements, (xi) the impact of natural disasters on our sourcing operations and supply chain, (xii) the impact of the Ukraine-Russia and Israeli-Hamas conflicts on our independent contractors located in Ukraine and operations in Israel, (xiii) our ability to raise debt and equity financing, and (xiv) other factors detailed in documents we file from time to time with the Securities and Exchange Commission. The financial results described in this earnings release should be considered preliminary and are subject to change. SEQUANS ©2024 Sequans Communications 2#3Sequans - Leader in Cellular loT We provide cellular 5G/4G solutions for Internet of Things (IoT) devices in both categories • Massive loT - low throughput, low power, low cost Broadband & Critical IoT – high throughput, low latency Sequans' goal is to deliver the best performance at competitive pricing for the 5G/4G Cellular IoT market, projected to exceed $5 billion by 2027, growing at a CAGR of 31% Complete Range of Chips and Modules Fully Optimized for loT Applications Smart Homes Enterprise Router 09:35 Health & Wellness Smart Cities Massive lot Smart Mobility & Logistics CHIPS 5G/4G MODULES Broadband Critical lot Vertical Applications DODO Gateway Indoor/Outdoor CPE Source: ABI Research, Techno Systems Research and Sequans' estimates SEQUANS ©2024 Sequans Communications 3#4Sequans Overview . Co-founded in 2003 by CEO, Georges Karam • • • • ADS listed on NYSE (Ticker: SQNS) since 2011 Global Company Headquartered in France 370 people in 14 countries (80% R&D & customer support) Fabless semiconductor business model Primary use of capital is for ongoing 4G and 5G product development $34M 2023 Revenue¹ 72% 2023 Gross Margin¹ Annual growth rate over next 3 to 5 years expected to exceed market CAGR Balance Sheet Highlights At December 31 ($millions) 2022 2023 Cash & Equivalents, Short-term Deposits $10.7 $5.7 Short-term receivables financing $7.7 $9.4 Government advances & loans $10.4 $7.9 Unsecured related party loan Convertible debt $8.9 $43.5 $52.3 SEQUANS 1. Full year ended December 31, 2023. ©2024 Sequans Communications 4#5We are Capitalizing on Two Major Technology Trends Leveraging a strong track record of execution in 4G IoT for the emerging 5G market SEQUANS IOT 5G ©2024 Sequans Communications 5#6Our Served Market $6,000 Served Cellular loT Market ($ millions) SAM Growth by Category $5,000 CAGR 31% 5-year CAGR $4,000 $1,774 $1,619 Massive loT 14% $3,000 $1,460 Broadband lot 48% $2,000 $1,247 $3,676 Total 31% $3,171 $1,049 $1,000 $2,183 SAM excludes: $1,216 $774 Smart phones/tablets, devices with 2G/3G fallback and China $0 2023 2024 2025 2026 2027 Broadband lot Massive loT SEQUANS Source: ABI Research, M2M Module Market, Q4 2023 ©2024 Sequans Communications 6#7Massive loT Business - Products & End Markets Our Products Offer Low Power + Low Cost Solutions - Key to MIoT Applications Calliope Cat 1/Cat 1bis Higher Throughput and Voice Monarch LTE-M/NB-IoT Low Throughput Applications calliope calliope2 monarch monarch2 monarchSiP Jointly with Skyworks Second generation platforms support networks' evolution from 4G to 5G Addressing Largest and Fastest Growing IoT End Markets Traditional M2M (Replaces 2G/3G) New and Emerging loT Applications Consumer Applications ни 獻 = 1 Security Smart Meters Telematics Payment E-Health Asset Trackers Smart Cities Smart Home Tracker Speaker SEQUANS 09:35 Watch ©2024 Sequans Communications 7#8Massive loT Business – Go-to-Market Strategy Leveraging Partners and Distribution Channels to Access Fragmented IoT Market Module Partners* Telit Cinterion RENESAS OEM/ODM* WNC Al Wistron NeWeb Corp. TOSHIBA AsiaTelco TECHNOLOGIES GEOTAB management by measurement WITHINGS invoxia - Scale Our Sales Capability – increases addressable scope of applications and/or small volume markets Honeywell Itron NAPCO SECURITY TECHNOLOG COMCAST Global Distributors* QUIDEL ELECTRONICS M AVNET RichardsonRFPD An Arrow Company Digi-Key ELECTRONICS SKYWORKS Technology Partners* MICROCHIP RENESAS NXP Examples of announced partners and customers SEQUANS Leverage Our Channel Partners Technology Partners / MCU Vendors - Majority of IoT devices integrate an MCU • Current Relationships Cover 55-60% of Microcontroller Market • Strengthens our position with Tier 1 customers . Integrating Monarch Platform for rapid go-to-market ©2024 Sequans Communications 8#9End Markets* Broadband IoT Business – Products & End Markets Speed + Features Cat 4 / Cat 6 4DVANCED Lte - Global Deployment* OEM/ODM & Partners Gemtek TOZED KANGWEI Wireless Broadband Anywhere solutions RENESAS BEC MULTITECH Jacs TECHNOLOGIES cassiopeia 5G NR SA/NSA Devices DODO Enterprise Router Gateway Indoor/Outdoor CPE Emerging Markets, Tier 2/3 Carriers Globe® XPLORNET Developed Markets, Tier 1 Carriers verizon at&t T..Mobile. taurus 5G Millions of CPE, Gateways, and Mobile Routers are Deployed Worldwide Enterprise, Private Networks, CBRS anit Enabling Wireless M2M - IoT Cambium Networks Puloli SEQUANS * Examples of announced partners and customers ©2024 Sequans Communications 9#10Taurus for 5G Broadband & Critical lot Critical IoT (Automotive, Surveillance Camera, AR/VR, Drones) SEQUANS Fixed Wireless Access (Home, Business) כשעה Private Network (Vertical Sectors, Harbors, Airports, Mining, Campus) taurus S control Mobile Routers (MiFi, Mobile Computing) Industrial (Factories, Robotic, Power Plants, Wireless Machinery) Targeting >$1.5 Billion SAM Opportunity by 2025 ©2024 Sequans Communications 10 10#11Building 5G Partnerships 5G Partnerships Deliver Benefits to Sequans and Our Partners • 2019 major $35+ million strategic partnership with Fortune Global 500 company Taurus 5G Addresses Multiple Challenges for Partners • . • • 2020 - announced a technology access and license agreement with Renesas 2021 appointed leader of 5G project consortium funded by French government 2022 - recent $50+ million strategic partnership expands addressable market to China, with potential for royalty revenue over 10 years starting in 2025 2023 introduction of Taurus 5G NR, the world's first chipset optimized for 5G broadband loT lot Focus SEQUANS Sovereignty taurus Extensive Cellular Expertise Avoid Single Vendor ©2024 Sequans Communications 11#125G Licensing Platform • • • Leveraging 5G IP to Build New Partnerships Scarcity of our 5G IP platform for Cellular IoT attracting new strategic partners for large addressable markets that Sequans could not easily pursue alone IP licensing agreement can provide license and royalty revenue streams over multiple years Goal is to expand Sequans presence to new regions or market segments Currently engaged with several new target partners 5G taurus SEQUANS ©2024 Sequans Communications 12 112#13Large Sales Pipeline Drives Future Product Revenue Growth Product Opportunities ~$750M of 3Y LNR Potential Product Revenue . . . Represents specific customer projects where unit demand can be estimated Assumes 3 years of revenue from initial production - some projects in production and some will be in 2024-2026 Pipeline reflects >100 opportunities Revenue from services not included $750M 3Y LNR Design Ins Design Wins ~60% Secured by Design Wins SEQUANS ©2024 Sequans Communications 13#14Executing Growth Levers to Drive Future Performance . ● Market leader with comprehensive 4G/5G technology for Massive and Broadband loT Four primary growth drivers 2024 - 2026 : 1. 2. 3. 4. LTE-M/NB-IoT Monarch 2 design wins in pipeline moving to mass production Cat 1 Calliope 2 launch expanding pipeline and doubling Massive loT SAM 5G IP Licensing and royalty revenue stream Broadband loT product pipeline expands with the launch of 5G NR Taurus Growing pipeline • > $750 million of 3Y LNR projects revenue with ~60% secured in Design Wins. > $100 million of annualized product revenue potential from current customers SEQUANS ©2024 Sequans Communications 14#15SEQUANS Sequans Investor Presentation Thank you! Investor Relations Contact: Kim Rogers, Hayden IR [email protected]#16Appendix SEQUANS • . . . Competitive Landscape in 4G/5G IOT Leadership Team and Board of Directors. Income Statement Balance Sheet Non-IFRS Financial Results Reconciliation Capitalization Table ©2024 Sequans Communications 16#17Competitive Landscape in 4G/5G IoT Served Markets Sequans has Broadest Product Scope in 4G/5G IOT Massive loT Broadband lot LTE-M/NB-IoT Cat 1 Cat 4/Cat 6 5G NR SEQUANS Qualcomm MEDIATEK GCT Altair A Sony Group Company NORDIC SEMICONDUCTOR Excludes Chinese vendors SEQUANS Not Optimized NB-IoT Only ©2024 Sequans Communications 17#18Leadership Team and Board of Directors Leadership Team Board of Directors Dr. Georges Karam Deborah Choate Bertrand Debray Dr. Georges Karam Chairman Dr. Sailesh Chittipeddi Director Wes Cummins Director President and Chief Executive Officer Chief Financial Officer Executive Vice President and GM, Broadband loT Louis (Ping Lin) Chuang Nick Taluja Olivier Pauzet Executive Vice President and GM, Massive loT ecutive Vice President, Worldwide Sales Executive Vice President, Marketing and Strategy Yves Maitre Director Maria Marced Director Danny Kedar Chief Operating Officer SEQUANS Hubert de Pesquidoux Director Visit www.sequans.com to view full management team, and bios Dr. Richard N. Nottenburg Director Dominique Pitteloud Director Zvi Slonimsky Director ©2024 Sequans Communications 188#19PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS SEQUANS Three months ended (in thousands of US$, except share and per share amounts) Dec 31, 2023 (1) Sept 30, 2023 Dec 31, 2022 Revenue : Product revenue $ 3,971 $ 753 $ 4,990 License and services revenue 802 7,033 10,921 Total revenue 4,773 7,786 15,911 Cost of revenue 4,190 1,105 3,935 Gross profit 583 6,681 11,976 Operating expenses : Research and development 6,336 5,974 7,361 Sales and marketing 3,054 2,935 2,561 General and administrative 3,976 5,618 3,040 Total operating expenses Operating profit (loss) 13,366 14,527 12,962 (12,783) (7,846) (986) Financial income (expense): Interest income (expense), net (3,175) (2,802) (2,543) Change in fair value of convertible debt derivative 134 439 1,011 Impact of debt amendment and reimbursement 247 Foreign exchange gain (loss) Profit (Loss) before income taxes Income tax expense Profit (Loss) Attributable to : (829) (16,653) 681 513 (9,449) 104 (1,536) (4,054) 907 $ (17,334) $ (9,553) $ (4,961) Shareholders of the parent Minority interests Basic loss per ADS Diluted loss per ADS Weighted average number of ADS used for computing: Basic - Diluted (17,334) (9,553) (4,961) ($0.28) ($0.16) ($0.10) ($0.28) ($0.16) ($0.10) 60,933,327 60,933,327 58,586,324 58,586,324 47,951,407 47,951,407 (1) Preliminary evaluation of the convertible debt would need to be updated if the terms are amended prior to filing the Form 20-F ©2024 Sequans Communications 19#20PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands of US$) ASSETS Non-current assets Property, plant and equipment Intangible assets Deposits and other receivables Other non-current financial assets Total non-current assets Current assets Inventories Trade receivables Contract assets Prepaid expenses Other receivables Research tax credit receivable Short-term deposits Cash and cash equivalents Total current assets Total assets SEQUANS At Dec 31, 2023 (1) At Dec 31, 2022 (in thousands of US$) At Dec 31, At Dec 31, 2023 (1) 2022 EQUITY AND LIABILITIES Equity $ 6,815 $ 8,489 64,300 48,705 Issued capital, euro 0.01 nominal value, 246,262,004 shares authorized, issued and outstanding at December 31, 2023 (193,426,478 shares at December 31, 2022) Share premium $ 2,878 $ 2,306 Other capital reserves 14,568 70,431 2,418 62,870 801 783 Accumulated deficit (93,416) (65,099) 360 337 Other components of equity (416) (391) Total equity (5,955) 2,104 72,276 58,314 Non-current liabilities Government grant advances, loans and other liabilities 4,442 6,235 6,335 9,387 Convertible debt 43,455 Convertible debt embedded derivative 3,203 8,115 8,494 Lease liabilities 1,645 2,278 497 176 Trade payables 1,788 1,422 1,399 Provisions 2,222 2,196 4,839 5,799 Deferred tax liabilities 264 258 Contract liabilities 404 9,983 4,515 Total non-current liabilities 8,573 59,817 5,000 Current liabilities 5,705 5,671 Trade payables 16,281 9,342 Interest-bearing receivables financing 9,428 7,723 36,896 40,441 Lease liabilities 1,471 1,291 $ 109,172 $ 98,755 Convertible debt 52,278 Convertible debt embedded derivative 3 Unsecured related party loan 8,922 Government grant advances and loans Contract liabilities 3,420 4,159 5,852 5,964 Other current liabilities and provisions 8,899 8,355 Total current liabilities 106,554 36,834 Total equity and liabilities (1) Preliminary evaluation of the convertible debt would need to be updated if the terms are amended prior to filing the Form 20-F $ 109,172 $ 98,755 ©2024 Sequans Communications 20#21PRELIMINARY UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS (in thousands of US$, except share and per share amounts) Dec 31, 2023 (3) Three months ended Sept 30, 2023 Net IFRS gain (loss) as reported $ (17,334) $ (9,553) $ Dec 31. 2022 (4,961) Add back Non-cash stock-based compensation expense according to IFRS 2 (1) 1,958 1,757 1,810 Non-cash change in the fair value of convertible debt embedded derivative (134) (439) (1,011) Non-cash interest on convertible debt and other financing (2) 1,707 1,709 1,404 Non-cash impact of convertible debt amendment (247) Non-IFRS gain (loss) adjusted $ (13,803) IFRS basic gain (loss) per ADS as reported ($0.28) $ (6,773) ($0.16) $ (2,758) ($0.10, Add back Non-cash stock-based compensation expense according to IFRS 2 (1) $0.03 $0.03 $0.04 Non-cash change in the fair value of convertible debt embedded derivative ($0.01) ($0.01) ($0.02, Non-cash interest on convertible debt and other financing (2) $0.03 $0.03 $0.02 Non-cash impact of convertible debt amendment $0.00 ($0.01) $0.00 Non-IFRS basic gain (loss) per ADS ($0.23) ($0.12) ($0.06 IFRS diluted gain (loss) per ADS ($0.28) ($0.16) ($0.10) Add back Non-cash stock-based compensation expense according to IFRS 2 (1) $0.03 $0.03 $0.04 Non-cash change in the fair value of convertible debt embedded derivative ($0.01) ($0.01) ($0.02, Non-cash interest on convertible debt and other financing (2) $0.03 $0.03 $0.02 Non-cash impact of convertible debt amendment Non-IFRS diluted gain (loss) per ADS $0.00 ($0.01) $0.00 ($0.23) ($0.12) ($0.06, (1) Included in the IFRS loss as follows: Cost of product revenue $ Research and development Sales and marketing 48 600 $ 24 $ 45 481 601 439 393 286 General and administrative 871 859 878 SEQUANS (2) Related to the difference between contractual and effective interest rates (3) Preliminary evaluation of the convertible debt would need to be updated if the terms are amended prior to filing the Form 20-F ©2024 Sequans Communications 21#22Capital - fully diluted as of 20 February, 2024 February 20, 2024 Shares ADS Total issued shares/ADS 246,769,256 61,692,314 Fully Diluted at maturity of all debt, assuming all warrants/SO exercised: Convertible debt and warrants SEQUANS 2019 Aug, $3.281/ADS conv price, 13.5% PIK at maturity 2021 Lynrock, $7.66/ADS conv price, assuming PIK 6% all years Nokomis Warrants, $6.80/ADS exer price, exp 04/2024 Nokomis Warrants, $4.12/ADS exer price, exp 08/2026 Nokomis Warrants, $3.2328/ADS exer price, exp 08/2026 Harbert Warrants, $5.36/ADS exer price, exp 10/2028 Concord Warrants, €0.08/ADS exer price, exp 02/2034 Unvested RSA 24,877,619 6,219,405 1,800,000 450,000 594,680 148,670 1,244,820 311,205 816,716 204,179 9,392,986 2,348,247 12,508,943 3,127,236 Fully diluted shares/ADS 298,005,020 74,501,255 ©2024 Sequans Communications 22 22