Sequans Communications is a French fabless semiconductor company that designs and sells cellular IoT chips and modules. Its core products are 4G LTE chipsets for IoT applications — smart meters, asset trackers, telematics, and security systems — where power consumption, cost, and size are critical. Sequans' two main product families are Monarch 2 (LTE-M/NB-IoT), targeting the lowest-power IoT applications, and Calliope 2 (LTE Cat 1bis), targeting higher-bandwidth applications like telematics and smart home devices. Following its 2025 acquisition of ACP Advanced Circuit Pursuit, Sequans added a third product line: Iris RF transceivers for defense, drones, and Software Defined Radio applications — a higher-ASP, higher-margin business. Sequans sells chips and modules to OEMs and ODMs who embed them into connected devices, and works with major carriers to certify products on their networks. Sequans operates a fabless model, outsourcing wafer production to TSMC and assembly to third-party manufacturers. Product gross margins run roughly 40-50% for chips and 30-35% for modules; IP licensing and services carry near-100% margins but are lumpy. Revenue is driven by design wins converting to mass production, a cycle that typically takes 12+ months but then generates recurring revenue for 7-10 years per project. Sequans is also developing 5G eRedCap chips (Monarch 3/Calliope 3), targeting customer sampling in mid-2027 and product revenue in 2028, which management views as the long-term successor to all 4G IoT categories.