Exhibit 99.1

Sequans Communications Announces First Quarter 2011 Financial Results

PARIS, France – April 28, 2011 – Sequans Communications S.A. (NYSE: SQNS), a 4G chipmaker, supplying LTE and WiMAX chips to original equipment manufacturers worldwide, today announced its financial results for the first quarter ended March 31, 2011.

First Quarter 2011 Highlights:

All figures are unaudited and reported in U.S. dollars in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board. Condensed and consolidated financial tables are provided at the end of this release.

Revenue: Revenue of $25.4 million increased 11% compared to the fourth quarter of 2010 and 149% compared to the first quarter of 2010.

Operating income (loss): Operating income of $2.3 million increased 302% compared to the fourth quarter of 2010, and represented 8.9% of revenue, compared to an operating loss of $2.2 million in the first quarter of 2010.

Net profit (loss): Net profit was $1.9 million, or $0.07 per diluted share/ADS, compared to a net loss of $2.8 million, or $(0.10) per diluted share/ADS in the fourth quarter of 2010 and a net loss of $1.4 million, or $(0.06) per diluted share/ADS in the first quarter of 2010.

In millions of $US except percentages, shares and per share amounts	Key Metrics
	Q1 2011		%*			Q4 2010			%*			Q1 2010			%*
Revenue	$	25.4				$	22.9					$	10.2
Gross profit		13.0		51.2	%		11.5			50.4	%		6.0			58.7	%
Operating income (loss)		2.3		8.9	%		0.6			2.5	%		(2.2	)		(21.5	%)
Net profit (loss)		1.9		7.5	%		(2.8	)		(12.1	%)		(1.4	)		(13.3	%)
Diluted EPS/ADS	$	0.07				$	(0.10	)				$	(0.06	)
Number of diluted shares/ADS		29,164,738					26,721,605						23,696,452
Cash flow from (used in) operations		0.3					7.9						(1.7	)
Additional information:
Stock-based compensation included in operating result		0.5					0.3						0.3
Non-IFRS diluted EPS (excludes stock-based compensation)	$	0.08				$	(0.09	)				$	(0.05	)

* Percentage of revenue

“Our first quarter results reflect continued strong demand for 4G devices to support bandwidth-intensive mobile data applications,” said Georges Karam, Sequans CEO. “In particular, we are benefitting from our position as the 4G chip supplier to HTC’s EVO 4G and EVO Shift smartphones. Our growth is also being fueled by our customers serving emerging markets with devices that enable basic broadband connectivity to the home or enterprise. We are pursuing additional design wins that would further diversify our customer base, and we are involved in LTE trials in key markets such as China and India. Meanwhile, we are able to generate substantial operating leverage by carefully managing the growth in operating expenses and capitalizing on our depth of experience in 4G by shifting resources as the technologies evolve.”

Sequans reports first quarter 2011 financial results

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Conference Call and Webcast

Sequans plans to conduct a teleconference and live webcast to discuss the financial results for the first quarter of 2011 today, April 28, 2011 at 8:00 a.m. EDT / 14:00 CEST. To participate in the live call, analysts and investors should dial 800-288-8961 (or +1 612-332-0637 if outside the U.S.). A live and archived webcast of the call will be available from the Investors section of the Sequans website at www.sequans.com/investors/. A replay of the conference call will be available until May 28, 2011, by dialing toll free 800-475-6701 in the U.S., or +1 320-365-3844 from outside the U.S., using the following access code: 202031.

Use of Non-IFRS Financial Measures

To supplement our unaudited consolidated financial statements prepared in accordance with IFRS, we disclose certain non-IFRS financial measures. These measures exclude non-cash charges. We believe that these measures can be useful to facilitate comparisons among different companies. These non-IFRS measures have limitations in that the non-IFRS measures we use may not be directly comparable to those reported by other companies. We seek to compensate for this limitation by providing a detailed reconciliation of the non-IFRS financial measures to the most directly comparable IFRS measures in the table attached to this press release.

About Sequans Communications

Sequans Communications is a 4G chipmaker, supplying LTE and WiMAX chips to equipment manufacturers worldwide. Founded in 2003 to address the WiMAX market, the company expanded in early 2009 to address the LTE market. The company is based in Paris, France with additional offices throughout the world, including United States, United Kingdom, Israel, Hong Kong, Singapore, Taiwan, and China.

Forward Looking Statements

This press release may contain projections or other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy, plans 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 operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not 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. 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, including WiMAX and LTE markets, (ii) unexpected increases in our expenses, including manufacturing expenses, (iii) 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 fluctuation 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, and (xii) other factors detailed in documents we file from time to time with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

Sequans reports first quarter 2011 financial results

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SOURCE: Sequans Communications S.A.

Media Relations: Kimberly Tassin, +1.425.736.0569, Kimberly@sequans.com

Investor Relations: Claudia Gatlin, +1 212.830.9080, Claudia@sequans.com

Condensed financial tables follow

Sequans reports first quarter 2011 financial results

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SEQUANS COMMUNICATIONS S.A.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three months ended
(in thousands of US$, except share and per share amounts)	March 31,			December 31,			March 31,
	2011			2010			2010
Revenue:
Product revenue		24,845			22,140			8,855
Other revenue		545			724			1,323
Total revenue		25,390			22,864			10,178
Cost of revenue
Cost of product revenue		12,300			11,247			4,114
Cost of other revenue		85			85			85
Total cost of revenue		12,385			11,332			4,199
Gross profit		13,005			11,532			5,979
Operating expenses:
Research and development		6,014			5,402			4,514
Sales and marketing		3,144			4,143			2,855
General and administrative		1,588			1,425			796
Total operating expenses		10,746			10,970			8,165
Operating income (loss)		2,259			562			(2,186	)
Financial income (expense):
Interest income (expense), net		(184	)		(332	)		(204	)
Foreign exchange gain (loss)		(149	)		(557	)		1,017
Change in the fair value of Category E convertible notes option component		—			(2,282	)		18
Profit (Loss) before income taxes		1,926			(2,609	)		(1,355	)
Income tax expense (benefit)		30			150			—
Profit (Loss)		1,896			(2,759	)		(1,355	)
Attributable to:
Shareholders of the parent		1,896			(2,759	)		(1,355	)
Minority interests		—			—			—
Basic earnings (loss) per share	$	0.07		($	0.10	)	($	0.06	)
Diluted earnings (loss) per share	$	0.07		($	0.10	)	($	0.06	)
Number of shares used for computing:
— Basic		27,723,199			26,721,605			23,696,452
— Diluted		29,164,738			26,721,605			23,696,452

Sequans reports first quarter 2011 financial results

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SEQUANS COMMUNICATIONS S.A.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	At March 31,			At December 31,
(in thousands of US$)	2011			2010
ASSETS
Non-current assets
Property, plant and equipment		6,473			5,291
Intangible assets		3,670			3,144
Loan and other receivables		1,577			1,485
Available for sales assets		460			432
Total non-current assets		12,180			10,352
Current assets
Inventories		11,773			8,768
Trade receivables		11,882			14,163
Prepaid expenses and other receivables		3,370			3,333
Recoverable value added tax		833			1,361
Research tax credit receivable		2,701			2,001
Cash and cash equivalents		9,865			9,739
Total current assets		40,424			39,365
Total assets		52,604			49,717
EQUITY AND LIABILITIES
Equity
Issued capital		714			710
Share premium		68,657			68,972
Other capital reserves		5,657			5,194
Accumulated deficit		(52,366	)		(54,262	)
Accumulated other comprehensive income (loss)		500			85
Total equity		23,162			20,699
Non-current liabilities
Government grant advances and interest-free loans		1,010			1,278
Provisions		204			184
Total non-current liabilities		1,214			1,462
Current liabilities
Trade payables		12,999			15,508
Interest-bearing loans and borrowings		7,560			3,564
Government grant advances and interest-free loans		1,264			1,889
Other current liabilities		5,200			5,270
Deferred revenue		886			893
Provisions		319			432
Total current liabilities		28,228			27,556
Total equity and liabilities		52,604			49,717

Sequans reports first quarter 2011 financial results

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SEQUANS COMMUNICATIONS S.A.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months ended March 31,
(in thousands of US$)	2011			2010
Operating activities
Profit (Loss) before income taxes		1,926			(1,355	)
Non-cash adjustment to reconcile income (loss) before tax to net cash from (used in) operating activities
Depreciation and impairment of property, plant and equipment		848			545
Amortization and impairment of intangible assets		457			253
Share-based payment expense		463			282
Increase (Decrease) in provisions		(93	)		(58	)
Change in fair value of Category E convertible notes option component		—			(18	)
Financial expense		55			176
Foreign exchange loss (gain)		467			(1,165	)
Interest free financing benefit		10			(216	)
Working capital adjustments
Decrease (Increase) in trade receivables and other receivables		2,885			(2,076	)
Decrease (Increase) in inventories		(3,005	)		(1,903	)
Decrease (Increase) in research tax credit receivable		(700	)		(249	)
Increase (Decrease) in trade payables and other liabilities		(2,526	)		3,809
Increase (Decrease) in deferred revenue		(7	)		96
Increase (Decrease) in government grant advances		(358	)		310
Income tax paid		(84	)		(61	)
Net cash flow from (used in) operating activities		338			(1,630	)
Investing activities
Purchase of intangible assets and property, plant and equipment		(2,967	)		(1,048	)
Purchase of financial assets		(120	)		(57	)
Net cash flow used in investments activities		(3,087	)		(1,105	)
Financing activities
Proceeds from issue of shares and warrants, net of transaction costs		252			83
Proceeds from borrowings		3,910			—
Initial Public Offer costs paid		(563	)		—
Interest paid		(184	)		(153	)
Proceeds from interest-free loan		—			789
Repayment of interest-free loans		(546	)		(357	)
Net cash flows from (used in) financing activities		2,869			362
Net increase (decrease) in cash and cash equivalents		120			(2,373	)
Net foreign exchange difference		6			0
Cash and cash equivalent at January 1		9,739			7,792
Cash and cash equivalents at year end		9,865			5,419

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SEQUANS COMMUNICATIONS S.A.

UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS

	Three months ended
(in thousands of US$, except share and per share amounts)	March 31, 2011									December 31,			March 31,
										2010			2010
	GAAP (as reported)			Adjustments (*)			Non-IFRS			Non-IFRS			Non-IFRS
Revenue :
Product revenue		24,845						24,845			22,140			8,855
Other revenue		545						545			724			1,323
Total revenue		25,390			—			25,390			22,864			10,178
Cost of revenue
Cost of product revenue		12,300			12			12,288			11,236			4,109
Cost of other revenue		85						85			85			85
Total cost of revenue		12,385			12			12,373			11,321			4,194
Gross profit		13,005			(12	)		13,017			11,543			5,984
Operating expenses :
Research and development		6,014			136			5,878			5,218			4,385
Sales and marketing		3,144			181			2,963			4,054			2,730
General and administrative		1,588			134			1,454			1,383			772
Total operating expenses		10,746			451			10,295			10,655			7,887
Operating income (loss)		2,259			(463	)		2,722			888			(1,903	)
Financial income (expense):
Interest income (expense), net		(184	)					(184	)		(332	)		(204	)
Foreign exchange gain (loss)		(149	)					(149	)		(557	)		1,017
Change in the fair value of Category E convertible notes option component		—						—			(2,282	)		18
Profit (Loss) before income taxes		1,926			(463	)		2,389			(2,283	)		(1,072	)
Income tax expense (benefit)		30						30			150			—
Profit (Loss)		1,896			(463	)		2,359			(2,433	)		(1,072	)
Attributable to :
Shareholders of the parent		1,896						2,359			(2,433	)		(1,072	)
Minority interests		—									—			—
Basic earnings (loss) per share	$	0.07					$	0.09		($	0.09	)	($	0.05	)
Diluted earnings (loss) per share	$	0.07					$	0.08		($	0.09	)	($	0.05	)
Number of shares used for computing:
— Basic		27,723,199						27,723,199			26,721,605			23,696,452
— Diluted		29,164,738						29,164,738			26,721,605			23,696,452

(*) Adjustments related to stock based compensation expenses according to IFRS 2