Sequans Communications S.A.

Greetings and welcome to Sequon's communications essay, second quarter 2022 financial results. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Kim Rogers with Hayden IR. Please proceed.

Thank you, Maria. And thank you to everyone participating in today's call. Joining me on the call today from Sequans Communications are George Karam, Chairman and Chief Executive Officer, and Deborah Choate, Chief Financial Officer. Before turning the call over to George, I'd like to remind our participants of the following important information on behalf of Sequans. Sequans issued the earnings press release this morning, which was posted to the company's website at www.sequins.com under the newsroom section. Before we start, I would like to remind everyone that this conference call contains projections and other forward-looking statements regarding future events or our future financial performance and potential financing sources. All statements other than present and historical facts and conditions contained in this call including any statements regarding future results of operations and financial positions, business strategy and plans, including the ability to enter into and close a new 5G strategic agreement on presently negotiated terms, and the expectation that the potential agreement will fully fund the development of our first 5G platform, expectations for massive IoT sales, the impact of COVID-19 on our supply chain, and customer demand, the impact of component shortages and manufacturing capacity, 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 operate in a 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. More information on factors that could affect our business and financial results are included in our public links made with the Security and Exchange Commission. And now I'd like to hand the call over to George Caron. Please go ahead, George.

Thank you, Kim. Good morning, ladies and gentlemen. Welcome to our second quarter 2022 financial results conference call. Once again, in the second quarter, our growth was boosted by our monarch, CAT-M product family, which grew 13% sequentially and 122% year over year. Notable because CAT-M's first quarter annual growth was also triple digits. Revenue for the quarter increased 11% year-over-year, with massive IOT growing 12% and the broadband category growing 9% due to services revenue. Broadband's sequential decrease was due to the timing of services and licensing revenue generated by our existing 5G agreements and was fully compensated by the growth in our massive IOT CAT-M and CAT-1 businesses,