Bitcoin Treasury Dashboard Notes

Important Information About Our Bitcoin Treasury Dashboard

Disclaimer Regarding Use of Key Performance Indicators (KPIs)

The Company may from time to time disclose certain key performance indicators (KPIs), metrics, or other operating data on this website or in its investor presentations to provide additional insight into the Company’s performance, strategies, and trends, including with respect to its Bitcoin Treasury Strategy. These KPIs are intended to supplement, not replace, the financial information prepared and presented in accordance with International Financial Reporting Standards (IFRS).

Unless otherwise indicated, the KPIs discussed herein are management-defined and may not be calculated in a manner consistent with similar metrics used by other companies. These measures should not be considered in isolation or as a substitute for comparable IFRS measures and should be read in conjunction with the Company’s financial statements and related disclosures filed with the Securities and Exchange Commission (SEC).

The Company undertakes no obligation to update or revise any KPI or related disclosure, except as required by law. The significance, calculation methodology, and limitations of each KPI should be reviewed carefully, and investors are encouraged to refer to the most recent filings with the SEC for further context and explanation.

Important Information About Bitcoin NAV and mNAV

Bitcoin NAV represents the total number of bitcoin the Company holds as of a specified date multiplied by the current market price of one bitcoin (or the price of one bitcoin as of the date indicated). It does not take into account or include the Company’s indebtedness. As such, it is not equivalent to “net asset value” or “NAV” or any similar metric in the traditional financial context. Although it incorporates the label “NAV,” it is not a measure of either the net asset value of the Company or the value of the bitcoin held by the Company net of indebtedness and other obligations. Moreover, this Bitcoin NAV metric is not comparable to either net asset value or NAV metrics that may be reported by other companies, including ETFs, ETPs and mutual funds. Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings. This metric is merely a supplement, not a substitute. It should be used only by sophisticated investors who understand its limited purpose and many limitations.

mNAV represents a multiple of Bitcoin NAV, as of the specified date, calculated as the Company’s enterprise value (as we define it) divided by Bitcoin NAV. The Company’s enterprise value is calculated as the sum of (A) the total value of all outstanding SQNS common stock in form of ADS and prefunded warrants, calculated by multiplying the number of outstanding common stock in form of ADS and prefunded warrants by the closing price of the ADSs on the New York Stock Exchange on the applicable date,  and (B) the aggregate principal amount of the Company’s indebtedness, less (D) the Company’s most recently reported cash balance value. As with Bitcoin NAV, although mNAV incorporates the label “NAV,” it is not equivalent to “net asset value” or “NAV” or any similar metric in the traditional financial context. Additionally, it is not a measure of the amount by which the enterprise value exceeds net asset value in the traditional financial sense of those terms. Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings. This metric is merely a supplement, not a substitute. It should be used only by sophisticated investors who understand their limited purpose and many limitations.

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