[applecore]

Likely, a smaller phone in the form factor of the (now discontinued) iPhone SE.

[rusk]

The original SE was released "out of cycle" so maybe the sequel will be too?

[ksec]

Well the Se replaced the iPhone 5s at the time. But this time around there is no "replacement" to be made as they have discounted the SE.

[rusk]

No, the 6 replaced the 5s. The SE came a few months afterwards.

That they didn't actually discontinue the 5s at the time is incidental.

The point is, that they do release things out of cycle so just because they didn't do it at the usual time doesn't mean they won't.