Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Amendment Flag | true |
Amendment Description | Sequans Communications is responding to your comment letter dated December 21, 2018 |
Entity Registrant Name | SEQUANS COMMUNICATIONS |
Entity Central Index Key | 1,383,395 |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Well Known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Entity Common Stock, Shares Outstanding | 80,024,707 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | |||
Product revenue | $ 37,353 | $ 34,581 | $ 24,669 |
Other revenue | 10,910 | 10,998 | 7,863 |
Total revenue | 48,263 | 45,579 | 32,532 |
Cost of revenue: | |||
Cost of product revenue | 24,725 | 22,574 | 17,970 |
Cost of other revenue | 2,397 | 3,022 | 1,481 |
Total cost of revenue | 27,122 | 25,596 | 19,451 |
Gross profit | 21,141 | 19,983 | 13,081 |
Operating expenses: | |||
Research and development | 25,202 | 26,334 | 25,305 |
Sales and marketing | 8,785 | 7,126 | 5,985 |
General and administrative | 6,679 | 6,267 | 5,428 |
Total operating expenses | 40,666 | 39,727 | 36,718 |
Operating income (loss) | (19,525) | (19,744) | (23,637) |
Financial income (expense): | |||
Interest expense | (4,672) | (3,734) | (1,542) |
Interest income | 60 | 48 | 26 |
Other financial expense | 0 | (83) | (145) |
Convertible debt amendments | (322) | 0 | 0 |
Change in the fair value of convertible debt embedded derivative | 0 | (1,583) | (2,036) |
Foreign exchange gain (loss), net | (1,401) | 593 | 249 |
Profit (Loss) before income taxes | (25,860) | (24,503) | (27,085) |
Income tax expense (benefit) | 300 | 284 | 317 |
Profit (Loss) | (26,160) | (24,787) | (27,402) |
Attributable to: | |||
Shareholders of the parent | (26,160) | (24,787) | (27,402) |
Non-controlling interests | $ 0 | $ 0 | $ 0 |
Basic earnings (loss) per share (in dollars per share) | $ (0.34) | $ (0.39) | $ (0.46) |
Diluted earnings (loss) per share (in dollars per share) | $ (0.34) | $ (0.39) | $ (0.46) |
Weighted average number of shares used for computing: | |||
Basic (in shares) | 77,668,404 | 63,805,442 | 59,144,905 |
Diluted (in shares) | 77,668,404 | 63,805,442 | 59,144,905 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of comprehensive income [abstract] | |||
Profit (Loss) for the year | $ (26,160) | $ (24,787) | $ (27,402) |
Other comprehensive income to be reclassified to profit or loss in subsequent years : | |||
Net gain (loss) on cash flow hedge | 195 | (91) | 78 |
Exchange differences on translation of foreign operations | 212 | (375) | (150) |
Net other comprehensive income to be reclassified to profit or loss in subsequent years | 407 | (466) | (72) |
Other comprehensive income not to be reclassified to profit or loss in subsequent years : | |||
Re-measurement gains (losses) on defined benefit plans | (46) | 120 | 215 |
Net other comprehensive income not to be reclassified to profit or loss in subsequent years | (46) | 120 | 215 |
Total other comprehensive income (loss) | 361 | (346) | 143 |
Total comprehensive income (loss) | (25,799) | (25,133) | (27,259) |
Attributable to: | |||
Shareholders of the parent | (25,799) | (25,133) | (27,259) |
Non-controlling interests | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position € in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Non-current assets: | |||
Property, plant and equipment | $ 6,992,000 | $ 6,659,000 | $ 7,116,000 |
Intangible assets | 9,562,000 | 7,707,000 | 5,255,000 |
Deposits and other receivables | 402,000 | 332,000 | 345,000 |
Available for sale financial assets | 353,000 | 310,000 | 321,000 |
Total non-current assets | 17,309,000 | 15,008,000 | 13,037,000 |
Current assets: | |||
Inventories | 7,376,000 | 8,693,000 | 4,065,000 |
Trade receivables | 20,926,000 | 15,285,000 | 16,497,000 |
Prepaid expenses and other receivables | 4,214,000 | 3,172,000 | 3,170,000 |
Recoverable value added tax | 688,000 | 470,000 | 541,000 |
Research tax credit receivable | 3,248,000 | 1,902,000 | 2,865,000 |
Deposit | 347,000 | 345,000 | 393,000 |
Cash and cash equivalents | 2,948,000 | 20,202,000 | 8,288,000 |
Total current assets | 39,747,000 | 50,069,000 | 35,819,000 |
Total assets | 57,056,000 | 65,077,000 | 48,856,000 |
Equity: | |||
Issued capital, euro 0.02 nominal value, 80,024,707 shares issued and outstanding at December 31, 2017 (75,030,078 and 59,166,741 at December 31, 2016 and 2015, respectively) | 2,031,000 | 1,923,000 | 1,568,000 |
Share premium | 204,952,000 | 189,029,000 | 165,536,000 |
Other capital reserves | 33,313,000 | 28,257,000 | 16,864,000 |
Accumulated deficit | (235,712,000) | (209,553,000) | (184,766,000) |
Other components of equity | (436,000) | (796,000) | (450,000) |
Total equity (deficit) | 4,148,000 | 8,860,000 | (1,248,000) |
Non-current liabilities: | |||
Government grant advances and loans | 5,030,000 | 5,144,000 | 5,385,000 |
Convertible debt and accrued interest | 17,063,000 | 16,338,000 | 8,984,000 |
Provisions | 1,532,000 | 1,306,000 | 1,396,000 |
Other liabilities | 52,000 | 22,000 | 3,267,000 |
Deferred revenue | 1,293,000 | 1,940,000 | 1,940,000 |
Total non-current liabilities | 24,970,000 | 24,750,000 | 20,972,000 |
Current liabilities: | |||
Trade payables | 13,023,000 | 18,358,000 | 9,498,000 |
Interest-bearing financing of receivables | 7,413,000 | 7,712,000 | 6,472,000 |
Government grant advances and loans | 1,592,000 | 601,000 | 916,000 |
Convertible debt embedded derivative | 0 | 0 | 6,091,000 |
Finance lease obligations | 0 | 0 | 12,000 |
Other current liabilities | 5,138,000 | 4,415,000 | 4,604,000 |
Deferred revenue | 740,000 | 335,000 | 1,222,000 |
Provisions | 32,000 | 46,000 | 317,000 |
Total current liabilities | 27,938,000 | 31,467,000 | 29,132,000 |
Total equity and liabilities | $ 57,056,000 | $ 65,077,000 | $ 48,856,000 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - € / shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of financial position [abstract] | |||
Nominal value (euro per share) | € 0.02 | € 0.02 | € 0.02 |
Shares issued (in shares) | 80,024,707 | 75,030,078 | 59,166,741 |
Shares outstanding (in shares) | 80,024,707 | 75,030,078 | 59,166,741 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Deficit) Statement - USD ($) $ in Thousands | Total | Ordinary shares | Share premium | Other capital reserves | Accumulated deficit | Cumulative translation adjustments | Accumulated other comprehensive income (loss) |
Beginning balance (in shares) at Dec. 31, 2014 | 59,144,741 | ||||||
Beginning balance at Dec. 31, 2014 | $ 25,115 | $ 1,568 | $ 165,507 | $ 15,997 | $ (157,363) | $ (2) | $ (592) |
Loss for the year | (27,402) | (27,402) | |||||
Re-measurement gains (losses) on defined benefit plans | 215 | 215 | |||||
Foreign currency translation | (150) | (150) | |||||
Net gain (loss) on cash flow hedge | 78 | 78 | |||||
Total comprehensive income (loss) | (27,259) | (27,402) | (150) | 293 | |||
Issue of shares in connection with the exercise of options and warrants (in shares) | 22,000 | ||||||
Issue of shares in connection with the exercise of options and warrants | 29 | 29 | |||||
Transaction costs | 0 | ||||||
Share-based payment | $ 867 | 867 | |||||
Ending balance (in shares) at Dec. 31, 2015 | 59,166,741 | 59,166,741 | |||||
Ending balance at Dec. 31, 2015 | $ (1,248) | $ 1,568 | 165,536 | 16,864 | (184,765) | (152) | (299) |
Loss for the year | (24,787) | (24,787) | |||||
Re-measurement gains (losses) on defined benefit plans | 120 | 120 | |||||
Foreign currency translation | (375) | (375) | |||||
Net gain (loss) on cash flow hedge | (91) | (91) | |||||
Total comprehensive income (loss) | (25,133) | (24,787) | (375) | 29 | |||
Issue of shares in connection with the exercise of options and warrants (in shares) | 187,901 | ||||||
Issue of shares in connection with the exercise of options and warrants | 279 | $ 4 | 275 | ||||
Transaction costs | (2,296) | (2,296) | |||||
Share-based payment | 1,122 | 1,122 | |||||
Issue of shares in connection with the public offering of September 2016 (Note 12) (in shares) | 15,675,436 | ||||||
Issue of shares in connection with the public offering of June 2017 (Note 12) | 25,865 | $ 351 | 25,514 | ||||
Reclassification of embedded derivative of convertible debts | $ 10,271 | 10,271 | |||||
Ending balance (in shares) at Dec. 31, 2016 | 75,030,078 | 75,030,078 | |||||
Ending balance at Dec. 31, 2016 | $ 8,860 | $ 1,923 | 189,029 | 28,257 | (209,552) | (527) | (270) |
Loss for the year | (26,160) | (26,160) | |||||
Re-measurement gains (losses) on defined benefit plans | (46) | (46) | |||||
Foreign currency translation | 212 | 212 | |||||
Net gain (loss) on cash flow hedge | 195 | 195 | |||||
Total comprehensive income (loss) | (25,799) | (26,160) | 212 | 149 | |||
Issue of shares in connection with the exercise of options and warrants (in shares) | 618,871 | ||||||
Issue of shares in connection with the exercise of options and warrants | 966 | $ 10 | 956 | ||||
Transaction costs | (1,489) | (1,489) | |||||
Share-based payment | 1,638 | 1,638 | |||||
Issue of shares in connection with the public offering of September 2016 (Note 12) (in shares) | 4,312,500 | ||||||
Issue of shares in connection with the public offering of June 2017 (Note 12) | 16,387 | $ 96 | 16,291 | ||||
Conversion of convertible debt (in shares) | 63,258 | ||||||
Conversion of convertible debt (Note 12) | 167 | $ 2 | 165 | ||||
Convertible debt amendments (Note 14.1) | $ 3,418 | 3,418 | |||||
Ending balance (in shares) at Dec. 31, 2017 | 80,024,707 | 80,024,707 | |||||
Ending balance at Dec. 31, 2017 | $ 4,148 | $ 2,031 | $ 204,952 | $ 33,313 | $ (235,712) | $ (315) | $ (121) |
Statements of Cash Flow
Statements of Cash Flow - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | |||
Profit (Loss) before income taxes | $ (25,860) | $ (24,503) | $ (27,085) |
Non-cash adjustment to reconcile income (loss) before tax to net cash used in operating activities: | |||
Amortization and impairment of property, plant and equipment | 2,760 | 3,080 | 3,408 |
Amortization and impairment of intangible assets | 2,815 | 2,215 | 1,867 |
Share-based payment expense | 1,638 | 1,122 | 867 |
Increase (Decrease) in provisions | 165 | (240) | 152 |
Interest expense, net | 4,612 | 3,686 | 1,516 |
Convertible debt amendments | 322 | 0 | 0 |
Change in fair value of convertible debt embedded derivative | 0 | 1,583 | 2,036 |
Other financial expenses | 0 | 83 | 145 |
Foreign exchange loss (gain) | 561 | (18) | (340) |
Loss on disposal of property, plant and equipment | 0 | 2 | 5 |
Working capital adjustments: | |||
Decrease (Increase) in trade receivables and other receivables | (7,084) | 705 | (9,091) |
Decrease (Increase) in inventories | 1,317 | (4,628) | 5,134 |
Decrease (Increase) in research tax credit receivable | (1,087) | 963 | 578 |
Increase (Decrease) in trade payables and other liabilities | (5,939) | 2,354 | 2,041 |
Increase (Decrease) in deferred revenue | (242) | (737) | 2,848 |
Decrease in government grant advances | (2,271) | (1,030) | (170) |
Income tax paid | (333) | (226) | (312) |
Net cash flow used in operating activities | (28,626) | (15,589) | (16,401) |
Investing activities: | |||
Purchase of intangible assets and property, plant and equipment | (4,232) | (5,368) | (5,097) |
Capitalized development expenditures | (2,190) | (22) | (386) |
Sale (Purchase) of financial assets | (113) | 24 | 345 |
Increase (Decrease) of short-term deposit | (2) | 48 | (233) |
Interest received | 60 | 48 | 26 |
Net cash flow used in investments activities | (6,477) | (5,270) | (5,345) |
Financing activities: | |||
Public equity offering proceeds, net of transaction costs paid | 14,898 | 23,569 | 0 |
Proceeds from issue of warrants and exercise of stock options/warrants, net of transaction costs | 966 | 279 | 29 |
Proceeds (repayment of) from interest-bearing receivables financing | (299) | 1,240 | 4,339 |
Proceeds from interest-bearing research project financing | 2,716 | 1,021 | 0 |
Proceeds from government loans, net of transaction cost | 0 | 0 | 2,134 |
Proceeds from convertible debt, net of transaction cost | 0 | 6,932 | 11,572 |
Repayment of government loans | (116) | 0 | 0 |
Repayment of borrowings and finance lease liabilities | 0 | (12) | (183) |
Interest paid | (327) | (251) | (181) |
Net cash flows from financing activities | 17,838 | 32,778 | 17,710 |
Net increase (decrease) in cash and cash equivalents | (17,265) | 11,919 | (4,036) |
Net foreign exchange difference | 11 | (5) | (5) |
Cash and cash equivalent at January 1 | 20,202 | 8,288 | 12,329 |
Cash and cash equivalents at period end | $ 2,948 | $ 20,202 | $ 8,288 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Corporate information | Corporate information Sequans Communications S.A. (“Sequans”) is organized as a limited liability company (“ société anonyme ”) incorporated and domiciled in the Republic of France, with its principal place of business at 15-55 boulevard Charles de Gaulle, 92700 Colombes, France. Sequans, together with its subsidiaries (the “Company”), is a leading fabless designer, developer and supplier of 4G semiconductor solutions for wireless broadband applications. The Company’s semiconductor solutions incorporate baseband processor and radio frequency transceiver integrated circuits along with its proprietary signal processing techniques, algorithms and software stacks. |
Summary of significant accounti
Summary of significant accounting and reporting policies | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Summary of significant accounting and reporting policies | Summary of significant accounting and reporting policies Basis of preparation The Consolidated Financial Statements are presented in U.S. dollars. These Consolidated Financial Statements for the year ended December 31, 2017 have been prepared on a going concern assumption. The Company’s internal cash forecast is built from sales forecasts by products and by customer and assumes a stable operating cost structure. Taking into account forecasted operating cash flow, government funding of research programs and proceeds from expected financing activities (from institutional or strategic investors, or from the capital markets) management believes that Company’s existing cash and cash equivalents plus cash generated from these activities will be sufficient at least for the 12 months following December 31, 2017 . As disclosed in Note 23, "Events after the reporting date", the Company raised net proceeds of $20.9 million from a capital increase in January 2018. Should these net proceeds and other existing sources of financing not be sufficient to fund operating activities, the Company expects to be able to obtain additional funding through one or more possible licenses, business partnerships or other similar arrangements, equity offerings, debt financing, or a combination of the above. The Company cannot guarantee if or when any such transactions will occur or whether they will be on satisfactory terms. The Company’s failure to raise financing as and when needed could have a negative impact on its financial condition and its ability to pursue its business strategies. If adequate funds are not available, the Company may be required to reduce its current level of expenses and investments. Statement of compliance The Consolidated Financial Statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”) and whose application is mandatory for the year ended December 31, 2017 . Comparative figures are presented for December 31, 2015 and 2016 . The accounting policies are consistent with those of the same period of the previous financial year, except for the changes disclosed in Note 2.2 to the Consolidated Financial Statements. The Consolidated Financial Statements of the Company for the years ended December 31, 2015 , 2016 and 2017 have been authorized for issue in accordance with a resolution of the board of directors on March 27, 2018 . Basis of consolidation The Consolidated Financial Statements comprise the financial statements of Sequans Communications S.A., which is the ultimate parent of the group, and its subsidiaries at December 31, 2017 : Name Country of incorporation Year of incorporation % equity interest Sequans Communications Ltd. United Kingdom 2005 100 Sequans Communications Inc. United States 2008 100 Sequans Communications Ltd. Pte. Singapore 2008 100 Sequans Communications Israel (2009) Ltd. Israel 2010 100 The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions, income and expenses and profits and losses resulting from intra-group transactions are eliminated in full. The subsidiaries have been fully consolidated from their date of incorporation. Changes in accounting policy and disclosures New and amended standards and interpretations The accounting policies used in 2017 are consistent with those of the previous financial year, except for the following new and amended IFRS and IFRIC interpretations effective as of January 1, 2017 : • Amendments to IAS 7: Disclosure Initiative The amendments to IAS 7 require companies to provide information about changes in liabilities arising from financial activities, including changes from cash flows and non-cash changes (such as foreign exchange gains or losses). • Amendments to IAS12: Recognition of deferred tax assets for unrealized losses The amendments to IAS 12 clarifies how to account for deferred tax assets related to debt instruments measured at fair value. • Annual improvement to IFRS (Cycle 2014 - 2016) This improvement relate to IFRS 12 : Disclosure of Interests in Other Entities The adoption of these new standard and interpretations had no impact on the Company's financial statements. Standards issued but not yet effective Standards and interpretations issued but not yet effective up to the date of issue of the Company’s Consolidated Financial Statements are listed below. The Company intends to adopt these standards when they become effective: • IFRS 9 - Financial Instruments: Classification and Measurement In July 2014, the IASB issued IFRS 9 (Financial Instruments). Effective January 1, 2018, IFRS 9 will replace the currently applicable standards on the presentation, recognition and measurement of financial instruments (IAS 32 and IAS 39). IFRS 9 covers three key issues: classification and measurement, impairment, and hedge accounting. It also provides a new credit risk recognition model (using the expected losses approach versus the incurred losses approach), in particular regarding accounts receivable. The standard is mandatorily applicable to annual reporting periods beginning on or after January 1, 2018. The Company is currently assessing the impacts of IFRS 9. • IFRS 15 - Revenue from contracts with customers IFRS 15 was issued in May 2014 and establishes a new five-step model that will apply to revenue arising from contracts with customers. Under IFRS 15 revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The principles in IFRS 15 provide a more structured approach to measuring and recognizing revenue. The new revenue standard is applicable to all entities and will supersede all current revenue recognition requirements under IFRS. Either a full or modified retrospective application is required for annual periods beginning on or after January 1, 2018 with early adoption permitted. The Company is currently assessing the impacts of IFRS 15 and intends to apply the modified retrospective application method. • IFRS 16 - Leases In January 2016, the IASB issued IFRS 16 (Leases), which aligns the accounting treatment of operating leases of lessees with that already applied to finance leases (i.e. recognition in the balance sheet of a liability for future lease payments, and of an asset for the Sequans Communications S.A. associated rights of use). Application of IFRS 16 will also require a change in the presentation of lease expenses both in the income statement (i.e. depreciation and interest expense) and in the statement of cash flows (the amount allocated to repayment of the liability will be reported as a cash outflow from financing activities, while the amount allocated to the asset will be reported as a cash outflow from investing activities). IFRS 16 is applicable to annual reporting periods beginning on or after January 1, 2019. The Company is currently assessing the impacts of IFRS 16. • Amendments to IFRS2: Classification and measurement of share-based payment transactions The amendments clarify how to account for certain types of share-based payment transactions. The amendments provide requirements on the accounting for the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments, share-based transactions with a net settlement feature for withholding tax obligations, and a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity settled. These amendments will be effective for annual periods commencing on or after January 1, 2018. The Company is currently assessing the impact of these amendments. • Annual Improvements to IFRS (2014-2016) They include improvements to IAS 28 : Investments in associates and joint ventures, which will be effective from annual periods commencing on or after January 1, 2018 and are not expected to have a significant impact on the Company’s financial statements. • IFRIC 22 Foreign Currency Transactions and Advance Considerations IFRIC Interpretation 22 addresses the exchange rate to use in transactions that involve advance considerations paid or received in a foreign currency. The interpretation will be effective from annual periods commencing on or after January 1, 2018. The Company is currently assessing the impact of this interpretation. • IFRIC 23 Uncertainty over Income Tax Treatments This Interpretation clarifies how to apply the recognition and measurement requirements in IAS 12 when there is uncertainty over income tax treatments. The interpretation will be effective from annual periods commencing on or after January 1, 2019. The Company is currently assessing the impact of this interpretation. • Amendments to IFRS9: Prepayments with negative compensation features The amendments clarify how to classify particular pre-payable financial assets and how to account financial liabilities following a modification. These amendments will be effective for annual period commencing on or after January 1, 2019. The Company is currently assessing the impact of these amendments. • A mendments to IAS 28: Investments in associates and joint ventures which will be effective from annual periods commencing on or after January 1, 2019 and are not expected to have a significant impact on the Company’s financial statements. • Annual Improvements to IFRS (2015-2017), including amendments to IFRS 3 : Business Combinations, amendments to IAS 12 : Income Taxes, and amendments to IAS 23 : Borrowing Costs, applicable from annual periods commencing on or after January 1, 2019. The Company is currently assessing the impact of these improvements. Summary of significant accounting policies Functional currencies and translation of financial statements denominated in currencies other than the U.S. dollar The Consolidated Financial Statements are presented in U.S. dollars, which is also the functional currency of Sequans Communications S.A. The Company uses the U.S. dollar as its functional currency due to the high percentage of revenues, cost of revenue, capital expenditures and operating costs, other than those related to headcount and overhead, which are denominated in U.S. dollars. Each subsidiary determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. As at the reporting date, the assets and liabilities of each subsidiary are translated into the presentation currency of the Company (the U.S. dollar) at the rate of exchange in effect at the Statement of Financial Position date and their Statement of Operations are translated at the weighted average exchange rate for the reporting period. The exchange differences arising on the translation are taken directly to a separate component of equity (“Cumulative translation adjustments”). Foreign currency transactions Foreign currency transactions are initially recognized by Sequans Communications S.A. and each of its subsidiaries at their respective functional currency rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange in effect at the reporting date. All differences are taken to the Consolidated Statement of Operations within financial income or expense. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the initial transactions. The table below sets forth, for the periods and dates indicated, the average and closing exchange rate for the U.S. dollar (USD) to the euro (EUR), the U.K. pound sterling (GBP), the Singapore dollar (SGD) and the New Israeli shekel (NIS): USD/EUR USD/GBP USD/SGD USD/NIS December 31, 2015 Average rate 1.1096 1.5285 0.7278 0.2573 Closing rate 1.0887 1.4834 0.7062 0.2563 December 31, 2016 Average rate 1.1066 1.3555 0.7244 0.2605 Closing rate 1.0541 1.2312 0.6919 0.2604 December 31, 2017 Average rate 1.1293 1.2885 0.7244 0.2780 Closing rate 1.1993 1.3518 0.7484 0.2880 Earnings (loss) per share Basic earnings (loss) per share amounts are computed using the weighted average number of shares outstanding during each period. Diluted earnings per share include the effects of dilutive options and warrants as if they had been exercised. Revenue recognition The Company’s total revenue consists of product revenue and other revenue. Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured and when the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue is measured at the fair value of the consideration received, excluding sales taxes or duty. The following specific recognition criteria must also be met before revenue is recognized: Product revenue Substantially all of the Company’s product revenue is derived from the sale of semiconductor solutions for 4G wireless broadband applications. Revenue from the sale of products is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer, whether direct end customer, end customer's manufacturing partner or distributor, and when no continuing managerial involvement to the degree usually associated with ownership nor effective control over the sale of products is retained, which usually occurs on shipment of the goods. Products are not sold with a right of return but are covered by warranty. Although the products sold have embedded software, the Company believes that software is incidental to the products it sells. Other revenue Other revenue consists of the sale of licenses to use the Company’s technology solutions and fees for the associated annual software maintenance and support services, as well as the sale of technical support and development services. Development services include advanced technology development services for technology partners and product development and integration services for customers, and wireless operators. Revenue from the sale of licenses is recognized when (i) there is a legally binding arrangement with the customer, (ii) the software has been delivered (assuming no other significant obligations exist), (iii) collection of the resulting receivable is probable and (iv) the amount of fees is fixed or determinable. If any of these criteria are not met, revenue recognition is deferred until such time as all of the criteria are met. If the contract for a licensing agreement includes a clause allowing for free updates if and when available and if fair value for this post-contract customer support cannot be determined at the time the contract is signed, the revenue is recognized over the life of the contract. Revenue from the sale of software maintenance and support services is recognized over the period of the maintenance (generally one year). When the first year of maintenance is included in the software license price, an amount equal to the negotiated rate for one year of maintenance is deducted from the value of the license and recognized as revenue over the period of maintenance as described above. The difference between license and maintenance services invoiced and the amount recognized in revenue is recorded as deferred revenue. Revenue from technical support and development services is generally recognized using the percentage-of-completion method when the outcome of the contract can be estimated reliably. This occurs when total contract revenue and costs can be estimated reliably and it is probable that the economic benefits associated with the contract will flow to the Company and the stage of contract completion can be measured. In certain circumstances, when no incremental costs exist, revenue is recognized based on the achievement of contract milestones. The costs associated with these arrangements are recognized as incurred. Revenue from development contracts where no related incremental costs were identified amounted to $1,321,000 for the year ended December 31, 2017 ( $3,684,000 in 2016 and $2,636,000 in 2015). In the case of multiple arrangements, the Company evaluates each component to determine whether they represent separate units of accounting, each with its own separate earnings process, and its relative fair value. Cost of revenue Cost of product revenue includes all direct and indirect costs incurred with the sale of products, including shipping and handling. Cost of other revenue includes incremental costs incurred to support the obligations covered by development services contracts (mainly employees and subcontractors costs). Research and development costs associated with product development (including normal customer support which generates product improvement) are recorded in research and development expenses. Research and development costs Research costs are expensed as incurred. Development costs are recognized as an intangible asset if the Company can demonstrate: • the technical feasibility of completing the intangible asset so that it will be available for use or sale; • its intention to complete the asset and use or sell it; • its ability to use or sell the asset; • how the asset will generate future economic benefits; • the availability of adequate resources to complete the development and to use or sell the asset; and • the ability to measure reliably the expenditure during development. The asset is tested for impairment annually. Prior to January 1, 2015, all research and development costs were charged directly to expense in the Statement of Operations. Beginning in the year ended December 31, 2015, some development costs met the criteria for capitalization and have been recorded as intangible assets. (See Note 8 to the Consolidated Financial Statements). Beginning in 2015, certain development costs incurred at the end of the product development cycle when the criteria for capitalization are met, became material as the Company began making its product available on more operator networks which require significant testing and qualification work in order to finalize the product for sale on that network. Beginning in 2017, the Company capitalized costs related to the development of the chipsets for LTE Category M, the Monarch and Monarch 2. Research and development costs associated with product development (including normal customer support which generates product improvements) are recorded in operating expense. In some cases, the Company has negotiated agreements with customers and partners whereby the Company provides certain development services beyond its normal practices or planned product roadmap. Amounts received from these agreements are recorded in other revenue. Incremental costs incurred by the Company as a result of the commitments in the agreements are recorded in cost of other revenue. Other research and development costs related to the projects covered by the agreements, but which would have been incurred by the Company without the existence of such agreements are recorded in research and development expense. Government grants, loans and research tax credits The Company operates in certain jurisdictions which offer government grants or other incentives based on the qualifying research expense incurred or to be incurred in that jurisdiction. These incentives are recognized as the qualifying research expense is incurred if there is reasonable assurance that all related conditions will be complied with and the grant will be received. When the grant relates to an expense item, it is recognized as a reduction of the related expense over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Any cash received in advance of the expenses being incurred is recorded as a liability. Some long-term research projects are also financed through low-interest forgivable loans. The present value of forgivable loans is calculated based on expected future payments discounted using interest rate applied for standard loans with the same maturity. The difference between present value and amount received is accounted for as a grant. Where loans or similar assistance provided by governments or related institutions are interest-free, the present value is calculated based on expected future payments discounted using interest rate applied for standard loans with same maturity. The difference between present value and amount received is accounted for as a grant. The Company also benefits from research incentives in the form of tax credits which are detailed in Note 4.4 to the Consolidated Financial Statements. When the incentive is available only as a reduction of taxes owed, such incentive is accounted for as a reduction of tax expense; otherwise, it is accounted for as a government grant with the benefit recorded as a reduction of research and development costs, whether capitalized or expensed. Financial income and expense Financial income and expense include: • interest expense related to financial debt (financial debt consists of finance-lease liabilities, accounts receivable financing, the debt component of convertible debt and government loans, and a supplier payable with extended payment terms); • other expenses paid to financial institutions for financing operations; • foreign exchange gains and losses • changes in fair value of financial assets and liabilities • impact of convertible debt amendments. The Company reflects foreign exchange gains and losses related to hedges (through derivatives) of euro-based operating expenses in operating expenses. Taxation Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences, except with respect to taxable temporary differences associated with investments in subsidiaries where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry forwards of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forwards of unused tax credits and unused tax losses can be utilized. Deferred tax is computed based on the temporary difference that exists between the tax and accounting basis for non-monetary items. The carrying amount of deferred income tax assets is reviewed at the reporting date and adjusted to the extent that it is probable that sufficient future taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the statement of financial position date. Deferred income tax relating to items recognized directly in equity is recognized in equity. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right of offset exists. Value added tax Revenue, expenses and assets are recognized net of the amount of value added tax except: • where the value added tax incurred on a purchase of assets or services is not recoverable from the tax authorities, in which case the value added tax is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable; and • receivables and payables that are stated with the amount of value added tax included. Value added tax recoverable consists of value added tax paid by the Company to vendors and suppliers located in the European Union and recoverable from the tax authorities. Value added tax recoverable is collected on a quarterly basis. Inventories Inventories consist primarily of the cost of semiconductors, including wafer fabrication, assembly, testing and packaging; components; and modules purchased from subcontractors. Inventories are valued at the lower of cost (determined using the weighted average cost method) or net realizable value (estimated market value less estimated cost of completion and the estimated costs necessary to make the sale). The Company writes down the carrying value of its inventories for estimated amounts related to the lower of cost or net realizable value, obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated net realizable value. The estimated net realizable value of the inventory is based on historical usage and assumptions about future demand, future product purchase commitments, estimated manufacturing yield levels and market conditions on a product-by-product basis. When the circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in net realizable value because of changed economic circumstances, the amount of the write-down is reversed (i.e. the reversal is limited to the amount of the original write-down) so that the new carrying amount is the lower of the cost and the revised net realizable value. Financial assets Receivables Receivables are initially recognized at fair value, which in most cases approximates the nominal value as the Company does not grant payment terms beyond normal business conditions. If there is any subsequent indication that those assets may be impaired, they are reviewed for impairment. Any difference between the carrying value and the impaired value (present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the receivable’s original effective interest rate) is recorded in operating income (loss). If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor’s credit rating), the previously recognized impairment loss is reversed. In that case, the reversal of the impairment loss is reported in operating income (loss). Short-term investments Short-term investments are financial instruments with an initial maturity of greater than 90 days, but less than one year, and are reported as current financial assets. Deposits Deposits are reported as non-current financial assets (loans and receivables) when their initial maturity is more than twelve months. Cash and cash equivalents Cash and cash equivalents in the Consolidated Statements of Financial Position includes cash at banks, term deposits and money market funds, which correspond to highly liquid investments readily convertible to known amounts of cash and subject to an insignificant risk of change in value. Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment loss. Depreciation is computed using the straight-line method over the estimated useful lives of each component. The useful lives most commonly used are the following: Machinery and equipment 3 to 5 years Building and leasehold improvements Lesser of 6 years or the life of the lease Computer equipment 3 years Furniture and office equipment 5 years Impairment tests are performed whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If any indication exists, the Company estimates the asset’s recoverable amount, which is the higher of the fair value less cost to sell and the value in use. Where the carrying amount exceeds that recoverable amount, the asset is considered impaired and it is written down to its recoverable amount. Depreciation expense is recorded in cost of revenue or operating expenses, based on the function of the underlying assets. Intangible assets Intangible assets, primarily purchased licenses for development or production technology and tools, as well as standard-related patent licenses and development costs meeting the criteria for capitalization, are stated at cost less accumulated amortization and any accumulated impairment loss. Amortization is computed using the straight-line method over the estimated useful life of each component. Acquired licenses are amortized over their contractual life or five years in the case of perpetual licenses. Capitalized development costs are generally amortized over periods ranging from 3 to 5 years, representing the expected life of the related technology. Useful lives are reviewed on a regular basis and changes in estimates, when relevant, are accounted for on a prospective basis. The amortization expense is recorded in cost of revenue or operating expenses, based on the function of the underlying assets. Impairment tests are performed whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If any indication exists, the Company estimates the asset’s recoverable amount, which is the higher of the fair value less cost to sell and the value in use. Where the carrying amount exceeds that recoverable amount, the asset is considered impaired and it is written down to its recoverable amount. Leases Finance leases, which transfer to the Company substantially all the risks and benefits incidental to ownership of the leased item, are capitalized at the commencement of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the interest expense and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Leased assets are depreciated over the shorter of the estimated useful life of the asset and the lease term, if there is no reasonable certainty that the Company will obtain ownership by the end of the lease term. Operating lease payments are recognized as an expense in the Statement of Operations on a straight line basis over the lease term. Costs of Public Offerings Incremental costs directly attributable to the equity transaction are recorded as a deduction from equity. Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event for which it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in operating income (loss) net of any reimbursement. Provisions include the provision for pensions and post-employment benefits. Pension funds in favor of employees are maintained in France, the United Kingdom, Singapore, the United States and Israel, and they comply with the respective legislation in each country and are financially independent of the Company. The pension funds are generally financed by employer and employee contributions and are accounted for as defined contribution plans with the employer contributions recognized as expense as incurred. There are no actuarial liabilities in connection with these plans. French law also requires payment of a lump sum retirement indemnity to employees based on years of service and annual compensation at retirement. Benefits do not vest prior to retirement. This defined benefit plan is self-funded by the Company. It is calculated as the present value of estimated future benefits to be paid, applying the projected unit credit method whereby each period of |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2017 | |
Operating segments [Abstract] | |
Segment information | Segment information The Company has one operating segment, which is the design and marketing of semiconductor components for 4G broadband wireless systems. All information required to be disclosed under IFRS 8 Operating Segments is shown in the Consolidated Financial Statements and these associated Notes. Sales to external customers disclosed below are based on the geographical location of the customers. The following table sets forth the Company’s total revenue by region for the periods indicated. The Company categorizes its total revenue geographically based on the location to which it invoices. Europe, Middle East, Africa Americas Asia Total (in thousands) Year ended December 31, 2015 Total revenue Sales to external customers $ 3,635 $ 3,954 $ 24,943 $ 32,532 Year ended December 31, 2016 Total revenue Sales to external customers $ 5,593 $ 6,669 $ 33,317 $ 45,579 Year ended December 31, 2017 Total revenue Sales to external customers $ 5,641 $ 10,045 $ 32,577 $ 48,263 The substantial majority of the Company’s non-current assets are held by the parent company, Sequans Communications S.A. and located in France. See Note 19.3 to these Consolidated Financial Statements for information about major customers. |
Other revenues and expenses
Other revenues and expenses | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Other revenues and expenses | Other revenues and expenses Financial income and expenses Financial income: Year ended December 31, 2015 2016 2017 (in thousands) Income from short-term investments and term deposits and other finance revenue $ 26 $ 48 $ 60 Foreign exchange gain 1,769 2,069 2,027 Total financial income $ 1,795 $ 2,117 $ 2,087 Financial expenses: Year ended December 31, 2015 2016 2017 (in thousands) Interests on loans and finance leases $ 1,401 $ 3,212 $ 4,153 Interests on supplier payable with extended payment terms — 411 213 Other bank fees and financial charges 141 111 306 Other financial expenses 145 83 — Convertible debt amendments — — 322 Change in the fair value of convertible debt embedded derivative 2,036 1,583 — Foreign exchange loss 1,520 1,476 3,428 Total financial expenses $ 5,243 $ 6,876 $ 8,422 For the year ended December 31, 2017 , interest on loans and finance leases included $4,094,000 related to convertible debts issued in 2016 and 2015 and government loans granted in 2015 ( $3,039,000 and $1,350,000 for the year ended December 31, 2016 and 2015 , respectively). (See Note 14.1 to the Consolidated Financial Statements). The net foreign exchange loss of $1,401,000 for the year ended December 31, 2017 (2016: net foreign exchange gain of $593,000 ; 2015: net foreign exchange gain $249,000 ) arises primarily from euro-based monetary liabilities. For the year ended December 31, 2017, net expense of $322,000 was recognized related to the convertible debt amendments (see Note 14.1 to the Consolidated Financial Statements). For the years ended December 31, 2016 and 2015, expenses of $1,583,000 and $2,036,000 , respectively, were recognized, related to the change in fair value of the convertible debt embedded derivative. (See Note 14.1 to the Consolidated Financial Statements). Other financial expenses of $83,000 and $145,000 for the years ended December 31, 2016 and 2015, respectively, correspond to costs related to the embedded derivative. Cost of revenue and operating expenses The tables below present the cost of revenue and operating expenses by nature of expense : Year ended December 31, Note 2015 2016 2017 (in thousands) Included in cost of revenue: Cost of components $ 15,343 $ 20,277 $ 22,137 Depreciation and impairment 7 905 1,270 1,037 Amortization of intangible assets 8 — 157 157 Wages and benefits 1,571 2,374 2,233 Share-based payment expense 13 17 11 7 Assembly services, royalties and other 1,615 1,507 1,551 $ 19,451 $ 25,596 $ 27,122 Year ended December 31, Note 2015 2016 2017 (in thousands) Included in operating expenses (between gross profit and operating result): Depreciation and impairment 7 $ 2,472 $ 1,811 $ 1,723 Amortization of intangible assets 8 1,897 2,057 2,658 Wages and benefits 20,436 22,615 26,044 Share-based payment expense 13 850 1,111 1,631 Foreign exchange gains and losses related to hedges of euro 296 12 99 Other, net 10,767 12,121 8,511 $ 36,718 $ 39,727 $ 40,666 Employee benefits expense Year ended December 31, Note 2015 2016 2017 (in thousands) Wages and salaries $ 16,555 $ 18,996 $ 21,535 Social security costs and other payroll taxes 5,219 5,805 6,584 Other benefits 93 100 58 Pension costs 140 88 100 Share-based payment expenses 13 867 1,122 1,638 Total employee benefits expense $ 22,874 $ 26,111 $ 29,915 The amount recognized as an expense for defined contributions plans amounts to $1,230,000 for the year ended December 31, 2017 ( $957,000 and $1,077,000 for the years ended December 31, 2015 and 2016 , respectively). Research and development expense and tax credit receivable The research tax credit in France is deducted from corporate income taxes due; if taxes due are not sufficient to cover the full amount of the credit, the balance is received in cash three years later (one year later if the Company is below certain size criteria). Total research tax credit receivable as of December 31, 2017 is $3,056,000 , relating to tax credits receivables for 2017 , which are expected to be recovered in 2018 in cash. The Company also has research tax credits available in the United Kingdom. In May 2015, the United Kingdom tax authorities made inquiries regarding the calculation method used in 2014 and discussions with the authorities were ongoing at December 31, 2015. As described in Note 16 to the Consolidated Financial Statements, the Company had decided to record a provision for risk related to the 2014 tax credit and had opted to calculate the 2015 tax credit using a less favorable regime pending outcome of the inquiry. In 2016, the audit was concluded and the final assessment was not significantly different from the provision. In the years ended December 31, 2015 and 2016 the costs capitalized related mainly to operator certification. In the year ended December 31, 2017, the Company capitalized costs related to the development of the chipsets for LTE Category M, the Monarch and Monarch 2. The reduction of research and development expense from government grants, research tax credit and development costs capitalized was as follows: Year ended December 31, 2015 2016 2017 (in thousands) Research and development costs $ 29,528 $ 30,022 $ 33,318 Research tax credit (2,658 ) (1,962 ) (3,345 ) Government and other grants (1,179 ) (1,704 ) (3,072 ) Development costs capitalized (*) (386 ) (22 ) (1,931 ) Amortization of capitalized development costs — — 232 Total research and development expense $ 25,305 $ 26,334 $ 25,202 (*) Net of Research tax credit for $259,000 for the year ended December 31, 2017. |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income tax | Income tax The major components of income tax expense are: Year ended December 31, 2015 2016 2017 (in thousands) Consolidated Statement of Operations Current income tax $ 311 $ 272 $ 273 Deferred income tax 6 12 27 Income tax expense reported in the Consolidated Statement of Operations $ 317 $ 284 $ 300 A reconciliation of income taxes computed at the French statutory rate ( 34.43% from the year ended December 31, 2015 , 2016 and 2017 ) to the income tax expense (benefit) is as follows: Year ended December 31, 2015 2016 2017 (in thousands) Profit (loss) before income taxes $ (27,085 ) $ (24,503 ) $ (25,860 ) At France’s statutory income tax rate of 34.43% (9,325 ) (8,436 ) (8,904 ) Non-deductible share-based payment expense 299 386 564 Tax credits (915 ) (676 ) (1,152 ) Unrecognized benefit of tax loss carryforwards and permanent differences 10,258 9,010 9,792 Income tax expense reported in the Consolidated Statement of Operations $ 317 $ 284 $ 300 As of December 31, 2017 the Company had accumulated tax losses which arose in France of $244,918,000 that are available for offset against future taxable profits of Sequans Communications S.A within a limit of one million euro per year, plus 50% of the profit exceeding this limit. Remaining unapplied losses would continue to be carried forward indefinitely. Deferred tax assets were recognized in 2015 , 2016 and 2017 only to the extent that deferred tax liabilities existed in the same jurisdiction. |
Earnings (loss) per share
Earnings (loss) per share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Earnings (loss) per share | Earnings (loss) per share Basic earnings (loss) per share amounts are calculated by dividing net income (loss) for the year attributable to all shareholders of the Company by the weighted average number of all shares outstanding during the year. Diluted earnings per share amounts are calculated by dividing the net earnings attributable to equity holders of the Company by the weighted average number of shares outstanding during the year plus the weighted average number of shares that would be issued on the exercise of all the dilutive stock options and warrants, and upon vesting of restricted stock awards as well as conversion of convertible debt. Dilution is defined as a reduction of earnings per share or an increase of loss per share. As the exercise of all outstanding stock options and warrants as well as vesting as restricted stock awards and conversion of convertible debt, would decrease loss per share, they are considered to be anti-dilutive and excluded from the calculation of loss per share. The following reflects the income and share data used in the basic and diluted earnings (loss) per share computations: Year ended December 31, 2015 2016 2017 (in thousands, except share and per share data) Profit (Loss) $ (27,402 ) $ (24,787 ) $ (26,160 ) Weighted average number of shares outstanding for basic EPS 59,144,905 63,805,442 77,668,404 Net effect of dilutive stock options — — — Net effect of dilutive warrants — — — Net effect of vesting of restricted stock — — — Net effect of conversion of convertible notes — — — Weighted average number of shares outstanding for diluted EPS 59,144,905 63,805,442 77,668,404 Basic earnings (loss) per share $ (0.46 ) $ (0.39 ) $ (0.34 ) Diluted earnings (loss) per share $ (0.46 ) $ (0.39 ) $ (0.34 ) |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment include: Leasehold improvements Plant and equipment IT and office equipment Total (in thousands) Cost: At January 1, 2015 $ 1,313 $ 23,522 $ 4,300 $ 29,135 Additions — 1,713 85 1,798 Disposals — (4 ) (1 ) (5 ) Exchange difference (14 ) (64 ) (19 ) (97 ) At December 31, 2015 1,299 25,167 4,365 30,831 Additions 34 2,549 78 2,661 Disposals — (345 ) (643 ) (988 ) Exchange difference (30 ) (221 ) (51 ) (302 ) At December 31, 2016 1,303 27,150 3,749 32,202 Additions 9 2,979 58 3,046 Disposals (87 ) (4,327 ) (81 ) (4,495 ) Exchange difference 17 111 35 163 At December 31, 2017 $ 1,242 $ 25,913 $ 3,761 $ 30,916 Depreciation and impairment: At January 1, 2015 375 16,103 3,914 20,392 Depreciation charge for the year 208 2,904 296 3,408 Disposals — (1 ) (1 ) (2 ) Exchange difference (5 ) (40 ) (38 ) (83 ) At December 31, 2015 578 18,966 4,171 23,715 Depreciation charge for the year 214 2,678 189 3,081 Disposals — (346 ) (641 ) (987 ) Exchange difference (9 ) (140 ) (117 ) (266 ) At December 31, 2016 783 21,158 3,602 25,543 Depreciation charge for the year 226 2,405 129 2,760 Disposals (87 ) (4,327 ) (81 ) (4,495 ) Reclassification 275 326 (601 ) — Exchange difference 16 60 40 116 At December 31, 2017 $ 1,213 $ 19,622 $ 3,089 $ 23,924 At January 1, 2015 $ 938 $ 7,419 $ 386 $ 8,743 At December 31, 2015 721 6,201 194 7,116 At December 31, 2016 520 5,992 147 6,659 At December 31, 2017 $ 29 $ 6,291 $ 672 $ 6,992 The cost of equipment purchased under capital leases included in tangible assets totaled $346,000 at December 31, 2015. Accumulated amortization of this equipment totaled $337,000 at December 31, 2015. There was no equipment purchased under capital leases at December 31, 2016 and 2017 . |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets [Abstract] | |
Intangible assets | Intangible assets Intangible assets include: Licenses and other intangible assets (in thousands) Cost: At January 1, 2015 $ 13,272 Additions 3,686 Disposals — Exchange difference (12 ) At December 31, 2015 16,946 Additions 4,836 Disposals (3,620 ) Exchange difference (47 ) At December 31, 2016 18,115 Additions 4,641 Disposals (64 ) Exchange difference 23 At December 31, 2017 $ 22,715 Depreciation and impairment: At January 1, 2015 9,832 Amortization 1,867 Disposals — Exchange difference (8 ) At December 31, 2015 11,691 Amortization 2,215 Disposals (3,468 ) Exchange difference (30 ) At December 31, 2016 10,408 Amortization 2,815 Disposals (64 ) Exchange difference (6 ) At December 31, 2017 $ 13,153 Net book value: At January 1, 2015 $ 3,440 At December 31, 2015 5,255 At December 31, 2016 7,707 At December 31, 2017 $ 9,562 Prior January 1, 2015, the only intangible assets recorded in the Consolidated Statements of Financial Position were acquired licenses for technology used primarily in the product development process, as no development costs had been capitalized. For the years ended December 31, 2015, 2016 and 2017, the Company identified certain external development costs that met the criteria for capitalization (see note 4.4 ), in addition to the acquisition of technology licenses. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Inventories | Inventories At December 31, 2015 2016 2017 (in thousands) Components $ 1,486 $ 4,686 $ 2,964 Finished goods (at lower of cost or net realizable value) 5,519 6,975 5,035 Total inventories at cost $ 7,005 $ 11,661 $ 7,999 Depreciation of components (at cost) $ 268 $ 277 $ 30 Depreciation of finished goods 2,672 2,691 593 Total depreciation $ 2,940 $ 2,968 $ 623 Components, net $ 1,218 $ 4,409 $ 2,934 Finished goods, net 2,847 4,284 4,442 Total net inventories $ 4,065 $ 8,693 $ 7,376 In the year ended December 31, 2015, the Company decided to depreciate its remaining WiMAX finished goods inventory as the previously anticipated demand from identified customers and projects was canceled, reduced or delayed. This resulted in a provision of $760,000 included in the Consolidated Statements of Operations in “Cost of product revenue.” In the year ended December 31, 2016, there was no significant change in the provision on components and finished goods. In the year ended December 31, 2017, all the WiMAX inventory, fully depreciated in previous years, was physically scrapped, resulting in a provision reversal of $2,755,000 . The Company also depreciated the value of inventory for one LTE product for which units on hand were in excess of the units needed to serve the expected demand for identified customers and projects. This resulted in a provision of $199,000 . The Company further depreciated $265,000 in 2017 related to goods damaged during production over the course of the year, and is expected to be recovered from a manufacturing supplier and has been recorded in the Consolidated Statement of Financial Position as Prepaid Expenses and Other Receivables. |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade receivables | Trade receivables Trade receivables are non-interest bearing and are generally on 30 - 90 day payment terms. At December 31, 2015 2016 2017 (in thousands) Trade receivables $ 16,345 $ 14,427 $ 18,754 Unbilled revenue 740 1,624 3,467 Unissued credit notes — (138 ) (485 ) Provisions on trade receivables (588 ) (628 ) (810 ) Net trade receivables $ 16,497 $ 15,285 $ 20,926 The movements in the provision for impairment of receivables were as follows: December 31, 2015 2016 2017 (in thousands) At January 1, $ 1,965 $ 588 $ 628 Charge for the year 15 40 182 Utilized amounts (1,392 ) — — At year end $ 588 $ 628 $ 810 As at year end, the aging analysis of trade receivables that were not impaired is as follows: Total Neither past due nor Impaired Past due but not impaired <30 days 30-60 days 60-120 days >120 days (in thousands) At December 31, 2015 $ 16,497 $ 12,589 $ 3,520 $ 138 $ 250 $ — At December 31, 2016 $ 15,285 $ 12,995 $ 412 $ 374 $ 1,494 $ 10 At December 31, 2017 $ 20,926 $ 12,746 $ 4,771 $ 1,036 $ 1,673 $ 700 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents At December 31, 2015 2016 2017 (in thousands) Cash at banks $ 2,408 $ 8,765 $ 2,039 Cash equivalents 5,880 11,437 909 Cash and cash equivalents $ 8,288 $ 20,202 $ 2,948 Cash at banks earns no interest. Cash equivalents in money market funds are invested for short-term periods depending on the immediate cash requirements of the Company, and earn interest at market rates for short-term investments. The fair value of cash and cash equivalents is equal to book value. Most of the cash and cash equivalents is held in U.S. dollar and euros as follows: At December 31, 2015 2016 2017 (in thousands) U.S. dollar denominated accounts $ 7,352 $ 19,122 $ 1,343 Euro denominated accounts 826 949 1,503 GBP denominated accounts 15 23 30 SGP denominated accounts 31 53 16 NIS denominated accounts 25 36 11 RMB denominated accounts 18 2 21 Other currencies denominated accounts 21 17 24 Cash and cash equivalents $ 8,288 $ 20,202 $ 2,948 |
Issued capital and reserves
Issued capital and reserves | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Issued capital and reserves | Issued capital and reserves The share capital of Sequans Communications S.A. is denominated in euros, as required by law in France. Any distributions to shareholders are denominated in euros. Amounts of capital and reserves presented in the Consolidated Statements of Financial Position in U.S. dollars have been translated using historical exchange rates. Authorized capital, in number of shares Authorized capital includes all shares issued as well as all potential shares which may be issued upon exercise of stock options, founders warrants, other warrants and restricted share awards, or which the shareholders have otherwise authorized for specific capital increases. At December 31, 2017 , authorized capital was 139,359,831 ordinary shares with a nominal of 0.02 each ( 93,277,508 and 98,462,155 ordinary shares at December 31, 2015 and 2016 , respectively). There is one category of authorized shares: ordinary shares. Shares issued and fully paid At December 31, 2015 2016 2017 Shares Amount Shares Amount Shares Amount (in thousands, except for share data) Ordinary shares 59,166,741 € 1,183 75,030,078 € 1,501 80,024,707 € 1,597 Converted to U.S. dollars at historical exchange rates $ 1,568 $ 1,923 $ 2,031 Other capital reserves Other capital reserves include the accumulated share-based payment expense as of period end, the counterpart of which is in retained earnings (deficit) as the expense is reflected in profit and loss, as well as the fair value of the convertible debt embedded derivatives at the time of conversion rate was fixed in 2016, and the change in fair value of the conversion options at resulting from the 2017 amendments. Dividend rights Dividends may be distributed from the statutory retained earnings and additional paid-in capital, subject to the requirements of French law and the by-laws of Sequans Communications S.A. There were no distributable retained earnings at December 31, 2015 , 2016 or 2017 . Dividend distributions by the Company, if any, will be made in euros. Capital transactions On May 9, 2017, a holder of convertible notes issued in 2016 with a principal value of $160,000 converted the debt, plus accrued interest of $11,594 into a total of 63,258 ordinary shares. $1,380 was recorded in share capital in the Consolidated Statement of Financial Position and $165,114 in share premium. On June 16, 2017, the Company increased its capital in connection with a public offering by issuing 4,312,500 ordinary shares (including 562,500 shares from the underwriters' over-allotment option) at $3.80 per share. The total offering amounted to $16,387,500 . Accordingly, issued capital in the Consolidated Statement of Financial Position was increased by $96,246 recorded in share capital and $16,291,254 in share premium. Costs directly attributable to the equity transaction amounting to approximately $1.5 million were deducted from the share premium. On September 16, 2016, the Company increased its capital in connection with a public offering by issuing 15,151,520 ordinary shares at $1.65 per share. On October 7, 2016, the underwriters purchased an additional 523,916 ordinary shares at the public offering price. The total offering amounted to $25,864,486 . Accordingly, issued capital in the Consolidated Statement of Financial Position was increased by $350,456 recorded in share capital and $25,514,030 in share premium. Costs directly attributable to the equity transaction amounting to approximately $2.3 million were deducted from the share premium. In the years ended December 31, 2015 , 2016 and 2017 , ordinary shares were issued upon exercise of options and warrants as described in Note 13 to the Consolidated Financial Statements. |
Share-based payment plans
Share-based payment plans | 12 Months Ended |
Dec. 31, 2017 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based payment plans | Share-based payment plans The expense recognized for employee and other services received during the year ended December 31, 2017 and arising from equity-settled share-based payment transactions was $1,638,000 ( 2015 : $867,000 ; 2016 : $1,122,000 ). Of this total, $24,000 in 2017 ( 2015 : $13,000 ; 2016 : $14,000 ), related to warrants plans for consultants considered equivalent to employees. The share-based payment plans are described below. There have been no cancellations or modifications to any of the plans during the years ended December 31, 2015 , 2016 or 2017 . General employee stock option, founders warrant plans and restricted shares awards All employees of the French parent company and its subsidiaries are entitled to a grant of stock options or restricted shares awards. Founders warrants were granted to residents of France prior to the Company’s IPO. Founders warrants are a specific type of option available to qualifying young companies in France and had more favorable tax treatment for both the employee and the employer compared to stock options. Otherwise, founders warrants function in the same manner as stock options. In general, vesting of the founders warrants and stock options occurs over four years , with 25% vesting after the first anniversary of grant and the remaining 75% vesting monthly over the remaining 36 months. Restricted shares awards (RSA) vest over four years , with either 25% vesting after the 1 -year anniversary of the grant and the remaining 75% of the grant vesting quarterly over the remaining 3 years, or with 50% vesting after the 2 -year anniversary of the grant and the remaining 50% vesting quarterly over the remaining 2 years. From time to time, vesting of founders warrants, stock options and restricted shares may be linked to employee performance with different vesting periods. Restricted shares may be sold only beginning two years after the date of grant. All expenses related to these plans have been recorded in the Consolidated Statement of Operations in the same line items as the related employees’ cash-based compensation. Warrant plans for certain consultants considered equivalent to employees The Company awards warrants to a limited number of consultants who have long-term relationships with the Company and who are considered equivalent to employees. Vesting may be either on a monthly basis over a two -year, three -year or four -year period, or may be immediate, depending on the nature of the service contract. All expenses related to these plans have been recorded in the Consolidated Statements of Operations in the same line items as the related service provider’s cash-based compensation. Founders warrants, stock options, warrants and restricted share awards give the right to acquire ordinary shares. Following completion of the initial public offering of the Company’s shares, the exercise price for options and warrants is based on the closing market price on the date of grant. There is no exercise price for restricted share awards; the beneficiary receives title to the underlying ordinary shares with no cash payment at the end of the vesting period. In general, the contractual life of the founders warrants, stock options and warrants is ten years. There are no cash settlement alternatives and the Company has not developed a practice of cash settlement. Movements in the periods presented The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, founders warrants, stock options and warrants during the period: December 31, 2015 2016 2017 Number WAEP Number WAEP Number WAEP Outstanding at January 1, 6,455,048 $ 3.93 7,428,931 $ 3.58 7,177,500 $ 3.55 Granted during the year 1,321,850 $ 1.74 643,350 $ 2.07 230,000 $ 3.39 Forfeited during the year (325,967 ) $ 3.01 (317,880 ) $ 2.97 (336,365 ) $ 4.75 Exercised during the year (1) (22,000 ) $ 1.70 (187,901 ) $ 1.53 (431,790 ) $ 2.28 Expired during the year — (389,000 ) $ 3.12 (441,497 ) $ 3.25 Outstanding at period end 7,428,931 $ 3.58 7,177,500 $ 3.55 6,197,848 $ 3.59 Of which, warrants for consultants equivalent to employees 369,798 $ 3.38 404,798 $ 3.23 151,500 $ 3.29 Exercisable at period end 4,691,741 $ 4.69 5,049,015 $ 4.28 4,900,052 $ 3.90 Of which, warrants for consultants equivalent to employees 360,798 $ 3.44 360,215 $ 3.41 131,917 $ 3.51 ________________________ (1) The weighted average share estimated fair value at the dates of exercise of these options was $3.49 in 2017 , $2.21 in 2016 and $1.73 in 2015 . The following table illustrates the number of, and movements in, restricted shares awards (RSA) during the period: December 31, 2015 2016 2017 Outstanding at January 1, — — 634,720 Granted during the year — 634,720 1,002,650 Forfeited during the year — — (15,200 ) Vested during the year — — (155,004 ) Outstanding at period end — 634,720 1,467,166 Prior to the initial public offering in April 2011, exercise prices were denominated in euros. Since the IPO, exercise prices are denominated in U.S. dollars. Euro-denominated exercise prices have been converted to U.S. dollars at the historical exchange rate for purposes of presentation in this table. The weighted average remaining contractual life of founders warrants, stock options and warrants outstanding as at December 31, 2017 was 6.0 years ( 2016 : 6.7 years; 2015 : 6.3 years). The range of exercise prices, with euro-denominated exercise prices converted to U.S. dollars at the year-end exchange rate, for founders warrants, stock options, and warrants outstanding at December 31, 2017 , 2016 and 2015 was $1.20 — $8.50 . The weighted average fair value of founders warrants, stock options and warrants granted during the year ended December 31, 2017 was €1.52 ( 2016 : €0.97 ; 2015 : €0.84 ). The weighted average fair value of the restricted shares awards granted during the year ended December 31, 2017 was €2.15 (2016: €1.65 ; 2015: no grant)The fair value is measured at the grant date. The following table lists the inputs to the models used for determining the value of the grants made for the years ended December 31, 2015 , 2016 and 2017 : December 31, 2015 2016 2017 Dividend yield (%) — — — Expected volatility (%) 68 - 70 63 - 69 63 - 64 Risk–free interest rate (%) 0.34 - 0.87 0.00 - 0.47 0.43 Assumed annual lapse rate of awards (%) 10 10 (5 for RSA) 10 for RSA 2 for stock options, warrants and a limited group of beneficiaries Sell price multiple (applied to exercise price) 2 2 2 Weighted average share price (€) 1.59 1.76 2.30 Model used Binomial Binomial Binomial For the years ended December 31, 2017 , 2016 and 2015 the expected volatility assumption has been based on the Company’s volatility. Founders warrants, stock options and warrants can be exercised during a period after the vesting date until the plan terminates. In the pricing model, the assumption was made that plan participants will exercise before the end of the exercise period if the share price reaches a certain multiple of the exercise price. If a sell-price multiple of 3 instead of 2 had been used (no impact on the restricted shares) and if the weighted average share price used in the pricing model had been decreased by 10% , share-based payment total compensation for founders warrants, stock options, warrants and restricted shares awards granted through December 31, 2017 would have decreased by approximately (8.73)% ( 2016 : 7.09% ; 2015 : 3.57% ). The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not necessarily be the actual outcome. |
Interest-bearing loans and borr
Interest-bearing loans and borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Interest-bearing loans and borrowings | Interest-bearing loans and borrowings At December 31, Note 2015 2016 2017 (in thousands) Current Convertible debt embedded derivative 14.1 $ 6,091 $ — $ — Finance lease obligation 14.2 12 — — Interest-bearing receivables financing 14.3 6,472 7,712 7,413 Total current portion $ 12,575 $ 7,712 $ 7,413 Non-current Convertible debt and accrued interest 14.1 $ 8,984 $ 16,338 $ 17,063 Total non-current portion $ 8,984 $ 16,338 $ 17,063 As of December 31, 2017 , the Company had no drawn or undrawn committed borrowing or overdraft facilities in place. Convertible debt On April 14, 2015, the Company entered into a convertible note agreement with Nokomis Capital, L.L.C., one of the Company’s existing shareholders, regarding the issuance and sale of a convertible note in the principal amount of $12 million (the “2015 note”), which note shall be convertible into the Company’s American Depositary Shares (“ADSs”), each representing one ordinary share, nominal value €0.02 per share, at a conversion rate of 540.5405 ADSs for each $1,000 principal amount of the 2015 note, subject to certain adjustments, which equates to an initial conversion price of $1.85 per ADS. On October 30, 2017, the convertible note was amended to extend the term from April 14, 2018 to April 14, 2019. On April 27, 2016, the Company entered into a convertible note agreement with Nokomis Capital, L.L.C. and two other financial institutions (the “Holders”) regarding the issuance and sale of convertible notes in the aggregate principal amount of $7.16 million (the “2016 notes”), which are convertible into the Company’s ADS. The initial conversion price of the 2016 notes was $2.7126 per ADS. On October 30, 2017, the convertible note was amended to extend the term from April 27, 2019 to April 27, 2020. In addition, the conversion price was decreased from $2.71 to $2.25 . The 2015 note and the 2016 notes (together, “the Notes”) are unsecured obligation of the Company, will mature on the third anniversary of the issuance dates and are not redeemable prior to maturity at the option of the Company. The accreted principal amounts of the notes are convertible at any time or times on or after the issuance dates until maturity, in whole or in part, subject to certain adjustments for significant corporate events, including dilutive issuances, dividends, stock splits and other similar events. Interest accrues on the unconverted portion of the notes at the rate of 7% per year, paid in kind annually on the anniversaries of the issuance of the Notes. The notes also provide for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the notes to become or to be declared due and payable. In the event of a recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company’s assets or other transaction, which in each case results in the Company’s shareholders receiving stock, securities or assets with respect to or in exchange for their ADSs or ordinary shares, the holders shall elect, at their option, either (a) to require the Company to repurchase for cash the entire accreted principal amount of the Notes or (b) to convert the Notes in their entirety. The notes contain customary ongoing covenants of the Company. In addition, the notes provide that the Company will not grant a consensual security interest or pledge its personal property assets to a third party lender (with certain limited exceptions) during the time that the notes are outstanding. Any amendment or waiver of the terms of the notes requires the affirmative consent of the holders. Due to the potential adjustment of the conversion rate of the 2015 note during the first twelve months of the term under certain conditions, and of the 2016 notes during the period beginning on April 28, 2016 and ending on May 12, 2016, the notes were accounted for as compound financial instruments with two components: • A liability component reflecting the Company’s contractual obligation to pay interest and redeem the bonds in cash; and • An embedded derivative, which is the Holders’ call option whereby the Company can be required to issue a number of shares in exchange for notes at a rate which may vary during the first twelve months after issuance of the 2015 Note and during the period beginning on April 28, 2016 and ending on May 12, 2016 for the 2016 Notes. The initial fair value of the Notes was split between these two components. The fair value of the liability component on the issuance date represents the fair value of a similar liability that does not have an associated equity conversion feature, calculated as the net present value of contractually determined future cash flows, discounted at the rate of interest applied by the market at the time of issue to instruments of comparable credit status and providing substantially the same cash flows, on the same terms, but without the conversion option. The Company has used 24.26% as the market rate of interest in order to value the liability component of the 2015 note and 25.69% for the 2016 notes. The embedded derivatives of the notes were valued using the Black-Scholes valuation model. On April 14, 2015, the initial fair value of the embedded derivative of the 2015 note was calculated to be $4,055,000 . The change in fair value was remeasured and recorded as financial income or loss at each balance sheet date and on the date on which the conversion price became fixed: April 14, 2016. At December 31, 2015, the recalculated fair value was $6,091,000 and the change of this fair value of $2,036,000 for the year ended December 31, 2015 was recorded in the Consolidated Statement of Operations. On April 14, 2016, when the conversion rate of the 2015 notes was fixed, the fair value of the embedded derivative was calculated to be $8,324,000 . The change in fair value was recorded as financial expense for $2,233,000 in the year ended December 31, 2016 and the fair value of the embedded derivative was transferred from liabilities to Other Capital Reserves in shareholders’ equity. Following the extension of the term, the change in fair value of the conversion option before and after the amendment was calculated to be $2,120,000 and was recorded as financial expense and in Other Capital Reserves in shareholders’ equity. The debt component on October 30, 2017 was re measured to take into account the new term using the effective interest rate calculated at the date of issue of each convertible note. The debt was reduced by an amount of $1,994,000 recorded in financial income. The fair value of the embedded derivative of the 2016 notes on the issuance date of April 27, 2016 was calculated to be $2,597,000 and was recalculated to be $1,947,000 when the conversion rate of the 2016 Notes was fixed on May 12, 2016. The change in fair value was recorded as financial income for $650,000 in the year ended December 31, 2016 and the value of the embedded derivative as of May 12, 2016 was transferred from liabilities to Other Capital Reserves in shareholders’ equity. Following the extension of the term and the decrease of the conversion price, the change in fair value of the conversion option before and after the amendment was calculated to be $1,298,000 and was recorded as financial expense and in Other Capital Reserves in shareholders’ equity. The debt component on October 30, 2017 was re measured to take into account the new term using the effective interest rate calculated at the date of issue of each convertible note. The debt was reduced by an amount of $1,103,000 recorded in financial income. The net impact of the October 30, 2017 amendments of the convertible notes recorded in financial expense amounted to $322,000 . On May 9, 2017, a holder of convertible notes issued in 2016 with a principal value of $160,000 converted the debt, plus accrued interest of $11,594 into a total of 63,258 ADS. Finance lease obligation In June 2012, the Company entered into a finance lease agreement with a French financial institution whereby the Company had the possibility to finance acquisitions of qualifying equipment with a total purchase price of up to €1,500,000 ( $1,918,000 ), through finance leases which are reimbursed over a 36 -month period at an effective rate of interest of 4.6% . The finance lease obligation was secured by pledged money market funds with the financial institution equal to one-third of the original principal financed. This agreement expired February 28, 2013. The outstanding debt was secured by $51,000 at December 31, 2015 in pledged money market funds, which was included in available-for-sale financial assets. The finance lease obligations were paid in full by December 31, 2016. Interest-bearing financing of receivables In June 2014, the Company entered into a factoring agreement with a French financial institution whereby a line of credit was made available equal to 90% of the face value of accounts receivable from product sales to qualifying customers. In July 2017, the Company signed an amendment to the initial agreement to include financing of accounts receivable from service revenue. The Company transfers to the finance company all invoices issued to qualifying customers, and the customers are instructed to settle the invoices directly with the finance company. The Company pays a commission on the face value of the accounts receivable submitted and interest at the rate of 1.20% (LIBOR 3 months + 0.75% ) in 2015 and 1.60% (LIBOR 3 months + 1% ) from September 30, 2016 on any draw-down of the resulting line of credit. In the event that the customer does not pay the invoice within 60 days of the due date, the receivable is excluded from the line of credit, and recovery becomes the Company’s responsibility. At December 31, 2017 , $7,413,000 ( $7,712,000 at December 31, 2016 and $6,472,000 at December 31, 2015 ) had been drawn on the line of credit and recorded as a current borrowing. |
Government grant advances and l
Government grant advances and loans | 12 Months Ended |
Dec. 31, 2017 | |
Government Grants [Abstract] | |
Government grant advances and loans | Government grant advances and loans December 31, Note 2015 2016 2017 (in thousands) Current Government grant advances 15.1 $ 916 $ 390 $ 93 Research project financing 15.2 — — 899 Government loans 15.3 — 211 600 Total current portion $ 916 $ 601 $ 1,592 Non-current Government grant advances 15.1 $ 587 $ 197 $ 350 Research project financing 15.2 2,889 3,223 2,946 Government loans 15.3 1,851 1,571 1,353 Accrued interest 15.2 58 153 381 Total non-current portion $ 5,385 $ 5,144 $ 5,030 Government grant advances In 2015, the Company was named as a participant in two new collaborative projects with funding of €816,000 ( $909,000 ), which were released to the Consolidated Statement of Operations over the two years-life of the projects. In 2016, the Company was named as a participant in one new collaborative project with funding of €121,000 ( $131,000 ), which is expected to be released to the Consolidated Statement of Operations over the life of the project, estimated to be between one and four years. In 2017, the Company was named as a participant in one new collaborative project with funding of €349,000 ( $386,000 ) which is expected to be released to the Consolidated Statement of Operations over the life of the project, estimated to be between one and two years. Research project financing In October 2014, Bpifrance, one of the Company’s shareholders and the financial agency of the French government, provided funding to the Company in the context of a long-term research project, estimated to be completed over a 3 -year period. In December 2016, Bpifrance and the Company signed an amendment to extend the period from three to four years. The total funding remains unchanged and amounts to €6,967,000 ( $8,988,000 ) comprising a portion in the form of a grant ( €2,957,000 or $3,815,000 ) and a portion in the form of a forgivable loan ( €4,010,000 or $5,173,000 ). The funding will be paid in three installments: the first tranche at the contract signature date, the second and the third installments after milestones defined in the contract. The grant is recognized as a reduction of research and development expense when corresponding expense is incurred. The forgivable loan advance will be repaid, except if the project is a commercial failure, from June 30, 2018 to June 30, 2020 and bears interests at a 1.53% fixed contractual rate. The difference between the amount of grant received and the present value amounted to a reduction of $115,000 in the debt carrying value, with such difference being amortized over the contract period. In the event of commercial success, and sales of the product developed under this program are in excess of €350 million ( $425 million ) during a period of three years, then the Company shall pay for three consecutive years after the date of the termination of the refund a bonus to Bpifrance of 1% of annual revenues generated by products issued from the project (up to a maximum of €350,000,000 or $419,755,000 over a period of ten years). In January 2016, Bpifrance provided funding to the Company for a new long-term research project, estimated to be completed over a 27 -month period. The total of the funding amounts to €2,095,000 ( $2,288,000 ) comprising a portion in the form of a grant ( €668,000 or $729,000 ) and a portion in the form of a forgivable loan ( €1,427,000 or $1,558,000 ). The funding will be paid in four installments: the first tranche at the contract signature date, the second, the third and the fourth installments after milestones defined in the contract. The grant is recognized as a reduction of research and development expense when corresponding expense is incurred. The forgivable loan advance will be repaid, except if the project is a commercial failure, from July 1, 2019 to July 1, 2023 and bears interests at a 1.17% fixed contractual rate. The difference between the amount of grant received and the present value of future payments discounted using interest rate applied for standard loans with similar maturity amounted to a reduction of $30,000 in the debt carrying value, with such difference being amortized over the contract period. In the event of commercial success, and sales of the product developed under this program are in excess of €3 million ( $3.3 million ), then the Company shall pay for 4 consecutive years after the date of the termination of the refund 13% of the revenues generated by the sales of the products or services (up to a maximum of €600,000 , or $655,000 , over a period of 10 years). In 2016, the Company received payments for the two foregoing projects of €342,000 ( $379,000 ) as grant and €594,000 ( $642,000 ) as forgivable loan. In 2017, the Company received payments for one project €176,000 ($207,000) as grant and for the two projects €2,132,000 ($2,509,000) as forgivable loan. No funds were received from the Bpifrance projects in 2015. The estimated market rate of interest applied in 2017, 2016 and 2015 was between 1.80% and 2.30% . Accrued interest of $159,000 was recorded as of December 31, 2017 ( $83,000 as of December 2016 and $46,000 as of December 31, 2015 ). Government loans In September 2015, the Company received two loans from Bpifrance for a total amount of €2,000,000 ( $2,228,000 ). One loan of €1,000,000 bears interest at 5.24% per year, paid quarterly; the second loan of €1,000,000 is interest-free. The interest-free loan has been revalued using the 5.24% interest rate payable on the other loan. Both loans have seven year terms with the principal being amortized on a quarterly basis beginning in June 2017. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2017 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Provisions | Provisions Post- employment benefits Others Total Current Non current (in thousands) At January 1, 2015 $ 893 $ 883 $ 1,776 $ 548 $ 1,228 Arising (released) during the year (165 ) 670 505 — — Released (used) during the year — (467 ) (467 ) — — Released (unused) during the year — (101 ) (101 ) — — At December 31, 2015 728 985 1,713 317 1,396 Arising (released) during the year (29 ) 75 46 — — Released (used) during the year (11 ) (269 ) (280 ) — — Released (unused) during the year — (127 ) (127 ) — — At December 31, 2016 688 664 1,352 46 1,306 Arising (released) during the year 216 443 659 — — Released (used) during the year — (50 ) (50 ) — — Released (unused) during the year — (397 ) (397 ) — — At December 31, 2017 $ 904 $ 660 $ 1,564 $ 32 $ 1,532 The provision for post-employment benefits is for the lump sum retirement indemnity required to be paid to French employees. The comprehensive income for 2017 includes $46,000 of actuarial loss (actuarial gain of $120,000 in 2016 and actuarial gain of $215,000 in 2015 ). One employee has retired during the year ended December 31, 2016. No employee retired in 2015 or 2017. The main assumptions used in the calculation are the following: 2015 2016 2017 Discount rate 2.03% 1.31% 1.30% Salary increase 3% Between 1.5% and 3.5% Between 1.5% and 3.5% Retirement age 60-62 years 60-62 years 60-62 years Turnover: depending on the seniority 3.32%, nil as from 64 4.35%, nil as from 64 4.35%, nil as from 64 In May 2015, the Company was notified by the United Kingdom tax authorities of inquiries regarding the calculation method used in 2014 UK research tax credit. Based on the assessment of the potential exposure in this dispute, in the year ended December 31, 2015, the Company recorded a provision for risk related to the UK tax credit in the amount of £170,000 ( $252,000 ). In May 2016, the review was finalized and the assessment was not significantly different from the amount accrued. In 2014, the Company canceled a final shipment of components ordered from a supplier and was invoiced a contractual penalty of $507,000 . The Company had recorded the full amount as a provision, which was recorded in G&A expense. In the year ended December 31, 2015, the supplier and the Company came to an agreement to reduce this penalty to $402,000 and the amount was paid during 2015. At December 31, 2015 , 2016 and 2017 , “Other provisions” include primarily estimated royalty payments assessed on sales of modules to holders of patents which may be deemed as essential under the requirements of the LTE standard. The royalty provision is based on management’s judgment, taking into consideration the various legal decisions, articles, reports and industry discussions on the subject which were available, and is recorded in the cost of product revenue. The Company’s modules are considered as final products incorporating the full LTE function, and therefore may have royalties assessed on their sale; no royalties are accrued on the sales of chips as the full LTE functionality is not included in the chip. In the year ended December 31, 2017, the Company revised the estimated royalty provision and reduced provisions from 2015 and 2016 by a total of $397,000 (provisions from 2014 and 2015 reduced by $127,000 in the year ended December 31, 2016). |
Other non-current liabilities
Other non-current liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other non-current liabilities | Other non-current liabilities At December 31, 2015 2016 2017 (in thousands) Payables $ 3,257 $ — $ — Deferred tax 10 22 52 Total other non-current liabilities $ 3,267 $ 22 $ 52 Deferred revenue $ 1,940 $ 1,940 $ 1,293 In the year ended December 31, 2015, the Company signed a contract with a supplier for a total amount of €5,000,000 ( $5,368,000 ), to be paid in three installments in 2016 and 2017. The total debt was recorded for $4,744,000 corresponding to the discounted value calculated with an interest rate of 8.34% of which $3,257,000 was recorded as non-current liabilities and $1,487,000 as trade payables in 2015 as the first installment of €1,500,000 was due on December 31, 2016, the two others during the year ended 2017. At December 31, 2016 and 2017, the liability was recorded in trade payables. In December 2015, the Company entered into a contract with a customer for certain development services which resulted in the recognition of deferred revenues for $1,940,000 to be recognized on a straight-line basis over four years beginning when the customer’s product is certified by a major U.S. carrier. As revenues were expected to be recognized subsequent to December 31, 2017, these deferred revenues were presented as non–current liabilities as of December 31, 2016 and 2015. The certification occurred in September 2017 and therefore $121,000 was recognized as revenue in 2017, $485,000 of the deferred revenues has been classified as current as of December 31, 2017 and the remainder as non-current liabilities as of December 31, 2017. |
Trade payables and other curren
Trade payables and other current liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade payables and other current liabilities | Trade payables and other current liabilities At December 31, 2015 2016 2017 (in thousands) Trade payables $ 9,498 $ 18,358 $ 13,023 Other current liabilities: Employees and social debts 3,254 3,283 3,720 Others 1,350 1,132 1,418 Total other current liabilities $ 4,604 $ 4,415 $ 5,138 Deferred revenue $ 1,222 $ 335 $ 740 Terms and conditions of the above financial liabilities: • Trade payables are non-interest bearing and are generally settled on 30 -day terms. • Other payables, primarily accrued compensation and related social charges, are non-interest bearing. As of December 31, 2015, 2016 and 2017, trade payables included the current part of a supplier debt recorded at the discounted value and amounting to $1,487,000 , $5,061,000 and $2,399,000 , respectively (see note 17). The final installment of the supplier debt was settled in January 2018. As of December 31, 2015, 2016 and 2017, deferred revenue is related to maintenance revenue, recognized over the 12 -month maintenance period. In 2015 and 2017, in addition to deferred maintenance revenue, the Company recognized deferred revenue related to development services agreements. At December 31, 2015 and 2017, deferred development services revenue totaled $978,000 and $61,000 , respectively, which was expected to be recognized during the year ending December 31, 2016 and December 31, 2018, respectively. There was no deferred development services revenue at December 31, 2016. |
Information about financial ins
Information about financial instruments | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Information about financial instruments | Information about financial instruments Financial assets and liabilities Carrying amount Fair value December 31, December 31, 2015 2016 2017 2015 2016 2017 (in thousands) Financial assets: Trade and other receivables Trade receivables $ 16,497 $ 15,285 $ 20,926 $ 16,497 $ 15,285 $ 20,926 Loans and other receivables Deposits 345 332 402 345 332 402 Available for sale instruments Long-term investments 321 310 353 321 310 353 Cash, cash equivalents and short-term investments 8,681 20,547 3,295 8,681 20,547 3,295 Total financial assets $ 25,844 $ 36,474 $ 24,976 $ 25,844 $ 36,474 $ 24,976 Total current $ 25,178 $ 35,832 $ 24,221 $ 25,178 $ 35,832 $ 24,221 Total non-current $ 666 $ 642 $ 755 $ 666 $ 642 $ 755 Financial liabilities: Interest-bearing loans and borrowings: Finance lease liability 12 — — 12 — — Interest-bearing receivables financing 6,472 7,712 7,413 6,472 7,712 7,413 Convertible debt and accrued expenses 8,984 16,338 17,063 8,984 16,115 16,309 Government loans 1,851 1,852 2,071 1,851 1,852 2,071 Research project financing 2,947 3,306 4,004 2,947 3,306 4,004 Trade and other payables (current and non current) 12,755 18,358 13,023 12,755 18,358 13,023 Financial instruments at fair value through other comprehensive income: Cash flow hedges 39 150 — 39 150 — Financial instruments at fair value through profit and loss: Convertible debt embedded derivative 6,091 — — 6,091 — — Total financial liabilities $ 39,151 $ 47,716 $ 43,574 $ 39,151 $ 47,493 $ 42,820 Total current $ 22,112 $ 26,431 $ 21,935 $ 22,112 $ 26,431 $ 21,935 Total non-current $ 17,039 $ 21,285 $ 21,639 $ 17,039 $ 21,062 $ 20,885 The carrying values of current financial instruments (cash and cash equivalents, short-term investments, trade receivables and trade and other payables, and interest-bearing receivables financing) approximate their fair values, due to their short-term nature. Available for sale long-term investments are primarily related to: • a bank guarantee secured by pledges of investments in money market funds issued in favor of the owners of leased office space to secure annual lease payments by the Company for its office space in Colombes; • bank credit lines used in connection with the purchase of hedging instruments and finance lease, also secured by pledged money market funds. Government loans received from the financial agency of the French government were recorded as financial instruments in compliance with IAS 20 Accounting for Government Grants and Disclosure of Government Assistance. The convertible debts are compound financial instruments. As described under Note 14.1, the fair value of the embedded derivative convertible debt was recalculated at the end of each reporting period until the related conversion prices were fixed. At December 31, 2016, as the conversion prices of both convertible debt issues had been fixed during the year, there was no longer any embedded derivative. Fair Value Hierarchy The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: • Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities • Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly • Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data As at December 31, 2015 , the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2015 Level 1 Level 2 Level 3 (in thousands) Available-for-sale instruments: Long-term investments $ 321 — $ 321 — Liabilities measured at fair value At December 31, 2015 Level 1 Level 2 Level 3 (in thousands) Financial instruments at fair value through other comprehensive income: Cash flow hedge $ (39 ) — $ (39 ) — Financial instruments at fair value through profit and loss: Convertible debt embedded derivative $ (6,091 ) — $ (6,091 ) — As at December 31, 2016 , the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2016 Level 1 Level 2 Level 3 (in thousands) Available-for-sale instruments: Long-term investments $ 310 — $ 310 — Liabilities measured at fair value At December 31, 2016 Level 1 Level 2 Level 3 (in thousands) Financial instruments at fair value through other comprehensive income: Cash flow hedge $ (150 ) — $ (150 ) — As at December 31, 2017 , the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2017 Level 1 Level 2 Level 3 (in thousands) Available-for-sale instruments: Long-term investments $ 353 — $ 353 — Liabilities measured at fair value At December 31, 2017 Level 1 Level 2 Level 3 (in thousands) Financial instruments at fair value through other comprehensive income: Cash flow hedge $ 72 — $ 72 — Financial instruments at fair value The Company uses financial instruments, including derivatives such as foreign currency forward and options contracts, to reduce the foreign exchange risk on cash flows from firm and highly probable commitments denominated in euros. The following tables present fair values of derivative financial instruments at December 31, 2015 , 2016 and 2017 . At December 31, 2015 Notional Amount Fair value (in thousands) Forward contracts (buy U.S dollars, sell euros) € 2,300 $ (38 ) Options (buy euros, sell U.S. dollars) 2,500 (1 ) Total € 4,800 $ (39 ) At December 31, 2016 Notional Amount Fair value (in thousands) Forward contracts (buy euros, sell U.S. dollars) € 5,750 $ (142 ) Options (buy euros, sell U.S. dollars) 1,500 (8 ) Total € 7,250 $ (150 ) At December 31, 2017 Notional Amount Fair value (in thousands) Forward contracts (buy euros, sell U.S. dollars) € 2,250 $ 53 Options (buy euros, sell U.S. dollars) 3,000 19 Total € 5,250 $ 72 The fair value of foreign currency related derivatives are included in the Consolidated Statement of Financial Position in “Other current financial liabilities” at December 31, 2015 and 2016 and in "Prepaid and other receivables" at December 31, 2017. The earnings impact of cash flow hedges relating to forecasted operating expense transactions is reported in operating expense. Realized and unrealized gains and losses on these instruments deemed effective for hedge accounting are deferred in accumulated other comprehensive income until the underlying transaction is recognized in earnings or the instruments are designated as hedges. During the year ended December 31, 2017 , the Company recorded a gain of $195,000 (loss of $91,000 and gain of $78,000 for the years ended December 31, 2016 and 2015 , respectively) in other comprehensive income related to the effective portion of the change in fair value of its cash flow hedges. During the year ended December 31, 2017 , the amount transferred from other comprehensive income to Consolidated Statement of Operations was a loss of $74,000 (losses of $44,000 and $309,000 during the year ended December 31, 2016 and 2015, respectively). During the years ended December 31, 2015 and 2017, the Company recognized net losses of $6,000 and $3,000 , respectively, related to the ineffective position of its hedging instrument. There was no ineffective portion of hedging instrument in the year ended December 31, 2016. The derivatives have maturity dates of less than 12 months. Management believes counterparty risk on financial instruments is minimal since the Company deals with major banks and financial institutions. The use of different estimations, methodologies and assumptions could have a material effect on the estimated fair value amounts. The methodologies are as follows: • Cash, cash equivalents, short-term investments, accounts receivable, accounts payable, other receivable and accrued liabilities: due to the short-term nature of these balances, carrying amounts approximate fair value. • Available for sale long-term investments are composed of debt-based mutual funds with traded market prices. Their fair values amounted to $321,000 , $310,000 and $353,000 at December 31, 2015 , 2016 and 2017 , respectively. • Foreign exchange forward and option contracts: the fair values of foreign exchange forward and option contracts were calculated using the market price that the Company would pay or receive to settle the related agreements, by reference to published exchange rates. Financial risk management objectives and policies The Company’s principal financial liabilities comprise trade payables (current and non-current), interest-bearing receivables financing, government loans and convertible debt. The Company has various financial assets such as trade receivables and cash and cash equivalents, which arise directly from its operations, as well as from capital increases. The main risks arising from the Company’s financial instruments are foreign currency risk, credit risk, interest rate risk and cash flow liquidity risk. The Board of Directors reviews and agrees policies for managing each of these risks which are summarized below. Foreign currency risk The Company faces the following foreign currency exposures: • Transaction risk arising from: • Operating activities, when revenues or expenses are denominated in different currencies from the functional currency of the entity carrying out these transactions. • Non derivative monetary financial instruments that are denominated and settled in a currency different from the functional currency of the entity which holds them. Nearly 100% of total revenues and approximately 89% of total cost of sales are denominated in U.S. dollars. However, as a result of significant headcount and related costs from operations in France, which are denominated and settled in euros (the “structural costs”), the Company has transactional currency exposures which can be affected significantly by movements in the US dollar/euro exchange rates. Approximately 57% of operating expense is denominated in euros. (See Note 19.2 regarding the hedging arrangement in progress as of December 31, 2017 ). If there were a 10% increase or decrease in exchange rate of the U.S. dollar to the euro, as measured using the Company's 2017 weighted average exchange rate of one euro = $1.1185 , the Company estimates the impact, in absolute terms, on operating expenses for the year ended December 31, 2017 would have been approximately $2.3 million . Credit risk The Company trades only with recognized, creditworthy third parties. It is the Company’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. The Company has subscribed to a credit insurance policy which provides assistance in determining credit limits and collection, in addition to some coverage of uncollectible amounts. In addition, receivable balances are monitored on an ongoing basis. The following table summarizes customers representing a significant portion of the Company’s total revenue: Customer Customer Location % of total revenues for the year ended December 31, Trade receivables at December 31, 2017 2016 2015 2017 2016 2015 A Taiwan 17 % 29 % — $ 5,352,000 $ 4,870,000 $ — B Taiwan 16 % Less than 10% — $ 4,060,000 $ — $ — C China Less than 10% 15 % 14 % $ 246,800 $ (100,000 ) $ 1,167,000 D China — Less than 10% 27 % $ — $ (3,000 ) $ 3,102,000 E Taiwan — — 16 % $ — $ — $ 2,222,000 With respect to credit risk arising from the other financial assets, which comprise cash and cash equivalents, the Company’s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. Nearly all cash and cash equivalents are held in France at two large and international banks. Vendor concentration risk Access to foundry capacity is critical to the Company’s operations as a fabless semiconductor company. The Company depends on a sole independent foundry in Taiwan to manufacture its semiconductor wafers. Liquidity risk The Company monitors its risk of a shortage of funds using a cash flow planning tool. This tool considers the maturity of both its financial investments and financial assets (e.g. accounts receivables, other financial assets) and projected cash flows from operations. Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years More than 5 years Total (in thousands) At December 31, 2015 Research project financing $ 1,132 $ — $ 330 $ 645 $ 840 $ — $ 2,947 Interest-bearing receivables financing 6,472 — — — — — 6,472 Government loans — 93 370 370 370 648 1,851 Convertible debt and accrued interests — — 8,984 — — — 8,984 Finance lease 39 — — — — — 39 Trade payables 9,498 3,257 — — — — 12,755 Other financial liabilities 4,604 — — — — — 4,604 $ 21,745 $ 3,350 $ 9,684 $ 1,015 $ 1,210 $ 648 $ 37,652 At December 31, 2016 Research project financing $ 1,376 $ 631 $ 742 $ 425 $ 19 $ 30 $ 3,223 Interest-bearing receivables financing 7,712 — — — — — 7,712 Government loans 167 376 373 370 368 198 1,852 Convertible debt and accrued interests — — 16,338 — — — 16,338 Trade payables 18,358 — — — — — 18,358 Other financial liabilities 4,415 — — — — — 4,415 $ 32,028 $ 1,007 $ 17,453 $ 795 $ 387 $ 228 $ 51,898 At December 31, 2017 Research project financing $ 899 $ 1,246 $ 671 $ 291 $ 297 $ 441 $ 3,845 Interest-bearing receivables financing 7,413 — — — — — 7,413 Government loans 600 398 398 398 159 — 1,953 Convertible debt and accrued interests — 11,861 5,202 — — — 17,063 Trade payables 13,023 — — — — — 13,023 Other financial liabilities 5,138 — — — — — 5,138 $ 27,073 $ 13,505 $ 6,271 $ 689 $ 456 $ 441 $ 48,435 Company’s liquidity risk for the next 12 months is described in note 2.1 . Capital management The primary objective of the Company’s capital management is to continue to execute according to its business plans and budgets in order to achieve profitability and positive cash flow, and to maximize shareholder value. Changes in liabilities arising from financing activities January 1, 2017 Cash flows Foreign exchange movement Other December 31, 2017 (In thousands) Government grant advances and loans $ 5,745 2,600 915 (2,638 ) $ 6,622 Convertible debt and accrued interest $ 16,338 — — 725 $ 17,063 Interest-bearing financing of receivables $ 7,712 (299 ) — — $ 7,413 Total $ 29,795 2,301 915 (1,913 ) $ 31,098 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Other Provisions, Contingent Liabilities And Contingent Assets Explanatory [Abstract] | |
Commitments and contingencies | Commitments and contingencies Contingencies From time to time, the Company has been and may become involved in legal proceedings arising in the ordinary course of its business. On August 9, 2017, a putative securities class action captioned Andrew Renner v. Sequans Communications S.A., Georges Karam, and Deborah Choate (Case 1:17-cv-04665) was filed in the U.S. District Court for the Eastern District of New York. The plaintiff alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on purported misrepresentations regarding Sequans’ revenue recognition policy in the Company’s Form 20-F annual reports filed on April 29, 2016 and March 31, 2017. The complaint seeks unspecified damages and costs and fees. On August 10, 2017, an almost identical class action complaint captioned Kevin Shillito v. Sequans Communications S.A., Georges Karam, and Deborah Choate (Case 2:17-cv-04707) was filed in the same court. On September 28, 2017, the Shillito action was consolidated with the Renner action. On October 10, 2017, candidates to be lead plaintiff filed motions to appoint a lead plaintiff and lead counsel. On February 6, 2018 the Court appointed lead plaintiffs and lead counsel. Lead plaintiffs filed their Consolidated Amended Complaint (the “CAC”) on April 9, 2018, which did not significantly alter the allegations made in the earlier pleadings. Pursuant to a prior stipulation and order, the Company, Mr. Karam and Ms. Choate have until May 24, 2018 to answer, move or otherwise respond to the CAC. The Company is unable to make a reasonable estimate of the financial effect that will result from ultimate resolution of the proceedings - if any. Management is not aware of any other legal proceedings that, if concluded unfavorably, would have a significant impact of financial position, operations or cash flows. In May 2015, the United Kingdom tax authorities made inquiries regarding the calculation method used in 2014 UK research tax credit and discussions with the authorities are ongoing . The Company disagreed with tax authorities position and intended to defend its position. As described in Note 16 , the Company recorded a provision for risk of £170,000 ( $252,000 ) related to the 2014 tax credit at December 31, 2015 and opted to calculate the 2015 tax credit using a less favorable regime pending outcome of the inquiry. The UK tax authorities completed their review in 2016 and the final assessment did not differ significantly from the provision recorded. Bank guarantee A bank guarantee was issued in favor of the owners of new leased office space in France, in order to secure six months of lease payments, for an amount of $352,000 as of December 31, 2017 . This guarantee was secured by the pledge of certificates of deposit and mutual funds for 100% of the amount of the guarantee. The total value of investments secured to cover this bank guarantee was $353,000 at December 31, 2017 . Operating leases The Company has long-term operating leases for office rental. Future minimum undiscounted lease payments under long-term operating leases are as follows: December 31, 2015 2016 2017 (in thousands) Within one year $ 909 $ 879 $ 1,072 After one year but not more than five years 2,358 1,932 1,035 More than five years — — — Total minimum lease payments $ 3,267 $ 2,811 $ 2,107 Total operating lease expense for the year ended December 31, 2017 was $1,528,000 ( 2016 ; $1,440,000 ; 2015 : $1,370,000 ). Purchase commitments As of December 31, 2017 , the Company had $3.7 million of non-cancelable purchase commitments with its third-party manufacturer and suppliers for future deliveries of equipment and components, principally during the first half of 2018. |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Related Party [Abstract] | |
Related party disclosures | Related party disclosures There is no single investor who has the ability to control the Board of Directors or the vote on shareholder resolutions. There is one investor who owns in excess of 10% of the share capital of the Company: BPI France Participation – Fonds Large Venture, a fund managed by Bpifrance. At the annual shareholders meeting on June 30, 2017, the shareholders approved the nomination of Mailys Ferrere to the board of directors. Mrs. Ferrere is employed by BPI France Participation - Fonds Large Venture. Bpifrance provided funding to two consortiums which include the Company in the context of long-term research projects (See Note 15.2 Research project financing) and in loans (See Note 19.3 Government loans). On December 11, 2014, the Board of Directors approved a consulting agreement with Alok Sharma, member of the board of directors, for services in business development and strategy. This agreement was renewed in 2015 and 2016, and expired in July 2016. During the years ended December 31, 2015 and 2016, Mr Sharma earned fees totaling $155,000 and $108,000 , respectively, under this contract. No consulting fees were paid or accrued during the year ended December 31, 2017. In April 2015 the Company completed the sale of a $12 million convertible note, and in April 2016 the sale of a $6.0 million convertible note, to an affiliate of Nokomis Capital, L.L.C., an investor who owns in excess of 5% of the share capital of the Company, in private placement transactions (See Note 14.1 Convertible debt). In 2017, the Company amended the terms of both notes and as part of the agreement, a representative of Nokomis Capital, L.L.C. became a board observer in November 2017 and will be nominated to become a board member at the next annual shareholders' meeting. As of December 31, 2017, the principal amount and accrued interests of the convertible note held by an affiliate of Nokomis Capital, L.L.C amounts to $21.6 million . No other transactions have been entered into with these or any other related parties in 2015 , 2016 and 2017 , other than normal compensation (including share based payment arrangements) for and reimbursement of expenses incurred in their roles as Directors or employees of the Company. Compensation of key management personnel Year ended December 31, 2015 2016 2017 (in thousands) Fixed and variable wages, social charges and benefits expensed in the year $ 2,112 $ 1,896 $ 2,376 Share-based payment expense for the year 380 490 1,043 Board members fees to non-executive members 196 188 190 Total compensation expense for key management personnel $ 2,688 $ 2,574 $ 3,609 Key management personnel comprises the chief executive officer and all executive vice presidents reporting directly to him. The employment agreement with the chief executive officer calls for the payment of a termination indemnity of an amount equal to one year of his gross annual base remuneration and bonus in the event of his dismissal by the Board of Directors of the Company. In 2015 through 2016, the Company had in place a consulting agreement with a non-executive board member as described above. Directors’ interests in an employee share incentive plan The Company granted warrants to certain members of the Board of Directors during the years ended December 31, 2015 , 2016 and 2017 : - On June 29, 2015, the shareholders authorized the Board of Directors to grant to Messrs. de Pesquidoux, Maitre, Patterson, Pitteloud, Sharma and Slonimsky 10,000 warrants each. On June 29, 2015, the Board used this authorization to make such grants with an exercise price of $1.59 per ordinary share. - On June 28, 2016, the shareholders authorized the Board of Directors to grant to Messrs. de Pesquidoux, Maitre, Pitteloud, Sharma and Slonimsky 20,000 warrants each and to Mr Nottenburg 40,000 warrants. On June 29, 2016, the Board used this authorization to make such grants with an exercise price of $1.86 per ordinary share. - On June 30, 2017, the shareholders authorized the Board of Directors to grant to Messrs. de Pesquidoux, Maitre, Nottenburg, Pitteloud, Sharma and Slonimsky 30,000 warrants each. On July 3, 2017, the Board used this authorization to make such grants with an exercise price of $3.31 per ordinary share. The board members were required to subscribe to the warrants at a price of €0.01 per warrant, as required by French law. There is no subscription required for founders warrants. Share-based payment expense incurred in connection with these transactions amounted to $89,000 in the year ended December 31, 2017 ( 2016 : $35,000 ; 2015 : $48,000 ). |
Events after the reporting date
Events after the reporting date | 12 Months Ended |
Dec. 31, 2017 | |
Events After Reporting Period [Abstract] | |
Events after the reporting date | Events after the reporting date In its meeting of February 6, 2018, the Board of Directors granted 409,500 restricted share awards. On January 17, 2018, the Company increased its capital in connection with a public offering by issuing 12,500,000 ordinary shares at $1.60 per share, with participation by Bpifrance ( 3,125,000 shares), Nokomis Capital, L.L.C ( 3,125,000 shares) and one board member ( 25,000 shares). On January 19, 2018, the underwriters purchased an additional 1,875,000 ordinary shares at the public offering price. The total gross proceeds from the offering amounted to $23.0 million and the related expenses costs amounted to $2.1 million resulting in a net proceeds of $20.9 million . |
Summary of significant accoun_2
Summary of significant accounting and reporting policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Statement of compliance | Statement of compliance The Consolidated Financial Statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”) and whose application is mandatory for the year ended December 31, 2017 . Comparative figures are presented for December 31, 2015 and 2016 . The accounting policies are consistent with those of the same period of the previous financial year, except for the changes disclosed in Note 2.2 to the Consolidated Financial Statements. The Consolidated Financial Statements of the Company for the years ended December 31, 2015 , 2016 and 2017 have been authorized for issue in accordance with a resolution of the board of directors on March 27, 2018 . |
Basis of consolidation | Basis of consolidation The Consolidated Financial Statements comprise the financial statements of Sequans Communications S.A., which is the ultimate parent of the group, and its subsidiaries at December 31, 2017 : Name Country of incorporation Year of incorporation % equity interest Sequans Communications Ltd. United Kingdom 2005 100 Sequans Communications Inc. United States 2008 100 Sequans Communications Ltd. Pte. Singapore 2008 100 Sequans Communications Israel (2009) Ltd. Israel 2010 100 The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions, income and expenses and profits and losses resulting from intra-group transactions are eliminated in full. The subsidiaries have been fully consolidated from their date of incorporation. |
New and amended standards and interpretations and Standards issued but not yet effective | New and amended standards and interpretations The accounting policies used in 2017 are consistent with those of the previous financial year, except for the following new and amended IFRS and IFRIC interpretations effective as of January 1, 2017 : • Amendments to IAS 7: Disclosure Initiative The amendments to IAS 7 require companies to provide information about changes in liabilities arising from financial activities, including changes from cash flows and non-cash changes (such as foreign exchange gains or losses). • Amendments to IAS12: Recognition of deferred tax assets for unrealized losses The amendments to IAS 12 clarifies how to account for deferred tax assets related to debt instruments measured at fair value. • Annual improvement to IFRS (Cycle 2014 - 2016) This improvement relate to IFRS 12 : Disclosure of Interests in Other Entities The adoption of these new standard and interpretations had no impact on the Company's financial statements. Standards issued but not yet effective Standards and interpretations issued but not yet effective up to the date of issue of the Company’s Consolidated Financial Statements are listed below. The Company intends to adopt these standards when they become effective: • IFRS 9 - Financial Instruments: Classification and Measurement In July 2014, the IASB issued IFRS 9 (Financial Instruments). Effective January 1, 2018, IFRS 9 will replace the currently applicable standards on the presentation, recognition and measurement of financial instruments (IAS 32 and IAS 39). IFRS 9 covers three key issues: classification and measurement, impairment, and hedge accounting. It also provides a new credit risk recognition model (using the expected losses approach versus the incurred losses approach), in particular regarding accounts receivable. The standard is mandatorily applicable to annual reporting periods beginning on or after January 1, 2018. The Company is currently assessing the impacts of IFRS 9. • IFRS 15 - Revenue from contracts with customers IFRS 15 was issued in May 2014 and establishes a new five-step model that will apply to revenue arising from contracts with customers. Under IFRS 15 revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The principles in IFRS 15 provide a more structured approach to measuring and recognizing revenue. The new revenue standard is applicable to all entities and will supersede all current revenue recognition requirements under IFRS. Either a full or modified retrospective application is required for annual periods beginning on or after January 1, 2018 with early adoption permitted. The Company is currently assessing the impacts of IFRS 15 and intends to apply the modified retrospective application method. • IFRS 16 - Leases In January 2016, the IASB issued IFRS 16 (Leases), which aligns the accounting treatment of operating leases of lessees with that already applied to finance leases (i.e. recognition in the balance sheet of a liability for future lease payments, and of an asset for the Sequans Communications S.A. associated rights of use). Application of IFRS 16 will also require a change in the presentation of lease expenses both in the income statement (i.e. depreciation and interest expense) and in the statement of cash flows (the amount allocated to repayment of the liability will be reported as a cash outflow from financing activities, while the amount allocated to the asset will be reported as a cash outflow from investing activities). IFRS 16 is applicable to annual reporting periods beginning on or after January 1, 2019. The Company is currently assessing the impacts of IFRS 16. • Amendments to IFRS2: Classification and measurement of share-based payment transactions The amendments clarify how to account for certain types of share-based payment transactions. The amendments provide requirements on the accounting for the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments, share-based transactions with a net settlement feature for withholding tax obligations, and a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity settled. These amendments will be effective for annual periods commencing on or after January 1, 2018. The Company is currently assessing the impact of these amendments. • Annual Improvements to IFRS (2014-2016) They include improvements to IAS 28 : Investments in associates and joint ventures, which will be effective from annual periods commencing on or after January 1, 2018 and are not expected to have a significant impact on the Company’s financial statements. • IFRIC 22 Foreign Currency Transactions and Advance Considerations IFRIC Interpretation 22 addresses the exchange rate to use in transactions that involve advance considerations paid or received in a foreign currency. The interpretation will be effective from annual periods commencing on or after January 1, 2018. The Company is currently assessing the impact of this interpretation. • IFRIC 23 Uncertainty over Income Tax Treatments This Interpretation clarifies how to apply the recognition and measurement requirements in IAS 12 when there is uncertainty over income tax treatments. The interpretation will be effective from annual periods commencing on or after January 1, 2019. The Company is currently assessing the impact of this interpretation. |
Functional currencies and translation of financial statements denominated in currencies other than the U.S. dollar | Functional currencies and translation of financial statements denominated in currencies other than the U.S. dollar The Consolidated Financial Statements are presented in U.S. dollars, which is also the functional currency of Sequans Communications S.A. The Company uses the U.S. dollar as its functional currency due to the high percentage of revenues, cost of revenue, capital expenditures and operating costs, other than those related to headcount and overhead, which are denominated in U.S. dollars. Each subsidiary determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. As at the reporting date, the assets and liabilities of each subsidiary are translated into the presentation currency of the Company (the U.S. dollar) at the rate of exchange in effect at the Statement of Financial Position date and their Statement of Operations are translated at the weighted average exchange rate for the reporting period. The exchange differences arising on the translation are taken directly to a separate component of equity (“Cumulative translation adjustments”). |
Foreign currency transactions | Foreign currency transactions Foreign currency transactions are initially recognized by Sequans Communications S.A. and each of its subsidiaries at their respective functional currency rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange in effect at the reporting date. All differences are taken to the Consolidated Statement of Operations within financial income or expense. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the initial transactions. |
Earnings (loss) per share | Earnings (loss) per share Basic earnings (loss) per share amounts are computed using the weighted average number of shares outstanding during each period. Diluted earnings per share include the effects of dilutive options and warrants as if they had been exercised. |
Revenue recognition | Revenue recognition The Company’s total revenue consists of product revenue and other revenue. Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured and when the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue is measured at the fair value of the consideration received, excluding sales taxes or duty. The following specific recognition criteria must also be met before revenue is recognized: Product revenue Substantially all of the Company’s product revenue is derived from the sale of semiconductor solutions for 4G wireless broadband applications. Revenue from the sale of products is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer, whether direct end customer, end customer's manufacturing partner or distributor, and when no continuing managerial involvement to the degree usually associated with ownership nor effective control over the sale of products is retained, which usually occurs on shipment of the goods. Products are not sold with a right of return but are covered by warranty. Although the products sold have embedded software, the Company believes that software is incidental to the products it sells. Other revenue Other revenue consists of the sale of licenses to use the Company’s technology solutions and fees for the associated annual software maintenance and support services, as well as the sale of technical support and development services. Development services include advanced technology development services for technology partners and product development and integration services for customers, and wireless operators. Revenue from the sale of licenses is recognized when (i) there is a legally binding arrangement with the customer, (ii) the software has been delivered (assuming no other significant obligations exist), (iii) collection of the resulting receivable is probable and (iv) the amount of fees is fixed or determinable. If any of these criteria are not met, revenue recognition is deferred until such time as all of the criteria are met. If the contract for a licensing agreement includes a clause allowing for free updates if and when available and if fair value for this post-contract customer support cannot be determined at the time the contract is signed, the revenue is recognized over the life of the contract. Revenue from the sale of software maintenance and support services is recognized over the period of the maintenance (generally one year). When the first year of maintenance is included in the software license price, an amount equal to the negotiated rate for one year of maintenance is deducted from the value of the license and recognized as revenue over the period of maintenance as described above. The difference between license and maintenance services invoiced and the amount recognized in revenue is recorded as deferred revenue. Revenue from technical support and development services is generally recognized using the percentage-of-completion method when the outcome of the contract can be estimated reliably. This occurs when total contract revenue and costs can be estimated reliably and it is probable that the economic benefits associated with the contract will flow to the Company and the stage of contract completion can be measured. In certain circumstances, when no incremental costs exist, revenue is recognized based on the achievement of contract milestones. The costs associated with these arrangements are recognized as incurred. Revenue from development contracts where no related incremental costs were identified amounted to $1,321,000 for the year ended December 31, 2017 ( $3,684,000 in 2016 and $2,636,000 in 2015). In the case of multiple arrangements, the Company evaluates each component to determine whether they represent separate units of accounting, each with its own separate earnings process, and its relative fair value. Revenue recognition The Company’s policy for revenue recognition, in instances where multiple deliverables are sold contemporaneously to the same counterparty, is in accordance with paragraph 13 of IAS 18 Revenue . When the Company enters into contracts for the sale of products, licenses, maintenance and support services and development services, the Company evaluates all deliverables in the arrangement to determine whether they represent separate units of accounting, each with its own separate earnings process, and its relative fair value. When the Company enters into contracts for development services for which revenues are recognized as the project advances, the Company evaluates the percentage of completion of the project. Such determinations (identification of deliverables, fair value evaluation of each component and percentage of completion evaluation for development contracts) require judgment and are based on an analysis of the facts and circumstances surrounding the transactions. |
Cost of revenue | Cost of revenue Cost of product revenue includes all direct and indirect costs incurred with the sale of products, including shipping and handling. Cost of other revenue includes incremental costs incurred to support the obligations covered by development services contracts (mainly employees and subcontractors costs). Research and development costs associated with product development (including normal customer support which generates product improvement) are recorded in research and development expenses. |
Research and development costs | Research and development costs Research costs are expensed as incurred. Development costs are recognized as an intangible asset if the Company can demonstrate: • the technical feasibility of completing the intangible asset so that it will be available for use or sale; • its intention to complete the asset and use or sell it; • its ability to use or sell the asset; • how the asset will generate future economic benefits; • the availability of adequate resources to complete the development and to use or sell the asset; and • the ability to measure reliably the expenditure during development. The asset is tested for impairment annually. Prior to January 1, 2015, all research and development costs were charged directly to expense in the Statement of Operations. Beginning in the year ended December 31, 2015, some development costs met the criteria for capitalization and have been recorded as intangible assets. (See Note 8 to the Consolidated Financial Statements). Beginning in 2015, certain development costs incurred at the end of the product development cycle when the criteria for capitalization are met, became material as the Company began making its product available on more operator networks which require significant testing and qualification work in order to finalize the product for sale on that network. Beginning in 2017, the Company capitalized costs related to the development of the chipsets for LTE Category M, the Monarch and Monarch 2. Research and development costs associated with product development (including normal customer support which generates product improvements) are recorded in operating expense. In some cases, the Company has negotiated agreements with customers and partners whereby the Company provides certain development services beyond its normal practices or planned product roadmap. Amounts received from these agreements are recorded in other revenue. Incremental costs incurred by the Company as a result of the commitments in the agreements are recorded in cost of other revenue. Other research and development costs related to the projects covered by the agreements, but which would have been incurred by the Company without the existence of such agreements are recorded in research and development expense. |
Government grants, loans and research tax credits | Government grants, loans and research tax credits The Company operates in certain jurisdictions which offer government grants or other incentives based on the qualifying research expense incurred or to be incurred in that jurisdiction. These incentives are recognized as the qualifying research expense is incurred if there is reasonable assurance that all related conditions will be complied with and the grant will be received. When the grant relates to an expense item, it is recognized as a reduction of the related expense over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Any cash received in advance of the expenses being incurred is recorded as a liability. Some long-term research projects are also financed through low-interest forgivable loans. The present value of forgivable loans is calculated based on expected future payments discounted using interest rate applied for standard loans with the same maturity. The difference between present value and amount received is accounted for as a grant. Where loans or similar assistance provided by governments or related institutions are interest-free, the present value is calculated based on expected future payments discounted using interest rate applied for standard loans with same maturity. The difference between present value and amount received is accounted for as a grant. The Company also benefits from research incentives in the form of tax credits which are detailed in Note 4.4 to the Consolidated Financial Statements. When the incentive is available only as a reduction of taxes owed, such incentive is accounted for as a reduction of tax expense; otherwise, it is accounted for as a government grant with the benefit recorded as a reduction of research and development costs, whether capitalized or expensed. |
Financial income and expense | Financial income and expense Financial income and expense include: • interest expense related to financial debt (financial debt consists of finance-lease liabilities, accounts receivable financing, the debt component of convertible debt and government loans, and a supplier payable with extended payment terms); • other expenses paid to financial institutions for financing operations; • foreign exchange gains and losses • changes in fair value of financial assets and liabilities • impact of convertible debt amendments. The Company reflects foreign exchange gains and losses related to hedges (through derivatives) of euro-based operating expenses in operating expenses. |
Current income tax | Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date. |
Deferred income tax | Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences, except with respect to taxable temporary differences associated with investments in subsidiaries where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry forwards of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forwards of unused tax credits and unused tax losses can be utilized. Deferred tax is computed based on the temporary difference that exists between the tax and accounting basis for non-monetary items. The carrying amount of deferred income tax assets is reviewed at the reporting date and adjusted to the extent that it is probable that sufficient future taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the statement of financial position date. Deferred income tax relating to items recognized directly in equity is recognized in equity. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right of offset exists. |
Value added tax | Value added tax Revenue, expenses and assets are recognized net of the amount of value added tax except: • where the value added tax incurred on a purchase of assets or services is not recoverable from the tax authorities, in which case the value added tax is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable; and • receivables and payables that are stated with the amount of value added tax included. Value added tax recoverable consists of value added tax paid by the Company to vendors and suppliers located in the European Union and recoverable from the tax authorities. Value added tax recoverable is collected on a quarterly basis. |
Inventories | Inventories Inventories consist primarily of the cost of semiconductors, including wafer fabrication, assembly, testing and packaging; components; and modules purchased from subcontractors. Inventories are valued at the lower of cost (determined using the weighted average cost method) or net realizable value (estimated market value less estimated cost of completion and the estimated costs necessary to make the sale). The Company writes down the carrying value of its inventories for estimated amounts related to the lower of cost or net realizable value, obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated net realizable value. The estimated net realizable value of the inventory is based on historical usage and assumptions about future demand, future product purchase commitments, estimated manufacturing yield levels and market conditions on a product-by-product basis. When the circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in net realizable value because of changed economic circumstances, the amount of the write-down is reversed (i.e. the reversal is limited to the amount of the original write-down) so that the new carrying amount is the lower of the cost and the revised net realizable value. Inventories As disclosed in Note 2.3 to the Consolidated Financial Statements, the Company writes down the carrying value of its inventory to the lower of cost or net realizable value. The estimated net realizable value of the inventory is based on historical usage and assumptions about future demand, future product purchase commitments, estimated manufacturing yield levels and market conditions on a product-by-product basis. Actual demand may differ from the forecast established by the Company, which may materially impact recorded inventory values and cost of revenue. |
Financial assets | Financial assets Receivables Receivables are initially recognized at fair value, which in most cases approximates the nominal value as the Company does not grant payment terms beyond normal business conditions. If there is any subsequent indication that those assets may be impaired, they are reviewed for impairment. Any difference between the carrying value and the impaired value (present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the receivable’s original effective interest rate) is recorded in operating income (loss). If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor’s credit rating), the previously recognized impairment loss is reversed. In that case, the reversal of the impairment loss is reported in operating income (loss). Short-term investments Short-term investments are financial instruments with an initial maturity of greater than 90 days, but less than one year, and are reported as current financial assets. Deposits Deposits are reported as non-current financial assets (loans and receivables) when their initial maturity is more than twelve months. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents in the Consolidated Statements of Financial Position includes cash at banks, term deposits and money market funds, which correspond to highly liquid investments readily convertible to known amounts of cash and subject to an insignificant risk of change in value. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment loss. Depreciation is computed using the straight-line method over the estimated useful lives of each component. The useful lives most commonly used are the following: Machinery and equipment 3 to 5 years Building and leasehold improvements Lesser of 6 years or the life of the lease Computer equipment 3 years Furniture and office equipment 5 years Impairment tests are performed whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If any indication exists, the Company estimates the asset’s recoverable amount, which is the higher of the fair value less cost to sell and the value in use. Where the carrying amount exceeds that recoverable amount, the asset is considered impaired and it is written down to its recoverable amount. Depreciation expense is recorded in cost of revenue or operating expenses, based on the function of the underlying assets. |
Intangible assets | Intangible assets Intangible assets, primarily purchased licenses for development or production technology and tools, as well as standard-related patent licenses and development costs meeting the criteria for capitalization, are stated at cost less accumulated amortization and any accumulated impairment loss. Amortization is computed using the straight-line method over the estimated useful life of each component. Acquired licenses are amortized over their contractual life or five years in the case of perpetual licenses. Capitalized development costs are generally amortized over periods ranging from 3 to 5 years, representing the expected life of the related technology. Useful lives are reviewed on a regular basis and changes in estimates, when relevant, are accounted for on a prospective basis. The amortization expense is recorded in cost of revenue or operating expenses, based on the function of the underlying assets. Impairment tests are performed whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If any indication exists, the Company estimates the asset’s recoverable amount, which is the higher of the fair value less cost to sell and the value in use. Where the carrying amount exceeds that recoverable amount, the asset is considered impaired and it is written down to its recoverable amount. |
Leases | Leases Finance leases, which transfer to the Company substantially all the risks and benefits incidental to ownership of the leased item, are capitalized at the commencement of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the interest expense and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Leased assets are depreciated over the shorter of the estimated useful life of the asset and the lease term, if there is no reasonable certainty that the Company will obtain ownership by the end of the lease term. Operating lease payments are recognized as an expense in the Statement of Operations on a straight line basis over the lease term. |
Costs of Public Offerings | Costs of Public Offerings Incremental costs directly attributable to the equity transaction are recorded as a deduction from equity. |
Provisions | Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event for which it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in operating income (loss) net of any reimbursement. Provisions include the provision for pensions and post-employment benefits. Pension funds in favor of employees are maintained in France, the United Kingdom, Singapore, the United States and Israel, and they comply with the respective legislation in each country and are financially independent of the Company. The pension funds are generally financed by employer and employee contributions and are accounted for as defined contribution plans with the employer contributions recognized as expense as incurred. There are no actuarial liabilities in connection with these plans. French law also requires payment of a lump sum retirement indemnity to employees based on years of service and annual compensation at retirement. Benefits do not vest prior to retirement. This defined benefit plan is self-funded by the Company. It is calculated as the present value of estimated future benefits to be paid, applying the projected unit credit method whereby each period of service is seen as giving rise to an additional unit of benefit entitlement, each unit being measured separately to build up the final obligation. Following the application of IAS 19 revised, actuarial gains and losses are recognized in equity. The actualization rate is based on iBoxx Corporates AA. |
Share-based payment transactions | Share-based payment transactions Employees (including senior executives and members of the board of directors) and certain service providers of the Company receive remuneration in the form of share-based payment transactions, whereby they render services as consideration for equity instruments (“equity-settled transactions”). The cost of equity-settled transactions is measured by reference to the fair value at the date on which they are granted. The exercise price is based on closing market price on the date of grant. The cost of equity-settled transactions is recognized, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the beneficiary becomes fully entitled to the award (the “vesting date”). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. The Statement of Operations charge or credit for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Share-based compensation As disclosed in Note 13 to the Consolidated Financial Statements, the Company has various share-based compensation plans for employees and non-employees that may be affected, as to the expense recorded in the Consolidated Statements of Operations, by changes in valuation assumptions. Fair value of stock options is estimated by using the binomial model on the date of grant based on certain assumptions, including, among others expected volatility, the expected option term, the risk-free interest rate and the expected dividend payout rate. The fair value of the Company’s shares underlying stock option grants equals to the closing price on the New York Stock Exchange on the date of grant. |
Financial liabilities | Financial liabilities Convertible debt As described in Note 14.1 to the Consolidated Financial Statements, the Company issued debt with an option to convert into shares of the Company. This option component has been accounted for as an embedded derivative and recorded as a financial liability: • On the date of issue, the fair value of the embedded derivative is estimated based on a Black-Scholes valuation model. The debt component equals the present value of future contractual cash flows for a similar instrument with the same conditions (maturity, cash flows) excluding any option or any obligation for conversion or redemption in shares. • Subsequently, the debt component is accounted for based on amortized cost, using the effective interest rate calculated at the date of issue and the embedded derivative is accounted as a financial liability, with changes in fair value recognized in the statement of operations until the date when the conversion rate is fixed. At this date, the fair value of the derivative - if not exercised - is reclassified in equity. Costs incurred related to the convertible debt are deducted from the liability component and from the embedded derivative, proportionally. The part related to the embedded derivative has been recognized in the Consolidated Statements of Operations in “Other financial expenses”. On October 30, 2017, the convertibles notes were amended to extend the term of the notes and reduce the conversion rate for one convertible debt agreement (see Note 14.1 ). The change in fair value of the conversion options before and after the amendment has been recorded in Other Capital Reserves in shareholders’ equity. The debt components on October 30, 2017 have been re-measured based on the extended term of the notes using the effective interest rate calculated at the date of issue of each convertible note. The impact of the term extension and reduction of the conversion rate has been recorded in the Consolidated Statements of Operations in "Convertible debt amendments". Short-term debt secured by accounts receivables As described in Note 14.3 to the Consolidated Financial Statements, the Company has a factoring agreement with a French financial institution. The Company transfers to the finance company all invoices issued to qualifying customers, and the customers are instructed to settle the invoices directly with the finance company. Consequently, the Company retains all receivables on its Consolidated Statements of Financial Position until they are paid and any amounts drawn on the line of credit are reflects in short-term debt. The Company pays a commission on the face value of the accounts receivable submitted, which is recorded in General and Administration expense, and pays interest on any draw-down of the resulting line of credit. |
Derivative financial instruments and hedge accounting | Derivative financial instruments and hedge accounting The Company uses financial instruments, including derivatives such as foreign currency forward and options contracts, to reduce the foreign exchange risk on cash flows from firm and highly probable commitments denominated in euros. The effective portion of the gain or loss on the hedging instrument is recognized directly as other comprehensive income (loss) in the cash flow hedge reserve, while any ineffective portion is immediately accounted for in financial results in the Consolidated Statement of Operations. Amounts recognized as other comprehensive income (loss) are transferred to the Consolidated Statement of Operations when the hedged transaction affects profit or loss. If the forecasted transaction is no longer expected to occur, the cumulative gain or loss previously recognized in equity is transferred to the Consolidated Statement of Operations. All derivative financial instruments are recorded at fair value. Changes in fair value are recorded in current earnings or other comprehensive income (loss), depending on whether the derivative is designated as a hedge, its effectiveness as a hedge, and the type of hedge transaction. Any change in the fair value of the derivatives deemed ineffective as a hedge is immediately recognized in earnings. |
Commitments | Commitments Commitments comprise primarily future operating lease payments and purchase commitments with its third-party manufacturers for future deliveries of equipment and components, which are described in Note 20 to the Consolidated Financial Statements. |
Significant accounting judgments, estimates and assumptions | In the process of applying the Company’s accounting policies, management must make judgments and estimates involving assumptions. These judgments and estimates can have a significant effect on the amounts recognized in the financial statements and the Company reviews them on an ongoing basis taking into consideration past experience and other relevant factors. The evolution of the judgments and assumptions underlying estimates could cause a material adjustment to the carrying amounts of assets and liabilities as recognized in the financial statements. The most significant management judgments and assumptions in the preparation of these financial statements are: Revenue recognition The Company’s policy for revenue recognition, in instances where multiple deliverables are sold contemporaneously to the same counterparty, is in accordance with paragraph 13 of IAS 18 Revenue . When the Company enters into contracts for the sale of products, licenses, maintenance and support services and development services, the Company evaluates all deliverables in the arrangement to determine whether they represent separate units of accounting, each with its own separate earnings process, and its relative fair value. When the Company enters into contracts for development services for which revenues are recognized as the project advances, the Company evaluates the percentage of completion of the project. Such determinations (identification of deliverables, fair value evaluation of each component and percentage of completion evaluation for development contracts) require judgment and are based on an analysis of the facts and circumstances surrounding the transactions. Inventories As disclosed in Note 2.3 to the Consolidated Financial Statements, the Company writes down the carrying value of its inventory to the lower of cost or net realizable value. The estimated net realizable value of the inventory is based on historical usage and assumptions about future demand, future product purchase commitments, estimated manufacturing yield levels and market conditions on a product-by-product basis. Actual demand may differ from the forecast established by the Company, which may materially impact recorded inventory values and cost of revenue. Share-based compensation As disclosed in Note 13 to the Consolidated Financial Statements, the Company has various share-based compensation plans for employees and non-employees that may be affected, as to the expense recorded in the Consolidated Statements of Operations, by changes in valuation assumptions. Fair value of stock options is estimated by using the binomial model on the date of grant based on certain assumptions, including, among others expected volatility, the expected option term, the risk-free interest rate and the expected dividend payout rate. The fair value of the Company’s shares underlying stock option grants equals to the closing price on the New York Stock Exchange on the date of grant. Fair value of financial instruments Fair value corresponds to the quoted price for listed financial assets and liabilities. Where no active market exists, the Company establishes fair value by using a valuation technique determined to be the most appropriate in the circumstances, for example: • available-for-sale assets: comparable transactions, multiples for comparable transactions, discounted present value of future cash flows; • loans and receivables, financial assets at fair value through profit and loss: net book value is deemed to be approximately equivalent to fair value because of their relatively short holding period; • trade payables: book value generally is deemed to be equivalent to fair value because of their relatively short holding period. Trade payables with extended payment terms are discounted to present value; • convertible debt and embedded derivative: the Company’s convertible debt has optional redemption periods/dates occurring before their contractual maturity, as described in Note 14.1 to the Company’s Consolidated Financial Statements. The holder of the convertible debt has the right to request conversion at any time from their issue. Specifically and as described in Note 14.1 to the Consolidated Financial Statements, the option component of the convertible debt has been recorded as an embedded derivative at fair value in accordance with the provisions of AG 28 of IAS 39 Financial Instruments: Recognition and Measurement. The fair value was determined using a valuation model that requires judgment, including estimating the change in value of the Company at different dates and market yields applicable to the Company’s straight debt (without the conversion option). The assumptions used in calculating the value of the conversion represent the Company’s best estimates based on management’s judgment and subjective future expectations, and • Other derivatives: fair value based on mark-to-market value. |
Fair value of financial instruments | Fair value of financial instruments Fair value corresponds to the quoted price for listed financial assets and liabilities. Where no active market exists, the Company establishes fair value by using a valuation technique determined to be the most appropriate in the circumstances, for example: • available-for-sale assets: comparable transactions, multiples for comparable transactions, discounted present value of future cash flows; • loans and receivables, financial assets at fair value through profit and loss: net book value is deemed to be approximately equivalent to fair value because of their relatively short holding period; • trade payables: book value generally is deemed to be equivalent to fair value because of their relatively short holding period. Trade payables with extended payment terms are discounted to present value; • convertible debt and embedded derivative: the Company’s convertible debt has optional redemption periods/dates occurring before their contractual maturity, as described in Note 14.1 to the Company’s Consolidated Financial Statements. The holder of the convertible debt has the right to request conversion at any time from their issue. Specifically and as described in Note 14.1 to the Consolidated Financial Statements, the option component of the convertible debt has been recorded as an embedded derivative at fair value in accordance with the provisions of AG 28 of IAS 39 Financial Instruments: Recognition and Measurement. The fair value was determined using a valuation model that requires judgment, including estimating the change in value of the Company at different dates and market yields applicable to the Company’s straight debt (without the conversion option). The assumptions used in calculating the value of the conversion represent the Company’s best estimates based on management’s judgment and subjective future expectations, and • Other derivatives: fair value based on mark-to-market value. |
Summary of significant accoun_3
Summary of significant accounting and reporting policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Schedule of Subsidiaries | The Consolidated Financial Statements comprise the financial statements of Sequans Communications S.A., which is the ultimate parent of the group, and its subsidiaries at December 31, 2017 : Name Country of incorporation Year of incorporation % equity interest Sequans Communications Ltd. United Kingdom 2005 100 Sequans Communications Inc. United States 2008 100 Sequans Communications Ltd. Pte. Singapore 2008 100 Sequans Communications Israel (2009) Ltd. Israel 2010 100 |
Schedule of Average and Closing Exchange Rate for the U.S. Dollar | The table below sets forth, for the periods and dates indicated, the average and closing exchange rate for the U.S. dollar (USD) to the euro (EUR), the U.K. pound sterling (GBP), the Singapore dollar (SGD) and the New Israeli shekel (NIS): USD/EUR USD/GBP USD/SGD USD/NIS December 31, 2015 Average rate 1.1096 1.5285 0.7278 0.2573 Closing rate 1.0887 1.4834 0.7062 0.2563 December 31, 2016 Average rate 1.1066 1.3555 0.7244 0.2605 Closing rate 1.0541 1.2312 0.6919 0.2604 December 31, 2017 Average rate 1.1293 1.2885 0.7244 0.2780 Closing rate 1.1993 1.3518 0.7484 0.2880 |
Schedule of Useful Lives Most Commonly Used | The useful lives most commonly used are the following: Machinery and equipment 3 to 5 years Building and leasehold improvements Lesser of 6 years or the life of the lease Computer equipment 3 years Furniture and office equipment 5 years Property, plant and equipment include: Leasehold improvements Plant and equipment IT and office equipment Total (in thousands) Cost: At January 1, 2015 $ 1,313 $ 23,522 $ 4,300 $ 29,135 Additions — 1,713 85 1,798 Disposals — (4 ) (1 ) (5 ) Exchange difference (14 ) (64 ) (19 ) (97 ) At December 31, 2015 1,299 25,167 4,365 30,831 Additions 34 2,549 78 2,661 Disposals — (345 ) (643 ) (988 ) Exchange difference (30 ) (221 ) (51 ) (302 ) At December 31, 2016 1,303 27,150 3,749 32,202 Additions 9 2,979 58 3,046 Disposals (87 ) (4,327 ) (81 ) (4,495 ) Exchange difference 17 111 35 163 At December 31, 2017 $ 1,242 $ 25,913 $ 3,761 $ 30,916 Depreciation and impairment: At January 1, 2015 375 16,103 3,914 20,392 Depreciation charge for the year 208 2,904 296 3,408 Disposals — (1 ) (1 ) (2 ) Exchange difference (5 ) (40 ) (38 ) (83 ) At December 31, 2015 578 18,966 4,171 23,715 Depreciation charge for the year 214 2,678 189 3,081 Disposals — (346 ) (641 ) (987 ) Exchange difference (9 ) (140 ) (117 ) (266 ) At December 31, 2016 783 21,158 3,602 25,543 Depreciation charge for the year 226 2,405 129 2,760 Disposals (87 ) (4,327 ) (81 ) (4,495 ) Reclassification 275 326 (601 ) — Exchange difference 16 60 40 116 At December 31, 2017 $ 1,213 $ 19,622 $ 3,089 $ 23,924 At January 1, 2015 $ 938 $ 7,419 $ 386 $ 8,743 At December 31, 2015 721 6,201 194 7,116 At December 31, 2016 520 5,992 147 6,659 At December 31, 2017 $ 29 $ 6,291 $ 672 $ 6,992 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Operating segments [Abstract] | |
Schedule of Total Revenue by Region | The following table sets forth the Company’s total revenue by region for the periods indicated. The Company categorizes its total revenue geographically based on the location to which it invoices. Europe, Middle East, Africa Americas Asia Total (in thousands) Year ended December 31, 2015 Total revenue Sales to external customers $ 3,635 $ 3,954 $ 24,943 $ 32,532 Year ended December 31, 2016 Total revenue Sales to external customers $ 5,593 $ 6,669 $ 33,317 $ 45,579 Year ended December 31, 2017 Total revenue Sales to external customers $ 5,641 $ 10,045 $ 32,577 $ 48,263 |
Other revenues and expenses (Ta
Other revenues and expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Schedule of Financial Income and Expenses | Financial income: Year ended December 31, 2015 2016 2017 (in thousands) Income from short-term investments and term deposits and other finance revenue $ 26 $ 48 $ 60 Foreign exchange gain 1,769 2,069 2,027 Total financial income $ 1,795 $ 2,117 $ 2,087 Financial expenses: Year ended December 31, 2015 2016 2017 (in thousands) Interests on loans and finance leases $ 1,401 $ 3,212 $ 4,153 Interests on supplier payable with extended payment terms — 411 213 Other bank fees and financial charges 141 111 306 Other financial expenses 145 83 — Convertible debt amendments — — 322 Change in the fair value of convertible debt embedded derivative 2,036 1,583 — Foreign exchange loss 1,520 1,476 3,428 Total financial expenses $ 5,243 $ 6,876 $ 8,422 |
Schedule of Cost of Revenue and Operating Expenses | The tables below present the cost of revenue and operating expenses by nature of expense : Year ended December 31, Note 2015 2016 2017 (in thousands) Included in cost of revenue: Cost of components $ 15,343 $ 20,277 $ 22,137 Depreciation and impairment 7 905 1,270 1,037 Amortization of intangible assets 8 — 157 157 Wages and benefits 1,571 2,374 2,233 Share-based payment expense 13 17 11 7 Assembly services, royalties and other 1,615 1,507 1,551 $ 19,451 $ 25,596 $ 27,122 Year ended December 31, Note 2015 2016 2017 (in thousands) Included in operating expenses (between gross profit and operating result): Depreciation and impairment 7 $ 2,472 $ 1,811 $ 1,723 Amortization of intangible assets 8 1,897 2,057 2,658 Wages and benefits 20,436 22,615 26,044 Share-based payment expense 13 850 1,111 1,631 Foreign exchange gains and losses related to hedges of euro 296 12 99 Other, net 10,767 12,121 8,511 $ 36,718 $ 39,727 $ 40,666 Year ended December 31, Note 2015 2016 2017 (in thousands) Wages and salaries $ 16,555 $ 18,996 $ 21,535 Social security costs and other payroll taxes 5,219 5,805 6,584 Other benefits 93 100 58 Pension costs 140 88 100 Share-based payment expenses 13 867 1,122 1,638 Total employee benefits expense $ 22,874 $ 26,111 $ 29,915 |
Schedule of Research and Development Expense | The reduction of research and development expense from government grants, research tax credit and development costs capitalized was as follows: Year ended December 31, 2015 2016 2017 (in thousands) Research and development costs $ 29,528 $ 30,022 $ 33,318 Research tax credit (2,658 ) (1,962 ) (3,345 ) Government and other grants (1,179 ) (1,704 ) (3,072 ) Development costs capitalized (*) (386 ) (22 ) (1,931 ) Amortization of capitalized development costs — — 232 Total research and development expense $ 25,305 $ 26,334 $ 25,202 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule of Major Components of Income Tax Expense | The major components of income tax expense are: Year ended December 31, 2015 2016 2017 (in thousands) Consolidated Statement of Operations Current income tax $ 311 $ 272 $ 273 Deferred income tax 6 12 27 Income tax expense reported in the Consolidated Statement of Operations $ 317 $ 284 $ 300 |
Reconciliation of Income Taxes Computed at the French Statutory Rate | A reconciliation of income taxes computed at the French statutory rate ( 34.43% from the year ended December 31, 2015 , 2016 and 2017 ) to the income tax expense (benefit) is as follows: Year ended December 31, 2015 2016 2017 (in thousands) Profit (loss) before income taxes $ (27,085 ) $ (24,503 ) $ (25,860 ) At France’s statutory income tax rate of 34.43% (9,325 ) (8,436 ) (8,904 ) Non-deductible share-based payment expense 299 386 564 Tax credits (915 ) (676 ) (1,152 ) Unrecognized benefit of tax loss carryforwards and permanent differences 10,258 9,010 9,792 Income tax expense reported in the Consolidated Statement of Operations $ 317 $ 284 $ 300 |
Earnings (loss) per share (Tabl
Earnings (loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Schedule of Income and Share Data Used in Basic and Diluted Earnings (Loss) Per Share Computations | The following reflects the income and share data used in the basic and diluted earnings (loss) per share computations: Year ended December 31, 2015 2016 2017 (in thousands, except share and per share data) Profit (Loss) $ (27,402 ) $ (24,787 ) $ (26,160 ) Weighted average number of shares outstanding for basic EPS 59,144,905 63,805,442 77,668,404 Net effect of dilutive stock options — — — Net effect of dilutive warrants — — — Net effect of vesting of restricted stock — — — Net effect of conversion of convertible notes — — — Weighted average number of shares outstanding for diluted EPS 59,144,905 63,805,442 77,668,404 Basic earnings (loss) per share $ (0.46 ) $ (0.39 ) $ (0.34 ) Diluted earnings (loss) per share $ (0.46 ) $ (0.39 ) $ (0.34 ) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | The useful lives most commonly used are the following: Machinery and equipment 3 to 5 years Building and leasehold improvements Lesser of 6 years or the life of the lease Computer equipment 3 years Furniture and office equipment 5 years Property, plant and equipment include: Leasehold improvements Plant and equipment IT and office equipment Total (in thousands) Cost: At January 1, 2015 $ 1,313 $ 23,522 $ 4,300 $ 29,135 Additions — 1,713 85 1,798 Disposals — (4 ) (1 ) (5 ) Exchange difference (14 ) (64 ) (19 ) (97 ) At December 31, 2015 1,299 25,167 4,365 30,831 Additions 34 2,549 78 2,661 Disposals — (345 ) (643 ) (988 ) Exchange difference (30 ) (221 ) (51 ) (302 ) At December 31, 2016 1,303 27,150 3,749 32,202 Additions 9 2,979 58 3,046 Disposals (87 ) (4,327 ) (81 ) (4,495 ) Exchange difference 17 111 35 163 At December 31, 2017 $ 1,242 $ 25,913 $ 3,761 $ 30,916 Depreciation and impairment: At January 1, 2015 375 16,103 3,914 20,392 Depreciation charge for the year 208 2,904 296 3,408 Disposals — (1 ) (1 ) (2 ) Exchange difference (5 ) (40 ) (38 ) (83 ) At December 31, 2015 578 18,966 4,171 23,715 Depreciation charge for the year 214 2,678 189 3,081 Disposals — (346 ) (641 ) (987 ) Exchange difference (9 ) (140 ) (117 ) (266 ) At December 31, 2016 783 21,158 3,602 25,543 Depreciation charge for the year 226 2,405 129 2,760 Disposals (87 ) (4,327 ) (81 ) (4,495 ) Reclassification 275 326 (601 ) — Exchange difference 16 60 40 116 At December 31, 2017 $ 1,213 $ 19,622 $ 3,089 $ 23,924 At January 1, 2015 $ 938 $ 7,419 $ 386 $ 8,743 At December 31, 2015 721 6,201 194 7,116 At December 31, 2016 520 5,992 147 6,659 At December 31, 2017 $ 29 $ 6,291 $ 672 $ 6,992 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets [Abstract] | |
Schedule of Intangible Assets | Intangible assets include: Licenses and other intangible assets (in thousands) Cost: At January 1, 2015 $ 13,272 Additions 3,686 Disposals — Exchange difference (12 ) At December 31, 2015 16,946 Additions 4,836 Disposals (3,620 ) Exchange difference (47 ) At December 31, 2016 18,115 Additions 4,641 Disposals (64 ) Exchange difference 23 At December 31, 2017 $ 22,715 Depreciation and impairment: At January 1, 2015 9,832 Amortization 1,867 Disposals — Exchange difference (8 ) At December 31, 2015 11,691 Amortization 2,215 Disposals (3,468 ) Exchange difference (30 ) At December 31, 2016 10,408 Amortization 2,815 Disposals (64 ) Exchange difference (6 ) At December 31, 2017 $ 13,153 Net book value: At January 1, 2015 $ 3,440 At December 31, 2015 5,255 At December 31, 2016 7,707 At December 31, 2017 $ 9,562 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Schedule of Inventories | At December 31, 2015 2016 2017 (in thousands) Components $ 1,486 $ 4,686 $ 2,964 Finished goods (at lower of cost or net realizable value) 5,519 6,975 5,035 Total inventories at cost $ 7,005 $ 11,661 $ 7,999 Depreciation of components (at cost) $ 268 $ 277 $ 30 Depreciation of finished goods 2,672 2,691 593 Total depreciation $ 2,940 $ 2,968 $ 623 Components, net $ 1,218 $ 4,409 $ 2,934 Finished goods, net 2,847 4,284 4,442 Total net inventories $ 4,065 $ 8,693 $ 7,376 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Non-Interest Bearing Trade Receivables | Trade receivables are non-interest bearing and are generally on 30 - 90 day payment terms. At December 31, 2015 2016 2017 (in thousands) Trade receivables $ 16,345 $ 14,427 $ 18,754 Unbilled revenue 740 1,624 3,467 Unissued credit notes — (138 ) (485 ) Provisions on trade receivables (588 ) (628 ) (810 ) Net trade receivables $ 16,497 $ 15,285 $ 20,926 |
Schedule of Movements in the Provision for Impairment of Receivables | The movements in the provision for impairment of receivables were as follows: December 31, 2015 2016 2017 (in thousands) At January 1, $ 1,965 $ 588 $ 628 Charge for the year 15 40 182 Utilized amounts (1,392 ) — — At year end $ 588 $ 628 $ 810 Post- employment benefits Others Total Current Non current (in thousands) At January 1, 2015 $ 893 $ 883 $ 1,776 $ 548 $ 1,228 Arising (released) during the year (165 ) 670 505 — — Released (used) during the year — (467 ) (467 ) — — Released (unused) during the year — (101 ) (101 ) — — At December 31, 2015 728 985 1,713 317 1,396 Arising (released) during the year (29 ) 75 46 — — Released (used) during the year (11 ) (269 ) (280 ) — — Released (unused) during the year — (127 ) (127 ) — — At December 31, 2016 688 664 1,352 46 1,306 Arising (released) during the year 216 443 659 — — Released (used) during the year — (50 ) (50 ) — — Released (unused) during the year — (397 ) (397 ) — — At December 31, 2017 $ 904 $ 660 $ 1,564 $ 32 $ 1,532 |
Aging Analysis of Trade Receivables That Were Not Impaired | As at year end, the aging analysis of trade receivables that were not impaired is as follows: Total Neither past due nor Impaired Past due but not impaired <30 days 30-60 days 60-120 days >120 days (in thousands) At December 31, 2015 $ 16,497 $ 12,589 $ 3,520 $ 138 $ 250 $ — At December 31, 2016 $ 15,285 $ 12,995 $ 412 $ 374 $ 1,494 $ 10 At December 31, 2017 $ 20,926 $ 12,746 $ 4,771 $ 1,036 $ 1,673 $ 700 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Cash and Cash Equivalents | At December 31, 2015 2016 2017 (in thousands) Cash at banks $ 2,408 $ 8,765 $ 2,039 Cash equivalents 5,880 11,437 909 Cash and cash equivalents $ 8,288 $ 20,202 $ 2,948 Most of the cash and cash equivalents is held in U.S. dollar and euros as follows: At December 31, 2015 2016 2017 (in thousands) U.S. dollar denominated accounts $ 7,352 $ 19,122 $ 1,343 Euro denominated accounts 826 949 1,503 GBP denominated accounts 15 23 30 SGP denominated accounts 31 53 16 NIS denominated accounts 25 36 11 RMB denominated accounts 18 2 21 Other currencies denominated accounts 21 17 24 Cash and cash equivalents $ 8,288 $ 20,202 $ 2,948 |
Issued capital and reserves (Ta
Issued capital and reserves (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Shares Issued and Fully Paid | Shares issued and fully paid At December 31, 2015 2016 2017 Shares Amount Shares Amount Shares Amount (in thousands, except for share data) Ordinary shares 59,166,741 € 1,183 75,030,078 € 1,501 80,024,707 € 1,597 Converted to U.S. dollars at historical exchange rates $ 1,568 $ 1,923 $ 2,031 |
Share-based payment plans (Tabl
Share-based payment plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-Based Payment Arrangements [Abstract] | |
Summary of movement in number and WAEP of stock options | The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, founders warrants, stock options and warrants during the period: December 31, 2015 2016 2017 Number WAEP Number WAEP Number WAEP Outstanding at January 1, 6,455,048 $ 3.93 7,428,931 $ 3.58 7,177,500 $ 3.55 Granted during the year 1,321,850 $ 1.74 643,350 $ 2.07 230,000 $ 3.39 Forfeited during the year (325,967 ) $ 3.01 (317,880 ) $ 2.97 (336,365 ) $ 4.75 Exercised during the year (1) (22,000 ) $ 1.70 (187,901 ) $ 1.53 (431,790 ) $ 2.28 Expired during the year — (389,000 ) $ 3.12 (441,497 ) $ 3.25 Outstanding at period end 7,428,931 $ 3.58 7,177,500 $ 3.55 6,197,848 $ 3.59 Of which, warrants for consultants equivalent to employees 369,798 $ 3.38 404,798 $ 3.23 151,500 $ 3.29 Exercisable at period end 4,691,741 $ 4.69 5,049,015 $ 4.28 4,900,052 $ 3.90 Of which, warrants for consultants equivalent to employees 360,798 $ 3.44 360,215 $ 3.41 131,917 $ 3.51 ________________________ (1) The weighted average share estimated fair value at the dates of exercise of these options was $3.49 in 2017 , $2.21 in 2016 and $1.73 in 2015 . The following table illustrates the number of, and movements in, restricted shares awards (RSA) during the period: December 31, 2015 2016 2017 Outstanding at January 1, — — 634,720 Granted during the year — 634,720 1,002,650 Forfeited during the year — — (15,200 ) Vested during the year — — (155,004 ) Outstanding at period end — 634,720 1,467,166 |
Summary of movement in number and WAEP of founder warrants, warrants and restricted shares awards | The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, founders warrants, stock options and warrants during the period: December 31, 2015 2016 2017 Number WAEP Number WAEP Number WAEP Outstanding at January 1, 6,455,048 $ 3.93 7,428,931 $ 3.58 7,177,500 $ 3.55 Granted during the year 1,321,850 $ 1.74 643,350 $ 2.07 230,000 $ 3.39 Forfeited during the year (325,967 ) $ 3.01 (317,880 ) $ 2.97 (336,365 ) $ 4.75 Exercised during the year (1) (22,000 ) $ 1.70 (187,901 ) $ 1.53 (431,790 ) $ 2.28 Expired during the year — (389,000 ) $ 3.12 (441,497 ) $ 3.25 Outstanding at period end 7,428,931 $ 3.58 7,177,500 $ 3.55 6,197,848 $ 3.59 Of which, warrants for consultants equivalent to employees 369,798 $ 3.38 404,798 $ 3.23 151,500 $ 3.29 Exercisable at period end 4,691,741 $ 4.69 5,049,015 $ 4.28 4,900,052 $ 3.90 Of which, warrants for consultants equivalent to employees 360,798 $ 3.44 360,215 $ 3.41 131,917 $ 3.51 ________________________ (1) The weighted average share estimated fair value at the dates of exercise of these options was $3.49 in 2017 , $2.21 in 2016 and $1.73 in 2015 . |
Fair value assumptions for determining value of the grants | The following table lists the inputs to the models used for determining the value of the grants made for the years ended December 31, 2015 , 2016 and 2017 : December 31, 2015 2016 2017 Dividend yield (%) — — — Expected volatility (%) 68 - 70 63 - 69 63 - 64 Risk–free interest rate (%) 0.34 - 0.87 0.00 - 0.47 0.43 Assumed annual lapse rate of awards (%) 10 10 (5 for RSA) 10 for RSA 2 for stock options, warrants and a limited group of beneficiaries Sell price multiple (applied to exercise price) 2 2 2 Weighted average share price (€) 1.59 1.76 2.30 Model used Binomial Binomial Binomial |
Fair value assumptions for determining value of the grants | The following table lists the inputs to the models used for determining the value of the grants made for the years ended December 31, 2015 , 2016 and 2017 : December 31, 2015 2016 2017 Dividend yield (%) — — — Expected volatility (%) 68 - 70 63 - 69 63 - 64 Risk–free interest rate (%) 0.34 - 0.87 0.00 - 0.47 0.43 Assumed annual lapse rate of awards (%) 10 10 (5 for RSA) 10 for RSA 2 for stock options, warrants and a limited group of beneficiaries Sell price multiple (applied to exercise price) 2 2 2 Weighted average share price (€) 1.59 1.76 2.30 Model used Binomial Binomial Binomial |
Interest-bearing loans and bo_2
Interest-bearing loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Schedule of Interest-Bearing Loans and Borrowings | At December 31, Note 2015 2016 2017 (in thousands) Current Convertible debt embedded derivative 14.1 $ 6,091 $ — $ — Finance lease obligation 14.2 12 — — Interest-bearing receivables financing 14.3 6,472 7,712 7,413 Total current portion $ 12,575 $ 7,712 $ 7,413 Non-current Convertible debt and accrued interest 14.1 $ 8,984 $ 16,338 $ 17,063 Total non-current portion $ 8,984 $ 16,338 $ 17,063 |
Government grant advances and_2
Government grant advances and loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Government Grants [Abstract] | |
Schedule of Government Grant Advances and Loans | December 31, Note 2015 2016 2017 (in thousands) Current Government grant advances 15.1 $ 916 $ 390 $ 93 Research project financing 15.2 — — 899 Government loans 15.3 — 211 600 Total current portion $ 916 $ 601 $ 1,592 Non-current Government grant advances 15.1 $ 587 $ 197 $ 350 Research project financing 15.2 2,889 3,223 2,946 Government loans 15.3 1,851 1,571 1,353 Accrued interest 15.2 58 153 381 Total non-current portion $ 5,385 $ 5,144 $ 5,030 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Reconciliation of Changes in Provisions | The movements in the provision for impairment of receivables were as follows: December 31, 2015 2016 2017 (in thousands) At January 1, $ 1,965 $ 588 $ 628 Charge for the year 15 40 182 Utilized amounts (1,392 ) — — At year end $ 588 $ 628 $ 810 Post- employment benefits Others Total Current Non current (in thousands) At January 1, 2015 $ 893 $ 883 $ 1,776 $ 548 $ 1,228 Arising (released) during the year (165 ) 670 505 — — Released (used) during the year — (467 ) (467 ) — — Released (unused) during the year — (101 ) (101 ) — — At December 31, 2015 728 985 1,713 317 1,396 Arising (released) during the year (29 ) 75 46 — — Released (used) during the year (11 ) (269 ) (280 ) — — Released (unused) during the year — (127 ) (127 ) — — At December 31, 2016 688 664 1,352 46 1,306 Arising (released) during the year 216 443 659 — — Released (used) during the year — (50 ) (50 ) — — Released (unused) during the year — (397 ) (397 ) — — At December 31, 2017 $ 904 $ 660 $ 1,564 $ 32 $ 1,532 |
Schedule of Main Assumptions Used | The main assumptions used in the calculation are the following: 2015 2016 2017 Discount rate 2.03% 1.31% 1.30% Salary increase 3% Between 1.5% and 3.5% Between 1.5% and 3.5% Retirement age 60-62 years 60-62 years 60-62 years Turnover: depending on the seniority 3.32%, nil as from 64 4.35%, nil as from 64 4.35%, nil as from 64 |
Other non-current liabilities (
Other non-current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Non-Current Liabilities | Other non-current liabilities At December 31, 2015 2016 2017 (in thousands) Payables $ 3,257 $ — $ — Deferred tax 10 22 52 Total other non-current liabilities $ 3,267 $ 22 $ 52 Deferred revenue $ 1,940 $ 1,940 $ 1,293 |
Trade payables and other curr_2
Trade payables and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Trade Payables and Other Current Liabilities | At December 31, 2015 2016 2017 (in thousands) Trade payables $ 9,498 $ 18,358 $ 13,023 Other current liabilities: Employees and social debts 3,254 3,283 3,720 Others 1,350 1,132 1,418 Total other current liabilities $ 4,604 $ 4,415 $ 5,138 Deferred revenue $ 1,222 $ 335 $ 740 |
Information about financial i_2
Information about financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Schedule of Financial Assets | As at December 31, 2015 , the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2015 Level 1 Level 2 Level 3 (in thousands) Available-for-sale instruments: Long-term investments $ 321 — $ 321 — Liabilities measured at fair value At December 31, 2015 Level 1 Level 2 Level 3 (in thousands) Financial instruments at fair value through other comprehensive income: Cash flow hedge $ (39 ) — $ (39 ) — Financial instruments at fair value through profit and loss: Convertible debt embedded derivative $ (6,091 ) — $ (6,091 ) — As at December 31, 2016 , the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2016 Level 1 Level 2 Level 3 (in thousands) Available-for-sale instruments: Long-term investments $ 310 — $ 310 — Liabilities measured at fair value At December 31, 2016 Level 1 Level 2 Level 3 (in thousands) Financial instruments at fair value through other comprehensive income: Cash flow hedge $ (150 ) — $ (150 ) — As at December 31, 2017 , the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2017 Level 1 Level 2 Level 3 (in thousands) Available-for-sale instruments: Long-term investments $ 353 — $ 353 — Liabilities measured at fair value At December 31, 2017 Level 1 Level 2 Level 3 (in thousands) Financial instruments at fair value through other comprehensive income: Cash flow hedge $ 72 — $ 72 — Carrying amount Fair value December 31, December 31, 2015 2016 2017 2015 2016 2017 (in thousands) Financial assets: Trade and other receivables Trade receivables $ 16,497 $ 15,285 $ 20,926 $ 16,497 $ 15,285 $ 20,926 Loans and other receivables Deposits 345 332 402 345 332 402 Available for sale instruments Long-term investments 321 310 353 321 310 353 Cash, cash equivalents and short-term investments 8,681 20,547 3,295 8,681 20,547 3,295 Total financial assets $ 25,844 $ 36,474 $ 24,976 $ 25,844 $ 36,474 $ 24,976 Total current $ 25,178 $ 35,832 $ 24,221 $ 25,178 $ 35,832 $ 24,221 Total non-current $ 666 $ 642 $ 755 $ 666 $ 642 $ 755 Financial liabilities: Interest-bearing loans and borrowings: Finance lease liability 12 — — 12 — — Interest-bearing receivables financing 6,472 7,712 7,413 6,472 7,712 7,413 Convertible debt and accrued expenses 8,984 16,338 17,063 8,984 16,115 16,309 Government loans 1,851 1,852 2,071 1,851 1,852 2,071 Research project financing 2,947 3,306 4,004 2,947 3,306 4,004 Trade and other payables (current and non current) 12,755 18,358 13,023 12,755 18,358 13,023 Financial instruments at fair value through other comprehensive income: Cash flow hedges 39 150 — 39 150 — Financial instruments at fair value through profit and loss: Convertible debt embedded derivative 6,091 — — 6,091 — — Total financial liabilities $ 39,151 $ 47,716 $ 43,574 $ 39,151 $ 47,493 $ 42,820 Total current $ 22,112 $ 26,431 $ 21,935 $ 22,112 $ 26,431 $ 21,935 Total non-current $ 17,039 $ 21,285 $ 21,639 $ 17,039 $ 21,062 $ 20,885 |
Disclosure of Financial Liabilities | Carrying amount Fair value December 31, December 31, 2015 2016 2017 2015 2016 2017 (in thousands) Financial assets: Trade and other receivables Trade receivables $ 16,497 $ 15,285 $ 20,926 $ 16,497 $ 15,285 $ 20,926 Loans and other receivables Deposits 345 332 402 345 332 402 Available for sale instruments Long-term investments 321 310 353 321 310 353 Cash, cash equivalents and short-term investments 8,681 20,547 3,295 8,681 20,547 3,295 Total financial assets $ 25,844 $ 36,474 $ 24,976 $ 25,844 $ 36,474 $ 24,976 Total current $ 25,178 $ 35,832 $ 24,221 $ 25,178 $ 35,832 $ 24,221 Total non-current $ 666 $ 642 $ 755 $ 666 $ 642 $ 755 Financial liabilities: Interest-bearing loans and borrowings: Finance lease liability 12 — — 12 — — Interest-bearing receivables financing 6,472 7,712 7,413 6,472 7,712 7,413 Convertible debt and accrued expenses 8,984 16,338 17,063 8,984 16,115 16,309 Government loans 1,851 1,852 2,071 1,851 1,852 2,071 Research project financing 2,947 3,306 4,004 2,947 3,306 4,004 Trade and other payables (current and non current) 12,755 18,358 13,023 12,755 18,358 13,023 Financial instruments at fair value through other comprehensive income: Cash flow hedges 39 150 — 39 150 — Financial instruments at fair value through profit and loss: Convertible debt embedded derivative 6,091 — — 6,091 — — Total financial liabilities $ 39,151 $ 47,716 $ 43,574 $ 39,151 $ 47,493 $ 42,820 Total current $ 22,112 $ 26,431 $ 21,935 $ 22,112 $ 26,431 $ 21,935 Total non-current $ 17,039 $ 21,285 $ 21,639 $ 17,039 $ 21,062 $ 20,885 As at December 31, 2015 , the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2015 Level 1 Level 2 Level 3 (in thousands) Available-for-sale instruments: Long-term investments $ 321 — $ 321 — Liabilities measured at fair value At December 31, 2015 Level 1 Level 2 Level 3 (in thousands) Financial instruments at fair value through other comprehensive income: Cash flow hedge $ (39 ) — $ (39 ) — Financial instruments at fair value through profit and loss: Convertible debt embedded derivative $ (6,091 ) — $ (6,091 ) — As at December 31, 2016 , the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2016 Level 1 Level 2 Level 3 (in thousands) Available-for-sale instruments: Long-term investments $ 310 — $ 310 — Liabilities measured at fair value At December 31, 2016 Level 1 Level 2 Level 3 (in thousands) Financial instruments at fair value through other comprehensive income: Cash flow hedge $ (150 ) — $ (150 ) — As at December 31, 2017 , the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2017 Level 1 Level 2 Level 3 (in thousands) Available-for-sale instruments: Long-term investments $ 353 — $ 353 — Liabilities measured at fair value At December 31, 2017 Level 1 Level 2 Level 3 (in thousands) Financial instruments at fair value through other comprehensive income: Cash flow hedge $ 72 — $ 72 — |
Schedule of Present Fair Values of Derivative Financial Instruments | The following tables present fair values of derivative financial instruments at December 31, 2015 , 2016 and 2017 . At December 31, 2015 Notional Amount Fair value (in thousands) Forward contracts (buy U.S dollars, sell euros) € 2,300 $ (38 ) Options (buy euros, sell U.S. dollars) 2,500 (1 ) Total € 4,800 $ (39 ) At December 31, 2016 Notional Amount Fair value (in thousands) Forward contracts (buy euros, sell U.S. dollars) € 5,750 $ (142 ) Options (buy euros, sell U.S. dollars) 1,500 (8 ) Total € 7,250 $ (150 ) At December 31, 2017 Notional Amount Fair value (in thousands) Forward contracts (buy euros, sell U.S. dollars) € 2,250 $ 53 Options (buy euros, sell U.S. dollars) 3,000 19 Total € 5,250 $ 72 |
Summary of Customers Representing Company's Total Revenue | The following table summarizes customers representing a significant portion of the Company’s total revenue: Customer Customer Location % of total revenues for the year ended December 31, Trade receivables at December 31, 2017 2016 2015 2017 2016 2015 A Taiwan 17 % 29 % — $ 5,352,000 $ 4,870,000 $ — B Taiwan 16 % Less than 10% — $ 4,060,000 $ — $ — C China Less than 10% 15 % 14 % $ 246,800 $ (100,000 ) $ 1,167,000 D China — Less than 10% 27 % $ — $ (3,000 ) $ 3,102,000 E Taiwan — — 16 % $ — $ — $ 2,222,000 |
Schedule of Liquidity Risk | Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years More than 5 years Total (in thousands) At December 31, 2015 Research project financing $ 1,132 $ — $ 330 $ 645 $ 840 $ — $ 2,947 Interest-bearing receivables financing 6,472 — — — — — 6,472 Government loans — 93 370 370 370 648 1,851 Convertible debt and accrued interests — — 8,984 — — — 8,984 Finance lease 39 — — — — — 39 Trade payables 9,498 3,257 — — — — 12,755 Other financial liabilities 4,604 — — — — — 4,604 $ 21,745 $ 3,350 $ 9,684 $ 1,015 $ 1,210 $ 648 $ 37,652 At December 31, 2016 Research project financing $ 1,376 $ 631 $ 742 $ 425 $ 19 $ 30 $ 3,223 Interest-bearing receivables financing 7,712 — — — — — 7,712 Government loans 167 376 373 370 368 198 1,852 Convertible debt and accrued interests — — 16,338 — — — 16,338 Trade payables 18,358 — — — — — 18,358 Other financial liabilities 4,415 — — — — — 4,415 $ 32,028 $ 1,007 $ 17,453 $ 795 $ 387 $ 228 $ 51,898 At December 31, 2017 Research project financing $ 899 $ 1,246 $ 671 $ 291 $ 297 $ 441 $ 3,845 Interest-bearing receivables financing 7,413 — — — — — 7,413 Government loans 600 398 398 398 159 — 1,953 Convertible debt and accrued interests — 11,861 5,202 — — — 17,063 Trade payables 13,023 — — — — — 13,023 Other financial liabilities 5,138 — — — — — 5,138 $ 27,073 $ 13,505 $ 6,271 $ 689 $ 456 $ 441 $ 48,435 |
Schedule of Financial Liabilities | January 1, 2017 Cash flows Foreign exchange movement Other December 31, 2017 (In thousands) Government grant advances and loans $ 5,745 2,600 915 (2,638 ) $ 6,622 Convertible debt and accrued interest $ 16,338 — — 725 $ 17,063 Interest-bearing financing of receivables $ 7,712 (299 ) — — $ 7,413 Total $ 29,795 2,301 915 (1,913 ) $ 31,098 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Provisions, Contingent Liabilities And Contingent Assets Explanatory [Abstract] | |
Future Minimum Undiscounted Lease Payments | Future minimum undiscounted lease payments under long-term operating leases are as follows: December 31, 2015 2016 2017 (in thousands) Within one year $ 909 $ 879 $ 1,072 After one year but not more than five years 2,358 1,932 1,035 More than five years — — — Total minimum lease payments $ 3,267 $ 2,811 $ 2,107 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party [Abstract] | |
Compensation of Key Management Personnel | Compensation of key management personnel Year ended December 31, 2015 2016 2017 (in thousands) Fixed and variable wages, social charges and benefits expensed in the year $ 2,112 $ 1,896 $ 2,376 Share-based payment expense for the year 380 490 1,043 Board members fees to non-executive members 196 188 190 Total compensation expense for key management personnel $ 2,688 $ 2,574 $ 3,609 |
Summary of significant accoun_4
Summary of significant accounting and reporting policies - Schedule of Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Sequans Communications Ltd. | |
Disclosure of subsidiaries [line items] | |
% equity interest | 100.00% |
Sequans Communications Inc. | |
Disclosure of subsidiaries [line items] | |
% equity interest | 100.00% |
Sequans Communications Ltd. Pte. | |
Disclosure of subsidiaries [line items] | |
% equity interest | 100.00% |
Sequans Communications Israel (2009) Ltd. | |
Disclosure of subsidiaries [line items] | |
% equity interest | 100.00% |
Summary of significant accoun_5
Summary of significant accounting and reporting policies - Schedule of Average and Closing Exchange Rate for the U.S. Dollar (Details) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2017$ / £ | Dec. 31, 2017$ / £$ / € | Dec. 31, 2017$ / £$ / ₪ | Dec. 31, 2017$ / £$ / $ | Dec. 31, 2016$ / £ | Dec. 31, 2016$ / £$ / € | Dec. 31, 2016$ / £$ / ₪ | Dec. 31, 2016$ / £$ / $ | Dec. 31, 2015$ / £ | Dec. 31, 2015$ / £$ / € | Dec. 31, 2015$ / £$ / ₪ | Dec. 31, 2015$ / £$ / $ | Dec. 31, 2017$ / € | Dec. 31, 2017$ / ₪ | Dec. 31, 2017$ / $ | Dec. 31, 2016$ / € | Dec. 31, 2016$ / ₪ | Dec. 31, 2016$ / $ | Dec. 31, 2015$ / € | Dec. 31, 2015$ / ₪ | Dec. 31, 2015$ / $ | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||||||||||||||||||
Average rate | 1.2885 | 1.1293 | 0.2780 | 0.7244 | 1.3555 | 1.1066 | 0.2605 | 0.7244 | 1.5285 | 1.1096 | 0.2573 | 0.7278 | |||||||||
Closing rate | 1.3518 | 1.3518 | 1.3518 | 1.3518 | 1.2312 | 1.2312 | 1.2312 | 1.2312 | 1.4834 | 1.4834 | 1.4834 | 1.4834 | 1.1993 | 0.2880 | 0.7484 | 1.0541 | 0.2604 | 0.6919 | 1.0887 | 0.2563 | 0.7062 |
Summary of significant accoun_6
Summary of significant accounting and reporting policies - Narrative (Details) - USD ($) $ in Thousands | Jan. 19, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of detailed information about intangible assets [line items] | |||||
Public equity offering proceeds, net of transaction costs paid | $ 14,898 | $ 23,569 | $ 0 | ||
Period of the maintenance | 1 year | ||||
Revenue from development contracts where no related incremental costs were identified | $ 1,321 | 3,684 | 2,636 | ||
Equity | $ 4,148 | $ 8,860 | $ (1,248) | $ 25,115 | |
Licenses | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Life used to compute amortization in the case of perpetual licenses | 5 years | ||||
Bottom of range | Capitalised development expenditure | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Life used to compute amortization in the case of perpetual licenses | 3 years | ||||
Top of range | Capitalised development expenditure | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Life used to compute amortization in the case of perpetual licenses | 5 years | ||||
Major ordinary share transactions [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Public equity offering proceeds, net of transaction costs paid | $ 20,900 |
Summary of significant accoun_7
Summary of significant accounting and reporting policies - Schedule of Useful Lives Most Commonly Used (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Building and leasehold improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 6 years |
Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 3 years |
Furniture and office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 5 years |
Bottom of range | Machinery and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 3 years |
Top of range | Machinery and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 5 years |
Segment information (Details)
Segment information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Operating segments [Abstract] | |||
Number of operating segments | segment | 1 | ||
Disclosure of geographical areas [line items] | |||
Sales to external customers | $ 48,263 | $ 45,579 | $ 32,532 |
Europe, Middle East, Africa | |||
Disclosure of geographical areas [line items] | |||
Sales to external customers | 5,641 | 5,593 | 3,635 |
Americas | |||
Disclosure of geographical areas [line items] | |||
Sales to external customers | 10,045 | 6,669 | 3,954 |
Asia | |||
Disclosure of geographical areas [line items] | |||
Sales to external customers | $ 32,577 | $ 33,317 | $ 24,943 |
Other revenues and expenses - S
Other revenues and expenses - Schedule of Financial Income and Expenses (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | ||||
Income from short-term investments and term deposits and other finance revenue | $ 60 | $ 48 | $ 26 | |
Foreign exchange gain | 2,027 | 2,069 | 1,769 | |
Total financial income | 2,087 | 2,117 | 1,795 | |
Financial expenses: | ||||
Interests on loans and finance leases | 4,153 | 3,212 | 1,401 | |
Interests on supplier payable with extended payment terms | 213 | 411 | 0 | |
Other bank fees and financial charges | 306 | 111 | 141 | |
Other financial expenses | 0 | 83 | 145 | |
Convertible debt amendments | $ 322 | 322 | 0 | 0 |
Change in the fair value of convertible debt embedded derivative | 0 | 1,583 | 2,036 | |
Foreign exchange loss | 3,428 | 1,476 | 1,520 | |
Total financial expenses | $ 8,422 | $ 6,876 | $ 5,243 |
Other revenues and expenses - F
Other revenues and expenses - Financial Income and Expenses (Narrative) (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about borrowings [line items] | ||||
Interests on loans and finance leases | $ 4,153 | $ 3,212 | $ 1,401 | |
Foreign exchange gains and losses related to hedges of euro | 1,401 | (593) | (249) | |
Convertible debt amendments | $ 322 | 322 | 0 | 0 |
Expenses related to the change in fair value of the convertible debt embedded derivative | 0 | 1,583 | 2,036 | |
Other financial expenses related to the embedded derivative | 0 | 83 | 145 | |
Loans and finance leases related to convertible debts issued and government loans granted | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interests on loans and finance leases | $ 4,094 | $ 3,039 | $ 1,350 |
Other revenues and expenses -_2
Other revenues and expenses - Schedule of Cost of Revenue, Operating Expenses, and Employee Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expense By Nature [Line Items] | |||
Cost of components | $ 24,725 | $ 22,574 | $ 17,970 |
Wages and benefits | 29,915 | 26,111 | 22,874 |
Share-based payment expenses | 1,638 | 1,122 | 867 |
Foreign exchange gains and losses related to hedges of euro | 1,401 | (593) | (249) |
Wages and salaries | 21,535 | 18,996 | 16,555 |
Social security costs and other payroll taxes | 6,584 | 5,805 | 5,219 |
Other benefits | 58 | 100 | 93 |
Pension costs | 100 | 88 | 140 |
Expense for defined contributions plans | 1,230 | 1,077 | 957 |
Included in cost of revenue: | |||
Expense By Nature [Line Items] | |||
Cost of components | 22,137 | 20,277 | 15,343 |
Depreciation and impairment | 1,037 | 1,270 | 905 |
Amortization of intangible assets | 157 | 157 | 0 |
Wages and benefits | 2,233 | 2,374 | 1,571 |
Share-based payment expenses | 7 | 11 | 17 |
Assembly services, royalties and other | 1,551 | 1,507 | 1,615 |
Included in operating expenses (between gross profit and operating result): | |||
Expense By Nature [Line Items] | |||
Depreciation and impairment | 1,723 | 1,811 | 2,472 |
Amortization of intangible assets | 2,658 | 2,057 | 1,897 |
Wages and benefits | 26,044 | 22,615 | 20,436 |
Share-based payment expenses | 1,631 | 1,111 | 850 |
Foreign exchange gains and losses related to hedges of euro | 99 | 12 | 296 |
Other, net | $ 8,511 | $ 12,121 | $ 10,767 |
Other revenues and expenses - R
Other revenues and expenses - Research and Development Expense and Tax Credit Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Analysis of income and expense [abstract] | |||
Receivables from taxes other than income tax | $ 3,056 | ||
Research and development costs | 33,318 | $ 30,022 | $ 29,528 |
Research tax credit | (3,345) | (1,962) | (2,658) |
Government and other grants | (3,072) | (1,704) | (1,179) |
Development costs capitalized () | (1,931) | (22) | (386) |
Amortization of capitalized development costs | 232 | 0 | 0 |
Total research and development expense | 25,202 | $ 26,334 | $ 25,305 |
Research tax credit | $ (259) |
Income tax - Schedule of Major
Income tax - Schedule of Major Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Current income tax | $ 273 | $ 272 | $ 311 |
Deferred income tax | 27 | 12 | 6 |
Income tax expense reported in the Consolidated Statement of Operations | $ 300 | $ 284 | $ 317 |
Income tax - Narrative (Details
Income tax - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
French statutory rate | 34.43% | 34.43% | 34.43% |
Accumulated tax losses available for offset against future taxable profits | $ 244,918 |
Income tax - Reconciliation of
Income tax - Reconciliation of Income Taxes Computed at the French Statutory Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Profit (loss) before income taxes | $ (25,860) | $ (24,503) | $ (27,085) |
At France’s statutory income tax rate of 34.43% | $ (8,904) | $ (8,436) | $ (9,325) |
France's statutory income tax rate | 34.43% | 34.43% | 34.43% |
Non-deductible share-based payment expense | $ 564 | $ 386 | $ 299 |
Tax credits | (1,152) | (676) | (915) |
Unrecognized benefit of tax loss carryforwards and permanent differences | 9,792 | 9,010 | 10,258 |
Income tax expense reported in the Consolidated Statement of Operations | $ 300 | $ 284 | $ 317 |
Earnings (loss) per share (Deta
Earnings (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [abstract] | |||
Profit (Loss) | $ (26,160) | $ (24,787) | $ (27,402) |
Weighted average number of shares outstanding for basic EPS (in shares) | 77,668,404 | 63,805,442 | 59,144,905 |
Net effect of dilutive stock options (in shares) | 0 | 0 | 0 |
Net effect of dilutive warrants (in shares) | 0 | 0 | 0 |
Net effect of vesting of restricted stock (in shares) | 0 | 0 | 0 |
Net effect of conversion of convertible notes (in shares) | 0 | 0 | 0 |
Weighted average number of shares outstanding for diluted EPS (in shares) | 77,668,404 | 63,805,442 | 59,144,905 |
Basic earnings (loss) per share (in dollars per share) | $ (0.34) | $ (0.39) | $ (0.46) |
Diluted earnings (loss) per share (in dollars per share) | $ (0.34) | $ (0.39) | $ (0.46) |
Property, plant and equipment -
Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | $ 6,659 | $ 7,116 | $ 8,743 |
Ending balance | 6,992 | 6,659 | 7,116 |
Cost: | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 32,202 | 30,831 | 29,135 |
Additions | 3,046 | 2,661 | 1,798 |
Disposals | (4,495) | (988) | (5) |
Exchange difference | 163 | (302) | (97) |
Ending balance | 30,916 | 32,202 | 30,831 |
Depreciation and impairment: | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (25,543) | (23,715) | (20,392) |
Disposals | 4,495 | 987 | 2 |
Exchange difference | 116 | (266) | (83) |
Depreciation charge for the year | 2,760 | 3,081 | 3,408 |
Reclassification | 0 | ||
Ending balance | (23,924) | (25,543) | (23,715) |
Leasehold improvements | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 520 | 721 | 938 |
Ending balance | 29 | 520 | 721 |
Leasehold improvements | Cost: | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 1,303 | 1,299 | 1,313 |
Additions | 9 | 34 | 0 |
Disposals | (87) | 0 | 0 |
Exchange difference | 17 | (30) | (14) |
Ending balance | 1,242 | 1,303 | 1,299 |
Leasehold improvements | Depreciation and impairment: | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (783) | (578) | (375) |
Disposals | 87 | 0 | 0 |
Exchange difference | 16 | (9) | (5) |
Depreciation charge for the year | 226 | 214 | 208 |
Reclassification | 275 | ||
Ending balance | (1,213) | (783) | (578) |
Plant and equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 5,992 | 6,201 | 7,419 |
Ending balance | 6,291 | 5,992 | 6,201 |
Plant and equipment | Cost: | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 27,150 | 25,167 | 23,522 |
Additions | 2,979 | 2,549 | 1,713 |
Disposals | (4,327) | (345) | (4) |
Exchange difference | 111 | (221) | (64) |
Ending balance | 25,913 | 27,150 | 25,167 |
Plant and equipment | Depreciation and impairment: | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (21,158) | (18,966) | (16,103) |
Disposals | 4,327 | 346 | 1 |
Exchange difference | 60 | (140) | (40) |
Depreciation charge for the year | 2,405 | 2,678 | 2,904 |
Reclassification | 326 | ||
Ending balance | (19,622) | (21,158) | (18,966) |
IT and office equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 147 | 194 | 386 |
Ending balance | 672 | 147 | 194 |
IT and office equipment | Cost: | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 3,749 | 4,365 | 4,300 |
Additions | 58 | 78 | 85 |
Disposals | (81) | (643) | (1) |
Exchange difference | 35 | (51) | (19) |
Ending balance | 3,761 | 3,749 | 4,365 |
IT and office equipment | Depreciation and impairment: | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (3,602) | (4,171) | (3,914) |
Disposals | 81 | 641 | 1 |
Exchange difference | 40 | (117) | (38) |
Depreciation charge for the year | 129 | 189 | 296 |
Reclassification | (601) | ||
Ending balance | $ (3,089) | $ (3,602) | $ (4,171) |
Property, plant and equipment_2
Property, plant and equipment - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment (accumulated amortization) | $ 6,992 | $ 6,659 | $ 7,116 | $ 8,743 |
Cost: | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment (accumulated amortization) | $ 30,916 | $ 32,202 | 30,831 | $ 29,135 |
Equipment purchased under capital leases | Cost: | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment (accumulated amortization) | 346 | |||
Equipment purchased under capital leases | Accumulated amortization | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment (accumulated amortization) | $ (337) |
Intangible assets (Details)
Intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | $ 7,707 | $ 5,255 | $ 3,440 |
Ending balance | 9,562 | 7,707 | 5,255 |
Cost: | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 18,115 | 16,946 | 13,272 |
Additions/Amortization | 4,641 | 4,836 | 3,686 |
Disposals, Cost (Depreciation and impairment) | (64) | (3,620) | 0 |
Exchange difference | 23 | (47) | (12) |
Ending balance | 22,715 | 18,115 | 16,946 |
Depreciation and impairment: | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | (10,408) | (11,691) | (9,832) |
Additions/Amortization | 2,815 | 2,215 | 1,867 |
Disposals, Cost (Depreciation and impairment) | 64 | 3,468 | 0 |
Exchange difference | (6) | (30) | (8) |
Ending balance | $ (13,153) | $ (10,408) | $ (11,691) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Components, net | $ 2,934 | $ 4,409 | $ 1,218 |
Finished goods, net | 4,442 | 4,284 | 2,847 |
Total net inventories | 7,376 | 8,693 | 4,065 |
Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Components, net | 2,964 | 4,686 | 1,486 |
Finished goods, net | 5,035 | 6,975 | 5,519 |
Total net inventories | 7,999 | 11,661 | 7,005 |
Inventory adjustments | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Components, net | (30) | (277) | (268) |
Finished goods, net | (593) | (2,691) | (2,672) |
Total net inventories | $ (623) | $ (2,968) | $ (2,940) |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Provision included in Cost of product revenue | $ 199 | $ 760 | |
Reversal of inventory write-down | 2,755 | ||
Components, net | 2,934 | $ 1,218 | $ 4,409 |
Damaged goods inventory adjustments | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Components, net | $ 265 |
Trade receivables - Schedule of
Trade receivables - Schedule of Non-Interest Bearing Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Trade receivables | $ 18,754 | $ 14,427 | $ 16,345 |
Unbilled revenue | 3,467 | 1,624 | 740 |
Unissued credit notes | (485) | (138) | 0 |
Provisions on trade receivables | (810) | (628) | (588) |
Net trade receivables | $ 20,926 | $ 15,285 | $ 16,497 |
Trade receivables - Schedule _2
Trade receivables - Schedule of Movements in the Provision for Impairment of Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
At January 1, | $ 628 | $ 588 | |
At year end | 810 | 628 | $ 588 |
Trade receivables | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
At January 1, | 628 | 588 | 1,965 |
Charge for the year | 182 | 40 | 15 |
Utilized amounts | 0 | 0 | (1,392) |
At year end | $ 810 | $ 628 | $ 588 |
Trade receivables - Aging Analy
Trade receivables - Aging Analysis of Trade Receivables That Were Not Impaired (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | $ 24,976 | $ 36,474 | $ 25,844 |
Trade receivables | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 20,926 | 15,285 | 16,497 |
Trade receivables | Neither past due nor Impaired | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 12,746 | 12,995 | 12,589 |
Trade receivables | Past due but not impaired | Less than 30 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 4,771 | 412 | 3,520 |
Trade receivables | Past due but not impaired | 30-60 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 1,036 | 374 | 138 |
Trade receivables | Past due but not impaired | 60-120 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 1,673 | 1,494 | 250 |
Trade receivables | Past due but not impaired | Greater than 120 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | $ 700 | $ 10 | $ 0 |
Cash and cash equivalents - Sch
Cash and cash equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Cash at banks | $ 2,039 | $ 8,765 | $ 2,408 | |
Cash equivalents | 909 | 11,437 | 5,880 | |
Cash and cash equivalents | $ 2,948 | $ 20,202 | $ 8,288 | $ 12,329 |
Cash and cash equivalents - S_2
Cash and cash equivalents - Schedule of Cash and Cash Equivalents Held in U.S. dollar and Euros (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 2,948 | $ 20,202 | $ 8,288 | $ 12,329 |
U.S. dollar denominated accounts | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 1,343 | 19,122 | 7,352 | |
Euro denominated accounts | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 1,503 | 949 | 826 | |
GBP denominated accounts | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 30 | 23 | 15 | |
SGP denominated accounts | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 16 | 53 | 31 | |
NIS denominated accounts | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 11 | 36 | 25 | |
RMB denominated accounts | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 21 | 2 | 18 | |
Other currencies denominated accounts | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 24 | $ 17 | $ 21 |
Issued capital and reserves - A
Issued capital and reserves - Authorized Capital, In Number of Shares (Details) | Dec. 31, 2017category€ / sharesshares | Dec. 31, 2016€ / sharesshares | Dec. 31, 2015€ / sharesshares |
Share Capital, Reserves And Other Equity Interest [Abstract] | |||
Authorised capital (in shares) | shares | 139,359,831 | 98,462,155 | 93,277,508 |
Nominal value (euro per share) | € / shares | € 0.02 | € 0.02 | € 0.02 |
Number of categories of authorized shares | category | 1 |
Issued capital and reserves - S
Issued capital and reserves - Shares Issued and Fully Paid (Details) € in Thousands, $ in Thousands | Dec. 31, 2017USD ($)shares | Dec. 31, 2017EUR (€)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2016EUR (€)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2015EUR (€)shares |
Share Capital, Reserves And Other Equity Interest [Abstract] | ||||||
Ordinary shares (in shares) | 80,024,707 | 80,024,707 | 75,030,078 | 75,030,078 | 59,166,741 | 59,166,741 |
Ordinary shares | $ 2,031 | € 1,597 | $ 1,923 | € 1,501 | $ 1,568 | € 1,183 |
Issued capital and reserves - C
Issued capital and reserves - Capital Transactions (Details) - USD ($) | Jun. 16, 2017 | May 09, 2017 | Oct. 07, 2016 | Sep. 16, 2016 | Oct. 07, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 27, 2016 |
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Shares issued (in shares) | 80,024,707 | 75,030,078 | 59,166,741 | ||||||
Total offering | $ 16,387,500 | $ 25,864,486 | $ 16,387,000 | $ 25,865,000 | |||||
Share premium | $ 16,291,254 | $ 165,114 | $ 25,514,030 | 25,514,030 | 204,952,000 | 189,029,000 | $ 165,536,000 | ||
Ordinary shares issued in connection with a public offering (in shares) | 4,312,500 | 523,916 | 15,151,520 | ||||||
Underwriters' over-allotment shares issued (in shares) | 562,500 | ||||||||
Ordinary share price (usd per share) | $ 3.80 | $ 1.65 | |||||||
Costs directly attributable to the equity transaction | $ 1,500,000 | 2,300,000 | 1,489,000 | 2,296,000 | $ 0 | ||||
Share capital | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Total offering | $ 96,246 | 1,380 | $ 350,456 | $ 96,000 | $ 351,000 | ||||
Ordinary shares issued in connection with a public offering (in shares) | 4,312,500 | 15,675,436 | |||||||
2016 convertible notes | |||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||
Notional amount | 160,000 | $ 7,160,000 | |||||||
Accrued interest | $ 11,594 | ||||||||
Shares issued (in shares) | 63,258 |
Share-based payment plans - Nar
Share-based payment plans - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017€ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016€ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015€ / shares | Dec. 31, 2015USD ($)$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expense from equity-settled share-based payment transactions | $ | $ 1,638 | $ 1,122 | $ 867 | |||
Weighted average remaining contractual life | 6 years | 6 years 8 months | 6 years 3 months 18 days | |||
Weighted average fair value (in € per unit) | € / shares | € 1.52 | € 0.97 | € 0.84 | |||
Sell price multiple that had been used | 3 | |||||
Sell price multiple | 2 | 2 | 2 | |||
Decrease in weighted average share price (as a percent) | 10.00% | |||||
Decrease in total compensation (as a percent) | (8.73%) | 7.09% | 3.57% | |||
Minimum | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Range of exercise prices (in usd per unit) | $ / shares | $ 1.20 | $ 1.20 | $ 1.20 | |||
Maximum | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Range of exercise prices (in usd per unit) | $ / shares | $ 8.50 | $ 8.50 | $ 8.50 | |||
Warrants | Consultants considered equivalent to employees | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expense from equity-settled share-based payment transactions | $ | $ 24 | $ 14 | $ 13 | |||
Restricted share awards (RSA) | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Weighted average fair value (in € per unit) | € / shares | € 2.15 | € 1.65 | € 0 |
Share-based payment plans - Gen
Share-based payment plans - General employee stock option, founders warrant plans and restricted shares awards (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Award vesting period | 10 years |
Founders warrants and stock options | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Award vesting period | 4 years |
Founders warrants and stock options | After the first year anniversary of grant | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Award vesting percentage | 25.00% |
Founders warrants and stock options | Monthly over the remaining 36 months | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Award vesting period | 36 months |
Award vesting percentage | 75.00% |
RSA | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Award vesting period | 4 years |
Sale period | 2 years |
RSA | After the first year anniversary of grant | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Award vesting period | 1 year |
Award vesting percentage | 25.00% |
RSA | Quarterly over the remaining three years | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Award vesting period | 3 years |
Award vesting percentage | 75.00% |
RSA | After the two year anniversary of grant | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Award vesting period | 2 years |
Award vesting percentage | 50.00% |
RSA | Vesting quarterly over the remaining two years | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Award vesting period | 2 years |
Award vesting percentage | 50.00% |
Share-based payment plans - War
Share-based payment plans - Warrant plans for certain consultants considered equivalent to employees (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Award vesting period | 10 years |
Vesting scenario 1 | Warrants | Consultants considered equivalent to employees | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Award vesting period | 2 years |
Vesting scenario 2 | Warrants | Consultants considered equivalent to employees | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Award vesting period | 3 years |
Vesting scenario 3 | Warrants | Consultants considered equivalent to employees | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Award vesting period | 4 years |
Share-based payment plans - Mov
Share-based payment plans - Movements in number and WAEP (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of units outstanding at January 1, | 7,177,500 | 7,428,931 | 6,455,048 |
Number of units granted during the year | 230,000 | 643,350 | 1,321,850 |
Number of units forfeited during the year | (336,365) | (317,880) | (325,967) |
Number of units exercised during the year | (431,790) | (187,901) | (22,000) |
Number of units expired during the year | (441,497) | 389,000 | 0 |
Number of units outstanding at period end | 6,197,848 | 7,177,500 | 7,428,931 |
Number of units exercisable at period end | 4,900,052 | 5,049,015 | 4,691,741 |
WAEP of units outstanding at January 1, (in usd per unit) | $ 3.55 | $ 3.58 | $ 3.93 |
WAEP of units granted during the year (in usd per unit) | 3.39 | 2.07 | 1.74 |
WAEP of units forfeited during the year (in usd per unit) | 4.75 | 2.97 | 3.01 |
WAEP of units exercised during the year (in usd per unit) | 2.28 | 1.53 | 1.70 |
WAEP of units expired during the year (in usd per unit) | 3.25 | 3.12 | |
WAEP of units outstanding at period end (in usd per unit) | 3.59 | 3.55 | 3.58 |
WAEP of units exercisable at period end (in usd per unit) | $ 3.90 | $ 4.28 | $ 4.69 |
Weighted average share price of options at exercise date (in usd per option) | $ 3.49 | $ 2.21 | $ 1.73 |
Warrants | Consultants considered equivalent to employees | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of units outstanding at January 1, | 404,798 | 369,798 | |
Number of units outstanding at period end | 151,500 | 404,798 | 369,798 |
Number of units exercisable at period end | 131,917 | 360,215 | 360,798 |
WAEP of units outstanding at January 1, (in usd per unit) | $ 3.23 | $ 3.38 | |
WAEP of units outstanding at period end (in usd per unit) | 3.29 | 3.23 | $ 3.38 |
WAEP of units exercisable at period end (in usd per unit) | $ 3.51 | $ 3.41 | $ 3.44 |
Share-based payment plans - M_2
Share-based payment plans - Movements in number and restricted shares awards (Details) - Restricted share awards (RSA) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding at January 1, | 634,720 | 0 | 0 |
Granted during the year | 1,002,650 | 634,720 | 0 |
Forfeited during the year | (15,200) | 0 | 0 |
Vested during the year | (155,004) | 0 | 0 |
Outstanding at period end | 1,467,166 | 634,720 | 0 |
Share-based payment plans - Val
Share-based payment plans - Valuation assumptions (Details) - € / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Dividend yield (%) | 0.00% | 0.00% | 0.00% |
Risk–free interest rate (%) | 43.00% | ||
Assumed annual lapse rate of awards (%) | 10.00% | 10.00% | |
Sell price multiple (applied to exercise price) | 2 | 2 | 2 |
Weighted average share price (in € per share) | € 2.30 | € 1.76 | € 1.59 |
Stock Options | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Assumed annual lapse rate of awards (%) | 2.00% | ||
RSA | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Assumed annual lapse rate of RSA (%) | 10.00% | 5.00% | |
Warrants | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Assumed annual lapse rate of RSA (%) | 2.00% | ||
Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (%) | 63.00% | 63.00% | 68.00% |
Risk–free interest rate (%) | 0.00% | 0.34% | |
Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (%) | 64.00% | 69.00% | 70.00% |
Risk–free interest rate (%) | 0.47% | 0.87% |
Interest-bearing loans and bo_3
Interest-bearing loans and borrowings - Schedule of Interest-Bearing Loans and Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about borrowings [line items] | |||
Interest-bearing financing of receivables | $ 7,413 | $ 7,712 | $ 6,472 |
Borrowings, Excluding Government Loans And Research Project Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest-bearing financing of receivables | 7,413 | 7,712 | 12,575 |
Total non-current portion | 17,063 | 16,338 | 8,984 |
Convertible debt embedded derivative | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest-bearing financing of receivables | 0 | 0 | 6,091 |
Finance lease obligation | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest-bearing financing of receivables | 0 | 0 | 12 |
Interest-bearing receivables financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest-bearing financing of receivables | 7,413 | 7,712 | 6,472 |
Convertible debt and accrued interest | |||
Disclosure of detailed information about borrowings [line items] | |||
Total non-current portion | $ 17,063 | $ 16,338 | $ 8,984 |
Interest-bearing loans and bo_4
Interest-bearing loans and borrowings - Convertible Debt (Details) | Apr. 27, 2016USD ($)$ / shares | Apr. 14, 2015€ / shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Oct. 30, 2017$ / shares | May 09, 2017USD ($)shares | May 12, 2016USD ($) | Apr. 14, 2016USD ($) | Apr. 14, 2015USD ($)$ / shares |
Disclosure of detailed information about borrowings [line items] | |||||||||||
Change in the fair value of convertible debt embedded derivative | $ 0 | $ (1,583,000) | $ (2,036,000) | ||||||||
Convertible debt amendments | $ 322,000 | $ 322,000 | $ 0 | $ 0 | |||||||
Shares issued (in shares) | shares | 80,024,707 | 80,024,707 | 75,030,078 | 59,166,741 | |||||||
Convertible debt | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 7.00% | 7.00% | |||||||||
2015 convertible notes | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Total funding | $ 12,000,000 | ||||||||||
Conversion ratio | 0.5405405 | ||||||||||
Conversion price (in dollars per share) | (per share) | € 0.02 | $ 2.25 | $ 1.85 | ||||||||
Debt term | 3 years | ||||||||||
2016 convertible notes | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Total funding | $ 7,160,000 | $ 160,000 | |||||||||
Accrued interest | $ 11,594 | ||||||||||
Conversion price (in dollars per share) | $ / shares | $ 2.7126 | ||||||||||
Debt term | 3 years | ||||||||||
Shares issued (in shares) | shares | 63,258 | ||||||||||
Market approach | 2015 convertible notes | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate used to value liability | 24.26% | ||||||||||
Market approach | 2016 convertible notes | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate used to value liability | 25.69% | ||||||||||
Financial liabilities at fair value through profit or loss | Convertible debt embedded derivative | 2015 convertible notes | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Derivative financial liabilities | $ 6,091,000 | $ 8,324,000 | $ 4,055,000 | ||||||||
Adjustments for increase (decrease) in derivative financial liabilities | $ (2,233,000) | ||||||||||
Change in the fair value of convertible debt embedded derivative | 1,298,000 | 2,036,000 | |||||||||
Decrease in borrowings | 1,103,000 | 1,994,000 | |||||||||
Financial liabilities at fair value through profit or loss | Convertible debt embedded derivative | 2015 convertible notes following term extension | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Change in the fair value of convertible debt embedded derivative | $ 2,120,000 | ||||||||||
Financial liabilities at fair value through profit or loss | Convertible debt embedded derivative | 2016 convertible notes | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Derivative financial liabilities | $ 2,597,000 | $ 1,947,000 | |||||||||
Adjustments for increase (decrease) in derivative financial liabilities | $ 650,000 |
Interest-bearing loans and bo_5
Interest-bearing loans and borrowings - Finance Lease Obligation (Details) - Finance lease obligation $ in Thousands | 1 Months Ended | ||
Jun. 30, 2012USD ($) | Jun. 30, 2012EUR (€) | Dec. 31, 2015USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||
Finance lease acquisitions, maximum purchase amount | $ 1,918 | € 1,500,000 | |
Finance lease reimbursement period | 36 months | 36 months | |
Finance lease, effective interest rate | 4.60% | 4.60% | |
Available-for-sale financial assets | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets pledged as collateral, percentage | 33.33% | 33.33% | |
Financial assets pledged as collateral | $ 51 |
Interest-bearing loans and bo_6
Interest-bearing loans and borrowings - Interest-Bearing Financing Receivables (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about borrowings [line items] | |||||
Current borrowings | $ 7,413 | $ 7,712 | $ 6,472 | ||
Interest-bearing receivables financing | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest rate | 1.60% | 1.20% | |||
Current borrowings | $ 7,413 | $ 7,712 | $ 6,472 | ||
Interest-bearing receivables financing | LIBOR | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Adjustment to interest rate basis | 1.00% | 0.75% | |||
Factoring of receivables | Interest-bearing receivables financing | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Available borrowings, percentage of face value of accounts receivable | 90.00% | ||||
Exclusion from past due period of accounts receivable | 60 days |
Government grant advances and_3
Government grant advances and loans - Schedule of Government Grant Advances and Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current | |||
Government grant advances | $ 93 | $ 390 | $ 916 |
Research project financing | 899 | 0 | 0 |
Government loans | 600 | 211 | 0 |
Total current portion | 1,592 | 601 | 916 |
Non-current | |||
Government grant advances | 350 | 197 | 587 |
Research project financing | 2,946 | 3,223 | 2,889 |
Government loans | 1,353 | 1,571 | 1,851 |
Accrued interest | 381 | 153 | 58 |
Total non-current portion | $ 5,030 | $ 5,144 | $ 5,385 |
Government grant advances and_4
Government grant advances and loans - Government Grant Advances (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017USD ($)project | Dec. 31, 2017EUR (€)project | Dec. 31, 2016USD ($)project | Dec. 31, 2016EUR (€)project | Dec. 31, 2015USD ($)project | Dec. 31, 2015EUR (€)project | |
Research and Development Arrangement, Contract to Perform for Others1 [Line Items] | ||||||
Number of collaborative projects | 1 | 1 | 1 | 1 | 2 | 2 |
Amount funded from government grant advances | $ 386 | € 349 | $ 131 | € 121 | $ 909 | € 816 |
Term of collaborative project | 2 years | 2 years | ||||
Minimum | ||||||
Research and Development Arrangement, Contract to Perform for Others1 [Line Items] | ||||||
Term of collaborative project | 1 year | 1 year | ||||
Maximum | ||||||
Research and Development Arrangement, Contract to Perform for Others1 [Line Items] | ||||||
Term of collaborative project | 2 years | 2 years | 4 years | 4 years |
Government grant advances and_5
Government grant advances and loans - Research Project Financing (Details) | 1 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016USD ($)installment | Dec. 31, 2016EUR (€)installment | Jan. 31, 2016USD ($)installment | Jan. 31, 2016EUR (€)installment | Oct. 31, 2014USD ($) | Oct. 31, 2014EUR (€) | Dec. 31, 2017USD ($)project | Dec. 31, 2017EUR (€)project | Dec. 31, 2016USD ($)project | Dec. 31, 2016EUR (€)project | Dec. 31, 2015USD ($) | Dec. 31, 2017EUR (€) | Jan. 31, 2016EUR (€) | |
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Number of projects | project | 2 | 2 | 2 | 2 | |||||||||
Accrued interest | $ 83,000 | $ 159,000,000 | $ 83,000 | $ 46,000 | |||||||||
Research project financing | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Proceeds received from long-term projects | $ 0 | ||||||||||||
Government Grant | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Proceeds received from long-term projects | (207,000) | € 176,000 | 379,000 | € 342,000 | |||||||||
Forgivable Loan | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Proceeds received from long-term projects | $ (2,509,000) | € 2,132,000 | $ 642,000,000 | € 594,000 | |||||||||
Long-Term Research Project - October 2014 | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Research project, term | 4 years | 4 years | 3 years | 3 years | |||||||||
Number of installments | installment | 3 | 3 | |||||||||||
Reduction in debt carrying value | $ 115,000 | ||||||||||||
Long-Term Research Project - October 2014 | Fixed Contractual Rate | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Interest rate | 1.53% | 1.53% | |||||||||||
Long-Term Research Project - October 2014 | Research project financing | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Total funding | $ 8,988,000 | € 6,967,000 | |||||||||||
Long-Term Research Project - October 2014 | Government Grant | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Total funding | 3,815,000 | 2,957,000 | |||||||||||
Long-Term Research Project - October 2014 | Forgivable Loan | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Total funding | $ 5,173,000 | € 4,010,000 | |||||||||||
Long-Term Research Project - January 2016 | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Research project, term | 27 months | 27 months | |||||||||||
Number of installments | installment | 4 | 4 | |||||||||||
Reduction in debt carrying value | $ 30,000 | ||||||||||||
Long-Term Research Project - January 2016 | Fixed Contractual Rate | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Interest rate | 1.17% | 1.17% | |||||||||||
Long-Term Research Project - January 2016 | Research project financing | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Total funding | $ 2,288,000 | € 2,095,000 | |||||||||||
Long-Term Research Project - January 2016 | Government Grant | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Total funding | 729,000 | 668,000 | |||||||||||
Long-Term Research Project - January 2016 | Forgivable Loan | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Total funding | $ 1,558,000 | € 1,427,000 | |||||||||||
Royalty Agreement Terms | Long-Term Research Project - October 2014 | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Research project, term | 3 years | 3 years | 10 years | 10 years | |||||||||
Excess sales amount threshold | $ 425,000,000 | € 350,000,000 | |||||||||||
Period after termination date | 3 years | 3 years | |||||||||||
Percentage of revenue from project | 1.00% | 1.00% | |||||||||||
Maximum amount payable | $ 419,755,000 | € 350,000,000 | |||||||||||
Royalty Agreement Terms | Long-Term Research Project - January 2016 | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Research project, term | 10 years | 10 years | |||||||||||
Excess sales amount threshold | $ 3,300,000 | € 3,000,000 | |||||||||||
Period after termination date | 4 years | 4 years | |||||||||||
Percentage of revenue from project | 13.00% | 13.00% | |||||||||||
Maximum amount payable | $ 655,000 | € 600,000 | |||||||||||
Bottom of range | Research project financing | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Interest rate | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% | ||||||||
Top of range | Research project financing | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Interest rate | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% |
Government grant advances and_6
Government grant advances and loans - Government Loans (Details) | 1 Months Ended | |
Sep. 30, 2015USD ($)borrowing | Sep. 30, 2015EUR (€) | |
Government loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Number of government loans | borrowing | 2 | |
Government debt instruments | $ 2,228,000 | € 2,000,000 |
Debt term | 7 years | |
Government Loan - 5.24% Loan | ||
Disclosure of detailed information about borrowings [line items] | ||
Government debt instruments | € 1,000,000 | |
Interest rate | 5.24% | 5.24% |
Government Loan - Interest Free Loan | ||
Disclosure of detailed information about borrowings [line items] | ||
Government debt instruments | € 1,000,000 |
Provisions - Reconciliation of
Provisions - Reconciliation of Changes in Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of changes in other provisions [abstract] | ||||
Total, beginning of period | $ 1,352 | $ 1,713 | $ 1,776 | |
Arising (released) during the year | 659 | 46 | 505 | |
Released (used) during the year | (50) | (280) | (467) | |
Released (unused) during the year | (397) | (127) | 101 | |
Total, end of period | 1,564 | 1,352 | 1,713 | |
Current | 32 | 46 | 317 | $ 548 |
Non current | 1,532 | 1,306 | 1,396 | $ 1,228 |
Others | ||||
Reconciliation of changes in other provisions [abstract] | ||||
Total, beginning of period | 664 | 985 | 883 | |
Arising (released) during the year | 443 | 75 | 670 | |
Released (used) during the year | (50) | (269) | (467) | |
Released (unused) during the year | (397) | (127) | 101 | |
Total, end of period | 660 | 664 | 985 | |
Post- employment benefits | ||||
Reconciliation of changes in other provisions [abstract] | ||||
Total, beginning of period | 688 | 728 | 893 | |
Arising (released) during the year | 216 | (29) | (165) | |
Released (used) during the year | 0 | (11) | 0 | |
Released (unused) during the year | 0 | 0 | 0 | |
Total, end of period | $ 904 | $ 688 | $ 728 |
Provisions - Narrative (Details
Provisions - Narrative (Details) £ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($)employee | Dec. 31, 2016USD ($)employee | Dec. 31, 2015USD ($)employee | Dec. 31, 2015GBP (£) | Dec. 31, 2014USD ($) | |
Disclosure of other provisions [line items] | |||||
Actuarial gain (loss) included in comprehensive income | $ 46 | $ (120) | $ (215) | ||
Number of employees retired during the year | employee | 0 | 1 | 0 | ||
Provisions | $ 1,564 | $ 1,352 | $ 1,713 | $ 1,776 | |
Contractual penalty with supplier | $ 507 | ||||
Payment of contractual penalty with supplier | 402 | ||||
Provision for risk related to UK tax credit | |||||
Disclosure of other provisions [line items] | |||||
Provisions | $ 252 | £ 170 | |||
Royalty provision | |||||
Disclosure of other provisions [line items] | |||||
Increase (decrease) in other provisions | $ (397) | $ (127) |
Provisions - Schedule of Main A
Provisions - Schedule of Main Assumptions Used (Details) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of defined benefit plans [line items] | |||
Discount rate | 1.30% | 1.31% | 2.03% |
Salary increase | 3.00% | ||
Minimum | |||
Disclosure of defined benefit plans [line items] | |||
Salary increase | 1.50% | 1.50% | |
Retirement age | 60 | 60 | 60 |
Turnover: depending on the seniority | 4.35% | 4.35% | 3.32% |
Maximum | |||
Disclosure of defined benefit plans [line items] | |||
Salary increase | 3.50% | 3.50% | |
Retirement age | 62 | 62 | 62 |
Turnover: depending on the seniority | 0.00% | 0.00% | 0.00% |
Other non-current liabilities -
Other non-current liabilities - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Payables | $ 0 | $ 0 | $ 3,257 |
Deferred tax | 52 | 22 | 10 |
Total other non-current liabilities | 52 | 22 | 3,267 |
Deferred revenue | $ 1,293 | $ 1,940 | $ 1,940 |
Other non-current liabilities_2
Other non-current liabilities - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)installment | Dec. 31, 2015EUR (€) | |
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | |||||
Non-current trade payables | $ 0 | $ 0 | $ 0 | $ 3,257 | |
Trade payables | 13,023 | 13,023 | 18,358 | 9,498 | |
Deferred revenue, non-current | 1,293 | 1,293 | 1,940 | 1,940 | |
Other revenue | 10,910 | 10,998 | 7,863 | ||
Deferred revenue | 740 | 740 | 335 | 1,222 | |
Supplier contract | |||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | |||||
Total amount | 3,700 | 3,700 | $ 5,368 | € 5,000,000 | |
Number of installments | installment | 3 | ||||
Total debt | $ 4,744 | ||||
Interest rate | 0.0834 | ||||
Non-current trade payables | $ 3,257 | ||||
Trade payables | 2,399 | 2,399 | $ 5,061 | $ 1,487 | |
Supplier contract | Within one year | |||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | |||||
Total amount | € | € 1,500,000 | ||||
Development services | |||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | |||||
Other revenue | 121 | ||||
Deferred revenue | $ 485 | $ 485 |
Trade payables and other curr_3
Trade payables and other current liabilities - Schedule of Trade Payables and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Trade payables | $ 13,023 | $ 18,358 | $ 9,498 |
Other current liabilities: | |||
Employees and social debts | 3,720 | 3,283 | 3,254 |
Others | 1,418 | 1,132 | 1,350 |
Total other current liabilities | 5,138 | 4,415 | 4,604 |
Deferred revenue | $ 740 | $ 335 | $ 1,222 |
Trade payables and other curr_4
Trade payables and other current liabilities - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | |||
Trade payable term | 30 days | ||
Trade payables | $ 13,023,000 | $ 18,358,000 | $ 9,498,000 |
Deferred revenue, current | 740,000 | 335,000 | 1,222,000 |
Supplier contract | |||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | |||
Trade payables | $ 2,399,000 | $ 5,061,000 | $ 1,487,000 |
Maintenance Revenue | |||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | |||
Deferred revenue, maintenance period | 12 months | 12 months | 12 months |
Development services agreements | |||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | |||
Deferred revenue, current | $ 61,000 | $ 0 | $ 978,000 |
Information about financial i_3
Information about financial instruments - Schedule of Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying amount | |||
Total financial assets | $ 24,976 | $ 36,474 | $ 25,844 |
Total current | 24,221 | 35,832 | 25,178 |
Total non-current | 755 | 642 | 666 |
Fair value | |||
Total financial assets | 24,976 | 36,474 | 25,844 |
Total current | 24,221 | 35,832 | 25,178 |
Total non-current | 755 | 642 | 666 |
Carrying amount | |||
Total financial liabilities | 43,574 | 47,716 | 39,151 |
Total current | 21,935 | 26,431 | 22,112 |
Total non-current | 21,639 | 21,285 | 17,039 |
Fair value | |||
Total financial liabilities | 42,820 | 47,493 | 39,151 |
Total current | 21,935 | 26,431 | 22,112 |
Total non-current | 20,885 | 21,062 | 17,039 |
Cash, cash equivalents and short-term investments | |||
Carrying amount | |||
Total financial assets | 3,295 | ||
Fair value | |||
Total financial assets | 3,295 | 20,547 | 8,681 |
Interest-bearing loans and borrowings | Finance lease liability | |||
Carrying amount | |||
Total financial liabilities | 0 | 0 | 12 |
Fair value | |||
Total financial liabilities | 0 | 0 | 12 |
Interest-bearing loans and borrowings | Interest-bearing receivables financing | |||
Carrying amount | |||
Total financial liabilities | 7,413 | 7,712 | 6,472 |
Fair value | |||
Total financial liabilities | 7,413 | 7,712 | 6,472 |
Interest-bearing loans and borrowings | Convertible debt and accrued expenses | |||
Carrying amount | |||
Total financial liabilities | 17,063 | 16,338 | 8,984 |
Fair value | |||
Total financial liabilities | 16,309 | 16,115 | 8,984 |
Interest-bearing loans and borrowings | Government loans | |||
Carrying amount | |||
Total financial liabilities | 2,071 | 1,852 | 1,851 |
Fair value | |||
Total financial liabilities | 2,071 | 1,852 | 1,851 |
Interest-bearing loans and borrowings | Research project financing | |||
Carrying amount | |||
Total financial liabilities | 4,004 | 3,306 | 2,947 |
Fair value | |||
Total financial liabilities | 4,004 | 3,306 | 2,947 |
Trade and other payables (current and non current) | Trade and other payables (current and non current) | |||
Carrying amount | |||
Total financial liabilities | 13,023 | 18,358 | 12,755 |
Fair value | |||
Total financial liabilities | 13,023 | 18,358 | 12,755 |
Financial instruments at fair value through other comprehensive income | Cash flow hedges | |||
Carrying amount | |||
Total financial liabilities | 0 | 150 | 39 |
Fair value | |||
Total financial liabilities | 0 | 150 | 39 |
Financial instruments at fair value through profit and loss | Convertible debt embedded derivative | |||
Carrying amount | |||
Total financial liabilities | 0 | 0 | 6,091 |
Fair value | |||
Total financial liabilities | 0 | 0 | 6,091 |
Trade and other receivables | Trade receivables | |||
Carrying amount | |||
Total financial assets | 20,926 | 15,285 | 16,497 |
Fair value | |||
Total financial assets | 20,926 | 15,285 | 16,497 |
Loans and other receivables | Deposits | |||
Carrying amount | |||
Total financial assets | 402 | 332 | 345 |
Fair value | |||
Total financial assets | 402 | 332 | 345 |
Available for sale instruments | Long-term investments | |||
Carrying amount | |||
Total financial assets | 353 | 310 | 321 |
Fair value | |||
Total financial assets | $ 353 | 310 | 321 |
Cash, cash equivalents and short-term investments | Cash, cash equivalents and short-term investments | |||
Carrying amount | |||
Total financial assets | $ 20,547 | $ 8,681 |
Information about financial i_4
Information about financial instruments - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | $ 24,976,000 | $ 36,474,000 | $ 25,844,000 |
Financial liabilities, at fair value | (42,820,000) | (47,493,000) | (39,151,000) |
Available for sale instruments | Long-term investments | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | 353,000 | 310,000 | 321,000 |
Level 1 | Available for sale instruments | Long-term investments | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | 0 | 0 | 0 |
Level 2 | Available for sale instruments | Long-term investments | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | 353,000 | 310,000 | 321,000 |
Level 3 | Available for sale instruments | Long-term investments | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | 0 | 0 | 0 |
Cash flow hedges | Financial instruments at fair value through other comprehensive income | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Financial liabilities, at fair value | 72,000 | (150,000) | (39,000) |
Cash flow hedges | Financial instruments at fair value through other comprehensive income | Level 1 | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | 0 |
Cash flow hedges | Financial instruments at fair value through other comprehensive income | Level 2 | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Financial liabilities, at fair value | 72,000 | (150,000) | (39,000) |
Cash flow hedges | Financial instruments at fair value through other comprehensive income | Level 3 | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Financial liabilities, at fair value | $ 0 | $ 0 | 0 |
Convertible debt embedded derivative | Financial liabilities at fair value through profit or loss | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Financial liabilities, at fair value | (6,091,000) | ||
Convertible debt embedded derivative | Financial liabilities at fair value through profit or loss | Level 1 | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Financial liabilities, at fair value | 0 | ||
Convertible debt embedded derivative | Financial liabilities at fair value through profit or loss | Level 2 | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Financial liabilities, at fair value | (6,091,000) | ||
Convertible debt embedded derivative | Financial liabilities at fair value through profit or loss | Level 3 | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Financial liabilities, at fair value | $ 0 |
Information about financial i_5
Information about financial instruments - Schedule of Present Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of financial liabilities [line items] | |||
Fair value | $ 42,820 | $ 47,493 | $ 39,151 |
Cash flow hedges | Financial instruments at fair value through other comprehensive income | |||
Disclosure of financial liabilities [line items] | |||
Notional Amount | 5,250 | 7,250 | 4,800 |
Fair value | $ 72 | $ (150) | $ (39) |
Cash flow hedges | Forward contracts | Financial instruments at fair value through other comprehensive income | |||
Disclosure of financial liabilities [line items] | |||
Notional Amount | 2,250 | 5,750 | 2,300 |
Fair value | $ 53 | $ (142) | $ (38) |
Cash flow hedges | Options | Financial instruments at fair value through other comprehensive income | |||
Disclosure of financial liabilities [line items] | |||
Notional Amount | 3,000 | 1,500 | 2,500 |
Fair value | $ 19 | $ (8) | $ (1) |
Information about financial i_6
Information about financial instruments - Narrative (Details) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)$ / £ | Dec. 31, 2017USD ($)$ / € | Dec. 31, 2017USD ($)$ / ₪ | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)$ / $ | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)bank | Dec. 31, 2016USD ($)$ / £ | Dec. 31, 2016USD ($)$ / € | Dec. 31, 2016USD ($)$ / ₪ | Dec. 31, 2016USD ($)$ / $ | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / £ | Dec. 31, 2015USD ($)$ / € | Dec. 31, 2015USD ($)$ / ₪ | Dec. 31, 2015USD ($)$ / $ | Dec. 31, 2015USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Net gain (loss) on cash flow hedge | $ 195,000 | $ (91,000) | $ 78,000 | |||||||||||||||
Loss transferred from other comprehensive income to the statement of operations | 74,000 | 44,000 | 309,000 | |||||||||||||||
Gain (loss) related to ineffective position of hedging instrument | (3,000) | 0 | (6,000) | |||||||||||||||
Derivative maturity period | 12 months | |||||||||||||||||
Fair value | $ 24,976,000 | $ 24,976,000 | $ 24,976,000 | $ 24,976,000 | $ 24,976,000 | $ 24,976,000 | 24,976,000 | $ 24,976,000 | $ 36,474,000 | $ 36,474,000 | $ 36,474,000 | $ 36,474,000 | 36,474,000 | $ 25,844,000 | $ 25,844,000 | $ 25,844,000 | $ 25,844,000 | 25,844,000 |
Average rate | 1.2885 | 1.1293 | 0.2780 | 0.7244 | 1.3555 | 1.1066 | 0.2605 | 0.7244 | 1.5285 | 1.1096 | 0.2573 | 0.7278 | ||||||
Available-for-sale financial assets | Long-term investments | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Fair value | $ 353,000 | $ 353,000 | $ 353,000 | $ 353,000 | $ 353,000 | $ 353,000 | 353,000 | $ 353,000 | $ 310,000 | $ 310,000 | $ 310,000 | $ 310,000 | $ 310,000 | $ 321,000 | $ 321,000 | $ 321,000 | $ 321,000 | $ 321,000 |
Foreign currency risk | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Reasonably possible change in risk variable, percent | 10.00% | |||||||||||||||||
Average rate | $ / € | 1.1185 | |||||||||||||||||
Impact of change in the corresponding risk variable on operating expenses | $ 2,300,000 | |||||||||||||||||
Foreign currency risk | U.S. dollar denominated accounts | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Percentage of total revenues | 100.00% | |||||||||||||||||
Percentage of total cost of sales | 89.00% | |||||||||||||||||
Foreign currency risk | Euro denominated accounts | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Percentage of operating expenses | 57.00% | |||||||||||||||||
Credit risk | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Number of banks | bank | 2 |
Information about financial i_7
Information about financial instruments - Summary of Customers Representing Company's Total Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of major customers [line items] | |||
Accounts receivable | $ 20,926 | $ 15,285 | $ 16,497 |
Credit risk | Customer A | Taiwan | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 17.00% | 29.00% | 0.00% |
Accounts receivable | $ 5,352,000 | $ 4,870,000 | $ 0 |
Credit risk | Customer B | Taiwan | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 16.00% | 0.00% | |
Accounts receivable | $ 4,060,000 | $ 0 | $ 0 |
Credit risk | Customer C | CHINA | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 15.00% | 14.00% | |
Accounts receivable | $ 246,800 | $ (100,000) | $ 1,167,000 |
Credit risk | Customer D | CHINA | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 0.00% | 27.00% | |
Accounts receivable | $ 0 | $ (3,000) | $ 3,102,000 |
Credit risk | Customer E | Taiwan | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 0.00% | 0.00% | 16.00% |
Accounts receivable | $ 0 | $ 0 | $ 2,222,000 |
Information about financial i_8
Information about financial instruments - Schedule of Liquidity Risk (Details) - Liquidity risk - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | $ 48,435 | $ 51,898 | $ 37,652 |
Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 27,073 | 32,028 | 21,745 |
1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 13,505 | 1,007 | 3,350 |
2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 6,271 | 17,453 | 9,684 |
3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 689 | 795 | 1,015 |
4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 456 | 387 | 1,210 |
More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 441 | 228 | 648 |
Research project financing | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 3,845 | 3,223 | 2,947 |
Research project financing | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 899 | 1,376 | 1,132 |
Research project financing | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,246 | 631 | 0 |
Research project financing | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 671 | 742 | 330 |
Research project financing | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 291 | 425 | 645 |
Research project financing | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 297 | 19 | 840 |
Research project financing | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 441 | 30 | 0 |
Interest-bearing receivables financing | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 7,413 | 7,712 | 6,472 |
Interest-bearing receivables financing | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 7,413 | 7,712 | 6,472 |
Interest-bearing receivables financing | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Interest-bearing receivables financing | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Interest-bearing receivables financing | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Interest-bearing receivables financing | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Interest-bearing receivables financing | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Government loans | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,953 | 1,852 | 1,851 |
Government loans | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 600 | 167 | 0 |
Government loans | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 398 | 376 | 93 |
Government loans | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 398 | 373 | 370 |
Government loans | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 398 | 370 | 370 |
Government loans | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 159 | 368 | 370 |
Government loans | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 198 | 648 |
Convertible debt and accrued interest | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 17,063 | 16,338 | 8,984 |
Convertible debt and accrued interest | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Convertible debt and accrued interest | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 11,861 | 0 | 0 |
Convertible debt and accrued interest | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 5,202 | 16,338 | 8,984 |
Convertible debt and accrued interest | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Convertible debt and accrued interest | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Convertible debt and accrued interest | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Finance lease liability | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 39 | ||
Finance lease liability | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 39 | ||
Finance lease liability | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | ||
Finance lease liability | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | ||
Finance lease liability | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | ||
Finance lease liability | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | ||
Finance lease liability | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | ||
Trade payables | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 13,023 | 18,358 | 12,755 |
Trade payables | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 13,023 | 18,358 | 9,498 |
Trade payables | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 3,257 |
Trade payables | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Trade payables | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Trade payables | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Trade payables | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Other financial liabilities | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 5,138 | 4,415 | 4,604 |
Other financial liabilities | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 5,138 | 4,415 | 4,604 |
Other financial liabilities | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Other financial liabilities | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Other financial liabilities | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Other financial liabilities | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Other financial liabilities | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | $ 0 | $ 0 | $ 0 |
Information about financial i_9
Information about financial instruments - Changes in Liabilities Arising from Financing Activities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Liabilities arising from financing activities beginning balance | $ 29,795 |
Increase (decrease) through financing cash flows | 2,301 |
Increase (decrease) through effect of changes in foreign exchange rates | 915 |
Increase (decrease) through other changes | (1,913) |
Liabilities arising from financing activities ending balance | 31,098 |
Government grant advances and loans | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Liabilities arising from financing activities beginning balance | 5,745 |
Increase (decrease) through financing cash flows | 2,600 |
Increase (decrease) through effect of changes in foreign exchange rates | 915 |
Increase (decrease) through other changes | (2,638) |
Liabilities arising from financing activities ending balance | 6,622 |
Convertible debt and accrued interest | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Liabilities arising from financing activities beginning balance | 16,338 |
Increase (decrease) through financing cash flows | 0 |
Increase (decrease) through effect of changes in foreign exchange rates | 0 |
Increase (decrease) through other changes | 725 |
Liabilities arising from financing activities ending balance | 17,063 |
Interest-bearing receivables financing | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Liabilities arising from financing activities beginning balance | 7,712 |
Increase (decrease) through financing cash flows | (299) |
Increase (decrease) through effect of changes in foreign exchange rates | 0 |
Increase (decrease) through other changes | 0 |
Liabilities arising from financing activities ending balance | $ 7,413 |
Commitments and contingencies -
Commitments and contingencies - Contingencies (Details) - Dec. 31, 2015 £ in Thousands, $ in Thousands | USD ($) | GBP (£) |
2014 tax credit | ||
Disclosure of contingent liabilities [line items] | ||
Provision for risk | $ 252 | £ 170 |
Commitments and contingencies_2
Commitments and contingencies - Bank Guarantee (Details) - Bank guarantee $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Disclosure of credit risk exposure [line items] | |
Term of secured lease payments | 6 months |
Bank guarantee issued in favor of owners of new leased office space | $ 352 |
Total value of investments | $ 353 |
Commitments and contingencies_3
Commitments and contingencies - Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Total minimum lease payments | $ 2,107 | $ 2,811 | $ 3,267 |
Operating lease expense | 1,528 | 1,440 | 1,370 |
Within one year | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Total minimum lease payments | 1,072 | 879 | 909 |
After one year but not more than five years | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Total minimum lease payments | 1,035 | 1,932 | 2,358 |
More than five years | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Total minimum lease payments | $ 0 | $ 0 | $ 0 |
Commitments and contingencies_4
Commitments and contingencies - Purchase Commitments (Details) $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) |
Non-cancelable purchase commitments with third-party manufacturer and suppliers for future deliveries of equipment and components | |||
Disclosure of contingent liabilities [line items] | |||
Purchase commitments | $ 3,700 | $ 5,368 | € 5,000,000 |
Related party disclosures - Nar
Related party disclosures - Narrative (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | May 09, 2017 | Apr. 30, 2016 | Apr. 27, 2016 | Apr. 30, 2015 | Apr. 14, 2015 | |
BPI France Participation – Fonds Large Venture | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Share capital of the Company (in excess of) | 10.00% | ||||||
Alok Sharma, member of the board of directors | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Services in business development and strategy | $ 108,000 | $ 155,000 | |||||
Affiliate of Nokomis Capital, L.L.C. | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Share capital of the Company (in excess of) | 5.00% | ||||||
2015 convertible notes | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Notional amount | $ 12,000,000 | ||||||
2015 convertible notes | Affiliate of Nokomis Capital, L.L.C. | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Notional amount | $ 12,000,000 | ||||||
Fair value of convertible note | $ 21,600,000 | ||||||
2016 convertible notes | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Notional amount | $ 160,000 | $ 7,160,000 | |||||
2016 convertible notes | Affiliate of Nokomis Capital, L.L.C. | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Notional amount | $ 6,000,000 |
Related party disclosures - Com
Related party disclosures - Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party [Abstract] | |||
Fixed and variable wages, social charges and benefits expensed in the year | $ 2,376 | $ 1,896 | $ 2,112 |
Share-based payment expense for the year | 1,043 | 490 | 380 |
Board members fees to non-executive members | 190 | 188 | 196 |
Total compensation expense for key management personnel | $ 3,609 | $ 2,574 | $ 2,688 |
Related party disclosures - Dir
Related party disclosures - Directors’ Interests In An Employee Share Incentive Plan (Details) | Jul. 03, 2017USD ($) | Jun. 30, 2017shares | Jun. 29, 2016USD ($) | Jun. 28, 2016shares | Jun. 29, 2015USD ($)shares | Jun. 26, 2014shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017EUR (€) |
Disclosure of transactions between related parties [line items] | ||||||||||
Share-based payment expense | $ | $ 1,043,000 | $ 490,000 | $ 380,000 | |||||||
Warrants | Board of Directors | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Exercise price (usd per share) | $ | $ 3.31 | $ 1.86 | $ 1.59 | |||||||
Subscription price (eur per share) | € | € 0.01 | |||||||||
Share-based payment expense | $ | $ 89,000 | $ 35,000 | $ 48,000 | |||||||
Warrants | Mr. de Pesquidoux | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of warrants authorized (in shares) | 30,000 | 20,000 | 10,000 | |||||||
Warrants | Mr. Delfassy | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of warrants authorized (in shares) | 10,000 | 10,000 | ||||||||
Warrants | Mr. Patterson | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of warrants authorized (in shares) | 10,000 | 10,000 | ||||||||
Warrants | Mr. Pitteloud | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of warrants authorized (in shares) | 20,000 | 10,000 | 10,000 | |||||||
Warrants | Mr. Sharma | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of warrants authorized (in shares) | 20,000 | 10,000 | 10,000 | |||||||
Warrants | Mr. Slonimsky | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of warrants authorized (in shares) | 20,000 | 10,000 | 10,000 | |||||||
Warrants | Mr. Maitre | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of warrants authorized (in shares) | 20,000 | 10,000 | ||||||||
Warrants | Mr. Nottenburg | ||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||
Number of warrants authorized (in shares) | 40,000 |
Events after the reporting da_2
Events after the reporting date (Details) $ / shares in Units, $ in Thousands | Feb. 06, 2018shares | Jan. 19, 2018USD ($) | Jan. 19, 2018shares | Jan. 17, 2018$ / sharesshares | Jun. 16, 2017USD ($)$ / sharesshares | Oct. 07, 2016shares | Sep. 16, 2016$ / sharesshares | Oct. 07, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Ordinary shares issued in connection with a public offering (in shares) | 4,312,500 | 523,916 | 15,151,520 | ||||||||
Ordinary share price (usd per share) | $ / shares | $ 3.80 | $ 1.65 | |||||||||
Share issue related cost | $ | $ 1,500 | $ 2,300 | $ 1,489 | $ 2,296 | $ 0 | ||||||
Public equity offering proceeds, net of transaction costs paid | $ | $ 14,898 | $ 23,569 | $ 0 | ||||||||
Granting of shares | Restricted share awards | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of awards granted (in shares) | 409,500 | ||||||||||
Major ordinary share transactions [member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Ordinary shares issued in connection with a public offering (in shares) | 1,875,000 | 12,500,000 | |||||||||
Ordinary share price (usd per share) | $ / shares | $ 1.60 | ||||||||||
Total offering | $ | $ 23,000 | ||||||||||
Share issue related cost | $ | 2,100 | ||||||||||
Public equity offering proceeds, net of transaction costs paid | $ | $ 20,900 | ||||||||||
Shares from Bpifrance | Major ordinary share transactions [member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Ordinary shares issued in connection with a public offering (in shares) | 3,125,000 | ||||||||||
Shares from Nokomis Capital, LLC | Major ordinary share transactions [member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Ordinary shares issued in connection with a public offering (in shares) | 3,125,000 | ||||||||||
Shares from board member | Major ordinary share transactions [member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Ordinary shares issued in connection with a public offering (in shares) | 25,000 |