Cover
Cover | 9 Months Ended |
Sep. 30, 2020 | |
Cover [Abstract] | |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2020 |
Amendment Flag | false |
Entity Registrant Name | Sequans Communications |
Entity Central Index Key | 0001383395 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Entity File Number | 001-35135 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue: | ||
Total revenue | $ 35,125 | $ 20,898 |
Cost of revenue: | ||
Total cost of revenue | 18,789 | 13,619 |
Gross profit | 16,336 | 7,279 |
Operating expenses: | ||
Research and development | 22,917 | 18,135 |
Sales and marketing | 5,909 | 6,104 |
General and administrative | 6,763 | 6,446 |
Total operating expenses | 35,589 | 30,685 |
Operating loss | (19,253) | (23,406) |
Financial income (expense): | ||
Interest expense | (11,037) | (6,488) |
Interest income | 206 | 5 |
Change in fair value of convertible debt derivative | (13,240) | 0 |
Convertible debt amendment | 1,399 | 0 |
Foreign exchange gain (loss), net | (715) | 893 |
Loss before income taxes | (42,640) | (28,996) |
Income tax expense (benefit) | 575 | (409) |
Loss | (43,215) | (28,587) |
Attributable to: | ||
Shareholders of the parent | (43,215) | (28,587) |
Non-controlling interests | $ 0 | $ 0 |
Basic earnings (loss) per ADS (in dollars per share) | $ (1.59) | $ (1.20) |
Diluted earnings (loss) per ADS (in dollars per share) | $ (1.59) | $ (1.20) |
Weighted average number of ADS used for computing: | ||
Basic earnings (loss) per ADS (in shares) | 27,120,905 | 23,736,950 |
Diluted earnings (loss) per ADS (in shares) | 27,120,905 | 23,736,950 |
Product revenue | ||
Revenue: | ||
Total revenue | $ 25,855 | $ 16,093 |
Cost of revenue: | ||
Total cost of revenue | 17,449 | 12,169 |
Other revenue | ||
Revenue: | ||
Total revenue | 9,270 | 4,805 |
Cost of revenue: | ||
Total cost of revenue | $ 1,340 | $ 1,450 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of comprehensive income [abstract] | ||
Loss for the period | $ (43,215) | $ (28,587) |
Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods : | ||
Net gain (loss) on cash flow hedge | (58) | (18) |
Exchange differences on translation of foreign operations | (50) | (42) |
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods | (108) | (60) |
Other comprehensive income (loss) not to be reclassified to profit or loss in subsequent periods : | ||
Re-measurement gains (losses) on defined benefit plans | (35) | (21) |
Net other comprehensive income (loss) not to be reclassified to profit or loss in subsequent periods | (35) | (21) |
Total other comprehensive income (loss) | (143) | (81) |
Total comprehensive income (loss) | (43,358) | (28,668) |
Attributable to: | ||
Shareholders of the parent | (43,358) | (28,668) |
Non-controlling interests | $ 0 | $ 0 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Financial Position € in Thousands, $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Non-current assets: | ||
Property, plant and equipment | $ 8,748 | $ 8,858 |
Intangible assets | 24,618 | 16,696 |
Deposits and other receivables | 449 | 401 |
Other non-current financial assets | 349 | 335 |
Total non-current assets | 34,164 | 26,290 |
Current assets: | ||
Inventories | 5,801 | 6,664 |
Trade receivables | 14,084 | 8,390 |
Contract assets | 1,028 | 1,587 |
Prepaid expenses | 1,226 | 901 |
Other receivables | 4,367 | 2,253 |
Research tax credit receivable | 3,287 | 3,132 |
Short-term deposits | 14,900 | 0 |
Cash and cash equivalents | 10,385 | 14,098 |
Total current assets | 55,078 | 37,025 |
Total assets | 89,242 | 63,315 |
Equity: | ||
Issued capital euro 0.02 nominal value, 121,248,638 ordinary shares, issued and outstanding at September 30, 2020 (95,587,146 at December 31, 2019) | 2,962 | 2,403 |
Share premium | 262,641 | 233,720 |
Other capital reserves | 41,012 | 43,656 |
Accumulated deficit | (351,948) | (308,733) |
Other components of equity | (750) | (607) |
Total equity | (46,083) | (29,561) |
Non-current liabilities: | ||
Government grant advances and loans | 11,148 | 6,150 |
Venture debt | 3,469 | 7,071 |
Convertible debt | 34,984 | 23,342 |
Convertible debt embedded derivative | 18,506 | 0 |
Lease liabilities | 3,978 | 3,204 |
Trade payables | 1,050 | 1,139 |
Provisions | 1,885 | 1,905 |
Deferred tax liabilities | 18 | 429 |
Contract liabilities | 4,341 | 11,572 |
Total non-current liabilities | 79,379 | 54,812 |
Current liabilities: | ||
Trade payables | 17,204 | 8,834 |
Interest-bearing financing of receivables | 14,449 | 4,068 |
Venture debt | 5,694 | 5,109 |
Convertible debt | 0 | 7,329 |
Lease liabilities | 806 | 900 |
Government grant advances and loans | 3,026 | 1,472 |
Contract liabilities | 8,018 | 5,812 |
Other current liabilities and provisions | 6,749 | 4,540 |
Total current liabilities | 55,946 | 38,064 |
Total equity and liabilities | $ 89,242 | $ 63,315 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Financial Position (Parenthetical) - € / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of financial position [abstract] | ||
Nominal value (euro per share) | € 0.02 | € 0.02 |
Shares issued (in shares) | 121,248,638 | 95,587,146 |
Shares outstanding (in shares) | 121,248,638 | 95,587,146 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit) - 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, 2018 | 94,732,539,000 | ||||||
Beginning balance at Dec. 31, 2018 | $ (5,019) | $ 2,384 | $ 225,470 | $ 39,768 | $ (272,036) | $ (368) | $ (237) |
Loss for the period | (28,587) | (28,587) | |||||
Re-measurement gains (losses) on defined benefit plans | (21) | (21) | |||||
Foreign currency translation | (42) | (42) | |||||
Net gain (loss) on cash flow hedge | (18) | (18) | |||||
Total comprehensive income (loss) | (28,668) | (28,587) | (42) | (39) | |||
Issue of shares in connection with the exercise of options and warrants, and vesting of restricted shares awards (in shares) | 430,663,000 | ||||||
Issue of shares in connection with the exercise of options and warrants, and vesting of restricted shares awards | 0 | $ 10 | (10) | ||||
Issue of shares | 8,360 | 8,360 | |||||
Transaction costs | (91) | (91) | |||||
Issuance of convertible debt (Note 15) | 2,864 | 2,864 | |||||
Deferred tax effect of debt instruments with equity components (Note 6) | (776) | (776) | |||||
Share-based payments | 1,279 | 1,279 | |||||
Ending balance (in shares) at Sep. 30, 2019 | 95,163,202,000 | ||||||
Ending balance at Sep. 30, 2019 | $ (22,051) | $ 2,394 | 233,729 | 43,135 | (300,623) | (410) | (276) |
Beginning balance (in shares) at Dec. 31, 2019 | 95,587,146 | 95,587,146,000 | |||||
Beginning balance at Dec. 31, 2019 | $ (29,561) | $ 2,403 | 233,720 | 43,656 | (308,733) | (319) | (288) |
Loss for the period | (43,215) | (43,215) | |||||
Re-measurement gains (losses) on defined benefit plans | (35) | (35) | |||||
Foreign currency translation | (50) | (50) | |||||
Net gain (loss) on cash flow hedge | (58) | (58) | |||||
Total comprehensive income (loss) | (43,358) | (43,215) | (50) | (93) | |||
Issue of shares in connection with the exercise of options and warrants, and vesting of restricted shares awards (in shares) | 645,336,000 | ||||||
Issue of shares in connection with the exercise of options and warrants, and vesting of restricted shares awards | 32 | $ 14 | 18 | ||||
Issue of shares in connection with the public offering of May 2020 (Note 11) (in shares) | 22,330,096,000 | ||||||
Issue of shares | 28,750 | $ 487 | 28,263 | ||||
Issue of shares in connection with the ATM program (in shares) | 970,584,000 | ||||||
Issue of shares in connection with the ATM program (Note 11) | 1,613 | $ 21 | 1,592 | ||||
Conversion of debt (in shares) | 1,715,476,000 | ||||||
Conversion of debt | 2,042 | $ 37 | 2,005 | ||||
Transaction costs | (2,957) | (2,957) | |||||
Convertible debt amendments (Note 15) | (5,266) | (5,266) | |||||
Deferred tax effect of debt instruments with equity components (Note 6) | 809 | 809 | |||||
Share-based payments | $ 1,813 | 1,813 | |||||
Ending balance (in shares) at Sep. 30, 2020 | 121,248,638 | 121,248,638,000 | |||||
Ending balance at Sep. 30, 2020 | $ (46,083) | $ 2,962 | $ 262,641 | $ 41,012 | $ (351,948) | $ (369) | $ (381) |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities: | ||
Loss before income taxes | $ (42,640) | $ (28,996) |
Non-cash adjustment to reconcile loss before tax to net cash used in operating activities: | ||
Amortization and impairment of property, plant and equipment | 2,845 | 2,900 |
Amortization and impairment of intangible assets | 4,314 | 3,310 |
Share-based payment expense | 1,813 | 1,279 |
Decrease in provisions | (55) | 68 |
Interest expense, net | 10,831 | 6,483 |
Change in fair value of convertible debt embedded derivative | 13,240 | 0 |
Convertible debt amendment | (1,399) | 0 |
Foreign exchange loss (gain) | 1,200 | (1,059) |
Loss on disposal of property, plant and equipment | 0 | (32) |
Bad debt expense | 63 | 635 |
Working capital adjustments: | ||
Decrease (Increase) in trade receivables and other receivables | (7,670) | 2,031 |
Decrease in inventories | 863 | 839 |
Decrease (Increase) in research tax credit receivable | 716 | 1,376 |
Increase (Decrease) in trade payables and other liabilities | 5,762 | 466 |
Decrease in contract liabilities | (7,564) | (631) |
Increase (Decrease) in government grant advances | 12 | 245 |
Income tax paid | (269) | (247) |
Net cash flow used in operating activities | (17,938) | (11,333) |
Investing activities: | ||
Purchase of intangible assets and property, plant and equipment | (5,073) | (2,888) |
Capitalized development expenditures | (4,776) | (3,537) |
Sale (Purchase) of financial assets | (62) | 32 |
Increase of short-term deposit | (14,900) | 0 |
Interest received | 21 | 5 |
Financing activities: | (24,790) | (6,388) |
Financing activities: | ||
Proceeds from issue of warrants, exercise of stock options/warrants | 32 | 0 |
Public equity offering proceeds, net of transaction costs paid | 27,496 | 0 |
Proceeds from issuing of warrants to a strategic partner, net of transaction costs paid | 0 | 8,269 |
Proceeds from (repayment of) interest-bearing receivables financing | 10,381 | (2,300) |
Proceeds from governments loans, net of transaction costs | 5,392 | 0 |
Proceeds from interest-bearing research project financing | 405 | 1,126 |
Proceeds from convertible debt, net of transaction costs | 2,050 | 7,970 |
Payment of lease liabilities | (894) | (1,048) |
Repayment of interest-bearing research project financing | (177) | 0 |
Repayment of government loans | (118) | (335) |
Repayment of venture debt | (3,775) | 0 |
Interest paid | (1,777) | (1,788) |
Net cash flows from financing activities | 39,015 | 11,894 |
Net increase (decrease) in cash and cash equivalents | (3,713) | (5,827) |
Net foreign exchange difference | 0 | (8) |
Cash and cash equivalents at January 1 | 14,098 | 12,086 |
Cash and cash equivalents at period end | $ 10,385 | $ 6,251 |
Corporate information
Corporate information | 9 Months Ended |
Sep. 30, 2020 | |
Corporate Information [Abstract] | |
Corporate information | Corporate information Sequans Communications S.A. (“Sequans”) is organized as a limited liability company (“ société anonyme ”) incorporated and domiciled in the French Republic, 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 fabless designer, developer and provider of semiconductor chips and modules for IoT devices. The Company’s solutions incorporate baseband processor and radio frequency transceiver integrated circuits along with proprietary signal processing techniques, algorithms and software stacks. |
Basis of preparation and change
Basis of preparation and changes to the Company’s accounting policies | 9 Months Ended |
Sep. 30, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of preparation and changes to the Company’s accounting policies | Basis of preparation and changes to the Company’s accounting policies 2.1. Basis of preparation The Condensed Consolidated Financial Statements for the nine months ended September 30, 2020 are prepared in accordance with IAS 34 Interim Financial Reporting and were authorized for issue in accordance with a resolution of the board of directors on November 10, 2020. The Condensed Consolidated Financial Statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual financial statements as at December 31, 2019. These Condensed Consolidated Financial Statements for the nine months ended September 30, 2020 have been prepared on a going concern assumption. During 2019 and the nine months ended September 30, 2020, we financed our operations primarily through gross proceeds from the issue of shares through public offerings ($30.4 million in 2020), government loans ($7.6 million in 2020 of which $2.2 million was converted into equity in May 2020), convertible notes ($8.0 million in 2019) and warrants to a strategic partner ($8.3 million in 2019). We expect to continue to incur significant expense related to the development of our 4G and 5G products and expansion of our business, including research and development and sales and administrative expenses. In addition, we will incur expense to meet our commitments to our customers under various purchase orders and contracts. The Company will be required to obtain additional financing, including through a combination of government research and development funding, strategic licensing and/or service agreements, or additional equity offerings, to meet these cash flow needs. The Company’s internal cash forecast which is built from sales forecasts by products and by customer, assumes a slightly increasing operating cost structure, ongoing and new government funding of research programs and new strategic funding activities. The Company expects to be able to obtain additional funding through one or more possible license agreements, business partnerships or other similar arrangements; or from financing from institutional or strategic investors, from the capital markets, or a combination of the above. However, the Company cannot guarantee if or when any such transactions will occur or whether they will be on satisfactory terms. Furthermore, the effects of COVID-19 coronavirus pandemic may continue to have a negative impact on the production of the Company's products, the Company's ability to source components needed for production or on the demand for the Company's products by customers whose supply chain or end demand are negatively affected by COVID-19, and as a result could affect the Company’s financial condition. The effects of COVID-19 also have and may continue to have a prolonged negative impact on the capital markets globally which could in turn negatively impact the ability of the Company to raise funds to meet its financial needs in the next twelve months and beyond. While the Company has taken and will continue to take actions to obtain new funding, the above factors raise substantial doubt about the Company’s ability to continue as a going concern as there is no assurance that the Company will be successful in satisfying its future cash needs. 2.2. Changes in accounting policy and disclosures New and amended standards and interpretations The accounting policies adopted in preparation of the Condensed Consolidated Financial Statements are consistent with those followed in the preparation of the Company’s annual financial statements for the year ended December 31, 2019 except for the following new and amended IFRS and IFRIC interpretations effective as of January 1, 2020: • Amendments to IFRS 7, IFRS 9, IAS 39 : The amendments provide temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate (an RFR). The amendments became effective on January 1, 2020. Adoption of these amendments had no impact on the Condensed Consolidated Financial Statements. • Amendments to IFRS 3: The amendments include a revised definition of at business. The amendments became effective on January 1, 2020. Adoption of these amendments had no impact on the Condensed Consolidated Financial Statements. • Amendments to IAS 1 and IAS 8: D efinition of Material: The amendments clarify that materiality will depend on the nature or magnitude of information, or both. An entity needs to assess whether the information, either individually or in combination with other information, is material in the context of the financial statements. The amendments became effective on January 1, 2020. Adoption of these amendments had no impact on the Condensed Consolidated Financial Statements. • Amendment in Conceptual Framework for Financial Reporting. The Conceptual Framework is not a standard, and none of the concepts contained therein override the concepts or requirements in any standard. The purpose of the Conceptual Framework is to assist the IASB in developing standards, to help preparers develop consistent accounting policies where there is no applicable standard in place and to assist all parties to understand and interpret the standards.”. The Conceptual Framework includes some new concepts, provides updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. This amendment became effective on January 1, 2020. Adoption of this amendment had no impact on the Condensed Consolidated 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 Condensed Consolidated Financial Statements are listed below. The Company intends to adopt these standards when they become effective: • Covid-19-Related Rent Concessions – Amendment to IFRS 16: In May 2020, the IASB amended IFRS 16 Leases to provide relief to lessees from applying the IFRS 16 guidance on lease modifications to rent concessions arising as a direct consequence of the COVID-19 pandemic. This amendment is effective for annual periods beginning on or after June 1, 2020 and can be early adopted. • Amendments to IAS 1: Classification of Liabilities as Current or Non-current: In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Company is currently assessing the impact of the amendments. • Amendments to IAS 16: Property, Plant and Equipment: Proceeds before Intended Use. In May 2020, the IASB issued Property, Plant and Equipment — Proceeds before Intended Use, which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. The amendments are effective for annual reporting periods beginning on or after January 1, 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. The amendments are not expected to have a material impact on the Company. COVID-19 Management has considered what effect the COVID-19 pandemic has on the amounts recognized in the financial statements. Management has identified potential risks related to the impact on the production of the Company's products in China or elsewhere, on the Company's ability to source components required for production and on the demand for the Company's products by customers impacted by the pandemic. As of September 30, 2020, the Company has not identified any impact on its assets and liabilities. 2.3. Other information No impairment tests on property, plant and equipment or on intangible assets were performed as of September 30, 2020 as no events or changes in circumstances indicated that the carrying amount of those assets was not recoverable. There is no major seasonality in Sequans’ revenue, although the first quarter tends to be seasonally the weakest for product revenue. |
Segment information and disaggr
Segment information and disaggregated revenue disclosures | 9 Months Ended |
Sep. 30, 2020 | |
Operating segments [Abstract] | |
Segment information and disaggregated revenue disclosures | Segment information and disaggregated revenue disclosures The Company has one operating segment, which is the design and marketing of semiconductor components for cellular wireless systems. All information required to be disclosed under IFRS 8 Operating Segments is shown in the Condensed 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. Nine months ended September 30, 2019 2020 (In thousands) Asia: Taiwan $ 10,276 $ 7,557 Korea 3,700 15,840 China (including Hong Kong) 1,521 387 Rest of Asia 95 48 Total Asia 15,592 23,832 United States of America 4,951 9,427 Rest of world 355 1,866 Total revenue $ 20,898 $ 35,125 Of our total revenue, 99.7% is attributable to international sales for the nine months ended September 30, 2020 and 2019. The Company categorizes its total revenue based on technology. Nine months ended September 30, 2019 2020 (In thousands) Broadband and Critical IoT $ 6,953 $ 17,443 Massive IoT 10,486 8,641 Vertical 3,459 9,041 Total revenue $ 20,898 $ 35,125 Additionally, the Company categorizes its total revenue based on product and other revenue. Nine months September 30, 2019 2020 (In thousands) Product $ 16,093 $ 25,855 License 350 — Development and other services 4,455 9,270 Total revenue $ 20,898 $ 35,125 The substantial majority of the Company’s non-current assets are held by the parent company, Sequans Communications S.A and located in France. For the nine-month periods ended September 30, 2019 and 2020, customers representing more than 10% of revenue, and related accounts receivables at the end of the period, were: Customer Customer Location % of total revenues for the nine months ended September 30, Trade receivables at 2019 2020 September 30, 2020 A South Korea 18 % 45% $7,205,850 B Taiwan 36 % 21% $4,992,728 C United States of America Less than 10% 20% $— D Taiwan 13 % Less than 10% $879,606 Revenues from development contracts where no related direct costs were identified amounted to $100,000 and $669,000 for the nine months ended September 30, 2020, and 2019, respectively. When the Company performs under contracts by transferring goods or services before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Where the Company has an unconditional right to payment, these are included in unbilled revenue until billing occurs and classified as trade receivables. As of September 30, 2020, the transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) was $1,784,000 all of which is expected to be recognized in the next year and excluding the amounts related to the development service contract entered into in October 2019, described under Note 19. |
Research tax credit receivable
Research tax credit receivable and product development costs capitalized | 9 Months Ended |
Sep. 30, 2020 | |
Analysis of income and expense [abstract] | |
Research tax credit receivable and product development costs capitalized | Research tax credit receivable and product development costs capitalized 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 available in France and in United Kingdom as of September 30, 2020 is $3,287,000 and reflects the amount earned to date in 2020. Research tax credits earned in those countries through December 31, 2019 have all been collected in 2020. In the nine months ended September 30, 2020 and 2019, the Company capitalized costs, in compliance with the applicable criteria under IAS 38, Intangible Assets , related to the development of the chipsets for LTE Category M and NB-IoT (the Monarch N and Monarch 2) and LTE Category 1 (the Calliope 2), and related to certification. Total amount of capitalized cost in each period was $3,999,000 and $3,113,000, respectively. |
Interest expenses
Interest expenses | 9 Months Ended |
Sep. 30, 2020 | |
Analysis of income and expense [abstract] | |
Interest expenses | Interest expenses The table below presents the major components of interest expenses: Nine months September 30, 2019 2020 (In thousands) Interest on loans $ 5,646 $ 10,049 Interest on lease contract 471 487 Other bank fees and financial charges 371 501 Total interest expenses $ 6,488 $ 11,037 |
Income tax
Income tax | 9 Months Ended |
Sep. 30, 2020 | |
Income Taxes [Abstract] | |
Income tax | Income tax The major components of income tax expense are: Nine months ended September 30, 2019 2020 (in thousands) Condensed Consolidated Statement of Operations Current income tax expense $ 120 $ 177 Deferred income tax expense (benefit) (529) 398 Income tax expense (benefit) reported in the Condensed Consolidated Statement of Operations $ (409) $ 575 During the nine months ended September 30, 2020, the Company recognized (through equity) a reversal of deferred tax liabilities of $809,000 on the equity component of the convertible debts amended during the period partially offset by a deferred tax expense of $398,000 related to the impact of the extinguishment of the debt following the amendment (See Note 15). During the nine months ended September 30, 2019, the Company recognized (through equity) a deferred tax liability of $776,000 on the equity component of the convertible debt issued during the period partially offset by a deferred tax benefit of $529,000 related to unused tax losses which can be utilized in the period in which taxable temporary differences are expected to reverse. At December 31, 2019, the Company recognized a net deferred tax liability of $429,000 related mainly to a deferred tax liability on the equity component of the convertible debt including $2,591,000 related to the convertible notes, recorded in equity, largely offset by a deferred tax asset related to unused tax losses which can be utilized in the period in which taxable temporary differences are expected to reverse. At September 30, 2020, the Company recognized a net deferred tax liability of $18,000 related to origination and reversal of timing differences. |
Intangible assets
Intangible assets | 9 Months Ended |
Sep. 30, 2020 | |
Intangible Assets [Abstract] | |
Intangible assets | Intangible assets Intangible assets include: Capitalized development costs Licenses Total (in thousands) Cost: At December 31, 2019 $ 10,737 $ 20,818 $ 31,555 Additions 3,997 8,239 12,236 Exchange difference — (6) (6) At September 30, 2020 $ 14,734 $ 29,051 $ 43,785 Amortization and impairment: At December 31, 2019 1,755 13,104 14,859 Amortization 1,125 3,189 4,314 Exchange difference — (6) (6) At September 30, 2020 $ 2,880 $ 16,287 $ 19,167 Net book value: At January 1, 2020 $ 8,982 $ 7,714 $ 16,696 At September 30, 2020 $ 11,854 $ 12,764 $ 24,618 In the nine months ended September 30, 2020, the Company purchased licenses for the 5G product development with payments spread over up to 18 months. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventories [Abstract] | |
Inventories | Inventories At December 31, 2019 At September 30, 2020 (in thousands) Components $ 2,645 $ 1,724 Finished goods 4,702 4,765 Total inventories at cost $ 7,347 $ 6,489 Depreciation of components $ 2 $ 2 Depreciation of finished goods 681 686 Total depreciation $ 683 $ 688 Components, net $ 2,643 $ 1,722 Finished goods, at the lower of cost and net realizable value 4,021 4,079 Total net inventories $ 6,664 $ 5,801 At December 31, 2019, the amount of $681,000 in depreciation is related to finished goods that have been damaged or units on hand in excess of the units needed to serve the expected demand for identified customers and projects. During the nine months ended September 30, 2020, there was no significant change in the provision on components and finished goods. |
Trade receivables and contract
Trade receivables and contract assets | 9 Months Ended |
Sep. 30, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade receivables and contract assets | Trade receivables and contract assets Trade receivables are non-interest bearing and are generally on 30-90 day payment terms. At December 31, 2019 At September 30, 2020 (in thousands) Trade receivables $ 11,957 $ 17,367 Contract assets 1,587 1,028 Provision for credit notes to be issued (848) (543) Provisions on trade receivables (2,719) (2,740) Net trade receivables $ 9,977 $ 15,112 Contract assets are related to the earned consideration in exchange for services transferred to the customer before the customer pays consideration or before payment is due. In the year ended December 31, 2019 and in the nine months ended September 30, 2020, the Company recorded credit notes related to special customers programs such as rebates. The movements in the provision for impairment of receivables were as follows: Year ended December 31, Nine months ended September 30, 2020 (in thousands) At January 1, $ 2,592 $ 2,719 Charge for the period 515 64 Utilized amounts (388) — Unutilized amounts — (43) At period end $ 2,719 $ 2,740 Trade receivables impaired are related primarily to significantly aged receivables, which the Company no longer expects to collect although still subject to enforcement. The aging analysis of trade receivables and contract assets 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, 2019 $ 9,977 $ 6,265 $ 2,125 $ 130 $ 371 $ 1,086 At September 30, 2020 $ 15,112 $ 10,747 $ 3,171 $ 406 $ — $ 788 The Company does not assign credit risk rating grades to its trade receivables, but assesses credit risk at the customer level. Based on an analysis of historical credit losses, the Company has not applied any expected credit losses to its outstanding receivables as of the reporting date beyond specific provisions for doubtful accounts. |
Cash and cash equivalents; shor
Cash and cash equivalents; short-term deposits | 9 Months Ended |
Sep. 30, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents; short-term deposits | Cash and cash equivalents; short-term deposits At December 31, 2019 At September 30, 2020 (in thousands) Cash at banks $ 2,591 $ 10,378 Cash equivalents 11,507 7 Short-term deposits — 14,900 Cash, cash equivalents and deposits $ 14,098 $ 25,285 Cash at banks earns no interest. Cash equivalents in money market funds and term deposits 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, 2019 At September 30, 2020 (in thousands) U.S. dollar denominated accounts $ 13,702 $ 21,006 Euro denominated accounts 301 4,033 GBP denominated accounts 37 58 SGP denominated accounts 12 59 NIS denominated accounts 19 97 RMB denominated accounts 11 13 Other currencies denominated accounts 16 19 Cash, cash equivalents and deposits $ 14,098 $ 25,285 |
Issued capital and reserves
Issued capital and reserves | 9 Months Ended |
Sep. 30, 2020 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Issued capital and reserves | Issued capital and reserves 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, restricted share awards and conversion of convertible debt, or which the shareholders have otherwise authorized for specific capital increases. At December 31, 2019, authorized capital was 244,254,014 ordinary shares with a nominal value of €0.02 each. At September 30, 2020, the following resolutions for capital increases were approved by the shareholders in June 2020: authorized capital was 280,910,002 ordinary shares with a nominal value of €0.02 each. On November 29, 2019, the Company modified the ratio of shares to ADS from one ordinary share to four ordinary shares per ADS. This has been reflected in the ADS disclosures for all periods presented. Shares issued and fully paid At December 31, 2019, 95,587,146 ordinary shares were issued and outstanding, representing a nominal value of €1,912,000 ($2,403,000). At September 30, 2020, 121,248,638 ordinary shares were issued and outstanding, representing a nominal value of €2,425,000 ($2,962,000). Capital transactions On May 14, 2020, the Company increased its capital in connection with a public offering by issuing 22,330,096 ordinary shares (including 2,912,620 shares from the underwriters' over-allotment option) at $1.2875 per share. The total offering amounted to $28,749,999. Accordingly, issued capital in the Consolidated Statement of Financial Position was increased by $486,761 recorded in share capital and by $28,263,238 in share premium. Costs directly attributable to the equity transaction amounting to approximately $2.3 million were deducted from the share premium. On April 2, 2020, the Company entered into a Shareholder Loan Agreement with Bpifrance Participations, providing for an unsecured shareholder loan in an aggregate principal amount of $2.2 million. The loan accrued interest at 4.0% per annum. On May 15, 2020, the Company completed a private placement of 428,869 ADSs to Bpifrance Participations at a price of $5.15 per ADS, which equaled the offering price to the public of ADSs sold in the underwritten public offering that closed on May 14, 2020. As a result of the issuance of ADSs to BPI in the private placement, the loan from BPI pursuant to the Shareholder Loan Agreement between the Company and BPI was discharged and issued capital in the Consolidated Statement of Financial Position was increased by $37,253 recorded in share capital and by $2,073,689 recorded in share premium. On March 31, 2020, the Company entered into an At The Market ("ATM") Issuance Sales Agreement (the “Sales Agreement”) with B. Riley FBR, Inc., as agent, pursuant to which the Company could offer and sell, from time to time, through B. Riley FBR, ADSs having an aggregate offering price of up to $35,000,000. In April 2020, the Company sold 242,646 ADS (970,584 ordinary shares) under this agreement, representing $1,613,116 of gross proceeds ($1.1 million of net proceeds taking into account all fees for putting in place the ATM program as well as the agent fees related to the ADSs sold). Accordingly, issued capital in the Condensed Consolidated Statement of Financial Position was increased by $21,114 recorded in share capital and by $1,592,002 recorded in share premium. On June 1, 2020, the Company terminated, effective June 5, 2020, the ATM agreement. On February 18, 2019, the Company issued warrants to purchase 9,392,986 ordinary shares to a strategic investor for a total subscription price of $8,360,000. The warrants are exercisable upon 61 days' notice to Sequans at an exercise price of €0.02 per share (€0.08 per ADS). The warrants expire 15 years from the issuance date. Upon issuance of the warrants, $8,360,000 was recorded in share premium in the Consolidated Statement of Financial Position. |
Share-based payment plans
Share-based payment plans | 9 Months Ended |
Sep. 30, 2020 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based payment plans | Share-based payment plans The expense recognized for employee and other services received during the nine months ended September 30, 2020 arising from equity-settled share-based payment transactions was $1,813,000 (nine months ended September 30, 2019: $1,279,000). The breakdown is as follows: Nine months ended September 30, 2019 2020 (in thousands) Cost of revenue $ 7 $ 13 Research and development $ 371 $ 748 Sales and marketing $ 182 $ 339 General and administrative $ 719 $ 713 Total $ 1,279 $ 1,813 During the nine months ended September 30, 2020, the board of directors granted 1,102,400 restricted share awards (RSA). RSA vest over four years, with either 25% vesting after the one two During the nine months ended September 30, 2020, 375,731 stock options, restricted shares and warrants were canceled. During this period, 24,828 stock options were exercised resulting in the issuance of 24,828 ordinary shares and an increase of nominal capital of $540 and an increase of share premium of $31,425. During the nine months ended September 30, 2020, 620,508 restricted shares vested and were issued as ordinary shares. |
Government grant advances and l
Government grant advances and loans | 9 Months Ended |
Sep. 30, 2020 | |
Government Grant Advances And Loans [Abstract] | |
Government grant advances and loans | Government grant advances and loansOn April 30, 2020, the Company finalized €5 million of new French government debt financing that was received in May 2020 as part of the French COVID-19 economic support plan. The French loan is unsecured and can, at Sequans’ option, be repaid in full in one year plus 1.75% interest or, with one |
Venture debt
Venture debt | 9 Months Ended |
Sep. 30, 2020 | |
Financial Instruments [Abstract] | |
Venture debt | Venture debt On October 26, 2018, the Company entered into a bond issuance agreement with Harbert European Specialty Lending Company II S.a.r.l (the “Harbert”) whereby Harbert agreed to loan to the Company €12 million ($14.0 million using the exchange rate as of October 26, 2018), at a stated rate of interest of 9%, to be repaid monthly over 42 months. The Company may redeem or repurchase the notes before the maturity date, subject to making certain contractual payments. The contract also requires the Company to pay an additional fee equal to 2.5% of the principal at the end of the term. The Bond is secured by various assets of the Company, including intellectual property, and is senior to all the convertible notes. Also on October 26, 2018, the Company issued to Harbert, for a total subscription price of $1.00, warrants to acquire 816,716 shares at an exercise price of $1.34 per share ($5.36 per ADS after the modification of the ratio of shares per ADS). Such warrants are exercisable at any time and expire October 26, 2028. The amounts received from Harbert, net of transaction costs, were allocated to (i) the warrants for an amount of €712,000 ($819,000), which was recorded in Other Capital Reserves in shareholders’ equity, and (ii) the liability component for €10.9 million ($12.8 million). During the first twelve months, Sequans was only required to make interest payments. Beginning in November 2019, the Company began to make monthly principal and interest payments of €448,000 ($525,000 using the exchange rate as of September 30, 2020) which will continue over the remaining 19 months until April 26, 2022. Interest expense related to the venture debt recorded during the nine months ended September 30, 2020 amounted to $1,134,000, of which $737,000 was paid during the period. Repayments of principal during the nine months ended September 30, 2020 amounted to € 3,372,000 ($3,775,000 using the actual exchange rates during the period). Changes over the 9 month-period ended September 30, 2019 On May 7, 2019, the Company entered into a convertible note agreement with Nokomis Capital, L.L.C. in the principal amount of $3.0 million (the "2019-1 notes"). The convertible note matures in April 2021 and is convertible, at the holder’s option, into the company’s shares at a conversion rate of $1.21 per share (representing $4.84 per ADS). On August 16, 2019, the Company entered into a convertible note agreement with Nokomis Capital, L.L.C. in the principal amount of $5.0 million (the "2019-2 notes"). The convertible note matures in August 2022 and is convertible, at the holder’s option, into the Company’s shares at a conversion rate of $1.03 per share (representing $4.12 per ADS). The 2019 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 equity component for the value of the conversion option. The initial fair value of the notes was split between these two components. The fair value of the equity component of the 2019-1 note and 2019-2 note on the issuance date of May 7, 2019 and August 16, 2019 were calculated to be $989,000 and $1,874,000, respectively, and were recorded in Other Capital Reserves in shareholders’ equity, net of transaction costs. The Company has used 31.22% and 25.36% as the market rate of interest in order to value the liability component of the 2019-1 and 2019-2 notes, respectively. Interest expense related to convertible notes recorded during the nine months ended September 30, 2019 amounted to $4,128,000. No repayments occurred during that period. Changes over the 9 month-period ended September 30, 2020 Effective February 11, 2020, the Company amended the terms of the convertible note issued April 27, 2016 to Nokomis Capital, L.L.C., to extend the maturity of the note to April 14, 2021. In addition, the conversion price was reduced from $2.25 to $1.225 per ordinary share. Effective March 20, 2020, the convertible notes issued in April 2015, April 2016, September 2018, May 2019 and August 2019 were amended to grant the Company three options to extend the term of each note, except for the August 2019 notes which have two options. Each option will give the Company the right to extend the term of such note by one year and consequently reset the conversion price to a 20% premium above the 20-day volume weighted average price (VWAP) if it is lower than the existing conversion price. On the first option exercise, the payment-in-kind interest (PIK) will stay at 7% but the holder will be granted a warrant for 10% of the value of the note with a three three three From an accounting perspective, the amendment of the convertible notes resulted in the extinguishment of the existing notes and issuance of five new notes, accounted for as compound financial instruments with two components: • A liability component reflecting the Company’s contractual obligation to pay interest and redeem the notes in cash; and • An embedded derivative, which reflects the Company's call options to extend the term of each note, the conversion option of Nokomis and in certain cases a repricing to decrease the conversion price. The change in the liability component before and after the amendment was recorded as financial gain for an amount of $1,399,000. The fair value of the liability component on the amendment date represented 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 used 26.3% as the market rate of interest in order to value the liability components. The embedded derivatives of the notes were valued using the Geometric Brownian Motion framework relying on Monte-Carlo simulations. On March 20, 2020, the initial fair value of the embedded derivative of the notes was calculated to be $5,266,000 and recorded in Other Capital reserves in shareholders' equity. The change in fair value is remeasured and recorded as financial income or loss at each balance sheet date. At September 30, 2020, the recalculated fair value was $18,506,000 and the change of the fair value of $13,240,000 for the nine-months ended September 30, 2020 was recorded in the Condensed Consolidated Statement of Operations. Interest accrues on the notes at the rate of 7% per year, paid in kind annually on the anniversaries of the issuance of the notes. Interest expense related to convertible notes recorded during the nine months ended September 30, 2020 amounted to $5,880,000. No repayments of principal nor payment of interest occurred during that period. |
Convertible debt
Convertible debt | 9 Months Ended |
Sep. 30, 2020 | |
Financial Instruments [Abstract] | |
Convertible debt | Venture debt On October 26, 2018, the Company entered into a bond issuance agreement with Harbert European Specialty Lending Company II S.a.r.l (the “Harbert”) whereby Harbert agreed to loan to the Company €12 million ($14.0 million using the exchange rate as of October 26, 2018), at a stated rate of interest of 9%, to be repaid monthly over 42 months. The Company may redeem or repurchase the notes before the maturity date, subject to making certain contractual payments. The contract also requires the Company to pay an additional fee equal to 2.5% of the principal at the end of the term. The Bond is secured by various assets of the Company, including intellectual property, and is senior to all the convertible notes. Also on October 26, 2018, the Company issued to Harbert, for a total subscription price of $1.00, warrants to acquire 816,716 shares at an exercise price of $1.34 per share ($5.36 per ADS after the modification of the ratio of shares per ADS). Such warrants are exercisable at any time and expire October 26, 2028. The amounts received from Harbert, net of transaction costs, were allocated to (i) the warrants for an amount of €712,000 ($819,000), which was recorded in Other Capital Reserves in shareholders’ equity, and (ii) the liability component for €10.9 million ($12.8 million). During the first twelve months, Sequans was only required to make interest payments. Beginning in November 2019, the Company began to make monthly principal and interest payments of €448,000 ($525,000 using the exchange rate as of September 30, 2020) which will continue over the remaining 19 months until April 26, 2022. Interest expense related to the venture debt recorded during the nine months ended September 30, 2020 amounted to $1,134,000, of which $737,000 was paid during the period. Repayments of principal during the nine months ended September 30, 2020 amounted to € 3,372,000 ($3,775,000 using the actual exchange rates during the period). Changes over the 9 month-period ended September 30, 2019 On May 7, 2019, the Company entered into a convertible note agreement with Nokomis Capital, L.L.C. in the principal amount of $3.0 million (the "2019-1 notes"). The convertible note matures in April 2021 and is convertible, at the holder’s option, into the company’s shares at a conversion rate of $1.21 per share (representing $4.84 per ADS). On August 16, 2019, the Company entered into a convertible note agreement with Nokomis Capital, L.L.C. in the principal amount of $5.0 million (the "2019-2 notes"). The convertible note matures in August 2022 and is convertible, at the holder’s option, into the Company’s shares at a conversion rate of $1.03 per share (representing $4.12 per ADS). The 2019 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 equity component for the value of the conversion option. The initial fair value of the notes was split between these two components. The fair value of the equity component of the 2019-1 note and 2019-2 note on the issuance date of May 7, 2019 and August 16, 2019 were calculated to be $989,000 and $1,874,000, respectively, and were recorded in Other Capital Reserves in shareholders’ equity, net of transaction costs. The Company has used 31.22% and 25.36% as the market rate of interest in order to value the liability component of the 2019-1 and 2019-2 notes, respectively. Interest expense related to convertible notes recorded during the nine months ended September 30, 2019 amounted to $4,128,000. No repayments occurred during that period. Changes over the 9 month-period ended September 30, 2020 Effective February 11, 2020, the Company amended the terms of the convertible note issued April 27, 2016 to Nokomis Capital, L.L.C., to extend the maturity of the note to April 14, 2021. In addition, the conversion price was reduced from $2.25 to $1.225 per ordinary share. Effective March 20, 2020, the convertible notes issued in April 2015, April 2016, September 2018, May 2019 and August 2019 were amended to grant the Company three options to extend the term of each note, except for the August 2019 notes which have two options. Each option will give the Company the right to extend the term of such note by one year and consequently reset the conversion price to a 20% premium above the 20-day volume weighted average price (VWAP) if it is lower than the existing conversion price. On the first option exercise, the payment-in-kind interest (PIK) will stay at 7% but the holder will be granted a warrant for 10% of the value of the note with a three three three From an accounting perspective, the amendment of the convertible notes resulted in the extinguishment of the existing notes and issuance of five new notes, accounted for as compound financial instruments with two components: • A liability component reflecting the Company’s contractual obligation to pay interest and redeem the notes in cash; and • An embedded derivative, which reflects the Company's call options to extend the term of each note, the conversion option of Nokomis and in certain cases a repricing to decrease the conversion price. The change in the liability component before and after the amendment was recorded as financial gain for an amount of $1,399,000. The fair value of the liability component on the amendment date represented 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 used 26.3% as the market rate of interest in order to value the liability components. The embedded derivatives of the notes were valued using the Geometric Brownian Motion framework relying on Monte-Carlo simulations. On March 20, 2020, the initial fair value of the embedded derivative of the notes was calculated to be $5,266,000 and recorded in Other Capital reserves in shareholders' equity. The change in fair value is remeasured and recorded as financial income or loss at each balance sheet date. At September 30, 2020, the recalculated fair value was $18,506,000 and the change of the fair value of $13,240,000 for the nine-months ended September 30, 2020 was recorded in the Condensed Consolidated Statement of Operations. Interest accrues on the notes at the rate of 7% per year, paid in kind annually on the anniversaries of the issuance of the notes. Interest expense related to convertible notes recorded during the nine months ended September 30, 2020 amounted to $5,880,000. No repayments of principal nor payment of interest occurred during that period. |
Accounts receivable financing a
Accounts receivable financing agreement | 9 Months Ended |
Sep. 30, 2020 | |
Financial Instruments [Abstract] | |
Accounts receivable financing agreement | Venture debt On October 26, 2018, the Company entered into a bond issuance agreement with Harbert European Specialty Lending Company II S.a.r.l (the “Harbert”) whereby Harbert agreed to loan to the Company €12 million ($14.0 million using the exchange rate as of October 26, 2018), at a stated rate of interest of 9%, to be repaid monthly over 42 months. The Company may redeem or repurchase the notes before the maturity date, subject to making certain contractual payments. The contract also requires the Company to pay an additional fee equal to 2.5% of the principal at the end of the term. The Bond is secured by various assets of the Company, including intellectual property, and is senior to all the convertible notes. Also on October 26, 2018, the Company issued to Harbert, for a total subscription price of $1.00, warrants to acquire 816,716 shares at an exercise price of $1.34 per share ($5.36 per ADS after the modification of the ratio of shares per ADS). Such warrants are exercisable at any time and expire October 26, 2028. The amounts received from Harbert, net of transaction costs, were allocated to (i) the warrants for an amount of €712,000 ($819,000), which was recorded in Other Capital Reserves in shareholders’ equity, and (ii) the liability component for €10.9 million ($12.8 million). During the first twelve months, Sequans was only required to make interest payments. Beginning in November 2019, the Company began to make monthly principal and interest payments of €448,000 ($525,000 using the exchange rate as of September 30, 2020) which will continue over the remaining 19 months until April 26, 2022. Interest expense related to the venture debt recorded during the nine months ended September 30, 2020 amounted to $1,134,000, of which $737,000 was paid during the period. Repayments of principal during the nine months ended September 30, 2020 amounted to € 3,372,000 ($3,775,000 using the actual exchange rates during the period). Changes over the 9 month-period ended September 30, 2019 On May 7, 2019, the Company entered into a convertible note agreement with Nokomis Capital, L.L.C. in the principal amount of $3.0 million (the "2019-1 notes"). The convertible note matures in April 2021 and is convertible, at the holder’s option, into the company’s shares at a conversion rate of $1.21 per share (representing $4.84 per ADS). On August 16, 2019, the Company entered into a convertible note agreement with Nokomis Capital, L.L.C. in the principal amount of $5.0 million (the "2019-2 notes"). The convertible note matures in August 2022 and is convertible, at the holder’s option, into the Company’s shares at a conversion rate of $1.03 per share (representing $4.12 per ADS). The 2019 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 equity component for the value of the conversion option. The initial fair value of the notes was split between these two components. The fair value of the equity component of the 2019-1 note and 2019-2 note on the issuance date of May 7, 2019 and August 16, 2019 were calculated to be $989,000 and $1,874,000, respectively, and were recorded in Other Capital Reserves in shareholders’ equity, net of transaction costs. The Company has used 31.22% and 25.36% as the market rate of interest in order to value the liability component of the 2019-1 and 2019-2 notes, respectively. Interest expense related to convertible notes recorded during the nine months ended September 30, 2019 amounted to $4,128,000. No repayments occurred during that period. Changes over the 9 month-period ended September 30, 2020 Effective February 11, 2020, the Company amended the terms of the convertible note issued April 27, 2016 to Nokomis Capital, L.L.C., to extend the maturity of the note to April 14, 2021. In addition, the conversion price was reduced from $2.25 to $1.225 per ordinary share. Effective March 20, 2020, the convertible notes issued in April 2015, April 2016, September 2018, May 2019 and August 2019 were amended to grant the Company three options to extend the term of each note, except for the August 2019 notes which have two options. Each option will give the Company the right to extend the term of such note by one year and consequently reset the conversion price to a 20% premium above the 20-day volume weighted average price (VWAP) if it is lower than the existing conversion price. On the first option exercise, the payment-in-kind interest (PIK) will stay at 7% but the holder will be granted a warrant for 10% of the value of the note with a three three three From an accounting perspective, the amendment of the convertible notes resulted in the extinguishment of the existing notes and issuance of five new notes, accounted for as compound financial instruments with two components: • A liability component reflecting the Company’s contractual obligation to pay interest and redeem the notes in cash; and • An embedded derivative, which reflects the Company's call options to extend the term of each note, the conversion option of Nokomis and in certain cases a repricing to decrease the conversion price. The change in the liability component before and after the amendment was recorded as financial gain for an amount of $1,399,000. The fair value of the liability component on the amendment date represented 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 used 26.3% as the market rate of interest in order to value the liability components. The embedded derivatives of the notes were valued using the Geometric Brownian Motion framework relying on Monte-Carlo simulations. On March 20, 2020, the initial fair value of the embedded derivative of the notes was calculated to be $5,266,000 and recorded in Other Capital reserves in shareholders' equity. The change in fair value is remeasured and recorded as financial income or loss at each balance sheet date. At September 30, 2020, the recalculated fair value was $18,506,000 and the change of the fair value of $13,240,000 for the nine-months ended September 30, 2020 was recorded in the Condensed Consolidated Statement of Operations. Interest accrues on the notes at the rate of 7% per year, paid in kind annually on the anniversaries of the issuance of the notes. Interest expense related to convertible notes recorded during the nine months ended September 30, 2020 amounted to $5,880,000. No repayments of principal nor payment of interest occurred during that period. |
Lease liabilities
Lease liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Lease liabilities | Lease liabilities The table below present the carrying amounts of right-of-use assets recognized and the movements during the period: Real-estate IT and office equipment Total (In thousands) As at January 1, 2020 $ 3,942 $ 107 $ 4,049 Additions 914 547 1,461 Disposals (207) (255) (462) Depreciation expenses (958) (196) (1,154) Amortization disposals 125 255 380 As at September 30, 2020 $ 3,816 $ 458 $ 4,274 The table below present the carrying amounts of lease liabilities and the movements during the period: Lease liabilities Current Non-current (In thousands) As at January 1, 2020 $ 4,104 $ 900 $ 3,204 Additions 1,409 Interest expense 487 Foreign exchange gain (loss) 111 Payments (1,327) As at September 30, 2020 $ 4,784 $ 806 $ 3,978 The rental charges relating to short-term and low value leases remain classified as operating expenses in the Condensed Consolidated Statements of Operations and amounted to $491,000 for the nine months ended September 30, 2020. |
Provisions
Provisions | 9 Months Ended |
Sep. 30, 2020 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Provisions | Provisions Post- employment benefits Others Total Current Non-current (in thousands) At December 31, 2019 $ 1,063 $ 842 $ 1,905 $ — $ 1,905 Arising during the period 121 381 502 Released (used) during the period — — — Released (unused) during the period — (292) (292) At September 30, 2020 $ 1,184 $ 931 $ 2,115 $ 230 $ 1,885 The provision for post-employment benefits is for the lump sum retirement indemnity required to be paid to French employees. No employee has retired during the period. |
Other non-current liabilities
Other non-current liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other non-current liabilities | Other non-current liabilities At December 31, 2019 At September 30, 2020 (in thousands) Trade payables $ 1,139 $ 1,050 Deferred tax liabilities 429 18 Contract liabilities: License and development services agreement 11,249 4,341 Deferred revenue 323 — Total contract liabilities $ 11,572 $ 4,341 As of December 31, 2019, trade payables included a liability related to the acquisition of certain intangible assets of $1,916,000, which is scheduled to be paid in 27 months. The non-current portion amounted to $1,139,000. As of September 30, 2020, $1,343,000 remained of this liability ($480,000 as non-current portion). In January 2020, the Company entered into an agreement with a technology company based in Israel to transfer a team of engineers to the Company for the purpose of accelerating 5G new product development. The remaining amount to be paid in June 2024 for this agreement is $1,430,000. This amount has been discounted and as of September 30, 2020, $570,000 is included in non-current trade payables, and the Company records interest expense associated with this amount each reporting period. In December 2019, the Company recognized a net deferred tax liability of $429,000 related mainly to a deferred tax liability of $2,591,000 arising from the equity component of the convertible notes, recorded in equity, largely offset by a deferred tax asset related to unused tax losses which can be utilized in the period into which taxable temporary differences are expected to reverse. Following the convertible notes amendments signed in March 2020, the Company recognized a deferred tax liability of $398,000 through profit and loss and the reversal of the deferred tax liability of $809,000 through equity. At September 30, 2020, the Company recognized a net deferred tax liability of $18,000 related to origination and reversal of timing differences. On October 24, 2019, the Company signed a multi-year, non-exclusive license and development services agreement with a strategic partner, a Fortune Global 500 company, with an estimated value exceeding $35 million over more than 3 years, subject to the Company achieving certain pre-agreed milestones. The agreement provided for an upfront payment of $18 million, which was received in October 2019, and recorded as a contract liability upon receipt. Quarterly payments of $1.8 million are to be paid to the Company beginning August 2021 with the remaining consideration to be paid upon completion of the final milestone expected to occur in July 2023. In order to comfort the strategic partner on the funding of the Company, the agreement as amended on March 20, 2020, included a financing milestone for the Company to raise at least $25 million in net proceeds from new equity, debt or government financing, none of which can be repayable before April 30, 2024. This milestone was satisfied in May 2020. The contract also includes clauses that allow for termination in certain circumstances, or in some cases of a change in control of the Company, which could result in a refund of certain or all amounts received under the contract, depending on the circumstances. The Company determined that this agreement includes a financing component related to the upfront payment, which results in the recognition of interest expense over a portion of the term of the agreement. In the nine months ended September 30, 2020, the Company recognized revenues for an amount of $7,139,000 as a result of development services performed and interest expenses on the upfront payment of $2,539,000. At September 30, 2020, the net remaining contract liability of $11,734,000 was presented on the balance sheet as current contract liabilities for $7,393,000, reflecting the expected net amount of revenue less interest expenses to be recognized in the twelve months ended September 30, 2021, and the remaining amount of $4,341,000 as non-current contract liabilities. |
Foreign currency risk and fair
Foreign currency risk and fair value of financial instruments | 9 Months Ended |
Sep. 30, 2020 | |
Financial Instruments [Abstract] | |
Foreign currency risk and fair value of financial instruments | Foreign currency risk and fair value of financial instruments Foreign currency risk The Company faces the following foreign currency exposures: • Operating activities, when revenues or expenses are denominated in different currencies from the functional currency of the entity carrying out these transactions. • Venture debt and government loans denominated in euros, and lease liabilities are denominated in different currencies while the functional currency of the entity carrying out these transactions is the US dollar. • Non derivative monetary financial instruments that are denominated and settled in a currency different from the functional currency of the entity which holds them. During the nine months ended September 30, 2020, nearly 100% of total revenues and 92% 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. During the nine months ended September 30, 2020, approximately 51% of operating expense is denominated in euros. If there were a 10% increase or decrease in the exchange rate of the U.S. dollar to the euro, the Company estimates the impact, in absolute terms, on operating expenses and on financial liabilities for the nine months ended September 30, 2020 would have been $4.3 million. The Company uses financial instruments, including derivatives such as foreign currency forward 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, 2019. There was no derivative financial instrument outstanding at September 30, 2020. At December 31, 2019 Notional Amount Fair value (in thousands) Forward contracts (buy euros, sell U.S. dollars) € 3,000 $ 46 Total € 3,000 $ 46 The fair value of foreign currency related derivatives is included in the Condensed Consolidated Statement of Financial Position in “Prepaid and other receivables” at December 31, 2019. 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 nine months ended September 30, 2020, the Company recorded a loss of $58,000 (loss of $18,000 for the nine months ended September 30, 2019) in other comprehensive income (loss) related to the effective portion of the change in fair value of its cash flow hedges. During the nine months ended September 30, 2020, the amount reclassified from other comprehensive income to Consolidated Statement of Operations was a loss of $106,000 (loss of $62,000 during the nine-months ended September 30, 2019). At September 30, 2020, the Company holds $4,279,000 in currencies other than the U.S. dollar compared with $396,000 at December 31, 2019 (See Note 10). The amount received from the BPI loan in May 2020 was denominated in euros. At September 30, 2020, the Company has loans denominated in euros for a principal amount of $24,959,000 ($20,100,000 at December 31, 2019). Fair value of financial assets and liabilities 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. • Long-term investments are composed of debt-based mutual funds with traded market prices. Their fair values amounted to $335,000 and $349,000 at December 31, 2019 and September 30, 2020, respectively. The carrying amounts approximate fair value measured based on significant observable input (Level 2). • 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. • At December 31, 2019, fair value of the debt components of convertible notes was calculated using the effective interest rate of the debt component of the last issued convertible notes in 2019, and amounted to $30,706,000. At September 30, 2020, the carrying amount of the debt components of convertible notes approximates fair value, because, with the amendment of the convertible notes in March 2020, the existing notes were extinguished and new notes issued with effective interest rate at the amendment date. There was no change in the fair value since the amendment date. • At September 30, 2020, the fair value of the embedded derivative related to the convertible debt is recalculated at the end of each reporting period. The fair value measured is based on significant observable input (Level 2). • Interest-bearing receivable financing, government loans, research project financing and venture debt: carrying amounts approximate fair value. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Other Provisions, Contingent Liabilities And Contingent Assets Explanatory [Abstract] | |
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. In August 2017, two securities class action lawsuits were filed, which were consolidated into a single lawsuit in September 2017, alleging violations of the U.S. federal securities laws by the Company, the Company's President and CEO, and the Company's Chief Financial Officer. The plaintiffs asserted claims primarily based on purported misrepresentations regarding Sequans’ revenue recognition policy in its Annual Reports on Form 20-F for the fiscal years ended 2015 and 2016. In particular, plaintiffs claim that an August 1, 2017 press release, in which the Company disclosed a $740,000 reduction in previously recognized revenue, indicated that representations in earlier public disclosures regarding revenue were false or misleading. An amended complaint was filed in April 2018, and the Company and the individual defendants subsequently filed a motion to dismiss. On September 30, 2019, the Court issued a decision dismissing the claims against the Company's CFO, but permitting the claims against the Company and the Company's CEO to proceed. After a second mediation session in April 2020, the parties agreed to a settlement for an amount of $2.75 million, which has been approved by the Court on September 28, 2020 and paid. In 2018, the Company recorded a provision for $700,000, representing its deductible expenses under its insurance policy. As of December 31, 2019, no provision remains. Expenses above $700,000 will be covered by insurance; the remaining amount to be paid by the insurers as of September 30, 2020 totals $569,000 and is recorded in other receivables on the balance sheet. Management is not aware of any other legal proceedings that, if concluded unfavorably, would have a significant impact on the Company's financial position, operations or cash flows. |
Related party disclosures
Related party disclosures | 9 Months Ended |
Sep. 30, 2020 | |
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. As of September 30, 2020, only BPI France Participation - Fonds Large Venture owned 10% or more of the share capital of the Company. As of December 31, 2019, there were two investors who each beneficially own 10% or more of the share capital of the Company: BPI France Participation - Fonds Large Venture a fund managed by Bpifrance and AWM Investment Co. 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 and in loans (See Note 13 Government loans). On April 2, 2020, the Company entered into a Shareholder Loan Agreement with Bpifrance Participations of $2.2 million which was converted into equity on May 15, 2020. In April 2015, the Company completed the sale of a $12 million convertible note, in April 2016 the sale of a $6.0 million convertible note, in September 2018 the sale of a $4.5 million convertible note, in May 2019 the sale of a $3.0 million convertible note and in August 2019 the sale of a $5.0 million convertible note, all to an affiliate of Nokomis Capital, L.L.C., a beneficial owner of 9.9% of the share capital of the Company (see Note 15 Convertible debt). In 2017, the Company amended the terms of the notes issued in 2015 and 2016 and as part of the agreement, Wesley Cummins, a former (as of February 2020) representative of Nokomis Capital, L.L.C., became a board observer in November 2017, and on June 29, 2018, the shareholders approved Mr. Cummins' nomination to the board of directors. As of September 30, 2020, the principal amount and accrued interest of the convertible notes held by an affiliate of Nokomis Capital, L.L.C amounts to $35.0 million. As of September 30, 2020, Nokomis no longer has representation on the board of directors. No other transactions have been entered into with these or any other related parties during the nine months ended September 30, 2019 and 2020, 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. |
Events after the reporting date
Events after the reporting date | 9 Months Ended |
Sep. 30, 2020 | |
Events After Reporting Period [Abstract] | |
Events after the reporting date | Events after the reporting date Share-based payment plans At its meeting on October 20, 2020, the board of directors granted to employees 417,792 restricted share awards representing 104,448 ADS with vesting over four years; no grants were made to executive management. |
Basis of preparation and chan_2
Basis of preparation and changes to the Company’s accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of presentation | Basis of preparation The Condensed Consolidated Financial Statements for the nine months ended September 30, 2020 are prepared in accordance with IAS 34 Interim Financial Reporting and were authorized for issue in accordance with a resolution of the board of directors on November 10, 2020. The Condensed Consolidated Financial Statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual financial statements as at December 31, 2019. These Condensed Consolidated Financial Statements for the nine months ended September 30, 2020 have been prepared on a going concern assumption. During 2019 and the nine months ended September 30, 2020, we financed our operations primarily through gross proceeds from the issue of shares through public offerings ($30.4 million in 2020), government loans ($7.6 million in 2020 of which $2.2 million was converted into equity in May 2020), convertible notes ($8.0 million in 2019) and warrants to a strategic partner ($8.3 million in 2019). We expect to continue to incur significant expense related to the development of our 4G and 5G products and expansion of our business, including research and development and sales and administrative expenses. In addition, we will incur expense to meet our commitments to our customers under various purchase orders and contracts. The Company will be required to obtain additional financing, including through a combination of government research and development funding, strategic licensing and/or service agreements, or additional equity offerings, to meet these cash flow needs. The Company’s internal cash forecast which is built from sales forecasts by products and by customer, assumes a slightly increasing operating cost structure, ongoing and new government funding of research programs and new strategic funding activities. The Company expects to be able to obtain additional funding through one or more possible license agreements, business partnerships or other similar arrangements; or from financing from institutional or strategic investors, from the capital markets, or a combination of the above. However, the Company cannot guarantee if or when any such transactions will occur or whether they will be on satisfactory terms. Furthermore, the effects of COVID-19 coronavirus pandemic may continue to have a negative impact on the production of the Company's products, the Company's ability to source components needed for production or on the demand for the Company's products by customers whose supply chain or end demand are negatively affected by COVID-19, and as a result could affect the Company’s financial condition. The effects of COVID-19 also have and may continue to have a prolonged negative impact on the capital markets globally which could in turn negatively impact the ability of the Company to raise funds to meet its financial needs in the next twelve months and beyond. |
Changes in accounting policy and disclosures | Changes in accounting policy and disclosures New and amended standards and interpretations The accounting policies adopted in preparation of the Condensed Consolidated Financial Statements are consistent with those followed in the preparation of the Company’s annual financial statements for the year ended December 31, 2019 except for the following new and amended IFRS and IFRIC interpretations effective as of January 1, 2020: • Amendments to IFRS 7, IFRS 9, IAS 39 : The amendments provide temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate (an RFR). The amendments became effective on January 1, 2020. Adoption of these amendments had no impact on the Condensed Consolidated Financial Statements. • Amendments to IFRS 3: The amendments include a revised definition of at business. The amendments became effective on January 1, 2020. Adoption of these amendments had no impact on the Condensed Consolidated Financial Statements. • Amendments to IAS 1 and IAS 8: D efinition of Material: The amendments clarify that materiality will depend on the nature or magnitude of information, or both. An entity needs to assess whether the information, either individually or in combination with other information, is material in the context of the financial statements. The amendments became effective on January 1, 2020. Adoption of these amendments had no impact on the Condensed Consolidated Financial Statements. • Amendment in Conceptual Framework for Financial Reporting. The Conceptual Framework is not a standard, and none of the concepts contained therein override the concepts or requirements in any standard. The purpose of the Conceptual Framework is to assist the IASB in developing standards, to help preparers develop consistent accounting policies where there is no applicable standard in place and to assist all parties to understand and interpret the standards.”. The Conceptual Framework includes some new concepts, provides updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. This amendment became effective on January 1, 2020. Adoption of this amendment had no impact on the Condensed Consolidated 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 Condensed Consolidated Financial Statements are listed below. The Company intends to adopt these standards when they become effective: • Covid-19-Related Rent Concessions – Amendment to IFRS 16: In May 2020, the IASB amended IFRS 16 Leases to provide relief to lessees from applying the IFRS 16 guidance on lease modifications to rent concessions arising as a direct consequence of the COVID-19 pandemic. This amendment is effective for annual periods beginning on or after June 1, 2020 and can be early adopted. • Amendments to IAS 1: Classification of Liabilities as Current or Non-current: In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Company is currently assessing the impact of the amendments. • Amendments to IAS 16: Property, Plant and Equipment: Proceeds before Intended Use. In May 2020, the IASB issued Property, Plant and Equipment — Proceeds before Intended Use, which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. The amendments are effective for annual reporting periods beginning on or after January 1, 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. The amendments are not expected to have a material impact on the Company. |
Segment information and disag_2
Segment information and disaggregated revenue disclosures (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Operating segments [Abstract] | |
Schedule of Total Revenue by Geographic Region | The Company categorizes its total revenue geographically based on the location to which it invoices. Nine months ended September 30, 2019 2020 (In thousands) Asia: Taiwan $ 10,276 $ 7,557 Korea 3,700 15,840 China (including Hong Kong) 1,521 387 Rest of Asia 95 48 Total Asia 15,592 23,832 United States of America 4,951 9,427 Rest of world 355 1,866 Total revenue $ 20,898 $ 35,125 |
Disclosure of Revenue Disaggregation | The Company categorizes its total revenue based on technology. Nine months ended September 30, 2019 2020 (In thousands) Broadband and Critical IoT $ 6,953 $ 17,443 Massive IoT 10,486 8,641 Vertical 3,459 9,041 Total revenue $ 20,898 $ 35,125 Additionally, the Company categorizes its total revenue based on product and other revenue. Nine months September 30, 2019 2020 (In thousands) Product $ 16,093 $ 25,855 License 350 — Development and other services 4,455 9,270 Total revenue $ 20,898 $ 35,125 |
Disclosure of Major Customers | For the nine-month periods ended September 30, 2019 and 2020, customers representing more than 10% of revenue, and related accounts receivables at the end of the period, were: Customer Customer Location % of total revenues for the nine months ended September 30, Trade receivables at 2019 2020 September 30, 2020 A South Korea 18 % 45% $7,205,850 B Taiwan 36 % 21% $4,992,728 C United States of America Less than 10% 20% $— D Taiwan 13 % Less than 10% $879,606 |
Interest expenses (Tables)
Interest expenses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Analysis of income and expense [abstract] | |
Major components of interest expenses | The table below presents the major components of interest expenses: Nine months September 30, 2019 2020 (In thousands) Interest on loans $ 5,646 $ 10,049 Interest on lease contract 471 487 Other bank fees and financial charges 371 501 Total interest expenses $ 6,488 $ 11,037 |
Income tax (Tables)
Income tax (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Income Taxes [Abstract] | |
Schedule of Major Components of Income Tax Expense | The major components of income tax expense are: Nine months ended September 30, 2019 2020 (in thousands) Condensed Consolidated Statement of Operations Current income tax expense $ 120 $ 177 Deferred income tax expense (benefit) (529) 398 Income tax expense (benefit) reported in the Condensed Consolidated Statement of Operations $ (409) $ 575 |
Intangible assets (Tables)
Intangible assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Intangible Assets [Abstract] | |
Schedule of Intangible Assets | Intangible assets include: Capitalized development costs Licenses Total (in thousands) Cost: At December 31, 2019 $ 10,737 $ 20,818 $ 31,555 Additions 3,997 8,239 12,236 Exchange difference — (6) (6) At September 30, 2020 $ 14,734 $ 29,051 $ 43,785 Amortization and impairment: At December 31, 2019 1,755 13,104 14,859 Amortization 1,125 3,189 4,314 Exchange difference — (6) (6) At September 30, 2020 $ 2,880 $ 16,287 $ 19,167 Net book value: At January 1, 2020 $ 8,982 $ 7,714 $ 16,696 At September 30, 2020 $ 11,854 $ 12,764 $ 24,618 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventories [Abstract] | |
Schedule of Inventories | At December 31, 2019 At September 30, 2020 (in thousands) Components $ 2,645 $ 1,724 Finished goods 4,702 4,765 Total inventories at cost $ 7,347 $ 6,489 Depreciation of components $ 2 $ 2 Depreciation of finished goods 681 686 Total depreciation $ 683 $ 688 Components, net $ 2,643 $ 1,722 Finished goods, at the lower of cost and net realizable value 4,021 4,079 Total net inventories $ 6,664 $ 5,801 |
Trade receivables and contrac_2
Trade receivables and contract assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2019 At September 30, 2020 (in thousands) Trade receivables $ 11,957 $ 17,367 Contract assets 1,587 1,028 Provision for credit notes to be issued (848) (543) Provisions on trade receivables (2,719) (2,740) Net trade receivables $ 9,977 $ 15,112 |
Schedule of Movements in the Provision for Impairment of Receivables | The movements in the provision for impairment of receivables were as follows: Year ended December 31, Nine months ended September 30, 2020 (in thousands) At January 1, $ 2,592 $ 2,719 Charge for the period 515 64 Utilized amounts (388) — Unutilized amounts — (43) At period end $ 2,719 $ 2,740 Post- employment benefits Others Total Current Non-current (in thousands) At December 31, 2019 $ 1,063 $ 842 $ 1,905 $ — $ 1,905 Arising during the period 121 381 502 Released (used) during the period — — — Released (unused) during the period — (292) (292) At September 30, 2020 $ 1,184 $ 931 $ 2,115 $ 230 $ 1,885 |
Aging Analysis of Trade Receivables That Were Not Impaired | The aging analysis of trade receivables and contract assets 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, 2019 $ 9,977 $ 6,265 $ 2,125 $ 130 $ 371 $ 1,086 At September 30, 2020 $ 15,112 $ 10,747 $ 3,171 $ 406 $ — $ 788 |
Cash and cash equivalents; sh_2
Cash and cash equivalents; short-term deposits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Cash, Cash Equivalents, and Deposits | At December 31, 2019 At September 30, 2020 (in thousands) Cash at banks $ 2,591 $ 10,378 Cash equivalents 11,507 7 Short-term deposits — 14,900 Cash, cash equivalents and deposits $ 14,098 $ 25,285 At December 31, 2019 At September 30, 2020 (in thousands) U.S. dollar denominated accounts $ 13,702 $ 21,006 Euro denominated accounts 301 4,033 GBP denominated accounts 37 58 SGP denominated accounts 12 59 NIS denominated accounts 19 97 RMB denominated accounts 11 13 Other currencies denominated accounts 16 19 Cash, cash equivalents and deposits $ 14,098 $ 25,285 |
Share-based payment plans (Tabl
Share-based payment plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based payment breakdown | The breakdown is as follows: Nine months ended September 30, 2019 2020 (in thousands) Cost of revenue $ 7 $ 13 Research and development $ 371 $ 748 Sales and marketing $ 182 $ 339 General and administrative $ 719 $ 713 Total $ 1,279 $ 1,813 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of right-of-use assets | The table below present the carrying amounts of right-of-use assets recognized and the movements during the period: Real-estate IT and office equipment Total (In thousands) As at January 1, 2020 $ 3,942 $ 107 $ 4,049 Additions 914 547 1,461 Disposals (207) (255) (462) Depreciation expenses (958) (196) (1,154) Amortization disposals 125 255 380 As at September 30, 2020 $ 3,816 $ 458 $ 4,274 |
Disclosure of lease liabilities | The table below present the carrying amounts of lease liabilities and the movements during the period: Lease liabilities Current Non-current (In thousands) As at January 1, 2020 $ 4,104 $ 900 $ 3,204 Additions 1,409 Interest expense 487 Foreign exchange gain (loss) 111 Payments (1,327) As at September 30, 2020 $ 4,784 $ 806 $ 3,978 |
Provisions (Tables)
Provisions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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: Year ended December 31, Nine months ended September 30, 2020 (in thousands) At January 1, $ 2,592 $ 2,719 Charge for the period 515 64 Utilized amounts (388) — Unutilized amounts — (43) At period end $ 2,719 $ 2,740 Post- employment benefits Others Total Current Non-current (in thousands) At December 31, 2019 $ 1,063 $ 842 $ 1,905 $ — $ 1,905 Arising during the period 121 381 502 Released (used) during the period — — — Released (unused) during the period — (292) (292) At September 30, 2020 $ 1,184 $ 931 $ 2,115 $ 230 $ 1,885 |
Other non-current liabilities (
Other non-current liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Non-Current Liabilities | At December 31, 2019 At September 30, 2020 (in thousands) Trade payables $ 1,139 $ 1,050 Deferred tax liabilities 429 18 Contract liabilities: License and development services agreement 11,249 4,341 Deferred revenue 323 — Total contract liabilities $ 11,572 $ 4,341 |
Foreign currency risk and fai_2
Foreign currency risk and fair value of financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Financial Instruments [Abstract] | |
Schedule of Present Fair Values of Derivative Financial Instruments | The following tables present fair values of derivative financial instruments at December 31, 2019. There was no derivative financial instrument outstanding at September 30, 2020. At December 31, 2019 Notional Amount Fair value (in thousands) Forward contracts (buy euros, sell U.S. dollars) € 3,000 $ 46 Total € 3,000 $ 46 |
Basis of preparation and chan_3
Basis of preparation and changes to the Company’s accounting policies (Details) - USD ($) $ in Thousands | May 15, 2020 | Feb. 18, 2019 | May 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||||||
Public equity offering proceeds | $ 30,400 | |||||
Proceeds from governments loans | 7,600 | |||||
Conversion of debt | $ 2,200 | $ 2,200 | 2,042 | |||
Proceeds from convertible debt, net of transaction costs | 2,050 | $ 7,970 | $ 8,000 | |||
Proceeds from issuing of warrants to a strategic partner, net of transaction costs paid | $ 8,360 | $ 0 | $ 8,269 | $ 8,300 |
Segment information and disag_3
Segment information and disaggregated revenue disclosures - Narrative (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($)segment | Sep. 30, 2019USD ($) | |
Disclosure of geographical areas [line items] | ||
Number of operating segments | segment | 1 | |
Revenue from rendering of information technology services | $ 100 | $ 669 |
Transaction price allocated to remaining performance obligations | $ 1,784 | |
International | ||
Disclosure of geographical areas [line items] | ||
Percentage of total revenues | 99.70% |
Segment information and disag_4
Segment information and disaggregated revenue disclosures - Schedule of Total Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Disclosure of geographical areas [line items] | ||
Total revenue | $ 35,125 | $ 20,898 |
Total Asia | ||
Disclosure of geographical areas [line items] | ||
Total revenue | 23,832 | 15,592 |
Taiwan | ||
Disclosure of geographical areas [line items] | ||
Total revenue | 7,557 | 10,276 |
Korea | ||
Disclosure of geographical areas [line items] | ||
Total revenue | 15,840 | 3,700 |
China (including Hong Kong) | ||
Disclosure of geographical areas [line items] | ||
Total revenue | 387 | 1,521 |
Rest of Asia | ||
Disclosure of geographical areas [line items] | ||
Total revenue | 48 | 95 |
United States of America | ||
Disclosure of geographical areas [line items] | ||
Total revenue | 9,427 | 4,951 |
Rest of world | ||
Disclosure of geographical areas [line items] | ||
Total revenue | $ 1,866 | $ 355 |
Segment information and disag_5
Segment information and disaggregated revenue disclosures - Revenue (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Disclosure of geographical areas [line items] | ||
Product revenue | $ 35,125 | $ 20,898 |
Broadband and Critical IoT | ||
Disclosure of geographical areas [line items] | ||
Product revenue | 17,443 | 6,953 |
Massive IoT | ||
Disclosure of geographical areas [line items] | ||
Product revenue | 8,641 | 10,486 |
Vertical | ||
Disclosure of geographical areas [line items] | ||
Product revenue | 9,041 | 3,459 |
Product | ||
Disclosure of geographical areas [line items] | ||
Product revenue | 25,855 | 16,093 |
License | ||
Disclosure of geographical areas [line items] | ||
Product revenue | 0 | 350 |
Development and other services | ||
Disclosure of geographical areas [line items] | ||
Product revenue | $ 9,270 | $ 4,455 |
Segment information and disag_6
Segment information and disaggregated revenue disclosures - Major Customers (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Disclosure of major customers [line items] | |||
Trade receivables | $ 14,084,000 | $ 8,390,000 | |
Customer D | Taiwan | Credit risk | |||
Disclosure of major customers [line items] | |||
Percentage of total revenues (less than 10% for South Korea and United States for the six months ended June 30, 2019, and for Taiwan for the six months ended June 30, 2020) | 10.00% | 13.00% | |
Trade receivables | $ 879,606 | ||
Percentage of total revenues | 10.00% | 13.00% | |
Customer C | United States of America | Credit risk | |||
Disclosure of major customers [line items] | |||
Percentage of total revenues (less than 10% for South Korea and United States for the six months ended June 30, 2019, and for Taiwan for the six months ended June 30, 2020) | 20.00% | 10.00% | |
Trade receivables | $ 0 | ||
Percentage of total revenues | 20.00% | 10.00% | |
Customer B | Taiwan | Credit risk | |||
Disclosure of major customers [line items] | |||
Percentage of total revenues (less than 10% for South Korea and United States for the six months ended June 30, 2019, and for Taiwan for the six months ended June 30, 2020) | 21.00% | 36.00% | |
Trade receivables | $ 4,992,728 | ||
Percentage of total revenues | 21.00% | 36.00% | |
Customer A | Korea | Credit risk | |||
Disclosure of major customers [line items] | |||
Percentage of total revenues (less than 10% for South Korea and United States for the six months ended June 30, 2019, and for Taiwan for the six months ended June 30, 2020) | 45.00% | 18.00% | |
Trade receivables | $ 7,205,850 | ||
Percentage of total revenues | 45.00% | 18.00% |
Research tax credit receivabl_2
Research tax credit receivable and product development costs capitalized (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Research tax credit receivable | $ 3,287 | $ 3,132 | |
Intangible assets | 24,618 | 16,696 | |
Capitalized development costs | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Intangible assets | 11,854 | $ 8,982 | |
Capitalized development costs | Monarch N, Monarch 2 And Calliope 2 Chipsets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Intangible assets | $ 3,999 | $ 3,113 |
Interest expenses (Details)
Interest expenses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Disclosure of detailed information about borrowings [line items] | ||
Interest on loans | $ 10,049 | $ 5,646 |
Interest on lease contract | 487 | 471 |
Other bank fees and financial charges | 501 | 371 |
Total financial expenses | 11,037 | 6,488 |
Interest on loans | 10,049 | 5,646 |
Loans and finance leases related to convertible debts issued and government loans granted | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest on loans | 7,510 | 5,646 |
Interest on loans | 7,510 | $ 5,646 |
Development services agreements | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest on loans | 2,539 | |
Interest on loans | $ 2,539 |
Income tax - Schedule of Major
Income tax - Schedule of Major Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Taxes [Abstract] | ||
Current income tax expense | $ 177 | $ 120 |
Deferred income tax expense (benefit) | 398 | (529) |
Income tax expense (benefit) reported in the Condensed Consolidated Statement of Operations | $ 575 | $ (409) |
Income tax - Narrative (Details
Income tax - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax asset (liability) recognized through equity | $ 809 | $ (776) | |
Deferred tax expense (benefit) | 398 | $ (529) | |
Net deferred tax liabilities | $ 429 | ||
Deferred tax liabilities | $ 18 | 429 | |
Equity Component Of Convertible Debt [Member] | Convertible debt | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | $ 2,591 |
Intangible assets (Details)
Intangible assets (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Beginning balance | $ (16,696) |
Ending balance | (24,618) |
Cost: | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Beginning balance | (31,555) |
Additions | 12,236 |
Exchange difference | (6) |
Ending balance | (43,785) |
Depreciation and impairment: | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Beginning balance | 14,859 |
Additions | 4,314 |
Exchange difference | (6) |
Ending balance | 19,167 |
Capitalized development costs | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Beginning balance | (8,982) |
Ending balance | (11,854) |
Capitalized development costs | Cost: | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Beginning balance | (10,737) |
Additions | 3,997 |
Exchange difference | 0 |
Ending balance | (14,734) |
Capitalized development costs | Depreciation and impairment: | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Beginning balance | 1,755 |
Additions | 1,125 |
Exchange difference | 0 |
Ending balance | 2,880 |
Licenses | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Beginning balance | (7,714) |
Ending balance | $ (12,764) |
Payment period (up to) | 18 months |
Licenses | Cost: | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Beginning balance | $ (20,818) |
Additions | 8,239 |
Exchange difference | (6) |
Ending balance | (29,051) |
Licenses | Depreciation and impairment: | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Beginning balance | 13,104 |
Additions | 3,189 |
Exchange difference | (6) |
Ending balance | $ 16,287 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Components | $ 1,722 | $ 2,643 |
Finished goods | 4,079 | 4,021 |
Total net inventories | 5,801 | 6,664 |
Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Components | 1,724 | 2,645 |
Finished goods | 4,765 | 4,702 |
Total net inventories | 6,489 | 7,347 |
Inventory adjustments | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Components | 2 | 2 |
Finished goods | 686 | 681 |
Total net inventories | $ 688 | $ 683 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Damaged goods inventory adjustments | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Inventory adjustment included in depreciation | $ 681 |
Trade receivables and contrac_3
Trade receivables and contract assets - Schedule of Non-Interest Bearing Trade Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade receivables | $ 17,367 | $ 11,957 |
Contract assets | 1,028 | 1,587 |
Provision for credit notes to be issued | (543) | (848) |
Provisions on trade receivables | (2,740) | (2,719) |
Net trade receivables | $ 15,112 | $ 9,977 |
Trade receivables and contrac_4
Trade receivables and contract assets - Schedule of Movements in the Provision for Impairment of Receivables (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
At January 1, | $ 2,719 | |
At period end | 2,740 | |
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, | 2,719 | $ 2,592 |
Charge for the period | 64 | 515 |
Utilized amounts | 0 | (388) |
Unutilised, allowance account for credit losses of financial assets | (43) | $ 0 |
At period end | $ 2,740 |
Trade receivables and contrac_5
Trade receivables and contract assets - Aging Analysis of Trade Receivables That Were Not Impaired (Details) - Trade receivables - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 15,112 | $ 9,977 |
Neither past due nor Impaired | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 10,747 | 6,265 |
Past due but not impaired | Less than 30 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 3,171 | 2,125 |
Past due but not impaired | 30-60 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 406 | 130 |
Past due but not impaired | 60-120 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 0 | 371 |
Past due but not impaired | Greater than 120 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 788 | $ 1,086 |
Cash and cash equivalents; sh_3
Cash and cash equivalents; short-term deposits - Schedule of Cash, Cash Equivalents, and Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Cash at banks | $ 10,378 | $ 2,591 |
Cash equivalents | 7 | 11,507 |
Short-term deposits | 14,900 | 0 |
Cash, cash equivalents and deposits | $ 25,285 | $ 14,098 |
Cash and cash equivalents; sh_4
Cash and cash equivalents; short-term deposits - Schedule of Cash, Cash Equivalents, and Deposits Held by Currency (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Cash, cash equivalents and deposits | $ 25,285 | $ 14,098 |
U.S. dollar denominated accounts | ||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Cash, cash equivalents and deposits | 21,006 | 13,702 |
Euro denominated accounts | ||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Cash, cash equivalents and deposits | 4,033 | 301 |
GBP denominated accounts | ||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Cash, cash equivalents and deposits | 58 | 37 |
SGP denominated accounts | ||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Cash, cash equivalents and deposits | 59 | 12 |
NIS denominated accounts | ||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Cash, cash equivalents and deposits | 97 | 19 |
RMB denominated accounts | ||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Cash, cash equivalents and deposits | 13 | 11 |
Other currencies denominated accounts | ||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||
Cash, cash equivalents and deposits | $ 19 | $ 16 |
Issued capital and reserves - A
Issued capital and reserves - Authorized capital, in number of shares (Details) - € / shares | Sep. 30, 2020 | Dec. 31, 2019 | Nov. 29, 2019 | Nov. 28, 2019 |
Share Capital, Reserves And Other Equity Interest [Abstract] | ||||
Authorised capital (in shares) | 280,910,002 | 244,254,014 | ||
Nominal value (euro per share) | € 0.02 | € 0.02 | ||
Number of ordinary shares per each ADS | 4 | 1 |
Issued capital and reserves - S
Issued capital and reserves - Shares issued and fully paid (Details) € in Thousands, $ in Thousands | Sep. 30, 2020USD ($)shares | Sep. 30, 2020EUR (€)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2019EUR (€)shares |
Share Capital, Reserves And Other Equity Interest [Abstract] | ||||
Ordinary shares (in shares) | 121,248,638 | 121,248,638 | 95,587,146 | 95,587,146 |
Ordinary shares | $ 2,962 | € 2,425 | $ 2,403 | € 1,912 |
Issued capital and reserves - C
Issued capital and reserves - Capital transactions (Details) | May 14, 2020USD ($)$ / sharesshares | Feb. 18, 2019USD ($)shares | Feb. 18, 2019USD ($)€ / sharesshares | Apr. 30, 2020USD ($)shares | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2020USD ($) | May 15, 2020$ / sharesshares | Apr. 02, 2020USD ($) |
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||
Ordinary shares issued in connection with a public offering (in shares) | shares | 22,330,096 | |||||||||
Underwriters' over-allotment shares issued (in shares) | shares | 2,912,620 | |||||||||
Ordinary share price (usd per share) | $ / shares | $ 1.2875 | |||||||||
Total offering | $ 28,749,999 | $ 28,750,000 | $ 8,360,000 | |||||||
Costs directly attributable to the equity transaction | 2,300,000 | 2,957,000 | 91,000 | |||||||
Gross proceeds from sale | 1,613,000 | |||||||||
Number of warrants issued (in shares) | shares | 9,392,986 | 9,392,986 | ||||||||
Proceeds from issuing of warrants to a strategic partner, net of transaction costs paid | $ 8,360,000 | 0 | 8,269,000 | $ 8,300,000 | ||||||
Number of days from notice of which warrants are exercisable | 61 days | |||||||||
Exercise price (in Euros per share) | € / shares | € 0.02 | |||||||||
Exercise price per ADS (in dollars per share) | € / shares | € 0.08 | |||||||||
Warrants expiration term | 15 years | |||||||||
Share premium | $ 8,360,000 | € 8,360,000 | 262,641,000 | $ 233,720,000 | ||||||
Share capital | ||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||
Total offering | 486,761 | $ 487,000 | ||||||||
Issue of shares in connection with the ATM program (in shares) | shares | 970,584,000 | |||||||||
Gross proceeds from sale | $ 21,000 | |||||||||
Share premium | ||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||
Total offering | 28,263,238 | 28,263,000 | 8,360,000 | |||||||
Costs directly attributable to the equity transaction | 2,957,000 | $ 91,000 | ||||||||
Gross proceeds from sale | $ 1,592,000 | |||||||||
B. Riley FBR, Inc. | ||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||
Aggregate offering price (up to) | $ 35,000,000 | |||||||||
Number of ADS sold (in shares) | shares | 242,646 | |||||||||
Issue of shares in connection with the ATM program (in shares) | shares | 970,584 | |||||||||
Gross proceeds from sale | $ 1,613,116 | |||||||||
Net proceeds from sale | 1,100,000 | |||||||||
B. Riley FBR, Inc. | Share capital | ||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||
Gross proceeds from sale | 21,114 | |||||||||
B. Riley FBR, Inc. | Share premium | ||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||
Gross proceeds from sale | $ 1,592,002 | |||||||||
Bpifrance Participations | ||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||
Private placement ADS issued (in shares) | shares | 428,869 | |||||||||
Private placement ADS issued (in dollars per share) | $ / shares | $ 5.15 | |||||||||
Bpifrance Participations | Share capital | ||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||
Notional amount | 37,253 | |||||||||
Bpifrance Participations | Share premium | ||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||
Notional amount | $ 2,073,689 | |||||||||
Shareholder Loan Agreement | Bpifrance Participations | ||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||||||
Notional amount | $ 2,200,000 | |||||||||
Borrowings, interest rate | 4.00% |
Share-based payment plans - Nar
Share-based payment plans - Narrative (Details) | 1 Months Ended | 9 Months Ended | |
Jun. 30, 2020warrant$ / shares | Sep. 30, 2020USD ($)sharesshares | Sep. 30, 2019USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expense recognized for employee and other services received | $ | $ 1,813,000 | $ 1,279,000 | |
Stock options, restricted shares and warrants canceled (in shares) | 375,731 | ||
Stock options exercised (in shares) | 24,828 | ||
Ordinary shares | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Increase (decrease) in number of shares outstanding (in shares) | 24,828 | ||
Issuance of ordinary shares | $ | $ 540 | ||
Share premium | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Issuance of ordinary shares | $ | $ 31,425 | ||
Restricted share awards (RSA) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Awards granted (in shares) | 1,102,400 | ||
Award vesting period | 4 years | ||
Warrants | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Award vesting period | 3 years | ||
Number of other equity instruments granted in share-based payment arrangement | warrant | 252,000 | ||
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement (in dollars per share) | $ / shares | $ 1.51 | ||
Restricted shares | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vested (in shares) | 620,508 | ||
One-year anniversary | Restricted share awards (RSA) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Award vesting period | 1 year | ||
Award vesting percentage | 25.00% | ||
One-year anniversary alternative | Restricted share awards (RSA) | |||
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 - Bre
Share-based payment plans - Breakdown (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total | $ 1,813 | $ 1,279 |
Cost of revenue | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total | 13 | 7 |
Research and development | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total | 748 | 371 |
Sales and marketing | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total | 339 | 182 |
General and administrative | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total | $ 713 | $ 719 |
Government grant advances and_2
Government grant advances and loans (Details) - French Government Debt Financing $ in Thousands | Apr. 30, 2020EUR (€) | Sep. 30, 2020USD ($) |
Disclosure of detailed information about borrowings [line items] | ||
Notional amount | € | € 5,000,000 | |
Maturity term | 1 year | |
Borrowings, interest rate | 1.75% | |
Option maturity term | 5 years | |
Amount classified as current | $ | $ 1,131 | |
Minimum | ||
Disclosure of detailed information about borrowings [line items] | ||
Notice term to option | 1 month | |
Maximum | ||
Disclosure of detailed information about borrowings [line items] | ||
Notice term to option | 4 months |
Venture debt (Details)
Venture debt (Details) $ / shares in Units, $ in Thousands | Oct. 26, 2018USD ($)$ / sharesshares | Oct. 26, 2018EUR (€) | Nov. 30, 2019USD ($) | Nov. 30, 2019EUR (€) | Sep. 30, 2020USD ($) | Sep. 30, 2020EUR (€) | Sep. 30, 2019USD ($) | Feb. 18, 2019shares | Oct. 26, 2018EUR (€)shares |
Disclosure of detailed information about borrowings [line items] | |||||||||
Number of warrants issued (in shares) | shares | 9,392,986 | ||||||||
Warrants | $ 819 | € 712,000 | |||||||
Repayment of venture debt | $ 3,775 | $ 0 | |||||||
Interest on loans | 10,049 | 5,646 | |||||||
Interest paid, classified as financing activities | 1,777 | $ 1,788 | |||||||
Bond Issuance Agreement | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Notional amount | $ 14,000 | € 12,000,000 | |||||||
Borrowings, interest rate | 9.00% | 9.00% | |||||||
Maturity term | 42 months | 42 months | |||||||
Additional fee to be paid at end of term | 2.50% | 2.50% | |||||||
Subscription price (in dollars per share) | $ / shares | $ 1 | ||||||||
Number of warrants issued (in shares) | shares | 816,716 | 816,716 | |||||||
Exercise price (in dollars per share) | $ / shares | $ 1.34 | ||||||||
Exercise price per ADS (in dollars per share) | $ / shares | $ 5.36 | ||||||||
Bond Issuance Agreement | Venture debt | Financial liabilities at fair value through profit or loss | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Maturity term | 19 months | 19 months | |||||||
Increase in borrowings | $ 12,800 | € 10,900,000 | |||||||
Repayment of venture debt | $ 525 | € 448,000 | 3,775 | € 3,372,000 | |||||
Interest on loans | 1,134 | ||||||||
Interest paid, classified as financing activities | $ 737 |
Convertible debt (Details)
Convertible debt (Details) | Mar. 20, 2020USD ($)options | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Feb. 11, 2020$ / shares | Dec. 31, 2019USD ($) | Aug. 16, 2019USD ($)$ / shares | May 07, 2019USD ($)$ / shares | Apr. 30, 2016$ / shares |
Disclosure of detailed information about borrowings [line items] | ||||||||
Interest expense | $ 10,049,000 | $ 5,646,000 | ||||||
Financial expense for change in liability component | 1,399,000 | 0 | ||||||
Convertible debt embedded derivative | 18,506,000 | $ 0 | ||||||
Change in fair value of convertible debt derivative | (13,240,000) | 0 | ||||||
2016 convertible notes | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Conversion price (in dollars per share) | $ / shares | $ 1.225 | $ 2.25 | ||||||
2019-1 notes | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Notional amount | $ 3,000,000 | |||||||
Conversion price (in dollars per share) | $ / shares | $ 1.21 | |||||||
Conversion price (in dollars per ADS) | $ / shares | $ 4.84 | |||||||
2019-1 notes | Financial liabilities at fair value through profit or loss | Embedded derivative | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Reserve of equity component of convertible instruments | $ 989,000 | |||||||
Convertible debt | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Interest expense | 5,880,000 | $ 4,128,000 | ||||||
Interest rate | 7.00% | |||||||
Convertible notes issued except August 2019 notes | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of options to extend term | options | 3 | |||||||
Convertible notes issued in August 2019 | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of options to extend term | options | 2 | |||||||
Convertible notes issued in April 2015, April 2016, September 2018, May 2019 and August 2019 | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Option term extension | 1 year | |||||||
Conversion premium percentage | 20.00% | |||||||
VWAP period | 20 days | |||||||
Option one | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Conversion premium percentage | 20.00% | |||||||
VWAP period | 20 days | |||||||
Payment-in-kind interest | 7.00% | |||||||
Warrant, percentage of note value | 10.00% | |||||||
Warrant term | 3 years | |||||||
Option two | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Option term extension | 1 year | |||||||
Conversion premium percentage | 20.00% | |||||||
VWAP period | 20 days | |||||||
Payment-in-kind interest | 9.50% | |||||||
Warrant, percentage of note value | 15.00% | |||||||
Warrant term | 3 years | |||||||
Option three | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Conversion premium percentage | 20.00% | |||||||
VWAP period | 20 days | |||||||
Payment-in-kind interest | 13.50% | |||||||
Warrant, percentage of note value | 20.00% | |||||||
Warrant term | 3 years | |||||||
Convertible debt | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Convertible debt embedded derivative | $ 5,266,000 | 18,506,000 | ||||||
Change in fair value of convertible debt derivative | $ 13,240,000 | |||||||
2019-2 notes | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Notional amount | $ 5,000,000 | |||||||
Conversion price (in dollars per share) | $ / shares | $ 1.03 | |||||||
Conversion price (in dollars per ADS) | $ / shares | $ 4.12 | |||||||
2019-2 notes | Financial liabilities at fair value through profit or loss | Embedded derivative | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Reserve of equity component of convertible instruments | $ 1,874,000 | |||||||
Market approach | 2019-1 notes | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Market rate of interest input percentage | 0.3122 | |||||||
Market approach | Convertible debt | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Market rate of interest input percentage | 0.263 | |||||||
Market approach | 2019-2 notes | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Market rate of interest input percentage | 0.2536 |
Accounts receivable financing_2
Accounts receivable financing agreement (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 72 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2026 | Dec. 31, 2021 | Dec. 31, 2026 | Sep. 30, 2020 | Dec. 31, 2019 | Jul. 31, 2017 | |
Disclosure of detailed information about borrowings [line items] | |||||||
Current borrowings | $ 14,449,000 | $ 4,068,000 | |||||
Forecast | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Proceeds from governments loans, net of transaction costs | $ 117,000 | $ 320,000 | $ 437,000 | ||||
Interest-bearing receivables financing | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Current borrowings | 11,631,000 | $ 4,068,000 | |||||
Accounts receivable financing agreement | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Available borrowings (up to) | $ 800,000 | ||||||
2020 Research Tax Credit Financing | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Current borrowings | $ 2,818,000 | ||||||
Effective interest rate | 6.15% | ||||||
Borrowings, interest rate | 6.15% | ||||||
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% |
Lease liabilities - Right-of-us
Lease liabilities - Right-of-use Assets Activity (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Disclosure of Leases [Line Items] | |
As at January 1, 2020 | $ 4,049 |
Additions | 1,461 |
Disposals | (462) |
Depreciation expenses | (1,154) |
Amortization disposals | 380 |
As at September 30, 2020 | 4,274 |
Real-estate | |
Disclosure of Leases [Line Items] | |
As at January 1, 2020 | 3,942 |
Additions | 914 |
Disposals | (207) |
Depreciation expenses | (958) |
Amortization disposals | 125 |
As at September 30, 2020 | 3,816 |
IT and office equipment | |
Disclosure of Leases [Line Items] | |
As at January 1, 2020 | 107 |
Additions | 547 |
Disposals | (255) |
Depreciation expenses | (196) |
Amortization disposals | 255 |
As at September 30, 2020 | $ 458 |
Lease liabilities - Lease Liabi
Lease liabilities - Lease Liabilities Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
As at January 1, 2020 | $ 4,104 | ||
Additions | 1,409 | ||
Interest expense | 487 | $ 471 | |
Foreign exchange gain (loss) | 111 | ||
Payments | (1,327) | ||
As at September 30, 2020 | 4,784 | ||
Current | 806 | $ 900 | |
Non-current | $ 3,978 | $ 3,204 |
Lease liabilities - Narrative (
Lease liabilities - Narrative (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Subclassifications of assets, liabilities and equities [abstract] | |
Rental charges | $ 491 |
Provisions - Reconciliation of
Provisions - Reconciliation of Changes in Provisions (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Provisions For Employee Benefits [Roll Forward] | ||
At December 31, 2019 | $ 1,063 | |
Arising during the period | 121 | |
Released (used) during the period | 0 | |
Released (unused) during the period | 0 | |
At September 30, 2020 | 1,184 | |
Provisions [Roll Forward] | ||
At December 31, 2019 | 1,905 | |
Arising during the period | 502 | |
Released (used) during the period | 0 | |
Released (unused) during the period | (292) | |
At September 30, 2020 | 2,115 | |
Current | 230 | $ 0 |
Non-current | 1,885 | $ 1,905 |
Others | ||
Other Provisions [Roll Forward] | ||
At December 31, 2019 | 842 | |
Arising during the period | 381 | |
Released (used) during the period | 0 | |
Released (unused) during the period | (292) | |
At September 30, 2020 | $ 931 |
Other non-current liabilities -
Other non-current liabilities - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2015 |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Trade payables | $ 1,050 | $ 1,139 | |
Deferred tax liabilities | 18 | 429 | |
Contract liabilities | 4,341 | 11,572 | |
License and development services agreement | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Contract liabilities | 4,341 | 11,249 | |
Deferred revenue | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Contract liabilities | $ 0 | $ 323 | $ 1,940 |
Other non-current liabilities_2
Other non-current liabilities - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Oct. 24, 2019 | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Non-current trade payables | $ 1,050 | $ 1,139 | |||
Deferred tax liabilities | 18 | 429 | |||
Deferred tax liabilities through profit and loss | 398 | ||||
Reversal of deferred tax liability through equity | 809 | ||||
License and services agreement estimated value exceeding | $ 35,000 | ||||
License and services agreement upfront payment | 18,000 | ||||
License and services agreement estimated value quarterly payments | $ 1,800 | ||||
Agreement financing requirement, net proceeds from new equity, debt or government financing | 25,000 | ||||
Contract liabilities | 4,341 | 11,572 | |||
Contract liabilities | 8,018 | 5,812 | |||
Israeli Technology Company | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Non-current trade payables | 570 | ||||
Remaining amount to be paid | 1,430 | ||||
Acquired intangible assets | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Trade payables | 1,343 | $ 619 | $ 1,916 | ||
Payment period | 27 months | ||||
Non-current trade payables | 480 | $ 1,139 | |||
License and development services agreement | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Interest expenses on upfront payment | 2,539 | ||||
Net remaining contract liability | 11,734 | ||||
Current contract liabilities | 7,393 | ||||
Non-current contract liabilities | 4,341 | ||||
Contract liabilities | 4,341 | 11,249 | |||
Recognized as revenue | 7,139 | ||||
Deferred revenue | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Contract liabilities | $ 1,940 | 0 | 323 | ||
Contract liabilities recognition term | 4 years | ||||
Recognized as revenue | 364 | $ 364 | |||
Contract liabilities | $ 445 | 485 | |||
Convertible debts and venture debt - equity component | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Deferred tax liability (asset) | $ 2,591 |
Foreign currency risk and fai_3
Foreign currency risk and fair value of financial instruments - Schedule of Present Fair Values of Derivative Financial Instruments (Details) - Cash flow hedge - Financial instruments at fair value through other comprehensive income $ in Thousands | Dec. 31, 2019USD ($) |
Disclosure of financial liabilities [line items] | |
Notional Amount | 3,000 |
Fair value of liability | $ 46 |
Forward contracts | |
Disclosure of financial liabilities [line items] | |
Notional Amount | 3,000 |
Fair value of liability | $ 46 |
Foreign currency risk and fai_4
Foreign currency risk and fair value of financial instruments - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Net gain (loss) on cash flow hedge | $ (58) | $ (18) | ||
Gain (loss) transferred from other comprehensive income to the statement of operations | (106) | (62) | ||
Cash and cash equivalents | 10,385 | $ 6,251 | $ 14,098 | $ 12,086 |
Principal amount | 24,959 | 20,100 | ||
Debt component of convertible notes | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value of liability | 30,706 | |||
Long-term investments, debt-based mutual funds | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value of asset | 349 | 335 | ||
Currencies other than US dollar | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Cash and cash equivalents | $ 4,279 | $ 396 | ||
Foreign currency risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Reasonably possible change in risk variable, percent | 10.00% | |||
Impact of change in the corresponding risk variable on operating expenses | $ 4,300 | |||
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 | 92.00% | |||
Foreign currency risk | Euro denominated accounts | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Percentage of operating expenses | 51.00% |
Contingencies (Details)
Contingencies (Details) - USD ($) | Sep. 30, 2020 | Apr. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 01, 2017 |
Disclosure of contingent liabilities [line items] | |||||
Payments above limit | $ 700,000 | ||||
Class Action Lawsuit, Revenue Recognition Policy | |||||
Disclosure of contingent liabilities [line items] | |||||
Reduction in previously-recognized revenue | $ 740,000 | ||||
Settlement amount | $ 2,750,000 | ||||
Provision for risk | $ 0 | $ 700,000 | |||
Remaining amount to be received | $ 569,000 |
Related party disclosures - Nar
Related party disclosures - Narrative (Details) - USD ($) | May 15, 2020 | Aug. 31, 2019 | May 31, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Aug. 16, 2019 | May 31, 2019 | May 07, 2019 | Dec. 31, 2018 | Apr. 30, 2016 | Apr. 30, 2015 |
Disclosure of transactions between related parties [line items] | |||||||||||
Conversion of debt | $ 2,200,000 | $ 2,200,000 | $ 2,042,000 | ||||||||
BPI France Participation – Fonds Large Venture | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Share capital of the Company | 10.00% | 10.00% | |||||||||
Affiliate of Nokomis Capital, L.L.C. | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Share capital of the Company | 9.90% | ||||||||||
2015 convertible notes | Affiliate of Nokomis Capital, L.L.C. | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Notional amount | $ 4,500,000 | $ 12,000,000 | |||||||||
Fair value of convertible note | $ 35,000,000 | ||||||||||
2019-1 notes | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Notional amount | $ 3,000,000 | ||||||||||
2019-1 notes | Affiliate of Nokomis Capital, L.L.C. | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Notional amount | $ 3,000,000 | ||||||||||
2019-2 notes | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Notional amount | $ 5,000,000 | ||||||||||
2019-2 notes | Affiliate of Nokomis Capital, L.L.C. | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Notional amount | $ 5,000,000 | ||||||||||
2016 convertible notes | Affiliate of Nokomis Capital, L.L.C. | |||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||
Notional amount | $ 6,000,000 |
Events after the reporting da_2
Events after the reporting date (Details) - Restricted share awards (RSA) | Oct. 20, 2020shares | Sep. 30, 2020shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Awards granted (in shares) | 1,102,400 | |
Award vesting period | 4 years | |
Granting of shares | Employees | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Awards granted (in shares) | 417,792 | |
ADS granted (in shares) | 104,448 | |
Award vesting period | 4 years | |
Granting of shares | Executive management | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Awards granted (in shares) | 0 |