Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-35135 |
Entity Registrant Name | SEQUANS COMMUNICATIONS S.A. |
Entity Address, Address Line One | 15-55 Boulevard Charles de Gaulle |
Entity Address, Postal Zip Code | 92700 |
Entity Address, City or Town | Colombes |
Entity Address, Country | FR |
Entity Incorporation, State or Country Code | I0 |
Title of 12(b) Security | Ordinary shares, nominal value €0.02 per share |
Trading Symbol | SQNS |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 151,419,322 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001383395 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
American Depositary Shares, each representing four ordinary shares, nominal value €0.02 per share | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing four ordinary shares, nominal value €0.02 per share |
Trading Symbol | SQNS |
Security Exchange Name | NYSE |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 15-55 Boulevard Charles de Gaulle |
Entity Address, Postal Zip Code | 92700 |
Entity Address, City or Town | Colombes |
Entity Address, Country | FR |
Contact Personnel Name | Georges Karam |
City Area Code | +33 |
Local Phone Number | 1 70 72 16 00 |
Contact Personnel Fax Number | 1 70 72 16 09 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 1692 |
Auditor Name | Ernst & Young Audit |
Auditor Location | Paris-La Défense, France |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Revenue: | |||||
Product revenue | $ 50,879,000 | $ 50,916,000 | [1] | $ 30,864,000 | [1] |
Cost of revenue | 23,690,000 | 27,466,000 | [1] | 18,485,000 | [1] |
Gross profit | 27,189,000 | 23,450,000 | [1] | 12,379,000 | [1] |
Operating expenses: | |||||
Research and development | 26,414,000 | 30,883,000 | [1] | 23,885,000 | [1] |
Sales and marketing | 9,049,000 | 7,925,000 | [1] | 7,948,000 | [1] |
General and administrative | 10,045,000 | 9,383,000 | [1] | 8,548,000 | [1] |
Total operating expenses | 45,508,000 | 48,191,000 | [1] | 40,381,000 | [1] |
Operating income (loss) | (18,319,000) | (24,741,000) | [1] | (28,002,000) | [1] |
Financial income (expense): | |||||
Interest expense | (11,329,000) | (14,500,000) | [1] | (9,638,000) | [1] |
Interest income | 47,000 | 29,000 | [1] | 50,000 | [1] |
Impact of debt reimbursement | 5,177,000 | 0 | [1] | 0 | [1] |
Convertible debt amendments | 0 | 1,399,000 | [1] | 0 | [1] |
Change in fair value of convertible debt derivative | 3,848,000 | (13,129,000) | [2] | 0 | [2] |
Foreign exchange gain (loss), net | 938,000 | (2,638,000) | [1] | 68,000 | [1] |
Loss before income taxes | (19,638,000) | (53,580,000) | [1],[2] | (37,522,000) | [1],[2] |
Income tax expense (benefit) | 625,000 | 936,000 | [1] | (783,000) | [1] |
Net loss | (20,263,000) | (54,516,000) | [3] | (36,739,000) | [3] |
Attributable to: | |||||
Shareholders of the parent | $ (20,263,000) | $ (54,516,000) | [1] | $ (36,739,000) | [1] |
Basic earnings (loss) per share (in dollars per share) | $ (0.14) | $ (0.48) | [1] | $ (0.39) | [1] |
Diluted earnings (loss) per share (in dollars per share) | $ (0.14) | $ (0.48) | [1] | $ (0.39) | [1] |
Weighted average number of shares used for computing: | |||||
Basic (in shares) | 146,691,784 | 112,432,988 | [1] | 95,008,518 | [1] |
Diluted (in shares) | 146,691,784 | 112,432,988 | [1] | 95,008,518 | [1] |
Basic earnings (loss) per ADS (in dollars per share) | $ (0.55) | $ (1.94) | [1] | $ (1.55) | [1] |
Diluted earnings (loss) per ADS (in dollars per share) | $ (0.55) | $ (1.94) | [1] | $ (1.55) | [1] |
Income tax expense (benefit) | |||||
Basis per ADS (in dollars per share) | 36,672,946 | 28,108,247 | [1] | 23,752,130 | [1] |
Diluted per ADS (in dollars per share) | 36,672,946 | 28,108,247 | [1] | 23,752,130 | [1] |
Product | |||||
Revenue: | |||||
Product revenue | $ 30,410,000 | $ 37,919,000 | [1] | $ 21,947,000 | [1] |
Services and license revenue | |||||
Revenue: | |||||
Product revenue | $ 20,469,000 | $ 12,997,000 | [1] | $ 8,917,000 | [1] |
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | ||||
[2] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | ||||
[3] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) Statement - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | [1] | Dec. 31, 2019 | [1] | |
Statement of comprehensive income [abstract] | |||||
Loss for the year | $ (20,263) | $ (54,516) | $ (36,739) | ||
Other comprehensive income (loss) to be reclassified to profit or loss in subsequent years : | |||||
Net gain (loss) on cash flow hedge | (129) | 31 | 57 | ||
Exchange differences on translation of foreign operations | 157 | 100 | 49 | ||
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years | 28 | 131 | 106 | ||
Other comprehensive income (loss) not to be reclassified to profit or loss in subsequent years : | |||||
Re-measurement gains (losses) on defined benefit plans | (33) | 79 | (58) | ||
Net other comprehensive income (loss) not to be reclassified to profit or loss in subsequent years | (33) | 79 | (58) | ||
Total other comprehensive income (loss) | (5) | 210 | 48 | ||
Total comprehensive income (loss) | (20,268) | (54,306) | (36,691) | ||
Attributable to: | |||||
Shareholders of the parent | (20,268) | (54,306) | (36,691) | ||
Non-controlling interests | $ 0 | $ 0 | $ 0 | ||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position € in Thousands, $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | ||
Non-current assets: | |||||
Property, plant and equipment | $ 8,010 | $ 9,187 | [1] | $ 8,858 | [1] |
Intangible assets | 37,984 | 25,312 | [1] | 16,696 | [1] |
Deposits and other receivables | 2,311 | 588 | [1] | 401 | [1] |
Other non-current financial assets | 357 | 386 | [1] | 335 | [1] |
Total non-current assets | 48,662 | 35,473 | [1] | 26,290 | [1] |
Current assets: | |||||
Inventories | 6,433 | 6,225 | [1] | 6,664 | [1] |
Trade receivables | 13,622 | 17,277 | [1] | 8,390 | [1] |
Contract assets | 789 | 371 | [1] | 1,587 | [1] |
Prepaid expenses | 2,108 | 962 | [1] | 901 | [1] |
Other receivables | 7,252 | 3,264 | [1] | 2,253 | [1] |
Research tax credit receivable | 5,863 | 5,110 | [1] | 3,132 | [1] |
Short-term deposits | 0 | 10,900 | [1] | 0 | [1] |
Cash and cash equivalents | 4,835 | 7,574 | [2] | 14,098 | [2] |
Total current assets | 40,902 | 51,683 | [1] | 37,025 | [1] |
Total assets | 89,564 | 87,156 | [1] | 63,315 | [1] |
Equity (deficit): | |||||
Issued capital | 3,687 | 3,269 | [1] | 2,403 | [1] |
Share premium | 298,389 | 276,560 | [1] | 233,720 | [1] |
Other capital reserves | 57,198 | 46,677 | [1] | 43,656 | [1] |
Accumulated deficit | (383,554) | (363,291) | [1] | (308,775) | [1] |
Other components of equity | (26) | (21) | [1] | (231) | [1] |
Total equity (deficit) | (24,306) | (36,806) | [1] | (29,227) | [1] |
Non-current liabilities: | |||||
Government grant advances and loans | 9,354 | 11,203 | [1] | 6,150 | [1] |
Venture debt | 0 | 2,172 | [1] | 7,071 | [1] |
Lease liabilities | 3,373 | 4,762 | [1] | 3,204 | [1] |
Provisions | 2,137 | 1,554 | [1] | 1,571 | [1] |
Trade payables | 964 | 851 | [1] | 1,139 | [1] |
Deferred tax liabilities | 138 | 19 | [1] | 429 | [1] |
Contract liabilities | 2,706 | 2,397 | [1] | 11,572 | [1] |
Total non-current liabilities | 65,126 | 61,427 | [1] | 54,478 | [1] |
Current liabilities: | |||||
Trade payables | 13,916 | 15,701 | [1] | 8,834 | [1] |
Venture debt | 0 | 6,104 | [1] | 5,109 | [1] |
Current lease liabilities | 1,247 | 1,014 | [1] | 900 | [1] |
Government grant advances and loans | 6,206 | 3,867 | [1] | 1,472 | [1] |
Other current liabilities and provisions | 9,180 | 8,476 | [1] | 4,540 | [1] |
Contract liabilities | 8,677 | 13,145 | [1] | 5,812 | [1] |
Total current liabilities | 48,744 | 62,535 | [1] | 38,064 | [1] |
Total equity and liabilities | 89,564 | 87,156 | [1] | 63,315 | [1] |
Interest-bearing receivables financing | |||||
Current liabilities: | |||||
Interest-bearing financing of receivables | 9,518 | 14,228 | [1] | 4,068 | [1] |
Convertible debt | |||||
Non-current liabilities: | |||||
Convertible debt | 36,373 | 26,074 | [1] | 23,342 | [1] |
Convertible debt embedded derivative | 10,081 | 12,395 | [1] | 0 | [1] |
Current liabilities: | |||||
Interest-bearing financing of receivables | $ 0 | $ 0 | [1] | $ 7,329 | [1] |
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | ||||
[2] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - € / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of financial position [abstract] | |||
Par value per share | € 0.02 | € 0.02 | € 0.02 |
Shares issued (in shares) | 151,419,322 | 133,934,090 | 95,587,146 |
Shares outstanding (in shares) | 151,419,322 | 133,934,090 | 95,587,146 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Deficit) Statement - USD ($) | Total | Ordinary shares | Share premium | Other capital reserves | Accumulated deficit | Cumulative translation adjustments | Accumulated other comprehensive income (loss) (1) | [1] | ||
Beginning balance (in shares) (Previously stated) at Dec. 31, 2018 | 94,732,539 | |||||||||
Beginning balance (in shares) at Dec. 31, 2018 | 94,732,539 | |||||||||
Beginning balance (Previously stated) at Dec. 31, 2018 | $ (5,019,000) | $ 2,384,000 | $ 225,470,000 | $ 39,768,000 | $ (272,036,000) | $ (368,000) | $ (237,000) | |||
Beginning balance (Effect of application of the IFRS IC decision on IAS 19 (Note 2.2)) at Dec. 31, 2018 | 326,000 | 326,000 | ||||||||
Beginning balance at Dec. 31, 2018 | (4,693,000) | $ 2,384,000 | 225,470,000 | 39,768,000 | (272,036,000) | (368,000) | 89,000 | |||
Loss for the year | (36,739,000) | [2] | (36,739,000) | |||||||
Re-measurement gains (losses) on defined benefit plans | Previously stated | (108,000) | (108,000) | ||||||||
Re-measurement gains (losses) on defined benefit plans | Effect of application of the IFRS IC decision on IAS 19 (Note 2.2) | 50,000 | 50,000 | ||||||||
Re-measurement gains (losses) on defined benefit plans | [2] | (58,000) | ||||||||
Foreign currency translation | 49,000 | [2] | 49,000 | |||||||
Net gain (loss) on cash flow hedge | 57,000 | [2] | 57,000 | |||||||
Total comprehensive income (loss) | (36,691,000) | [2] | (36,739,000) | 49,000 | (1,000) | |||||
Issue of shares in connection with the exercise of options and warrants (in shares) | 854,607 | |||||||||
Issue of shares in connection with the exercise of options and warrants, and vesting of restricted shares awards | 0 | $ 19,000 | (19,000) | |||||||
Issue of shares and warrants | 8,360,000 | 8,360,000 | ||||||||
Transaction costs | (91,000) | (91,000) | ||||||||
Issuance of convertible debt (Note 14.1) | 2,864,000 | 2,864,000 | ||||||||
Deferred tax effect of debt instruments with equity components (Notes 5 and 19) | (773,000) | (773,000) | ||||||||
Share-based payments | $ 1,797,000 | 1,797,000 | ||||||||
Ending balance (in shares) at Dec. 31, 2019 | 95,587,146 | 95,587,146 | ||||||||
Ending balance (Effect of application of the IFRS IC decision on IAS 19 (Note 2.2)) at Dec. 31, 2019 | $ 8,000 | |||||||||
Ending balance at Dec. 31, 2019 | (29,227,000) | [3] | $ 2,403,000 | 233,720,000 | 43,656,000 | (308,775,000) | (319,000) | 88,000 | ||
Loss for the year | (54,516,000) | [2] | (54,516,000) | |||||||
Re-measurement gains (losses) on defined benefit plans | Previously stated | 53,000 | 53,000 | ||||||||
Re-measurement gains (losses) on defined benefit plans | Effect of application of the IFRS IC decision on IAS 19 (Note 2.2) | 26,000 | 26,000 | ||||||||
Re-measurement gains (losses) on defined benefit plans | [2] | 79,000 | ||||||||
Foreign currency translation | 100,000 | [2] | 100,000 | |||||||
Net gain (loss) on cash flow hedge | 31,000 | [2] | 31,000 | |||||||
Total comprehensive income (loss) | (54,306,000) | [2] | (54,516,000) | 100,000 | 110,000 | |||||
Issue of shares in connection with the exercise of options and warrants (in shares) | 1,692,968 | |||||||||
Issue of shares in connection with the exercise of options and warrants, and vesting of restricted shares awards | 32,000 | $ 39,000 | (7,000) | |||||||
Transaction costs | (3,374,000) | (3,374,000) | ||||||||
Issuance of convertible debt (Note 14.1) | (5,266,000) | (5,266,000) | ||||||||
Deferred tax effect of debt instruments with equity components (Notes 5 and 19) | 809,000 | 809,000 | ||||||||
Share-based payments | 2,985,000 | 2,985,000 | ||||||||
Issue of shares in connection with the ATM program (in shares) | 970,584 | |||||||||
Issue of shares in connection with the ATM program (Note 12) | 1,613,000 | $ 21,000 | 1,592,000 | |||||||
Conversion of loans (in shares) | 1,715,476 | |||||||||
Conversion of loan (Note 12) | 2,246,000 | $ 37,000 | 2,209,000 | |||||||
Conversion of convertible debt (in shares) | 10,119,844 | |||||||||
Conversion of convertible debts (Note 14.1) | 16,886,000 | $ 245,000 | 12,107,000 | 4,534,000 | ||||||
Other movement | $ (41,000) | (41,000) | ||||||||
Ending balance (in shares) at Dec. 31, 2020 | 133,934,090 | 133,934,090 | ||||||||
Ending balance (Effect of application of the IFRS IC decision on IAS 19 (Note 2.2)) at Dec. 31, 2020 | $ (14,000) | |||||||||
Ending balance at Dec. 31, 2020 | (36,806,000) | [3] | $ 3,269,000 | 276,560,000 | 46,677,000 | (363,291,000) | (219,000) | 198,000 | ||
Loss for the year | (20,263,000) | (20,263,000) | ||||||||
Re-measurement gains (losses) on defined benefit plans | (33,000) | (33,000) | ||||||||
Foreign currency translation | 157,000 | 157,000 | ||||||||
Net gain (loss) on cash flow hedge | (129,000) | (129,000) | ||||||||
Total comprehensive income (loss) | (20,268,000) | (20,263,000) | 157,000 | (162,000) | ||||||
Issue of shares in connection with the exercise of options and warrants (in shares) | 2,985,200 | |||||||||
Issue of shares in connection with the exercise of options and warrants, and vesting of restricted shares awards | 138,000 | $ 70,000 | 68,000 | |||||||
Issue of shares and warrants (in shares) | 7,272,724 | |||||||||
Issue of shares and warrants | 10,000,000 | $ 173,000 | 9,827,000 | |||||||
Transaction costs | (177,000) | (177,000) | ||||||||
Deferred tax effect of debt instruments with equity components (Notes 5 and 19) | 0 | |||||||||
Share-based payments | 5,135,000 | 5,135,000 | ||||||||
Conversion of convertible debt (in shares) | 7,227,308 | |||||||||
Conversion of convertible debts (Note 14.1) | $ 17,672,000 | $ 175,000 | 12,111,000 | 5,386,000 | ||||||
Ending balance (in shares) at Dec. 31, 2021 | 151,419,322 | 151,419,322 | ||||||||
Ending balance at Dec. 31, 2021 | $ (24,306,000) | $ 3,687,000 | $ 298,389,000 | $ 57,198,000 | $ (383,554,000) | $ (62,000) | $ 36,000 | |||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of IFRS IC decision on IAS 19 as described in Note 2.2 | |||||||||
[2] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | |||||||||
[3] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Statements of Cash Flow
Statements of Cash Flow - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Operating activities: | ||||||
Loss before income taxes | $ (19,638) | $ (53,580) | [1],[2] | $ (37,522) | [1],[2] | |
Non-cash adjustment to reconcile profit (loss) before tax to net cash used in operating activities: | ||||||
Amortization and impairment of property, plant and equipment | 3,354 | 3,752 | [1] | 4,126 | [1] | |
Amortization and impairment of intangible assets | 7,199 | 6,018 | [1] | 4,279 | [1] | |
Share-based payment expense | 5,135 | 2,985 | [1] | 1,797 | [1] | |
Increase (Decrease) in provisions | 461 | 152 | [1] | (202) | [1] | |
Interest expense, net | 11,285 | 14,471 | [1] | 9,588 | [1] | |
Change in the fair value of convertible debt embedded derivative | (3,848) | 13,129 | [1] | 0 | [1] | |
Impact of debt reimbursement | (5,177) | 0 | [1] | 0 | [1] | |
Convertible debt amendments | 0 | (1,399) | [1] | 0 | [1] | |
Foreign exchange loss (gain) | (1,034) | 2,752 | [1] | (420) | [1] | |
Loss (gain) on disposal of property, plant and equipment | 48 | 6 | [1] | (22) | [1] | |
Bad debt expense | 65 | 4 | [1] | 515 | [1] | |
Working capital adjustments: | ||||||
Decrease (Increase) in trade receivables and other receivables | 1,366 | (8,537) | [1] | 6,546 | [1] | |
Decrease (Increase) in inventories | (208) | 439 | [1] | 1,579 | [1] | |
Decrease (Increase) in research tax credit receivable | (3,682) | (718) | [1] | 622 | [1] | |
Increase (Decrease) in trade payables and other liabilities | 4,693 | 6,216 | [1] | (705) | [1] | |
Increase (Decrease) in contract liabilities | (6,791) | (5,063) | [1] | 14,984 | [1] | |
Increase (Decrease) in government grant advances (1) | (1,387) | 270 | [1] | 288 | [1] | |
Income tax paid | (346) | (286) | [1] | (365) | [1] | |
Net cash flow from (used in) operating activities | (8,505) | (19,389) | [1] | 5,088 | [1] | |
Investing activities: | ||||||
Purchase of intangible assets and property, plant and equipment | (9,544) | (6,566) | [1] | (3,520) | [1] | |
Capitalized development expenditures | (19,375) | (7,209) | [1] | (5,626) | [1] | |
Sale (Purchase) of financial assets | (1,694) | (116) | [1] | (5) | [1] | |
Decrease (Increase) of short-term deposit | 10,900 | (10,900) | [1] | 0 | [1] | |
Interest received | 47 | 29 | [1] | 50 | [1] | |
Net cash flow used in investments activities | (19,666) | (24,762) | [1] | (9,101) | [1] | |
Financing activities: | ||||||
Public and private equity offering proceeds, net of transaction costs paid | 9,852 | 29,272 | [1] | 0 | [1] | |
Proceeds from issue of warrants to a strategic partner, net of transaction costs paid | 0 | 0 | [1] | 8,269 | [1] | |
Proceeds from issue of warrants and exercise of stock options/warrants granted under share-based payment plans, net of transaction costs | 138 | 32 | [1] | 0 | [1] | |
Proceeds from (repayment of) interest-bearing receivables financing | 21 | 9,914 | [1] | (6,227) | [1] | |
Proceeds from interest-bearing research project financing | 0 | 405 | [1] | 1,126 | [1] | |
Proceeds from government loans | 0 | 5,392 | [1] | 0 | [1] | |
Proceeds from convertible debt, net of transaction cost | 39,682 | 2,050 | [1] | 7,967 | [1] | |
Repayment of venture debt | (7,869) | (5,165) | [1] | (801) | [1] | |
Repayment of government loans | (469) | (241) | [1] | (447) | [1] | |
Repayment of convertible debt and accrued interest | (8,750) | 0 | [1] | 0 | [1] | |
Repayment of interest-bearing research project financing | (804) | (355) | [1] | (168) | [1] | |
Payment of lease liabilities | (1,063) | (1,221) | [1] | (1,299) | [1] | |
Interest paid | (5,310) | (2,461) | [1] | (2,396) | [1] | |
Net cash flows from financing activities | 25,428 | 37,622 | [1] | 6,024 | [1] | |
Net increase (decrease) in cash and cash equivalents | (2,743) | (6,529) | [1] | 2,011 | [1] | |
Net foreign exchange difference | 4 | 5 | [1] | 1 | [1] | |
Cash and cash equivalents at January 1 | [1] | 7,574 | 14,098 | 12,086 | ||
Cash and cash equivalents at period end | $ 4,835 | $ 7,574 | [1] | $ 14,098 | [1] | |
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | |||||
[2] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Corporate information | Corporate information Sequans Communications S.A. (“Sequans”) is organized as a limited liability company (“ société anonyme ”) incorporated and domiciled in the Republic of France, with its principal place of business at 15-55 boulevard Charles de Gaulle, 92700 Colombes, France. Sequans, together with its subsidiaries (the “Company”), is a fabless designer, developer and provider of cellular semiconductor chips and modules for massive and broadband Internet of Things (IoT) markets. The Company’s semiconductor solutions incorporate baseband processor and radio frequency transceiver integrated circuits along with its proprietary signal processing techniques, algorithms and software stacks. For 5G/4G massive IoT applications, the Company provides a comprehensive product portfolio based on its Monarch LTE-M/NB-IoT and Calliope Cat 1 chip platforms, featuring low power consumption, a large set of integrated functionalities, and a global deployment capability. For 5G/4G broadband and critical IoT applications, the Company offers a product portfolio based on its Cassiopeia Cat 4/Cat 6 and planned Taurus 5G chip platforms, optimized for low-cost residential, enterprise, and industrial applications. |
Summary of significant accounti
Summary of significant accounting and reporting policies | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||
Summary of significant accounting and reporting policies | Summary of significant accounting and reporting policiesChanges in accounting policy and disclosures New and amended standards and interpretations The accounting policies used in 2021 are consistent with those of the previous financial year, except for the following new and amended IFRS and IFRIC interpretations effective as of January 1, 2021: • Interest Rate Benchmark Reform – Phase 2 – Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16: In August 2020, the IASB published Interest Rate Benchmark Reform – Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16. With publication of the phase two amendments, the IASB has completed its work in response to IBOR reform. The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). The Company adopted the amendments effective for annual reporting periods beginning on or after January 1, 2021.Adoption of these amendments had no impact on the Consolidated Financial Statements. • IFRS IC decision on IAS 19: Employee benefits ◦ Adoption of IFRS IC decision on IAS 19: In its April 2021 Update, the IFRS IC published a final agenda decision clarifying how to calculate the obligation relating to certain defined benefit plans under which the retirement benefit is (i) contingent on the employee being employed by the entity at the time of retirement; (ii) capped at a specified number of years of service; and (iii) linked to the employee's length of service at the date of retirement. In that decision, the IFRS IC took the view that the obligation should be recognized only over the years of service preceding the date of retirement in respect of which the employee generates entitlement to the benefit. Applying that decision has resulted in a change in accounting policy, the effects of which have been reflected retrospectively in accordance with IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors). Consequently, the previously published periods have been adjusted, with the impact of first-time application reflected as from January 1, 2019, the beginning of the earliest comparative financial period presented. ◦ The effects on the financial statements are presented below: (in thousands) January 1, 2019 Effect if IFRS IC decision January 1, 2019 restated 2019 variation Effect if IFRS IC decision December 31, 2019 restated 2020 variation Effect if IFRS IC decision December 31, 2020 restated Equity (Deficit) and Liabilities Accumulated deficit (272,036) (272,036) (36,697) (42) (308,775) (54,476) (40) (363,291) Other component of equity (605) 326 (279) (2) 50 (231) 184 26 (21) Total Equity (5,019) 326 (4,693) (24,542) 8 (29,227) (7,565) (14) (36,806) Non-current employee benefits 990 (326) 664 73 (8) 729 92 14 835 Non-current Provisions 1,689 (326) 1,363 216 (8) 1,571 (31) 14 1,554 Total non-current liabilities 40,396 (326) 40,070 14,416 (8) 54,478 6,935 14 61,427 Total equity and liabilities 62,574 — 62,574 741 — 63,315 23,841 — 87,156 Standards issued but not yet effective Standards and interpretations issued but not yet effective up to the date of issue of the Company’s Consolidated Financial Statements are listed below. The Company intends to adopt these standards when they become effective: • 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. • Reference to the Conceptual Framework – Amendments to IFRS 3: In May 2020, the IASB issued Amendments to IFRS 3 Business Combinations. The amendments are intended to update a reference to the Conceptual Framework without significantly changing the requirements of IFRS 3. The amendments will promote consistency in financial reporting and avoid potential confusion from having more than one version of the Conceptual Framework in use. The amendments are effective for annual reporting periods beginning on or after January 1, 2022. 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, 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. In the year ended December 31, 2021, the primary impacts on operations of the COVID-19 pandemic were to increase demand in the broadband IoT business, and the years ended December 31, 2020 and 2021, were to increase certain costs related to a temporary shortage of components, and to delay growth in product revenues due to the limits placed on production capacity driven by the component shortages. In addition, in the year ended December 31, 2020, new debt financing from the French government was received as part of the economic support plan in France. As of December 31, 2021, the Company has not identified any impact on its assets and liabilities. Russian invasion in Ukraine While the Company's key engineering competencies are performed in-house, primarily in France, the United Kingdom, Israel and the United States, the Company outsources some application software development and testing activities to an independent third-party provider of engineering services. The Company works with a dedicated team of 31 software engineers based in Kyiv, Ukraine. If the Russian invasion of Ukraine is protracted or if Ukraine experiences further political instability, these engineers may be unable to work for a sustained period of time, which could adversely impact the research and development operations. The Company has developed a contingency plan if the engineers in Kyiv are unable to continue working on their projects for us for a sustained period of time, but if the contingency plan is not effective or sanctions are imposed that prevent the Company from conducting business in Ukraine, the Company could suffer delays in product introduction or delays in resolution of customer software bugs, which could have a negative impact on its revenues. As of December 31, 2021, the Company has not identified any impact on its assets and liabilities. Functional currencies and translation of financial statements denominated in currencies other than the U.S. dollar The Consolidated Financial Statements are presented in U.S. dollars, which is also the functional currency of Sequans Communications S.A. The Company uses the U.S. dollar as its functional currency due to the high percentage of revenues, cost of revenue, capital expenditures and operating costs, other than those related to headcount and overhead, which are denominated in U.S. dollars. Each subsidiary determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. As at the reporting date, the assets and liabilities of each subsidiary are translated into the presentation currency of the Company (the U.S. dollar) at the rate of exchange in effect at the Statement of Financial Position date and their Statement of Operations is translated at the weighted average exchange rate for the reporting period. The exchange differences arising on the translation are taken directly to a separate component of equity (“Cumulative translation adjustments”). Foreign currency transactions Foreign currency transactions are initially recognized by Sequans Communications S.A. and each of its subsidiaries at their respective functional currency rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange in effect at the reporting date. All differences are taken to the Consolidated Statement of Operations within financial income or expense. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the initial transactions. The table below sets forth, for the periods and dates indicated, the average and closing exchange rate for the U.S. dollar (USD) to the euro (EUR), the U.K. pound sterling (GBP), the Singapore dollar (SGD) and the New Israeli shekel (NIS): USD/EUR USD/GBP USD/SGD USD/NIS December 31, 2019 Average rate 1.1196 1.2758 0.7331 0.2806 Closing rate 1.1234 1.3204 0.7434 0.2892 December 31, 2020 Average rate 1.1413 1.2834 0.7521 0.2908 Closing rate 1.2271 1.3650 0.7566 0.3111 December 31, 2021 Average rate 1.1835 1.3761 0.7444 0.3097 Closing rate 1.1326 1.3479 0.7413 0.3221 Earnings (loss) per ordinary share and per ADS Basic earnings (loss) amounts per ordinary share and per ADS are computed using the weighted average number of shares outstanding during each period. Diluted earnings per ordinary share and per ADS include the effects of dilutive options and warrants as if they had been exercised, unless the effect would be anti-dilutive. Amounts per ADS have been retrospectively adjusted to give effect to the ADS ratio change of November 29, 2019 following which each ADS represents 4 ordinary shares. Revenue recognition The Company’s total revenue consists of product revenue and services and license revenue. Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the fair value of the consideration to which the Company is entitled, excluding sales taxes or duties. The Company applies a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the performance obligation is satisfied. When a contract includes multiple promised goods and services, the Company evaluates each component to determine whether they represent separate performance obligations and determines the appropriate allocation of the contract consideration to each identified performance obligation based on estimated relative stand-alone selling prices. If the consideration in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Specifically, milestone payments in development services contracts represent variable consideration, the receipt of which is dependent upon the achievement of technical milestones. The Company sometimes receives advance payments from customers for the provision of development services. The Company determines if there is a significant financing component for these contracts considering the length of time between the customers’ payment and the transfer of control of the goods and services. When a significant financing component has been identified, the transaction price for these contracts is discounted, using the rate that would be reflected in a separate financing transaction at contract inception. The Company applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised good or service and the payment is one year or less. Product revenue Substantially all of the Company’s product revenue is derived from the sale of semiconductor solutions for 4G wireless applications. Revenue from the sale of products is usually recognized at a point in time when the Company satisfies its performance obligation to the buyer, whether direct end customer, end customer's manufacturing partner or distributor. This occurs when there is no continuing managerial involvement to the degree usually associated with ownership nor effective control over the sale of products is retained, which is based on the specified Incoterms, but usually occurs on shipment of the goods. Sale of products to some distributors is recognized when the products are sold to the end-customer but these contracts are not significant. The Company is the principal in all product sales regardless of customer type. Products are not sold with a right of return but are covered by warranty. This is an assurance-type warranty. The Company does not accrue for a general warranty obligation as the Company has not historically incurred and does not expect material warranty costs. Although the products sold have embedded software, the Company believes that software is incidental to the products it sells. Services and license revenue Services and license revenue consists of revenues from the sale of licenses to use the Company’s technology solutions and any fees for the associated annual software maintenance and support services, as well as from the sale of technical support and development services. Development services include advanced technology development services for technology partners and software or product development and integration services for customers. Revenue from the sale of licenses is recognized at a point in time when the Company satisfies its performance obligation which occurs when the software has been delivered to the customer (assuming no other significant obligations exist), as licenses provide the right to use the software as it exists when made available to the customer. Revenue from the sale of software maintenance and support services is recognized over the period of the maintenance (generally one one Revenue from technical support and development services is generally recognized over time using the percentage-of-completion method. For each service contract, the Company determines whether the pattern of transfer of control meets one of the criteria for revenue recognition over time: (a) the customer simultaneously receives and consumes the benefits provided by the entity's performance as the entity performs (b) the Company's performance creates or enhances an asset (for example, work in progress) that the customer controls as the asset is created or enhanced or (c) the Company's performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. Generally, the support and development contracts meet one or more of these criteria, based on the facts and circumstances both within the contract and the nature of the services provided. Typically, the customers consume the services as they are provided through ongoing technical support or through an iterative development process. Certain contracts also include terms which allow the customer to have control over the asset as it is created or provide Sequans the right to payment for all work performed to date. Due to revenue recognition over time, contract assets are created for services provided that Sequans does not yet have the right to invoice. Contract liabilities are created when milestones are billed in advance of being earned. When a contract does not meet one of the criteria above, revenue is recognized at a point in time, when there is evidence of transfer of control, which typically occurs upon achievement of certain or all contract milestones. Percentage-of-completion is calculated based on the input method using estimated costs as a measure of performance completed. The costs associated with these arrangements are recognized as incurred. Revenue from development contracts where no related direct costs were identified amounted to $311,000 for the year ended December 31, 2021 ($350,000 in 2020 and $1,724,000 in 2019). Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. As described above, when the Company performs 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. We have elected to use the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component when the period between when we transfer the promised good or service to our customers and when we expect the customers to pay for that good or service is one year or less. We also have elected to use the practical expedient not to disclose information about our remaining performance obligations for contracts that have an original expected duration of one year or less. We do not have any costs that meet the criteria for costs to obtain a contract or cost to fulfill a contract. As of December 31, 2021, the transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) was $4,273,000 for which $4,017,000 is expected to be recognized in the next year and $256,000 in the years after, excluding the amounts related to the development service contract entered into in October 2019, described under note 18. As of December 31, 2020, the transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) was $6,693,000 for which $4,967,000 is expected to be recognized in the next year and $1,726,000 in the years after, excluding the amounts related to the development service contract entered into in October 2019, described under note 18. As of December 31, 2019, the transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) was $3,959,000 for which $2,405,000 was expected to be recognized in the next year and $1,554,000 in the year after, excluding the amounts related to the development service contract entered into in October 2019, described under note 18. Contract liabilities Contract liabilities represent amounts invoiced and/or cash received in advance related to services being performed. Contract liabilities include both upfront payments from license and development service agreements in excess of revenues recognized, as well as deferred revenue from advance payments for goods or maintenance services. Revenue recognized in the current period from amounts included in deferred revenue at the beginning of the year was $765,000, $727,000 and $988,000 for 2021, 2020 and 2019, respectively (See Note 19 Other non-current liabilities and Note 18 trade payables and other current liabilities). Cost of revenue Cost of product revenue includes all direct and indirect costs incurred with the sale of products, including shipping and handling. Cost of services revenue includes direct costs incurred to support the obligations covered by development services contracts (mainly employees and subcontractors costs). Research and development costs associated with product development (including normal customer support which generates product improvement) are recorded in research and development expenses. Research and development costs Research costs are expensed as incurred. Development costs are recognized as an intangible asset if the Company can demonstrate: • the technical feasibility of completing the intangible asset so that it will be available for use or sale; • its intention to complete the asset and use or sell it; • its ability to use or sell the asset; • how the asset will generate future economic benefits; • the availability of adequate resources to complete the development and to use or sell the asset; and • the ability to measure reliably the expenditure during development. Beginning in 2015, certain development costs incurred at the end of the product development cycle when the criteria for capitalization are met, became material as the Company began making its product available on more operator networks which require significant testing and qualification work in order to finalize the product for sale on that network. In 2019, 2020 and 2021 the Company also capitalized costs for the development of the chipsets for LTE NB-IoT (the Monarch 2) and for LTE Category 1 (the Calliope 2). In 2021, the Company capitalized costs for the development of the 5G chipsets. The intangible assets are tested for impairment annually. (See Notes 4.4 and 8 to the Consolidated Financial Statements). Research and development costs associated with product development (including normal customer support which generates product improvements) are recorded in operating expense. In some cases, the Company has negotiated agreements with customers and partners whereby the Company provides certain development services beyond its normal practices or planned product roadmap. Amounts received from these agreements are recorded in services revenue. Direct costs incurred by the Company as a result of the commitments in the agreements are recorded in cost of revenue. Other research and development costs related to the projects covered by the agreements, but which would have been incurred by the Company without the existence of such agreements are recorded in research and development expense. Government grants, loans and research tax credits The Company operates in certain jurisdictions which offer government grants or other incentives based on the qualifying research expense incurred or to be incurred in that jurisdiction. These incentives are recognized as the qualifying research expense is incurred if there is reasonable assurance that all related conditions will be complied with and the grant will be received. When the grant relates to an expense item, it is recognized as a reduction of the related expense over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Any cash received in advance of the expenses being incurred is recorded as a liability. Some long-term research projects are also financed through low-interest forgivable loans. The present value of forgivable loans is calculated based on expected future payments discounted using the interest rate applied for standard loans with the same maturity. The difference between present value and amount received is accounted for as a grant. Where loans or similar assistance provided by governments or related institutions are interest-free, the present value is calculated based on expected future payments discounted using the interest rate applied for standard loans with the same maturity. The difference between present value and amount received is accounted for as a grant. The Company also benefits from research incentives in the form of tax credits which are detailed in Note 4.4 to the Consolidated Financial Statements. When the incentive is available only as a reduction of taxes owed, such incentive is accounted for as a reduction of tax expense; otherwise, it is accounted for as a government grant with the benefit recorded as a reduction of research and development costs, whether capitalized or expensed. Financial income and expense Financial income and expense include: • interest expense related to venture debt, accounts receivable financing, the debt component of convertible debt and government loans, lease contracts, upfront payments, financing components of customer contracts and a supplier payable with extended payment terms; • other expenses paid to financial institutions for financing operations; • foreign exchange gains and losses; • change in fair value of financial assets and liabilities • impact of convertible debt amendments; and • impact of convertible debt reimbursement. The Company reflects foreign exchange gains and losses related to hedges (through derivatives) of euro-based operating expenses in operating expenses. Taxation Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date. Current income tax relating to items recognized directly in equity is recognized in equity. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences, except with respect to taxable temporary differences associated with investments in subsidiaries where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry forwards of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forwards of unused tax credits and unused tax losses can be utilized. The carrying amount of deferred income tax assets is reviewed at the reporting date and adjusted to the extent that it is probable that sufficient future taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the statement of financial position date. Deferred income tax relating to items recognized directly in equity is recognized in equity. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right of offset exists. Value added tax Revenue, expenses and assets are recognized net of the amount of value added tax except: • where the value added tax incurred on a purchase of assets or services is not recoverable from the tax authorities, in which case the value added tax is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable; and • receivables and payables that are stated with the amount of value added tax included. Value added tax recoverable consists of value added tax paid by the Company to vendors and suppliers located in the European Union and in Israel, and recoverable from the tax authorities. Value added tax recoverable is collected on a quarterly basis . Inventories Inventories consist primarily of the cost of semiconductors, including wafer fabrication, assembly, testing and packaging; components; and modules purchased from subcontractors. Inventories are valued at the lower of cost (determined using the weighted average cost method) or net realizable value (estimated market value less estimated cost of completion and the estimated costs necessary to make the sale). The Company writes down the carrying value of its inventories for estimated amounts related to the lower of cost or net realizable value, obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated net realizable value. The estimated net realizable value of the inventory is based on historical usage and assumptions about future demand, future product purchase commitments, estimated manufacturing yield levels and market conditions on a product-by-product basis. When the circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in net realizable value because of changed economic circumstances, the amount of the write-down is reversed (i.e. the reversal is limited to the amount of the original write-down) so that the new carrying amount is the lower of the cost and the revised net realizable value. Financial assets Financial assets are classified, at initial recognition, as (1) measured at amortized cost, (2) fair value through other comprehensive income (OCI), or (3) fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and Sequans’ business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value. Receivables Trade receivables are measured at amortized cost. Impairment losses on trade accounts receivable are estimated using the expected loss method, in order to take into account the risk of payment default throughout the lifetime of the receivables. 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. The Company records an allowance for any specific account it considers as doubtful based on the particular circumstances of the account. The carrying amount of the receivable is thus reduced through the use of an allowance account, and the amount of the charge is recognized on the line “General and administrative expenses” in the Consolidated Statement of Operations. Subsequent recoveries, if any, of amounts previously provided for are credited against the same line in the Consolidated Statement of Operations. When a trade accounts receivable is uncollectible, it is written-off against the allowance account for trade accounts receivable. Short-term investments Short-term investments are financial instruments with an initial maturity of greater than 90 days, but less than one year, and are reported as current financial assets. Deposits Deposits are reported as non-current financial assets (loans and receivables) when their initial maturity is more than twelve months. Cash and cash equivalents Cash and cash equivalents in the Consolidated Statements of Financial Position includes cash at banks, term deposits and money market funds, which correspond to highly liquid investments readily convertible to known amounts of cash and subject to an insignificant risk of change in value. Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment loss. Depreciation is computed using the straight-line method over the estimated useful lives of each component. The Company presents right-of-use of lease contracts in property, plant and equipment and right of use assets are depreciated on a straight-line basis over the lease term. The useful lives most commonly used are the following: Machinery and equipment 3 to 5 years Building and leasehold improvements Lesser of 6 years or the life of the lease Computer equipment 3 yea | Basis of preparation The Consolidated Financial Statements are presented in U.S. dollars. The Consolidated Financial Statements for the year ended December 31, 2021 have been prepared on a going concern assumption. During 2019, 2020 and 2021, we financed our operations primarily through proceeds from the issue of shares through public offerings and private placements (2020, $29.3 million; 2021, $9.9 million), government loans ($7.6 million in 2020 of which $2.2 million was converted into equity in May 2020), convertible notes (2019, $8.0 million; 2021, $39.7 million) and warrants to a strategic partner (2019, $8.3 million). We experienced net losses of $36.7 million, $54.5 million and $20.3 million in 2019, 2020 and 2021, respectively. At December 31, 2021, our accumulated deficit was $383.6 million and we had a working capital deficiency of $7.8 million. 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 or debt 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. The effects of COVID-19 coronavirus pandemic as well as industry-wide component shortages 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/or the component shortage, and as a result could affect the Company’s financial condition. Furthermore, geopolitical uncertainties, including the Russian invasion of Ukraine, could have a negative impact on sales of the Company's products or make it difficult to produce and deliver products to the Company's customers. The effects of COVID-19, supply chain shortages and the hostilities in Ukraine also could negatively impact the ability of the Company to raise funds to meet its financial needs in the next twelve months and beyond. The Company does not and cannot know if the current uncertainties in these geopolitical areas, which are unfolding in real-time, may escalate and result in broad economic and security conditions, which could result in material implications for the Company's business. In addition, the Company's insurance policies typically contain a war exclusion of some description and the Company does not know how its insurers are likely to respond in the event of a loss alleged to have been caused by geopolitical uncertainties. 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. Statement of compliance The Consolidated Financial Statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”) and whose application is mandatory for the year ended December 31, 2021. Comparative figures are presented for December 31, 2019 and 2020. The accounting policies are consistent with those of the same period of the previous financial year, except for the changes disclosed in Note 2.2 to the Consolidated Financial Statements. The Consolidated Financial Statements of the Company as of and for the years ended December 31, 2019, 2020 and 2021 have been authorized for issue in accordance with a resolution of the board of directors on March 25, 2022. Basis of consolidation The Consolidated Financial Statements comprise the financial statements of Sequans Communications S.A., which is the ultimate parent of the group, and its subsidiaries as of and for the years ended December 31, 2021, 2020 and 2019: Name Country of Year of % Sequans Communications Ltd. United Kingdom 2005 100 Sequans Communications Inc. United States 2008 100 Sequans Communications Ltd. Pte. Singapore 2008 100 Sequans Communications Israel (2009) Ltd. Israel 2009 100 Sequans Communications Finland Oy Finland 2020 100 The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions, income and expenses and profits and losses resulting from intra-group transactions are eliminated in full. The subsidiaries have been fully consolidated from their date of incorporation. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2021 | |
Operating segments [Abstract] | |
Segment information | 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 Consolidated Financial Statements and these associated Notes. Sales to external customers disclosed below are based on the geographical location of the customers to which the Company invoices. The following table sets forth the Company’s total revenue by region for the periods indicated. Year ended December 31, 2019 2020 2021 (in thousands) Asia : Taiwan $ 11,387 $ 10,494 $ 14,668 Korea 6,813 23,076 1,090 China (including Hong-Kong) 3,398 821 3,509 Rest of Asia 106 53 898 Total Asia 21,704 34,444 20,165 Germany — — 4,990 United States of America 7,962 13,015 22,565 Rest of world 1,198 3,457 3,159 Total revenue $ 30,864 $ 50,916 $ 50,879 Of our total revenue, 99.6% is attributable to international sales for the year ended December 31, 2021 (99.6% for 2020 and 99.8% for 2019). The Company categorizes its total revenue based on technology. Year ended December 31, 2019 2020 2021 (in thousands) Broadband IoT $ 15,344 $ 35,766 $ 23,699 Massive IoT 15,520 15,150 27,180 Total revenue $ 30,864 $ 50,916 $ 50,879 Additionally, the Company categorize its total revenue based on product, services and license revenue. Year ended December 31, 2019 2020 2021 (in thousands) Product $ 21,947 $ 37,919 $ 30,410 Development and other services 6,339 12,647 17,821 License 2,578 350 2,648 Total revenue $ 30,864 $ 50,916 $ 50,879 The substantial majority of the Company’s non-current assets are held by the parent company, Sequans Communications S.A. and located in France. See Note 20.3 to these Consolidated Financial Statements for information about major customers. |
Other revenues and expenses
Other revenues and expenses | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Other revenues and expenses | Other income and expensesFinancial income and expenses Financial income: Year ended December 31, 2019 2020 2021 (in thousands) Income from short-term investments and term deposits and other finance revenue $ 50 $ 29 $ 47 Impact of debt reimbursement (Notes 14.1 and 14.2) — — 5,177 Convertible debt amendments (Note 14.1) — 1,399 — Change in fair value of convertible debt derivative (Note 14.1) — — 3,848 Foreign exchange gain 2,116 1,407 3,032 Total financial income $ 2,166 $ 2,835 $ 12,104 Financial expenses: Year ended December 31, 2019 (1) 2020 (1) 2021 (in thousands) Interest on loans $ 7,864 $ 9,747 $ 7,462 Interest on lease contracts (see Note 15) 622 780 760 Interest on financing component of long term development services agreement (see Notes 18 and 19) 619 3,221 2,156 Interest on supplier payable with extended payment terms — 125 173 Other bank fees and financial charges 533 627 778 Change in fair value of convertible debt derivative (Note 14.1) — 13,129 — Foreign exchange loss 2,048 4,045 2,094 Total financial expenses $ 11,686 $ 31,674 $ 13,423 (1) 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 For the year ended December 31, 2021, interest on loans included $7,334,000 related to convertible debt instruments issued in 2021, 2019, 2018, and 2015, the venture debt issued in 2018, the French government debt financing received in 2020 and government loans granted in 2015 (compared with $9,554,000 and $7,732,000 for the years ended December 31, 2020 and 2019, respectively) (See Note 14.1 to the Consolidated Financial Statements). The net foreign exchange gain of $938,000 for the year ended December 31, 2021 (2020: net foreign exchange loss of $2,638,000; 2019: net foreign exchange gain $68,000) arises primarily from euro-based monetary liabilities. For the year ended December 31, 2021, a gain of $3,848,000 (2020: expense of $13,129,000) was recognized, related to the change in fair value of the convertible debt embedded derivative (See Note 14.1 to the Consolidated Financial Statements). For the year ended December 31, 2021, a gain of $5,177,000 was recognized related to the impact of the convertible debts reimbursement (see Note 14.1 to the Consolidated Financial Statements) and of the prepayment in full of the venture debt (see Note 14.2 to the Consolidated Financial Statements). For the year ended December 31, 2020, income of $1,399,000 was recognized related to the convertible debt amendments. Year ended December 31, Note 2019 2020 2021 (in thousands) Included in cost of revenue: Cost of components $ 14,039 $ 23,376 $ 18,365 Depreciation and impairment 7 959 573 517 Amortization of intangible assets 8 159 159 162 Wages and benefits 1,780 1,993 2,306 Share-based payment expense 13 10 42 58 Assembly services, royalties and other 1,538 1,323 2,282 $ 18,485 $ 27,466 $ 23,690 Year ended December 31, Note 2019 (1) 2020 (1) 2021 (in thousands) Included in operating expenses (between gross profit and operating result): Depreciation and impairment 7 $ 3,167 $ 3,179 $ 2,837 Amortization of intangible assets 8 4,120 5,859 7,037 Wages and benefits 25,096 31,954 36,684 Share-based payment expense 13 1,787 2,943 5,077 Foreign exchange (gains) losses related to hedges of euro 71 106 (73) Other, net 6,140 4,150 (6,054) $ 40,381 $ 48,191 $ 45,508 Year ended December 31, Note 2019 (1) 2020 (1) 2021 (in thousands) Wages and salaries $ 19,953 $ 25,485 $ 29,422 Social security costs and other payroll taxes 6,748 8,222 9,386 Other benefits 161 146 167 Pension costs 69 94 15 Share-based payment expenses 13 1,797 2,985 5,135 Total employee benefits expense $ 28,728 $ 36,932 $ 44,125 (1) 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 The amount recognized as an expense for defined contributions plans amounts to $1,434,000 for the year ended December 31, 2021 ($1,254,000 and $1,318,000 for the years ended December 31, 2019 and 2020, respectively). 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, which was the case for each of the years ended December 31, 2021, 2020 and 2019). Total research tax credit receivable as of December 31, 2021 is $5,769,000, ($5,656,000 relating to tax credits receivables for 2021 and $113,000 for 2020). Part of the amount was financed in 2021 and the remaining amount is expected to be recovered in 2022 and 2027 in cash (see Note 14.3.to the Consolidated Financial Statements). The Company also has research tax credits available in the United Kingdom. In the year ended December 31,2019, 2020 and 2021, the Company capitalized costs related to the development of chipsets for LTE Category M and NB-IoT (the Monarch, Monarch N/Monarch 2), LTE Category 1 (the Calliope 2), for 5G, and related to certification of various products. The impact of the reduction of research and development expense due to government grants, research tax credit and development costs capitalized was as follows: Year ended December 31, 2019 (1) 2020 (1) 2021 (in thousands) Research and development costs $ 31,199 $ 40,776 $ 52,200 Research tax credit (3,123) (4,871) (6,328) Government and other grants (247) (456) (3,621) Development costs capitalized (*) (5,020) (6,061) (18,297) Amortization of capitalized development costs 1,076 1,495 2,460 Total research and development expense $ 23,885 $ 30,883 $ 26,414 (1) 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income tax | Income tax The major components of income tax expense are: Year ended December 31, 2019 2020 2021 (in thousands) Consolidated Statement of Operations Current income tax expense $ 251 $ 538 $ 504 Deferred income tax expense (benefit) (1,034) 398 121 Income tax expense (benefit) $ (783) $ 936 $ 625 A reconciliation of income taxes computed at the French statutory rate (26.50% for the year ended December 31, 2021 and 28.00% for the years ended December 31, 2019 and 2020) to the income tax expense (benefit) is as follows: Year ended December 31, 2019 (1) 2020 (1) 2021 (in thousands) Profit (loss) before income taxes $ (37,522) $ (53,580) $ (19,638) At France’s statutory income tax rate of 28% in 2019 and 2020, and 26.5% in 2021 (10,506) (15,002) (5,204) Non-deductible share-based payment expense 503 836 1,361 Tax credits (874) (1,364) (1,677) Impact of the extinguishment of the convertible debts after amendment — 398 — Impact of debt reimbursement — — 1,372 Permanent differences and other 51 914 168 Unrecognized benefit of tax losses carryforward 10,043 15,154 4,605 Income tax expense (income) $ (783) $ 936 $ 625 (1) 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 Significant components of the Company’s deferred tax assets and liabilities are as follows: Consolidated Statement of Financial Position Equity Consolidated Statement of Operations December 31, December 31, Year ended December 31, 2019 2020 2021 2019 2020 2021 2019 2020 2021 (in thousands) (in thousands) (in thousands) Government loan 46 142 (135) — — — (1) 96 (277) Intangible assets 24 (49) (28) — — — (47) (72) 21 Lease contracts (8) — — — — — (8) 8 — Cash flow hedge (3) 2 (2) — — — (2) 5 (4) Remeasurement of non-monetary accounts (103) 728 (171) — — — (202) 831 (899) Convertible debts and venture debt - liability 1,901 23 — 773 (809) — (925) (1,069) (23) Other provisions and accruals (310) (248) (490) — — — (288) 62 (242) From subsidiaries 19 19 138 — — — (16) — 119 Deferred tax asset not recognized on losses (Loss available for offsetting against future taxable income) (1,137) (598) 826 — — — 455 537 1,426 Total $ 429 $ 19 $ 138 773 $ (809) $ — $ (1,034) $ 398 $ 121 The changes in deferred tax assets and liabilities were as follows: 2019 2020 2021 (in thousands) At January 1st $ 691 $ 429 $ 19 Tax expense (income) during the year recognized in Profit or Loss (1,034) 398 121 Tax expense (income) during the year recognized in equity (1) 773 (809) — Effect of foreign exchange (1) 1 (2) At December 31st $ 429 $ 19 $ 138 (1) In 2019, relates to the split accounting of the convertible debts and the venture debt issued with an equity component. In 2020, relates to amendments of convertible debts. During the year ended December 31, 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 deferred tax expenses of $398,000 related to the impact of the extinguishment of the debt following the amendment (See Note 14.1 to the Consolidated Financial Statements). As of December 31, 2021 the Company had accumulated tax losses which arose in France of $360,751,110 that are available for offset against future taxable profits of Sequans Communications S.A within a limit of one million euro per year, plus 50% of the profit exceeding this limit. Remaining unapplied losses would continue to be carried forward indefinitely. Deferred tax assets were recognized in 2019, 2020 and 2021 only to the extent that deferred tax liabilities existed relating to the same taxable entity, which are expected to reverse in the same period as the asset or into which a tax loss may be carried forward. |
Earnings (loss) per share
Earnings (loss) per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Earnings (loss) per share | Earnings (loss) per share Basic earnings (loss) per share and American Deposit Shares (ADS) amounts are calculated by dividing net income (loss) for the year attributable to all shareholders of the Company by the weighted average number of all shares or ADS outstanding during the year. Diluted earnings per share and ADS amounts are calculated by dividing the net earnings attributable to equity holders of the Company by the weighted average number of shares or ADS outstanding during the year plus the weighted average number of shares or ADS that would be issued on the exercise of all the dilutive stock options and warrants, and upon vesting of restricted stock awards as well as conversion of convertible debt. Dilution is defined as a reduction of earnings per share or ADS or an increase of loss per share or ADS. As the exercise of all outstanding stock options and warrants as well as vesting as restricted stock awards and conversion of convertible debt, would decrease loss per ordinary share or ADS, they are considered to be anti-dilutive and excluded from the calculation of loss per ordinary share or ADS. On November 29, 2019, the Company modified the ratio of shares per ADS from one share per ADS to four shares per ADS. Basic and diluted earnings (loss) per ADS presented below were retrospectively adjusted to give effect to the ADS ratio change of November 29, 2019 following which each ADS represents 4 ordinary shares. The following reflects the income and share data used in the basic and diluted earnings (loss) per ordinary share and ADS computations: Year ended December 31, 2019 (1) 2020 (1) 2021 (in thousands, except share and per share data) Profit (Loss) $ (36,739) $ (54,516) $ (20,263) Weighted average number of shares outstanding for basic EPS 95,008,518 112,432,988 146,691,784 Net effect of dilutive stock options — — — Net effect of dilutive warrants — — — Net effect of vesting of restricted stock — — — Net effect of conversion of convertible notes — — — Weighted average number of shares outstanding for diluted EPS 95,008,518 112,432,988 146,691,784 Basic earnings (loss) per share $ (0.39) $ (0.48) $ (0.14) Diluted earnings (loss) per share $ (0.39) $ (0.48) $ (0.14) ADS outstanding for basic and diluted earnings (loss) per ADS 23,752,130 28,108,247 36,672,946 Basic earnings (loss) per ADS $ (1.55) $ (1.94) $ (0.55) Diluted earnings (loss) per ADS $ (1.55) $ (1.94) $ (0.55) (1) 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment include: Leasehold Plant and IT and office Right of use Total (in thousands) Cost: At January 1, 2019 $ 1,253 $ 28,027 $ 3,608 4,556 $ 37,444 Additions 15 1,274 30 847 2,166 Disposals — (130) (15) — (145) Exchange difference 3 32 11 — 46 At December 31, 2019 1,271 29,203 3,634 5,403 39,511 Additions 78 1,594 367 2,073 4,112 Disposals (14) (3,401) (7) (463) (3,885) Exchange difference 5 39 12 — 56 At December 31, 2020 1,340 27,435 4,006 7,013 39,794 Additions 16 1,842 373 437 2,668 Disposals (20) (415) (3) (756) (1,194) Reclassification 94 — (94) — — Exchange difference 7 (20) 60 — 47 At December 31, 2021 $ 1,437 $ 28,842 $ 4,342 $ 6,694 $ 41,315 Depreciation and impairment: At January 1, 2019 957 22,202 3,458 — 26,617 Depreciation charge for the year 190 2,430 96 1,354 4,070 Impairment — 56 — — 56 Disposals — (120) (15) — (135) Exchange difference 4 30 11 — 45 At December 31, 2019 1,151 24,598 3,550 1,354 30,653 Depreciation charge for the year 92 2,003 138 1,444 3,677 Impairment — 75 — — 75 Disposals (14) (3,389) (6) (441) (3,850) Exchange difference 4 36 12 — 52 At December 31, 2020 1,233 23,323 3,694 2,357 30,607 Depreciation charge for the year 45 1,869 181 1,259 3,354 Impairment — — — — Disposals (12) (372) (3) (296) (683) Reclassification 19 — (19) — — Exchange difference 1 (15) 41 — 27 At December 31, 2021 $ 1,286 $ 24,805 $ 3,894 3,320 $ 33,305 Net book value: At January 1, 2019 $ 296 $ 5,825 $ 150 4,556 $ 10,827 At December 31, 2019 120 4,605 84 4,049 8,858 At December 31, 2020 107 4,112 312 4,656 9,187 At December 31, 2021 $ 151 $ 4,037 $ 448 3,374 $ 8,010 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
Intangible assets | Intangible assets Intangible assets include: Capitalized development costs Licenses Total (in thousands) Cost: At January 1, 2019 $ 5,717 $ 19,104 $ 24,821 Additions 5,020 3,752 8,772 Disposals — (2,045) (2,045) Exchange difference — 7 7 At December 31, 2019 10,737 20,818 31,555 Additions 6,061 8,579 14,640 Disposals — (14) (14) Exchange difference — 8 8 At December 31, 2020 16,798 29,391 46,189 Additions 18,297 1,450 19,747 Disposals — — — Exchange difference — 167 167 At December 31, 2021 $ 35,095 $ 31,008 $ 66,103 Depreciation and impairment: At January 1, 2019 $ 680 $ 11,732 $ 12,412 Amortization 1,075 3,204 4,279 Disposals — (1,838) (1,838) Exchange difference — 6 6 At December 31, 2019 1,755 13,104 14,859 Amortization 1,495 4,523 6,018 Disposals — (8) (8) Exchange difference — 8 8 At December 31, 2020 3,250 17,627 20,877 Amortization 2,460 4,591 7,051 Impairment — 148 148 Disposals — — — Exchange difference — 43 43 At December 31, 2021 $ 5,710 $ 22,409 $ 28,119 Net book value: At January 1, 2019 $ 5,037 $ 7,372 $ 12,409 At December 31, 2019 8,982 7,714 16,696 At December 31, 2020 13,548 11,764 25,312 At December 31, 2021 $ 29,385 $ 8,599 $ 37,984 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Inventories | Inventories At December 31, 2019 2020 2021 (in thousands) Components $ 2,645 $ 2,138 $ 2,683 Finished goods 4,702 4,996 5,091 Total inventories at cost $ 7,347 $ 7,134 $ 7,774 Provision for slow-moving or damaged components $ 2 $ 2 $ 225 Provision for slow-moving or damaged finished goods 681 907 1,116 Total provision for slow-moving or damaged inventory $ 683 $ 909 $ 1,341 Components, net $ 2,643 $ 2,136 $ 2,458 Finished goods, at the lower of cost and net realizable value 4,021 4,089 3,975 Total net inventories $ 6,664 $ 6,225 $ 6,433 The provisions for slow-moving or damaged inventory are related to units either damaged or in excess of the units needed to serve the expected demand for identified customers and projects. |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade receivables | Trade receivables and contract assets Trade receivables and contract assets are non-interest bearing. Trade receivables generally have 30-90 day payment terms. At December 31, 2019 2020 2021 (in thousands) Trade receivables $ 11,957 $ 20,537 $ 16,876 Contract assets 1,587 371 789 Provision for credit notes to be issued (848) (536) (465) Provisions on trade receivables (2,719) (2,724) (2,789) Net trade receivables $ 9,977 $ 17,648 $ 14,411 In the years ended December 31, 2019, 2020 and 2021, the Company recorded credit notes primarily related to customer rebate programs. Such rebates are recorded as a reduction of revenue in the same period that the product is delivered. The movements in the provision for impairment of receivables were as follows: December 31, 2019 2020 2021 (in thousands) At January 1, $ 2,592 $ 2,719 $ 2,724 Charge for the year 515 47 65 Utilized amounts (388) — — Unutilized amounts — (42) — At year end $ 2,719 $ 2,724 $ 2,789 In the year ended December 31, 2019, the Company recognized a provision for impairment of $515,000 included in the Consolidated Statement of Operations in General and administrative . In the year ended December 31, 2020, the Company impaired additional trade receivables for $47,000. In the year ended December 31, 2021, trade receivables of $65,000 were recorded as impaired. Trade receivables impaired are related primarily to significantly aged receivables, which the Company no longer expects to collect although still subject to enforcement. As at year end, the aging analysis of trade receivables and contract assets that were not impaired is as follows: Total Neither past 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 December 31, 2020 $ 17,648 $ 14,232 $ 2,879 $ 53 $ — $ 484 At December 31, 2021 $ 14,411 $ 13,587 $ 241 $ — $ — $ 583 Due to its historical experience, 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 year end beyond specific provisions for doubtful accounts. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash, cash equivalents and short-term deposits At December 31, 2019 2020 2021 (in thousands) Cash at banks $ 2,591 $ 7,567 $ 4,828 Cash equivalents 11,507 7 7 Short-term deposits — 10,900 — Cash, cash equivalents and deposits $ 14,098 $ 18,474 $ 4,835 Cash at banks earns no interest. Cash equivalents in money market funds and short-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, cash equivalents and short-term deposits is equal to book value. Most of the cash, cash equivalents and short-term deposits is held in U.S. dollar and euros as follows: At December 31, 2019 2020 2021 (in thousands) U.S. dollar denominated accounts $ 13,702 $ 18,135 $ 2,869 Euro denominated accounts 301 154 1,564 GBP denominated accounts 37 76 143 SGP denominated accounts 12 44 47 NIS denominated accounts 19 14 160 RMB denominated accounts 11 29 35 Other currencies denominated accounts 16 22 17 Cash, cash equivalents and short-term deposits $ 14,098 $ 18,474 $ 4,835 |
Issued capital and reserves
Issued capital and reserves | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Issued capital and reserves | Issued capital and reserves The share capital of Sequans Communications S.A. is denominated in euros, as required by law in France. Any distributions to shareholders are denominated in euros. Amounts of capital and reserves presented in the Consolidated Statements of Financial Position in U.S. dollars have been translated using historical exchange rates. Authorized capital, in number of shares Authorized capital includes all shares issued as well as all potential shares which may be issued upon exercise of stock options, warrants, restricted share awards and conversion of convertible debt, or which the shareholders have otherwise authorized for specific capital increases. At December 31, 2021, taking into account resolutions for capital increases approved by the shareholders in June 2021, authorized capital was 311,675,848 ordinary shares with a nominal value of €0.02 each (244,254,014 and 147,036,688 ordinary shares at December 31, 2019 and 2020, respectively). There is one category of authorized shares: ordinary shares. On November 29, 2019, the Company modified the ratio of shares per ADS from one share per ADS to four shares per ADS. Shares issued and fully paid At December 31, 2019 2020 2021 Shares Amount Shares Amount Shares Amount (in thousands, except for share data) Ordinary shares 95,587,146 € 1,912 133,934,090 € 2,678 151,419,322 € 3,028 Converted to U.S. dollars at historical exchange rates $ 2,403 $ 3,269 $ 3,687 Other capital reserves Other capital reserves include the accumulated share-based payment expense as of period end, the counterpart of which is in retained earnings (accumulated deficit) as the expense is reflected in profit and loss, as well as the fair value of the convertible debt embedded derivatives at the time of conversion rate was fixed in 2016, the change in fair value of the conversion options resulting from the 2017 and 2018 amendments, the value of the conversion option of the 2018 and 2019 convertibles, the value of warrants issued to the holder of the 2015 convertible note in connection with the September 2018 amendment, the value of warrants issued to the holder of the venture debt, the deferred tax impact related to the equity component of the convertible debts and venture debt, the initial fair value of the convertible debt embedded derivatives at the time the amendments were signed in 2020, the reversal of deferred tax liabilities on the equity component of the amended convertible debts and the value of the conversion option of the 2015, 2016 and 2019 convertibles debts. Dividend rights Dividends may be distributed from the statutory retained earnings and additional paid-in capital, subject to the requirements of French law and the by-laws of Sequans Communications S.A. There were no distributable retained earnings at December 31, 2019, 2020 or 2021. Dividend distributions by the Company, if any, will be made in euros. Capital transactions On April 9, 2021, the Company increased its capital in connection with a private placement with Lynrock Lake Master Fund LP by issuing 7,272,724 ordinary shares at $1.375 per ordinary share (or $5.50 per ADS). The total offering amounted to $9,999,996. Accordingly, issued capital in the Consolidated Statement of Financial Position was increased by $172,698 recorded in share capital and by $9,827,297 in share premium. Costs directly attributable to the equity transaction amounting to approximately $0.1 million were deducted from the share premium. On January 13, 2021, January 17, 2021 and February 12, 2021, Nokomis Capital, L.L.C, converted portions of the convertible note issued in 2015 totaling a principal value of $7,750,000, plus accrued interest and conversion bonus of $4,536,438, into a total of 7,227,308 ordinary shares. $175,239 was recorded in share capital in the Consolidated Statement of Financial Position and $12,111,185 in share premium. On December 7, 2020, Nokomis Capital, L.L.C, converted the convertible notes issued in 2016 and May 2019 with a principal value of $9,000,000, plus accrued interest and conversion bonus of $3,352,482 into a total of 10,119,844 ordinary shares. $245,467 was recorded in share capital in the Consolidated Statement of Financial Position and $12,107,015 in share premium. The Company agreed to register these shares in a Secondary Offering in order to assist Nokomis to dispose of the shares in an orderly fashion and also agreed to provide new ordinary shares to cover the underwriter’s over-allotment option of up to a maximum of 15% of the number of ordinary shares placed within the framework of the Secondary Offering. On December 10, 2020, the over-allotment option was fully exercised resulting in the issuance of 379,494 additional ADSs (1,517,976 ordinary shares) at a price of $5.50 each. Accordingly, issued capital in the Consolidated Statement of Financial Position was increased by $36,781 recorded in share capital and $2,050,436 in share premium. Costs directly attributable to the equity transaction amounting to approximately $0.4 million were deducted from the share premium. 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 ordinary share (or $5.15 per ADS). 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 (1,715,476 ordinary shares) 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 $2,209,589 (before costs of $0.2 million) 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 ADSs (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 Consolidated Statement of Financial Position was increased by $21,114 recorded in share capital and by $1,592,002 (before costs of $0.5 million) 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. In the years ended December 31, 2019, 2020 and 2021, ordinary shares were issued upon exercise of options and warrants as described in Note 13 to the Consolidated Financial Statements. |
Share-based payment plans
Share-based payment plans | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2021 and arising from equity-settled share-based payment transactions was $5,135,000 (2019: $1,797,000; 2020: $2,985,000). Of this total, $76,000 in 2021 (2019: $22,000; 2020: $4,000), related to warrants plans for board members and consultants considered equivalent to employees. The breakdown is as follows: Year ended December 31, 2019 2020 2021 (in thousands) Cost of revenue $ 10 $ 42 $ 57 Research and development $ 508 $ 1,394 $ 2,109 Sales and marketing $ 282 $ 529 $ 970 General and administrative $ 997 $ 1,020 $ 1,999 Total $ 1,797 $ 2,985 $ 5,135 Stock options, warrants and restricted share awards give the right to acquire ordinary shares. The exercise price for options and warrants is based on the closing market price on the effective date of grant. There is no exercise price for restricted share awards; the beneficiary receives title to the underlying ordinary shares with no cash payment at the end of the vesting period. In general, the contractual life of the stock options and warrants is ten There have been no cancellations or modifications to any of the plans during the years ended December 31, 2019, 2020 or 2021. General employee stock option and restricted shares awards All employees of the French parent company and its subsidiaries are entitled to a grant of stock options or restricted shares awards. In general, vesting of the stock options occurs over four years, with 25% vesting after the first anniversary of grant and the remaining 75% vesting monthly over the remaining 36 months. Restricted shares awards (RSA) vest over four years, with either 25% vesting after the 1-year anniversary of the grant and the remaining 75% of the grant vesting quarterly over the remaining 3 years, or with 50% vesting after the 2-year anniversary of the grant and the remaining 50% vesting quarterly over the remaining 2 years. From time to time, vesting of founders' warrants, stock options and restricted shares may be linked to employee performance with different vesting periods. Vested restricted shares may be sold only beginning two All expenses related to these plans have been recorded in the Consolidated Statement of Operations in the same line items as the related employees’ cash-based compensation. Warrant plans for board members and consultants The Company awards warrants to members of the board of directors following approval by the shareholders and to a limited number of consultants who have long-term relationships with the Company. Vesting may be over a one-year, two three four Movements in the periods presented The following table illustrates the number of shares (ADS equivalents are not presented) and weighted average exercise prices (WAEP) of, and movements in, stock options and warrants during the period: December 31, 2019 2020 2021 Number WAEP Number WAEP Number WAEP Outstanding at January 1, 5,983,452 $ 3.50 5,771,960 $ 3.46 5,687,367 $ 3.41 Granted during the year 312,000 $ 0.89 252,000 $ 1.51 1,076,000 $ 1.55 Forfeited during the year (452,992) $ 2.56 (207,265) $ 1.84 (139,722) $ 1.85 Exercised during the year (1) — $ — (24,828) $ 1.29 (94,008) $ 1.47 Expired during the year (70,500) $ 1.34 (104,500) $ 5.21 (1,296,200) $ 8.35 Outstanding at period end 5,771,960 $ 3.46 5,687,367 $ 3.41 5,233,437 $ 1.73 Of which, warrants for consultants equivalent to employees 177,500 $ 2.70 155,500 $ 2.30 203,000 $ 1.79 Exercisable at period end 5,114,422 $ 3.55 5,180,701 $ 3.45 3,977,831 $ 1.79 Of which, warrants for consultants equivalent to employees 160,833 $ 2.84 155,500 $ 2.30 165,667 $ 1.72 (1) The weighted average share estimated fair value at the dates of exercise of these options was $1.78 in 2021 and $1.72 in 2020 The following table illustrates the number of, and movements in, restricted shares awards (RSA) based on the number of ordinary shares (ADS equivalents are not presented) during the period: December 31, 2019 2020 2021 Outstanding at January 1, 2,746,181 5,883,187 9,525,135 Granted during the year 4,180,218 5,475,616 4,426,496 Forfeited during the year (184,314) (165,528) (628,186) Vested during the year (858,898) (1,668,140) (2,943,964) Outstanding at period end 5,883,187 9,525,135 10,379,481 Prior to the initial public offering in April 2011, exercise prices were denominated in euros. Since the IPO, exercise prices are denominated in U.S. dollars. Euro-denominated exercise prices were converted to U.S. dollars at the historical exchange rate for purposes of presentation in this table. The weighted average remaining contractual life of stock options and warrants outstanding as December 31, 2021 was 3.0 years (2020: 3.4 years; 2019: 4.3 years). The range of exercise prices per share for stock options and warrants outstanding at December 31, 2021 was $0.89 - $3.31 and, $0.89—$8.50 at December 2020 and 2019. The weighted average fair value of stock options and warrants granted during the year ended December 31, 2021 was $0.72 (2020: $0.73; 2019: $0.41). The weighted average fair value of the restricted shares awards granted during the year ended December 31, 2021 was $1.14 (2020: $1.32; 2019: $0.74). The fair value is measured at the grant date. The following table lists the inputs to the models used for determining the value of the grants made for the years ended December 31, 2019, 2020 and 2021: December 31, 2019 2020 2021 Dividend yield (%) — — — Expected volatility (%) 55 57 59 Risk–free interest rate (%) — — — Assumed annual lapse rate of awards (%) 10 for all except 2 for warrants and a limited group of beneficiaries 12 for all except 2 for warrants and a limited group of beneficiaries 15 for all except 2 for warrants and a limited group of beneficiaries Sell price multiple (applied to exercise price) 2 2 2 Weighted average share price ($) 0.75 1.33 1.22 Model used Binomial Binomial Binomial For the years ended December 31, 2021, 2020 and 2019 the expected volatility assumption is based on the Company’s volatility since its initial public offering in 2011. Stock options and warrants can be exercised during a period after the vesting date until the plan terminates. In the pricing model, the assumption was made that plan participants will exercise before the end of the exercise period if the share price reaches a certain multiple of the exercise price. If a sell-price multiple of 3 instead of 2 had been used (no impact on the restricted shares) and if the weighted average share price used in the pricing model had been decreased by 10%, share-based payment total compensation for stock options, warrants and restricted shares awards granted through December 31, 2021 would have decreased by approximately (8.18)% (2020: (10.05)%; 2019: (9.46)%). The expected life of the stock options and warrants is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not necessarily be the actual outcome. |
Interest-bearing loans and borr
Interest-bearing loans and borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Interest-bearing loans and borrowings | Interest-bearing loans and borrowings At December 31, Note 2019 2020 2021 (in thousands) Current Convertible debt 14.1 7,329 — — Venture debt 14.2 5,109 6,104 — Interest-bearing receivables financing 14.3 4,068 14,228 9,518 Total current portion $ 16,506 $ 20,332 $ 9,518 Non-current Convertible debt 14.1 $ 23,342 $ 26,074 $ 36,373 Convertible debt embedded derivative 14.1 — 12,395 10,081 Venture debt 14.2 7,071 2,172 — Total non-current portion $ 30,413 $ 40,641 $ 46,454 As of December 31, 2021, the Company had no drawn or undrawn committed borrowing or overdraft facilities in place. On April 14, 2015, the Company entered into a convertible note agreement with Nokomis Capital, L.L.C., one of the Company’s shareholders, regarding the issuance and sale of a convertible note in the principal amount of $12 million (the “2015 note”), which note was convertible into the Company’s shares, nominal value €0.02 per share, at a conversion rate of 540.5405 shares for each $1,000 principal amount of the 2015 note, subject to certain adjustments, which equated to an initial conversion price of $1.85 per share. On October 30, 2017, the convertible note was amended to extend the term from April 14, 2018 to April 14, 2019. On September 27, 2018, the convertible note was further amended to extend the term by two years to April 14, 2021, and to decrease the conversion price from $1.85 to $1.70 per share. In addition, the Company issued to Nokomis, for a total subscription price of $1.00, warrants to acquire 1,800,000 shares at an exercise price of $1.70 per share. Such warrants are exercisable at any time and had an expiration date of April 14, 2021. On April 27, 2016, the Company entered into a convertible note agreement with Nokomis Capital, L.L.C. and two other financial institutions (the “Holders”) regarding the issuance and sale of convertible notes in the aggregate principal amount of $7.16 million (the “2016 notes”), which are convertible into the Company’s shares. The initial conversion price of the 2016 notes was $2.7126 per share. On October 30, 2017, the convertible note agreement was amended to extend the term from April 27, 2019 to April 27, 2020. In addition, the conversion price was decreased from $2.71 to $2.25 per share. On September 27, 2018, the Company entered into a convertible note agreement with Nokomis Capital, L.L.C. in the principal amount of $4.5 million (the "2018 notes") under which the convertible note matures in April 2021 and is subordinated to certain venture debt to be issued by the Company and is convertible, at the holder’s option, into the company’s shares at a conversion rate of $1.70 per share. On September 27, 2018, all of the convertible notes issued in 2015 and convertible notes with a principal amount of $6 million issued in 2016 were amended to allow the convertible notes to be subordinated to certain venture debt to be issued by the Company. On October 26, 2018, the Company further amended the 2015 note, the 2016 note and the 2018 note with Nokomis to clarify the terms of the subordination of these convertible notes to the Company’s venture debt holder. 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. 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. 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 which has 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 year term, at an exercise price of 20% premium above 20-day VWAP. On the second option exercise, the PIK will be adjusted to 9.5%, the previous warrants granted on the first option exercise will be extended by one year and the holder will be granted an additional warrant for 15% of the value of the note with a three year term, at an exercise price of 20% premium above 20-day VWAP. On the third option exercise, the PIK will be adjusted to 13.5%, and the holder will be granted an additional warrant for 20% of the value of the note with a three year term, at an exercise price of 20% premium above 20-day VWAP. If at any time, the holder converts a note prior to the date of April 2022, it will receive an extra year’s worth of PIK as a bonus so as to incentivize conversion. In consideration for entering into the amendments, the warrants that Nokomis owns that were scheduled to expire April 2021 were extended to April 2024 upon the signing of the note amendments. The 2015, 2016, 2018 and 2019 notes (together, “the Nokomis Notes”) are unsecured obligations of the Company. The Nokomis Notes issued in 2015, 2016, 2018 and in May 2019 matured on April 14, 2021, and the 2019-2 Nokomis Note will mature on August 16, 2022, except if the Company exercises its option to extend the term of the notes as provided in the March 20, 2020 amendments. The Company has considered that the options to extend the terms will be exercised and therefore, has included the Nokomis Notes in non-current liabilities on the statement of financial position at December 31, 2020 and 2021. The Nokomis Notes are not redeemable prior to maturity. The accreted principal amounts of the Nokomis Notes are convertible at any time or times on or after the issuance dates until maturity, in whole or in part, subject to certain adjustments for significant corporate events, including certain dilutive issuances, dividends, stock splits and other similar events. Interest accrues on the unconverted portion of the Nokomis Notes at the rate of 7% per year (unless the above options are exercised), and is paid in kind annually on the anniversaries of the issuance of the Nokomis Notes. The Nokomis Notes also provide for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the Nokomis Notes to become or to be declared due and payable. In the event of a recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company’s assets or other transaction, which in each case results in the Company’s shareholders receiving stock, securities or assets with respect to or in exchange for their ADSs or ordinary shares, the holders shall elect, at their option, either (a) to require the Company to repurchase for cash the entire accreted principal amount of the Nokomis Notes or (b) to convert the Nokomis Notes in their entirety. The Nokomis Notes contain customary ongoing covenants of the Company. In addition, the Nokomis Notes provide that the Company will not grant a consensual security interest or pledge its personal property assets to a third-party lender (with certain limited exceptions) during the time that the notes are outstanding. Any amendment or waiver of the terms of the Notes requires the affirmative consent of the holders. Before the amendments signed on March 20, 2020 The 2015 and 2016 notes were accounted for as compound financial instruments with two components: • A liability component reflecting the Company’s contractual obligation to pay interest and redeem the bonds in cash; and • An embedded derivative, which is the holder's call option whereby the Company can be required to issue a number of shares in exchange for notes, at a rate which may vary during the first twelve months after issuance of the 2015 note under certain contractual conditions and during the period beginning on April 28, 2016 and ending on May 12, 2016 for the 2016 notes, and at the fixed conversion rate for the 2018 note. The initial fair value of the 2015 and 2016 notes was split between these two components. The fair value of the liability component on the issuance 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 24.26% and 25.69% as the market rate of interest in order to value the liability components of the 2015 and 2016 notes on issuance, respectively. Following the amendment signed in September 27, 2018, the fair value of the debt just prior to amendment was estimated in order to record a loss on extinguishment of $265,000 recorded as Convertible debt amendments in the Consolidated Statements of Operations. The amended debt was then recorded at its fair value assuming a market rate of interest, with the calculated value of the conversion option of $3,788,000 recorded in Other Capital Reserves in shareholders’ equity. In the amendment signed on September 27, 2018, the Company issued to Nokomis, for a total subscription price of $1.00, warrants to acquire 1,800,000 shares at an exercise price of $1.70 per share. Such warrants are exercisable at any time and initially expired April 14, 2021 (these warrants were extended to April 2024 upon the signing of the March 20, 2020 note amendments). The calculated value of these warrants amounted to $749,000, of which $523,000 was recorded as a reduction of the amount of debt. The 2018 and 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 2018 notes on the issuance date of September 27, 2018 was calculated to be $1,366,000 and was recorded in Other Capital Reserves in shareholders’ equity, net of transaction costs. The Company has used 23.81% as the market rate of interest in order to value the liability component of the note. The fair value of the equity component of the 2019-1 and 2019-2 notes 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. All remaining convertible notes issued in 2015, 2016, 2018 and 2019 are held by one institutional investor, Nokomis Capital. After the amendments signed on March 20, 2020 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 Capital 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 Nokomis 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 statement of financial position date. On December 7, 2020, Nokomis Capital converted the 2016 and the 2019-1 notes with a principal value of $9,000,000 plus accrued interest and conversion bonus of $3,352,482 into a total of 10,119,844 ordinary shares. The recalculated fair value of the embedded derivatives related to the two notes at the conversion date was $6,000,000. The difference between the capital increase, the liability component and the fair value of the embedded option has been recorded in Other Capital Reserves in shareholders’ equity for an amount of $4,534,000. On January 13, 2021, January 17, 2021 and February 12, 2021, Nokomis Capital, L.L.C, converted portions of the convertible note issued in 2015 with a total principal value of $7,750,000 plus accrued interest and conversion bonus of $4,536,438, into a total of 7,227,308 ordinary shares. The recalculated fair value of the embedded derivatives related to the note at the conversion dates was $6,534,000 and the change of the fair value amounted to a loss of $3,269,000. The difference between the capital increase, the liability component and the fair value of the embedded option has been recorded in Other Capital Reserves in shareholders’ equity for an amount of $5,386,000. On April 9, 2021, the Company entered into a convertible note agreement with Lynrock Lake Master Fund LP in the principal amount of $40.0 million (the "Lynrock Lake Note"). The Lynrock Lake Note matures in April 2024 and is convertible, at the holder’s option, into the Company’s shares at a conversion rate of $1.915 per share (representing $7.66 per ADS), subject to a 9.9% ownership limit for Lynrock Lake. The Lynrock Lake Note earns interest annually at an interest rate of 5.0625% for cash payments or 6% for payment in kind accruals. The Company retains an option to call the Lynrock Lake Note under certain circumstances after 12 months, either in full or in part. If a change of control occurs at any time prior to the payment of the note in full, Lynrock Lake Master Fund LP shall have the right, in its sole discretion, to require the Company to convert or redeem all of the outstanding principal amount (including accrued interest and unpaid interest). The Lynrock Lake Note was accounted for as compound financial instruments with two components: • A liability component reflecting the Company’s contractual obligation to pay interest and redeem the bonds in cash; and • An embedded derivative, which reflects the value of the conversion option. The initial fair value of the notes was split between these two components. The fair value of the liability component on the issuance 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 20.89% as the market rate of interest in order to value the liability components of the note on issuance. The embedded derivative of the Lynrock Lake Note was valued using the Geometric Brownian Motion framework relying on Monte-Carlo simulations. On April 9, 2021, the initial fair value of the embedded derivative of the notes was calculated to be $12,713,000 The change in fair value is remeasured and recorded as financial income or loss at each Statement of Financial Position date. On April 14, 2021, the Company repaid the remaining amount of the Nokomis Notes that were due on April 14 (Nokomis Notes issued in April 2015 and in September 2018) with accrued paid-in-kind interest of 7%. $6,378,104 was repaid for the April 2015 convertible note ($4,250,000 in principal and $2,128,000 as accrued interest) and $5,346,699 ($4,500,000 in principal and $847,000 as accrued interest) for the September 2018 convertible note. The recalculated fair value of the embedded derivatives at the repayment date was $4,645,000 and was recorded as financial income in the Consolidated Statement of Operations and the change of the fair value amounted to a loss of $934,000. At December 31, 2021, the recalculated fair value of the remaining Nokomis Note and the Lynrock Lake Note embedded derivatives was a total of $10,081,000 and the change of the fair value of $3,848,000 for the year ended December 31, 2021 was recorded in the Consolidated Statement of Operations. The conversion rates of the convertible notes outstanding as of December 31, 2021, are as follows: Conversion rate per share Conversion rate per ADS 2019-2 Nokomis Note $ 1.03 $ 4.12 2021 Lynrock Lake Note $ 1.915 $ 7.66 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 “Bond”).The Company could redeem or repurchase the notes before the maturity date, subject to making certain contractual payments. The contract also required the Company to pay an additional fee equal to 2.5% of the principal at the end of the term. The Bond was secured by various assets of the Company (See Note20), including intellectual property, and was 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 using the exchange rate as of October 26, 2018), which was recorded in Other Capital Reserves in shareholders’ equity, and (ii) the liability component for €10.9 million ($12.8 million using the exchange rate as of October 26, 2018). 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 ($550,000 using the exchange rate as of December 31, 2020) and which were to continue until April 26, 2022. On April 15, 2021, following the issuance of new convertible debt and a private placement (see Notes 12 and 14.1), the Company used a portion of these proceeds to prepay in full all amounts due to Harbert. Interest expense related to the venture debt recorded during the year ended December 31, 2021 amounted to $819,000 ($1,451,000 and $1,796,000 during the years ended December 31, 2020 and 2019, respectively), and $701,000 was paid during the period ($940,000 and $1,209,000 paid in 2020 and 2019, respectively). Repayments of principal during the year ended December 31, 2021 amounted €6,588,007 ($7,869,000 using the average exchange rate of 2021). In 2020, repayments of principal amounted to €4,547,000 ($5,165,000 using the average exchange rate of 2020). In 2019, repayments of principal amounted to €719,000 ($801,000 using the average exchange rate of 2019). The prepayment in full was In June 2014, the Company entered into a factoring agreement with a French financial institution whereby a line of credit was made available equal to 90% of the face value of accounts receivable from product sales to qualifying customers, up to the amount covered by the Company's credit insurance per customer. In July 2017, the Company signed an amendment to the initial agreement to include limited financing of accounts receivable from service sales of $800,000. The Company transfers to the finance company all invoices issued to qualifying customers, and the customers are instructed to settle the invoices directly with the finance company. The Company pays a commission on the face value of the accounts receivable submitted and interest at LIBOR 3 months +1.5% which represents approximately a rate of 1.87% on any draw-down of the resulting line of credit. In the event that the customer does not pay the invoice within 60 days of the due date, the receivable is excluded from the line of credit, and recovery becomes the Company’s responsibility. At December 31, 2021, $5,651,000 ($10,421,000 at December 31, 2020 and $4,068,000 at December 31, 2019) had been drawn on the line of credit and recorded as a current borrowing. In May 2020, the Company entered into an agreement to finance the 2020 research tax credit receivable as it is earned over the year. At December 31, 2020, the amount financed was $3,807,000, recorded as current liabilities. The retention amount of $762,000 was received in 2021 and the remaining amount of $113,000 was expected to be received in 2026. After the payment of the retention amount, the interest-bearing financing debt was netted with the research tax credit receivable. The effective interest rate of 6.45% includes expenses related to the financing. |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Lease liabilities | ease liabilities The Company recognized right-of-use of assets of $3,374,000 (included in property, plant and equipment in the Consolidated Statements of Financial Position). Identified lease contracts mainly relate to real-estate rental agreements and IT and office equipment leases. The lease liabilities were discounted at an incremental borrowing rate of 14.2%. The table below presents 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, 2019 4,159 397 4,556 Additions 847 — 847 Depreciation expense (1,064) (290) (1,354) As at December 31, 2019 $ 3,942 $ 107 $ 4,049 Additions 1,448 625 2,073 Disposals (207) (255) (462) Depreciation expense (1,184) (260) (1,444) Amortization disposals 185 255 440 As at December 31, 2020 $ 4,184 $ 472 $ 4,656 Additions 437 — 437 Disposals (210) (547) (757) Depreciation expense (1,151) (108) (1,259) Amortization disposals 114 183 297 As at December 31, 2021 $ 3,374 $ — $ 3,374 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, 2019 $ 4,623 $ 1,415 $ 3,208 Additions 732 Interests expense 622 Foreign exchange loss (gain) 49 Payments (1,922) As at December 31, 2019 $ 4,104 $ 900 $ 3,204 Additions 1,750 Interests expense 780 Foreign exchange loss (gain) 363 Payments (1,221) As at December 31, 2020 $ 5,776 $ 1,014 $ 4,762 Additions 437 Disposals (993) Interests expense 760 Foreign exchange loss (gain) (297) Payments (1,063) As at December 31, 2021 $ 4,620 $ 1,247 $ 3,373 The rental charges relating to short-term and low value leases remained classified as operating expenses in the Consolidated Statements of Operations and amounted to $1,411,000 for the year ended December 31, 2021 ($660,000 and $810,000 for the years ended December 31, 2020 and 2019, respectively). |
Government grant advances and l
Government grant advances and loans | 12 Months Ended |
Dec. 31, 2021 | |
Government Grants [Abstract] | |
Government grant advances and loans | Government grant advances and loans December 31, Note 2019 2020 2021 (in thousands) Current Government grant advances 16.1 $ 349 $ 693 $ 3,317 Research project financing 16.2 674 1,288 1,057 Government loans 16.2 449 1,886 1,832 Total current portion $ 1,472 $ 3,867 $ 6,206 Non-current Government grant advances 16.1 $ 510 $ 642 $ 2,048 Research project financing 16.2 4,652 4,625 2,248 Government loans 16.3 348 4,611 3,084 Accrued interest 16.2 640 1,325 1,974 Total non-current portion $ 6,150 $ 11,203 $ 9,354 In 2021, the Company was named as a participant in two new collaborative projects with combined funding of €6,326,000 ($7,650,000 using the exchange rate of the grant dates) which is expected to be released to the Consolidated Statement of Operations over the lives of the projects, estimated to be approximately three years for both projects. In 2020, the Company was named as a participant in two new collaborative projects with combined funding of €779,000 ($892,000 using the exchange rate of the grant dates) which is expected to be released to the Consolidated Statement of Operations over the lives of the projects, estimated to be approximately three years for both projects. In 2019, the Company was named as a participant in two new collaborative projects with combined funding of €856,000 ($963,000 using the exchange rate of the grant dates) which is expected to be released to the Consolidated Statement of Operations over the lives of the projects, estimated to be approximately three years for both projects. three four three three generated by products issued from the project (up to a maximum of €350,000,000 or $396,410,000 over a period of ten In January 2016, Bpifrance provided funding to the Company for a new long-term research project, completed in early 2020. The total of the funding amounted to €2,095,000 ($2,288,000 using the exchange rate of the grant date) comprising a portion in the form of a grant (€668,000 or $729,000) and a portion in the form of a forgivable loan (€1,427,000 or $1,558,000). The funding was paid in four installments, the last of which was received in February 2020 for €365,000 ($405,000 using the exchange rate of the funding date). The grant was recognized as a reduction of research and development expense when corresponding expense was incurred. The forgivable loan advance was to be repaid, except if the project is a commercial failure, from July 1, 2020 to July 1, 2024 and bears interests at a 1.17% fixed contractual rate. The difference between the amount of grant received and the present value of future payments discounted using interest rate applied for standard loans with similar maturity amounted to a reduction of $30,000 in the debt carrying value, with such difference being amortized over the contract period. In late 2020, the Company determined that there was not enough market interest for the radio frequency of the product development funded by this grant, and abandoned the project. A request for forgiveness of the debt was made and in April 2021 Bpifrance forgave a large portion of the advance, effectively transforming the forgiven advance to a grant and resulting in a one-time benefit of €1,214,000 ($1,442,111 using the exchange rate of the period), recorded as a reduction of Research and Development expenses. The unforgiven portion of €213,000 ($241,000) was reimbursed in February 2022. In 2019, the Company received payments for one project of €425,000 ($482,000 using the exchange rate of the funding date) as a grant and €567,000 ($644,000 using the exchange rate of the funding date) as a forgivable loan. In 2020, the Company received payments for one project of €150,000 ($167,000 using the exchange rate of the funding date) as a grant and €215,000 ($238,000 using the exchange rate of the funding date) as a forgivable loan. The estimated market rate of interest applied in 2021, 2020 and 2019 was between 1.80% and 2.30%. Accrued interest of $563,000 was recorded as of December 31, 2021 ($560,000 as of December 2020 and $370,000 as of December 31, 2019). seven |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Provisions | Provisions Post- Other provisions Total Current Non current (in thousands) At January 1, 2019 $ 990 $ 1,051 $ 2,041 $ 352 $ 1,689 Effect of application of the IFRS IC decision on IAS 19 (326) — (326) — — At January 1, 2019 restated 664 1,051 1,715 352 1,363 Arising (released) during the year 94 190 284 — — Effect of application of the IFRS IC decision on IAS 19 (8) — (8) — — Released (used) during the year (21) (352) (373) — — Released (unused) during the year — (47) (47) — — At December 31, 2019 729 842 1,571 — 1,571 Arising (released) during the year 92 378 470 — — Effect of application of the IFRS IC decision on IAS 19 13 — 13 — — Released (used) during the year — — — — — Released (unused) during the year — (411) (411) — — At December 31, 2020 834 809 1,643 89 1,554 Arising (released) during the year (28) 850 822 — — Released (used) during the year — (90) (90) — — Released (unused) during the year — (238) (238) — — At December 31, 2021 $ 806 $ 1,331 $ 2,137 $ — $ 2,137 The provision for post-employment benefits is for the lump sum retirement indemnity required to be paid to French employees if they retire as a Company employee. The comprehensive income (loss) for 2021 includes $20,000 of actuarial loss (actuarial gain of $9,000 in 2020 and actuarial loss of $93,000 in 2019 after effect of application of the IFRS IC decision as described in Note 2.2). One employee retired during the year ended December 31, 2019. No employee retired in 2020 or 2021. The main assumptions used in the calculation are the following: 2019 2020 2021 Discount rate 0.77% 0.34% 0.98% Salary increase Between 1.5% and 3.5% Between 1.5% and 3.5% Between 1.5% and 3.5% Retirement age 60-62 years 60-62 years 60-62 years Turnover: depending on the seniority Decrease by age from 2% for directors, Vice presidents and managers and from 10% for other employees. 0% for executive team Decrease by age from 2% for directors, Vice presidents and managers and from 10% for other employees. 0% for executive team Decrease by age from 2% for directors, Vice presidents and managers and from 12% for other employees. 0% for executive team |
Other non-current liabilities
Other non-current liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other non-current liabilities | Other non-current liabilities At December 31, 2019 2020 2021 (in thousands) Trade payables 1,139 851 964 Deferred tax liabilities 429 19 138 Contract liabilities: License and development services agreement 11,249 2,343 2,706 Deferred revenue 323 54 — Total contract liabilities $ 11,572 $ 2,397 $ 2,706 As of December 31, 2019, trade payables included the non-current part of a supplier debt related to 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 December 31, 2020, $1,139,000 remained of this liability ($244,000 as the non-current portion). As of December 31, 2021, $244,000 remained as current portion. In the year ended December 31, 2021, the Company contracted a new supplier debt related to the acquisition of certain intangible assets. As of December 31, 2021, $279,000 remained of this liability ($184,000 as the 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 December 31, 2021, $780,000 is included in non-current trade payables ($607,000 as of December 31, 2020), 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 on the equity component of the convertible debts including $2,591,000 related to the convertible notes, recorded in equity, partially offset by a deferred tax asset related to unused tax losses which could 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 December 31, 2021, the Company recognized a net deferred tax liability of $138,000 ($19,000 at December 31, 2020) 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 was 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. 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 year ended December 31, 2021, the Company recognized revenues for an amount of $11,419,000 ($9,155,000 in 2020 and $2,285,000 in 2019) as a result of development services performed and interest expenses on the upfront payment of $1,628,000 ($3,221,000 in 2020 and $619,000 in 2019). At December 31, 2021, the net remaining contract liability of $4,211,000 was presented on the Statement of Financial Position as current contract liabilities reflecting the expected net amount of revenue less interest expenses to be recognized in the year ended December 31, 2022. In December 2020, the Company signed a 5G technology access and license agreement with another strategic partner for an amount of $4,500,000. The agreement provided for an upfront payment which was received in January 2021. The Company determined that this agreement includes a financing component related to the upfront payment, which will results in the recognition of interest expense over a portion of the term of the agreement. In the year ended December 31, 2021, the Company recognized revenues for an amount of $3,008,000 ($166,000 in 2020) as a result of development services performed and interest expenses on the upfront payment of $528,000. At December 31, 2021, the net remaining contract liability of $1,856,000 was presented on the Statement of Financial Position as current contract liabilities for $1,639,000 and the remaining amount of $214,000 as non-current liabilities. In December 2021, the Company signed two amendments with the second strategic partner to extend the 5G technology access and license agreement. The first amendment was signed to extend the agreement to a manufacturing license for the 5G chip for a total amount of $5,000,000 of which $3,000,000 in cash which was received in February 2022 and $2,000,000 in the form of investments in production and testing equipment that will then be made available to Sequans for its own use. In the year ended December 31, 2021, the Company recognized revenues for an amount of $1,811,000, $1,500,000 as license fee and $311,000 as a result of development services performed and no interest expenses on the upfront payment. At December 31, 2021, the net remaining contract liability of $1,189,000 was presented on the Statement of Financial Position as current contract liabilities. The second amendment is related to a manufacturing license for Monarch 2 chips and NB-IoT in India, for a total amount of $4,500,000 which was received in February 2022. The Company determined that this amendment includes a financing component related to the upfront payment, which will results in the recognition of interest expense over a portion of the term of the agreement. In the year ended December 31, 2021, the Company recognized revenues for an amount of $848,000 as license fees and no interest expenses on the upfront payment. At December 31, 2021, the net remaining contract liability of $3,652,000 was presented on the Statement of Financial Position as current contract liabilities for $1,160,000 and the remaining amount of $2,492,000 as non-current liabilities. |
Trade payables and other curren
Trade payables and other current liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade payables and other current liabilities | Trade payables, other current liabilities and current contract liabilities At December 31, 2019 2020 2021 (in thousands) Trade payables $ 8,834 $ 15,701 $ 13,916 Other current liabilities: Employees and social debts 3,575 7,424 7,987 Provisions — 89 — Others 965 963 1,193 Total other current liabilities $ 4,540 $ 8,476 $ 9,180 Contract liabilities: License and development services agreement (See Note 19) 5,085 12,392 8,201 Deferred revenue 727 753 476 $ 5,812 $ 13,145 $ 8,677 Terms and conditions of the above financial liabilities: • Trade payables are non-interest bearing and are generally settled on 30-day terms. • Other current liabilities, primarily accrued compensation and related social charges, are non-interest bearing. • Certain upfront payments received from strategic partners are deemed to include a financing component, and as such, bear interest. |
Information about financial ins
Information about financial instruments | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Instruments [Abstract] | ||
Information about financial instruments | Information about financial instrumentsFinancial instruments at fair value The Company uses financial instruments, including derivatives such as foreign currency forward and options contracts, to reduce the foreign exchange risk on cash flows from firm and highly probable commitments denominated in euros. The following tables present fair values of foreign currency derivative financial instruments at December 31, 2021, 2020 and 2019. At December 31, 2019 Notional Amount Fair value (in thousands) Forward contracts (buy euros, sell U.S dollars) € 3,000 $ 46 Options (buy euros, sell U.S. dollars) — — Total € 3,000 $ 46 At December 31, 2020 Notional Amount Fair value (in thousands) Forward contracts (buy euros, sell U.S. dollars) € 2,250 $ 84 Options (buy euros, sell U.S. dollars) — — Total € 2,250 $ 84 At December 31, 2021 Notional Amount Fair value (in thousands) Forward contracts (buy euros, sell U.S. dollars) € 5,000 $ (50) Options (buy euros, sell U.S. dollars) — — Total € 5,000 $ (50) The fair value of foreign currency related derivatives is included in the Consolidated Statement of Financial Position in "Other receivables" at December 31, 2019 and 2020 and in 'Other current liabilities" at December 31, 2021. The earnings impact of cash flow hedges relating to forecasted operating expense transactions is reported in operating expense. Realized and unrealized gains and losses on these instruments deemed effective for hedge accounting are deferred in accumulated other comprehensive income until the underlying transaction is recognized in earnings or the instruments are designated as hedges. During the year ended December 31, 2021, the Company recorded a loss of $129,000 (gains of $31,000 and $57,000 for the years ended December 31, 2020 and 2019, respectively) in other comprehensive income (loss) related to the effective portion of the change in fair value of its cash flow hedges. During the year ended December 31, 2020 and 2021, the amount reclassified from other comprehensive income to Consolidated Statement of Operations was a gain of $150 and $53,000, respectively. As there was no derivative financial instrument outstanding at December 31, 2018, no amount was reclassified from other comprehensive income in the year ended December 31, 2019. There was no ineffective portion of hedging instruments in the years ended December 31, 2019, 2020 and 2021. The derivatives have maturity dates of less than 12 months. Management believes counterparty risk on financial instruments is minimal since the Company deals with major banks and financial institutions. At December 31, 2021, the Company holds $1,966,000 in currencies other than the U.S. dollar compared with $339,000 at December 31, 2020 and $396,000 at December 31, 2019 (See Note 11). The amount received from the BPI loan in May 2020 and the 2020 and 2021 research tax credit financing were denominated in euros. At December 31, 2021, the Company has loans denominated in euros for a principal amount of $13,525,000 ($25,444,000 and $21,067,000 at December 31, 2020 and 2019, respectively). The Company’s principal financial liabilities comprise trade payables (current and non-current), lease liabilities, interest-bearing receivables financing, government loans, convertible debt and venture debt. The Company has various financial assets such as trade receivables, deposits and cash and cash equivalents, which arise directly from its operations, as well as from capital increases. The main risks arising from the Company’s financial instruments are foreign currency risk, credit risk, interest rate risk and cash flow liquidity risk. The Board of Directors reviews and agrees policies for managing each of these risks which are summarized below. Foreign currency risk The Company faces the following foreign currency exposures: • 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 are denominated in euros, and lease liabilities are denominated in different currencies while the functional currency of the entity carrying out these transactions is the U.S. 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. Nearly 100% of total revenues and approximately 90% of total cost of sales are denominated in U.S. dollars. However, as a result of significant headcount and related costs from operations in France, which are denominated and settled in euros (the “structural costs”), the Company has transactional currency exposures which can be affected significantly by movements in the US dollar/euro exchange rates. Approximately 63% of operating expense is denominated in euros. (See Note 20.2 regarding hedging arrangements). If there were a 10% increase or decrease in exchange rate of the U.S. dollar to the euro, as measured using the Company's 2021 weighted average exchange rate of one euro = $1.1907, the Company estimates the impact, in absolute terms, on operating expenses and on financial liabilities for the year ended December 31, 2021 would have been approximately $4.2 million. Credit risk It is the Company’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures and as such are considered to have low credit risk at initial recognition. The Company has subscribed to a credit insurance policy which provides assistance in determining credit limits and collection, in addition to some coverage of uncollectible amounts. In addition, receivable balances are monitored on an ongoing basis. There is a rebuttable presumption in IFRS 9 that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due. The Company considers that credit risk has not increased significantly on its outstanding not impaired trade receivables since initial recognition. The Company considers events of default based on the specific facts and circumstances relevant to the outstanding amount. The following table summarizes customers representing a significant portion of the Company’s total revenue: Customer Customer Location % of total revenues for the year ended December 31, Trade receivables at December 31, 2021 2020 2019 2021 2020 2019 A Taiwan 23 % 20 % 27 % 545,000 4,767,000 1,383,000 B United States of America 23 % 18 % 7 % 1,800,000 — 250,000 C China 14 % Less than 10% Less than 10% 203,000 339,000 271,000 D Japan 13 % Less than 10% — % 7,736,000 5,120,000 — E South Korea Less than 10% 45 % 22 % 583,000 5,209,000 2,680,000 F Taiwan Less than 10% Less than 10% 10 % — 544,000 1,745,000 With respect to credit risk arising from the other financial assets, which comprise cash and cash equivalents, the Company’s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. Nearly all cash and cash equivalents are held in France at three large and international banks. Vendor concentration risk Access to foundry capacity is critical to the Company’s operations as a fabless semiconductor company. The Company depends on a sole independent foundry in Taiwan to manufacture its semiconductor wafers. The Company works with three vendors for manufacturing and testing chipsets and three vendors for assembling modules, but typically works with one dedicated vendor per product. Liquidity risk The Company monitors its risk of a shortage of funds using a cash flow planning tool. This tool considers the maturity of both its financial investments and financial assets (e.g. accounts receivables, other financial assets) and projected cash flows from operations. The following table includes our contractual obligations, including interest, for existing financial liabilities as of the following dates: Within 1 1 to 2 2 to 3 3 to 4 4 to 5 More Total (in thousands) At December 31, 2019 Research project financing $ 739 $ 2,252 $ 2,601 $ 368 $ 72 $ — $ 6,032 Interest-bearing receivables financing 4,068 — — — — — 4,068 Government loans 478 466 229 — — — 1,173 Convertible debt 7,863 26,792 6,124 — — — 40,779 Venture debt 6,042 6,042 2,351 — — — 14,435 Lease liabilities 1,147 832 973 980 965 1,307 6,204 Trade payables 8,834 1,000 250 — — — 10,084 Other current liabilities 4,540 — — — — — 4,540 $ 33,711 $ 37,384 $ 12,528 $ 1,348 $ 1,037 $ 1,307 $ 87,315 At December 31, 2020 Research project financing $ 1,944 $ 2,387 $ 1,828 $ 425 $ — $ — $ 6,584 Interest-bearing receivables financing 14,228 — — — — — 14,228 Government loans 1,536 1,851 1,319 1,287 1,256 412 7,661 Convertible debt — — — 35,506 — — 35,506 Venture debt 6,600 2,568 — — — — 9,168 Lease liabilities 1,777 2,027 1,407 1,184 1,177 359 7,931 Trade payables 15,701 250 — 1,430 — — 17,381 Other current liabilities 8,386 — — — — — 8,386 $ 50,172 $ 9,083 $ 4,554 $ 39,832 $ 2,433 $ 771 $ 106,845 At December 31, 2021 Research project financing $ 1,057 $ 1,042 $ 1,684 $ — $ — $ — $ 3,783 Interest-bearing receivables financing 9,518 — — — — — 9,518 Government loans 1,240 1,573 1,483 1,452 714 6,462 Convertible debt (1) — — 54,623 — — — 54,623 Lease liabilities 1,238 1,043 965 1,052 322 — 4,620 Trade payables 13,916 171 1,477 — — — 15,564 Other current liabilities 9,180 — — — — — 9,180 $ 36,149 $ 3,829 $ 60,232 $ 2,504 $ 1,036 $ — $ 103,750 (1) Based on the existing contractual terms as of December 31, 2021 and assuming the Company's options to extend maturity dates are exercised. The Company’s liquidity risk for the next 12 months is described in note 2.1. The term of agreements with strategic partners which gave rise the contract liability recorded in the amount of $10,907,000, $14,735,000 and $16,334,000 as of December 31, 2021, 2020 and 2019, respectively, are described under note 19. Capital management The primary objective of the Company’s capital management is to continue to execute according to its business plans and budgets in order to achieve profitability and positive cash flow, and to maximize shareholder value. (in thousands) January 1, 2019 * Cash flows Foreign exchange movement Accrued interest Other (1) December 31, 2019 Government grant advances and loans $ 6,362 1,006 (112) 220 145 $ 7,621 Convertible debt $ 19,723 7,967 — 5,844 (2,863) $ 30,671 Venture debt $ 12,634 (2,010) (240) 1,796 — $ 12,180 Lease liabilities $ 4,623 $ (1,922) $ 49 $ 622 $ 732 $ 4,104 Interest-bearing financing of receivables $ 10,295 (6,227) — — — $ 4,068 Total $ 53,637 (1,186) (303) 8,482 (1,986) $ 58,644 * Restated to reflect the impact of the adoption of IFRS 16 Leases (in thousands) January 1, 2020 Cash flows Foreign exchange movement Accrued interest Non-cash impact of amendment and conversion Other (1) December 31, 2020 Government grant advances and loans $ 7,621 5,910 1,392 364 — (217) $ 15,070 Convertible debt $ 30,671 2,050 — 7,902 (16,008) 1,459 $ 26,074 Venture debt $ 12,180 (6,105) 750 1,451 — — $ 8,276 Lease liabilities $ 4,104 (1,221) 363 780 — 1,750 $ 5,776 Interest-bearing financing of receivables $ 4,068 9,914 175 71 — — $ 14,228 Total $ 58,644 10,548 2,680 10,568 (16,008) 2,992 $ 69,424 (in thousands) January 1, 2021 Cash flows Foreign exchange movement Accrued interest Non-cash impact of amendment and conversion Other (1) December 31, 2021 Government grant advances and loans $ 15,070 592 (449) 427 (80) $ 15,560 Convertible debt $ 26,074 27,957 — 6,193 (11,138) (12,713) $ 36,373 Venture debt $ 8,276 (8,743) 180 819 (532) $ — Lease liabilities $ 5,776 (1,063) (297) 760 (556) $ 4,620 Interest-bearing financing of receivables $ 14,228 21 (337) 282 (4,676) $ 9,518 Total $ 69,424 18,764 (903) 8,481 (11,138) (18,557) $ 66,071 (1) Amounts included in Other for 2019 mainly represent the amounts recorded in equity related to the issuance of debt with an equity component, the reduction of grants as the corresponding expense is incurred and new grants to be received. In 2019, 2020 and 2021, Other includes as well as additions in lease liabilities, which are non-cash. In 2020 and 2021, Other includes the liability component and the fair value of the embedded option of the convertible debts converted during the year. In 2021, Other includes the impact of the forgiveness of the government grant advance and of the netting of the interest-bearing financing debt with the Research tax credit receivable. | Financial assets and liabilities Carrying amount Fair value December 31, December 31, 2019 2020 2021 2019 2020 2021 (in thousands) Financial assets: Trade and other receivables Trade receivables and contract assets $ 9,977 $ 17,648 $ 14,411 $ 9,977 $ 17,648 $ 14,411 Deposits and other receivables Deposits 401 466 451 401 466 451 Other financial assets Long-term investments 335 386 357 335 386 357 Financial instruments at fair value through other comprehensive income Cash flow hedges 46 84 — 46 84 — Cash, cash equivalents and short-term investments 14,098 18,474 4,835 14,098 18,474 4,835 Total financial assets $ 24,857 $ 37,058 $ 20,054 $ 24,857 $ 37,058 $ 20,054 Total current $ 24,121 $ 36,206 $ 19,246 $ 24,121 $ 36,206 $ 19,246 Total non-current $ 736 $ 852 $ 808 $ 736 $ 852 $ 808 Financial liabilities: Lease liability 4,104 5,776 4,620 4,104 5,776 4,620 Interest-bearing loans and borrowings: Interest-bearing receivables financing 4,068 14,228 9,518 4,068 14,228 9,518 Convertible debt 30,671 26,074 36,373 30,706 26,074 36,493 Venture debt 12,180 8,276 — 12,180 8,276 — Government loans 1,002 6,920 6,001 1,002 6,920 6,001 Research project financing 5,696 6,473 3,868 5,696 6,473 3,868 Convertible debt embedded derivative — 12,395 10,081 — 12,395 10,081 Trade and other payables (current and non current) 9,973 16,552 14,880 9,973 16,552 14,880 Financial instruments at fair value through other comprehensive income Cash flow hedges — — 50 — — 50 Total financial liabilities $ 67,694 $ 96,694 $ 85,391 $ 67,729 $ 96,694 $ 85,511 Total current $ 27,363 $ 40,221 $ 27,631 $ 27,328 $ 40,221 $ 27,631 Total non-current $ 40,331 $ 56,473 $ 57,760 $ 40,401 $ 56,473 $ 57,880 The carrying values of current financial instruments (cash and cash equivalents, short-term investments, trade receivables and trade and other payables, and interest-bearing receivables financing) approximate their fair values, due to their short-term nature. Long-term investments are primarily related to a bank guarantee secured by pledges of investments in money market funds issued in favor of the owners of leased office space to secure annual lease payments by the Company for its office space in Colombes. Government loans received from the financial agency of the French government were recorded as financial instruments in compliance with IAS 20 Accounting for Government Grants and Disclosure of Government Assistance. The 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, $386,000 and $357,000 at December 31, 2019, 2020 and 2021, 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 (Level 2). • At 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 December 31, 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. At December 31, 2021, fair value of the debt components of convertibles notes was calculated using the effective interest rate of the debt component of the convertible note issued in April 2021 and amounted to $36,493,000. • As described under Note 14.1, 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. Fair Value Hierarchy The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: • Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities • Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly • Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data As at December 31, 2019, the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2019 Level 1 Level 2 Level 3 (in thousands) Long-term investments $ 335 — $ 335 — Financial instruments at fair value through other comprehensive income: Cash flow hedge $ 46 — $ 46 — As of December 31, 2019 there were no liabilities measured at fair value. As at December 31, 2020, the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2020 Level 1 Level 2 Level 3 (in thousands) Long-term investments $ 386 — $ 386 — Financial instruments at fair value through other comprehensive income: Cash flow hedge $ 84 — $ 84 — Liabilities measured at fair value At December 31, 2020 Level 1 Level 2 Level 3 (in thousands) Convertible debt embedded derivative 12,395 — 12,395 — As of December 31, 2021, the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2021 Level 1 Level 2 Level 3 (in thousands) Long-term investments 357 — 357 — Liabilities measured at fair value At December 31, 2021 Level 1 Level 2 Level 3 (in thousands) Convertible debt embedded derivative 10,081 — 10,081 — Financial instruments at fair value through other comprehensive income: Cash flow hedge 50 — 50 — |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities And Contingent Assets Explanatory [Abstract] | |
Commitments and contingencies | Commitments and contingencies Contingencies From time to time, the Company has been and may become involved in legal proceedings arising in the ordinary course of its business. 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. 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 was approved by the Court on September 28, 2020 and paid. The settlement amount and costs to defend were paid by the Company's insurers, except for the $700,000 retention amount paid by the Company and recognized in expense prior to 2020. The remaining amount of $95,000, recorded in other receivables on the Statement of Financial Position as of December 2020, have been paid by the insurers as of December 31, 2021. 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. Bank guarantee A bank guarantee was issued in favor of the owners of leased office space in France, in order to secure six months of lease payments, for an amount of $357,000 as of December 31, 2021 ($386,000 and $330,000 as of December 31, 2020 and 2019, respectively). This guarantee was secured by the pledge of certificates of deposit and mutual funds for 100% of the amount of the guarantee. The total value of investments secured to cover this bank guarantee was $357,000 at December 31, 2021 ($386,000 and $335,000 at December 31, 2020 and 2019). Pledge of assets As security for the payment and repayment of the venture debt (see Note 14.2 to these Consolidated Financial Statements), the Company had granted to Harbert a first ranking pledge over the receivables the Company holds against its customers other than customers covered by the factoring agreement. The carrying amount was $7.4 million as of December 31, 2020 ($4.5 million as of December 31, 2019). The Company had also agreed to grant to Harbert a first ranking pledge over specified bank accounts, which had a carrying amount of $18.2 million as of December 31, 2020 ($13.9 million as of December 31, 2019) and a pledge over its patents, trademarks and other IP rights. The venture debt was repaid in 2021, so the Company has no pledge of assets anymore. Purchase commitments As of December 31, 2021, the Company had $13.5 million of non-cancelable purchase commitments with its third-party manufacturer and suppliers for future deliveries of equipment and components, principally during 2022. |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2021, only Lynrock Lake owned 10% or more of the share capital of the Company. As of December 31, 2020, only BPI France Participation - Fonds Large Venture, a fund managed by Bpifrance owned 10% or more of the share capital of the Company. As of December 31, 2021, BPI France Participation - Fonds Large Venture owned 8.7% 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, 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 (See Note 16.2 Research project financing) and in loans (See Note 20.3 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 as of December 31, 2019 and 2020. 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. Since February 2020, Nokomis no longer has representation on the board of directors and as of December 31, 2021 has declared itself to be the beneficial owner of 3.5% of the share capital of the Company. 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 which has two options (See Note 14.1). In December 2020, January 2021 and February 2021, Nokomis converted the April 2015, April 2016 and May 2019 notes (see Note 14.1 Convertible debt). As of December 31, 2021, the principal amount and accrued interest of the convertible notes held by an affiliate of Nokomis Capital, L.L.C amounts to $5.3 million. On February 2, 2021, the board of director approved a consultancy services agreement with ABLE France, a company owned by Yves Maitre, member of the board of directors, for services in business development. The agreement was executed effective March 1, 2021. During the year ended December 31, 2021, $116,000 was paid to Mr. Maitre under the contract. No other transactions have been entered into with these or any other related parties in 2019, 2020 and 2021, other than normal compensation (including share based payment arrangements) for and reimbursement of expenses incurred in their roles as Directors or employees of the Company. Compensation of key management personnel Year ended December 31, 2019 2020 2021 (in thousands) Fixed and variable wages, social charges and benefits expensed in the year $ 2,179 $ 2,441 $ 2,837 Share-based payment expense for the year 1,106 1,307 2,478 Board members fees to non-executive members 210 210 210 Total compensation expense for key management personnel $ 3,495 $ 3,958 $ 5,525 Key management personnel comprises the chief executive officer and all executive vice presidents reporting directly to him. The employment agreement with the chief executive officer calls for the payment of a termination indemnity of an amount equal to eighteen months of his gross annual base remuneration and 150% of bonus in the event of his dismissal without cause by the Board of Directors of the Company, as well as vesting of the ordinary shares that would have been vested during the twelve months following the end of his term. In case the dismissal would occur during the three months before or the twelve months following a change of control, he would be entitled to all the unvested share awards at the date of dismissal. For the year ended December 31, 2021, we estimate that approximately $21,000 of the amounts set aside or accrued to provide pension, retirement or similar benefits to our employees was attributable to our executive officers. Directors’ interests in an employee share incentive plan The Company granted warrants to certain members of the Board of Directors during the years ended December 31, 2019, 2020 and 2021: - On June 28, 2019, the shareholders authorized the Board of Directors to grant to each of Messrs. de Pesquidoux, Maitre, Nottenburg, Pitteloud, Sharma, Slonimsky and Cummings warrants to purchase 36,000 ordinary shares. On July 1, 2019, the Board used this authorization to make such grants with an exercise price of $0.89 per ordinary share. - On June 26, 2020, the shareholders authorized the Board of Directors to grant to each of Messrs. de Pesquidoux, Maitre, Nottenburg, Pitteloud, Sharma, Slonimsky and Cummings warrants to purchase 36,000 ordinary shares. On June 29, 2020, the Board used this authorization to make such grants with an exercise price of $1.51 per ordinary share. - On June 25, 2021, the shareholders authorized the Board of Directors to grant to each of Messrs. de Pesquidoux, Maitre, Nottenburg, Pitteloud, Sharma, Slonimsky and Cummings warrants to purchase 140,000 ordinary shares. On June 29, 2021, the Board used this authorization to make such grants with an exercise price of $1.49 per ordinary share. The board members were required to subscribe to the warrants at a price of €0.00002778 per warrant for the warrants granted in 2019 and 2020 and €0.00000714 in 2021. Share-based payment expense incurred in connection with these transactions amounted to $443,000 in the year ended December 31, 2021 (2020: $163,000; 2019: $201,000). |
Events after the reporting date
Events after the reporting date | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the reporting date | Events after the reporting date Subsequent events up to the date the consolidated financial statements were authorized for issue were as follows: On January 11, 2022, the Company increased its capital in connection with a private offering by issuing 7,899,020 ordinary shares at $1.175 per share, with a strategic partner, Renesas Electronics Corporation. The total gross proceeds from the offering amounted to $9.3 million and the related expenses costs amounted to $70,000 resulting on a net proceeds of $9.2 million. Renesas' Executive Vice President and Head of IoT and Infrastructure business unit, Dr. Sailesh Chittipeddi, will be nominated for election to the Sequans board of directors at the June 2022 shareholder meeting. At its meeting of February 1, 2022, the Board of Directors granted to employees 394,432 restricted share awards representing 98,608 ADS with vesting over four years, and 250,048 restricted share awards representing 62,512 ADS were granted to executive management. On March 10, 2022, the Company increased its capital in connection with a public offering by issuing 6,666,667 ordinary shares at $0.75 per share ($3.0 per ADS). 272 Capital Fund LP, an entity managed by B. Riley Asset Management LLC (“BRAM”) and affiliated with Wes Cummins, a director of the Company, purchased 2,833,333 ADSs in the offering. Mr. Cummins is the President of BRAM, and BRAM is an affiliate of B. Riley Securities, Inc. The total gross proceeds from the offering amounts to $20.0 million and the related expenses costs amounted to $1.8 million resulting in a net proceeds of $18.2 million. The underwriters have an option to purchase an additional 4,000,000 ordinary shares (represented by 1,000,000 ADS) at the public offering price. If the underwriters exercise the over-allotment option in full, we estimate the net proceeds to us from this offering will be approximately $20.9 million. |
Summary of significant accoun_2
Summary of significant accounting and reporting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Statement of compliance | Statement of compliance The Consolidated Financial Statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”) and whose application is mandatory for the year ended December 31, 2021. Comparative figures are presented for December 31, 2019 and 2020. The accounting policies are consistent with those of the same period of the previous financial year, except for the changes disclosed in Note 2.2 to the Consolidated Financial Statements. The Consolidated Financial Statements of the Company as of and for the years ended December 31, 2019, 2020 and 2021 have been authorized for issue in accordance with a resolution of the board of directors on March 25, 2022. |
Basis of consolidation | Basis of consolidation The Consolidated Financial Statements comprise the financial statements of Sequans Communications S.A., which is the ultimate parent of the group, and its subsidiaries as of and for the years ended December 31, 2021, 2020 and 2019: Name Country of Year of % Sequans Communications Ltd. United Kingdom 2005 100 Sequans Communications Inc. United States 2008 100 Sequans Communications Ltd. Pte. Singapore 2008 100 Sequans Communications Israel (2009) Ltd. Israel 2009 100 Sequans Communications Finland Oy Finland 2020 100 The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions, income and expenses and profits and losses resulting from intra-group transactions are eliminated in full. The subsidiaries have been fully consolidated from their date of incorporation. |
New and amended standards and interpretations and Standards issued but not yet effective | New and amended standards and interpretations The accounting policies used in 2021 are consistent with those of the previous financial year, except for the following new and amended IFRS and IFRIC interpretations effective as of January 1, 2021: • Interest Rate Benchmark Reform – Phase 2 – Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16: In August 2020, the IASB published Interest Rate Benchmark Reform – Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16. With publication of the phase two amendments, the IASB has completed its work in response to IBOR reform. The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). The Company adopted the amendments effective for annual reporting periods beginning on or after January 1, 2021.Adoption of these amendments had no impact on the Consolidated Financial Statements. • IFRS IC decision on IAS 19: Employee benefits ◦ Adoption of IFRS IC decision on IAS 19: In its April 2021 Update, the IFRS IC published a final agenda decision clarifying how to calculate the obligation relating to certain defined benefit plans under which the retirement benefit is (i) contingent on the employee being employed by the entity at the time of retirement; (ii) capped at a specified number of years of service; and (iii) linked to the employee's length of service at the date of retirement. In that decision, the IFRS IC took the view that the obligation should be recognized only over the years of service preceding the date of retirement in respect of which the employee generates entitlement to the benefit. Applying that decision has resulted in a change in accounting policy, the effects of which have been reflected retrospectively in accordance with IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors). Consequently, the previously published periods have been adjusted, with the impact of first-time application reflected as from January 1, 2019, the beginning of the earliest comparative financial period presented. ◦ The effects on the financial statements are presented below: (in thousands) January 1, 2019 Effect if IFRS IC decision January 1, 2019 restated 2019 variation Effect if IFRS IC decision December 31, 2019 restated 2020 variation Effect if IFRS IC decision December 31, 2020 restated Equity (Deficit) and Liabilities Accumulated deficit (272,036) (272,036) (36,697) (42) (308,775) (54,476) (40) (363,291) Other component of equity (605) 326 (279) (2) 50 (231) 184 26 (21) Total Equity (5,019) 326 (4,693) (24,542) 8 (29,227) (7,565) (14) (36,806) Non-current employee benefits 990 (326) 664 73 (8) 729 92 14 835 Non-current Provisions 1,689 (326) 1,363 216 (8) 1,571 (31) 14 1,554 Total non-current liabilities 40,396 (326) 40,070 14,416 (8) 54,478 6,935 14 61,427 Total equity and liabilities 62,574 — 62,574 741 — 63,315 23,841 — 87,156 |
Standards issued but not yet effective | Standards issued but not yet effective Standards and interpretations issued but not yet effective up to the date of issue of the Company’s Consolidated Financial Statements are listed below. The Company intends to adopt these standards when they become effective: • 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. • Reference to the Conceptual Framework – Amendments to IFRS 3: In May 2020, the IASB issued Amendments to IFRS 3 Business Combinations. The amendments are intended to update a reference to the Conceptual Framework without significantly changing the requirements of IFRS 3. The amendments will promote consistency in financial reporting and avoid potential confusion from having more than one version of the Conceptual Framework in use. The amendments are effective for annual reporting periods beginning on or after January 1, 2022. 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, 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. In the year ended December 31, 2021, the primary impacts on operations of the COVID-19 pandemic were to increase demand in the broadband IoT business, and the years ended December 31, 2020 and 2021, were to increase certain costs related to a temporary shortage of components, and to delay growth in product revenues due to the limits placed on production capacity driven by the component shortages. In addition, in the year ended December 31, 2020, new debt financing from the French government was received as part of the economic support plan in France. As of December 31, 2021, the Company has not identified any impact on its assets and liabilities. Russian invasion in Ukraine While the Company's key engineering competencies are performed in-house, primarily in France, the United Kingdom, Israel and the United States, the Company outsources some application software development and testing activities to an independent third-party provider of engineering services. The Company works with a dedicated team of 31 software engineers based in Kyiv, Ukraine. If the Russian invasion of Ukraine is protracted or if Ukraine experiences further political instability, these engineers may be unable to work for a sustained period of time, which could adversely impact the research and development operations. The Company has developed a contingency plan if the engineers in Kyiv are unable to continue working on their projects for us for a sustained period of time, but if the contingency plan is not effective or sanctions are imposed that prevent the Company from conducting business in Ukraine, the Company could suffer delays in product introduction or delays in resolution of customer software bugs, which could have a negative impact on its revenues. As of December 31, 2021, the Company has not identified any impact on its assets and liabilities. |
Functional currencies and translation of financial statements denominated in currencies other than the U.S. dollar | Functional currencies and translation of financial statements denominated in currencies other than the U.S. dollar The Consolidated Financial Statements are presented in U.S. dollars, which is also the functional currency of Sequans Communications S.A. The Company uses the U.S. dollar as its functional currency due to the high percentage of revenues, cost of revenue, capital expenditures and operating costs, other than those related to headcount and overhead, which are denominated in U.S. dollars. Each subsidiary determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. As at the reporting date, the assets and liabilities of each subsidiary are translated into the presentation currency of the Company (the U.S. dollar) at the rate of exchange in effect at the Statement of Financial Position date and their Statement of Operations is translated at the weighted average exchange rate for the reporting period. The exchange differences arising on the translation are taken directly to a separate component of equity (“Cumulative translation adjustments”). |
Foreign currency transactions | Foreign currency transactions Foreign currency transactions are initially recognized by Sequans Communications S.A. and each of its subsidiaries at their respective functional currency rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange in effect at the reporting date. All differences are taken to the Consolidated Statement of Operations within financial income or expense. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the initial transactions. |
Earnings (loss) per share | Earnings (loss) per ordinary share and per ADS Basic earnings (loss) amounts per ordinary share and per ADS are computed using the weighted average number of shares outstanding during each period. |
Revenue recognition | Revenue recognition The Company’s total revenue consists of product revenue and services and license revenue. Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the fair value of the consideration to which the Company is entitled, excluding sales taxes or duties. The Company applies a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the performance obligation is satisfied. When a contract includes multiple promised goods and services, the Company evaluates each component to determine whether they represent separate performance obligations and determines the appropriate allocation of the contract consideration to each identified performance obligation based on estimated relative stand-alone selling prices. If the consideration in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Specifically, milestone payments in development services contracts represent variable consideration, the receipt of which is dependent upon the achievement of technical milestones. The Company sometimes receives advance payments from customers for the provision of development services. The Company determines if there is a significant financing component for these contracts considering the length of time between the customers’ payment and the transfer of control of the goods and services. When a significant financing component has been identified, the transaction price for these contracts is discounted, using the rate that would be reflected in a separate financing transaction at contract inception. The Company applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised good or service and the payment is one year or less. Product revenue Substantially all of the Company’s product revenue is derived from the sale of semiconductor solutions for 4G wireless applications. Revenue from the sale of products is usually recognized at a point in time when the Company satisfies its performance obligation to the buyer, whether direct end customer, end customer's manufacturing partner or distributor. This occurs when there is no continuing managerial involvement to the degree usually associated with ownership nor effective control over the sale of products is retained, which is based on the specified Incoterms, but usually occurs on shipment of the goods. Sale of products to some distributors is recognized when the products are sold to the end-customer but these contracts are not significant. The Company is the principal in all product sales regardless of customer type. Products are not sold with a right of return but are covered by warranty. This is an assurance-type warranty. The Company does not accrue for a general warranty obligation as the Company has not historically incurred and does not expect material warranty costs. Although the products sold have embedded software, the Company believes that software is incidental to the products it sells. Services and license revenue Services and license revenue consists of revenues from the sale of licenses to use the Company’s technology solutions and any fees for the associated annual software maintenance and support services, as well as from the sale of technical support and development services. Development services include advanced technology development services for technology partners and software or product development and integration services for customers. Revenue from the sale of licenses is recognized at a point in time when the Company satisfies its performance obligation which occurs when the software has been delivered to the customer (assuming no other significant obligations exist), as licenses provide the right to use the software as it exists when made available to the customer. Revenue from the sale of software maintenance and support services is recognized over the period of the maintenance (generally one one Revenue from technical support and development services is generally recognized over time using the percentage-of-completion method. For each service contract, the Company determines whether the pattern of transfer of control meets one of the criteria for revenue recognition over time: (a) the customer simultaneously receives and consumes the benefits provided by the entity's performance as the entity performs (b) the Company's performance creates or enhances an asset (for example, work in progress) that the customer controls as the asset is created or enhanced or (c) the Company's performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. Generally, the support and development contracts meet one or more of these criteria, based on the facts and circumstances both within the contract and the nature of the services provided. Typically, the customers consume the services as they are provided through ongoing technical support or through an iterative development process. Certain contracts also include terms which allow the customer to have control over the asset as it is created or provide Sequans the right to payment for all work performed to date. Due to revenue recognition over time, contract assets are created for services provided that Sequans does not yet have the right to invoice. Contract liabilities are created when milestones are billed in advance of being earned. When a contract does not meet one of the criteria above, revenue is recognized at a point in time, when there is evidence of transfer of control, which typically occurs upon achievement of certain or all contract milestones. Percentage-of-completion is calculated based on the input method using estimated costs as a measure of performance completed. The costs associated with these arrangements are recognized as incurred. Revenue from development contracts where no related direct costs were identified amounted to $311,000 for the year ended December 31, 2021 ($350,000 in 2020 and $1,724,000 in 2019). Revenue recognition The Company’s policy for revenue recognition, in instances where multiple deliverables are sold contemporaneously to the same counterparty, is in accordance with IFRS 15 Revenue from contracts with customers . The application of IFRS 15 to contracts with customers requires management to make certain judgments, the most significant of which are outlined below. These judgments are based on an analysis of the facts and circumstances surrounding the transactions on a contract-by-contract basis. Determination of performance obligations within a contract The Company applies judgment in determining whether a promised good or service is a performance obligation under the terms of the contract and whether multiple promised goods or services should be accounted for separately or together as a bundle. Allocation of contract consideration to distinct performance obligations based on their relative stand-alone selling prices Typically, contracts state the value of individual promised goods and services directly. However, in instances where the fair value is not observable, management applies judgment in determining the relative stand-alone selling price for goods and services. Estimation of percentage-of-completion based on the input method For service contracts that are recognized over time based on the percentage-of-completion, the Company sets up an initial budget at contract inception and tracks the progress to completion based on time and costs incurred by the employees directly working on each project. Management reviews the progress and performance of open contracts in order to determine the best estimate of estimated costs at completion on a quarterly basis and updates the revenue recognized as necessary. |
Cost of revenue | Cost of revenue Cost of product revenue includes all direct and indirect costs incurred with the sale of products, including shipping and handling. Cost of services revenue includes direct costs incurred to support the obligations covered by development services contracts (mainly employees and subcontractors costs). Research and development costs associated with product development (including normal customer support which generates product improvement) are recorded in research and development expenses. |
Research and development costs | Research and development costs Research costs are expensed as incurred. Development costs are recognized as an intangible asset if the Company can demonstrate: • the technical feasibility of completing the intangible asset so that it will be available for use or sale; • its intention to complete the asset and use or sell it; • its ability to use or sell the asset; • how the asset will generate future economic benefits; • the availability of adequate resources to complete the development and to use or sell the asset; and • the ability to measure reliably the expenditure during development. Beginning in 2015, certain development costs incurred at the end of the product development cycle when the criteria for capitalization are met, became material as the Company began making its product available on more operator networks which require significant testing and qualification work in order to finalize the product for sale on that network. In 2019, 2020 and 2021 the Company also capitalized costs for the development of the chipsets for LTE NB-IoT (the Monarch 2) and for LTE Category 1 (the Calliope 2). In 2021, the Company capitalized costs for the development of the 5G chipsets. The intangible assets are tested for impairment annually. (See Notes 4.4 and 8 to the Consolidated Financial Statements). Research and development costs associated with product development (including normal customer support which generates product improvements) are recorded in operating expense. In some cases, the Company has negotiated agreements with customers and partners whereby the Company provides certain development services beyond its normal practices or planned product roadmap. Amounts received from these agreements are recorded in services revenue. Direct costs incurred by the Company as a result of the commitments in the agreements are recorded in cost of revenue. Other research and development costs related to the projects covered by the agreements, but which would have been incurred by the Company without the existence of such agreements are recorded in research and development expense. |
Government grants, loans and research tax credits | Government grants, loans and research tax credits The Company operates in certain jurisdictions which offer government grants or other incentives based on the qualifying research expense incurred or to be incurred in that jurisdiction. These incentives are recognized as the qualifying research expense is incurred if there is reasonable assurance that all related conditions will be complied with and the grant will be received. When the grant relates to an expense item, it is recognized as a reduction of the related expense over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Any cash received in advance of the expenses being incurred is recorded as a liability. Some long-term research projects are also financed through low-interest forgivable loans. The present value of forgivable loans is calculated based on expected future payments discounted using the interest rate applied for standard loans with the same maturity. The difference between present value and amount received is accounted for as a grant. Where loans or similar assistance provided by governments or related institutions are interest-free, the present value is calculated based on expected future payments discounted using the interest rate applied for standard loans with the same maturity. The difference between present value and amount received is accounted for as a grant. The Company also benefits from research incentives in the form of tax credits which are detailed in Note 4.4 to the Consolidated Financial Statements. When the incentive is available only as a reduction of taxes owed, such incentive is accounted for as a reduction of tax expense; otherwise, it is accounted for as a government grant with the benefit recorded as a reduction of research and development costs, whether capitalized or expensed. |
Financial income and expense | Financial income and expense Financial income and expense include: • interest expense related to venture debt, accounts receivable financing, the debt component of convertible debt and government loans, lease contracts, upfront payments, financing components of customer contracts and a supplier payable with extended payment terms; • other expenses paid to financial institutions for financing operations; • foreign exchange gains and losses; • change in fair value of financial assets and liabilities • impact of convertible debt amendments; and • impact of convertible debt reimbursement. The Company reflects foreign exchange gains and losses related to hedges (through derivatives) of euro-based operating expenses in operating expenses. |
Current income tax | Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date. |
Deferred income tax | Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences, except with respect to taxable temporary differences associated with investments in subsidiaries where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry forwards of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forwards of unused tax credits and unused tax losses can be utilized. The carrying amount of deferred income tax assets is reviewed at the reporting date and adjusted to the extent that it is probable that sufficient future taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the statement of financial position date. Deferred income tax relating to items recognized directly in equity is recognized in equity. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right of offset exists. |
Value added tax | Value added tax Revenue, expenses and assets are recognized net of the amount of value added tax except: • where the value added tax incurred on a purchase of assets or services is not recoverable from the tax authorities, in which case the value added tax is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable; and • receivables and payables that are stated with the amount of value added tax included. Value added tax recoverable consists of value added tax paid by the Company to vendors and suppliers located in the European Union and in Israel, and recoverable from the tax authorities. Value added tax recoverable is collected on a quarterly basis . |
Inventories | nventories Inventories consist primarily of the cost of semiconductors, including wafer fabrication, assembly, testing and packaging; components; and modules purchased from subcontractors. Inventories are valued at the lower of cost (determined using the weighted average cost method) or net realizable value (estimated market value less estimated cost of completion and the estimated costs necessary to make the sale). The Company writes down the carrying value of its inventories for estimated amounts related to the lower of cost or net realizable value, obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated net realizable value. The estimated net realizable value of the inventory is based on historical usage and assumptions about future demand, future product purchase commitments, estimated manufacturing yield levels and market conditions on a product-by-product basis. When the circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in net realizable value because of changed economic circumstances, the amount of the write-down is reversed (i.e. the reversal is limited to the amount of the original write-down) so that the new carrying amount is the lower of the cost and the revised net realizable value. Inventories As disclosed in Note 2.3 to the Consolidated Financial Statements, the Company writes down the carrying value of its inventory to the lower of cost or net realizable value. The estimated net realizable value of the inventory is based on historical usage and assumptions about future demand, future product purchase commitments, estimated manufacturing yield levels and market conditions on a product-by-product basis. Actual demand may differ from the forecast established by the Company, which may materially impact recorded inventory values and cost of revenue. |
Financial assets | Financial assets Financial assets are classified, at initial recognition, as (1) measured at amortized cost, (2) fair value through other comprehensive income (OCI), or (3) fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and Sequans’ business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value. Receivables Trade receivables are measured at amortized cost. Impairment losses on trade accounts receivable are estimated using the expected loss method, in order to take into account the risk of payment default throughout the lifetime of the receivables. 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. The Company records an allowance for any specific account it considers as doubtful based on the particular circumstances of the account. The carrying amount of the receivable is thus reduced through the use of an allowance account, and the amount of the charge is recognized on the line “General and administrative expenses” in the Consolidated Statement of Operations. Subsequent recoveries, if any, of amounts previously provided for are credited against the same line in the Consolidated Statement of Operations. When a trade accounts receivable is uncollectible, it is written-off against the allowance account for trade accounts receivable. Short-term investments Short-term investments are financial instruments with an initial maturity of greater than 90 days, but less than one year, and are reported as current financial assets. Deposits Deposits are reported as non-current financial assets (loans and receivables) when their initial maturity is more than twelve months. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents in the Consolidated Statements of Financial Position includes cash at banks, term deposits and money market funds, which correspond to highly liquid investments readily convertible to known amounts of cash and subject to an insignificant risk of change in value. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment loss. Depreciation is computed using the straight-line method over the estimated useful lives of each component. The Company presents right-of-use of lease contracts in property, plant and equipment and right of use assets are depreciated on a straight-line basis over the lease term. The useful lives most commonly used are the following: Machinery and equipment 3 to 5 years Building and leasehold improvements Lesser of 6 years or the life of the lease Computer equipment 3 years Furniture and office equipment 5 years Impairment tests are performed whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If any indication exists, the Company estimates the asset’s recoverable amount, which is the higher of the fair value less cost to sell and the value in use. Where the carrying amount exceeds that recoverable amount, the asset is considered impaired and it is written down to its recoverable amount. Depreciation expense is recorded in cost of revenue or operating expenses, based on the function of the underlying assets. |
Intangible assets | Intangible assets Intangible assets, which primarily consist of purchased licenses for development or production technology and tools, as well as standard-related patent licenses and development costs meeting the criteria for capitalization, are stated at cost less accumulated amortization and any accumulated impairment loss. Amortization is computed using the straight-line method over the estimated useful life of each component. Acquired licenses are amortized over their contractual life or five Useful lives are reviewed on a regular basis and changes in estimates, when relevant, are accounted for on a prospective basis. The amortization expense is recorded in cost of revenue or operating expenses, based on the function of the underlying assets. Impairment tests are performed whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If any indication exists, the Company estimates the asset’s recoverable amount, which is the higher of the fair value less cost to sell and the value in use. Where the carrying amount exceeds that recoverable amount, the asset is considered impaired and it is written down to its recoverable amount. |
Leases | Lease contracts Except for leases related to low-value assets and short-term lease, lease contracts, as defined under IFRS 16 "Leases", are recorded in the Statement of Consolidated Financial Position, through the recognition of: • an asset representing a right-of-use of the asset leased during the lease term of the contract; and • a liability related to the payment obligation. At the commencement date of the lease, the Company recognizes a lease liability measured at the present value of the remaining lease payments to be made over the lease term, discounted using the Company’s incremental borrowing rate. The liability increases by the accrued interest resulting from the initial discounting of the lease liability and decreases by the payments made. Right-of-use assets are depreciated on a straight-line basis over the lease term and tested for impairment when required. |
Costs of Public Offerings | Costs of equity transactions Incremental costs directly attributable to the equity transaction are recorded as a deduction from equity. |
Provisions | Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event for which it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in operating income (loss) net of any reimbursement. Provisions include the provision for pensions and post-employment benefits. Pension funds in favor of employees are maintained in France, the United Kingdom, Singapore, the United States, Finland and Israel, and they comply with the respective legislation in each country and are financially independent of the Company. The pension funds are generally financed by employer and employee contributions and are accounted for as defined contribution plans with the employer contributions recognized as expense as incurred. There are no actuarial liabilities in connection with these plans. |
Share-based payment transactions | Share-based payment transactions Employees (including senior executives and members of the board of directors) and certain service providers of the Company receive remuneration in the form of share-based payment transactions, whereby they render services as consideration for equity instruments (“equity-settled transactions”). The cost of equity-settled transactions is measured by reference to the fair value at the date on which they are granted. The exercise price is based on closing market price on the date of grant. The cost of equity-settled transactions is recognized, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the beneficiary becomes fully entitled to the award (the “vesting date”). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest which includes assumptions on the number of awards to be forfeited due to the employees’ failing to fulfill the service condition, and forfeitures following the non-completion of performance conditions. The Consolidated Statement of Operations charge or credit for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Share-based compensation As disclosed in Note 13 to the Consolidated Financial Statements, the Company has various share-based compensation plans for employees and non-employees that may be affected, as to the expense recorded in the Consolidated Statements of Operations, by changes in valuation assumptions. Fair value of stock options is estimated by using the binomial model on the date of grant based on certain assumptions, including, among others expected volatility, the expected option term, the risk-free interest rate and the expected dividend payout rate. The fair value of the Company’s shares underlying stock option grants equals the closing price on the New York Stock Exchange on the date of grant. |
Financial liabilities | Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. Non derivative financial liabilities are subsequently measured at amortized cost whereas derivative liabilities not designated as hedging instruments are recognized at fair value through profit or loss. Convertible debt The Company evaluates at initial recognition of a convertible debt the different components and features of the hybrid instruments and determines whether these elements are equity instruments or embedded derivatives which require bifurcation. In subsequent periods, the liability component is accounted for using the effective interest method, based on the expected maturity of the debt. The equity component is not remeasured, while embedded derivatives unless closely related to the host instruments, are recorded at fair value through the Consolidated Statement of Operations. As described in Note 14.1 to the Consolidated Financial Statements, the Company issued debt with an option to convert into shares of the Company in 2015 and 2016. This option component was accounted for as an embedded derivative and recorded as a financial liability: • On the date of issue, the fair value of the embedded derivative was estimated based on a Black-Scholes valuation model. The debt component equaled the present value of future contractual cash flows for a similar instrument with the same conditions (maturity, cash flows) excluding any option or any obligation for conversion or redemption in shares. • Subsequently, the debt component was accounted for based on amortized cost, using the effective interest rate calculated at the date of issue and the embedded derivative was accounted as a financial liability, with changes in fair value recognized in the statement of operations until the date when the conversion rate was fixed. At this date, the fair value of the derivative - if not exercised - was reclassified in equity. Costs incurred related to the convertible debt are deducted from the liability component and from the embedded derivative, proportionally. The part related to the embedded derivative has been recognized in the Consolidated Statements of Operations in “Other financial expenses”. On October 30, 2017, the convertibles notes were amended to extend the term of the notes and reduce the conversion rate for one convertible debt agreement (see Note 14.1). The change in fair value of the conversion options before and after the amendment has been recorded in Other Capital Reserves in shareholders’ equity. The debt components on October 30, 2017 were re-measured based on the extended term of the notes using the effective interest rate calculated at the date of issue of each convertible note. The impact of the term extension and reduction of the conversion rate was recorded in the Consolidated Statements of Operations in "Convertible debt amendments". On September 27, 2018, the terms of the note issued on April 15, 2015 were amended to extend by two years the maturity of the note to April 14, 2021, and to reduce the conversion rate. It was considered to be the equivalent of an extinguishment of the existing debt and issuance of new debt (“derecognition” method of accounting). Therefore, the fair value of the debt just prior to amendment was estimated in order to record a loss on extinguishment in the Consolidated Statement of Operations in “Convertible debt amendments”. The amended debt was recorded at its fair value assuming a market rate of interest, with the estimated value of the conversion option in equity as the conversion rate was fixed. On September 27, 2018, May 7, 2019 and August 16, 2019, the Company issued notes with options to convert into shares of the Company. The option components were accounted for in equity at their fair value at the date of issuance and are not remeasured. The debt component portions were recorded as a financial liability and are subsequently measured at amortized cost, using the effective interest rate calculated at the date of issue. On 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-year term, at an exercise price of 20% premium above 20-day VWAP. On the second option exercise, the PIK will be adjusted to 9.5%, the previous warrants granted on the first option exercise will be extended by one year and the holder will be granted an additional warrant for 15% of the value of the note with a three year term, at an exercise price of 20% premium above 20-day VWAP. On the third option exercise, the PIK will be adjusted to 13.5%, and the holder will be granted an additional warrant for 20% of the value of the note with a three year term, at an exercise price of 20% premium above 20-day VWAP. If at any time, the holder converts a note prior to the date of April 2022, it will receive an extra year’s worth of PIK so as to incentivize early conversion. In consideration for entering into the amendments, the warrants that Nokomis owns that were scheduled to expire April 2021 were extended to April 2024 upon the signing of the note amendments. 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 in the Consolidated Statement of Operations in “Convertible debt amendments”. 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 recorded in Other Capital reserves in shareholders' equity. The change in fair value is remeasured and recorded in the Consolidated Statement of Operations as financial income or loss at each statement of financial position date. On April 9, 2021, the Company issued a note with options to convert into shares of the Company, limited to such conversion resulting in the noteholder owning more than 10% of the Company's outstanding shares. The Company retains an option to call the convertible debt under certain circumstances after 12 months, either in full or in part. If a change of control occurs at any time prior to the payment of the note in full, the noteholder shall have the right, in its sole discretion, to require Sequans to convert or redeem all of the outstanding principal amount (including accrued interest and unpaid interest). As described in Note 14.1 , the note was accounted for as compound financial instruments with two components: • A liability component reflecting the Company’s contractual obligation to pay interest and redeem the bonds in cash; and • An embedded derivative, which reflects the value of the conversion option. The initial fair value of the notes was split between these two components. The fair value of the liability component on the issuance 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 20.89% as the market rate of interest in order to value the liability components of the note on issuance. The embedded derivative of the note was valued using the Geometric Brownian Motion framework relying on Monte-Carlo simulations. The change in fair value is remeasured and recorded as financial income or loss at each statement of financial position date. Venture debt As described in Note 14.2 to the Consolidated Financial Statements, the Company entered into a bond issuance agreement on October 26, 2018, with warrants attached. The issuance proceeds were allocated between the debt component and the equity component (the warrants). The value of the warrants was recorded in Other Capital Reserves in shareholders’ equity. The debt component was recorded as a financial liability and is subsequently measured at amortized cost, using the effective interest rate calculated at the date of issue. On April 15, 2021, the Company prepaid in full all amounts due. The prepayment in full was considered a debt renegotiation. The positive impact was recognized as financial income in the consolidated statement of operations. Short-term debt secured by accounts receivables As described in Note 14.3 to the Consolidated Financial Statements, the Company has a factoring agreement with a French financial institution. The Company transfers to the finance company all invoices issued to qualifying customers, and the customers are instructed to settle the invoices directly with the finance company. Because there is recourse to the Company for amounts that are overdue, the Company retains all receivables on its Consolidated Statement of Financial Position until they are paid and any amounts drawn on the line of credit are reflected in short-term debt. The Company pays a commission on the face value of the accounts receivable submitted, which is recorded in General and Administration expense, and pays interest on any draw-down of the resulting line of credit. In May 2020, the Company entered into an agreement to finance the 2020 research tax credit as it is earned over the year. The Company transfers to the finance company research tax credit receivable on a quarterly basis. Because there is recourse to the Company for amount not paid by the French tax administration, the Company retains all receivables on its Consolidated Statement of Financial Position until the French tax administration reimburses the finance company. Amounts drawn on the line of credit are reflected in short-term debt and commissions in the Consolidated Statement of Operations as financial expense. In February 2021, the Company entered into a new agreement to finance the 2021 research tax credit. |
Derivative financial instruments and hedge accounting | Derivative financial instruments and hedge accounting The Company uses financial instruments, including derivatives such as foreign currency forward and options contracts, to reduce the foreign exchange risk on cash flows from firm and highly probable commitments denominated in euros. The effective portion of the gain or loss on the hedging instrument is recognized directly as other comprehensive income (loss) in the cash flow hedge reserve, while any ineffective portion is immediately accounted for in financial results in the Consolidated Statement of Operations. Amounts recognized as other comprehensive income (loss) are transferred to the Consolidated Statement of Operations when the hedged transaction affects profit or loss. If the forecasted transaction is no longer expected to occur, the cumulative gain or loss previously recognized in equity is transferred to the Consolidated Statement of Operations. All derivative financial instruments are recorded at fair value. Changes in fair value are recorded in current earnings or other comprehensive income (loss), depending on whether the derivative is designated as a hedge, its effectiveness as a hedge, and the type of hedge transaction. Any change in the fair value of the derivatives deemed ineffective as a hedge is immediately recognized in earnings. |
Commitments | Commitments Commitments comprise primarily purchase commitments with third-party manufacturers for future deliveries of equipment and components, which are described in Note 21 to the Consolidated Financial Statements. |
Significant accounting judgments, estimates and assumptions | In the process of applying the Company’s accounting policies, management must make judgments and estimates involving assumptions. These judgments and estimates can have a significant effect on the amounts recognized in the financial statements and the Company reviews them on an ongoing basis taking into consideration past experience and other relevant factors. The evolution of the judgments and assumptions underlying estimates could cause a material adjustment to the carrying amounts of assets and liabilities as recognized in the financial statements. The most significant management judgments and assumptions in the preparation of these financial statements are: Revenue recognition The Company’s policy for revenue recognition, in instances where multiple deliverables are sold contemporaneously to the same counterparty, is in accordance with IFRS 15 Revenue from contracts with customers . The application of IFRS 15 to contracts with customers requires management to make certain judgments, the most significant of which are outlined below. These judgments are based on an analysis of the facts and circumstances surrounding the transactions on a contract-by-contract basis. Determination of performance obligations within a contract The Company applies judgment in determining whether a promised good or service is a performance obligation under the terms of the contract and whether multiple promised goods or services should be accounted for separately or together as a bundle. Allocation of contract consideration to distinct performance obligations based on their relative stand-alone selling prices Typically, contracts state the value of individual promised goods and services directly. However, in instances where the fair value is not observable, management applies judgment in determining the relative stand-alone selling price for goods and services. Estimation of percentage-of-completion based on the input method For service contracts that are recognized over time based on the percentage-of-completion, the Company sets up an initial budget at contract inception and tracks the progress to completion based on time and costs incurred by the employees directly working on each project. Management reviews the progress and performance of open contracts in order to determine the best estimate of estimated costs at completion on a quarterly basis and updates the revenue recognized as necessary. Trade receivables The Company records an allowance for any specific account it considers as doubtful based on the particular circumstances of the account. Additional allowances could be required if the Company receives information that the financial condition of its customers has deteriorated, resulting in an impairment of their ability to make payments, or there are indicators that amounts receivable will become uncollectible. Inventories As disclosed in Note 2.3 to the Consolidated Financial Statements, the Company writes down the carrying value of its inventory to the lower of cost or net realizable value. The estimated net realizable value of the inventory is based on historical usage and assumptions about future demand, future product purchase commitments, estimated manufacturing yield levels and market conditions on a product-by-product basis. Actual demand may differ from the forecast established by the Company, which may materially impact recorded inventory values and cost of revenue. Share-based compensation As disclosed in Note 13 to the Consolidated Financial Statements, the Company has various share-based compensation plans for employees and non-employees that may be affected, as to the expense recorded in the Consolidated Statements of Operations, by changes in valuation assumptions. Fair value of stock options is estimated by using the binomial model on the date of grant based on certain assumptions, including, among others expected volatility, the expected option term, the risk-free interest rate and the expected dividend payout rate. The fair value of the Company’s shares underlying stock option grants equals the closing price on the New York Stock Exchange on the date of grant. Fair value of financial instruments Fair value corresponds to the quoted price for listed financial assets and liabilities. The Company determined that the fair values of cash, trade receivables and trade payables approximate their carrying amounts largely due to the short-term maturities of these instruments. Where no active market exists, the Company establishes fair value by using a valuation technique determined to be the most appropriate in the circumstances. Regarding compound debt instruments, the fair value of debt component was determined at the date of issuance using a valuation model that requires judgment, including estimating the change in value of the Company at different dates and market yields applicable to the Company’s straight debt (without the conversion option). The assumptions used in calculating the value of the conversion option, the expected volatility of the Company’s underlying stock price which has experienced fluctuations, and the market discount rate, represent the Company’s best estimates based on management’s judgment and subjective future expectations. The fair value of debt component were supported by work performed by an independent valuation specialist engaged by the Company. Research and Development Costs Costs incurred internally in research and development activities are charged to expense until technological feasibility has been established for the project. Once technological feasibility is established, development costs are capitalized until the product is available for general release to customers. Judgment is required in determining when technological feasibility of a product is established. We have determined that technological feasibility for our software products is reached after all high-risk development issues have been resolved. Generally, this occurs when the preliminary design review has been done. Leases The application of IFRS 16 “Leases” requires the Company to make assumptions and estimates in order to determine the value of the right-of-use assets and lease liabilities, which mainly relates to the determination of the Company’s incremental borrowing rate. |
Fair value of financial instruments | Fair value of financial instruments Fair value corresponds to the quoted price for listed financial assets and liabilities. The Company determined that the fair values of cash, trade receivables and trade payables approximate their carrying amounts largely due to the short-term maturities of these instruments. Where no active market exists, the Company establishes fair value by using a valuation technique determined to be the most appropriate in the circumstances. Regarding compound debt instruments, the fair value of debt component was determined at the date of issuance using a valuation model that requires judgment, including estimating the change in value of the Company at different dates and market yields applicable to the Company’s straight debt (without the conversion option). The assumptions used in calculating the value of the conversion option, the expected volatility of the Company’s underlying stock price which has experienced fluctuations, and the market discount rate, represent the Company’s best estimates based on management’s judgment and subjective future expectations. The fair value of debt component were supported by work performed by an independent valuation specialist engaged by the Company. Research and Development Costs Costs incurred internally in research and development activities are charged to expense until technological feasibility has been established for the project. Once technological feasibility is established, development costs are capitalized until the product is available for general release to customers. Judgment is required in determining when technological feasibility of a product is established. We have determined that technological feasibility for our software products is reached after all high-risk development issues have been resolved. Generally, this occurs when the preliminary design review has been done. Leases The application of IFRS 16 “Leases” requires the Company to make assumptions and estimates in order to determine the value of the right-of-use assets and lease liabilities, which mainly relates to the determination of the Company’s incremental borrowing rate. |
Summary of significant accoun_3
Summary of significant accounting and reporting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Schedule of Subsidiaries | The Consolidated Financial Statements comprise the financial statements of Sequans Communications S.A., which is the ultimate parent of the group, and its subsidiaries as of and for the years ended December 31, 2021, 2020 and 2019: Name Country of Year of % Sequans Communications Ltd. United Kingdom 2005 100 Sequans Communications Inc. United States 2008 100 Sequans Communications Ltd. Pte. Singapore 2008 100 Sequans Communications Israel (2009) Ltd. Israel 2009 100 Sequans Communications Finland Oy Finland 2020 100 |
Schedule of Effect of Implementation of IFRIC Decision on IAS 19 | The effects on the financial statements are presented below: (in thousands) January 1, 2019 Effect if IFRS IC decision January 1, 2019 restated 2019 variation Effect if IFRS IC decision December 31, 2019 restated 2020 variation Effect if IFRS IC decision December 31, 2020 restated Equity (Deficit) and Liabilities Accumulated deficit (272,036) (272,036) (36,697) (42) (308,775) (54,476) (40) (363,291) Other component of equity (605) 326 (279) (2) 50 (231) 184 26 (21) Total Equity (5,019) 326 (4,693) (24,542) 8 (29,227) (7,565) (14) (36,806) Non-current employee benefits 990 (326) 664 73 (8) 729 92 14 835 Non-current Provisions 1,689 (326) 1,363 216 (8) 1,571 (31) 14 1,554 Total non-current liabilities 40,396 (326) 40,070 14,416 (8) 54,478 6,935 14 61,427 Total equity and liabilities 62,574 — 62,574 741 — 63,315 23,841 — 87,156 |
Schedule of Average and Closing Exchange Rate for the U.S. Dollar | The table below sets forth, for the periods and dates indicated, the average and closing exchange rate for the U.S. dollar (USD) to the euro (EUR), the U.K. pound sterling (GBP), the Singapore dollar (SGD) and the New Israeli shekel (NIS): USD/EUR USD/GBP USD/SGD USD/NIS December 31, 2019 Average rate 1.1196 1.2758 0.7331 0.2806 Closing rate 1.1234 1.3204 0.7434 0.2892 December 31, 2020 Average rate 1.1413 1.2834 0.7521 0.2908 Closing rate 1.2271 1.3650 0.7566 0.3111 December 31, 2021 Average rate 1.1835 1.3761 0.7444 0.3097 Closing rate 1.1326 1.3479 0.7413 0.3221 |
Schedule of Useful Lives Most Commonly Used | The useful lives most commonly used are the following: Machinery and equipment 3 to 5 years Building and leasehold improvements Lesser of 6 years or the life of the lease Computer equipment 3 years Furniture and office equipment 5 years Property, plant and equipment include: Leasehold Plant and IT and office Right of use Total (in thousands) Cost: At January 1, 2019 $ 1,253 $ 28,027 $ 3,608 4,556 $ 37,444 Additions 15 1,274 30 847 2,166 Disposals — (130) (15) — (145) Exchange difference 3 32 11 — 46 At December 31, 2019 1,271 29,203 3,634 5,403 39,511 Additions 78 1,594 367 2,073 4,112 Disposals (14) (3,401) (7) (463) (3,885) Exchange difference 5 39 12 — 56 At December 31, 2020 1,340 27,435 4,006 7,013 39,794 Additions 16 1,842 373 437 2,668 Disposals (20) (415) (3) (756) (1,194) Reclassification 94 — (94) — — Exchange difference 7 (20) 60 — 47 At December 31, 2021 $ 1,437 $ 28,842 $ 4,342 $ 6,694 $ 41,315 Depreciation and impairment: At January 1, 2019 957 22,202 3,458 — 26,617 Depreciation charge for the year 190 2,430 96 1,354 4,070 Impairment — 56 — — 56 Disposals — (120) (15) — (135) Exchange difference 4 30 11 — 45 At December 31, 2019 1,151 24,598 3,550 1,354 30,653 Depreciation charge for the year 92 2,003 138 1,444 3,677 Impairment — 75 — — 75 Disposals (14) (3,389) (6) (441) (3,850) Exchange difference 4 36 12 — 52 At December 31, 2020 1,233 23,323 3,694 2,357 30,607 Depreciation charge for the year 45 1,869 181 1,259 3,354 Impairment — — — — Disposals (12) (372) (3) (296) (683) Reclassification 19 — (19) — — Exchange difference 1 (15) 41 — 27 At December 31, 2021 $ 1,286 $ 24,805 $ 3,894 3,320 $ 33,305 Net book value: At January 1, 2019 $ 296 $ 5,825 $ 150 4,556 $ 10,827 At December 31, 2019 120 4,605 84 4,049 8,858 At December 31, 2020 107 4,112 312 4,656 9,187 At December 31, 2021 $ 151 $ 4,037 $ 448 3,374 $ 8,010 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating segments [Abstract] | |
Schedule of Total Revenue by Region | The following table sets forth the Company’s total revenue by region for the periods indicated. Year ended December 31, 2019 2020 2021 (in thousands) Asia : Taiwan $ 11,387 $ 10,494 $ 14,668 Korea 6,813 23,076 1,090 China (including Hong-Kong) 3,398 821 3,509 Rest of Asia 106 53 898 Total Asia 21,704 34,444 20,165 Germany — — 4,990 United States of America 7,962 13,015 22,565 Rest of world 1,198 3,457 3,159 Total revenue $ 30,864 $ 50,916 $ 50,879 Of our total revenue, 99.6% is attributable to international sales for the year ended December 31, 2021 (99.6% for 2020 and 99.8% for 2019). The Company categorizes its total revenue based on technology. Year ended December 31, 2019 2020 2021 (in thousands) Broadband IoT $ 15,344 $ 35,766 $ 23,699 Massive IoT 15,520 15,150 27,180 Total revenue $ 30,864 $ 50,916 $ 50,879 Additionally, the Company categorize its total revenue based on product, services and license revenue. Year ended December 31, 2019 2020 2021 (in thousands) Product $ 21,947 $ 37,919 $ 30,410 Development and other services 6,339 12,647 17,821 License 2,578 350 2,648 Total revenue $ 30,864 $ 50,916 $ 50,879 |
Other revenues and expenses (Ta
Other revenues and expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Schedule of Financial Income and Expenses | Financial income: Year ended December 31, 2019 2020 2021 (in thousands) Income from short-term investments and term deposits and other finance revenue $ 50 $ 29 $ 47 Impact of debt reimbursement (Notes 14.1 and 14.2) — — 5,177 Convertible debt amendments (Note 14.1) — 1,399 — Change in fair value of convertible debt derivative (Note 14.1) — — 3,848 Foreign exchange gain 2,116 1,407 3,032 Total financial income $ 2,166 $ 2,835 $ 12,104 Financial expenses: Year ended December 31, 2019 (1) 2020 (1) 2021 (in thousands) Interest on loans $ 7,864 $ 9,747 $ 7,462 Interest on lease contracts (see Note 15) 622 780 760 Interest on financing component of long term development services agreement (see Notes 18 and 19) 619 3,221 2,156 Interest on supplier payable with extended payment terms — 125 173 Other bank fees and financial charges 533 627 778 Change in fair value of convertible debt derivative (Note 14.1) — 13,129 — Foreign exchange loss 2,048 4,045 2,094 Total financial expenses $ 11,686 $ 31,674 $ 13,423 (1) 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Schedule of Cost of Revenue and Operating Expenses | The tables below present the cost of revenue and operating expenses by nature of expense: Year ended December 31, Note 2019 2020 2021 (in thousands) Included in cost of revenue: Cost of components $ 14,039 $ 23,376 $ 18,365 Depreciation and impairment 7 959 573 517 Amortization of intangible assets 8 159 159 162 Wages and benefits 1,780 1,993 2,306 Share-based payment expense 13 10 42 58 Assembly services, royalties and other 1,538 1,323 2,282 $ 18,485 $ 27,466 $ 23,690 Year ended December 31, Note 2019 (1) 2020 (1) 2021 (in thousands) Included in operating expenses (between gross profit and operating result): Depreciation and impairment 7 $ 3,167 $ 3,179 $ 2,837 Amortization of intangible assets 8 4,120 5,859 7,037 Wages and benefits 25,096 31,954 36,684 Share-based payment expense 13 1,787 2,943 5,077 Foreign exchange (gains) losses related to hedges of euro 71 106 (73) Other, net 6,140 4,150 (6,054) $ 40,381 $ 48,191 $ 45,508 Year ended December 31, Note 2019 (1) 2020 (1) 2021 (in thousands) Wages and salaries $ 19,953 $ 25,485 $ 29,422 Social security costs and other payroll taxes 6,748 8,222 9,386 Other benefits 161 146 167 Pension costs 69 94 15 Share-based payment expenses 13 1,797 2,985 5,135 Total employee benefits expense $ 28,728 $ 36,932 $ 44,125 (1) 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Schedule of Research and Development Expense | The impact of the reduction of research and development expense due to government grants, research tax credit and development costs capitalized was as follows: Year ended December 31, 2019 (1) 2020 (1) 2021 (in thousands) Research and development costs $ 31,199 $ 40,776 $ 52,200 Research tax credit (3,123) (4,871) (6,328) Government and other grants (247) (456) (3,621) Development costs capitalized (*) (5,020) (6,061) (18,297) Amortization of capitalized development costs 1,076 1,495 2,460 Total research and development expense $ 23,885 $ 30,883 $ 26,414 (1) 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Schedule of Major Components of Income Tax Expense | The major components of income tax expense are: Year ended December 31, 2019 2020 2021 (in thousands) Consolidated Statement of Operations Current income tax expense $ 251 $ 538 $ 504 Deferred income tax expense (benefit) (1,034) 398 121 Income tax expense (benefit) $ (783) $ 936 $ 625 |
Reconciliation of Income Taxes Computed at the French Statutory Rate | A reconciliation of income taxes computed at the French statutory rate (26.50% for the year ended December 31, 2021 and 28.00% for the years ended December 31, 2019 and 2020) to the income tax expense (benefit) is as follows: Year ended December 31, 2019 (1) 2020 (1) 2021 (in thousands) Profit (loss) before income taxes $ (37,522) $ (53,580) $ (19,638) At France’s statutory income tax rate of 28% in 2019 and 2020, and 26.5% in 2021 (10,506) (15,002) (5,204) Non-deductible share-based payment expense 503 836 1,361 Tax credits (874) (1,364) (1,677) Impact of the extinguishment of the convertible debts after amendment — 398 — Impact of debt reimbursement — — 1,372 Permanent differences and other 51 914 168 Unrecognized benefit of tax losses carryforward 10,043 15,154 4,605 Income tax expense (income) $ (783) $ 936 $ 625 (1) 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows: Consolidated Statement of Financial Position Equity Consolidated Statement of Operations December 31, December 31, Year ended December 31, 2019 2020 2021 2019 2020 2021 2019 2020 2021 (in thousands) (in thousands) (in thousands) Government loan 46 142 (135) — — — (1) 96 (277) Intangible assets 24 (49) (28) — — — (47) (72) 21 Lease contracts (8) — — — — — (8) 8 — Cash flow hedge (3) 2 (2) — — — (2) 5 (4) Remeasurement of non-monetary accounts (103) 728 (171) — — — (202) 831 (899) Convertible debts and venture debt - liability 1,901 23 — 773 (809) — (925) (1,069) (23) Other provisions and accruals (310) (248) (490) — — — (288) 62 (242) From subsidiaries 19 19 138 — — — (16) — 119 Deferred tax asset not recognized on losses (Loss available for offsetting against future taxable income) (1,137) (598) 826 — — — 455 537 1,426 Total $ 429 $ 19 $ 138 773 $ (809) $ — $ (1,034) $ 398 $ 121 The changes in deferred tax assets and liabilities were as follows: 2019 2020 2021 (in thousands) At January 1st $ 691 $ 429 $ 19 Tax expense (income) during the year recognized in Profit or Loss (1,034) 398 121 Tax expense (income) during the year recognized in equity (1) 773 (809) — Effect of foreign exchange (1) 1 (2) At December 31st $ 429 $ 19 $ 138 |
Earnings (loss) per share (Tabl
Earnings (loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Schedule of Income and Share Data Used in Basic and Diluted Earnings (Loss) Per Share Computations | The following reflects the income and share data used in the basic and diluted earnings (loss) per ordinary share and ADS computations: Year ended December 31, 2019 (1) 2020 (1) 2021 (in thousands, except share and per share data) Profit (Loss) $ (36,739) $ (54,516) $ (20,263) Weighted average number of shares outstanding for basic EPS 95,008,518 112,432,988 146,691,784 Net effect of dilutive stock options — — — Net effect of dilutive warrants — — — Net effect of vesting of restricted stock — — — Net effect of conversion of convertible notes — — — Weighted average number of shares outstanding for diluted EPS 95,008,518 112,432,988 146,691,784 Basic earnings (loss) per share $ (0.39) $ (0.48) $ (0.14) Diluted earnings (loss) per share $ (0.39) $ (0.48) $ (0.14) ADS outstanding for basic and diluted earnings (loss) per ADS 23,752,130 28,108,247 36,672,946 Basic earnings (loss) per ADS $ (1.55) $ (1.94) $ (0.55) Diluted earnings (loss) per ADS $ (1.55) $ (1.94) $ (0.55) (1) 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | The useful lives most commonly used are the following: Machinery and equipment 3 to 5 years Building and leasehold improvements Lesser of 6 years or the life of the lease Computer equipment 3 years Furniture and office equipment 5 years Property, plant and equipment include: Leasehold Plant and IT and office Right of use Total (in thousands) Cost: At January 1, 2019 $ 1,253 $ 28,027 $ 3,608 4,556 $ 37,444 Additions 15 1,274 30 847 2,166 Disposals — (130) (15) — (145) Exchange difference 3 32 11 — 46 At December 31, 2019 1,271 29,203 3,634 5,403 39,511 Additions 78 1,594 367 2,073 4,112 Disposals (14) (3,401) (7) (463) (3,885) Exchange difference 5 39 12 — 56 At December 31, 2020 1,340 27,435 4,006 7,013 39,794 Additions 16 1,842 373 437 2,668 Disposals (20) (415) (3) (756) (1,194) Reclassification 94 — (94) — — Exchange difference 7 (20) 60 — 47 At December 31, 2021 $ 1,437 $ 28,842 $ 4,342 $ 6,694 $ 41,315 Depreciation and impairment: At January 1, 2019 957 22,202 3,458 — 26,617 Depreciation charge for the year 190 2,430 96 1,354 4,070 Impairment — 56 — — 56 Disposals — (120) (15) — (135) Exchange difference 4 30 11 — 45 At December 31, 2019 1,151 24,598 3,550 1,354 30,653 Depreciation charge for the year 92 2,003 138 1,444 3,677 Impairment — 75 — — 75 Disposals (14) (3,389) (6) (441) (3,850) Exchange difference 4 36 12 — 52 At December 31, 2020 1,233 23,323 3,694 2,357 30,607 Depreciation charge for the year 45 1,869 181 1,259 3,354 Impairment — — — — Disposals (12) (372) (3) (296) (683) Reclassification 19 — (19) — — Exchange difference 1 (15) 41 — 27 At December 31, 2021 $ 1,286 $ 24,805 $ 3,894 3,320 $ 33,305 Net book value: At January 1, 2019 $ 296 $ 5,825 $ 150 4,556 $ 10,827 At December 31, 2019 120 4,605 84 4,049 8,858 At December 31, 2020 107 4,112 312 4,656 9,187 At December 31, 2021 $ 151 $ 4,037 $ 448 3,374 $ 8,010 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
Schedule of Intangible Assets | Intangible assets include: Capitalized development costs Licenses Total (in thousands) Cost: At January 1, 2019 $ 5,717 $ 19,104 $ 24,821 Additions 5,020 3,752 8,772 Disposals — (2,045) (2,045) Exchange difference — 7 7 At December 31, 2019 10,737 20,818 31,555 Additions 6,061 8,579 14,640 Disposals — (14) (14) Exchange difference — 8 8 At December 31, 2020 16,798 29,391 46,189 Additions 18,297 1,450 19,747 Disposals — — — Exchange difference — 167 167 At December 31, 2021 $ 35,095 $ 31,008 $ 66,103 Depreciation and impairment: At January 1, 2019 $ 680 $ 11,732 $ 12,412 Amortization 1,075 3,204 4,279 Disposals — (1,838) (1,838) Exchange difference — 6 6 At December 31, 2019 1,755 13,104 14,859 Amortization 1,495 4,523 6,018 Disposals — (8) (8) Exchange difference — 8 8 At December 31, 2020 3,250 17,627 20,877 Amortization 2,460 4,591 7,051 Impairment — 148 148 Disposals — — — Exchange difference — 43 43 At December 31, 2021 $ 5,710 $ 22,409 $ 28,119 Net book value: At January 1, 2019 $ 5,037 $ 7,372 $ 12,409 At December 31, 2019 8,982 7,714 16,696 At December 31, 2020 13,548 11,764 25,312 At December 31, 2021 $ 29,385 $ 8,599 $ 37,984 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
Schedule of Inventories | At December 31, 2019 2020 2021 (in thousands) Components $ 2,645 $ 2,138 $ 2,683 Finished goods 4,702 4,996 5,091 Total inventories at cost $ 7,347 $ 7,134 $ 7,774 Provision for slow-moving or damaged components $ 2 $ 2 $ 225 Provision for slow-moving or damaged finished goods 681 907 1,116 Total provision for slow-moving or damaged inventory $ 683 $ 909 $ 1,341 Components, net $ 2,643 $ 2,136 $ 2,458 Finished goods, at the lower of cost and net realizable value 4,021 4,089 3,975 Total net inventories $ 6,664 $ 6,225 $ 6,433 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Schedule of Non-Interest Bearing Trade Receivables | Trade receivables and contract assets are non-interest bearing. Trade receivables generally have 30-90 day payment terms. At December 31, 2019 2020 2021 (in thousands) Trade receivables $ 11,957 $ 20,537 $ 16,876 Contract assets 1,587 371 789 Provision for credit notes to be issued (848) (536) (465) Provisions on trade receivables (2,719) (2,724) (2,789) Net trade receivables $ 9,977 $ 17,648 $ 14,411 | |
Schedule of Movements in the Provision for Impairment of Receivables | Post- Other provisions Total Current Non current (in thousands) At January 1, 2019 $ 990 $ 1,051 $ 2,041 $ 352 $ 1,689 Effect of application of the IFRS IC decision on IAS 19 (326) — (326) — — At January 1, 2019 restated 664 1,051 1,715 352 1,363 Arising (released) during the year 94 190 284 — — Effect of application of the IFRS IC decision on IAS 19 (8) — (8) — — Released (used) during the year (21) (352) (373) — — Released (unused) during the year — (47) (47) — — At December 31, 2019 729 842 1,571 — 1,571 Arising (released) during the year 92 378 470 — — Effect of application of the IFRS IC decision on IAS 19 13 — 13 — — Released (used) during the year — — — — — Released (unused) during the year — (411) (411) — — At December 31, 2020 834 809 1,643 89 1,554 Arising (released) during the year (28) 850 822 — — Released (used) during the year — (90) (90) — — Released (unused) during the year — (238) (238) — — At December 31, 2021 $ 806 $ 1,331 $ 2,137 $ — $ 2,137 | The movements in the provision for impairment of receivables were as follows: December 31, 2019 2020 2021 (in thousands) At January 1, $ 2,592 $ 2,719 $ 2,724 Charge for the year 515 47 65 Utilized amounts (388) — — Unutilized amounts — (42) — At year end $ 2,719 $ 2,724 $ 2,789 |
Aging Analysis of Trade Receivables That Were Not Impaired | As at year end, the aging analysis of trade receivables and contract assets that were not impaired is as follows: Total Neither past 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 December 31, 2020 $ 17,648 $ 14,232 $ 2,879 $ 53 $ — $ 484 At December 31, 2021 $ 14,411 $ 13,587 $ 241 $ — $ — $ 583 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Cash and Cash Equivalents | At December 31, 2019 2020 2021 (in thousands) Cash at banks $ 2,591 $ 7,567 $ 4,828 Cash equivalents 11,507 7 7 Short-term deposits — 10,900 — Cash, cash equivalents and deposits $ 14,098 $ 18,474 $ 4,835 At December 31, 2019 2020 2021 (in thousands) U.S. dollar denominated accounts $ 13,702 $ 18,135 $ 2,869 Euro denominated accounts 301 154 1,564 GBP denominated accounts 37 76 143 SGP denominated accounts 12 44 47 NIS denominated accounts 19 14 160 RMB denominated accounts 11 29 35 Other currencies denominated accounts 16 22 17 Cash, cash equivalents and short-term deposits $ 14,098 $ 18,474 $ 4,835 |
Issued capital and reserves (Ta
Issued capital and reserves (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Shares Issued and Fully Paid | Shares issued and fully paid At December 31, 2019 2020 2021 Shares Amount Shares Amount Shares Amount (in thousands, except for share data) Ordinary shares 95,587,146 € 1,912 133,934,090 € 2,678 151,419,322 € 3,028 Converted to U.S. dollars at historical exchange rates $ 2,403 $ 3,269 $ 3,687 |
Share-based payment plans (Tabl
Share-based payment plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Payment Arrangements [Abstract] | |
Breakdown of share-based payments expenses on entity's profit or loss | The breakdown is as follows: Year ended December 31, 2019 2020 2021 (in thousands) Cost of revenue $ 10 $ 42 $ 57 Research and development $ 508 $ 1,394 $ 2,109 Sales and marketing $ 282 $ 529 $ 970 General and administrative $ 997 $ 1,020 $ 1,999 Total $ 1,797 $ 2,985 $ 5,135 |
Summary of movement in number and WAEP of stock options | The following table illustrates the number of shares (ADS equivalents are not presented) and weighted average exercise prices (WAEP) of, and movements in, stock options and warrants during the period: December 31, 2019 2020 2021 Number WAEP Number WAEP Number WAEP Outstanding at January 1, 5,983,452 $ 3.50 5,771,960 $ 3.46 5,687,367 $ 3.41 Granted during the year 312,000 $ 0.89 252,000 $ 1.51 1,076,000 $ 1.55 Forfeited during the year (452,992) $ 2.56 (207,265) $ 1.84 (139,722) $ 1.85 Exercised during the year (1) — $ — (24,828) $ 1.29 (94,008) $ 1.47 Expired during the year (70,500) $ 1.34 (104,500) $ 5.21 (1,296,200) $ 8.35 Outstanding at period end 5,771,960 $ 3.46 5,687,367 $ 3.41 5,233,437 $ 1.73 Of which, warrants for consultants equivalent to employees 177,500 $ 2.70 155,500 $ 2.30 203,000 $ 1.79 Exercisable at period end 5,114,422 $ 3.55 5,180,701 $ 3.45 3,977,831 $ 1.79 Of which, warrants for consultants equivalent to employees 160,833 $ 2.84 155,500 $ 2.30 165,667 $ 1.72 (1) The weighted average share estimated fair value at the dates of exercise of these options was $1.78 in 2021 and $1.72 in 2020 The following table illustrates the number of, and movements in, restricted shares awards (RSA) based on the number of ordinary shares (ADS equivalents are not presented) during the period: December 31, 2019 2020 2021 Outstanding at January 1, 2,746,181 5,883,187 9,525,135 Granted during the year 4,180,218 5,475,616 4,426,496 Forfeited during the year (184,314) (165,528) (628,186) Vested during the year (858,898) (1,668,140) (2,943,964) Outstanding at period end 5,883,187 9,525,135 10,379,481 |
Fair value assumptions for determining value of the grants | The following table lists the inputs to the models used for determining the value of the grants made for the years ended December 31, 2019, 2020 and 2021: December 31, 2019 2020 2021 Dividend yield (%) — — — Expected volatility (%) 55 57 59 Risk–free interest rate (%) — — — Assumed annual lapse rate of awards (%) 10 for all except 2 for warrants and a limited group of beneficiaries 12 for all except 2 for warrants and a limited group of beneficiaries 15 for all except 2 for warrants and a limited group of beneficiaries Sell price multiple (applied to exercise price) 2 2 2 Weighted average share price ($) 0.75 1.33 1.22 Model used Binomial Binomial Binomial |
Fair value assumptions for determining value of the grants | The following table lists the inputs to the models used for determining the value of the grants made for the years ended December 31, 2019, 2020 and 2021: December 31, 2019 2020 2021 Dividend yield (%) — — — Expected volatility (%) 55 57 59 Risk–free interest rate (%) — — — Assumed annual lapse rate of awards (%) 10 for all except 2 for warrants and a limited group of beneficiaries 12 for all except 2 for warrants and a limited group of beneficiaries 15 for all except 2 for warrants and a limited group of beneficiaries Sell price multiple (applied to exercise price) 2 2 2 Weighted average share price ($) 0.75 1.33 1.22 Model used Binomial Binomial Binomial |
Interest-bearing loans and bo_2
Interest-bearing loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Schedule of Interest-Bearing Loans and Borrowings | At December 31, Note 2019 2020 2021 (in thousands) Current Convertible debt 14.1 7,329 — — Venture debt 14.2 5,109 6,104 — Interest-bearing receivables financing 14.3 4,068 14,228 9,518 Total current portion $ 16,506 $ 20,332 $ 9,518 Non-current Convertible debt 14.1 $ 23,342 $ 26,074 $ 36,373 Convertible debt embedded derivative 14.1 — 12,395 10,081 Venture debt 14.2 7,071 2,172 — Total non-current portion $ 30,413 $ 40,641 $ 46,454 The conversion rates of the convertible notes outstanding as of December 31, 2021, are as follows: Conversion rate per share Conversion rate per ADS 2019-2 Nokomis Note $ 1.03 $ 4.12 2021 Lynrock Lake Note $ 1.915 $ 7.66 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of right-of-use assets | The table below presents 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, 2019 4,159 397 4,556 Additions 847 — 847 Depreciation expense (1,064) (290) (1,354) As at December 31, 2019 $ 3,942 $ 107 $ 4,049 Additions 1,448 625 2,073 Disposals (207) (255) (462) Depreciation expense (1,184) (260) (1,444) Amortization disposals 185 255 440 As at December 31, 2020 $ 4,184 $ 472 $ 4,656 Additions 437 — 437 Disposals (210) (547) (757) Depreciation expense (1,151) (108) (1,259) Amortization disposals 114 183 297 As at December 31, 2021 $ 3,374 $ — $ 3,374 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, 2019 $ 4,623 $ 1,415 $ 3,208 Additions 732 Interests expense 622 Foreign exchange loss (gain) 49 Payments (1,922) As at December 31, 2019 $ 4,104 $ 900 $ 3,204 Additions 1,750 Interests expense 780 Foreign exchange loss (gain) 363 Payments (1,221) As at December 31, 2020 $ 5,776 $ 1,014 $ 4,762 Additions 437 Disposals (993) Interests expense 760 Foreign exchange loss (gain) (297) Payments (1,063) As at December 31, 2021 $ 4,620 $ 1,247 $ 3,373 |
Government grant advances and_2
Government grant advances and loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Government Grants [Abstract] | |
Schedule of Government Grant Advances and Loans | December 31, Note 2019 2020 2021 (in thousands) Current Government grant advances 16.1 $ 349 $ 693 $ 3,317 Research project financing 16.2 674 1,288 1,057 Government loans 16.2 449 1,886 1,832 Total current portion $ 1,472 $ 3,867 $ 6,206 Non-current Government grant advances 16.1 $ 510 $ 642 $ 2,048 Research project financing 16.2 4,652 4,625 2,248 Government loans 16.3 348 4,611 3,084 Accrued interest 16.2 640 1,325 1,974 Total non-current portion $ 6,150 $ 11,203 $ 9,354 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | ||
Reconciliation of Changes in Provisions | Post- Other provisions Total Current Non current (in thousands) At January 1, 2019 $ 990 $ 1,051 $ 2,041 $ 352 $ 1,689 Effect of application of the IFRS IC decision on IAS 19 (326) — (326) — — At January 1, 2019 restated 664 1,051 1,715 352 1,363 Arising (released) during the year 94 190 284 — — Effect of application of the IFRS IC decision on IAS 19 (8) — (8) — — Released (used) during the year (21) (352) (373) — — Released (unused) during the year — (47) (47) — — At December 31, 2019 729 842 1,571 — 1,571 Arising (released) during the year 92 378 470 — — Effect of application of the IFRS IC decision on IAS 19 13 — 13 — — Released (used) during the year — — — — — Released (unused) during the year — (411) (411) — — At December 31, 2020 834 809 1,643 89 1,554 Arising (released) during the year (28) 850 822 — — Released (used) during the year — (90) (90) — — Released (unused) during the year — (238) (238) — — At December 31, 2021 $ 806 $ 1,331 $ 2,137 $ — $ 2,137 | The movements in the provision for impairment of receivables were as follows: December 31, 2019 2020 2021 (in thousands) At January 1, $ 2,592 $ 2,719 $ 2,724 Charge for the year 515 47 65 Utilized amounts (388) — — Unutilized amounts — (42) — At year end $ 2,719 $ 2,724 $ 2,789 |
Schedule of Main Assumptions Used | The main assumptions used in the calculation are the following: 2019 2020 2021 Discount rate 0.77% 0.34% 0.98% Salary increase Between 1.5% and 3.5% Between 1.5% and 3.5% Between 1.5% and 3.5% Retirement age 60-62 years 60-62 years 60-62 years Turnover: depending on the seniority Decrease by age from 2% for directors, Vice presidents and managers and from 10% for other employees. 0% for executive team Decrease by age from 2% for directors, Vice presidents and managers and from 10% for other employees. 0% for executive team Decrease by age from 2% for directors, Vice presidents and managers and from 12% for other employees. 0% for executive team |
Other non-current liabilities (
Other non-current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Non-Current Liabilities | Other non-current liabilities At December 31, 2019 2020 2021 (in thousands) Trade payables 1,139 851 964 Deferred tax liabilities 429 19 138 Contract liabilities: License and development services agreement 11,249 2,343 2,706 Deferred revenue 323 54 — Total contract liabilities $ 11,572 $ 2,397 $ 2,706 |
Trade payables and other curr_2
Trade payables and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Trade Payables and Other Current Liabilities | At December 31, 2019 2020 2021 (in thousands) Trade payables $ 8,834 $ 15,701 $ 13,916 Other current liabilities: Employees and social debts 3,575 7,424 7,987 Provisions — 89 — Others 965 963 1,193 Total other current liabilities $ 4,540 $ 8,476 $ 9,180 Contract liabilities: License and development services agreement (See Note 19) 5,085 12,392 8,201 Deferred revenue 727 753 476 $ 5,812 $ 13,145 $ 8,677 |
Information about financial i_2
Information about financial instruments (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Instruments [Abstract] | ||
Schedule of Financial Assets | Carrying amount Fair value December 31, December 31, 2019 2020 2021 2019 2020 2021 (in thousands) Financial assets: Trade and other receivables Trade receivables and contract assets $ 9,977 $ 17,648 $ 14,411 $ 9,977 $ 17,648 $ 14,411 Deposits and other receivables Deposits 401 466 451 401 466 451 Other financial assets Long-term investments 335 386 357 335 386 357 Financial instruments at fair value through other comprehensive income Cash flow hedges 46 84 — 46 84 — Cash, cash equivalents and short-term investments 14,098 18,474 4,835 14,098 18,474 4,835 Total financial assets $ 24,857 $ 37,058 $ 20,054 $ 24,857 $ 37,058 $ 20,054 Total current $ 24,121 $ 36,206 $ 19,246 $ 24,121 $ 36,206 $ 19,246 Total non-current $ 736 $ 852 $ 808 $ 736 $ 852 $ 808 Financial liabilities: Lease liability 4,104 5,776 4,620 4,104 5,776 4,620 Interest-bearing loans and borrowings: Interest-bearing receivables financing 4,068 14,228 9,518 4,068 14,228 9,518 Convertible debt 30,671 26,074 36,373 30,706 26,074 36,493 Venture debt 12,180 8,276 — 12,180 8,276 — Government loans 1,002 6,920 6,001 1,002 6,920 6,001 Research project financing 5,696 6,473 3,868 5,696 6,473 3,868 Convertible debt embedded derivative — 12,395 10,081 — 12,395 10,081 Trade and other payables (current and non current) 9,973 16,552 14,880 9,973 16,552 14,880 Financial instruments at fair value through other comprehensive income Cash flow hedges — — 50 — — 50 Total financial liabilities $ 67,694 $ 96,694 $ 85,391 $ 67,729 $ 96,694 $ 85,511 Total current $ 27,363 $ 40,221 $ 27,631 $ 27,328 $ 40,221 $ 27,631 Total non-current $ 40,331 $ 56,473 $ 57,760 $ 40,401 $ 56,473 $ 57,880 | |
Disclosure of Financial Liabilities | Carrying amount Fair value December 31, December 31, 2019 2020 2021 2019 2020 2021 (in thousands) Financial assets: Trade and other receivables Trade receivables and contract assets $ 9,977 $ 17,648 $ 14,411 $ 9,977 $ 17,648 $ 14,411 Deposits and other receivables Deposits 401 466 451 401 466 451 Other financial assets Long-term investments 335 386 357 335 386 357 Financial instruments at fair value through other comprehensive income Cash flow hedges 46 84 — 46 84 — Cash, cash equivalents and short-term investments 14,098 18,474 4,835 14,098 18,474 4,835 Total financial assets $ 24,857 $ 37,058 $ 20,054 $ 24,857 $ 37,058 $ 20,054 Total current $ 24,121 $ 36,206 $ 19,246 $ 24,121 $ 36,206 $ 19,246 Total non-current $ 736 $ 852 $ 808 $ 736 $ 852 $ 808 Financial liabilities: Lease liability 4,104 5,776 4,620 4,104 5,776 4,620 Interest-bearing loans and borrowings: Interest-bearing receivables financing 4,068 14,228 9,518 4,068 14,228 9,518 Convertible debt 30,671 26,074 36,373 30,706 26,074 36,493 Venture debt 12,180 8,276 — 12,180 8,276 — Government loans 1,002 6,920 6,001 1,002 6,920 6,001 Research project financing 5,696 6,473 3,868 5,696 6,473 3,868 Convertible debt embedded derivative — 12,395 10,081 — 12,395 10,081 Trade and other payables (current and non current) 9,973 16,552 14,880 9,973 16,552 14,880 Financial instruments at fair value through other comprehensive income Cash flow hedges — — 50 — — 50 Total financial liabilities $ 67,694 $ 96,694 $ 85,391 $ 67,729 $ 96,694 $ 85,511 Total current $ 27,363 $ 40,221 $ 27,631 $ 27,328 $ 40,221 $ 27,631 Total non-current $ 40,331 $ 56,473 $ 57,760 $ 40,401 $ 56,473 $ 57,880 | |
Disclosure of Fair Value of Financial Instruments | As at December 31, 2019, the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2019 Level 1 Level 2 Level 3 (in thousands) Long-term investments $ 335 — $ 335 — Financial instruments at fair value through other comprehensive income: Cash flow hedge $ 46 — $ 46 — As of December 31, 2019 there were no liabilities measured at fair value. As at December 31, 2020, the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2020 Level 1 Level 2 Level 3 (in thousands) Long-term investments $ 386 — $ 386 — Financial instruments at fair value through other comprehensive income: Cash flow hedge $ 84 — $ 84 — Liabilities measured at fair value At December 31, 2020 Level 1 Level 2 Level 3 (in thousands) Convertible debt embedded derivative 12,395 — 12,395 — As of December 31, 2021, the Company held the following financial instruments carried at fair value on the statement of financial position: Assets measured at fair value At December 31, 2021 Level 1 Level 2 Level 3 (in thousands) Long-term investments 357 — 357 — Liabilities measured at fair value At December 31, 2021 Level 1 Level 2 Level 3 (in thousands) Convertible debt embedded derivative 10,081 — 10,081 — Financial instruments at fair value through other comprehensive income: Cash flow hedge 50 — 50 — | |
Schedule of Present Fair Values of Derivative Financial Instruments | The following tables present fair values of foreign currency derivative financial instruments at December 31, 2021, 2020 and 2019. At December 31, 2019 Notional Amount Fair value (in thousands) Forward contracts (buy euros, sell U.S dollars) € 3,000 $ 46 Options (buy euros, sell U.S. dollars) — — Total € 3,000 $ 46 At December 31, 2020 Notional Amount Fair value (in thousands) Forward contracts (buy euros, sell U.S. dollars) € 2,250 $ 84 Options (buy euros, sell U.S. dollars) — — Total € 2,250 $ 84 At December 31, 2021 Notional Amount Fair value (in thousands) Forward contracts (buy euros, sell U.S. dollars) € 5,000 $ (50) Options (buy euros, sell U.S. dollars) — — Total € 5,000 $ (50) | |
Summary of Customers Representing Company's Total Revenue | The following table summarizes customers representing a significant portion of the Company’s total revenue: Customer Customer Location % of total revenues for the year ended December 31, Trade receivables at December 31, 2021 2020 2019 2021 2020 2019 A Taiwan 23 % 20 % 27 % 545,000 4,767,000 1,383,000 B United States of America 23 % 18 % 7 % 1,800,000 — 250,000 C China 14 % Less than 10% Less than 10% 203,000 339,000 271,000 D Japan 13 % Less than 10% — % 7,736,000 5,120,000 — E South Korea Less than 10% 45 % 22 % 583,000 5,209,000 2,680,000 F Taiwan Less than 10% Less than 10% 10 % — 544,000 1,745,000 | |
Schedule of Liquidity Risk | Within 1 1 to 2 2 to 3 3 to 4 4 to 5 More Total (in thousands) At December 31, 2019 Research project financing $ 739 $ 2,252 $ 2,601 $ 368 $ 72 $ — $ 6,032 Interest-bearing receivables financing 4,068 — — — — — 4,068 Government loans 478 466 229 — — — 1,173 Convertible debt 7,863 26,792 6,124 — — — 40,779 Venture debt 6,042 6,042 2,351 — — — 14,435 Lease liabilities 1,147 832 973 980 965 1,307 6,204 Trade payables 8,834 1,000 250 — — — 10,084 Other current liabilities 4,540 — — — — — 4,540 $ 33,711 $ 37,384 $ 12,528 $ 1,348 $ 1,037 $ 1,307 $ 87,315 At December 31, 2020 Research project financing $ 1,944 $ 2,387 $ 1,828 $ 425 $ — $ — $ 6,584 Interest-bearing receivables financing 14,228 — — — — — 14,228 Government loans 1,536 1,851 1,319 1,287 1,256 412 7,661 Convertible debt — — — 35,506 — — 35,506 Venture debt 6,600 2,568 — — — — 9,168 Lease liabilities 1,777 2,027 1,407 1,184 1,177 359 7,931 Trade payables 15,701 250 — 1,430 — — 17,381 Other current liabilities 8,386 — — — — — 8,386 $ 50,172 $ 9,083 $ 4,554 $ 39,832 $ 2,433 $ 771 $ 106,845 At December 31, 2021 Research project financing $ 1,057 $ 1,042 $ 1,684 $ — $ — $ — $ 3,783 Interest-bearing receivables financing 9,518 — — — — — 9,518 Government loans 1,240 1,573 1,483 1,452 714 6,462 Convertible debt (1) — — 54,623 — — — 54,623 Lease liabilities 1,238 1,043 965 1,052 322 — 4,620 Trade payables 13,916 171 1,477 — — — 15,564 Other current liabilities 9,180 — — — — — 9,180 $ 36,149 $ 3,829 $ 60,232 $ 2,504 $ 1,036 $ — $ 103,750 | |
Schedule of Financial Liabilities | (in thousands) January 1, 2019 * Cash flows Foreign exchange movement Accrued interest Other (1) December 31, 2019 Government grant advances and loans $ 6,362 1,006 (112) 220 145 $ 7,621 Convertible debt $ 19,723 7,967 — 5,844 (2,863) $ 30,671 Venture debt $ 12,634 (2,010) (240) 1,796 — $ 12,180 Lease liabilities $ 4,623 $ (1,922) $ 49 $ 622 $ 732 $ 4,104 Interest-bearing financing of receivables $ 10,295 (6,227) — — — $ 4,068 Total $ 53,637 (1,186) (303) 8,482 (1,986) $ 58,644 * Restated to reflect the impact of the adoption of IFRS 16 Leases (in thousands) January 1, 2020 Cash flows Foreign exchange movement Accrued interest Non-cash impact of amendment and conversion Other (1) December 31, 2020 Government grant advances and loans $ 7,621 5,910 1,392 364 — (217) $ 15,070 Convertible debt $ 30,671 2,050 — 7,902 (16,008) 1,459 $ 26,074 Venture debt $ 12,180 (6,105) 750 1,451 — — $ 8,276 Lease liabilities $ 4,104 (1,221) 363 780 — 1,750 $ 5,776 Interest-bearing financing of receivables $ 4,068 9,914 175 71 — — $ 14,228 Total $ 58,644 10,548 2,680 10,568 (16,008) 2,992 $ 69,424 (in thousands) January 1, 2021 Cash flows Foreign exchange movement Accrued interest Non-cash impact of amendment and conversion Other (1) December 31, 2021 Government grant advances and loans $ 15,070 592 (449) 427 (80) $ 15,560 Convertible debt $ 26,074 27,957 — 6,193 (11,138) (12,713) $ 36,373 Venture debt $ 8,276 (8,743) 180 819 (532) $ — Lease liabilities $ 5,776 (1,063) (297) 760 (556) $ 4,620 Interest-bearing financing of receivables $ 14,228 21 (337) 282 (4,676) $ 9,518 Total $ 69,424 18,764 (903) 8,481 (11,138) (18,557) $ 66,071 (1) Amounts included in Other for 2019 mainly represent the amounts recorded in equity related to the issuance of debt with an equity component, the reduction of grants as the corresponding expense is incurred and new grants to be received. In 2019, 2020 and 2021, Other includes as well as additions in lease liabilities, which are non-cash. In 2020 and 2021, Other includes the liability component and the fair value of the embedded option of the convertible debts converted during the year. In 2021, Other includes the impact of the forgiveness of the government grant advance and of the netting of the interest-bearing financing debt with the Research tax credit receivable. |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party [Abstract] | |
Compensation of Key Management Personnel | Compensation of key management personnel Year ended December 31, 2019 2020 2021 (in thousands) Fixed and variable wages, social charges and benefits expensed in the year $ 2,179 $ 2,441 $ 2,837 Share-based payment expense for the year 1,106 1,307 2,478 Board members fees to non-executive members 210 210 210 Total compensation expense for key management personnel $ 3,495 $ 3,958 $ 5,525 |
Summary of significant accoun_4
Summary of significant accounting and reporting policies - Narrative (Details) - USD ($) | Feb. 18, 2019 | May 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | ||
Disclosure of detailed information about intangible assets [line items] | ||||||||||
Public and private equity offering proceeds, net of transaction costs paid | $ 9,852,000 | $ 29,272,000 | [1] | $ 0 | [1] | |||||
Proceeds received from long-term projects | 7,600,000 | |||||||||
Conversion of loan (Note 12) | $ 2,200,000 | 2,246,000 | ||||||||
Proceeds from convertible debt, net of transaction cost | 39,682,000 | 2,050,000 | [1] | 7,967,000 | [1] | |||||
Proceeds from issue of warrants to a strategic partner, net of transaction costs paid | $ 8,360,000 | 0 | 0 | [1] | 8,269,000 | [1] | ||||
Net losses | 20,263,000 | 54,516,000 | [2] | 36,739,000 | [2] | |||||
Accumulated deficit | 383,554,000 | 363,291,000 | [3] | 308,775,000 | [3] | $ 272,036,000 | ||||
Increase (decrease) in working capital | 7,800,000 | |||||||||
Right-of-use assets | 3,374,000 | 4,656,000 | 4,049,000 | 4,556,000 | ||||||
Lease liabilities | 4,620,000 | 5,776,000 | 4,104,000 | $ 4,623,000 | ||||||
Lease liabilities | 3,373,000 | 4,762,000 | [3] | 3,204,000 | [3] | 3,208,000 | ||||
Current lease liabilities | 1,247,000 | 1,014,000 | [3] | 900,000 | [3] | $ 1,415,000 | ||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 14.20% | |||||||||
Equity | 24,306,000 | $ 36,806,000 | [3] | 29,227,000 | [3] | 4,693,000 | ||||
Period of the maintenance | 1 year | |||||||||
Revenue from development contracts where no related incremental costs were identified | 311,000 | $ 350,000 | 1,724,000 | |||||||
Performance obligation | 4,273,000 | 6,693,000 | 3,959,000 | |||||||
Contract liabilities | 765,000 | $ 727,000 | 988,000 | $ 1,940,000 | ||||||
Licenses | ||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||
Life used to compute amortization in the case of perpetual licenses | 5 years | |||||||||
Bottom of range | Capitalized development costs | ||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||
Life used to compute amortization in the case of perpetual licenses | 3 years | |||||||||
Top of range | Capitalized development costs | ||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||
Life used to compute amortization in the case of perpetual licenses | 5 years | |||||||||
Within one year | ||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||
Performance obligation | 4,017,000 | $ 4,967,000 | 2,405,000 | |||||||
Later than one year | ||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||
Performance obligation | $ 256,000 | $ 1,726,000 | $ 1,554,000 | |||||||
IFRS 16 | ||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||
Right-of-use assets | $ 3,374,000 | |||||||||
Previously stated | ||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||
Accumulated deficit | 272,036,000 | |||||||||
Equity | $ 5,019,000 | |||||||||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | |||||||||
[2] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | |||||||||
[3] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Summary of significant accoun_5
Summary of significant accounting and reporting policies - Schedule of Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Sequans Communications Ltd. | |
Disclosure of subsidiaries [line items] | |
% equity interest | 100.00% |
Sequans Communications Inc. | |
Disclosure of subsidiaries [line items] | |
% equity interest | 100.00% |
Sequans Communications Ltd. Pte. | |
Disclosure of subsidiaries [line items] | |
% equity interest | 100.00% |
Sequans Communications Israel (2009) Ltd. | |
Disclosure of subsidiaries [line items] | |
% equity interest | 100.00% |
Summary of significant accoun_6
Summary of significant accounting and reporting policies - Schedule of Effect of Implementation of IFRIC Decision on IAS 19 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2018 | |||
Schedule Of Effect Of Implementation Of New IFRS [Line Items] | ||||||
Accumulated deficit | $ (363,291) | [1] | $ (308,775) | [1] | $ (383,554) | $ (272,036) |
Increase (decrese) in accumulated deficit | (54,476) | (36,697) | ||||
Other components of equity | (21) | [1] | (231) | [1] | (26) | (279) |
Increase (decrese) in other equity interest | 184 | (2) | ||||
Total Equity | (36,806) | [1] | (29,227) | [1] | (24,306) | (4,693) |
Increase (decrease) in equity | (7,565) | (24,542) | ||||
Non-current employee benefits | 835 | 729 | 664 | |||
Increase (decrese) in non-current employee benefits | 92 | 73 | ||||
Non-current Provisions | 1,554 | [1] | 1,571 | [1] | 2,137 | 1,363 |
Increase (decrease) in non-current provisions | (31) | 216 | ||||
Total non-current liabilities | 61,427 | [1] | 54,478 | [1] | 65,126 | 40,070 |
Increase (decrese) in total non-current liabilities | 6,935 | 14,416 | ||||
Total equity and liabilities | 87,156 | [1] | 63,315 | [1] | $ 89,564 | 62,574 |
Increase (decrese) in total equity and liabilities | 23,841 | 741 | ||||
Previously stated | ||||||
Schedule Of Effect Of Implementation Of New IFRS [Line Items] | ||||||
Accumulated deficit | (272,036) | |||||
Other components of equity | (605) | |||||
Total Equity | (5,019) | |||||
Non-current employee benefits | 990 | |||||
Non-current Provisions | 1,689 | |||||
Total non-current liabilities | 40,396 | |||||
Total equity and liabilities | 62,574 | |||||
Effect of application of the IFRS IC decision on IAS 19 (Note 2.2) | ||||||
Schedule Of Effect Of Implementation Of New IFRS [Line Items] | ||||||
Accumulated deficit | (40) | (42) | ||||
Other components of equity | 26 | 50 | 326 | |||
Total Equity | (14) | 8 | 326 | |||
Non-current employee benefits | 14 | (8) | (326) | |||
Non-current Provisions | 14 | (8) | (326) | |||
Total non-current liabilities | 14 | (8) | (326) | |||
Total equity and liabilities | $ 0 | $ 0 | $ 0 | |||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Summary of significant accoun_7
Summary of significant accounting and reporting policies - Schedule of Average and Closing Exchange Rate for the U.S. Dollar (Details) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2021uSD_to_EUR | Dec. 31, 2021uSD_to_GBPuSD_to_EUR | Dec. 31, 2021uSD_to_SGDuSD_to_EUR | Dec. 31, 2021uSD_to_NISuSD_to_EUR | Dec. 31, 2020uSD_to_EUR | Dec. 31, 2020uSD_to_EURuSD_to_GBP | Dec. 31, 2020uSD_to_SGDuSD_to_EUR | Dec. 31, 2020uSD_to_EURuSD_to_NIS | Dec. 31, 2019uSD_to_EUR | Dec. 31, 2019uSD_to_EURuSD_to_GBP | Dec. 31, 2019uSD_to_EURuSD_to_SGD | Dec. 31, 2019uSD_to_EURuSD_to_NIS | Dec. 31, 2021uSD_to_GBP | Dec. 31, 2021uSD_to_SGD | Dec. 31, 2021uSD_to_NIS | Dec. 31, 2020uSD_to_GBP | Dec. 31, 2020uSD_to_SGD | Dec. 31, 2020uSD_to_NIS | Dec. 31, 2019uSD_to_GBP | Dec. 31, 2019uSD_to_SGD | Dec. 31, 2019uSD_to_NIS | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||||||||||||||||||
Average rate | 1.1835 | 1.3761 | 0.7444 | 0.3097 | 1.1413 | 1.2834 | 0.7521 | 0.2908 | 1.1196 | 1.2758 | 0.7331 | 0.2806 | |||||||||
Closing rate | 1.1326 | 1.1326 | 1.1326 | 1.1326 | 1.2271 | 1.2271 | 1.2271 | 1.2271 | 1.1234 | 1.1234 | 1.1234 | 1.1234 | 1.3479 | 0.7413 | 0.3221 | 1.3650 | 0.7566 | 0.3111 | 1.3204 | 0.7434 | 0.2892 |
Summary of significant accoun_8
Summary of significant accounting and reporting policies - Performance Obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Performance obligation | $ 4,273 | $ 6,693 | $ 3,959 |
Within one year | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Performance obligation | 4,017 | 4,967 | 2,405 |
Later than one year | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Performance obligation | $ 256 | $ 1,726 | $ 1,554 |
Summary of significant accoun_9
Summary of significant accounting and reporting policies - Schedule of Useful Lives Most Commonly Used (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Building and leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 6 years | |
Computer equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 3 years | |
Furniture and office equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 5 years | |
Bottom of range | Machinery and equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 3 years | |
Top of range | Machinery and equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 5 years |
Segment information (Details)
Segment information (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | |||
Operating segments [Abstract] | |||||
Number of operating segments | segment | 1 | ||||
Disclosure of geographical areas [line items] | |||||
Product revenue | $ 50,879 | $ 50,916 | [1] | $ 30,864 | [1] |
Broadband IoT | |||||
Disclosure of geographical areas [line items] | |||||
Product revenue | 23,699 | 35,766 | 15,344 | ||
Massive IoT | |||||
Disclosure of geographical areas [line items] | |||||
Product revenue | 27,180 | 15,150 | 15,520 | ||
Product | |||||
Disclosure of geographical areas [line items] | |||||
Product revenue | 30,410 | 37,919 | [1] | 21,947 | [1] |
Development and other services | |||||
Disclosure of geographical areas [line items] | |||||
revenue from sales of license | 2,648 | 350 | 2,578 | ||
License | |||||
Disclosure of geographical areas [line items] | |||||
revenue from sales of other services | 17,821 | 12,647 | 6,339 | ||
Total Asia | |||||
Disclosure of geographical areas [line items] | |||||
Product revenue | 20,165 | 34,444 | 21,704 | ||
Taiwan | |||||
Disclosure of geographical areas [line items] | |||||
Product revenue | 14,668 | 10,494 | 11,387 | ||
Korea | |||||
Disclosure of geographical areas [line items] | |||||
Product revenue | 1,090 | 23,076 | 6,813 | ||
China (including Hong-Kong) | |||||
Disclosure of geographical areas [line items] | |||||
Product revenue | 3,509 | 821 | 3,398 | ||
Rest of Asia | |||||
Disclosure of geographical areas [line items] | |||||
Product revenue | 898 | 53 | 106 | ||
Germany | |||||
Disclosure of geographical areas [line items] | |||||
Product revenue | 4,990 | 0 | 0 | ||
United States of America | |||||
Disclosure of geographical areas [line items] | |||||
Product revenue | 22,565 | 13,015 | 7,962 | ||
Rest of world | |||||
Disclosure of geographical areas [line items] | |||||
Product revenue | $ 3,159 | $ 3,457 | $ 1,198 | ||
Revenue Risk [Member] | International | |||||
Disclosure of geographical areas [line items] | |||||
Concentration Risk, Percentage | 99.60% | 99.60% | 99.80% | ||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Other revenues and expenses - S
Other revenues and expenses - Schedule of Financial Income and Expenses (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Revenue: | |||||
Income from short-term investments and term deposits and other finance revenue | $ 47,000 | $ 29,000 | $ 50,000 | ||
Impact of debt reimbursement | 5,177,000 | 0 | [1] | 0 | [1] |
Convertible debt amendments (Note 14.1) | 0 | 1,399,000 | 0 | ||
Change in fair value of convertible debt derivative | 3,848,000 | 0 | 0 | ||
Foreign exchange gain | 3,032,000 | 1,407,000 | 2,116,000 | ||
Total financial income | 12,104,000 | 2,835,000 | 2,166,000 | ||
Financial expenses: | |||||
Interest on loans | 7,462,000 | 9,747,000 | 7,864,000 | ||
Interest on lease contracts (see Note 15) | 760,000 | 780,000 | 622,000 | ||
Interest on financing component of long term development services agreement (see Notes 18 and 19) | 2,156,000 | 3,221,000 | 619,000 | ||
Interest on supplier payable with extended payment terms | 173,000 | 125,000 | 0 | ||
Other bank fees and financial charges | 778,000 | 627,000 | 533,000 | ||
Change in fair value of convertible debt derivative (Note 14.1) | 0 | 13,129,000 | 0 | ||
Foreign exchange loss | 2,094,000 | 4,045,000 | 2,048,000 | ||
Total financial expenses | $ 13,423,000 | $ 31,674,000 | $ 11,686,000 | ||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Other revenues and expenses - F
Other revenues and expenses - Financial Income and Expenses (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of detailed information about borrowings [line items] | |||||
Interest on loans | $ 7,462,000 | $ 9,747,000 | $ 7,864,000 | ||
Foreign exchange gains and losses related to hedges of euro | 938,000 | (2,638,000) | [1] | 68,000 | [1] |
Expenses related to the change in fair value of the convertible debt embedded derivative | (3,848,000) | 13,129,000 | [2] | 0 | [2] |
Impact of debt reimbursement | 5,177,000 | 0 | [1] | 0 | [1] |
Convertible debt amendments (Note 14.1) | 0 | 1,399,000 | 0 | ||
Receivables from taxes other than income tax | 5,769,000 | ||||
Research Tax Credit 2021 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Receivables from taxes other than income tax | 5,656,000 | ||||
Research Tax Credit 2020 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Receivables from taxes other than income tax | 113,000 | ||||
Loans and finance leases related to convertible debts issued and government loans granted | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest on loans | $ 7,334,000 | $ 9,554,000 | $ 7,732,000 | ||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | ||||
[2] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Other revenues and expenses -_2
Other revenues and expenses - Schedule of Cost of Revenue, Operating Expenses, and Employee Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Expense By Nature [Line Items] | |||||
Wages and benefits | $ 44,125 | $ 36,932 | $ 28,728 | ||
Share-based payment expenses | 5,135 | 2,985 | 1,797 | ||
Foreign exchange (gains) losses related to hedges of euro | (938) | 2,638 | [1] | (68) | [1] |
Wages and salaries | 29,422 | 25,485 | 19,953 | ||
Social security costs and other payroll taxes | 9,386 | 8,222 | 6,748 | ||
Other benefits | 167 | 146 | 161 | ||
Pension costs | 15 | 94 | 69 | ||
Expense for defined contributions plans | 1,434 | 1,318 | 1,254 | ||
Included in cost of revenue: | |||||
Expense By Nature [Line Items] | |||||
Cost of components | 18,365 | 23,376 | 14,039 | ||
Depreciation and impairment | 517 | 573 | 959 | ||
Amortization of intangible assets | 162 | 159 | 159 | ||
Wages and benefits | 2,306 | 1,993 | 1,780 | ||
Share-based payment expenses | 58 | 42 | 10 | ||
Assembly services, royalties and other | 2,282 | 1,323 | 1,538 | ||
Included in operating expenses (between gross profit and operating result): | |||||
Expense By Nature [Line Items] | |||||
Depreciation and impairment | 2,837 | 3,179 | 3,167 | ||
Amortization of intangible assets | 7,037 | 5,859 | 4,120 | ||
Wages and benefits | 36,684 | 31,954 | 25,096 | ||
Share-based payment expenses | 5,077 | 2,943 | 1,787 | ||
Foreign exchange (gains) losses related to hedges of euro | (73) | 106 | 71 | ||
Other, net | $ (6,054) | $ 4,150 | $ 6,140 | ||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Other revenues and expenses - R
Other revenues and expenses - Research and Development Expense and Tax Credit Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Analysis of income and expense [abstract] | |||||
Receivables from taxes other than income tax | $ 5,769 | ||||
Research and development costs | 52,200 | $ 40,776 | $ 31,199 | ||
Research tax credit | (6,328) | (4,871) | (3,123) | ||
Government and other grants | (3,621) | (456) | (247) | ||
Development costs capitalized (*) | (18,297) | (6,061) | (5,020) | ||
Amortization of capitalized development costs | 2,460 | 1,495 | 1,076 | ||
Total research and development expense | 26,414 | 30,883 | [1] | 23,885 | [1] |
Research tax credit | $ (1,587) | $ (1,382) | $ (606) | ||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Income tax - Schedule of Major
Income tax - Schedule of Major Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Income Taxes [Abstract] | |||||
Current income tax expense | $ 504 | $ 538 | $ 251 | ||
Deferred income tax expense (benefit) | 121 | 398 | (1,034) | ||
Income tax expense (benefit) | $ 625 | $ 936 | [1] | $ (783) | [1] |
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Income tax - Narrative (Details
Income tax - Narrative (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Abstract] | ||||
Accumulated tax losses available for offset against future taxable profits | $ 360,751,110 | |||
Deferred tax liability | $ 138,000 | $ 19,000 | $ 429,000 | $ 691,000 |
Income tax - Reconciliation of
Income tax - Reconciliation of Income Taxes Computed at the French Statutory Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Income Taxes [Abstract] | |||||
Applicable tax rate | 26.50% | 28.00% | |||
Loss before income taxes | $ (19,638) | $ (53,580) | [1],[2] | $ (37,522) | [1],[2] |
At France’s statutory income tax rate of 28% in 2019 and 2020, and 26.5% in 2021 | (5,204) | (15,002) | (10,506) | ||
Non-deductible share-based payment expense | 1,361 | 836 | 503 | ||
Tax credits | (1,677) | (1,364) | (874) | ||
Impact of the extinguishment of the convertible debts after amendment | 398 | ||||
Impact of debt reimbursement | 1,372 | ||||
Permanent differences and other | 168 | 914 | 51 | ||
Unrecognized benefit of tax losses carryforward | 4,605 | 15,154 | 10,043 | ||
Income tax expense (benefit) | $ 625 | $ 936 | [2] | $ (783) | [2] |
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | ||||
[2] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Income tax - Summary of Deferre
Income tax - Summary of Deferred Tax Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | ||||
At January 1st | $ 19 | $ 429 | $ 691 | |
Tax expense (income) during the year recognized in Profit or Loss | $ 398 | 121 | 398 | (1,034) |
Tax expense during the year recognised in OCI | 0 | (809) | 773 | |
Effect of foreign exchange | (2) | 1 | (1) | |
At December 31st | $ 138 | $ 19 | $ 429 |
Income tax - Significant Compon
Income tax - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liability (asset) | $ 138 | $ 19 | $ 429 | $ 691 | |
Deferred tax effect, equity | 0 | (809) | 773 | ||
Tax expense (income) during the year recognized in Profit or Loss | $ 398 | 121 | 398 | (1,034) | |
Government loans | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liability (asset) | (135) | 142 | 46 | ||
Deferred tax effect, equity | 0 | 0 | 0 | ||
Tax expense (income) during the year recognized in Profit or Loss | (277) | 96 | (1) | ||
Intangible assets | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liability (asset) | (28) | (49) | 24 | ||
Deferred tax effect, equity | 0 | 0 | 0 | ||
Tax expense (income) during the year recognized in Profit or Loss | 21 | (72) | (47) | ||
Lease contracts | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liability (asset) | 0 | 0 | (8) | ||
Deferred tax effect, equity | 0 | 0 | 0 | ||
Tax expense (income) during the year recognized in Profit or Loss | 0 | 8 | (8) | ||
Cash flow hedge | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liability (asset) | (2) | 2 | (3) | ||
Deferred tax effect, equity | 0 | 0 | 0 | ||
Tax expense (income) during the year recognized in Profit or Loss | (4) | 5 | (2) | ||
Remeasurement of non-monetary accounts | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liability (asset) | (171) | 728 | (103) | ||
Deferred tax effect, equity | 0 | 0 | 0 | ||
Tax expense (income) during the year recognized in Profit or Loss | (899) | 831 | (202) | ||
Convertible debts and venture debt - liability | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liability (asset) | 0 | 23 | 1,901 | ||
Deferred tax effect, equity | 0 | (809) | 773 | ||
Tax expense (income) during the year recognized in Profit or Loss | (23) | (1,069) | (925) | ||
Convertible debts and venture debt - equity component | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liability (asset) | 2,591 | ||||
Other provisions and accruals | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liability (asset) | (490) | (248) | (310) | ||
Deferred tax effect, equity | 0 | 0 | 0 | ||
Tax expense (income) during the year recognized in Profit or Loss | (242) | 62 | (288) | ||
From subsidiaries | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liability (asset) | 138 | 19 | 19 | ||
Deferred tax effect, equity | 0 | 0 | 0 | ||
Tax expense (income) during the year recognized in Profit or Loss | 119 | 0 | (16) | ||
Deferred tax asset not recognized on losses (Loss available for offsetting against future taxable income) | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liability (asset) | 826 | (598) | (1,137) | ||
Deferred tax effect, equity | 0 | 0 | 0 | ||
Tax expense (income) during the year recognized in Profit or Loss | $ 1,426 | $ 537 | $ 455 |
Earnings (loss) per share (Deta
Earnings (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Earnings per share [abstract] | |||||
Profit (Loss) | $ (20,263) | $ (54,516) | [1] | $ (36,739) | [1] |
Weighted average number of shares outstanding for basic EPS (in shares) | 146,691,784 | 112,432,988 | [2] | 95,008,518 | [2] |
Net effect of dilutive stock options (in shares) | 0 | 0 | 0 | ||
Net effect of dilutive warrants (in shares) | 0 | 0 | 0 | ||
Net effect of vesting of restricted stock (in shares) | 0 | 0 | 0 | ||
Net effect of conversion of convertible notes (in shares) | 0 | 0 | 0 | ||
Weighted average number of shares outstanding for diluted EPS (in shares) | 146,691,784 | 112,432,988 | [2] | 95,008,518 | [2] |
Basic earnings (loss) per share (in dollars per share) | $ (0.14) | $ (0.48) | [2] | $ (0.39) | [2] |
Diluted earnings (loss) per share (in dollars per share) | $ (0.14) | $ (0.48) | [2] | $ (0.39) | [2] |
ADS outstanding for basic and diluted earnings (loss) per ADS (in shares) | 36,672,946 | 28,108,247 | [2] | 23,752,130 | [2] |
Basic earnings (loss) per ADS (in dollars per share) | $ (0.55) | $ (1.94) | [2] | $ (1.55) | [2] |
Diluted earnings (loss) per ADS (in dollars per share) | $ (0.55) | $ (1.94) | [2] | $ (1.55) | [2] |
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | ||||
[2] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Property, plant and equipment -
Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | $ (9,187) | [1] | $ (8,858) | [1] | $ (10,827) | |
Ending balance | (8,010) | (9,187) | [1] | (8,858) | [1] | |
Cost: | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | (39,794) | (39,511) | (37,444) | |||
Additions | 2,668 | 4,112 | 2,166 | |||
Disposals | (1,194) | (3,885) | (145) | |||
Reclassification | 0 | |||||
Exchange difference | 47 | 56 | 46 | |||
Ending balance | (41,315) | (39,794) | (39,511) | |||
Depreciation and impairment: | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | 30,607 | 30,653 | 26,617 | |||
Disposals | 683 | 3,850 | 135 | |||
Reclassification | 0 | (56) | ||||
Exchange difference | 27 | 52 | 45 | |||
Depreciation charge for the year | 3,354 | 3,677 | 4,070 | |||
Impairment | 0 | 75 | ||||
Ending balance | 33,305 | 30,607 | 30,653 | |||
Leasehold improvements | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | (107) | (120) | (296) | |||
Ending balance | (151) | (107) | (120) | |||
Leasehold improvements | Cost: | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | (1,340) | (1,271) | (1,253) | |||
Additions | 16 | 78 | 15 | |||
Disposals | (20) | (14) | 0 | |||
Reclassification | 94 | |||||
Exchange difference | 7 | 5 | 3 | |||
Ending balance | (1,437) | (1,340) | (1,271) | |||
Leasehold improvements | Depreciation and impairment: | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | 1,233 | 1,151 | 957 | |||
Disposals | 12 | 14 | 0 | |||
Reclassification | (19) | 0 | ||||
Exchange difference | 1 | 4 | 4 | |||
Depreciation charge for the year | 45 | 92 | 190 | |||
Impairment | 0 | 0 | ||||
Ending balance | 1,286 | 1,233 | 1,151 | |||
Plant and equipment | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | (4,112) | (4,605) | (5,825) | |||
Ending balance | (4,037) | (4,112) | (4,605) | |||
Plant and equipment | Cost: | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | (27,435) | (29,203) | (28,027) | |||
Additions | 1,842 | 1,594 | 1,274 | |||
Disposals | (415) | (3,401) | (130) | |||
Reclassification | 0 | |||||
Exchange difference | (20) | 39 | 32 | |||
Ending balance | (28,842) | (27,435) | (29,203) | |||
Plant and equipment | Depreciation and impairment: | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | 23,323 | 24,598 | 22,202 | |||
Disposals | 372 | 3,389 | 120 | |||
Reclassification | 0 | (56) | ||||
Exchange difference | (15) | 36 | 30 | |||
Depreciation charge for the year | 1,869 | 2,003 | 2,430 | |||
Impairment | 0 | 75 | ||||
Ending balance | 24,805 | 23,323 | 24,598 | |||
IT and office equipment | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | (312) | (84) | (150) | |||
Ending balance | (448) | (312) | (84) | |||
IT and office equipment | Cost: | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | (4,006) | (3,634) | (3,608) | |||
Additions | 373 | 367 | 30 | |||
Disposals | (3) | (7) | (15) | |||
Reclassification | (94) | |||||
Exchange difference | 60 | 12 | 11 | |||
Ending balance | (4,342) | (4,006) | (3,634) | |||
IT and office equipment | Depreciation and impairment: | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | 3,694 | 3,550 | 3,458 | |||
Disposals | 3 | 6 | 15 | |||
Reclassification | 19 | 0 | ||||
Exchange difference | 41 | 12 | 11 | |||
Depreciation charge for the year | 181 | 138 | 96 | |||
Impairment | 0 | 0 | ||||
Ending balance | 3,894 | 3,694 | 3,550 | |||
Right of use | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | (4,656) | (4,049) | (4,556) | |||
Ending balance | (3,374) | (4,656) | (4,049) | |||
Right of use | Cost: | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | (7,013) | (5,403) | (4,556) | |||
Additions | 437 | 2,073 | 847 | |||
Disposals | (756) | (463) | 0 | |||
Reclassification | 0 | |||||
Exchange difference | 0 | 0 | 0 | |||
Ending balance | (6,694) | (7,013) | (5,403) | |||
Right of use | Depreciation and impairment: | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning balance | 2,357 | 1,354 | 0 | |||
Disposals | 296 | 441 | 0 | |||
Reclassification | 0 | 0 | ||||
Exchange difference | 0 | 0 | 0 | |||
Depreciation charge for the year | 1,259 | 1,444 | 1,354 | |||
Impairment | 0 | |||||
Ending balance | $ 3,320 | $ 2,357 | $ 1,354 | |||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Property, plant and equipment_2
Property, plant and equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Right-of-use assets | $ 3,374 | $ 4,656 | $ 4,049 | $ 4,556 |
Additions | 437 | 2,073 | 847 | |
Real-estate | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Right-of-use assets | 6,474 | 6,246 | 5,006 | |
IT and office equipment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Right-of-use assets | $ 220 | $ 767 | $ 397 |
Intangible assets (Details)
Intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Beginning balance | $ (25,312) | [1] | $ (16,696) | [1] | $ (12,409) | |
Ending balance | (37,984) | (25,312) | [1] | (16,696) | [1] | |
Cost: | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Beginning balance | (46,189) | (31,555) | (24,821) | |||
Additions/Amortization | 19,747 | 14,640 | 8,772 | |||
Disposals, Cost (Depreciation and impairment) | 0 | (14) | (2,045) | |||
Exchange difference | 167 | 8 | 7 | |||
Ending balance | (66,103) | (46,189) | (31,555) | |||
Depreciation and impairment: | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Beginning balance | 20,877 | 14,859 | 12,412 | |||
Additions/Amortization | 7,051 | 6,018 | 4,279 | |||
Provision for impairment | 148 | |||||
Disposals, Cost (Depreciation and impairment) | 0 | 8 | 1,838 | |||
Exchange difference | 43 | 8 | 6 | |||
Ending balance | 28,119 | 20,877 | 14,859 | |||
Capitalized development costs | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Beginning balance | (13,548) | (8,982) | (5,037) | |||
Ending balance | (29,385) | (13,548) | (8,982) | |||
Capitalized development costs | Cost: | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Beginning balance | (16,798) | (10,737) | (5,717) | |||
Additions/Amortization | 18,297 | 6,061 | 5,020 | |||
Disposals, Cost (Depreciation and impairment) | 0 | 0 | 0 | |||
Exchange difference | 0 | 0 | 0 | |||
Ending balance | (35,095) | (16,798) | (10,737) | |||
Capitalized development costs | Depreciation and impairment: | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Beginning balance | 3,250 | 1,755 | 680 | |||
Additions/Amortization | 2,460 | 1,495 | 1,075 | |||
Provision for impairment | 0 | |||||
Disposals, Cost (Depreciation and impairment) | 0 | 0 | 0 | |||
Exchange difference | 0 | 0 | 0 | |||
Ending balance | 5,710 | 3,250 | 1,755 | |||
Licenses | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Beginning balance | (11,764) | (7,714) | (7,372) | |||
Ending balance | (8,599) | (11,764) | (7,714) | |||
Licenses | Cost: | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Beginning balance | (29,391) | (20,818) | (19,104) | |||
Additions/Amortization | 1,450 | 8,579 | 3,752 | |||
Disposals, Cost (Depreciation and impairment) | 0 | (14) | (2,045) | |||
Exchange difference | 167 | 8 | 7 | |||
Ending balance | (31,008) | (29,391) | (20,818) | |||
Licenses | Depreciation and impairment: | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Beginning balance | 17,627 | 13,104 | 11,732 | |||
Additions/Amortization | 4,591 | 4,523 | 3,204 | |||
Provision for impairment | 148 | |||||
Disposals, Cost (Depreciation and impairment) | 0 | 8 | 1,838 | |||
Exchange difference | 43 | 8 | 6 | |||
Ending balance | $ 22,409 | $ 17,627 | $ 13,104 | |||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Components, net | $ 2,458 | $ 2,136 | $ 2,643 | ||
Finished goods, at the lower of cost and net realizable value | 3,975 | 4,089 | 4,021 | ||
Total net inventories | 6,433 | 6,225 | [1] | 6,664 | [1] |
Gross carrying amount | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Components, net | 2,683 | 2,138 | 2,645 | ||
Finished goods, at the lower of cost and net realizable value | 5,091 | 4,996 | 4,702 | ||
Total net inventories | 7,774 | 7,134 | 7,347 | ||
Inventory adjustments | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Components, net | (225) | (2) | (2) | ||
Finished goods, at the lower of cost and net realizable value | (1,116) | (907) | (681) | ||
Total net inventories | $ (1,341) | $ (909) | $ (683) | ||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Components, net | $ 2,458 | $ 2,136 | $ 2,643 |
Trade receivables - Schedule of
Trade receivables - Schedule of Non-Interest Bearing Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Subclassifications of assets, liabilities and equities [abstract] | |||||
Trade receivables | $ 16,876 | $ 20,537 | $ 11,957 | ||
Contract assets | 789 | 371 | [1] | 1,587 | [1] |
Provision for credit notes to be issued | (465) | (536) | (848) | ||
Provisions on trade receivables | (2,789) | (2,724) | (2,719) | ||
Net trade receivables | $ 14,411 | $ 17,648 | $ 9,977 | ||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Trade receivables - Schedule _2
Trade receivables - Schedule of Movements in the Provision for Impairment of Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 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, | $ 2,724 | $ 2,719 | |
At year end | 2,789 | 2,724 | $ 2,719 |
Impaired additional trade receivables | 65 | 47 | 515 |
Trade receivables and contract assets | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
At January 1, | 2,724 | 2,719 | 2,592 |
Charge for the year | 65 | 47 | 515 |
Utilized amounts | 0 | 0 | (388) |
Unutilised, allowance account for credit losses of financial assets [Abstract] | (42) | 0 | |
At year end | $ 2,789 | $ 2,724 | $ 2,719 |
Trade receivables - Aging Analy
Trade receivables - Aging Analysis of Trade Receivables That Were Not Impaired (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | $ 20,054 | $ 37,058 | $ 24,857 |
Trade receivables and contract assets | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 14,411 | 17,648 | 9,977 |
Trade receivables and contract assets | Neither past due nor Impaired | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 13,587 | 14,232 | 6,265 |
Trade receivables and contract assets | Past due but not impaired | Less than 30 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 241 | 2,879 | 2,125 |
Trade receivables and contract assets | Past due but not impaired | 30-60 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 0 | 53 | 130 |
Trade receivables and contract assets | Past due but not impaired | 60-120 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 0 | 0 | 371 |
Trade receivables and contract assets | Past due but not impaired | Greater than 120 days | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | $ 583 | $ 484 | $ 1,086 |
Cash and cash equivalents - Sch
Cash and cash equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Subclassifications of assets, liabilities and equities [abstract] | |||||
Cash at banks | $ 4,828 | $ 7,567 | $ 2,591 | ||
Cash equivalents | 7 | 7 | 11,507 | ||
Short-term deposits | 0 | 10,900 | [1] | 0 | [1] |
Cash, cash equivalents and deposits | $ 4,835 | $ 18,474 | $ 14,098 | ||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Cash and cash equivalents - S_2
Cash and cash equivalents - Schedule of Cash and Cash Equivalents Held in U.S. dollar and Euros (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash, cash equivalents and short-term deposits | $ 4,835 | $ 18,474 | $ 14,098 |
U.S. dollar denominated accounts | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash, cash equivalents and short-term deposits | 2,869 | 18,135 | 13,702 |
Euro denominated accounts | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash, cash equivalents and short-term deposits | 1,564 | 154 | 301 |
GBP denominated accounts | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash, cash equivalents and short-term deposits | 143 | 76 | 37 |
SGP denominated accounts | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash, cash equivalents and short-term deposits | 47 | 44 | 12 |
NIS denominated accounts | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash, cash equivalents and short-term deposits | 160 | 14 | 19 |
RMB denominated accounts | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash, cash equivalents and short-term deposits | 35 | 29 | 11 |
Other currencies denominated accounts | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Cash, cash equivalents and short-term deposits | $ 17 | $ 22 | $ 16 |
Issued capital and reserves - A
Issued capital and reserves - Authorized Capital, In Number of Shares (Details) | Dec. 31, 2021categoryshares | Dec. 31, 2020shares | Dec. 31, 2019shares |
Share Capital, Reserves And Other Equity Interest [Abstract] | |||
Authorised capital (in shares) | shares | 311,675,848 | 147,036,688 | 244,254,014 |
Number of categories of authorized shares | category | 1 |
Issued capital and reserves - S
Issued capital and reserves - Shares Issued and Fully Paid (Details) € in Thousands, $ in Thousands | Dec. 31, 2021USD ($)shares | Dec. 31, 2021EUR (€)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2019EUR (€)shares | ||
Share Capital, Reserves And Other Equity Interest [Abstract] | ||||||||
Ordinary shares (in shares) | 151,419,322 | 151,419,322 | 133,934,090 | 133,934,090 | 95,587,146 | 95,587,146 | ||
Ordinary shares | $ 3,687 | € 3,028 | $ 3,269 | [1] | € 2,678 | $ 2,403 | [1] | € 1,912 |
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Issued capital and reserves - C
Issued capital and reserves - Capital Transactions (Details) | Apr. 09, 2021USD ($)$ / sharesshares | Dec. 10, 2020USD ($)$ / sharesshares | Dec. 07, 2020USD ($)shares | May 15, 2020USD ($)$ / sharesshares | May 14, 2020USD ($)$ / sharesshares | Apr. 30, 2020USD ($)shares | Mar. 31, 2020USD ($) | Feb. 18, 2019USD ($)shares | Feb. 18, 2019USD ($)€ / sharesshares | Feb. 12, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | May 31, 2020USD ($)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Apr. 02, 2020USD ($) | Sep. 27, 2018USD ($) | Apr. 27, 2016USD ($) | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||||||||||||
Shares issued (in shares) | shares | 133,934,090 | 151,419,322 | 133,934,090 | 95,587,146 | |||||||||||||||||
Conversion of convertible debts (Note 14.1) | $ 17,672,000 | $ 16,886,000 | |||||||||||||||||||
Share price per ADS (usd per share) | $ / shares | $ 5.50 | $ 5.50 | $ 5.15 | $ 5.15 | |||||||||||||||||
Ordinary share price (usd per share) | $ / shares | $ 1.375 | $ 1.2875 | |||||||||||||||||||
Total offering | $ 9,999,996 | $ 28,749,999 | $ 1,613,116 | $ 2,087,000 | $ 28,750,000 | 10,000,000 | $ 8,360,000 | ||||||||||||||
Transaction costs | 177,000 | 3,374,000 | 91,000 | ||||||||||||||||||
Underwriters' over-allotment shares issued (in shares) | shares | 2,912,620 | ||||||||||||||||||||
Issue of equity, net proceeds | $ 1,100,000 | ||||||||||||||||||||
Number of warrants issued | shares | 9,392,986 | 9,392,986 | |||||||||||||||||||
Proceeds from issue of warrants to a strategic partner, net of transaction costs paid | $ 8,360,000 | 0 | 0 | [1] | 8,269,000 | [1] | |||||||||||||||
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 | $ 276,560,000 | [2] | 298,389,000 | 276,560,000 | [2] | 233,720,000 | [2] | ||||||||||||
B. Riley FBR, Inc | |||||||||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||||||||||||
Offering price | $ 35,000,000 | ||||||||||||||||||||
Share capital | |||||||||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||||||||||||
Conversion of convertible debts (Note 14.1) | $ 245,467 | $ 37,253 | $ 175,239 | $ 175,000 | $ 245,000 | ||||||||||||||||
Increase (decrease) in number of ADS issued | shares | 379,494 | 242,646 | |||||||||||||||||||
Ordinary shares issued in connection with a public offering (in shares) | shares | 7,272,724 | 1,517,976 | 22,330,096 | 970,584 | 1,517,976 | 22,330,096 | 7,272,724 | ||||||||||||||
Total offering | $ 172,698 | $ 36,781 | $ 486,761 | $ 21,114 | $ 37,000 | $ 487,000 | $ 173,000 | ||||||||||||||
Conversion of convertible debt (in shares) | shares | 1,715,476 | 7,227,308 | 10,119,844 | ||||||||||||||||||
Conversion of convertible debt, in ADS (in shares) | shares | 428,869 | ||||||||||||||||||||
Share premium | |||||||||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||||||||||||
Conversion of convertible debts (Note 14.1) | 12,107,015 | $ 2,209,589 | 12,111,185 | $ 12,111,000 | $ 12,107,000 | ||||||||||||||||
Total offering | 9,827,297 | 2,050,436 | 28,263,238 | 1,592,002 | $ 2,050,000 | $ 28,263,000 | 9,827,000 | 8,360,000 | |||||||||||||
Transaction costs | $ 100,000 | $ 400,000 | $ 200,000 | $ 2,300,000 | $ 500,000 | $ 177,000 | $ 3,374,000 | $ 91,000 | |||||||||||||
2016 convertible notes | |||||||||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||||||||||||
Notional amount | $ 6,000,000 | $ 7,160,000 | |||||||||||||||||||
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% | ||||||||||||||||||||
Convertible notes 2016 and 2019-1 | |||||||||||||||||||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||||||||||||||||||
Notional amount | 9,000,000 | $ 7,750,000 | |||||||||||||||||||
Accrued interest | $ 3,352,482 | ||||||||||||||||||||
Shares issued (in shares) | shares | 10,119,844 | 7,227,308 | |||||||||||||||||||
Maximum percentage of ordinary shares provided to cover underwriter's over-allotment option | 15.00% | ||||||||||||||||||||
Borrowings, accrued interest and conversion bonus | $ 4,536,438 | ||||||||||||||||||||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | ||||||||||||||||||||
[2] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Share-based payment plans - Nar
Share-based payment plans - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2021€ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2020€ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2019€ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expense from equity-settled share-based payment transactions | $ | $ 5,135 | $ 2,985 | $ 1,797 | |||
Award vesting period | 10 years | |||||
Weighted average remaining contractual life | 3 years | 3 years 4 months 24 days | 4 years 3 months 18 days | |||
Weighted average fair value (in € per unit) | € / shares | € 0.72 | € 0.73 | € 0.41 | |||
Sell price multiple that had been used | 3 | |||||
Sell price multiple | 2 | 2 | 2 | |||
Decrease in weighted average share price (as a percent) | 10.00% | |||||
Decrease in total compensation (as a percent) | (8.18%) | (10.05%) | (9.46%) | |||
Weighted average share price of options at exercise date (in usd per option) | $ 1.78 | $ 1.72 | ||||
Bottom of range [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Range of exercise prices (in usd per unit) | 0.89 | 0.89 | $ 0.89 | |||
Top of range [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Range of exercise prices (in usd per unit) | $ 3.31 | $ 8.50 | $ 8.50 | |||
Warrants | Consultants considered equivalent to employees | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expense from equity-settled share-based payment transactions | $ | $ 76 | $ 4 | $ 22 | |||
Restricted share awards (RSA) | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Weighted average fair value (in € per unit) | € / shares | € 1.14 | € 1.32 | € 0.74 |
Share-based payment plans - Bre
Share-based payment plans - Breakdown of share-based payments expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expense from equity-settled share-based payment transactions | $ 5,135 | $ 2,985 | $ 1,797 |
Cost of Revenue | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expense from equity-settled share-based payment transactions | 57 | 42 | 10 |
Research and Development | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expense from equity-settled share-based payment transactions | 2,109 | 1,394 | 508 |
Sales and Marketing | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expense from equity-settled share-based payment transactions | 970 | 529 | 282 |
General and Administrative | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expense from equity-settled share-based payment transactions | $ 1,999 | $ 1,020 | $ 997 |
Share-based payment plans - Gen
Share-based payment plans - General employee stock option, founders warrant plans and restricted shares awards (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Award vesting period | 10 years | |
Founders warrants and stock options | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Award vesting period | 4 years | |
Founders warrants and stock options | After the first year anniversary of grant | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Award vesting percentage | 25.00% | |
Founders warrants and stock options | Monthly over the remaining 36 months | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Award vesting period | 36 months | |
Award vesting percentage | 75.00% | |
RSA | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Award vesting period | 4 years | |
Sale period | 2 years | |
RSA | After the first year anniversary of grant | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Award vesting period | 1 year | |
Award vesting percentage | 25.00% | |
RSA | Quarterly over the remaining three years | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Award vesting period | 3 years | |
Award vesting percentage | 75.00% | |
RSA | After the two year anniversary of grant | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Award vesting period | 2 years | |
Award vesting percentage | 50.00% | |
RSA | Vesting quarterly over the remaining two years | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Award vesting period | 2 years | |
Award vesting percentage | 50.00% |
Share-based payment plans - War
Share-based payment plans - Warrant plans for certain consultants considered equivalent to employees (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Award vesting period | 10 years | |
Vesting scenario 1 | Warrants | Consultants considered equivalent to employees | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Award vesting period | 2 years | |
Vesting scenario 2 | Warrants | Consultants considered equivalent to employees | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Award vesting period | 3 years | |
Vesting scenario 3 | Warrants | Consultants considered equivalent to employees | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Award vesting period | 4 years |
Share-based payment plans - Mov
Share-based payment plans - Movements in number and WAEP (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of units outstanding at January 1, | 5,687,367 | 5,771,960 | 5,983,452 |
Number of units granted during the year | 1,076,000 | 252,000 | 312,000 |
Number of units forfeited during the year | (139,722) | (207,265) | (452,992) |
Number of units exercised during the year | (94,008) | (24,828) | 0 |
Number of units expired during the year | (1,296,200) | 104,500 | (70,500) |
Number of units outstanding at period end | 5,233,437 | 5,687,367 | 5,771,960 |
Number of units exercisable at period end | 3,977,831 | 5,180,701 | 5,114,422 |
WAEP of units outstanding at January 1, (in usd per unit) | $ 3.41 | $ 3.46 | $ 3.50 |
WAEP of units granted during the year (in usd per unit) | 1.55 | 1.51 | 0.89 |
WAEP of units forfeited during the year (in usd per unit) | 1.85 | 1.84 | 2.56 |
WAEP of units exercised during the year (in usd per unit) | 1.47 | 1.29 | 0 |
WAEP of units expired during the year (in usd per unit) | 8.35 | 5.21 | 1.34 |
WAEP of units outstanding at period end (in usd per unit) | 1.73 | 3.41 | 3.46 |
WAEP of units exercisable at period end (in usd per unit) | 1.79 | 3.45 | 3.55 |
Weighted average share price of options at exercise date (in usd per option) | 1.78 | 1.72 | |
Bottom of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Range of exercise prices (in usd per unit) | 0.89 | 0.89 | 0.89 |
Top of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Range of exercise prices (in usd per unit) | $ 3.31 | $ 8.50 | $ 8.50 |
Warrants | Consultants considered equivalent to employees | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of units outstanding at January 1, | 155,500 | 177,500 | |
Number of units outstanding at period end | 203,000 | 155,500 | 177,500 |
Number of units exercisable at period end | 165,667 | 155,500 | 160,833 |
WAEP of units outstanding at January 1, (in usd per unit) | $ 2.30 | $ 2.70 | |
WAEP of units outstanding at period end (in usd per unit) | 1.79 | 2.30 | $ 2.70 |
WAEP of units exercisable at period end (in usd per unit) | $ 1.72 | $ 2.30 | $ 2.84 |
Share-based payment plans - M_2
Share-based payment plans - Movements in number and restricted shares awards (Details) - Restricted share awards (RSA) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding at January 1, | 9,525,135 | 5,883,187 | 2,746,181 |
Granted during the year | 4,426,496 | 5,475,616 | 4,180,218 |
Forfeited during the year | (628,186) | (165,528) | (184,314) |
Vested during the year | (2,943,964) | (1,668,140) | (858,898) |
Outstanding at period end | 10,379,481 | 9,525,135 | 5,883,187 |
Share-based payment plans - Val
Share-based payment plans - Valuation assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Dividend yield (%) | 0.00% | 0.00% | 0.00% |
Expected volatility (%) | 59.00% | 57.00% | 55.00% |
Risk–free interest rate (%) | 0.00% | 0.00% | 0.00% |
Assumed annual lapse rate of awards (%) | 15.00% | 12.00% | 10.00% |
Sell price multiple (applied to exercise price) | 2 | 2 | 2 |
Weighted average share price (in € per share) | $ 1.22 | $ 1.33 | $ 0.75 |
Warrants | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Assumed annual lapse rate of awards (%) | 2.00% | 2.00% | 2.00% |
Interest-bearing loans and bo_3
Interest-bearing loans and borrowings - Schedule of Interest-Bearing Loans and Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Borrowings, Excluding Government Loans And Research Project Financing | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest-bearing financing of receivables | $ 9,518 | $ 20,332 | $ 16,506 | ||
Total non-current portion | 46,454 | 40,641 | 30,413 | ||
Convertible debt | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest-bearing financing of receivables | 0 | 0 | [1] | 7,329 | [1] |
Convertible debt | 36,373 | 26,074 | [1] | 23,342 | [1] |
Venture debt | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest-bearing financing of receivables | 0 | 6,104 | 5,109 | ||
Non-current portion of other non-current borrowings | 0 | 2,172 | 7,071 | ||
Interest-bearing receivables financing | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest-bearing financing of receivables | 9,518 | 14,228 | [1] | 4,068 | [1] |
Convertible debt embedded derivative | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Convertible debt | $ 10,081 | $ 12,395 | $ 0 | ||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Interest-bearing loans and bo_4
Interest-bearing loans and borrowings - Convertible Debt (Details) | Apr. 14, 2021USD ($) | Apr. 09, 2021USD ($)$ / shares | Aug. 16, 2019USD ($)$ / shares | May 07, 2019USD ($)$ / shares | Feb. 18, 2019€ / sharesshares | Sep. 27, 2018USD ($)$ / sharesshares | Oct. 30, 2017USD ($)$ / shares | Apr. 14, 2015USD ($)$ / shares | Feb. 12, 2021USD ($)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 07, 2020USD ($)shares | Mar. 20, 2020USD ($) | Feb. 11, 2020$ / shares | Feb. 10, 2020$ / shares | Dec. 31, 2016 | Apr. 27, 2016USD ($)$ / shares | Apr. 14, 2016USD ($) | Dec. 31, 2015 | Apr. 14, 2015€ / shares | ||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Number of warrants issued | shares | 9,392,986 | ||||||||||||||||||||||
Exercise price (in dollars per share) | € / shares | € 0.02 | ||||||||||||||||||||||
Change in fair value of convertible debt derivative | $ 3,848,000 | $ (13,129,000) | [1] | $ 0 | [1] | ||||||||||||||||||
Gain (loss) on debt modification | $ 1,399,000 | ||||||||||||||||||||||
Shares issued (in shares) | shares | 151,419,322 | 133,934,090 | 95,587,146 | ||||||||||||||||||||
Conversion of convertible debts (Note 14.1) | $ 17,672,000 | $ 16,886,000 | |||||||||||||||||||||
Change in fair value of convertible debt derivative (Note 14.1) | 0 | 13,129,000 | $ 0 | ||||||||||||||||||||
Repayment of convertible debt and accrued interest | $ 8,750,000 | 0 | [1] | 0 | [1] | ||||||||||||||||||
2015 convertible notes | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ 12,000,000 | ||||||||||||||||||||||
Conversion price (in dollars per share) | (per share) | $ 1.70 | $ 1.85 | € 0.02 | ||||||||||||||||||||
Conversion ratio | 0.5405405 | ||||||||||||||||||||||
2018 convertible notes | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ 4,500,000 | ||||||||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 1.70 | ||||||||||||||||||||||
Subscription price (in dollars per share) | $ / shares | $ 1 | ||||||||||||||||||||||
Number of warrants issued | shares | 1,800,000 | ||||||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 1.70 | ||||||||||||||||||||||
Convertible debt amendment, net expense | 265,000 | ||||||||||||||||||||||
2016 convertible notes | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ 6,000,000 | $ 7,160,000 | |||||||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 2.25 | $ 2.7126 | |||||||||||||||||||||
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 | ||||||||||||||||||||||
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 | $ 1.03 | |||||||||||||||||||||
Conversion price per ADS (in dollars per share) | $ / shares | $ 4.12 | ||||||||||||||||||||||
Convertible notes 2016 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 1.225 | $ 2.25 | |||||||||||||||||||||
Convertible Notes Amended, Option One | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Conversion price premium percentage | 20.00% | ||||||||||||||||||||||
PIK interest rate | 7.00% | ||||||||||||||||||||||
Warrant, as a percentage of note value | 10.00% | ||||||||||||||||||||||
Exercise price, premium percentage | 20.00% | ||||||||||||||||||||||
Convertible Notes Amended, Option Two | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
PIK interest rate | 9.50% | ||||||||||||||||||||||
Warrant, as a percentage of note value | 15.00% | ||||||||||||||||||||||
Exercise price, premium percentage | 20.00% | ||||||||||||||||||||||
Convertible Notes Amended, Option Three | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
PIK interest rate | 13.50% | ||||||||||||||||||||||
Warrant, as a percentage of note value | 20.00% | ||||||||||||||||||||||
Exercise price, premium percentage | 20.00% | ||||||||||||||||||||||
Convertible debt | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate | 7.00% | ||||||||||||||||||||||
Convertible debt embedded derivative | $ 10,081,000 | 12,395,000 | [2] | $ 0 | [2] | ||||||||||||||||||
Convertible debt | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Convertible debt embedded derivative | $ 5,266,000 | ||||||||||||||||||||||
Convertible notes 2016 and 2019-1 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ 7,750,000 | $ 9,000,000 | |||||||||||||||||||||
Convertible debt embedded derivative | 6,000,000 | ||||||||||||||||||||||
Accrued interest | $ 3,352,482 | ||||||||||||||||||||||
Shares issued (in shares) | shares | 7,227,308 | 10,119,844 | |||||||||||||||||||||
Convertible Notes 2015 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ 7,750,000 | ||||||||||||||||||||||
Convertible debt embedded derivative | 6,534,000 | ||||||||||||||||||||||
Accrued interest | $ 4,536,438 | ||||||||||||||||||||||
Shares issued (in shares) | shares | 7,227,308 | ||||||||||||||||||||||
Change in fair value of convertible debt derivative (Note 14.1) | $ 3,269,000 | ||||||||||||||||||||||
Convertible Note 2021 - Lynrock Lake Note | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Notional amount | $ 40,000,000 | ||||||||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 1.915 | $ 1.915 | |||||||||||||||||||||
PIK interest rate | 6.00% | ||||||||||||||||||||||
Change in fair value of convertible debt derivative (Note 14.1) | $ 12,713,000 | ||||||||||||||||||||||
Conversion price per ADS (in dollars per share) | $ / shares | $ 7.66 | $ 7.66 | |||||||||||||||||||||
Debt instrument, ownership limit | 9.90% | ||||||||||||||||||||||
Debt instrument, interest rate | 5.0625% | ||||||||||||||||||||||
Convertible Notes 2015 And 2018 - Nokomis | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
PIK interest rate | 7.00% | ||||||||||||||||||||||
Change in fair value of convertible debt derivative | $ (934,000) | ||||||||||||||||||||||
Convertible debt embedded derivative | $ 4,645,000 | ||||||||||||||||||||||
Convertible Notes 2015 - Nokomis | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Repayment of convertible debt and accrued interest | 6,378,104 | ||||||||||||||||||||||
Repayment of convertible debt | 4,250,000 | ||||||||||||||||||||||
Repayment of convertible debt, accrued interest | 2,128,000 | ||||||||||||||||||||||
Convertible Notes 2018 - Nokomis | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Repayment of convertible debt and accrued interest | 5,346,699 | ||||||||||||||||||||||
Repayment of convertible debt | 4,500,000 | ||||||||||||||||||||||
Repayment of convertible debt, accrued interest | $ 847,000 | ||||||||||||||||||||||
Convertible debt embedded derivative | Financial liabilities at fair value through profit or loss | 2018 convertible notes | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Change in fair value of convertible debt derivative | $ 1,366,000 | $ 3,788,000 | |||||||||||||||||||||
Derivative financial liabilities | $ 749,000 | ||||||||||||||||||||||
Decrease in borrowings | $ 523,000 | ||||||||||||||||||||||
Convertible debt embedded derivative | Financial liabilities at fair value through profit or loss | 2019-1 notes | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Change in fair value of convertible debt derivative | $ 989,000 | ||||||||||||||||||||||
Convertible debt embedded derivative | Financial liabilities at fair value through profit or loss | 2019-2 notes | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Change in fair value of convertible debt derivative | $ 1,874,000 | ||||||||||||||||||||||
Market approach | 2015 convertible notes | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate used to value liability | 0.263 | 0.2569 | 0.2426 | ||||||||||||||||||||
Market approach | 2018 convertible notes | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate used to value liability | 0.2381 | ||||||||||||||||||||||
Market approach | 2019-1 notes | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate used to value liability | 0.3122 | ||||||||||||||||||||||
Market approach | 2019-2 notes | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate used to value liability | 0.2536 | ||||||||||||||||||||||
Market approach | Convertible Note 2021 - Lynrock Lake Note | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Interest rate used to value liability | 0.2089 | ||||||||||||||||||||||
Other capital reserves | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Conversion of convertible debts (Note 14.1) | 5,386,000 | 4,534,000 | |||||||||||||||||||||
Other capital reserves | Convertible notes 2016 and 2019-1 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Conversion of convertible debts (Note 14.1) | $ 4,534,000 | ||||||||||||||||||||||
Other capital reserves | Convertible Notes 2015 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Conversion of convertible debts (Note 14.1) | $ 5,386,000 | ||||||||||||||||||||||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | ||||||||||||||||||||||
[2] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Interest-bearing loans and bo_5
Interest-bearing loans and borrowings - Venture Debt (Details) | Feb. 18, 2019€ / sharesshares | Oct. 26, 2018USD ($)$ / sharesshares | Oct. 26, 2018EUR (€) | Nov. 30, 2019USD ($) | Nov. 30, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Oct. 26, 2018EUR (€)shares | ||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Additional fee to be paid at end of term | 2.50% | 2.50% | |||||||||||||
Number of warrants issued | shares | 9,392,986 | ||||||||||||||
Exercise price (in dollars per share) | € / shares | € 0.02 | ||||||||||||||
Exercise price per ADS (in dollars per share) | € / shares | € 0.08 | ||||||||||||||
Repayment of venture debt | $ 7,869,000 | $ 5,165,000 | [1] | $ 801,000 | [1] | ||||||||||
Interest on loans | 7,462,000 | 9,747,000 | 7,864,000 | ||||||||||||
Interest paid, classified as financing activities | 5,310,000 | 2,461,000 | [1] | 2,396,000 | [1] | ||||||||||
Other finance income | 5,177,000 | 0 | [2] | 0 | [2] | ||||||||||
Bond Issuance Agreement | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Notional amount | $ 14,000,000 | € 12,000,000 | |||||||||||||
Borrowings, interest rate | 9.00% | 9.00% | |||||||||||||
Subscription price (in dollars per share) | $ / shares | $ 1 | ||||||||||||||
Number of warrants issued | 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 | ||||||||||||||
Venture debt | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Repayment of venture debt | $ 550,000 | € 448,000 | $ 801,000 | € 719,000 | 7,869,000 | € 6,588,007 | 5,165,000 | € 4,547,000 | |||||||
Interest on loans | 819,000 | 1,451,000 | 1,796,000 | ||||||||||||
Interest paid, classified as financing activities | $ 701,000 | $ 940,000 | 1,209,000 | ||||||||||||
Other finance income | $ 532,000 | ||||||||||||||
Venture debt | Financial liabilities at fair value through profit or loss | Bond Issuance Agreement | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Adjustments for increase (decrease) in derivative financial liabilities | $ (819,000) | € (712,000) | |||||||||||||
Increase in borrowings | $ 12,800,000 | € 10,900,000 | |||||||||||||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | ||||||||||||||
[2] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Interest-bearing loans and bo_6
Interest-bearing loans and borrowings - Interest-Bearing Financing Receivables (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jun. 30, 2014 | Dec. 31, 2020 | Dec. 31, 2021 | May 31, 2020 | Dec. 31, 2019 | Jul. 31, 2017 | Jul. 01, 2017 | |
Disclosure of detailed information about borrowings [line items] | |||||||
Accounts receivable | $ 17,648,000 | $ 14,411,000 | $ 9,977,000 | ||||
Interest-bearing receivables financing | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Adjustment to interest rate basis | 1.87% | ||||||
Current borrowings | $ 10,421,000 | 5,651,000 | $ 4,068,000 | ||||
Interest-bearing receivables financing | LIBOR | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Adjustment to interest rate basis | 1.50% | ||||||
Interest-Bearing Receivables Financing 2020 Research Tax Credit | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate | 6.45% | ||||||
Notional amount | 3,867,000 | $ 3,807,000 | |||||
Borrowing, Retention Amount | 1,562,000 | ||||||
Interest-Bearing Receivables Financing 2020 Research Tax Credit | Within one year | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowing, Retention Amount | 1,436,000 | 762,000 | |||||
Interest-Bearing Receivables Financing 2020 Research Tax Credit | More than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowing, Retention Amount | $ 126,000 | $ 113,000 | |||||
Factoring of receivables | Interest-bearing receivables financing | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Available borrowings, percentage of face value of accounts receivable | 90.00% | ||||||
Exclusion from past due period of accounts receivable | 60 days | ||||||
Service Sales [Member] | Factoring of receivables | Interest-bearing receivables financing | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Accounts receivable | $ 800,000 |
Lease liabilities - Narrative (
Lease liabilities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |||
Disclosure of Leases [Line Items] | |||||||
Right-of-use assets | $ 3,374 | $ 4,656 | $ 4,049 | $ 4,556 | |||
Lease liabilities | 4,620 | 5,776 | 4,104 | $ 4,623 | |||
Lease liabilities | 3,373 | 4,762 | [1] | 3,204 | [1] | 3,208 | |
Current lease liabilities | 1,247 | 1,014 | [1] | 900 | [1] | $ 1,415 | |
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 14.20% | ||||||
Rental charges | $ 1,411 | $ 660 | $ 810 | ||||
IFRS 16 | |||||||
Disclosure of Leases [Line Items] | |||||||
Right-of-use assets | $ 3,374 | ||||||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Lease liabilities - Summary of
Lease liabilities - Summary of movements in right-of-use assets and lease liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |||
Disclosure of Leases [Line Items] | ||||||
Right-of-use assets at beginning of period | $ 4,656 | $ 4,049 | $ 4,556 | |||
Additions | 437 | 2,073 | 847 | |||
Depreciation expense | (1,259) | (1,444) | (1,354) | |||
Disposals | (757) | (462) | ||||
Amortization disposals | (297) | (440) | ||||
Right-of-use assets at end of period | 3,374 | 4,656 | 4,049 | |||
Lease liabilities at beginning of period | 5,776 | 4,104 | ||||
Current | 1,247 | 1,014 | [1] | 900 | [1] | $ 1,415 |
Lease liabilities | 3,373 | 4,762 | [1] | 3,204 | [1] | $ 3,208 |
Additions | 437 | 1,750 | 732 | |||
Disposals on Lease Liabilities | (993) | |||||
Interest on lease contracts (see Note 15) | 760 | 780 | 622 | |||
Foreign exchange loss (gain) | (297) | 363 | 49 | |||
Payments | (1,063) | (1,221) | (1,922) | |||
Lease liabilities at end of period | 4,620 | 5,776 | 4,104 | |||
Real-estate | ||||||
Disclosure of Leases [Line Items] | ||||||
Right-of-use assets at beginning of period | 4,184 | 3,942 | 4,159 | |||
Additions | 437 | 1,448 | 847 | |||
Depreciation expense | (1,151) | (1,184) | (1,064) | |||
Disposals | (210) | (207) | ||||
Amortization disposals | (114) | (185) | ||||
Right-of-use assets at end of period | 3,374 | 4,184 | 3,942 | |||
IT and office equipment | ||||||
Disclosure of Leases [Line Items] | ||||||
Right-of-use assets at beginning of period | 472 | 107 | 397 | |||
Additions | 0 | 625 | 0 | |||
Depreciation expense | (108) | (260) | (290) | |||
Disposals | (547) | (255) | ||||
Amortization disposals | (183) | (255) | ||||
Right-of-use assets at end of period | $ 0 | $ 472 | $ 107 | |||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Government grant advances and_3
Government grant advances and loans - Schedule of Government Grant Advances and Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Current | |||||
Government grant advances | $ 3,317 | $ 693 | $ 349 | ||
Research project financing | 1,057 | 1,288 | 674 | ||
Government loans | 1,832 | 1,886 | 449 | ||
Total current portion | 6,206 | 3,867 | [1] | 1,472 | [1] |
Non-current | |||||
Government grant advances | 2,048 | 642 | 510 | ||
Research project financing | 2,248 | 4,625 | 4,652 | ||
Government loans | 3,084 | 4,611 | 348 | ||
Accrued interest | 1,974 | 1,325 | 640 | ||
Total non-current portion | $ 9,354 | $ 11,203 | [1] | $ 6,150 | [1] |
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Government grant advances and_4
Government grant advances and loans - Government Grant Advances (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021EUR (€)project | Dec. 31, 2021USD ($)project | Dec. 31, 2020EUR (€)project | Dec. 31, 2020USD ($)project | Dec. 31, 2019EUR (€)project | Dec. 31, 2019USD ($)project | |
Research and Development Arrangement, Contract to Perform for Others1 [Line Items] | ||||||
Number of collaborative projects | 2 | 2 | 2 | 2 | 2 | 2 |
Amount funded from government grant advances | € 6,326 | $ 7,650 | € 779 | $ 892 | € 856 | $ 963 |
Top of range [member] | ||||||
Research and Development Arrangement, Contract to Perform for Others1 [Line Items] | ||||||
Term of collaborative project | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years |
Government grant advances and_5
Government grant advances and loans - Research Project Financing (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Feb. 28, 2022USD ($) | Feb. 28, 2022EUR (€) | Apr. 30, 2021USD ($) | Apr. 30, 2021EUR (€) | Feb. 29, 2020USD ($) | Feb. 29, 2020EUR (€) | Dec. 31, 2016USD ($)instalment | Jan. 31, 2016USD ($)instalment | Oct. 31, 2014USD ($) | Oct. 31, 2014EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jan. 31, 2016EUR (€) | |||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Proceeds received from long-term projects | $ 7,600,000 | ||||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 469,000 | 241,000 | [1] | $ 447,000 | [1] | ||||||||||||||||
Accrued interest | $ 563,000,000 | 560,000 | 370,000 | ||||||||||||||||||
Government Grant | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Proceeds received from long-term projects | 167,000 | € 150,000 | 482,000 | ||||||||||||||||||
Forgivable Loan | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Proceeds received from long-term projects | 238,000 | 215,000 | $ 644,000 | € 567,000 | |||||||||||||||||
Long-Term Research Project - October 2014 | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Research project, term | 3 years | 3 years | 3 years | 4 years | 4 years | ||||||||||||||||
Number of installments | instalment | 3 | ||||||||||||||||||||
Reduction in debt carrying value | $ 115,000 | ||||||||||||||||||||
Long-Term Research Project - October 2014 | Fixed Contractual Rate | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Interest rate | 1.53% | ||||||||||||||||||||
Long-Term Research Project - October 2014 | Research project financing | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Total funding | $ 8,988,000 | € 6,967,000 | |||||||||||||||||||
Long-Term Research Project - October 2014 | Government Grant | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Total funding | 3,815,000 | 2,957,000 | |||||||||||||||||||
Long-Term Research Project - October 2014 | Forgivable Loan | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Total funding | $ 5,173,000 | € 4,010,000 | |||||||||||||||||||
Proceeds received from long-term projects | $ 1,126,000 | € 992,000 | |||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 804,000 | € 675,000 | $ 355,000 | € 300,000 | $ 168,000 | 150,000 | |||||||||||||||
Long-Term Research Project - January 2016 | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Number of installments | instalment | 4 | ||||||||||||||||||||
Reduction in debt carrying value | $ 30,000 | ||||||||||||||||||||
Proceeds received from long-term projects | $ 1,442,111 | € 1,214,000 | |||||||||||||||||||
Decrease in R&D expenses | $ 1,442,111 | € 1,214,000 | |||||||||||||||||||
Long-Term Research Project - January 2016 | Fixed Contractual Rate | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Interest rate | 1.17% | 1.17% | |||||||||||||||||||
Long-Term Research Project - January 2016 | Research project financing | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Total funding | $ 2,288,000 | € 2,095,000 | |||||||||||||||||||
Long-Term Research Project - January 2016 | Government Grant | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Total funding | 729,000 | 668,000 | |||||||||||||||||||
Proceeds received from long-term projects | € | € 425,000 | ||||||||||||||||||||
Long-Term Research Project - January 2016 | Forgivable Loan | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Total funding | $ 1,558,000 | € 1,427,000 | |||||||||||||||||||
Royalty Agreement Terms | Long-Term Research Project - October 2014 | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Research project, term | 10 years | 10 years | 3 years | 3 years | |||||||||||||||||
Excess sales amount threshold | $ 396,000,000 | € 350,000,000 | |||||||||||||||||||
Period after termination date | 3 years | 3 years | |||||||||||||||||||
Percentage of revenue from project | 1.00% | 1.00% | |||||||||||||||||||
Maximum amount payable | $ 396,410,000 | € 350,000,000 | |||||||||||||||||||
Bottom of range | Research project financing | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Interest rate | 1.80% | ||||||||||||||||||||
Top of range | Research project financing | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Interest rate | 2.30% | ||||||||||||||||||||
Entering into significant commitments or contingent liabilities | Long-Term Research Project - January 2016 | Forgivable Loan | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Proceeds received from long-term projects | $ 405,000 | € 365,000 | |||||||||||||||||||
Government grant advances and loans | Long-Term Research Project - January 2016 | |||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ (241,000) | € 213,000 | |||||||||||||||||||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Government grant advances and_6
Government grant advances and loans - Government Loans (Details) | Apr. 30, 2020EUR (€) | Sep. 30, 2015USD ($)borrowing | Dec. 31, 2021USD ($) | Sep. 30, 2015EUR (€) |
Government loans | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Number of government loans | borrowing | 2 | |||
Government debt instruments | $ 2,228,000 | € 2,000,000 | ||
Debt term | 7 years | |||
Government loan - 5.24% Loan | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Government debt instruments | € 1,000,000 | |||
Interest rate | 5.24% | 5.24% | ||
Government loan - Interest Free Loan | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Government debt instruments | € 1,000,000 | |||
Government loan, Covid-19 support plan | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Government debt instruments | € 5,000,000 | |||
Interest rate | 1.75% | |||
Debt term | 5 years | |||
Optional notice term | 1 year | |||
Current borrowings | $ | $ 1,380,000 | |||
Total non-current portion | $ | $ 4,511,000 | |||
Government loan, Covid-19 support plan | Bottom of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Notice term | 1 month | |||
Government loan, Covid-19 support plan | Top of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Notice term | 4 months |
Provisions - Reconciliation of
Provisions - Reconciliation of Changes in Provisions (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Reconciliation of changes in other provisions [abstract] | ||||||
Total, beginning of period | $ 1,643,000 | $ 1,571,000 | $ 1,715,000 | |||
Arising (released) during the year | 822,000 | 470,000 | 284,000 | |||
Released (used) during the year | (90,000) | 0 | (373,000) | |||
Released (unused) during the year | (238,000) | (411,000) | 47,000 | |||
Total, end of period | 2,137,000 | 1,643,000 | 1,571,000 | |||
Current | 0 | 89,000 | 0 | $ 352,000 | ||
Non-current Provisions | 2,137,000 | 1,554,000 | [1] | 1,571,000 | [1] | 1,363,000 |
Previously stated | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Total, beginning of period | 2,041,000 | |||||
Current | 352,000 | |||||
Non-current Provisions | 1,689,000 | |||||
Effect of application of the IFRS IC decision on IAS 19 (Note 2.2) | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Total, beginning of period | 13,000 | (8,000) | (326,000) | |||
Total, end of period | 13,000 | (8,000) | ||||
Non-current Provisions | 14,000 | (8,000) | $ (326,000) | |||
Post- employment benefits | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Total, beginning of period | 834,000 | 729,000 | 664,000 | |||
Arising (released) during the year | (28,000) | 92,000 | 94,000 | |||
Released (used) during the year | 0 | 0 | (21,000) | |||
Released (unused) during the year | 0 | 0 | 0 | |||
Total, end of period | 806,000 | 834,000 | 729,000 | |||
Post- employment benefits | Previously stated | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Total, beginning of period | 990,000 | |||||
Post- employment benefits | Effect of application of the IFRS IC decision on IAS 19 (Note 2.2) | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Total, beginning of period | 13,000 | (8,000) | (326,000) | |||
Total, end of period | 13,000 | (8,000) | ||||
Other provisions | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Total, beginning of period | 809,000 | 842,000 | 1,051,000 | |||
Arising (released) during the year | 850,000 | 378,000 | 190,000 | |||
Released (used) during the year | (90,000) | 0 | (352,000) | |||
Released (unused) during the year | (238,000) | (411,000) | 47,000 | |||
Total, end of period | 1,331,000 | 809,000 | 842,000 | |||
Other provisions | Previously stated | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Total, beginning of period | 1,051,000 | |||||
Other provisions | Effect of application of the IFRS IC decision on IAS 19 (Note 2.2) | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Total, beginning of period | $ 0 | 0 | 0 | |||
Total, end of period | $ 0 | $ 0 | ||||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Provisions - Narrative (Details
Provisions - Narrative (Details) | 12 Months Ended | |||||
Dec. 31, 2021USD ($)employee | Dec. 31, 2020USD ($)employee | Dec. 31, 2019USD ($)employee | Dec. 31, 2018USD ($) | |||
Disclosure of other provisions [line items] | ||||||
Actuarial gain (loss) included in comprehensive income | $ (33,000) | $ 79,000 | [1] | $ (58,000) | [1] | |
Number of employees retired during the year | employee | 0 | 0 | 1 | |||
Provisions | $ 2,137,000 | $ 1,643,000 | $ 1,571,000 | $ 1,715,000 | ||
Effect of application of the IFRS IC decision on IAS 19 (Note 2.2) | ||||||
Disclosure of other provisions [line items] | ||||||
Actuarial gain (loss) included in comprehensive income | 26,000 | 50,000 | ||||
Provisions | 13,000 | (8,000) | $ (326,000) | |||
Effect of application of the IFRS IC decision on IAS 19 (Note 2.2) | FRANCE | ||||||
Disclosure of other provisions [line items] | ||||||
Actuarial gain (loss) included in comprehensive income | $ (20,000) | $ 9,000 | $ (93,000) | |||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Provisions - Schedule of Main A
Provisions - Schedule of Main Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Discount rate | 0.98% | 0.34% | 0.77% |
Directors | |||
Disclosure of defined benefit plans [line items] | |||
Turnover: depending on the seniority | 2.00% | 2.00% | 2.00% |
Other Employees | |||
Disclosure of defined benefit plans [line items] | |||
Turnover: depending on the seniority | 10.00% | 10.00% | 10.00% |
Executive Team | |||
Disclosure of defined benefit plans [line items] | |||
Turnover: depending on the seniority | 0.00% | 0.00% | 0.00% |
Bottom of range [member] | |||
Disclosure of defined benefit plans [line items] | |||
Salary increase | 1.50% | 1.50% | 1.50% |
Retirement age | 60 years | 60 years | 60 years |
Top of range [member] | |||
Disclosure of defined benefit plans [line items] | |||
Salary increase | 3.50% | 3.50% | 3.50% |
Retirement age | 62 years | 62 years | 62 years |
Other non-current liabilities -
Other non-current liabilities - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 20, 2020 | Dec. 31, 2019 | ||
Subclassifications of assets, liabilities and equities [abstract] | ||||||
Payables | $ 964 | $ 851 | [1] | $ 1,139 | [1] | |
Deferred tax liabilities | 138 | 19 | [1] | $ 809 | 429 | [1] |
License and development services agreement | 2,706 | 2,343 | 11,249 | |||
Deferred revenue | 0 | 54 | 323 | |||
Total contract liabilities | $ 2,706 | $ 2,397 | [1] | $ 11,572 | [1] | |
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Other non-current liabilities_2
Other non-current liabilities - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||
Feb. 28, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 20, 2020 | Oct. 24, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | |||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Trade payable term | 30 days | |||||||||
Non-current trade payables | $ 964,000 | $ 851,000 | [1] | $ 1,139,000 | [1] | |||||
Deferred tax liabilities | 138,000 | 19,000 | [1] | 429,000 | [1] | $ 809,000 | ||||
Deferred tax liability (asset) | 138,000 | 19,000 | 429,000 | $ 691,000 | ||||||
License and services agreement estimated value exceeding | $ 35,000,000 | |||||||||
License and services agreement upfront payment | 18,000,000 | |||||||||
License and services agreement estimated value quarterly payments | $ 1,800,000 | |||||||||
Recognized revenues | 11,419,000 | 9,155,000 | 2,285,000 | |||||||
Interest expenses on upfront payment | 1,628,000 | 3,221,000 | 619,000 | |||||||
Net remaining contract liability | 4,211,000 | |||||||||
Contract liabilities | 765,000 | 727,000 | 988,000 | $ 1,940,000 | ||||||
Trade payables | 13,916,000 | 15,701,000 | [1] | 8,834,000 | [1] | |||||
Contract liabilities | 476,000 | 753,000 | 727,000 | |||||||
Strategic Partner | ||||||||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Interest expenses on upfront payment | 528,000 | |||||||||
Strategic Partner, Amendment Contract | ||||||||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Other revenue | 1,811,000 | |||||||||
Development services | Strategic Partner | ||||||||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Recognized revenues | 4,500,000 | |||||||||
Net remaining contract liability | 1,856,000 | |||||||||
Current contract liabilities | 1,639,000 | |||||||||
Non-current contract liabilities | 214,000 | |||||||||
Other revenue | 3,008,000 | 166,000 | ||||||||
Development services | Strategic Partner, Amendment Contract | ||||||||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Recognized revenues | 5,000,000 | |||||||||
Net remaining contract liability | 1,189,000 | |||||||||
Other revenue | 311,000 | |||||||||
Development services | Strategic Partner, Amendment Contract | Major Revenue Recognition | ||||||||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Recognized revenues | $ 3,000,000 | |||||||||
Investments revenue | $ 2,000,000 | |||||||||
Development services | Strategic Partner, Second Amendment Contract | ||||||||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Recognized revenues | 4,500,000 | |||||||||
Net remaining contract liability | 3,652,000 | |||||||||
Current contract liabilities | 1,160,000 | |||||||||
Non-current contract liabilities | 2,492,000 | |||||||||
Development and other services | Strategic Partner, Amendment Contract | ||||||||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Other revenue | 1,500,000 | |||||||||
Development and other services | Strategic Partner, Second Amendment Contract | ||||||||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Other revenue | 848,000 | |||||||||
Supplier contract | ||||||||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Total amount | 13,500,000 | |||||||||
Development services | ||||||||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Other revenue | 323,000 | 485,000 | ||||||||
5G New Product Development, Team Of Engineers | ||||||||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Non-current trade payables | 780,000 | $ 607,000 | ||||||||
Trade payables | 1,430,000 | |||||||||
5G New Product Development | ||||||||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Acquisitions of intangible assets | 1,916,000 | |||||||||
Trade payable term | 27 months | |||||||||
Non-current trade payables | 184,000 | $ 244,000 | 1,139,000 | |||||||
Trade payables | 279,000 | $ 1,139,000 | ||||||||
Trade payables | $ 244,000 | |||||||||
Convertible debts and venture debt - equity component | ||||||||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | ||||||||||
Deferred tax liability (asset) | $ 2,591,000 | |||||||||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Trade payables and other curr_3
Trade payables and other current liabilities - Schedule of Trade Payables and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Subclassifications of assets, liabilities and equities [abstract] | ||||||
Trade payables | $ 13,916 | $ 15,701 | [1] | $ 8,834 | [1] | |
Other current liabilities: | ||||||
Employees and social debts | 7,987 | 7,424 | 3,575 | |||
Provisions | 0 | 89 | 0 | $ 352 | ||
Others | 1,193 | 963 | 965 | |||
Total other current liabilities | 9,180 | 8,476 | [1] | 4,540 | [1] | |
License and development services agreement (See Note 19) | 8,201 | 12,392 | 5,085 | |||
Deferred revenue | 476 | 753 | 727 | |||
Current contract liabilities | $ 8,677 | $ 13,145 | [1] | $ 5,812 | [1] | |
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Trade payables and other curr_4
Trade payables and other current liabilities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2019 | |||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | |||||
Trade payable term | 30 days | ||||
Trade payables | $ 15,701 | [1] | $ 13,916 | $ 8,834 | [1] |
Deferred revenue | 753 | 476 | 727 | ||
Development services agreements | |||||
Purchase Commitment, Excluding Long-term Commitment1 [Line Items] | |||||
Deferred revenue | $ 753 | $ 476 | $ 727 | ||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Information about financial i_3
Information about financial instruments - Schedule of Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying amount | |||
Total financial assets | $ 20,054 | $ 37,058 | $ 24,857 |
Total current | 19,246 | 36,206 | 24,121 |
Total non-current | 808 | 852 | 736 |
Fair value | |||
Total financial assets | 20,054 | 37,058 | 24,857 |
Total current | 19,246 | 36,206 | 24,121 |
Total non-current | 808 | 852 | 736 |
Carrying amount | |||
Total financial liabilities | 85,391 | 96,694 | 67,694 |
Total current | 27,631 | 40,221 | 27,363 |
Total non-current | 57,760 | 56,473 | 40,331 |
Fair value | |||
Total financial liabilities | 85,511 | 96,694 | 67,729 |
Total current | 27,631 | 40,221 | 27,328 |
Total non-current | 57,880 | 56,473 | 40,401 |
Convertible debt | |||
Carrying amount | |||
Total financial liabilities | 10,081 | 12,395 | 0 |
Fair value | |||
Total financial liabilities | 10,081 | 12,395 | 0 |
Cash, cash equivalents and short-term investments | |||
Carrying amount | |||
Total financial assets | 4,835 | ||
Fair value | |||
Total financial assets | 4,835 | 18,474 | 14,098 |
Lease liability | |||
Carrying amount | |||
Total financial liabilities | 4,620 | 5,776 | 4,104 |
Fair value | |||
Total financial liabilities | 4,620 | 5,776 | 4,104 |
Interest-bearing loans and borrowings: | Interest-bearing receivables financing | |||
Carrying amount | |||
Total financial liabilities | 9,518 | 14,228 | 4,068 |
Fair value | |||
Total financial liabilities | 9,518 | 14,228 | 4,068 |
Interest-bearing loans and borrowings: | Convertible debt | |||
Carrying amount | |||
Total financial liabilities | 36,373 | 26,074 | 30,671 |
Fair value | |||
Total financial liabilities | 36,493 | 26,074 | 30,706 |
Interest-bearing loans and borrowings: | Venture debt | |||
Carrying amount | |||
Total financial liabilities | 0 | 8,276 | 12,180 |
Fair value | |||
Total financial liabilities | 0 | 8,276 | 12,180 |
Interest-bearing loans and borrowings: | Government loans | |||
Carrying amount | |||
Total financial liabilities | 6,001 | 6,920 | 1,002 |
Fair value | |||
Total financial liabilities | 6,001 | 6,920 | 1,002 |
Interest-bearing loans and borrowings: | Research project financing | |||
Carrying amount | |||
Total financial liabilities | 3,868 | 6,473 | 5,696 |
Fair value | |||
Total financial liabilities | 3,868 | 6,473 | 5,696 |
Trade and other payables (current and non current) | Trade and other payables (current and non current) | |||
Carrying amount | |||
Total financial liabilities | 14,880 | 16,552 | 9,973 |
Fair value | |||
Total financial liabilities | 14,880 | 16,552 | 9,973 |
Financial instruments at fair value through other comprehensive income | Cash flow hedges | |||
Carrying amount | |||
Total financial liabilities | 50 | 0 | 0 |
Fair value | |||
Total financial liabilities | 50 | 0 | 0 |
Trade and other receivables | Trade receivables and contract assets | |||
Carrying amount | |||
Total financial assets | 14,411 | 17,648 | 9,977 |
Fair value | |||
Total financial assets | 14,411 | 17,648 | 9,977 |
Deposits and other receivables | Deposits | |||
Carrying amount | |||
Total financial assets | 451 | 466 | 401 |
Fair value | |||
Total financial assets | 451 | 466 | 401 |
Other financial assets | Long-term investments | |||
Carrying amount | |||
Total financial assets | 357 | 386 | 335 |
Fair value | |||
Total financial assets | 357 | 386 | 335 |
Financial instruments at fair value through other comprehensive income | Cash flow hedges | |||
Carrying amount | |||
Total financial assets | 0 | 84 | 46 |
Fair value | |||
Total financial assets | $ 0 | 84 | 46 |
Cash, cash equivalents and short-term investments | Cash, cash equivalents and short-term investments | |||
Carrying amount | |||
Total financial assets | $ 18,474 | $ 14,098 |
Information about financial i_4
Information about financial instruments - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | $ 20,054 | $ 37,058 | $ 24,857 |
Fair value | 85,511 | 96,694 | 67,729 |
Cash flow hedges | Financial instruments at fair value through other comprehensive income | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | 12,395 | ||
Financial Assets Measured At Fair Value Through Other Comprehensive Income | Cash flow hedges | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | (50) | (84) | (46) |
Level 1 | Cash flow hedges | Financial instruments at fair value through other comprehensive income | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | 0 | 0 | 0 |
Level 2 | Cash flow hedges | Financial instruments at fair value through other comprehensive income | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | 10,081 | 12,395 | |
Level 2 | Cash flow hedges | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | (50) | (84) | (46) |
Level 3 | Cash flow hedges | Financial instruments at fair value through other comprehensive income | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | 0 | 0 | 0 |
Available-for-sale financial assets | Long-term investments | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | 357 | 386 | 335 |
Available-for-sale financial assets | Long-term investments | Level 1 | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | 0 | 0 | 0 |
Available-for-sale financial assets | Long-term investments | Level 2 | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | 357 | 386 | 335 |
Available-for-sale financial assets | Long-term investments | Level 3 | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Fair value | $ 0 | $ 0 | $ 0 |
Information about financial i_5
Information about financial instruments - Schedule of Present Fair Values of Derivative Financial Instruments (Details) € in Thousands, $ in Thousands | Dec. 31, 2021USD ($)EUR (€) | Dec. 31, 2020USD ($)EUR (€) | Dec. 31, 2019USD ($)EUR (€) |
Disclosure of financial liabilities [line items] | |||
Fair value | $ 85,511 | $ 96,694 | $ 67,729 |
Cash flow hedge | Financial instruments at fair value through other comprehensive income | |||
Disclosure of financial liabilities [line items] | |||
Notional Amount | € | 5,000 | 2,250 | 3,000 |
Fair value | $ (50) | $ 84 | $ 46 |
Cash flow hedge | Forward contracts | Financial instruments at fair value through other comprehensive income | |||
Disclosure of financial liabilities [line items] | |||
Notional Amount | € | 5,000 | 2,250 | 3,000 |
Fair value | $ (50) | $ 84 | $ 46 |
Cash flow hedge | Options | Financial instruments at fair value through other comprehensive income | |||
Disclosure of financial liabilities [line items] | |||
Notional Amount | € | 0 | 0 | 0 |
Fair value | $ 0 | $ 0 | $ 0 |
Information about financial i_6
Information about financial instruments - Narrative (Details) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($)uSD_to_EUR | Dec. 31, 2021USD ($)uSD_to_GBP | Dec. 31, 2021USD ($)uSD_to_SGD | Dec. 31, 2021USD ($)uSD_to_NIS | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($)bank | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($)uSD_to_EUR | Dec. 31, 2020USD ($)uSD_to_GBP | Dec. 31, 2020USD ($)uSD_to_SGD | Dec. 31, 2020USD ($)uSD_to_NIS | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)uSD_to_EUR | Dec. 31, 2019USD ($)uSD_to_GBP | Dec. 31, 2019USD ($)uSD_to_SGD | Dec. 31, 2019USD ($)uSD_to_NIS | Dec. 31, 2018USD ($) | [2] | Dec. 31, 2015USD ($) | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||
Net gain (loss) on cash flow hedge | $ 129,000 | $ (31,000) | [1] | $ (57,000) | [1] | ||||||||||||||||||||||||||
Loss transferred from other comprehensive income to the statement of operations | 53,000 | 150 | |||||||||||||||||||||||||||||
Gain (loss) related to ineffective position of hedging instrument | 0 | ||||||||||||||||||||||||||||||
Derivative maturity period | 12 months | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ 4,835,000 | 4,835,000 | $ 4,835,000 | $ 4,835,000 | $ 4,835,000 | $ 4,835,000 | $ 4,835,000 | $ 4,835,000 | 7,574,000 | [2] | $ 7,574,000 | [2] | $ 7,574,000 | [2] | $ 7,574,000 | [2] | $ 7,574,000 | [2] | 14,098,000 | [2] | $ 14,098,000 | [2] | $ 14,098,000 | [2] | $ 14,098,000 | [2] | $ 14,098,000 | [2] | $ 12,086,000 | ||
Fair value | 20,054,000 | 20,054,000 | $ 20,054,000 | $ 20,054,000 | $ 20,054,000 | $ 20,054,000 | 20,054,000 | 20,054,000 | 37,058,000 | $ 37,058,000 | $ 37,058,000 | $ 37,058,000 | $ 37,058,000 | 24,857,000 | $ 24,857,000 | $ 24,857,000 | $ 24,857,000 | $ 24,857,000 | |||||||||||||
Average rate | 1.1835 | 1.3761 | 0.7444 | 0.3097 | 1.1413 | 1.2834 | 0.7521 | 0.2908 | 1.1196 | 1.2758 | 0.7331 | 0.2806 | |||||||||||||||||||
Contract liabilities | 765,000 | 765,000 | $ 765,000 | $ 765,000 | $ 765,000 | $ 765,000 | 765,000 | 765,000 | 727,000 | $ 727,000 | $ 727,000 | $ 727,000 | $ 727,000 | 988,000 | $ 988,000 | $ 988,000 | $ 988,000 | $ 988,000 | $ 1,940,000 | ||||||||||||
Fair value | 85,511,000 | 85,511,000 | 85,511,000 | 85,511,000 | 85,511,000 | 85,511,000 | 85,511,000 | 85,511,000 | 96,694,000 | 96,694,000 | 96,694,000 | 96,694,000 | 96,694,000 | 67,729,000 | 67,729,000 | 67,729,000 | 67,729,000 | 67,729,000 | |||||||||||||
Convertible debt | Interest-bearing loans and borrowings: | |||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||
Fair value | 36,493,000 | 36,493,000 | 36,493,000 | 36,493,000 | 36,493,000 | 36,493,000 | 36,493,000 | 36,493,000 | 26,074,000 | 26,074,000 | 26,074,000 | 26,074,000 | 26,074,000 | 30,706,000 | 30,706,000 | 30,706,000 | 30,706,000 | 30,706,000 | |||||||||||||
Available-for-sale financial assets | Long-term investments | |||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||
Fair value | 357,000 | 357,000 | 357,000 | 357,000 | 357,000 | 357,000 | 357,000 | 357,000 | 386,000 | 386,000 | 386,000 | 386,000 | 386,000 | 335,000 | 335,000 | 335,000 | 335,000 | 335,000 | |||||||||||||
Euro denominated accounts | |||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||
Notional amount | 13,525,000 | 13,525,000 | 13,525,000 | 13,525,000 | 13,525,000 | 13,525,000 | 13,525,000 | 13,525,000 | 25,444,000 | 25,444,000 | 25,444,000 | 25,444,000 | 25,444,000 | 21,067,000 | 21,067,000 | 21,067,000 | 21,067,000 | 21,067,000 | |||||||||||||
Currencies Other Than US Dollar | |||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,966,000 | 1,966,000 | 1,966,000 | 1,966,000 | 1,966,000 | 1,966,000 | $ 1,966,000 | $ 1,966,000 | 339,000 | 339,000 | 339,000 | 339,000 | 339,000 | 396,000 | 396,000 | 396,000 | 396,000 | 396,000 | |||||||||||||
Foreign currency risk | |||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||
Reasonably possible change in risk variable, percent | 10.00% | ||||||||||||||||||||||||||||||
Average rate | 1.1907 | ||||||||||||||||||||||||||||||
Impact of change in the corresponding risk variable on operating expenses | 4,200,000 | ||||||||||||||||||||||||||||||
Foreign currency risk | U.S. dollar denominated accounts | |||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||
Percentage of total revenues | 100.00% | ||||||||||||||||||||||||||||||
Percentage of total cost of sales | 90.00% | ||||||||||||||||||||||||||||||
Foreign currency risk | Euro denominated accounts | |||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||
Percentage of operating expenses | 63.00% | ||||||||||||||||||||||||||||||
Credit risk | |||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||
Number of banks | bank | 3 | ||||||||||||||||||||||||||||||
Liquidity risk | |||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||
Contract liabilities | $ 10,907,000 | $ 10,907,000 | $ 10,907,000 | $ 10,907,000 | $ 10,907,000 | $ 10,907,000 | $ 10,907,000 | $ 10,907,000 | $ 14,735,000 | $ 14,735,000 | $ 14,735,000 | $ 14,735,000 | $ 14,735,000 | $ 16,334,000 | $ 16,334,000 | $ 16,334,000 | $ 16,334,000 | $ 16,334,000 | |||||||||||||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 | ||||||||||||||||||||||||||||||
[2] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Information about financial i_7
Information about financial instruments - Summary of Customers Representing Company's Total Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of major customers [line items] | |||||
Accounts receivable | $ 13,622 | $ 17,277 | [1] | $ 8,390 | [1] |
Credit risk | Customer A | Korea | |||||
Disclosure of major customers [line items] | |||||
Percentage of entity's revenue | 10.00% | 45.00% | 22.00% | ||
Accounts receivable | $ 583,000 | $ 5,209,000 | $ 2,680,000 | ||
Credit risk | Customer B | Taiwan | |||||
Disclosure of major customers [line items] | |||||
Percentage of entity's revenue | 23.00% | 20.00% | 27.00% | ||
Accounts receivable | $ 545,000 | $ 4,767,000 | $ 1,383,000 | ||
Credit risk | Customer C | United States of America | |||||
Disclosure of major customers [line items] | |||||
Percentage of entity's revenue | 23.00% | 18.00% | 7.00% | ||
Accounts receivable | $ 1,800,000 | $ 0 | $ 250,000 | ||
Credit risk | Customer D | Taiwan | |||||
Disclosure of major customers [line items] | |||||
Percentage of entity's revenue | 10.00% | 10.00% | 10.00% | ||
Accounts receivable | $ 0 | $ 544,000 | $ 1,745,000 | ||
Credit risk | Customer E | China (including Hong-Kong) | |||||
Disclosure of major customers [line items] | |||||
Percentage of entity's revenue | 14.00% | 10.00% | 10.00% | ||
Accounts receivable | $ 203,000 | $ 339,000 | $ 271,000 | ||
Credit risk | Customer E | JAPAN | |||||
Disclosure of major customers [line items] | |||||
Percentage of entity's revenue | 13.00% | 1000.00% | 0.00% | ||
Accounts receivable | $ 7,736,000 | $ 5,120,000 | $ 0 | ||
[1] | 2019 and 2020 amounts restated to reflect the impact of application of the IFRS IC decision on IAS 19 as described in Note 2.2 |
Information about financial i_8
Information about financial instruments - Schedule of Liquidity Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Fair value | $ 85,511 | $ 96,694 | $ 67,729 |
Financial assets, at fair value | (20,054) | (37,058) | (24,857) |
Level 2 | Cash flow hedges | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial assets, at fair value | 50 | 84 | 46 |
Liquidity risk | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 103,750 | 106,845 | 87,315 |
Liquidity risk | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 36,149 | 50,172 | 33,711 |
Liquidity risk | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 3,829 | 9,083 | 37,384 |
Liquidity risk | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 60,232 | 4,554 | 12,528 |
Liquidity risk | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 2,504 | 39,832 | 1,348 |
Liquidity risk | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,036 | 2,433 | 1,037 |
Liquidity risk | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 771 | 1,307 |
Research project financing | Liquidity risk | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 3,783 | 6,584 | 6,032 |
Research project financing | Liquidity risk | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,057 | 1,944 | 739 |
Research project financing | Liquidity risk | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,042 | 2,387 | 2,252 |
Research project financing | Liquidity risk | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,684 | 1,828 | 2,601 |
Research project financing | Liquidity risk | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 425 | 368 |
Research project financing | Liquidity risk | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 72 |
Research project financing | Liquidity risk | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Interest-bearing receivables financing | Liquidity risk | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 9,518 | 14,228 | 4,068 |
Interest-bearing receivables financing | Liquidity risk | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 9,518 | 14,228 | 4,068 |
Interest-bearing receivables financing | Liquidity risk | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Interest-bearing receivables financing | Liquidity risk | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Interest-bearing receivables financing | Liquidity risk | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Interest-bearing receivables financing | Liquidity risk | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Interest-bearing receivables financing | Liquidity risk | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Government loans | Liquidity risk | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 6,462 | 7,661 | 1,173 |
Government loans | Liquidity risk | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,240 | 1,536 | 478 |
Government loans | Liquidity risk | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,573 | 1,851 | 466 |
Government loans | Liquidity risk | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,483 | 1,319 | 229 |
Government loans | Liquidity risk | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,452 | 1,287 | 0 |
Government loans | Liquidity risk | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 714 | 1,256 | 0 |
Government loans | Liquidity risk | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 412 | 0 | |
Convertible debt | Liquidity risk | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 54,623 | 35,506 | 40,779 |
Convertible debt | Liquidity risk | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 7,863 |
Convertible debt | Liquidity risk | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 26,792 |
Convertible debt | Liquidity risk | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 54,623 | 0 | 6,124 |
Convertible debt | Liquidity risk | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 35,506 | 0 |
Convertible debt | Liquidity risk | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Convertible debt | Liquidity risk | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Venture debt | Liquidity risk | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 9,168 | 14,435 | |
Venture debt | Liquidity risk | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 6,600 | 6,042 | |
Venture debt | Liquidity risk | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 2,568 | 6,042 | |
Venture debt | Liquidity risk | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 2,351 | |
Venture debt | Liquidity risk | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | |
Venture debt | Liquidity risk | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | |
Venture debt | Liquidity risk | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | |
Lease liability | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Fair value | 4,620 | 5,776 | 4,104 |
Lease liability | Liquidity risk | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 4,620 | 7,931 | 6,204 |
Lease liability | Liquidity risk | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,238 | 1,777 | 1,147 |
Lease liability | Liquidity risk | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,043 | 2,027 | 832 |
Lease liability | Liquidity risk | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 965 | 1,407 | 973 |
Lease liability | Liquidity risk | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,052 | 1,184 | 980 |
Lease liability | Liquidity risk | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 322 | 1,177 | 965 |
Lease liability | Liquidity risk | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 359 | 1,307 |
Trade payables | Liquidity risk | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 15,564 | 17,381 | 10,084 |
Trade payables | Liquidity risk | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 13,916 | 15,701 | 8,834 |
Trade payables | Liquidity risk | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 171 | 250 | 1,000 |
Trade payables | Liquidity risk | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 1,477 | 0 | 250 |
Trade payables | Liquidity risk | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 1,430 | 0 |
Trade payables | Liquidity risk | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Trade payables | Liquidity risk | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Other current liabilities | Liquidity risk | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 9,180 | 8,386 | 4,540 |
Other current liabilities | Liquidity risk | Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 9,180 | 8,386 | 4,540 |
Other current liabilities | Liquidity risk | 1 to 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Other current liabilities | Liquidity risk | 2 to 3 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Other current liabilities | Liquidity risk | 3 to 4 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Other current liabilities | Liquidity risk | 4 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Other current liabilities | Liquidity risk | More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities considered in liquidity risk | 0 | 0 | 0 |
Cash flow hedges | Financial instruments at fair value through other comprehensive income | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Fair value | 12,395 | ||
Cash flow hedges | Financial instruments at fair value through other comprehensive income | Level 1 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Fair value | 0 | 0 | 0 |
Cash flow hedges | Financial instruments at fair value through other comprehensive income | Level 2 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Fair value | 10,081 | 12,395 | |
Cash flow hedges | Financial instruments at fair value through other comprehensive income | Level 3 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Fair value | 0 | 0 | 0 |
Cash flow hedges | Financial Assets Measured At Fair Value Through Other Comprehensive Income | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial assets, at fair value | $ 50 | $ 84 | $ 46 |
Information about financial i_9
Information about financial instruments - Changes in Liabilities Arising from Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities beginning balance | $ 69,424 | $ 58,644 | $ 53,637 |
Increase (decrease) through financing cash flows | 18,764 | 10,548 | (1,186) |
Increase (decrease) through effect of changes in foreign exchange rates | (903) | 2,680 | (303) |
Increase (decrease) through non-cash interest | 8,481 | 10,568 | 8,482 |
Increase (decrease) through non-cash impact of amendment | (11,138) | (16,008) | |
Increase (decrease) through other changes | (1,986) | ||
Increase (decrease) through changes in fair values, liabilities arising from financing activities | (18,557) | 2,992 | |
Liabilities arising from financing activities ending balance | 66,071 | 69,424 | 58,644 |
Government grant advances and loans | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities beginning balance | 15,070 | 7,621 | 6,362 |
Increase (decrease) through financing cash flows | 592 | 5,910 | 1,006 |
Increase (decrease) through effect of changes in foreign exchange rates | (449) | 1,392 | (112) |
Increase (decrease) through non-cash interest | 427 | 364 | 220 |
Increase (decrease) through non-cash impact of amendment | 0 | ||
Increase (decrease) through other changes | 145 | ||
Increase (decrease) through changes in fair values, liabilities arising from financing activities | (80) | (217) | |
Liabilities arising from financing activities ending balance | 15,560 | 15,070 | 7,621 |
Convertible debt | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities beginning balance | 26,074 | 30,671 | 19,723 |
Increase (decrease) through financing cash flows | 27,957 | 2,050 | 7,967 |
Increase (decrease) through effect of changes in foreign exchange rates | 0 | 0 | 0 |
Increase (decrease) through non-cash interest | 6,193 | 7,902 | 5,844 |
Increase (decrease) through non-cash impact of amendment | (11,138) | (16,008) | |
Increase (decrease) through other changes | (2,863) | ||
Increase (decrease) through changes in fair values, liabilities arising from financing activities | (12,713) | 1,459 | |
Liabilities arising from financing activities ending balance | 36,373 | 26,074 | 30,671 |
Venture debt | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities beginning balance | 8,276 | 12,180 | 12,634 |
Increase (decrease) through financing cash flows | (8,743) | (6,105) | (2,010) |
Increase (decrease) through effect of changes in foreign exchange rates | 180 | 750 | (240) |
Increase (decrease) through non-cash interest | 819 | 1,451 | 1,796 |
Increase (decrease) through non-cash impact of amendment | 0 | ||
Increase (decrease) through other changes | 0 | ||
Increase (decrease) through changes in fair values, liabilities arising from financing activities | (532) | 0 | |
Liabilities arising from financing activities ending balance | 0 | 8,276 | 12,180 |
Lease contracts | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities beginning balance | 5,776 | 4,104 | 4,623 |
Increase (decrease) through financing cash flows | (1,063) | (1,221) | (1,922) |
Increase (decrease) through effect of changes in foreign exchange rates | (297) | 363 | 49 |
Increase (decrease) through non-cash interest | 760 | 780 | 622 |
Increase (decrease) through non-cash impact of amendment | 0 | ||
Increase (decrease) through other changes | 732 | ||
Increase (decrease) through changes in fair values, liabilities arising from financing activities | (556) | 1,750 | |
Liabilities arising from financing activities ending balance | 4,620 | 5,776 | 4,104 |
Interest-bearing receivables financing | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities beginning balance | 14,228 | 4,068 | 10,295 |
Increase (decrease) through financing cash flows | 21 | 9,914 | (6,227) |
Increase (decrease) through effect of changes in foreign exchange rates | (337) | 175 | 0 |
Increase (decrease) through non-cash interest | 282 | 71 | 0 |
Increase (decrease) through non-cash impact of amendment | 0 | ||
Increase (decrease) through other changes | 0 | ||
Increase (decrease) through changes in fair values, liabilities arising from financing activities | (4,676) | 0 | |
Liabilities arising from financing activities ending balance | $ 9,518 | 14,228 | 4,068 |
Previously stated | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities beginning balance | 58,644 | ||
Liabilities arising from financing activities ending balance | 58,644 | ||
Previously stated | Government grant advances and loans | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities beginning balance | 7,621 | ||
Liabilities arising from financing activities ending balance | 7,621 | ||
Previously stated | Convertible debt | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities beginning balance | 30,671 | ||
Liabilities arising from financing activities ending balance | 30,671 | ||
Previously stated | Venture debt | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities beginning balance | 12,180 | ||
Liabilities arising from financing activities ending balance | 12,180 | ||
Previously stated | Interest-bearing receivables financing | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities beginning balance | $ 4,068 | ||
Liabilities arising from financing activities ending balance | $ 4,068 |
Commitments and contingencies -
Commitments and contingencies - Contingencies (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Disclosure of contingent liabilities [line items] | |
Payments above limit | $ 700 |
Trade and other receivables | $ 95 |
Commitments and contingencies_2
Commitments and contingencies - Bank Guarantee (Details) - Bank guarantee - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of credit risk exposure [line items] | |||
Term of secured lease payments | 6 months | ||
Bank guarantee issued in favor of owners of new leased office space | $ 357 | $ 386 | $ 330 |
Amount of guarantee secured, percentage | 100.00% | ||
Total value of investments | $ 357 | $ 386 | $ 335 |
Commitments and contingencies_3
Commitments and contingencies - Purchase Commitments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Non-cancelable purchase commitments with third-party manufacturer and suppliers for future deliveries of equipment and components | |
Disclosure of contingent liabilities [line items] | |
Purchase commitments | $ 13.5 |
Commitments and contingencies_4
Commitments and contingencies - Pledge of Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Contingent liabilities related to joint ventures | ||
Disclosure of contingent liabilities [line items] | ||
Financial assets pledged as collateral | $ 7.4 | $ 4.5 |
Specified bank accounts | ||
Disclosure of contingent liabilities [line items] | ||
Financial assets pledged as collateral | $ 18.2 | $ 13.9 |
Related party disclosures - Nar
Related party disclosures - Narrative (Details) - USD ($) | 12 Months Ended | ||||||||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Aug. 31, 2019 | Aug. 16, 2019 | May 31, 2019 | May 07, 2019 | Sep. 27, 2018 | Apr. 30, 2016 | Apr. 27, 2016 | Apr. 30, 2015 | Apr. 14, 2015 | |
Disclosure of transactions between related parties [line items] | |||||||||||||
Share capital of the Company (in excess of) | 10.00% | ||||||||||||
Lynrock Lake | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Share capital of the Company (in excess of) | 10.00% | ||||||||||||
BPI France Participation – Fonds Large Venture | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Share capital of the Company (in excess of) | 8.70% | 10.00% | |||||||||||
Key management personnel | ABLE France | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Professional fees expense | $ 116,000 | ||||||||||||
2015 convertible notes | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Notional amount | $ 12,000,000 | ||||||||||||
2015 convertible notes | Affiliate of Nokomis Capital, L.L.C. | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Notional amount | $ 4,500,000 | $ 12,000,000 | |||||||||||
Fair value of convertible note | $ 5,300,000 | ||||||||||||
2016 convertible notes | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Notional amount | $ 6,000,000 | $ 7,160,000 | |||||||||||
2016 convertible notes | Affiliate of Nokomis Capital, L.L.C. | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Notional amount | $ 6,000,000 | ||||||||||||
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 |
Related party disclosures - Com
Related party disclosures - Compensation of Key Management Personnel (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Fixed and variable wages, social charges and benefits expensed in the year | $ 2,837,000 | $ 2,441,000 | $ 2,179,000 |
Share-based payment expense for the year | 2,478,000 | 1,307,000 | 1,106,000 |
Board members fees to non-executive members | 210,000 | 210,000 | 210,000 |
Total compensation expense for key management personnel | 5,525,000 | $ 3,958,000 | $ 3,495,000 |
Key management personnel | |||
Disclosure of transactions between related parties [line items] | |||
Total compensation expense for key management personnel | $ 21,000 |
Related party disclosures - Dir
Related party disclosures - Directors’ Interests In An Employee Share Incentive Plan (Details) | Jun. 25, 2021shares$ / shares | Jun. 26, 2020shares$ / shares | Jun. 28, 2019shares$ / shares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2021€ / shares | Dec. 31, 2020€ / shares |
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation | $ 5,525,000 | $ 3,958,000 | $ 3,495,000 | |||||
Subscription price (eur per share) | $ / shares | $ 1.79 | $ 3.45 | $ 3.55 | |||||
Share-based payment expense | $ 2,478,000 | $ 1,307,000 | $ 1,106,000 | |||||
Key management personnel | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Termination indemnity amount (in months) | 18 months | |||||||
Percentage of bonus in event of dismissal | 150.00% | 150.00% | ||||||
Key management personnel compensation | $ 21,000 | |||||||
Warrants | Board Of Directors [Member] | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Number of warrants authorized (in shares) | shares | 140,000 | 36,000 | 36,000 | |||||
Exercise price (usd per share) | $ / shares | $ 1.49 | $ 1.51 | $ 0.89 | |||||
Subscription price (eur per share) | € / shares | € 0.00000714 | € 0.00002778 | ||||||
Share-based payment expense | $ 443,000 | $ 163,000 | $ 201,000 |
Events after the reporting da_2
Events after the reporting date (Details) | Mar. 28, 2022USD ($)shares | Mar. 10, 2022USD ($)$ / sharesshares | Feb. 01, 2022shares | Jan. 11, 2022USD ($)$ / sharesshares | Apr. 09, 2021USD ($)$ / sharesshares | Dec. 10, 2020USD ($)$ / sharesshares | May 15, 2020$ / shares | May 14, 2020USD ($)$ / sharesshares | Apr. 30, 2020USD ($)shares | Dec. 31, 2020USD ($)shares | May 31, 2020USD ($)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Ordinary share price (usd per share) | $ / shares | $ 1.375 | $ 1.2875 | ||||||||||||
Transaction costs | $ | $ 177,000 | $ 3,374,000 | $ 91,000 | |||||||||||
Issue of shares and warrants | $ | $ 9,999,996 | $ 28,749,999 | $ 1,613,116 | $ 2,087,000 | $ 28,750,000 | $ 10,000,000 | $ 8,360,000 | |||||||
Award vesting period | 10 years | |||||||||||||
Share price per ADS (usd per share) | $ / shares | $ 5.50 | $ 5.50 | $ 5.15 | $ 5.15 | ||||||||||
Ordinary shares | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Issue of shares and warrants (in shares) | 7,272,724 | 1,517,976 | 22,330,096 | 970,584 | 1,517,976 | 22,330,096 | 7,272,724 | |||||||
Issue of shares and warrants | $ | $ 172,698 | $ 36,781 | $ 486,761 | $ 21,114 | $ 37,000 | $ 487,000 | $ 173,000 | |||||||
Major ordinary share transactions | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Issue of equity, gross | $ | $ 20,000,000 | $ 9,300,000 | ||||||||||||
Transaction costs | $ | 1,800,000 | 70,000 | ||||||||||||
Issue of shares and warrants | $ | $ 20,900,000 | $ 18,200,000 | $ 9,200,000 | |||||||||||
Major ordinary share transactions | Ordinary shares | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Issue of shares and warrants (in shares) | 4,000,000 | 6,666,667 | 7,899,020 | |||||||||||
Ordinary share price (usd per share) | $ / shares | $ 0.75 | $ 1.175 | ||||||||||||
Share price per ADS (usd per share) | $ / shares | $ 3 | |||||||||||||
Issue of shares and warrants, in ADS (in shares) | 1,000,000 | |||||||||||||
Major ordinary share transactions | Ordinary shares | 272 Capital Fund LP | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Number of ordinary shares purchased, in ADS (in shares) | 2,833,333 | |||||||||||||
Granting of shares | Restricted share awards | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Number of awards granted (in shares) | 394,432 | |||||||||||||
Number of awards granted, in ADS (in shares) | 98,608 | |||||||||||||
Award vesting period | 4 years | |||||||||||||
Granting of shares | Restricted share awards | Executive Team | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Number of awards granted (in shares) | 250,048 | |||||||||||||
Number of awards granted, in ADS (in shares) | 62,512 |