v3.26.1
Other revenues and expenses
 12 Months Ended
Dec. 31, 2025
Analysis of income and expense [abstract]  
Other revenues and expenses Other income and expensesFinancial income and expenses
Financial income:
 Year ended December 31,
 202320242025
 (in thousands)
Income from short-term investments and term deposits and other finance revenue$177 $850 $1,401 
Gain on debt extinguishment (Note 17.1)247 13,952 — 
Change in fair value of derivative financial instruments (Note 17.1)3,200 3 45,000 
Foreign exchange gain1,166 3,037 4,161 
Total financial income$4,790 $17,842 $50,562 
Financial expenses:
 Year ended December 31,
 202320242025
 (in thousands)
Interest on loans$9,584 $22,465 $11,140 
Interest on lease contracts (see Note 18)479 321 229 
Interest on financing component of revenue contracts (see Notes 21 and 22)115 69 715 
Loss on debt extinguishment (Note 17.1)— — 29,348 
Interest on supplier payable with extended payment terms286 142 — 
Other bank fees and financial charges946 731 414 
Foreign exchange loss1,858 2,543 5,271 
Total financial expenses$13,268 $26,271 $47,117 
For the year ended December 31, 2025, interest on loans included $10,945,000 related to convertible debt instruments issued in 2025 and the French government debt financing received in 2020 (compared with $22,409,000 and $9,566,000 for the years ended December 31, 2024 and 2023, respectively, which also included convertible debt instruments issued in 2021 and 2019 and bridge loans received in 2024 and in late 2023) (See Note 17.1 to the Consolidated Financial Statements).
The net foreign exchange loss of $1,110,000 for the year ended December 31, 2025 (2024: net foreign exchange gain of $494,000; 2023: net foreign exchange loss $692,000) arises primarily from euro-based monetary liabilities.
For the year ended December 31, 2025, a gain of $45,000,000 (2024 : gain of $3,000; 2023: gain of $3,200,000) was recognized, related to the change in fair value of derivative financial instruments (See Note 17.1 to the Consolidated Financial Statements).
For the year ended December 31, 2025, loss of $29,348,000 (2024: gain of $13,952,000; 2023: gain of $247,000) was recognized related to the impact of the convertible debt extinguishment and loans (see Note 17.1 to the Consolidated Financial Statements).
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,
 Note202320242025
  (in thousands)
Included in cost of revenue:
Cost of components$5,071 $5,846 $7,519 
Depreciation and impairment9395 289 527 
Amortization of intangible assets10118 164 170 
Wages and benefits2,059 1,341 1,224 
Share-based payment expense16131 84 19 
Assembly services, royalties and other1,702 1,368 2,754 
$9,476 $9,092 $12,213 
Year ended December 31,
 Note202320242025
  (in thousands)
Included in operating expenses (income) (between gross profit and operating result):
Gain on sale of 4G intangible and tangible assets, net4— (153,129)$— 
Depreciation and impairment9$4,082 $2,814 2,197 
Amortization of intangible assets107,346 4,145 2,784 
Impairment of 5G broadband platform intangible and tangible assets— 56,633 — 
Digital assets impairment losses11— — 67,375 
Digital assets losses on sales, net11— — 6,102 
Wages and benefits36,014 39,637 29,642 
Share-based payment expense166,973 4,006 2,992 
Foreign exchange (gains) losses related to hedges of euro(180)(47)144 
Rent, supplies, external services and other, net of capitalization of research and developments costs(257)4,147 14,768 
$53,978 $(41,794)$126,004 
The impact of capitalization of research and development costs is shown as a reduction of "Rent, supplies, external services and other, net" (See Note 6.4. to the Consolidated Financial Statements).Employee benefits expense
  Year ended December 31,
 Note202320242025
  (in thousands)
Wages and salaries$28,863 $31,458 $23,972 
Social security costs and other payroll taxes9,087 9,270 6,895 
Other benefits159 171 112 
Pension costs(36)79 (113)
Share-based payment expenses167,104 4,090 3,011 
Total employee benefits expense$45,177 $45,068 $33,877 
The amount recognized as an expense for mandatory social tax contributions amounts to $1,199,000 for the year ended December 31, 2025 ($1,465,000 and $1,483,000 for the years ended December 31, 2023 and 2024, respectively).
Research and development expense and tax credit receivable
The research tax credit in France is deducted from corporate income taxes due; if taxes due are not sufficient to cover the full amount of the credit, the balance is received in cash three years later (one year later if the Company is below certain size criteria, which was the case for each of the years ended December 31, 2025, 2024 and 2023). The Company also has research tax credits available in the United Kingdom relating to 2025 and 2024.

Total research tax credit receivable as of December 31, 2025 is $6,295,000, ($1,437,000 relating to tax credits receivables for 2025, $4,343,000 relating to tax credits receivables for 2024, $133,000 for 2023, $118,000 for 2022, $146,000 for 2021 and $118,000 for 2020). Part of the amount was financed in 2024 and reimbursed in February 2025 as the company decided to terminate the financing agreement (see Note 17.3 to the Consolidated Financial Statements).
In the years ended December 31, 2023 and 2024, the Company capitalized costs related to the development of LTE Category 1 chipset and of the 5G broadband platform. In the year ended December 31, 2025, the Company developed a variant of 5G, eRedCap, but no costs were capitalized since the relevant accounting requirements were not met.
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,
 202320242025
 (in thousands)
Research and development costs$53,018 $47,566 $37,018 
Research tax credit(5,374)(3,821)(1,714)
Government and other grants(1,834)(1,939)(4,062)
Development costs capitalized (*)(22,328)(15,485)(120)
Amortization of capitalized development costs2,642 2,206 61 
Total research and development expense$26,124 $28,527 $31,183 
(*) Reflecting reduction for research tax credits of $1,371,000 and $2,145,000 for the years ended December 31, 2024 and 2023, respectively.