v3.26.1
Statements of Cash Flow - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Profit (loss) before income taxes $ (108,447) $ 61,104 $ (38,316)
Adjustments to reconcile profit before tax to net cash flows :      
Amortization and impairment of property, plant and equipment 2,757 3,353 4,594
Amortization and impairment of intangible assets 2,962 60,690 7,348
Impairment of digital assets 67,375 0 0
Share-based payment expense 3,011 4,090 7,104
Increase (Decrease) in provisions 887 191 (97)
Interest expense, net 11,097 22,878 11,233
Change in the fair value of embedded derivatives (45,000) (3) (3,200)
Loss (gain) on debt extinguishment, net of non-cash transaction cots 28,299 (13,952) (247)
Foreign exchange loss (gain) (2,533) (29) 741
Loss (gain) on disposal of assets 12 (157,095) 0
Loss on sale of digital assets 6,102 0 0
Working capital adjustments:      
Decrease (Increase) in trade receivables and other receivables 8,193 3,637 (41)
Decrease (Increase) in inventories (1,275) 3,141 3,052
Increase in research tax credit receivable (1,991) (2,081) (3,204)
Increase (Decrease) in trade payables and other liabilities 4,200 (13,076) 7,252
Increase (Decrease) in contract liabilities (3,496) 5,978 (199)
Increase (Decrease) in government grant advances 2,108 2,416 (1,080)
Income tax paid (679) (753) (2,201)
Net cash flow used in operating activities (26,418) (19,511) (7,261)
Investing activities:      
Purchase of intangible assets and property, plant and equipment (2,243) (3,316) (5,457)
Purchase of digital assets (377,200) 0 0
Capitalized development expenditures 0 (16,428) (24,115)
Sale (Purchase) of financial assets 365 (30) (41)
Decrease (Increase) of short-term deposit 53,000 (53,000) 5,000
Interest received 1,401 850 176
Investment in ACP Advanced Circuit Pursuit, net of cash acquired (2,816) 0 0
Proceeds from sale of digital assets 116,532 0 0
Proceeds from sale of 4G intangible and tangible assets 0 165,611 0
Net cash flow from (used in) investments activities (210,961) 93,687 (24,437)
Financing activities:      
Private equity offering proceeds, including pre-funded warrants, net of transaction costs paid 152,140 0 25,450
Proceeds from convertible debt, net of transaction costs paid 174,395 0 0
Proceeds from exercise of pre-funded and 2025 warrants 32,521 0 0
Proceeds (repayment of) from interest-bearing receivables financing, net (3,742) 3,329 1,483
Proceeds from interest-bearing research project financing 1,129 934 545
Proceeds from related party loans 0 14,000 9,000
Purchase of treasury shares (9,363) 0 0
Repayment of loans (420) (23,000) 0
Repayment of government loans (1,402) (1,705) (1,126)
Repayment of convertible debt (100,643) (54,935) 0
Repayment of interest-bearing research project financing (461) (1,316) (939)
Payment of lease liabilities (1,591) (1,508) (1,321)
Interest paid (1,028) (6,587) (1,356)
Net cash flows from (used in) financing activities 241,535 (70,788) 31,736
Net increase in cash and cash equivalents 4,156 3,388 38
Net foreign exchange difference 137 0 (4)
Cash and cash equivalents at January 1 9,093 5,705 5,671
Cash and cash equivalents at period end $ 13,386 $ 9,093 $ 5,705