Financial liabilities and lease debts (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Disclosure of financial liabilities [abstract] |
|
| Disclosure of Detailed Financial Liabilities and Lease Debts Explanatory |
Detail of financial liabilities and lease debts
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
As of June 30, 2026 |
|
|
|
|
|
|
$ in thousands |
|
Conditional advances |
|
|
4,042 |
|
|
|
4,222 |
|
Lease debts |
|
|
27,725 |
|
|
|
23,823 |
|
EIB loan |
|
|
47,175 |
|
|
|
48,442 |
|
EIB warrants |
|
|
22,059 |
|
|
|
12,863 |
|
Other non-current financial liabilities |
|
|
735 |
|
|
|
658 |
|
Total non-current financial liabilities and non-current lease debts |
|
|
101,738 |
|
|
|
90,008 |
|
Lease debts |
|
|
7,701 |
|
|
|
6,774 |
|
State Guaranteed loan « PGE » |
|
|
4,090 |
|
|
|
1,311 |
|
Other current financial liabilities |
|
|
6,369 |
|
|
|
6,189 |
|
Total current financial liabilities and current lease debts |
|
|
18,161 |
|
|
|
14,274 |
|
Trade payables |
|
|
17,277 |
|
|
|
18,200 |
|
Other current liabilities |
|
|
12,342 |
|
|
|
10,647 |
|
Total Financial liabilities and lease debts |
|
|
149,518 |
|
|
|
133,129 |
|
|
| Disclosure of reconciliation of movements of liabilities to cash flows arising from financing liabilities |
Reconciliation of movements of liabilities to cash flows arising from financing liabilities is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
Debt repayments |
|
Other non-cash transactions |
|
Reclassifications |
|
Interest expense |
|
Interest paid |
|
Non-cash change in fair value |
|
Currency translation adjustment |
|
As of June 30, 2026 |
|
|
|
$ in thousands |
|
Conditional advances |
|
4,042 |
|
|
- |
|
|
121 |
|
|
- |
|
|
189 |
|
|
- |
|
|
- |
|
|
(130 |
) |
|
4,222 |
|
Lease debts |
|
27,725 |
|
|
- |
|
|
- |
|
|
(3,748 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(155 |
) |
|
23,823 |
|
State Guaranteed loan « PGE » |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
EIB loan |
|
47,175 |
|
|
- |
|
|
- |
|
|
- |
|
|
2,761 |
|
|
- |
|
|
- |
|
|
(1,495 |
) |
|
48,442 |
|
EIB warrants |
|
22,059 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(8,735 |
) |
|
(462 |
) |
|
12,863 |
|
Other non-current financial liabilities |
|
735 |
|
|
- |
|
|
- |
|
|
(77 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
658 |
|
Total non-current financial liabilities and non-current lease debts |
|
101,738 |
|
|
- |
|
|
121 |
|
|
(3,825 |
) |
|
2,950 |
|
|
- |
|
|
(8,735 |
) |
|
(2,241 |
) |
|
90,008 |
|
Lease debts (1) |
|
7,701 |
|
|
(4,575 |
) |
|
- |
|
|
3,748 |
|
|
823 |
|
|
(823 |
) |
|
- |
|
|
(100 |
) |
|
6,774 |
|
State Guaranteed loan « PGE » |
|
4,090 |
|
|
(2,711 |
) |
|
- |
|
|
- |
|
|
36 |
|
|
(45 |
) |
|
- |
|
|
(60 |
) |
|
1,311 |
|
Other current financial liabilities |
|
6,369 |
|
|
(72 |
) |
|
- |
|
|
77 |
|
|
132 |
|
|
(131 |
) |
|
- |
|
|
(187 |
) |
|
6,189 |
|
Total current financial liabilities and current lease debts |
|
18,161 |
|
|
(7,357 |
) |
|
- |
|
|
3,825 |
|
|
991 |
|
|
(999 |
) |
|
- |
|
|
(346 |
) |
|
14,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
Proceeds from new debts |
|
Debt repayments |
|
Other non-cash transactions |
|
Reclassifications |
|
Interest expense |
|
Interest paid |
|
Non-cash change in fair value |
|
Currency translation adjustment |
|
As of June 30, 2025 |
|
|
|
$ in thousands |
|
Conditional advances |
|
3,189 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
196 |
|
|
- |
|
|
- |
|
|
423 |
|
|
3,808 |
|
Lease debts |
|
34,245 |
|
|
- |
|
|
- |
|
|
- |
|
|
(2,966 |
) |
|
- |
|
|
- |
|
|
- |
|
|
984 |
|
|
32,264 |
|
State Guaranteed loan « PGE » |
|
3,599 |
|
|
- |
|
|
- |
|
|
- |
|
|
(2,539 |
) |
|
- |
|
|
- |
|
|
- |
|
|
278 |
|
|
1,338 |
|
EIB loan |
|
37,202 |
|
|
- |
|
|
- |
|
|
(11 |
) |
|
- |
|
|
2,302 |
|
|
- |
|
|
- |
|
|
4,924 |
|
|
44,417 |
|
EIB warrants |
|
6,010 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(1,209 |
) |
|
683 |
|
|
5,484 |
|
Other non-current financial liabilities |
|
881 |
|
|
- |
|
|
- |
|
|
- |
|
|
(72 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
809 |
|
Total non-current financial liabilities and non-current lease debts |
|
85,127 |
|
|
- |
|
|
- |
|
|
(11 |
) |
|
(5,577 |
) |
|
2,498 |
|
|
- |
|
|
(1,209 |
) |
|
7,292 |
|
|
88,120 |
|
Lease debts (1) |
|
8,385 |
|
|
- |
|
|
(4,254 |
) |
|
- |
|
|
2,966 |
|
|
1,164 |
|
|
(1,164 |
) |
|
- |
|
|
380 |
|
|
7,477 |
|
State Guaranteed loan « PGE » |
|
4,841 |
|
|
- |
|
|
(2,531 |
) |
|
9 |
|
|
2,539 |
|
|
78 |
|
|
(87 |
) |
|
- |
|
|
620 |
|
|
5,469 |
|
Other current financial liabilities |
|
11,293 |
|
|
- |
|
|
(67 |
) |
|
41 |
|
|
72 |
|
|
247 |
|
|
(258 |
) |
|
- |
|
|
1,433 |
|
|
12,761 |
|
Total current financial liabilities and current lease debts |
|
24,519 |
|
|
- |
|
|
(6,852 |
) |
|
50 |
|
|
5,577 |
|
|
1,489 |
|
|
(1,509 |
) |
|
- |
|
|
2,433 |
|
|
25,707 |
|
(1) Payments on lease debts as presented on the Company's Interim Condensed Statements of Consolidated Cash Flows include debt repayments and related interests paid.
|
| Disclosure of assumptions and results of the warrant valuation |
The assumptions and results of the warrant valuation for Tranche A are detailed in the following tables:
|
|
|
Warrants Tranche A |
Grant date * |
4/17/2023 |
Expiration date |
4/17/2043 |
Number of options granted |
2,779,188 |
Share entitlement per option |
1 |
Exercise price (in euros per option) |
1.92 |
Valuation method |
Longstaff Schwartz |
* For valuation purposes, the grant date corresponds to the disbursement date of Tranche A, which is defined as the issuance date under the contract.
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Tranche A |
|
|
As of April 17, 2023 |
|
|
As of December 31, 2025 |
|
|
As of June 30, 2026 |
|
Number of warrants granted |
2,779,188 |
|
|
|
2,779,188 |
|
|
|
2,779,188 |
|
Share price (in euros) |
1.87 |
|
|
|
4.20 |
|
|
|
2.58 |
|
Average life of options (in years) |
|
20.00 |
|
|
|
17.30 |
|
|
|
16.80 |
|
Expected volatility |
81.3% |
|
|
|
89.7 |
% |
|
|
90.9 |
% |
Risk free rate |
|
2.85 |
% |
|
|
3.3 |
% |
|
|
3.2 |
% |
Expected dividends |
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
Fair value per option (in euros per share) |
1.73 |
|
|
|
3.84 |
|
|
|
2.36 |
|
Fair value in $ thousands |
|
5,280 |
|
|
|
12,546 |
|
|
|
7,467 |
|
The assumptions and results of the warrant valuation for Tranche B are detailed in the following tables:
|
|
|
|
|
Warrants Tranche B |
|
Grant date * |
1/25/2024 |
|
Expiration date |
1/25/2044 |
|
Number of options granted |
|
1,460,053 |
|
Share entitlement per option |
1 |
|
Exercise price (in euros per option) |
|
2.53 |
|
Valuation method |
Longstaff Schwartz |
|
* For valuation purposes, the grant date corresponds to the disbursement date of Tranche B, which is defined as the issuance date under the contract.
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Tranche B |
|
|
As of January 25, 2024 |
|
|
As of December 31, 2025 |
|
|
As of June 30, 2026 |
|
Number of warrants granted |
|
1,460,053 |
|
|
|
1,460,053 |
|
|
|
1,460,053 |
|
Share price (in euros) |
|
2.51 |
|
|
|
4.20 |
|
|
|
2.58 |
|
Average life of options (in years) |
|
20.00 |
|
|
|
18.09 |
|
|
|
17.59 |
|
Expected volatility |
|
60.4 |
% |
|
|
89.7 |
% |
|
|
90.9 |
% |
Risk free rate |
|
2.7 |
% |
|
|
3.3 |
% |
|
|
3.2 |
% |
Expected dividends |
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
Fair value per options (in euros per share) |
|
2.22 |
|
|
|
3.89 |
|
|
|
2.25 |
|
Fair value in $ thousands |
|
3,534 |
|
|
|
6,679 |
|
|
|
3,745 |
|
The assumptions and results of the warrant valuation for Tranche C are detailed in the following tables:
|
|
|
|
|
Warrants Tranche C |
|
Grant date * |
12/18/2024 |
|
Expiration date |
12/18/2044 |
|
Number of options granted |
|
611,426 |
|
Share entitlement per option |
1 |
|
Exercise price (in euros per option) |
|
1.70 |
|
Valuation method |
Longstaff Schwartz |
|
* For valuation purposes, the grant date corresponds to the disbursement date of Tranche C, which is defined as the issuance date under the contract.
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Tranche C |
|
|
As of December 18, 2024 |
|
|
As of December 31, 2025 |
|
|
As of June 30, 2026 |
|
Number of warrants granted |
|
611,426 |
|
|
|
611,426 |
|
|
|
611,426 |
|
Share price (in euros) |
|
1.56 |
|
|
|
4.20 |
|
|
|
2.58 |
|
Average life of options (in years) |
|
20.00 |
|
|
|
18.97 |
|
|
|
18.47 |
|
Expected volatility |
|
45.3 |
% |
|
|
89.7 |
% |
|
|
90.9 |
% |
Risk free rate |
|
2.2 |
% |
|
|
3.3 |
% |
|
|
3.2 |
% |
Expected dividends |
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
Fair value per options (in euros per share) |
|
1.19 |
|
|
|
3.94 |
|
|
|
2.37 |
|
Fair value in $ thousands |
|
755 |
|
|
|
2,834 |
|
|
|
1,651 |
|
|
| Disclosure of sensitivity analysis on the expected volatility |
We conducted sensitivity analysis on the expected volatility. As shown in the tables below, the sensitivity of the fair value to the expected volatility is not significant:
|
|
|
|
As of June 30, 2026 |
Fair value in $ thousands |
|
Expected volatility -5% |
|
7,538 |
|
Expected volatility |
|
7,467 |
|
Expected volatility +5% |
|
7,303 |
|
We conducted sensitivity analysis on the expected volatility. As shown in the tables below, the sensitivity of the fair value to the expected volatility is not significant:
|
|
|
|
As of June 30, 2026 |
Fair value in $ thousands |
|
Expected volatility -5% |
|
3,812 |
|
Expected volatility |
|
3,745 |
|
Expected volatility +5% |
|
3,638 |
|
We conducted sensitivity analysis on the expected volatility. As shown in the tables below, the sensitivity of the fair value to the expected volatility is not significant:
|
|
|
|
As of June 30, 2026 |
Fair value in $ thousands |
|
Expected volatility -5% |
|
1,684 |
|
Expected volatility |
|
1,651 |
|
Expected volatility +5% |
|
1,651 |
|
|
| Remaining contractual maturities of financial liabilities |
Remaining contractual maturities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2026 |
|
Book value |
|
|
Less than One Year |
|
|
One to Five Years |
|
|
More than Five Years |
|
|
|
$ in thousands |
|
Lease debts |
|
|
30,597 |
|
|
|
7,806 |
|
|
|
22,667 |
|
|
|
6,452 |
|
Financial liabilities |
|
|
73,685 |
|
|
|
7,616 |
|
|
|
73,923 |
|
|
|
3,111 |
|
Trade payables |
|
|
18,200 |
|
|
|
18,200 |
|
|
|
- |
|
|
|
- |
|
Other current liabilities |
|
|
10,647 |
|
|
|
10,647 |
|
|
|
- |
|
|
|
- |
|
Total financial liabilities and lease debts |
|
|
133,129 |
|
|
|
44,270 |
|
|
|
96,589 |
|
|
|
9,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
Book value |
|
|
Less than One Year |
|
|
One to Five Years |
|
|
More than Five Years |
|
|
|
$ in thousands |
|
Lease debts |
|
|
35,426 |
|
|
|
10,151 |
|
|
|
25,406 |
|
|
|
7,881 |
|
Financial liabilities |
|
|
84,472 |
|
|
|
10,722 |
|
|
|
79,206 |
|
|
|
34 |
|
Trade payables |
|
|
17,277 |
|
|
|
17,277 |
|
|
|
- |
|
|
|
- |
|
Other current liabilities |
|
|
12,342 |
|
|
|
12,342 |
|
|
|
- |
|
|
|
- |
|
Total financial liabilities and lease debts |
|
|
149,518 |
|
|
|
50,492 |
|
|
|
104,613 |
|
|
|
7,915 |
|
The above remaining contractual maturities are undiscounted amounts and include future interests to be paid.
|