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Other revenues and expenses
 12 Months Ended
Dec. 31, 2023
Analysis of income and expense [abstract]  
Other revenues and expenses Other income and expensesFinancial income and expenses
Financial income:
 Year ended December 31,
 202120222023
 (in thousands)
Income from short-term investments and term deposits and other finance revenue$47 $68 $177 
Impact of debt reimbursement (Notes 14.1 and 14.2)5,177 — — 
Convertible debt amendments (Note 14.1)— 476 247 
Change in fair value of convertible debt derivative (Note 14.1)
3,848 6,878 3,200 
Foreign exchange gain3,032 7,076 1,166 
Total financial income$12,104 $14,498 $4,790 
Financial expenses:
 Year ended December 31,
 202120222023
 (in thousands)
Interest on loans$7,462 $8,146 $9,584 
Interest on lease contracts (see Note 15)760 571 479 
Interest on financing component of long term development services agreement (see Notes 18 and 19)2,156 966 115 
Interest on supplier payable with extended payment terms173 222 286 
Other bank fees and financial charges778 1,020 946 
Foreign exchange loss2,094 5,994 1,858 
Total financial expenses$13,423 $16,919 $13,268 
For the year ended December 31, 2023, interest on loans included $9,566,000 related to convertible debt instruments issued in 2021 and 2019, the French government debt financing received in 2020 and bridge loans received in later 2023 (compared with $8,094,000 and $7,334,000 for the years ended December 31, 2022 and 2021, respectively which also included government loans granted in 2015 and convertible debt instruments issued in 2018, 2016 and 2015, and the venture debt issued in 2018 in the year ended December 31, 2021) (See Note 14.1 to the Consolidated Financial Statements).
The net foreign exchange loss of $692,000 for the year ended December 31, 2023 (2022: net foreign exchange gain of $1,082,000; 2021: net foreign exchange gain $938,000) arises primarily from euro-based monetary liabilities.
For the year ended December 31, 2023, a gain of $3,200,000 (2022 : gain of $6,878,000; 2021: gain of $3,848,000) 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, 2023, income of $247,000 (2022: gain of $476,000) was recognized related to the impact of the convertible debt amendment (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).
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,
 Note202120222023
  (in thousands)
Included in cost of revenue:
Cost of components$18,365 $13,102 $5,071 
Depreciation and impairment7517 428 395 
Amortization of intangible assets8162 148 118 
Wages and benefits2,306 2,497 2,059 
Share-based payment expense1358 160 131 
Assembly services, royalties and other2,282 1,336 1,702 
$23,690 $17,671 $9,476 
Year ended December 31,
 Note202120222023
  (in thousands)
Included in operating expenses (between gross profit and operating result):
Depreciation and impairment7$2,837 $3,551 $4,082 
Amortization of intangible assets87,037 7,888 7,346 
Wages and benefits36,684 33,195 36,014 
Share-based payment expense135,077 5,317 6,973 
Foreign exchange (gains) losses related to hedges of euro(73)207 (180)
Other, net(6,054)(3,439)(257)
$45,508 $46,719 $53,978 
Employee benefits expense
  Year ended December 31,
 Note202120222023
  (in thousands)
Wages and salaries$29,422 $27,115 $28,863 
Social security costs and other payroll taxes9,386 8,408 9,087 
Other benefits167 159 159 
Pension costs15 10 (36)
Share-based payment expenses135,135 5,477 7,104 
Total employee benefits expense$44,125 $41,169 $45,177 
The amount recognized as an expense for mandatory social tax contributions amounts to $1,465,000 for the year ended December 31, 2023 ($1,434,000 and $1,398,000 for the years ended December 31, 2021 and 2022, 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, 2023, 2022 and 2021). Total research tax credit receivable as of December 31, 2023 is $9,714,000, ($5,006,000 relating to tax credits receivables for 2023, $4,460,000 for 2022, $137,000 for 2021 and $111,000 for 2020). Part of the amount was financed in 2023 and the remaining amount is expected to be recovered in 2024 and 2029 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 years ended December 31, 2021, 2022 and 2023, the Company capitalized costs related to the development of chipsets for 5G, and related to certification of various products. In the year ended December 31, 2021, the Company also capitalized costs related to the development of chipsets for LTE NB-IoT (Monarch N/Monarch 2).
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,
 202120222023
 (in thousands)
Research and development costs$52,200 $47,353 $53,018 
Research tax credit(6,328)(4,622)(5,374)
Government and other grants(3,621)(4,888)(1,834)
Development costs capitalized (*)(18,297)(13,808)(22,328)
Amortization of capitalized development costs2,460 2,575 2,642 
Total research and development expense$26,414 $26,610 $26,124 
(*) Reflecting reduction for research tax credits of $2,145,000, $1,924,000 and $1,587,000 for the years ended December 31, 2023, 2022 and 2021, respectively.