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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Loss for the year $ (37,376) $ (31,789) $ (24,018)
Adjustments to reconcile net loss to cash provided by operating activities:      
Depreciation 1,299 675 831
Amortisation 1,385 1,190 946
Income tax expense/(credit) 199 486 (59)
Financial income 0 0 (1,171)
Financial expense 21,388 9,565 11,053
Share-based payments (net of capitalized amounts) 324 1,316 2,069
Foreign exchange gains/(losses) on operating cash flows (1,102) 1,010 238
Movement in inventory provision 629 2,113 2,291
Inventory write off 0 1,884 0
Impairment of property, plant and equipment 33 612 3,772
Impairment of intangible assets 2,144 1,596 5,833
Once off items (186) 0 0
Liabilities related to financial assets (reversal)/written off 0 (800) 1,500
Gain on sale of business 0 0 (12,718)
Transformation provision 187 361 0
Other non-cash items (908) 2,505 257
Operating cash flows before changes in working capital (11,984) (9,276) (9,176)
Decrease/ (increase) in trade and other receivables 4,920 (2,368) 1,047
Decrease/ (increase) in inventories 90 (1,742) (971)
Increase/ (decrease) in trade and other payables 1,391 8,185 (2,769)
Cash used in operations (5,583) (5,201) (11,869)
Interest received 0 0 0
Income taxes received/(paid) (346) 1,010 312
Net cash used in operating activities (5,929) (4,191) (11,557)
Cash flows from investing activities      
Payments to acquire intangible assets (6,135) (9,659) (1,901)
Acquisition of property, plant and equipment (88) (405) (803)
Payments to acquire financial asset 0 0 (700)
Proceeds from sale of business (net of transaction costs) 0 0 28,160
Payments to acquire trades or businesses 0 (12,904) 0
Net cash (used in)/generated by investing activities (6,223) (22,968) 24,756
Cash flows from financing activities      
Issue of ordinary share capital including share premium (net of issuance costs) 547 7,391 0
Proceeds from shares to be issued 0 0 0
Net proceeds from senior secured term loan 15,000 30,176 5,000
Expenses paid in connection with debt financing 0 0 (147)
Repayment of senior secured term loan 0 0 (10,050)
Penalty for early settlement of term loan 0 0 (905)
Interest paid on senior secured term loan 0 (5,946) (7,314)
Interest paid on convertible note (300) (300) (300)
Interest paid on exchangeable notes (8) (8) (8)
Payment of lease liabilities (3,187) (2,503) (2,318)
Net cash generated by/(used in) financing activities 12,052 28,810 (16,042)
Decrease/(increase) in cash and cash equivalents and short-term investments (100) 1,651 (2,843)
Effects of exchange rate movements on cash held 71 (175) (44)
Cash and cash equivalents and short-term investments at beginning of year 5,167 3,691 6,578
Cash and cash equivalents and short-term investments at end of year $ 5,138 $ 5,167 $ 3,691