LightOn Secures 4 Million Euros in Bond Financing, Ensuring Liquidity Until 2027
French generative AI company LightOn has confirmed on Sunday the full subscription of its latest bond financing tranche, totaling 0.9 million euros, bringing the total announced financing in April to 4 million euros nominally. This closure extends the company's cash horizon until the end of 2027.
Convertible Bonds and Contributions from Vester Finance
LightOn announced the full subscription of the entire second tranche of financing, consisting of simple bonds with a nominal value of 0.9 million euros. The 100,003 simple bonds introduced in April 2026 have been converted into convertible bonds, assimilated to the securities issued under the code OC0428. To date, 291,870 out of 300,000 bonds issued in April have been converted into 831,431 ordinary shares with a nominal value of 0.01 euros. The total amount of financing reached 4 million euros nominally and 3.7 million euros at the subscription price, financed by investors led by Vester Finance. The conversion price of the bonds depends on the fluctuation of the stock price, which generates potential dilution for existing shareholders.
Financing Secured Until End of 2027 and Expected Growth
Based on the total subscription price of 3.7 million euros, LightOn estimates that its current operations are financed until the end of 2027. Igor Carron, CEO and co-founder, stated that this closure comes in a market context favorable to the sovereign solutions offered by the company, with increasing demand from both public and private actors. The group anticipates growth in its activities in the coming quarters, aiming to achieve profitability by the end of 2026. LightOn remains committed to cost control and remains open to new financing, whether private or public. The group, however, notes that any changes in assumptions related to estimated revenues, costs, or financing could affect its cash horizon.
Capital Dilution and Risk Factors
LightOn reminds that since August 26, 2025, Igor Carron has been the sole CEO following the resignation of Laurent Daudet from the position of Deputy CEO. The release emphasizes that since the conversion of the bonds depends on the stock price, the number of securities issued cannot be precisely determined at the issuance date and the conversion could significantly dilute existing shareholders. According to three scenarios of stock price variation (−10%, current price, +10%), the dilution of existing capital would be respectively 2.82%, 2.52%, and 2.23%.
