Oslo, Norway – August 15, 2024 – IDEX Biometrics ASA’s interim report for the first half of 2024 is attached to this announcement (link below). The interim report is also available on IDEX Biometrics’ website: www.idexbiometrics.com/investors/interim-results/
A webcast presentation of the interim report will be held today at 09:00 CET by Vince Graziani, Chief Executive Officer. Slides from the webcast presentation are also attached to this release (link below).
Link to the webcast: https://idexbiometrics.videosync.fi/q2-2024
Commercial progress
During the second quarter, IDEX Biometrics’ card manufacturing partners continued to take important steps toward commercial biometric card production. In June, Beautiful Card Corporation received the Letter of Approval (LoA) from Mastercard, a key requirement for banks to launch biometric payment cards at scale. IDEX Biometrics also achieved notable market milestones, announcing the launch of additional biometric payment cards by banks and securing a repeat order in the access segment. The company continued to build a strong customer pipeline, laying a solid foundation for the future.
IDEX Biometrics continues to support card manufacturers worldwide in commercializing biometric chip cards and accelerating the adoption of biometric payments. The company’s comprehensive implementation programs are designed to support issuers and enable a smooth launch of biometric payment cards.
Financial commentary
Revenue for the second quarter of 2024 was $0.4 million, similar to the first quarter of 2024. Revenue for the second quarter continues to reflect the transition from the legacy components business to the launch of IDEX’s full biometric card solutions. The Company expects revenue to begin to grow in the second half of 2024 as several of the card manufacturing partners are expected to complete full qualifications in the third quarter, enabling them to offer IDEX Pay-based cards to banks and issuers.
Gross profit margin was 40% in the second quarter of 2024. Margins vary between quarters depending on product mix. Margins are expected to increase as volume production is achieved with manufacturing partners.
Operating expenses, excluding material costs, were $6.1 million, including $1.1 million in costs related to restructuring, compared to $6.1 million in the first quarter of the year. The company continues to reduce costs and terminated 25 employees in March 2024. The company has now consolidated its engineering functions in the UK and closed two engineering facilities in the US. These actions are helping to reduce operating expenses to below $2.5 million per quarter. The actions are expected to be completed by the end of the third quarter of 2024.
For further information please contact:
Marianne Bøe, Head of Investor Relations
E-mail: [email protected]
Phone: + 47 918 00186
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, providing authentication solutions for payments, access control and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Our biometric solutions are based on patented and proprietary sensor technologies, integrated circuit designs and software and target card-based applications for payments and digital authentication. As an industry leader, we partner with leading card manufacturers and technology companies to bring our solutions to market.
For more information, see www.idexbiometrics.com
TRADEMARK DECLARATION
IDEX, TrustedBio, IDEX Biometrics and the IDEX logo are trademarks of IDEX Biometrics ASA. All other trademarks or product names are the property of their respective owners.
About this notice
This announcement was made by Marianne Bøe, Head of Investor Relations, on behalf of IDEX Biometrics ASA on 15 August 2024 at 08:00 CET. The information is disclosed in accordance with section 5-6 of the Norwegian Securities Trading Act (STA) and published in accordance with section 5-12 of the STA.
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