IDEX Biometrics interim report for the first half of 2024
Oslo, Norway – 15 August 2024 - IDEX Biometrics ASA’s interim report for the first half of 2024 is attached to this notice (link below). The interim report is also available on the IDEX Biometrics website: www.idexbiometrics.com/investors/interim-results/
A webcast presentation of the interim report will be held by Vince Graziani, Chief Executive Officer, today at 09:00 CET. The webcast presentation slide deck is also attached to this notice (link below).
Link to webcast: https://idexbiometrics.videosync.fi/q2-2024
Commercial progress
In the second quarter, IDEX Biometrics card manufacturing partners continued to take important steps towards commercial production for biometric cards, including Beautiful Card Corporation receiving their letter of approval (LoA) from Mastercard in June. This LoA represents a critical enabler for banks to bring biometric payment cards to market at scale. IDEX Biometrics also achieved notable market milestones, announcing additional market introductions by banks for biometric payment cards, while securing a repeat order within the access segment. The company continued building a strong customer pipeline, setting a solid foundation for the future.
IDEX Biometrics continues to enable and support card manufacturers globally as they commercialize biometric smart cards and accelerate the adoption of biometric payments. The company’s extensive implementation programs are designed to support issuers and facilitate a seamless market introduction of biometric payment cards.
Financial comment
Revenue in the second quarter of 2024 was $0.4 million, similar to the first quarter of 2024. Revenues in the second quarter continued to reflect the transition from legacy components business to the deployment of the full IDEX biometric card solutions. The company expects the revenues to begin to grow in the second half of 2024 as several of the card manufacturing partners are expected to complete full qualifications during the third quarter, enabling them to promote cards based on IDEX Pay to banks and issuers.
Gross profit margin was 40% in the second quarter of 2024, Margins vary between quarters based on product mix. Margins are expected to trend higher when reaching volume production with the manufacturing partners.
Operating expenses, excluding the cost of materials, were $6.1 million, including $1.1 million expenses related to restructuring, compared to $6.1 million in the first quarter of the year. The company continues to reduce expenses, and in March 2024 provided notice to 25 staff members. The company has now consolidated its engineering functions to the UK and has closed two engineering facilities in the US. These actions contribute to achieving operating expenses 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 contact:
Marianne Bøe, Head of Investor Relations
E-mail: [email protected]
Tel: + 47 918 00186
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.
For more information, visit www.idexbiometrics.com
TRADEMARK STATEMENT
IDEX, TrustedBio, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.
About this notice
This notice was published by Marianne Bøe, Head of Investor Relations, on 15 August 2024 at 08:00 CET on behalf of IDEX Biometrics ASA. The information shall be disclosed according to 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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