October 30 – 2024 – Idex Biometrics reports $60,000 in revenue in the third quarter of 2024, as it struggles to commercialize biometric smart cards.
Financial income and changes in liabilities added up to a net income of $1.36 million, and an adjusted net loss of $4.8 million.
Idex received approval for Visa’s biometric payment application during the quarter, and Kona I received Mastercard approval for metal cards based on Idex Pay. The company also notes a successful test in India, a card launching with TaluCard in the UK for visually impaired people and a deal for a school ID solution in Kenya signed during Q3.
“Transitioning into the CEO role this quarter, my focus has been on executing our transformation program and implementing key initiatives to achieve the targeted cash quarterly operating expense run rate of $2.5 million,” says Catharina Eklof, CEO of Idex Biometrics.
Idex reorganized to reduce operating expenses, consolidated its administration in the UK and Europe and shifted its workforce to capture opportunities in the APAC region. Manufacturing partners and solution integrators were added during the quarter, Eklof says, as the company focusses on bringing its partners “from certification to industrialized production.”
Mastercard’s approval of cards from Kona is an example. The initial commercial program for that card in Asia is now being planned.
Eklof discussed Idex’ plans to ride biometric smart card growth to improved financial results in an interview with Biometric Update earlier this month.
Idex plans private placement to raise over $5M
September 17, 2024 – Idex Biometrics is working towards a private placement of stock intended to raise between 55 and 65 million Norwegian kroner (roughly US$5.2 million to $6.1 million) to fund its continued commercialization efforts.
Arctic Securities AS is on board as sole manager and bookrunner for the private placement, which is divided into two tranches.
The subscription price per offer share is set at NOK 0.15 ($0.014), with a minimum allocation amount equivalent to 100,000 euros ($111,195), though the company can offer discretionary exemptions.
The company has received a pre-indication of interest in investing $1 million from Robert Keith.
Idex also registered an increase in share capital, settling a term payment on a convertible loan by issuing 9,123,333 shares. The shares were issued on August 30 at NOK 0.60 ($0.057) each.
The company appointed Catherina Eklof as CEO just weeks earlier.
Idex slashes costs amid shift to biometric cards
August 15, 2024 – Idex Biometrics emphasizes the progress it made towards the commercialization of biometric cards in its interim report for the first half of the company’s fiscal 2024.
Idex reports revenue of $385,000 in the second quarter, roughly flat from Q1 but well down from nearly $1.5 million in Q2 of 2023. Net loss was $6.7 million, a reduction from $7.4 million a year ago.
The company’s costs included $1.1 million in restructuring costs. Like Fingerprint Cards, Idex is reducing headcount, laying off 25 employees in March. Idex plans to reduce its operating expenses from $6.1 million (excluding materials) this past quarter to $2.5 million per quarter or less with its changes, which the company expects to complete by the end of next quarter.
The report makes much of the LoA from Mastercard Idex’ biometric payment card partner BCC received in June.
Idex issues private placement after revenue drop in Q1
May 16, 2024 – Idex Biometrics earned $372,000 in revenue in the first quarter of 2024 from sales of its biometric access control and payment technologies, slightly down from the fourth quarter last year, but dramatically lower than the same quarter a year ago.
Despite the decrease in revenue, the company reports a lower net loss of $5.4 million in Q1, compared to $7.2 million a year earlier.
Idex has also completed a private placement of 33.3 million shares at NOK 1.65 per share, slightly below the closing price of NOK 1.75 per share. Gross proceeds from the placement are NOK 55 million ($5.1 million). The board is also considering a subsequent repair issue rights offering of 8 million more shares on the same terms.
Strategic corporate change is scary but so are the weeks that follow
Feb 29, 2024 – The fingerprint-scanning company has just released a fiscal 2023 report that has more moving parts than a busload of kindergartners. Read more here.
Adding debt and cutting costs, Idex says it’s good to 2025
Nov 16, 2023 – Idex Biometrics has raised NOK 35 million (US$3.22 million) in a private placement of 78.6 million new shares priced at NOK 0.445 ($0.041) each. Read more here.
Brighter quarter as firm preps to issue debt
November 10, 2023 – Idex is reporting an improving environment, having cut its third-quarter and nine-month losses compared to the same period last year.
The fingerprint biometrics company says it posed a loss of $7 million, or $0.01 per basic and diluted share, on revenue of $950,000 for the quarter ended September 30. This compares with a loss of $9 million, $0.01, on revenue of $928,000 a year ago.
For the first three quarters, it reported loss of $21.7 million, $0.02, on revenue $3.6 million. This compares with a loss of $26.3 million, $0.03, on revenue of $3 million a year ago.
Idex also is preparing to issue senior convertible debt for as much as NOK 100 million (US$8.95 million), to be amortized over 3.5 years. It will be priced at 92 percent of the principal. The funding will pay for “commercial ramp-up.”
The company will have the option of paying with equity or cash with every two-month installments.
Approval of the plan is expected November 30.
First-half numbers moving in the right direction
Aug 11, 2023 – Idex Biometrics reported interim first-half figures showing a loss of $14.7 million, or $0.01 per basic and diluted shares, on revenue of $2.7 million. During the same period last year, the company reported a $17.4 million, or $0.02 per share, on revenue of $2.1 million.
For the quarter, Idex reported a loss of $7.4 million on revenue of $1.5 million (a quarterly record) for the three months ended June 30. This compares with a loss of $8.3 million on revenue of $1.1 million for the same period last year.
According to the company’s interim data, gross margins grew 22 percent over the first quarter of fiscal 2023.
Service revenue collapsed in the first half. It was nonexistent in both Q1 and Q2, and had fallen unsteadily since the second quarter. At that point, service sales were $100,000, $84,000 in the third quarter of 2022 and $16,000 in the final quarter of the fiscal year.
Chooses to leave the Nasdaq
July 21, 2023 – Being listed on the Nasdaq exchange in the U.S. and the Oslo Bors in Norway is too expensive for fingerprint biometrics firm Idex, according to the company, which has decided to leave the Nasdaq. Idex’ American depository shares, each of which represent 75 ordinary shares, should be a thing of the past as of August 10.
Raises $11M for commercialization
May 26, 2023 – Idex Biometrics has raised NOK 125 million ($11 million) via the sale of 147 million new shares at NOK 0.85 ($.077) per share. Read more here.
Q1 revenue rises
May 25, 2023 – Biometric sensor maker Idex saw its year-over-year loss narrow slightly during the first quarter, ended March 31. But its revenue rose by a third.
Idex, which makes sensors for cards and embedded devices, reported a loss of $7.2 million, or $.01 per basic and diluted share, on revenue of $1.2 million. This compares to a loss of $8.1 million, or $.01, on revenue of $989,000 for the first quarter of fiscal 2022.
Executives were able to reduce operating expenses on a quarter-to-quarter comparison. In the most recent period, the company reported $8.6 million and $8.9 million a year ago.
The market inflection point claimed in 2022, when nine biometric payment card programs using Idex sensors were launched, could be continuing this year. The company says seven Turkish and Bangladeshi banks have committed to its sensors so far this year. Europe and the Middle East are showing “particularly strong” interest.
Mastercard signed off on Idex’ fingerprint test assessment, which is essential to winning real estate on the finance company’s cards. Complete certification, according to the company, is expected in the second quarter this year.
Fiscal ’22 tricky but not impossible
Feb 22, 2023 – Idex reported a fiscal 2022 loss of $32.6 million on revenue of $4 million compared to a loss of $32.5 million on revenue of $2.8 million in fiscal 2021. Read more here.
Tough third quarter
Nov 22, 2022 – Idex reported a net loss of $8.12 million on revenue of $928,000 in the third quarter this year. Read more here.
Idex sells 150M shares
Nov 17, 2022 – Idex has signed a two-tranche private placement raising a total $15 million by selling 150 million shares at 10 cents each. Read more here.
More financial and industry news about Idex Biometrics here.
Article Topics
biometrics | digital identity | financial results | Idex Biometrics | stocks
