October 31, 2024 – Financial results for Fingerprint Cards in the third quarter of 2024 reflect the company’s focus shifting to higher-margin business lines like iris biometrics and cost-cutting in other areas, like the wind-down of its PC biometrics unit.
Revenue in Q3 was 102.8 million Swedish kronor (approximately US$9.6 million), down from SEK 184.8 million ($17.3 million) in the same period of fiscal 2023. Gross margin rose from 12.8 percent to 18.3 percent, however, and adjusted EBITDA improved from negative SEK 40.4 million ($3.8 million) to negative SEK 22.8 million ($2.1 million), comparing the same period.
The story was similar over the first nine months of the year.
The company is aiming to bring its annualized OPEX run-rate below SEK 70 million by the end of next year’s second quarter.
Tough Q2 for Fingerprint Cards with silver lining from biometric access control
Aug 15, 2024 – Fingerprint Cards reports a steep decline in revenues in the second quarter of 2024, but also reasons for optimism that its shifting focus away from mobile biometrics may be working.
The company booked 112.4 million Swedish kronor (US$10.7 million) in the quarter, down from SEK 203.3 million ($19.3 million) in the same quarter of 2023. Adjusted for restructuring costs, EBITDA was negative SEK 47.6 million ($4.5 million), but that represents a significant improvement over an EBITDA loss of SEK 57.7 million ($5.5 million) a year earlier.
Revenues in the rest of FPC’s business areas increased by 10.5 percent in Q2, on a year-over-year basis, highlighted by a 64 percent gain in its access control business. President and CEO Adam Philpott says the company will see meaningful cost savings from its reduced headcount in the second half of 2024. Cash flow is improved, he says, and reaching positive cash flow is a major element in Fingerprint Cards’ transformation plan.
Fingerprint Cards finds bright spots in transitional first quarter
May 8, 2024 – Fingerprint Cards says its financial results are trending the right way, particularly in PC biometrics, where the company reports 80 percent year-over-year growth.
The company booked revenues of 146.4 million Swedish kronor (approximately US$13.4 million) in the first quarter of 2024, compared to SEK 117 million ($10.7 million) in the first quarter of last year. EBITDA loss narrowed from SEK 60.2 million in Q1 2023 to SEK 50.5 million ($4.6 million).
With its money-losing operations in mobile winding down and expectations of more revenue from its intellectual property, Fingerprint Cards says it is progressing through its transformation plans.
Fingerprint Cards posts 2023 loss amid transition
Aptil 26, 2024 – Fingerprint Cards revenues declined again in the 2023 fiscal year, to 705.4 million Swedish kroner (approximately US$64.8 million), from SEK 861.8 million in fiscal 2022. Read more here.
Still a financial struggle for FPC in fiscal ‘23
Feb 9, 2024 – Biometric sensor maker Fingerprint Cards released fiscal 2023 and fourth quarter financial reports that show a trudge toward black ink. Read more here.
FPC adopts biometric platform strategy, overhauls corporate structure
Nov 21, 2023 – Fingerprint Cards has revamped its organizational structure to align its governance model with a new strategy to provide a biometrics platform. Read more here.
Biometric pay, access products disappoint reorganizing and fundraising FPC
July 21, 2023 – Second-quarter numbers for biometrics sensor maker Fingerprint Cards show strength in a few areas, including mobile-systems sales and cash flow. Read more here.
Fingerprint Cards appoints new CEO amid lukewarm financials and diversification push
July 3, 2023 – Fingerprint Cards AB has appointed Adam Philpott as its new President and CEO starting from September 1, 2023. Read more here.
Fingerprint Cards looking for growth after disappointing Q1
April 25, 2023 – It is another tough quarter in biometric identification and Fingerprint Cards executives have included growth tactics with their first-quarter results. Read more here.
Fingerprint Cards targets new biometrics markets with mobile capacitive bounce-back ahead
March 26, 2023 – Moving back to Sweden to take over as the CEO of Fingerprint Cards was a big change for Ted Hansson after 20 years of living in Asia. Read more here.
Fingerprint Cards anticipates bounce-back in smartphone biometrics revenues in 2023
Jan 26, 2023 – Depressed demand for smartphones in China during the fourth quarter of Fingerprint Cards’ fiscal 2022 weighed down the company’s sales and gross margins. Read more here.
Fingerprint Cards cutting costs following tough quarter for mobile biometrics
Oct 19, 2022 – Fingerprint Cards reports third quarter earnings of 143.2 million Swedish krona (US$12.8 million), well down from SEK 354.3 million ($31.6 million) in the same quarter of 2021. Read more here.
More financial and industry news about Fingerprint Cards here.
Article Topics
biometrics | digital identity | financial results | Fingerprint Cards | stocks
