IDEX Biometrics ASA releases Interim Report for the First Half of 2021
August 12 2021 - 2:00AM
Oslo, Norway – 12 August 2021 - IDEX Biometrics
ASA (IDEX Biometrics or the Company), a leading provider
of advanced fingerprint identification and authentication solutions
for payment cards and adjacent applications, today released its
financial results for the three and six months ended June 30, 2021.
The first half report, to be filed with Financial
Supervisory Authority in Norway (Finanstilsynet), and other
materials are accessible on the Company’s website:
www.idexbiometrics.com/investors/interim-results/.
On 12 August, 2021, at 15:00 CET, Vince Graziani, Chief
Executive Officer, will conduct a webcast presentation during which
he will review results. The webcast presentation can be accessed
through:
https://channel.royalcast.com/landingpage/hegnarmedia/20210812_2/
Performance Review
For the second quarter ended June 30, 2021, IDEX Biometrics
recorded revenue of $697 thousand, compared to $149 thousand
for the second quarter of 2020, representing an increase of 368%.
Sequentially, revenues increased 12% from first quarter 2021
revenue of $624 thousand.
Total operating expenses for the second quarter of 2021 were
$8.1 million, compared to $6.3 million for the second quarter of
2020, representing an increase of 29%. Operating expenses were flat
sequentially.
Net loss for the second quarter of 2021 totaled ($7.2 million),
representing a loss per share of ($0.01), in contrast to ($6.4
million) for the second quarter of 2020, representing a loss per
share of ($0.01), and ($7.5 million) for the first quarter of 2021,
representing a loss per share of ($0.01).
The Company incurred an operating cash deficit of ($6.7 million)
for the second quarter of 2021, versus ($5.7 million) for the
second quarter of 2020 and ($6.9 million) for the first quarter of
2021. The Company’s cash balance totaled $19.3 million as of June
30, 2021, versus $25.9 million as of March 31, 2021.
Commercial and Market Updates
Second quarter 2021 events reflected continued progress toward
large-scale smart card deployment with customers and issuers:
- The Company received its first significant production order for
its TrustedBio solution from IDEMIA, supporting the launch of
IDEMIA’s second-generation F.CODE card earlier in the quarter.
- Activities in Asia, notably China, are resulting in further
expansion of the Company’s pipeline of opportunities for near-term
revenue, with biometrically-enabled applications in payment cards,
multi-use cards (e.g., payment cards also used for electronic
ticketing), the rapidly evolving DCEP space, and access
control.
The Company continues to enjoy sustained demand from its initial
customer for a card-based access control solution for computer
networks, addressing the vulnerabilities of password-based
credentials with an easy-to-use, cost effective, and highly secure
solution based on the Company’s technologies.
Commenting on recent events and performance, Vince Graziani,
Chief Executive Officer, stated, “I am pleased to report the
Company’s order backlog continued its promising expansion, and I am
confident the long-awaited uptake in fingerprint-based card
authentication is approaching. In addition, recently
announced commercial achievements and the strengthening of the
Company’s leadership team are both important factors contributing
to my confidence. Notably, IDEX Biometrics and Infineon
Technologies AG, on July 15, jointly announced a new reference
design for the highest performance smart card with fingerprint
authentication. Based on Infineon’s latest secure element
microprocessor, specifically optimized for integration of our
TrustedBioTM solution, this reference design enables
fingerprint-authenticated EMV payment card transactions that are
three times faster than currently available solutions.“
Mr. Graziani continued, “Our partners recognize our innovative
and highly-differentiated products address the challenges of high
costs and unsatisfactory performance head on. TrustedBio’s
advantages allow for reduced component count, faster time to
market, and lower card manufacturing complexity. TrustedBio
integrates a large-area sensor and a powerful, yet small-footprint,
ASIC into one device offering image capture, algorithmic
processing, power harvesting and management, and encryption. No
competitor comes close to providing the performance and economic
benefits of TrustedBio.”
For further information contact:Marianne Bøe, Investor
RelationsE-mail: marianne.boe@idexbiometrics.comTel: + 47 9180
0186
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX and NASDAQ: IDAF) is a leading
provider of a leading provider of advanced fingerprint
identification and authentication solutions for payment cards and
adjacent applications, offering simple, secure and personal
authentication for all. We help people make payments, prove
their identity, gain access to information, unlock devices or gain
admittance to buildings with the touch of a finger. We invent,
engineer, and commercialize these secure, yet incredibly
user-friendly solutions. Our total addressable market
represents a fast growing multi-billion-unit opportunity.
For more information, visit www.idexbiometrics.com and follow on
Twitter @IDEXBiometrics
Trademark Statement
The wordmark ‘IDEX’, the trade name TrustedBio, and the IDEX
logo are registered trademarks of IDEX Biometrics ASA. All other
brands or product names are the property of their respective
holders.
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
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