IDEX Biometrics Interim Report for the First Quarter of 2021
May 12 2021 - 02:00AM
Oslo, Norway – 12 May 2021 - IDEX Biometrics
ASA, a leading provider of advanced fingerprint
identification and authentication solutions for payment cards and
adjacent applications, today released its financial results for the
first quarter ended March 31, 2021. The first quarter
report is enclosed in pdf file. This document and other materials
are also available on the Company’s website:
www.idexbiometrics.com.
First Quarter ResultsIDEX recorded consolidated
revenue of $624,000 for the first quarter of 2021, an increase of
approximately 4% from the fourth quarter of 2020 and over 500% from
the first quarter of 2020. Revenue recorded in the current
period was primarily related to continued shipments to an important
early-adopter implementing a global network access control solution
based on our second-generation sensor product, but included initial
volume shipments of the Company’s third generation TrustedBioTM
products for payment card applications.
Total operating expenses for the first quarter of 2021 were $8.1
million, compared to $7.8 million for the fourth quarter of 2020
and $6.4 million for the first quarter of 2020.
The Company recorded a net loss of ($7.5 million) for the first
quarter of 2021, compared to a net loss of ($7.2 million) for the
fourth quarter of 2020 and net loss of ($6.3 million) for the first
quarter of 2020. Loss per weighted average basic share was ($0.01)
for each of the first quarter of 2021, the fourth quarter of 2020,
and the first quarter of 2020.
Cash flow from operations was ($6.9 million) for the first
quarter of 2021, ($6.3 million) for the fourth quarter of 2020, and
($5.2 million) for the first quarter of 2020.
At March 31, 2021, the Company had a cash balance of $25.9
million, compared to $7.3 million at December 31, 2020.
First Quarter Highlights
- On February 15, 2021, the Company completed a private placement
of common shares, raising $27.2 million, before expenses.
- On February 26, 2021, IDEX completed the process of registering
60.0 million common shares for trading in the United States, and
the accompanying NASDAQ listing of 800,000 American Depositary
Shares, each representing 75 shares of common stock.
- Notable commercial achievements included:
- IDEX’s customer and partner, IDEMIA, launched the second
generation of its F.CODE TM payment card, which utilizes IDEX’s
TrustedBio™ sensor. The F.CODE card is the most highly integrated
solution available today, leading the industry in terms of
biometric performance and card integration efficiency.
- IDEX achieved certification from China UnionPay, China’s
largest provider of bank card services and transaction networks,
for a biometric payment card based on TrustedBio under development
with our partner Goldpac Group, a leading Chinese financial
services vendor. This is IDEX’s second certification with a card
manufacturer on the China UnionPay payment network.
- IDEX made further progress in pursuit of the emerging Digital
Currency Electronic Payment (DC/EP) initiative of the People’s Bank
of China:
- IDEX’s fingerprint sensors and biometric technologies featured
in Digital Benminbi Hardware Wallet trials being conducted by the
Postal Savings Bank of China.
- Goldpac has selected IDEX as a strategic technology partner and
has placed initial orders with IDEX in support of the DC/EP
initiative.
- Chutian Dragon, a leading, independent card manufacturer in
China, expanded its ongoing collaboration with IDEX to include
development of a digital currency solution for the DC/EP
initiative.
- On April 26, 2021, James A. Simms joined the Company as Chief
Financial Officer, based in the Company’s US headquarters in
Wilmington, MA. Mr. Simms has extensive experience with publicly
listed companies across high technology.
Commenting on first quarter performance, Vince Graziani, Chief
Executive Officer of IDEX, stated, “Commercial interest in
card-based biometric authentication is growing globally at an
accelerating pace, and an ecosystem up and down the supply chain is
developing. With opportunities in payment cards, access
control, and, potentially, digital currencies, I believe IDEX has a
promising future. As the COVID-19 pandemic abates, we
anticipate a resumption of bank trials on a large scale, followed
by increasing production orders for our TrustedBio solutions, which
offer superior performance at market-leading price points.”
For further information contact:Marianne Bøe, Investor
RelationsE-mail: marianne.boe@idexbiometrics.comTel: + 47 9180
0186
About IDEX BiometricsIDEX 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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