IDEX Biometrics interim report for the third quarter of 2024
Oslo, Norway – 29 October 2024 – IDEX Biometrics ASA’s interim report for the third quarter 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 Catharina Eklof, Chief Executive Officer, today at 09:00 CET. The webcast presentation is attached to this notice (link below), and can be viewed at the following link:
https://idexbiometrics.videosync.fi/q3-2024
“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. By the end of the third quarter, IDEX had executed on targeted reorganization initiatives, significantly reducing operating expenses. We have consolidated our technology and administrative teams into the UK and Europe, and optimized our entire workforce to capture the fast growing opportunity across the APAC region.” Said Catharina Eklof, Chief Executive Officer at IDEX Biometrics.
Ms. Eklof added, “On the customer side, we continue to expand our manufacturing partners and solution integrators with our open software platforms and flexible operating system. Focus over the last quarters has been on supporting manufacturers from certification to industrialized production. As a result, KONA I has achieved Mastercard approval for the world first metal biometric card, based on the IDEX Pay platform. A first commercial program is now in the planning phase of being rolled out in Asia.”
In September, IDEX demonstrated a successful live transaction on the India based RuPay network with IDEX Pay, together with our manufacturing partners. This is a leading indicator of the IDEX biometric platform readiness to bring trusted identity solutions to consumers around the world.
Financials:
- Revenues in the third quarter totaled $0.1M.
- Net Income in Q3 was $1.4M with Adjusted Net Loss of $4.8M. Adjustments are related to the restructuring charges and the derivative value changes.
- Operating expenses reduced to $4.1M, a reduction of $2.0M from last quarter.
- Restructuring cost during Q3 were $0.4M including severance and other items. Restructuring gain of $0.7M resulting from two lease cancellations.
- On track to achieve a cash operating run-rate of $2.5M per quarter by the end of this year.
- Recorded a gain of $5.5M from a change in the derivative value related to outstanding warrants and the favorable renegotiation of our outstanding convertible bond.
For further information contact:
Marianne Bøe, Head of Investor Relations
E-mail: ir@idexbiometrics.com
Tel: + 47 67 83 91 19
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.
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