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
(http://www.idexbiometrics.com).
First Quarter Results
IDEX 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
TrustedBio(TM) 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(TM) 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 Relations
E-mail: marianne.boe@idexbiometrics.com
Tel: + 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