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/
(http://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 TrustedBio(TM)
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 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