NEXT Biometrics had contracted orders for Q4 above Q3 reported revenue. However, booked revenue in Q4 amounts to NOK 13 million. The shortfall is due to the Indian government temporarily pausing all new business within the Adhaar system following security incidents with a competing technology to the NEXT Active Thermal. This situation is believed to be short-lived, and will benefit NEXT going forward.
The Indian government has decided to increase security levels in the Adhaar system, and all vendors are required to pass the new tests before resuming business. It is assumed that some of NEXT competitors will not fulfill the new security requirements, and therefore NEXT expects increased market share.
A specific date for reopening of business has not been communicated, but the Adhaar program is vital to a large part of the Indian population, and the pause is believed to be lifted soon. NEXT expects to deliver the unfulfilled orders in Q1, along with further orders to follow up business as usual.
NEXT will publish the Q4 report on February 19th.
This information in this stock exchange announcement is considered to be inside information pursuant to the EU Market Abuse Regulation and is published in accordance with section 5-12 the Norwegian Securities Trading Act.
For more information, please contact
Ulf Ritsvall, CEO, NEXT
ulf.ritsvall@nextbiometrics.com
Eirik Underthun, CFO, NEXT
eirik.underthun@nextbiometrics.com
About NEXT Biometrics
NEXT provides advanced fingerprint sensor technology that delivers uncompromised security and accuracy for the best possible user experience in the payment and fintech, government ID, access control and office and notebook markets. The company’s patented NEXT Active Thermal ® principle allows the development of large, high-quality fingerprint sensors with superior security level. NEXT Biometrics Group ASA is headquartered in Oslo, with sales, support, and development operations in Seattle, Taipei, Tokyo, New Delhi and Shanghai.
This stock exchange announcement was published by Eirik Underthun, CFO at NEXT Biometrics Group ASA, on 16 January 2025, at 08:30 hours (CET).