Q1 2026 IDEX Biometrics ASA Earnings Call
[Company Representative] (IDEX Biometrics): Place now that equity investment with the private placement done in April. We raised gross NOK 18 million, we come back to that a little bit later. Channel partners is important to scale a business like IDEX. We have added eight new channel partners in this year. We are up to total nine. This gives us great access to customers both in Europe, Norway, and also in Asia. They have huge customer bases, they are actively deploying our products to their customer base to launch pilots. The most prominent ones are listed to the one box to the right, Infinigate, one of Europe's leading cybersecurity resellers. Avnet, which is the largest global distributor of NXP's semiconductors chips, which is fundamental for the MIFARE DESFire. We have Buypass and Cardtech, which is the leading Norwegian distributor of cards.
Anders Storbråten: Place now that equity investment with the private placement done in April. We raised gross NOK 18 million, we come back to that a little bit later. Channel partners is important to scale a business like IDEX. We have added eight new channel partners in this year. We are up to total nine. This gives us great access to customers both in Europe, Norway, and also in Asia. They have huge customer bases, they are actively deploying our products to their customer base to launch pilots. The most prominent ones are listed to the one box to the right, Infinigate, one of Europe's leading cybersecurity resellers. Avnet, which is the largest global distributor of NXP's semiconductors chips, which is fundamental for the MIFARE DESFire. We have Buypass and Cardtech, which is the leading Norwegian distributor of cards.
Place now that Equity investment with the with the private placement done in April. Um we raised uh gross 18 million uh croner and we come back to the to that a little bit later.
Channel Partners is important to scale uh a business. Uh like idexx, we are I have added 8 new channel Partners in uh, this year. Uh, we are up to Total 9. UM this gives us uh great access to to customers both in Europe, Norway and and also in Asia.
They have huge customer bases, and they are actively deploying our products to the customer base to launch pilots.
The most prominent ones are listed to the one box to the right, InfiniGate, one of Europe's leading cyber...
security resellers at night to the largest global leader of
NXT's, um, uh, semiconductor chips, which is fundamental for the Myer, Death Fire, um,
[Company Representative] (IDEX Biometrics): I also like to highlight the partner model is really strong. We have already one, not named here, leading European card manufacturer who is running an IDEX pilot as we speak with a European government institution. Buypass is a value-added reseller, well known up here in Norway. Huge user base, but very important, has the highest level of security. They are at the eIDAS level, and which is a European standard that now IDEX will be compliant with. We fit very well into their product offering, and we are going out together to customers. On the backlog and revenues, this was an inflection point for us in the order book, standing at NOK 23 million. That was driven by IDC order, but also more other orders are following. All of this backlog is to be delivered in 2026.
Anders Storbråten: I also like to highlight the partner model is really strong. We have already one, not named here, leading European card manufacturer who is running an IDEX pilot as we speak with a European government institution. Buypass is a value-added reseller, well known up here in Norway. Huge user base, but very important, has the highest level of security. They are at the eIDAS level, and which is a European standard that now IDEX will be compliant with. We fit very well into their product offering, and we are going out together to customers. On the backlog and revenues, this was an inflection point for us in the order book, standing at NOK 23 million. That was driven by IDC order, but also more other orders are following. All of this backlog is to be delivered in 2026.
And we have Bypass, um, and Cartech, um, which is the leading, uh, Norwegian, uh, distributor of cards.
And I also like to highlight, uh, the partner model is, uh, really strong. Uh, we have already one, uh, not named here, leading European card manufacturer who is running an IDEX pilot.
as we speak with a European government institution,
Bypass, uh, it's a value added reseller, uh, well, known up here in Norway, uh, huge user base. But, uh, very important has the highest level of, uh, of security. Uh, they are at the idas level, um, and which is a European Standard, um, that now idexx will be compliant with
Um, we fit very well into their product offering, and, um, we are going out together to customers.
So on the backlog and revenues this uh, an election point for us in our book uh, at standing at 23 million, uh, no reason Corner. Um, that was driven by um, IDC order. Uh, but also more uh, other orders uh, are following
[Company Representative] (IDEX Biometrics): The revenue recognition to the right will be, of course, based on when we are actually sending the shipments and when the pilots are going into a full-scale deployment. We're expecting good growth there throughout the year. Gross margin, as we see, it's standing at 58% for Q1. It's driven by commercial sensor orders. As we have communicated earlier this year, and the reason why we are selling our own access cards will give us a better gross margin profile going forward. Opex. We set out to reduce costs last year. Opex is down 44% year on year, flat over Q1. We have no capitalized R&D in this overview. We do expect maybe some kind of, as we invest into growth, there might be some short-term Opex changes. EBITDA, lowest in a long time. Now with the business set up, we have great operational leverage.
Anders Storbråten: The revenue recognition to the right will be, of course, based on when we are actually sending the shipments and when the pilots are going into a full-scale deployment. We're expecting good growth there throughout the year. Gross margin, as we see, it's standing at 58% for Q1. It's driven by commercial sensor orders. As we have communicated earlier this year, and the reason why we are selling our own access cards will give us a better gross margin profile going forward. OpEx. We set out to reduce costs last year. OpEx is down 44% year on year, flat over Q1. We have no capitalized R&D in this overview. We do expect maybe some kind of, as we invest into growth, there might be some short-term OpEx changes. EBITDA, lowest in a long time. Now with the business set up, we have great operational leverage.
So, all this backlog is to be delivered in 2026.
The revenue recognition, and to the right, will be, of course, based on when we're actually sending shipments and when pilots are going into a full-scale deployment.
um,
We are expecting good growth there throughout the year.
Plus margin. Um, as we see, it's starting at 58% for the quarter. Uh, it's given by commercial sensor orders. Um,
But as we have communicated earlier this year, and the reason why we are, uh, selling our own access, uh, cards, gives us a better, uh, growth margin, probably going forward.
Opex, and we set out to reduce costs last year. Opex is down 44% year on year, and flat over the quarter.
Uh, we have no capitalized R&D in our, um, in this overview.
But we do expect maybe some kind of, um, as we invest into growth, uh, there might be some short-term, uh, Opex, uh, changes.
EBT.
Lowest in a long time.
Now, with the business setup,
[Company Representative] (IDEX Biometrics): As we are monetizing our pilots, we should see strong improvement in our EBITDA and also cash flow going forward. Cash position. We started Q1 at NOK 1.4 million. We did the equity raise back in April. We restructured the cap structure with paying off the Heights convertible loan, and also shareholder loans. We are now at NOK 50 million. As you have seen, we also did a private placement this morning. The number post that should be approximately NOK 70 million. Outlook. Now, this is Q1 where we have secured pilots. We make sure that our distribution partners have what they require from us to go to their customers with materials, resources, and products. That will scale throughout the year. There are a lot of orders in the process already for Q2.
Anders Storbråten: As we are monetizing our pilots, we should see strong improvement in our EBITDA and also cash flow going forward. Cash position. We started Q1 at NOK 1.4 million. We did the equity raise back in April. We restructured the cap structure with paying off the Heights convertible loan, and also shareholder loans. We are now at NOK 50 million. As you have seen, we also did a private placement this morning. The number post that should be approximately NOK 70 million. Outlook. Now, this is Q1 where we have secured pilots. We make sure that our distribution partners have what they require from us to go to their customers with materials, resources, and products. That will scale throughout the year. There are a lot of orders in the process already for Q2.
We have great operational Leverage.
So, as we are monetizing our...
Pilots.
We should see strong improvement in our, um,
In our EBITDA and also cash flow, um, going forward.
Cash position.
Paying off the Heights convertible loan.
Uh, and also shareholder loans. So, we are now at $50 million.
pruner.
But as you have seen, we also did a private placement this morning. So the number, uh, post that, should be approximately 70 million kroner.
Outlook.
Now, this is the first quarter where we have, um, secured, uh, Pilots. We uh, make sure that uh, our distribution Partners have um, what they what they require from us to, to go to their customers with the materials, uh, resources and and products.
That will scale throughout the years, throughout the year. Um,
[Company Representative] (IDEX Biometrics): As we are writing here, quarterly revenue recognition will reflect on when the shipment actually is completed. Yeah. We are continuing on a weekly basis to sign up more pilots. We see strong interest post-MITOS. We should be able to see a strong growth throughout the year in this one and convert them into full-scale orders. There's a lot of things going on at IDEX at the moment, which we're not disclosing in this call, but there are new strategic partnerships with resellers, integrators, and OEMs. It will add to our strength in scaling the business throughout 2026. That finishes today's presentation. Any questions? We're thanking for today's session.
Anders Storbråten: As we are writing here, quarterly revenue recognition will reflect on when the shipment actually is completed. Yeah. We are continuing on a weekly basis to sign up more pilots. We see strong interest post-MITOS. We should be able to see a strong growth throughout the year in this one and convert them into full-scale orders. There's a lot of things going on at IDEX at the moment, which we're not disclosing in this call, but there are new strategic partnerships with resellers, integrators, and OEMs. It will add to our strength in scaling the business throughout 2026. That finishes today's presentation. Any questions? We're thanking for today's session.
There are a lot of orders in process already for Q2, um,
But as we're writing here, quarterly revenue recognition will reflect on that when the shipment actually is completed.
um,
yeah.
We have, um, we are continuing on a weekly basis to sign up more, uh, pilots.
um,
And uh, we we we see strong, uh, interest post Mas. So we should be able to um, uh, see a strong growth throughout the year in this 1 and convert them into
uh,
Full-scale orders. Um, we are also—we, there's a lot of things going on at IDEX at the moment which we're not disclosing in this call, but there are new strategic partnerships, um, with resellers, integrators, and OEMs.
It will add to our strength in, and scaling of, the business.
Throughout 2026.
So, that finishes today's presentation.
any questions?
That.
We are thanking for the.
Today's session.
