IDBA Q1 2026 Earnings Call
Anders Storbråten (CEO): 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 (CEO): 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 (CEO): 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 (CEO): 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 (CEO): 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.
