May 24, 2016 -
Next Biometrics issued the interim results for the first quarter ended March 31, 2016, which saw the company’s total revenue increase to NOK 5.2 million (US$621,786) compared to NOK 2.4 million (US$286,978) one year ago.
Meanwhile, the company’s net loss widened to NOK 49.5 million year over year compared to a loss of NOK 47.5 million in previous quarter, and a loss NOK 19.6 million crowns one year ago.
The company also noted a few highlights in the first quarter, including its shift in focus on moving toward a mass production cycle for deliveries to Dell.
Next also said that its costs related to transitioning to new products and volume scale-up have been booked in the first quarter’s total R&D expenses, included in both payroll and other operating expenses, which reached NOK 25.8 million.
In comparison, the company’s R&D expenses were NOK 13.9 million crowns in Q4 2015 and NOK 12.3 million in Q1 2015.
Additionally, Next also announced its intent to increase mass production capacity of flexible sensors to two million a month from H1 2017.
“NEXT Biometrics focuses its resources on quality dependent market segments that require high levels of security and convenience coupled with the ability to serve close to 100% of a given population,” said Tore Etholm-Idsoe, CEO of NEXT Biometrics. “These markets for NEXT include smart cards, NEXT-Enabled markets, traditional markets, high-end security focused smartphones and quality notebooks. The NEXT technology is perfectly positioned for these markets.
“The first Smart Card customers are able to generate substantial benefits from introducing fingerprint sensors in their applications-solutions. These early customer projects are larger than initially estimated, and are expected to generate positive margins from an early stage. NEXT sees significant opportunities within several of the major Smart Card market segments.”
Previously reported, NEXT Biometrics Group ASA raised close to 165 million NOK, or approximately $20.3 million USD through an oversubscribed private placement.