IDEX ASA issues interim report for the Q3 2016
IDEX has issued the interim report for the third quarter of 2016, which saw recorded revenues of NOK 8.4 million (US$0.99 million) in the third quarter, up from NOK 0.1 million (US$120,456) in the third quarter last year.
For the first nine months, the company recorded revenues of NOK 26.1 million (US$3.1 million) compared to NOK 0.2 million (US$240,912) for the corresponding period last year.
Following the launch of the LG Stylus 2 Plus in June, which marked the first smartphone with an IDEX fingerprint sensor integrated, IDEX has announced seven new design wins for several mobile OEMs.
The partners also successfully completed a live trial of these cards at the global payment company that IDEX has been working with since June 2015.
IDEX is gaining market traction in its third core market, the Internet of Things (IoT) market, as the company has shipped sensors to three customers in Q3.
During the first nine months of the year, IDEX has added 15 new employees or ongoing individual contractors, including the appointments of a chief products officer, SVP of worldwide sales, a director of the cards product line and several other key roles.
Moving forward, IDEX expects to see a continued stream of design wins in mobile, which should translate into higher revenues.
For the first quarter 2017, the company expects to launch glass and ceramic sensors, as well as to pass major commercial milestones for its biometric card sensor.
Additionally, several customer pilots are set for the fourth quarter 2016 and into the first quarter 2017. Once the pilots have been completed, IDEX will announce further details about the program.
Previously reported, IDEX ASA and Safran Identity & Security have made significant progress toward commercializing the world’s first ISO standard form factor smart cards with a touch fingerprint sensor.