NEXT Biometrics issues Q4 and 2016 financial results
NEXT Biometrics has issued the interim financial results for Q4 and year-end 2016, reporting a significant increase in revenues.
In Q4 2016, the company saw sales of 31.8 million NOK (US$3.76 million), representing an increase over its sales of 28.4 million NOK (US$3.35 million) in Q3 2016 and 1.7 million NOK (US$200,746) in Q4 2015.
As for the year-end 2016, NEXT Biometrics saw revenues of 92.1 million NOK (US$10.88 million), which is a huge spike over the 4.6 million NOK (US$543,196) in revenues it reported for 2015.
The company’s costs also increased, with its operating expenses experiencing an increase from 70.5 million NOK (US$8.32 million) in 2015 to 220.8 million NOK (US$26.07 million) in 2016.
NEXT Biometrics saw a new income of 0.2 million NOK (US$23,617) in Q4 2016, compared to a loss of two million NOK (US$236,172) in Q4 2015.
In addition, the company’s net financial items for the year resulted in a loss of 1.4 million NOK (US$165,321), compared to a net income of 0.3 million NOK (US$35,426) in 2015. The company said the change was “mainly related to foreign exchange gains and losses”.
NEXT Biometrics highlighted some of its achievements of the past quarter, including its demonstration of the world’s first flexible fingerprint sensor that meets all ISO standard requirements at Trustech 2016 in Cannes, France.
Perhaps most notable, NEXT Biometrics appointed Ritu Favre last month as the company’s new CEO.
As the market demand for fingerprint sensors in notebooks and tablets continues to grow, NEXT expects penetration will increase in the near future.
Since the majority of its revenue in 2016 came from this segment, the company expects that revenue from notebooks and tablets will further increase in 2017.
In addition to the smart card markets, NEXT strategically targets other segments that require “large sized, high performance sensors at competitive pricing”.
Overall, NEXT Biometrics anticipates a steady course for the upcoming year. Over the next three to nine months, the company said it will increasingly develop flexible fingerprint sensors, establish partnerships in the smart card market, and develop next generation ASIC technology.