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Next Biometrics reports US$3M loss in Q2

Next Biometrics reports US$3M loss in Q2

Next Biometrics issued its financial report for the second quarter of 2015, in which the company’s net loss increased to 24.5 million NOK (US$3 million) compared to 19.6 million NOK in the same period last year.

The company also revealed that its net loss for the first half of 2015 amounted to NOK 44.1 million compared to a loss of NOK 31.9 million in the first half of 2014.

Meanwhile, the company’s total revenue for the first quarter of 2015 were 283,000 NOK (US$34,550) versus 682,000 NOK (US$83,263) one year ago

“The increased loss from the corresponding half year was mainly due to higher level of cost of goods sold, increased R&D costs and higher sales activity,” said the company.

The company said that with its first multinational tier one project scheduled to launch in five to seven weeks, it expects its second generation fingerprint sensors to generate orders starting from the fourth quarter.

Additionally, Next expects to see further cost-reductions realized in the fourth quarter of 2015 and the first quarter of 2016.

Next Biometrics also said it is now one of only three biometric providers in the world that has secured a Tier-1 design-win and able to deliver product in high volumes.

“In the Smartphone segment the NEXT value proposition combines higher levels of security and convenience with a low price, gets increased attention,” said Next Biometrics. “This is partly due to the market trending towards more quality critical payment, cloud access and corporate access solutions and partly due to increased major player recognition of the NEXT proposed integration of sensors in the phone backside.”

Previously reported, Next Biometrics Group ASA introduced ultra-thin fingerprint sensor designs that eliminate the need for large bezels, or metallic frames, used in the first generation of its sensors, making them tailored for the design-focused smartphone, tablet and notebook markets.

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