NEXT Biometrics reports Q1 2017 financial results with US$2.9M in revenues

NEXT Biometrics reported its interim results for Q1 2017, in which the company saw revenues of NOK 24.1 million (US$2.9 million).

This represents a significant rise compared to NOK 5.2 million (US$0.6 million) in Q1 2016, but fell short of the NOK 31.8 million (US$3.8 million) it reported in Q4 2016.

Meanwhile, the company saw a net loss of NOK -44.3 million (-US$5.3 million), compared to a net loss of NOK -47.2 million (-US$5.6 million) in Q4 2016 and NOK -49.5 million (-US$5.9 million) in Q1 2016.

During the quarter, NEXT Biometrics achieved several milestones including shipping its two millionth fingerprint sensor, securing two new notebook contracts, making significant key supplier agreement improvements, and placed orders for second generation ASIC.

In addition, the company appointed Dan Cronin to Executive Vice President of Engineering and Zehira Dadon-Sitbon to Vice President of Product and Program Management, provided a low power reference design for flexible sensors customer pilots, and raised NOK 156 million (US$18.7 million) in gross proceeds through a private placement in February.

“NEXT continues to make solid progress on its vision to become a leading supplier of fingerprint sensors into quality critical segments,” NEXT Biometrics CEO Ritu Favre said. “NEXT is diversifying its customer base into markets that require high quality fingerprint sensors: smart card, notebook, access control and government ID. Low power reference designs with flexible sensors have been sampled to the smart card customer ecosystem with positive feedback.

Overall, Favre said the company is “encouraged that the market feedback for [its] large secure flexible sensors has been so positive.”

Favre also outlined the company’s outlook during three to nine months ahead, which can be found in the Q1 2017 presentation notes (PDF) on the company’s website.

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