NEXT Biometrics reports Q2 2017 results, CEO discusses strategic outlook
NEXT Biometrics Group ASA reported the interim results for Q2 2017 and H1 2017 ended June 30, 2017, while CEO Ritu Favre outlined NEXT’s strategic focus going forward.
The company reported a revenue of NOK 24 million (US$3.1 million) in Q2 2017, compared to NOK 24.1 million (US$3.11 million) in Q1 2017.
In H1 2017 operating revenue amounted to NOK 48.1 million (US$6.2 million), compared NOK 31.8 million (US$4.1 million) in H1 2016.
NEXT reported a net loss of NOK 41.9 million (US$5.4 million) in Q2 2017 compared to a net loss of NOK 44.3 million (US$5.7 million) in Q1 2017.
Net loss in H1 2017 amounted to NOK 86.2 million (US$11.1 million) compared to a net loss of NOK 100.3 million (US$13.0 million) in H1 2016.
NEXT’s cash and cash equivalents amounted to NOK 160.1 million (US$20.7 million) by the end of H1 2017, compared to NOK 106.3 million (US$13.7 million) by the end of 2016.
The company also summarized the highlights of H1 2017 including its gross margin improvement plan is on track. The company also confirmed its ability to mass produce flexible fingerprint sensors.
Other highlights include completing the coater and the cutter investment projects, receiving a high-volume order for second generation ASIC, signing a global distribution agreement with Arrow Electronics, and signing two new contracts in Q3 2017.
“At NEXT we see market opportunity for our large cost-efficient flexible fingerprint sensors as the biometrics market matures and we develop our unique technology,” CEO Ritu Favre said. “We reached an important milestone in the second quarter with mass-production capacity firmly established for both flexible and rigid fingerprint sensors. This confirms our leading technological platform and positions NEXT in the forefront of the market to secure growth within our targeted markets led by smart cards, government ID, notebooks and access control.”