IDEX ready to ship completed biometric card products as it announces Q1 2018 results
Securing its leadership position in the market for biometric cards is IDEX’s top priority, the company said as it held its annual general meeting on May 9 in Oslo, followed by a presentation of its Q1 2018 results by CEO Stan Swearingen and CFO Knudtzon.
The company is planning internal proof of concept pilots for the second quarter of this year, and is in active discussions with multiple card vendors, according to an announcement.
At the annual meeting, IDEX adopted all the resolutions proposed by its board and nomination committee, including confirming Morten Opstad as chairman of the board for the second year of his term. All board and nomination committee members will continue in their roles, the company announced.
The company also carried out its mandatory disclosure of subscription rights under its incentive plan, granting a total of more than 5.2 million subscription rights to nine executives and managers at the exercise price of NOK 4.28 (US$0.53) per share.
The first quarter presentation (PDF) identifies preparing its supply chain to ramp up production, the appointment of David Orme as SVP of Global Sales and Marketing, several new hires in Asia, and engaging a PR agency and a Global Head of Marketing Communications as key actions it has taken to pursue its strategy of focusing on mass commercialization of biometric cards.
The company highlights the momentum behind biometric card projects, including trials from both Mastercard and VISA, and says it is now ready for customer shipments of completed products.
While IDEX’ revenues declined to NOK 1.8 million ($0.22 million) in Q1 2018, its operating expenses also fell by roughly NOK 3 million ($0.37 million), and it holds a cash balance of NOK 245 million ($30.6 million) with no financial debt.