IDEX reports Q1 revenues amid wait for biometric smart card market to take off
IDEX Biometrics recorded revenues of NOK 1.4 million (US$160,000) in the first quarter of 2019, as it progresses towards the operational rollout of biometric smart cards.
In the same quarter a year earlier IDEX reported NOK 1.8 million ($210,000) in revenue. For Q1 2019, Services accounted for NOK 1.3 million ($150,000) of the company’s revenues in the quarter, while product sales made up only NOK 0.1 million ($11,000). Gross margin on product sales was 38 percent, but the company’s report notes that margins at small volumes are not necessarily representative of margins at higher volumes. Net loss for the quarter was NOK 67.7 million ($7.7 million), compared to NOK 56.8 million ($6.5 million) in Q1 2018.
“IDEX achieved some significant milestones in the first quarter, including our first high-volume order from a major company that’s been pioneering biometric security solutions for over a decade,” comments IDEX CEO Stan Swearingen. “As the biometric smart card market continues to evolve, are very excited by the opportunities we see in 2019.”
At its annual general meeting, all proposals by the Board and nomination committee were passed, and Stephen A. Skaggs was elected to IDEX’ Board for a two-year period.
Recent company highlights include a three-year, multimillion-dollar customer commitment that is the company’s largest secured to date, and the awarding of a key patent for its on-card enrollment technology. IDEX also created a new Chief Innovation Officer role during the quarter, and appointed a new CTO, and is reportedly considering switching its public listing from the Oslo exchange to London or the Nasdaq.
IDEX expects sensor shipments in increase in the second half of 2019, and further contract wins are anticipated.