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Next Biometrics signs up fingerprint sensor distributor in China, closes deals

Q2 revenues disappoint despite improving supply chain, margins
Next Biometrics signs up fingerprint sensor distributor in China, closes deals

Next Biometrics has received a volume purchase order for its fingerprint sensors from Chinese distributor XM Holder, as well as finalizing a $2.2 million biometric hardware deal with an OEM customer in India.

Under the XM Holder deal, Next will supply several of its fingerprint sensor models for use by new customers in India, China, Indonesia and other Asian countries, and is worth NOK 2.4 million (roughly US$247,000).

XM Holder is already supplying a Next customer, according to the announcement, and will now offer the company’s biometric sensors to other customers in payments and fintech.

The deal with the India-based OEM to supply FAP20 fingerprint sensors was originally unveiled in early-2022, and is now final, as a milestone on which 90 percent of the order was conditional has been passed. The OEM will now pursue the final steps towards certification to an Indian government program.

Revenues disappoint despite improving supply chain, margins

Next also reports NOK 11.7 million ($1.2 million) in revenue during its fiscal second quarter of 2022, at a gross margin of 36 percent.

The earnings represent a modest gain over revenues in the same quarter a year ago, which were NOK 10.5 million ($1.08 million). After-tax loss similarly increased from NOK 7 million ($720,000) in Q2 2021 to NOK 9.5 million ($980,000).

Next CEO Peter Heuman says in the report that the company booked 5 design wins with new customers during Q2, but revenues during the quarter were not satisfactory. Gross margin, though fluctuating, is trending higher, and the company’s microchip supply chain is improving, but booked orders worth NOK 8 million ($820,000) were not shipped due to supply issues.

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