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Fingerprint sensor shipments boost Next Biometrics earnings amid market headwinds

Fingerprint Cards and Precise Biometrics update stock issues
Fingerprint sensor shipments boost Next Biometrics earnings amid market headwinds

Next Biometrics brought in revenue of 14.4 million Norwegian Kroner (approximately US$1.4 million) in the third quarter of its fiscal 2022 on increased shipments of its FAP20 fingerprint sensors, the company has announced.

Adjusted EBITDA was negative NOK 0.8 million ($77,000) during the quarter, and gross margin was 38 percent.

The company booked three design wins with new customers during the quarter, and shipped an order of FAP20 sensors worth $0.6 million to a new distributor related to an India-based late in the quarter.

“Next’s suppliers increased their shipments to Next towards the end of the third quarter. Hence, our supply- chain situation has improved,” says Next Biometrics CEO Peter Heuman. “Moreover, we are prepared to increase shipment volumes when customers start committing to additional volumes. Still, in the short-term, some of our customers remain affected by the global semiconductor shortages. We expect them to return with new and additional orders once they also have sufficient components to build their end products.”

Heuman also says that Next is updating its business model to better represent its fingerprint biometrics portfolio. Despite “short-term external headwinds,” he says the company is positioned to deliver increased revenue in the quarters ahead.

Next also signed a distribution deal for China as it reported disappointing Q2 revenues of NOK 11.7 million ($1.2 million) in August.

Updates on issuances by Fingerprint Cards, Precise Biometrics

Fingerprint Cards held a private meeting today to approve a rights issue plan announced by the company along with its third quarter results in October.

The rights issue consists of units made up of shares and warrants for series A and B shares. Up to 375,000 A-units and over 19.8 million B-units will be issued under the plan. Each unit consists of five shares and one warrant.

The subscription price has been set at 15.1 Swedish Kroner ($1.37), which equates to approximately SEK 3.02 per share. Fingerprint Cards therefore expects gross proceeds of SEK 305.2 million ($27.7 million) from the issue.

Precise Biometrics, meanwhile, is up to 46,427,597 shares and votes after completing its issue as announced in October increased the total by 6,831,203.

The company said at the time that it had carried out its rights issuance for 2,871,564 shares and a directed issue of 3,959,639 more. Precise says it raised approximately SEK 44 million (roughly US$3.9 million).

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