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Idex Biometrics: quarterlies, annuals, regulatory actions

Idex issues private placement after revenue drop in Q1
Idex Biometrics: quarterlies, annuals, regulatory actions
 

May 16, 2024 – Idex Biometrics earned $372,000 in revenue in the first quarter of 2024 from sales of its biometric access control and payment technologies, slightly down from the fourth quarter last year, but dramatically lower than the same quarter a year ago.

Despite the decrease in revenue, the company reports a lower net loss of $5.4 million in Q1, compared to $7.2 million a year earlier.

Idex has also completed a private placement of 33.3 million shares at NOK 1.65 per share, slightly below the closing price of NOK 1.75 per share. Gross proceeds from the placement are NOK 55 million ($5.1 million). The board is also considering a subsequent repair issue rights offering of 8 million more shares on the same terms.

Strategic corporate change is scary but so are the weeks that follow

Feb 29, 2024 – The fingerprint-scanning company has just released a fiscal 2023 report that has more moving parts than a busload of kindergartners. Read more here.

Adding debt and cutting costs, Idex says it’s good to 2025

Nov 16, 2023 – Idex Biometrics has raised NOK 35 million (US$3.22 million) in a private placement of 78.6 million new shares priced at NOK 0.445 ($0.041) each. Read more here.

Brighter quarter as firm preps to issue debt

November 10, 2023 – Idex is reporting an improving environment, having cut its third-quarter and nine-month losses compared to the same period last year.

The fingerprint biometrics company says it posed a loss of $7 million, or $0.01 per basic and diluted share, on revenue of $950,000 for the quarter ended September 30. This compares with a loss of $9 million, $0.01, on revenue of $928,000 a year ago.

For the first three quarters, it reported loss of $21.7 million, $0.02, on revenue $3.6 million. This compares with a loss of $26.3 million, $0.03, on revenue of $3 million a year ago.

Idex also is preparing to issue senior convertible debt for as much as NOK 100 million (US$8.95 million), to be amortized over 3.5 years. It will be priced at 92 percent of the principal. The funding will pay for “commercial ramp-up.”

The company will have the option of paying with equity or cash with every two-month installments.

Approval of the plan is expected November 30.

First-half numbers moving in the right direction

Aug 11, 2023 – Idex Biometrics reported interim first-half figures showing a loss of $14.7 million, or $0.01 per basic and diluted shares, on revenue of $2.7 million. During the same period last year, the company reported a $17.4 million, or $0.02 per share, on revenue of $2.1 million.

For the quarter, Idex reported a loss of $7.4 million on revenue of $1.5 million (a quarterly record) for the three months ended June 30. This compares with a loss of $8.3 million on revenue of $1.1 million for the same period last year.

According to the company’s interim data, gross margins grew 22 percent over the first quarter of fiscal 2023.

Service revenue collapsed in the first half. It was nonexistent in both Q1 and Q2, and had fallen unsteadily since the second quarter. At that point, service sales were $100,000, $84,000 in the third quarter of 2022 and $16,000 in the final quarter of the fiscal year.

Chooses to leave the Nasdaq

July 21, 2023 –  Being listed on the Nasdaq exchange in the U.S. and the Oslo Bors in Norway is too expensive for fingerprint biometrics firm Idex, according to the company, which has decided to leave the Nasdaq. Idex’ American depository shares, each of which represent 75 ordinary shares, should be a thing of the past as of August 10.

Raises $11M for commercialization

May 26, 2023 – Idex Biometrics has raised NOK 125 million ($11 million) via the sale of 147 million new shares at NOK 0.85 ($.077) per share. Read more here.

Q1 revenue rises

May 25, 2023 – Biometric sensor maker Idex saw its year-over-year loss narrow slightly during the first quarter, ended March 31. But its revenue rose by a third.

Idex, which makes sensors for cards and embedded devices, reported a loss of $7.2 million, or $.01 per basic and diluted share, on revenue of $1.2 million. This compares to a loss of $8.1 million, or $.01, on revenue of $989,000 for the first quarter of fiscal 2022.

Executives were able to reduce operating expenses on a quarter-to-quarter comparison. In the most recent period, the company reported $8.6 million and $8.9 million a year ago.

The market inflection point claimed in 2022, when nine biometric payment card programs using Idex sensors were launched, could be continuing this year. The company says seven Turkish and Bangladeshi banks have committed to its sensors so far this year. Europe and the Middle East are showing “particularly strong” interest.

Mastercard signed off on Idex’ fingerprint test assessment, which is essential to winning real estate on the finance company’s cards. Complete certification, according to the company, is expected in the second quarter this year.

Fiscal ’22 tricky but not impossible

Feb 22, 2023 – Idex reported a fiscal 2022 loss of $32.6 million on revenue of $4 million compared to a loss of $32.5 million on revenue of $2.8 million in fiscal 2021. Read more here.

Tough third quarter

Nov 22, 2022 – Idex reported a net loss of $8.12 million on revenue of $928,000 in the third quarter this year. Read more here.

Idex sells 150M shares

Nov 17, 2022 – Idex has signed a two-tranche private placement raising a total $15 million by selling 150 million shares at 10 cents each. Read more here.

More financial and industry news about Idex Biometrics here.

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