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Next announces 2 deals to supply FAP20 biometrics sensors and uneven Q1 financials

Next announces 2 deals to supply FAP20 biometrics sensors and uneven Q1 financials
 

Next Biometrics has reported mixed financial results for its first fiscal quarter of 2024, along with an expansion into Bangladesh in one of two deals to supply FAP20 fingerprint biometric sensors.

Revenues were up for Next in Q1, 2024, at 12.8 million Norwegian kroner (approximately US$1.2 million), from NOK 6.8 million in the same quarter a year earlier. Adjusted EBITDA, however, was negative NOK 9.1 million ($830,000) in the quarter.

Internal product development delays dragged Q1 revenues below expectations, says CEO Ulf Ritsvall.

The company’s headline accomplishment during the quarter was the certification of its FAP20 sensor for the Chinese market.

The China ID certification has led to a deal with a tier one Chinese OEM to integrate Next’s sensor into biometrics devices for banks. The OEM anticipates orders from Next in 2024 and 2025 totaling NOK 24 to 27 million ($2.2 to $2.5 million), the company announced.

Deliveries to Bangladesh are scheduled to start in the second quarter under a five-year deal with Commlink Infotech LLC valued at NOK 95 million ($8.7 million). Commlink will integrate Next’s FAP20 sensor into biometric readers for use in Bangladesh’s national ID program.

Securing our deliveries of Next’s flagship fingerprint sensors will enable us to ensure our long-term operational reliability towards our partners in the ecosystem of Bangladesh’s national ID infrastructure,” says Amjad Khan, managing director and CEO at Commlink. “Combined with their technical support and our close collaboration, it also allows us to further develop our business knowing that we are guided by a strong technology partner. I look forward to exploring this partnership together with Next.”

Ritsvall says Commlink is one of the biggest players in Bangladesh’s domestic market.

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