Indian biometrics integrations drive improved revenues for Next

Next Biometrics earned 72 million Norwegian kroner (approximately US$6.5 million) in a fiscal 2024 that CEO Ulf Ritsvall calls “transformative” for the company, more than double its total from full-year 2023.

The increase comes from growth in design wins, which reached 64 biometric product integrations be the end of 2024, up from 46 at the end of 2023.

Adjusted EBITDA earnings tell a somewhat different story. Next reports an adjusted EBITDA loss of NOK 32.7 million ($2.9 million) in 2024, a more modest improvement from a loss of NOK 43.7 million ($3.9 million) in 2023.

In the fourth quarter of 2024, revenues were down 7 percent from the same quarter in 2023, due to a pause in Aadhaar activities while the certification requirement for biometric devices was raised.

More orders from India

Next’s momentum has continued into 2025, with a new India-based partner signing an MoU to collaborate on a biometric module with liveness detection to target growth in the markets for Aadhaar L1 and MOSIP devices and various national ID programs. The new partner has committed to orders worth NOK 30 million ($2.7 million) or more over the next 2 years, starting with volume orders in the second half of 2025.

Next partner Access Compute Pvt. Ltd. (ACPL), meanwhile, has received an NOK 0.6 million ($54,000) order for its L1-certified fingerprint biometrics module from a bank it describes as one of the biggest in India’s public sector.

FAP20 biometric sensors from Next will be built into tablets for Aadhaar authentication, with deliveries beginning this quarter.

Next is targeting revenues of between NOK 180 million and 200 million ($16.2 million and $18 million) in its fiscal 2025 year, boosted in the second half of the year by the company’s new FAP30 fingerprint sensor.

Article Topics

biometric liveness detection  |  biometrics  |  financial results  |  fingerprint biometrics  |  fingerprint sensors  |  India  |  Next Biometrics  |  stocks