NEXT Ready to Attack Smart Card Market After Q2 Transition

NEXT Biometrics has announced its results for the second quarter of this year.

NEXT Ready to Attack Smart Card Market After Q2 TransitionOperating revenues were way up, at NOK 26.6 million, compared to NOK 5.1 million in Q1 and NOK 0.3 million in Q2 of 2015. NEXT attributes the growth primarily to increases in its fingerprint sensor shipments.

Despite the jump in revenues, NEXT saw a net loss for the quarter, at NOK 51.4 million, compared to losses of NOK 49.5 million in Q1 and NOK 24.5 million in Q2 of 2015. Part of the loss can be attributed to the initial production costs of its new sensor models; in a statement announcing its results, NEXT said these costs are “one-offs or temporary and do not provide a clear and relevant indication of cost of goods sold”.

Commenting on the corporate results, CEO Tore Etholm-Idsøe emphasized the transitional nature of the company’s recent activities, asserting that fingerprint sensor volumes have been growing substantially while production costs are being combatted. “All costs related to Q2-transition to new products and volume ramp-up have been booked in this quarter,” he said, adding that with the development of an industry-leading ISO-compliant flexible sensor, NEXT is ready to attack the smart card market, which “is now the primary focus” for the company.

August 26, 2016 – by Alex Perala