IDEX Biometrics has issued its Q3 update, marking a slight uptick in revenues and a decrease in operating expenses. Sales went from about $928k in Q3 of 2022 to $950k in the latest quarter, while operating expenses dropped from a little over $9 million to about $7.7 million over the same period. Its net result was a loss of about $7 million, compared to a loss of about $9 million a year ago.
In a statement, the company emphasized the more manufacturing partners were “quickly mobilizing” to bring its biometric payment card platform, IDEX Pay, to market. This expansion complements the Mastercard certification IDEX Pay received, which is a critical facilitator for market adoption.
The utility of the IDEX platform has been validated by a major global card manufacturer, which has achieved its final biometric card certification based on IDEX’s technology. The company says this is a significant step that is likely to encourage other manufacturing partners to pursue a similar fast-track certification process.
In the payment space, IDEX has identified a strong initial demand within the premium segment, including metal cards. The company has secured commitments from three leading global manufacturers of metal cards, which positions IDEX to leverage opportunities among card issuers, particularly in the Asia market where there is a significant growth trajectory for this card type.
IDEX Biometrics is also taking financial steps to strengthen its commercialization efforts. The company has initiated a process to secure additional funding by entering into a non-binding term sheet with a new institutional investor on November 6. This term sheet is for the issuance of a senior convertible bond of up to NOK 100 million. The intended purpose of this potential funding is to support the company’s commercialization efforts for their products and services.
November 9, 2023 – by the FindBiometrics Editorial Team