AI Terminal
NEXT Biometrics Group ASA
Quarterly Report • May 14, 2025
3671_rns_2025-05-14_856445b0-98d2-498e-a9aa-9e7648216737.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
Quarterly Report | Q1 2025
nextbiometrics.com
NEXT Biometrics Group ASA Quarterly report – Q1 2025
Highlights
- Revenue of NOK 6.9 m (NOK 12.8 m Q1 2024)
- Adjusted gross profit (%) at 52% (56% Q1 2024)
- 6 new design wins in Q1 2025. Accumulated 70 design-wins by the end Q1 2025 (50 as per Q1 2024)
- Adjusted EBITDA1) of NOK -13.7 m in Q1 2025 (NOK -9.1 m Q1 2024); lowered EBITDA due to lower revenues combined with increased OPEX due to intensified sales and R&D efforts
- Cash position of NOK 39.9 m per 31 March 2025 (NOK 54.6 m as per 31 March 2024)
- India's Aadhaar program resumed at the end of the quarter; NEXT's FAP20 sensor re-certified following all mandatory security tests.
- New Indian partner and Multi-Year MoU valued at NOK 30 million signed.
CEO Statement
As previously communicated, the results for the first quarter 2025 did not meet our expectations. India's temporary pause in the Aadhaar national and digital ID program impacted and delayed operations and deliveries. For Q1 2025, NEXT reports revenues of NOK 6.9 million. Adjusted gross profit margin slightly declined but still came in strong, close to 50%.
Collections from accounts receivable improved in Q1, but it was still short of our expectations. We are expecting increases in cash collections from accounts receivable in Q2 and Q3. Our previously initiated activities to improve terms of agreements, payment procedures and processes continued through the quarter. The aim is to build a solid foundation that can be sustained long-term to support NEXT's growth agenda.
India is expected to be the strongest market onwards. The temporary pause in the country's national and digital ID program, Aadhaar, in Q4, halted the positive momentum that we saw earlier in 2024. The temporary stop also continued through January, February and most of March 2025. The pause did not end until the very end of the quarter, when the Unique Identification Authority of India (UIDAI) finally concluded all the mandatory additional security tests it had demanded, lifted the ban and started to re-certify vendors again. As expected, NEXT successfully passed all the mandatory security tests, and our FAP20 sensor is, yet again, L1 certified for use in India's Aadhaar program.
Despite the slow start to 2025, I am proud to note the adaptive performance of our team. NEXT has been through challenging times before and I am convinced this has prepared us well for rapidly responding to changing conditions. As the Indian market started to recover and pick up the pace again, this is exactly what we did. As of this writing, we have advanced with new contracts and discussions. We also note that the endcustomers are picking up their goods from distributors again, a positive indicator for the coming quarters. Shortly after the market's re-opening, there was also good news: Aadhaar will be opening for third-party applications. As this is expected to at least double the volumes in the Aadhaar ecosystem, this is of course highly interesting news for NEXT. I look forward to providing you with more in-depth information about the business opportunities as soon as we find out more about the details and timeline.
Lately, NEXT has progressed in multiple areas. During Q1, we celebrated and secured our first design-win for the Touchpad segment, a significant step and part of our long-term strategy to release our own Touchpad product. During the quarter, we also signed a new Multi-Year Memorandum of Understanding (MoU) with an
Quarterly report – Q1 2025 Indian customer, valued at approximately NOK 30 million over two years from the second half of 2025. Lastly, I am proud to report that our FAP20 sensors will be supporting one of India's largest public banks, providing state-of-the-art, Aadhaar certified authentication in a tablet.
| Indian customer, valued at approximately NOK 30 million over two years from the second half of 2025. Lastly, I am proud to report that our FAP20 sensors will be supporting one of India's largest public banks, providing Broadening our perspective a bit further, the uncertainties around the U.S tariffs and the potential impact on businesses caused questions worldwide during the quarter. Although NEXT is affected by the global economy, I would like to highlight that we today have limited exposure towards the US market. We continue to follow the events as they unfold and keep in close contact with our customers, as we always do. However, right now Q1 2025 set us up for a slow start. Despite this, we repeat and remain confident in our targets. We will continue to execute and progress in line with our strategy. And as market conditions have now improved, |
|---|
| Full Year 2024 |
| 71,6 |
| 55% |
| -35,1 |
| 62,9 |
Operational review
6 new design-wins were added during the first quarter. The total number of design-wins was 70 customer product integrations as per 31 March 2025, compared to total 50 as of 31 March 2024.
Q1 2025 revenues decreased by 46% compared to Q1 2024. The decrease in revenues is mainly due to low level of product shipments to customers in China and India.
NEXT continued to work with its OEM customers to integrate NEXT HW and SW into new end products during Q1. The China-ID market continued to be slow in Q1, but NEXT expects the market to improve in 2025 following the implementation of government stimulus measures that are aimed at boosting economic growth.
Q1 revenues from the market in India were affected by the temporary pause of all new business within the Adhaar system in India following security incidents with a competing technology to the NEXT Active Thermal. NEXT and a few other competitors were re-certified as expected. The NEXT sensors were approved in early March 2025.
NEXT's Q1 2025 adjusted gross profit was 52%, vs. 56% in Q1 2024. The adjusted gross profit continues to stabilize around 50% due to improved product mix.
NEXT continued R&D activities developing FAP30 sized fingerprint sensors during the quarter. The FAP30 product can be applied in high-end governmental ID applications. Mass production of the product is targeted
Quarterly report – Q1 2025
to start in the second half of 2025. The planned launch of FAP30 product broadens NEXT's product portfolio and makes NEXT a more attractive partner to international OEMs (Original Equipment Manufacturers).
Interim condensed financial statements as of 31 March 2025 (unaudited)
Statement of comprehensive income
Revenues for Q1 2025 were NOK 6.9 million compared to NOK 12.8 million in Q1 2024. The decrease in revenues relative to Q1 2024 was mainly due to slow sales in China and the temporary stop of sensor deployments in India, which affected sales in most of the first quarter.
Payroll expenses, excluding stock option costs, were NOK 8.9 million in Q1 2025 compared to NOK 8.0 million in Q1 2024. Net employee stock option and option social security gain were NOK 0.4 million in Q1 2025 compared to NOK 5.0 million net cost in Q1 2024. See note 4 for further information on stock option and option social security cost.
Other operating expenses were NOK 12.2 million in Q1 2025 compared to NOK 8.4 million in Q1 2024. The increase in costs in Q1 2025 from the cost level seen in Q1 2024 is mainly due to increased sales and marketing incentive fees. Please see note 3 for further details.
Depreciation and amortization were NOK 1.2 million in Q1 2025 compared to NOK 1.5 million in Q1 2024.
Net financial items were negative NOK 0.6 million in Q1 2025 compared to positive NOK 0.3 million in Q1 2024.
Income tax expense was NOK 0 million in Q1 2025, compared to income tax expense NOK 0.1 million in Q1 2024.
EBITDA was negative NOK 16.1 million in Q1 2025, compared to negative NOK 14.2 million in Q1 2024. The reduced Q1 2025 EBITDA is mainly due to higher operating expenses and lower revenues. Adjusted EBITDA was negative NOK 13.7 million in Q1 2025, compared to negative NOK 9.1 million in Q1 2024.
Loss after taxes for Q1 2025 was NOK 17.8 million compared to a loss of NOK 15.5 million for Q1 2024.
Statement of financial position and cash flow
Cash amounted to NOK 39.9 million per 31 March 2025, compared to NOK 54.6 million per 31 March 2024.
Net cash flow from operating activities was negative NOK 22.3 million in Q1 2025, compared to negative NOK 14.2 million in Q1 2024. The negative cash flow in Q1 2025 was mainly due to operating losses as well as negative cash flow from working capital.
Net cash flow from investing activities was negative NOK 0.4 million in Q1 2025, compared to negative NOK 0.0 million in Q1 2024.
Net cash flow from financing activities was negative NOK 0.5 million in Q1 2025 compared to positive NOK 1.5 million in Q1 2024.
Going concern
The Group's financial statements for Q1 2025 have been prepared on the basis of a going concern assumption.
Outlook
The NEXT revenue pipeline has improved since the start of 2025. However, due to delays in China and India, Q2/Q3 revenues combined is expected to be between NOK 60-70 million with a slow ramp up period in Q2. NEXT now expects a revenue of NOK 130–160 million for 2025 with even higher upside for 2026. Continued growth is expected for NEXT's flagship FAP20 sensor in India and China. Additional revenue growth is also expected following the launch of NEXT's latest product innovation, the FAP30 sensor, which will target the most demanding security segments and reach the market in the second half of 2025. Demand for the FAP30 sensor is far above what was originally forecasted.
Meanwhile, NEXT continues to further enhance its product portfolio with tailor-made product integrations as well as through joint product development projects with selected partners. Combined, these activities will improve NEXT's average selling prices and contribute to maintaining and possibly increasing the gross profit margin levels going forward. NEXT expects the majority of its 2025 revenues in the second half of the year.
NEXT recently announced its latest R&D project, which targets the smartphone market. The NEXT Active Thermal technology enables fingerprint authentication on the full display screen of a phone – an innovation that the entire industry has tried to achieve for a long time without succeeding. The first phase is producing a prototype and then engaging with end customers to sign partner agreements. The development cost in the first phase is expected to be modest. Following the announcement, NEXT has signed an agreement with a world leader in the smartphone ecosystem for the company's new display technology. Specific customer engagements remain confidential, but further updates will be provided as developments unfold.
The company has a compelling product lineup, established partnerships and strong technology know-how. NEXT is strategically positioned to further strengthen and increase its market position and revenue growth in 2026 and beyond.
Oslo, 13 May 2025 CEO and Board of Directors NEXT Biometrics Group ASA Ulf Ritsvall (CEO) Hans Henrik Klouman (Chair) Emine Lundkvist (Board member) Roy Tselentis (Board member) Siri Gomnæs Børsum (Board member) Tove Giske (Board member)
Interim condensed consolidated statement of comprehensive income (unaudited)
| NEXT BIOMETRICS GROUP ASA | ||||
|---|---|---|---|---|
| Quarterly report – Q1 2025 | ||||
| Interim condensed consolidated statement of comprehensive income (unaudited) | ||||
| (amounts in NOK 1 000) | Notes | Q1 2025 | Q1 2024 | Full Year 2024 |
| Revenues | 2 | 6 894 | 12 804 | 71 574 |
| Cost of materials | -2 289 | -5 634 | -32 416 | |
| Gross profit (loss) | 4 605 | 7 170 | 39 158 | |
| Payroll expenses | 3,4 | -8 468 | -12 920 | -32 791 |
| Other operating expenses | 3,4 | -12 221 | -8 442 | -47 041 |
| EBITDA | -16 084 | -14 192 | -40 674 | |
| Depreciation and amortization | -1 181 | -1 528 | -5 394 | |
| Impairment losses | - | - | - | |
| Operating profit (loss) | -17 266 | -15 721 | -46 068 | |
| Net financial items | -557 | 292 | 1 030 | |
| Profit (loss) before taxes | -17 822 | -15 428 | -45 038 | |
| Income tax expenses | - | -59 | -197 | |
| Profit (loss) after taxes | -17 822 | -15 487 | -45 235 | |
| Earnings per share (in NOK): | ||||
| Basic and diluted | -0,15 | -0,15 | -0,42 | |
| Other comprehensive income (loss) that may be reclassified | ||||
| subsequently to profit and loss: | ||||
| Translation differences on net investments in foreign | ||||
| operations | -4 789 | 2 896 | 6 369 | |
| Other comprehensive income (loss) | -4 789 | 2 896 | 6 369 | |
| Total comprehensive income (loss) | -22 611 | -12 591 | -38 866 | |
| Profit (loss) after taxes attributable to: Owners of the parent company |
-17 822 | -15 487 | -45 235 | |
| Total comprehensive income (loss) attributable to: | ||||
| Owners of the parent company | -22 611 | -12 591 | -38 866 |
Interim condensed consolidated statement of financial position (unaudited)
| NEXT BIOMETRICS GROUP ASA | Quarterly report – Q1 2025 | |||
|---|---|---|---|---|
| Interim condensed consolidated statement of financial position (unaudited) | ||||
| (amounts in NOK 1 000) | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 | |
| Intangible assets | 1 033 | 1 341 | 825 | |
| Property, plant and equipment | 5 695 | 5 524 | 7 094 | |
| Total non-current assets | 6 728 | 6 865 | 7 919 | |
| Inventories | 18 255 | 23 169 | 17 672 | |
| Accounts receivables | 55 290 | 22 372 | 56 754 | |
| Other current assets | 7 136 | 7 503 | 7 138 | |
| Cash | 39 882 | 54 569 | 62 907 | |
| Total current assets | 120 563 | 107 613 | 144 471 | |
| Total assets | 127 291 | 114 478 | 152 390 | |
| Share capital | 115 155 | 104 443 | 115 155 | |
| Share premium | 70 268 | 32 515 | 70 268 | |
| Other reserves | 36 081 | 32 525 | 35 208 | |
| Accumulated losses | -124 386 | -85 088 | -101 775 | |
| Total equity | 97 118 | 84 395 | 118 857 | |
| Deferred tax liabilities | - | 59 | - | |
| Non-current lease liabilities | 1 670 | 80 | 2 244 | |
| Total non-current liabilities | 1 670 | 138 | 2 244 | |
| Accounts payables | 5 801 | 4 583 | 10 910 | |
| Income tax payables | 65 | 35 | 92 | |
| Current lease liabilities | 1 698 | 1 381 | 1 843 | |
| Other current liabilities | 20 940 | 23 946 | 18 444 | |
| Total current liabilities | 28 503 | 29 945 | 31 289 | |
| Total equity and liabilities | 127 291 | 114 478 | 152 390 |
Interim condensed consolidated statement of cash flow (unaudited)
| NEXT BIOMETRICS GROUP ASA | Quarterly report – Q1 2025 | ||
|---|---|---|---|
| Interim condensed consolidated statement of cash flow (unaudited) | |||
| (amounts in NOK 1 000) | Q1 2025 | Q1 2024 | Full Year 2024 |
| Profit (loss) before taxes Share based remuneration |
-17 822 873 |
-15 428 560 |
-45 038 3 243 |
| Accrued share option social security cost | -1 117 | 4 460 | -1 637 |
| Income taxes paid | -21 | - | - |
| Depreciation and amortization | 1 181 | 1 528 | 5 394 |
| Impairment losses | - | - | - |
| Inventory write downs | -75 | 27 | 363 |
| Change in working capital items and other | -5 365 | -5 333 | -24 006 |
| Net cash flow from operating activities | -22 346 | -14 187 | -61 681 |
| Purchases of property, plant and equipment and | |||
| intangible assets | -422 | - | -597 |
| Net cash flow from investing activities | -422 | - | -597 |
| Gross proceeds from issue of shares | - | 2 130 | 62 442 |
| Payments of transaction costs equity transactions Payments of lease liabilities |
- -508 |
-56 -533 |
-2 314 -2 017 |
| Net cash flow from financing activities | -508 | 1 542 | 58 111 |
| Net change in cash flow | -23 276 | -12 645 | -4 167 |
| Cash balance at beginning of period | 62 907 | 67 753 | 67 753 |
| Effects of exchange rate changes on cash | 252 | -539 | -679 |
| Cash balance at end of period | 39 882 | 54 569 | 62 907 |
| Comprising of: | |||
| Cash | 39 882 | 54 569 | 62 907 |
Interim condensed consolidated statement of changes in equity (unaudited)
| Quarterly report – Q1 2025 | ||||||
|---|---|---|---|---|---|---|
| NEXT BIOMETRICS GROUP ASA | ||||||
| Interim condensed consolidated statement of changes in equity (unaudited) | ||||||
| Share | Other | Accumulated | ||||
| (amounts in NOK 1 000) | Notes | Share capital | premium | reserves | losses | Total equity |
| 115 155 | 70 268 | 35 208 | -101 775 | 118 857 | ||
| As of 1 January 2025 | ||||||
| Profit (loss) after taxes | -17 822 | -17 822 | ||||
| Other comprehensive income (loss) | -4 789 | -4 789 | ||||
| Total comprehensive income (loss) | -22 611 | -22 611 | ||||
| Share based remuneration | 4 | 873 | 873 | |||
| As of 31 March 2025 | 115 155 | 70 268 | 36 081 | -124 386 | 97 118 | |
| As of 1 January 2024 Profit (loss) after taxes |
104 025 | 30 858 | 31 965 | -72 498 -15 487 |
94 351 -15 487 |
|
| Other comprehensive income (loss) | 2 896 | 2 896 | ||||
| Total comprehensive income (loss) | -12 590 | -12 590 | ||||
| Share issues net | 4 | 418 | 1 657 | 2 075 | ||
| Share based remuneration | 4 | 560 | 560 |
Notes to the interim consolidated financial statements
Note 1 – General information and accounting principles
NEXT (the Group) consists of NEXT Biometric Group ASA (the parent company) and its subsidiaries. NEXT Biometrics Group ASA is a public limited liability company incorporated and domiciled in Norway and is listed at Oslo Stock Exchange under the ticker NEXT.
The Group's operations are carried out by the operating subsidiaries. The Group has four wholly owned active operating subsidiaries: NEXT Biometrics AS (Oslo, Norway), NEXT Biometrics Inc. (Seattle, USA), NEXT Biometrics Taiwan Ltd. (Taipei, Taiwan) and NEXT Biometrics Solutions India Pvt. Ltd. (India). The group also has a 50% ownership in NEXT Biometrics China Ltd. (Shanghai, China), and the subsidiary in China is controlled by the Group.
The Group provides advanced fingerprint sensor technology that delivers uncompromised security and accuracy for the best possible user experience in the smart card, government ID, access control and notebook markets.
This report contains forward-looking statements that are based on, among other things, the management current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Group. All such forward-looking statements are subject to inherent risks and uncertainties, and many factors can cause substantial deviations from what has been expressed or implied in such statements.
These interim financial statements have been prepared in accordance with IFRS® Accounting Standards as adopted by the EU per 31 December 2024 and IAS 34 "Interim financial reporting". The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements for 2024 (Annual Report for 2024). The Annual Report for 2024 is available at www.nextbiometrics.com.
The accounting policies applied in the preparation of the interim financial statements are consistent with those applied in the preparation of the Annual Report for 2024. There are no new standards and interpretations effective from 1 January 2025 that had a significant impact on the Group's consolidated interim financial statements.
As a result of rounding differences, numbers or percentages may not add up to the total.
The Group's interim financial statements for Q1 2025 have been prepared on the basis of a going concern assumption.
This interim financial report has not been subject to audit.
The Board of Directors approved the report on 13 May 2025.
Note 2 – Revenue and segment reporting
| Note 2 – Revenue and segment reporting | Quarterly report – Q1 2025 | ||
|---|---|---|---|
| Full Year | |||
| (amounts in NOK 1 000) | Q1 2025 | Q1 2024 | 2024 |
| Fingerprint sensor technology | 6 894 | 12 804 | 71 574 |
Note 3 – Operating expenses
| Note 2 – Revenue and segment reporting | ||||
|---|---|---|---|---|
| Full Year | ||||
| 2024 | ||||
| NEXT targets four markets for its technology, which are Office & Notebooks, Payment & Fintech, Access control and Public Security. |
||||
| The available technology is generic into the four markets. Most of NEXT's key IP, including our NEXT Active | ||||
| Thermal is shared and used in all four markets. |
||||
| Note 3 – Operating expenses | ||||
| Full Year | ||||
| (amounts in NOK 1 000) | Q1 2025 | Q1 2024 | 2024 | |
| Salaries, fees | -7 250 | -6 493 | -26 169 | |
| Share based remuneration (salary part) | -718 | -502 | -2 776 | |
| Share based remuneration (employer's tax) | 1 117 | -4 460 | 1 637 | |
| Social security taxes | -1 055 | -956 | -3 600 | |
| Other personnel expenses | -562 | -510 | -1 883 | |
| Total payroll expenses | -8 468 | -12 920 | -32 791 | |
| Full Year | ||||
| (amounts in NOK 1 000) | Q1 2025 | Q1 2024 | 2024 | |
| Product and marketing costs | -1 869 | -1 653 | -6 795 | |
| Sales and marketing incentive fees | -3 682 | - | -3 631 | |
| R&D and business services costs | -5 044 | -4 744 | -22 257 | |
| R&D and government grants | 371 | 317 | 1 848 | |
| Fees to contractors, auditors, lawyers and others | -1 510 | -1 703 | -5 382 | |
| Full Year | |||
|---|---|---|---|
| 2024 | |||
| (amounts in NOK 1 000) | Q1 2025 | Q1 2024 | Full Year 2024 |
| Product and marketing costs | -1 869 | -1 653 | -6 795 |
| Sales and marketing incentive fees | -3 682 | - | -3 631 |
| R&D and business services costs | -5 044 | -4 744 | -22 257 |
| R&D and government grants | 371 | 317 | 1 848 |
| Fees to contractors, auditors, lawyers and others | -1 510 | -1 703 | -5 382 |
| Allowance for expected credit loss | - | - | -7 315 |
| Other expenses | -333 | -601 | -3 057 |
| Share based remuneration (operating part) | -154 | -58 | -452 |
| Total other operating expenses | -12 221 | -8 442 | -47 041 |
Total other operating expenses were NOK 12.2 million in Q1 2025 compared to NOK 8.4 million in Q1 2024. The difference in costs in Q1 2025 compared to Q1 2024 is mainly the Q1 2025 sales and marketing incentive fees cost of NOK 3.7 million.
Note 4 – Shares and incentive options
| Quarterly report – Q1 2025 | ||
|---|---|---|
| Note 4 – Shares and incentive options Numbers of shares outstanding |
||
| 115 154 535 | ||
| - | ||
| As of 1 January 2025 Share issues As of 31 March 2025 |
115 154 535 | |
| There was no change in the number of shares outstanding during quarter one. | ||
| Share options: |
Share options:
NEXT has entered into and plans to continue to enter into stock option agreements in order to attract talented and experienced employees.
During the quarter, NEXT booked NOK 0.9 million in share based renumeration (salary and operating cost part) relating to employees and contractors. The Group's share-based remuneration (employer tax) cost was negative NOK 1.1 million due to the decrease in the parent company's stock price during Q1 2025. The net costs related to share-based remuneration were negative 0.2 million for Q1 2025.
The number of outstanding options was reduced by 10,500 during Q1 2025. The Group had 10,010,079 options outstanding as of 31 March 2025.
Note 5 – Subsequent events
Between 31 March 2025 and the resolution of these condensed consolidated interim financial statements, there has not been any other event which would have had any noticeable impact on NEXT's result for the Q1 2025 period nor on the value of the Group's assets and liabilities as per 31 March 2025.
Alternative performance measures
Definitions
Gross profit/Gross profit (%)
| Quarterly report – Q1 2025 | |||
|---|---|---|---|
| Alternative performance measures | |||
| NEXT's financial information has been prepared in accordance with International Financial Reporting Standards (IFRS). In | |||
| addition, it is management's intent to provide alternative performance measures that are regularly reviewed by | |||
| management to enhance the understanding of NEXT's performance, but not instead of, the financial statements | |||
| prepared in accordance with IFRS. The alternative performance measures presented may be determined or calculated | |||
| differently by other companies. | |||
| Definitions | |||
| Most of these key figures are alternative performance measures according to ESMA's definition. How these key figures | |||
| are used is described below, as is how they are calculated. The alternative performance measures are used to provide a | |||
| more comprehensive description of how the operational activities are developing, such as adjusted gross profit, Adjusted EBITDA and Adjusted operating expenses. |
|||
| Gross profit/Gross profit (%) | |||
| Gross profit is defined as revenues less cost of materials. Gross profit margin (%) is expressed as a percentage of |
|||
| revenues. | |||
| Full Year | |||
| (amounts in NOK 1 000) | Q1 2025 | Q1 2024 | 2024 |
| Revenues | 6 894 | 12 804 | 71 574 |
| Cost of materials | -2 289 | -5 634 | -32 416 |
| Gross profit | 4 605 | 7 170 | 39 158 |
| Gross profit (%) | 4 605 | 7 170 | 39 158 |
| Divided by revenues | 6 894 | 12 804 | 71 574 |
| Gross profit (%) | 67% | 56% | 55% |
| Adjusted gross profit / Adjusted gross profit (%) | |||
| Adjusted Gross profit is defined as revenues less cost of materials excluding inventory write-downs. | Adjusted Gross profit | ||
| margin (%) is expressed as a percentage of revenues. | |||
| Full Year | |||
| (amounts in NOK 1 000) | Q1 2025 | Q1 2024 | 2024 |
| Revenues | 6 894 | 12 804 | 71 574 |
| Cost of materials excluding inventory write-downs and non-recurring gains | -3 335 | -5 608 | -32 053 |
| Adjusted gross profit | 3 559 | 7 196 | 39 521 |
| Adjusted gross profit | 3 559 | 7 196 | 39 521 |
| Divided by revenues | 6 894 | 12 804 | 71 574 |
Adjusted gross profit / Adjusted gross profit (%)
| Full Year | |||
|---|---|---|---|
| 2024 | |||
| Adjusted gross profit / Adjusted gross profit (%) | |||
| Adjusted Gross profit is defined as revenues less cost of materials excluding inventory write-downs. | Adjusted Gross profit | ||
| margin (%) is expressed as a percentage of revenues. | |||
| Full Year | |||
| (amounts in NOK 1 000) | Q1 2025 | Q1 2024 | 2024 |
| Revenues | 6 894 | 12 804 | 71 574 |
| Cost of materials excluding inventory write-downs and non-recurring gains | -3 335 | -5 608 | -32 053 |
| Adjusted gross profit | 3 559 | 7 196 | 39 521 |
| Adjusted gross profit | 3 559 | 7 196 | 39 521 |
| Divided by revenues | 6 894 | 12 804 | 71 574 |
| Adjusted gross profit (%) | 52% | 56% | 55% |
| Cost of materials excluding inventory write-downs and non-recurring gains | |||
| Cost of materials excluding inventory write-downs is cost of materials and production service expenses less inventory | |||
| write-downs and non-recurring gains. Cost of materials non-recurring gains are one-off gains that are not expected to | |||
| occur in the future. | |||
| Full Year | |||
| (amounts in NOK 1 000) | Q1 2025 | Q1 2024 | 2024 |
| Cost of materials | -2 289 | -5 634 | -32 416 |
| Deducted inventory write-downs and non-recurring gains | -1 046 | 27 | 363 |
| Cost of materials excluding inventory write-downs and non-recurring gains | -3 335 | -5 608 | -32 053 |
| 13 | |||
Cost of materials excluding inventory write-downs and non-recurring gains
| Full Year | |
|---|---|
| 2024 | |
Inventory write-downs
EBITDA / Adjusted EBITDA
| Quarterly report – Q1 2025 | |||
|---|---|---|---|
| Inventory write-downs | |||
| Inventory write-downs are costs related to excess inventory in relation to raw materials, semi-finished goods, products | |||
| and product lines that are discontinued and/or in the process of being discontinued. Cost of materials non-recurring | |||
| gains are one-off gains that are not expected to occur in the future. | |||
| EBITDA / Adjusted EBITDA | |||
| EBITDA is earnings before interest, taxes, depreciation, amortization and impairment losses. | |||
| Adjusted EBITDA is equal to EBITDA excluding "share-based remuneration" (salary part, employer's part tax part and | |||
| operating part), inventory write-downs and sales and marketing incentive fee. | |||
| Full Year | |||
| (amounts in NOK 1 000) | Q1 2025 | Q1 2024 | 2024 |
| Operating profit (loss) | -17 266 | -15 721 | -46 068 |
| Added back depreciation and amortization | 1 181 | 1 528 | 5 394 |
| Added back impairment losses | - | - | - |
| EBITDA | -16 084 | -14 192 | -40 674 |
| Added back share-based remuneration (salary part) | 718 | 502 | 2 776 |
| Added back share-based remuneration (employer's tax) | -1 117 | 4 460 | -1 637 |
| Added back share-based remuneration (operating part) | 154 | 58 | 452 |
| Added back inventory write-downs and non-recurring gains | -1 046 | 27 | 363 |
| Added back sales and marketing incentive fee | 3 682 | - | 3 631 |
| Adjusted EBITDA | -13 692 | -9 145 | -35 090 |
| Adjusted operating expenses (Adjusted OPEX) | |||
| Adjusted operating expenses (Adjusted OPEX) is defined as salaries and personnel cost and other operating expenses | |||
| excluding share-based renumeration and sales and marketing incentive fees. | |||
| Full Year | |||
| (amounts in NOK 1 000) | Q1 2025 | Q1 2024 | 2024 |
| Operating expenses (OPEX) | 20 689 | 21 362 | 79 832 |
| Deducted share-based remuneration (salary part) | -718 | -502 | -2 776 |
| Deducted share-based remuneration (employer's tax) | 1 117 | -4 460 | 1 637 |
| Deducted share-based remuneration (operating part) | -154 | -58 | -452 |
| Deducted sales and marketing incentive fee | -3 682 | - | -3 631 |
Adjusted operating expenses (Adjusted OPEX)
| Adjusted operating expenses (Adjusted OPEX) | |||
|---|---|---|---|
| Adjusted operating expenses (Adjusted OPEX) is defined as salaries and personnel cost and other operating expenses excluding share-based renumeration and sales and marketing incentive fees. |
|||
| Full Year | |||
| 2024 | |||
| Operating expenses (OPEX) | 20 689 | 21 362 | 79 832 |
| Deducted share-based remuneration (salary part) | -718 | -502 | -2 776 |
| Deducted share-based remuneration (employer's tax) | 1 117 | -4 460 | 1 637 |
| Deducted share-based remuneration (operating part) Deducted sales and marketing incentive fee |
-154 -3 682 |
-58 - |
-452 -3 631 |
Operating expenses (OPEX)
Sales and marketing incentive fees
Sales and marketing incentive fees represent accrued liabilities related to performance fees in connection with progress on sales targets in China. When reaching certain milestones, performance fees are due to an external partner. The sales and marketing fees liability estimate is based on an assessment of progress of the achievement of milestones as per each balance sheet date and when such milestones are expected to be fulfilled.
Next biometrics group asa
NEXT provides advanced fingerprint sensor technology that delivers uncompromised security and accuracy for the best possible user experience in the smart card, government ID, access control and notebook markets.
The company's patented NEXT Active Thermal™ principle allows the development of large, high quality fingerprint sensors in both rigid and flexible formats. NEXT Biometrics Group ASA
(www.nextbiometrics.com) is headquartered in Oslo, with sales, support and development operations in Seattle, Taipei, Bengaluru and Shanghai.
About Contact
Ulf Ritsvall (CEO) [email protected]
Eirik Underthun (CFO) [email protected]
Copyright© 2025 NEXT BIOMETRICS GROUP ASA, all rights reserved. Specifications are subject to change without notice. The NEXT Biometrics logo and NEXT Active Thermal™ are trademarks of NEXT BIOMETRICS GROUP ASA in Norway and other countries. All other brand and product names are trademarks or registered trademarks of their respective owners.