NEXT and a few other competitors were re-certified as expected, but approval of NEXT sensors was delayed until early March. Even though this situation is creating clear long-term advantages for NEXT, with improved market share due to fewer competitors, normal business did not resume before the end of the quarter. This affected not only our Indian customers but also some of our customers based in China who target the Indian market with their end products.
In addition to the above, NEXT has withheld several deliveries in Q1 to some customers to strengthen the commercial terms. There is every reason to believe this is a long-term viable strategy.
NEXT has a robust long-term sales pipeline exceeding NOK 400 million of which NOK 69 million are planned deliveries in Q2/Q3 combined, providing solid visibility into the two upcoming quarters with gross margins above 50%. Several high-potential deals are in advanced stages and expected to close in the near term.
The company will publish its annual report today, further detailing and explaining the company’s outlook. NEXT will publish the Q1 report on May 14th.
This information in this stock exchange announcement is considered to be inside information pursuant to the EU Market Abuse Regulation and is published in accordance with section 5-12 the Norwegian Securities Trading Act.
For more information, please contact:
Ulf Ritsvall, Chief Executive Officer
ulf.ritsvall@nextbiometrics.com
Eirik Underthun, Chief Financial Officer
eirik.underthun@nextbiometrics.com
About NEXT Biometrics
NEXT provides advanced fingerprint sensor technology that delivers uncompromised security and accuracy for the best possible user experience in the payment and fintech, government ID, access control and office and notebook markets. The company’s patented NEXT Active Thermal ® principle allows the development of large, high-quality fingerprint sensors with superior security level. NEXT Biometrics Group ASA is headquartered in Oslo, with sales, support, and development operations in Seattle, Taipei, Tokyo, New Delhi, and Shanghai.