Interim Report for First Half 2021
12 August 2021
Disclaimer
This presentation includes forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for IDEX Biometrics ASA (the Company) and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the Company's businesses, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although the Company believes that its expectations and the information in this presentation were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this presentation. The Company is not making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the presentation, and neither the Company nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in this presentation. The Company undertakes no obligation to publicly update or revise any forward-looking information or statements in this presentation.
IDEX Biometrics
The next evolution of payment cards
Reduced fraud
Identity protection
Top of wallet
Low cost
More convenient
Q2 '21 Financial Summary
Continued shift to product sales; sustained shipments for network access control; initial shipments of TrustedBio
Expenses under control
- Incremental headcount increases
- Q2 '21 saw higher R&D prototyping costs; no R&D credits recorded for Q2 and Q1 '21 (vs. prior years)
U.S. registration contributing to incrementally higher OpEx
Cash balance of $19.3 million as of June 30, 2021
- $25.9 million as of March 31, 2021
Summary Profit & Loss Statement ($000) | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | |||||
Product | $ | 696 | $ | 623 | $ | 593 | $ | 246 | $ | 121 |
Services | 1 | 1 | 5 | 2 | 28 | |||||
Total Revenue | 697 | 624 | 598 | 248 | 149 | |||||
Purchases, net of inventory change | 304 | 220 | 178 | 45 | 32 | |||||
Payroll expenses | 4,682 | 5,101 | 5,206 | 4,275 | 3,515 | |||||
Research and development expenses | 881 | 608 | (144) | 930 | 1,069 | |||||
Other operating expenses | 1,763 | 1,713 | 2,157 | 1,370 | 1,218 | |||||
Depreciation and amortization | 460 | 454 | 439 | 430 | 422 | |||||
Total Operating expenses | 8,090 | 8,096 | 7,836 | 7,050 | 6,256 | |||||
Loss from operations | $ | (7,393) | $ | (7,472) | $ | (7,238) | $ | (6,801) | $ | (6,107) |
Investment Highlights
Oslo Børs: IDEX Nasdaq: IDBA
Massive addressable market
- One of only two suppliers and partnered with the ecosystem leaders; TAM of 400 million units/yr. expected by 2024
- TrustedBio™ is the only true "pure play" in the contactless card space
- First solution that enables the cost point and user experience to accelerate market activation
Accelerating commercial momentum
- Infineon/IDEX technical and commercial partnership
- High demand for Infineon/IDEX reference platform with building design win momentum
- Growing backlog from existing customers
- Multiple new design wins and orders from integrators and card manufacturers
Opportunities in adjacent markets
- DCEP hardware wallets, Crypto currency wallets, ID, Access Control
- Volume production orders from Asian customer
Large-scale certification gives us advantage in rapidly changing markets
- Certification from two leading payment networks (EMVCo® certified) represents barrier to near-term entry
- Two certifications from China UnionPay afford head start with DCEP
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Idex Biometrics ASA published this content on 12 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2021 16:51:03 UTC.