IDEX Biometrics ASA ( (IDXAD) ) has realeased its Q3 earnings. Here is a breakdown of the information IDEX Biometrics ASA presented to its investors.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
IDEX Biometrics ASA is a Norwegian company specializing in biometric authentication solutions for smart cards, primarily in the financial payment and access control sectors, distinguished by its patented sensor technologies and software that offer secure and seamless user experiences. In the third quarter of 2024, IDEX Biometrics highlighted strategic advancements including a Visa approval for its biometric payment application, the launch of a biometric payment solution for the visually impaired, and a successful live biometric transaction in India. Financially, the company reported a modest revenue of $0.1 million, a net income of $1.4 million, and a reduction in operating expenses to $4.1 million, positioning itself towards achieving a cash operating expense run-rate of $2.5 million per quarter by year-end. Strategic partnerships played a crucial role, with significant milestones such as KONA I receiving Mastercard approval for a metal biometric card and a private placement raising NOK 70 million to support financial liquidity. Looking forward, IDEX Biometrics is focused on expanding its biometric card solutions into new markets, enhancing operational efficiencies, and leveraging its technology to capitalize on emerging opportunities in the biometric authentication domain.
