– Ramp up of Notebook market volumes
– Sales of NOK 5.2 million
– Key smart card technical milestones met
– Significant strategic smart card customer progress
Cash and cash equivalents amounted to NOK 76.2 million by the end of Q1 2016 compared to NOK 130.2 million by the end of Q4 2015. The majority of the increased negative cash-flow compared to previous quarters is related to high production costs during mass production ramp up, increased working capital and investments in smart card activities.
The operations, including investments, consumed cash in an amount of NOK 54 million in the first quarter of 2016 compared to NOK 44.2 million in the previous quarter and NOK 30.5 in the first quarter of 2015. Revenues of NOK 5.2 millions in Q1 2016 compared to NOK 1.7 in Q4 2015, and NOK 2.4 million in Q1-2015.
The Company will announce its quarterly report for Q1 2016 on 25 May 2016.