Highlights Q2 2020:
- NOK 50 million private placement completed in June; NOK 10.8 million subsequent offering completed in July
- Cost reduction program substantially completed and reached target headcount at end of June 2020
- Improved sales pipeline; working on multiple client business opportunities with revenue potential in 2020 and beyond; Increased revenues expected in Q3
- Revenue of NOK 13.6 million in Q2 2020; quarterly revenues up 48% relative to Q4 2019
- Gross margin of 13% in Q2 2020
- EBITDA ex options of NOK -23.0 million in Q2 2020
- Non-recurring costs of NOK 8.3 million mainly related to non-cash impairment losses
- Cash position of NOK 97.8 million per 30 June 2020
NEXT CEO Peter Heuman commented:
“It has been a challenging quarter for many societies, businesses and people around the world as a result of the Covid-19 pandemic. During this period, I believe one of the most important events for NEXT was the successful private placement of NOK 50 million. We appreciate all existing and new shareholders who supported NEXT in completing this transaction – thank you.
Even though NEXT was also affected during the quarter by the ramifications related to Covid-19, mostly through delays and slower sales cycles as customers work through their own issues, we still managed to deliver an increased revenue of 48 % compared to our low-point in Q4 2019, when the reset and ongoing transformation of the Group was initiated. We see that earlier communicated cost savings and optimization of the Group clearly yields effect and now clearly runs towards our Q4 OPEX target of NOK 5 million per month.
We have completed the steps needed to reach our target cost levels, reorganized and established a more customer focused sales force and engineering team, improved internal process and simplified our product portfolio. We now have a platform that allows us to deliver revenue growth at better margins. As cost reductions and other changes flow through to the income statement, we intend to push on to achieve growth and improved margins.
NEXT Biometrics is now leaner and fitter than ever before and we will do everything in our power to succeed.”
For further information, please see presentation and quarterly report. Definitions and reconciliation of alternative performance measures can be found in the quarterly report. The presentation and quarterly report are available on www.nextbiometrics.com/investors and www.newsweb.no.
Presentation of second quarter result:
NEXT Biometrics Group ASA will host a conference call to present the results for the second quarter of 2020 today at 08.30 Norwegian time. Management will be represented by CEO Peter Heuman and CFO Eirik Underthun.
A Q&A session will be held as a part of the call. Participants who have questions must send their questions on email to events@nextbiometrics.com. Questions can also be sent on email during the presentation. It will not be possible to ask questions over the phone.
Participant access information:
Please join the conference call 5 minutes prior to the start time using the access information below.
Start Time: 08:30 CEST
Duration: 60 minutes
Dial-in numbers:
NO: +47 21 93 37 39
SE: +46 853 527 819
UK: +44 20 3713 5012
US: +1 (951) 384 3421
Access Code: 554 896 165
About NEXT Biometrics:
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.
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NEXT Investor contact:
Peter Heuman (CEO), peter.heuman@nextbiometrics.com
Eirik Underthun (CFO), eirik.underthun@nextbiometrics.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.