Oslo, July 3, 2023 – NEXT Biometrics (Oslo Bors: NEXT), signed a five-year commercial agreement with its OEM partner in India, following the MoU signed on April 27. At signing of the commercial agreement, NEXT received a minimum purchase order worth more than NOK 65 million.

NEXT Biometrics has, ahead of time, signed a multi-year commercial agreement with its new India OEM partner following the MoU signed April 27, 2023. The OEM partner in India ordered at the same time FAP20 sensors with a minimum order value of more than NOK 65 million instead of the earlier communicated NOK 15 million. This significantly increased purchase order is attributed to the maturing Aadhaar L1 market, evident from the fact that Indian government agencies have already opened tenders valued at multi-million US dollars.

The OEM partner in India has a substantial existing customer base that currently utilizes the old generation of Aadhaar sensors. These sensors will now be upgraded to NEXT’s latest FAP20 sensors, marking a transition to the new generation of technology. The commercial launch of the partner’s devices will be once the OEM has certified its products. The OEM expects NEXT to deliver its first batch of sensors by end of Q1 2024.

”I am satisfied that we, with this commercial agreement, have secured yet another partner in India that will drive volume for NEXT. This India OEM has its own products and customers also outside the traditional government tender business. This will secure recurring volumes for NEXT as soon as these products are certified. I believe this multi-year agreement and significant purchase order, yet again demonstrates that NEXT’s Active thermal sensors and technology are superior in government related use-cases.”, says Ulf Ritsvall, SVP Sales & Marketing Next Biometrics.

As communicated on April 27, 2023 (when the MoU was announced), the partner forecasts annual sensor shipments of NOK 15-30 million per year. Hence, the minimum committed sensor volumes are likely to be consumed well before the 5 years duration of the contract.


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 (nextbio.eternitygroup.dev) 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, peter.heuman@nextbiometrics.com

Eirik Underthun, eirik.underthun@nextbiometrics.com

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