NEXT Biometrics has issued its Q3 fiscal results. In a statement detailing the results, NEXT CEO Tore Etholm-Idsoe highlighted numerous business developments over not just Q3 but the year to date, and that the company has “adequate equity and liquidity to support operations for more than 12 months from the date of this report.”
The company’s operating revenues for the third quarter came in at NOK 0.2 million, compared to NOK 0.3 million in Q2 and NOK 1.2 million in Q3 of 2014. Nevertheless, over the course of the fiscal year revenues have been up when compared against last year, with the first three quarters bringing in a total of NOK 2.9 million, against NOK 1.9 million over the same period in 2014. Still, partly due to higher operating costs, NEXT has posted a net loss of NOK 29.9 million for the quarter, compared to a loss of NOK 24.5 million in Q2 and a loss of NOK 14.4 million in Q3 of 2014.
For the year to date NEXT has wound up with NOK 45.3 million in cash and cash equivalents (though that’s down from the NOK 129.3 million it had at this time last year).
Discussing the results, Etholm-Idsoe looked to the future, asserting that NEXT has an opportunity to capitalize on encouraging trends. “During Q3 the market has continued a trend where all quality dependent market segments focus on larger sensor sizes whereas the smartphone markets trend toward smaller sizes,” he said, explaining that the former “include traditional markets, high-end smartphones, quality notebooks, smartcards and NEXT-Enabled markets.” He said that together, those markets are bigger than the smartphone market, concluding, “Going forward, the company will focus its resources on these attractive market segments.”
Etholm-Idsoe also highlighted the company’s success in getting customers to transition to NEXT’s new ultra-thin sensor designs, and a Q4 development that has seen a major investment in the company from the Greenbridge Partners investment firm.
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November 25, 2015 – by Alex Perala
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