IDEX Biometrics has received its largest order for complete IDEX Access cards, worth more than $450,000, from a channel partner serving energy and retail customers in Europe and Asia-Pacific. Deliveries are scheduled to begin in the fourth quarter.
The Norwegian company also reported preliminary, unaudited third-quarter revenue of approximately NOK 6.6 million, compared with NOK 1.6 million in the second quarter. Revenue fell short of its earlier guidance of more than NOK 8.5 million because deliveries planned for late September are shipping in October.
The purchase order covers finished fingerprint-enabled cards rather than sensors supplied for another manufacturer’s product. IDEX says complete cards have higher average selling prices and gross margins than sensor-only sales. The cards authenticate the holder through fingerprint matching performed directly on the card, offline and without transmitting biometric data.
Chief Executive Kjell-Arne Besseberg said the partner-led order serves industries where employees move between physical facilities and digital systems throughout the day. IDEX and the partner see scope for additional orders as the solution reaches more customers.
The company has previously supplied sensors for Sentry Enterprises’ combined physical and digital access card. That arrangement supported a US rollout, while the new order is for complete IDEX Access cards delivered through a channel partner.
IDEX’s NOK 23.7 million order backlog at the end of the second quarter remains unchanged and committed for delivery in the second half. New orders, including part of the latest card order, add to second-half revenue. Management also retained its estimate of more than NOK 20 million in potential initial orders from its pilot programs and said none of those pilots has been discontinued.
The business has been rebuilding around access control, with Ingvill Tømt becoming chief financial officer in July. IDEX has since added marketing, brand and finance personnel as it prepares channel partners across Asia-Pacific, Europe and the United States.
Its first Indian bank launch for IDEX Pay is now expected in the fourth quarter following a delay in the customer’s technical integration. Other Indian banks remain in pilot and pipeline stages. IDEX reiterated its second-half outlook and plans to publish its full third-quarter results on November 12.
Sources: Modular Finance, Modular Finance
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By the ID Tech Editorial Team
