NEXT Biometrics Reports Higher Margins, Lower Revenue in Q4 as It Seeks Fresh Capital

NEXT Biometrics reported fourth-quarter 2025 revenue of NOK 2.5 million, down from a restated NOK 2.9 million a year earlier, while saying margin performance and commercial traction improved late in the year. The fingerprint sensor maker said adjusted gross profit margin rose to 69 percent from 40 percent, but adjusted EBITDA remained negative at NOK 15.2 million and cash fell to NOK 8.3 million at year-end from NOK 62.9 million a year earlier.

The company paired those figures with a forward-looking update on orders and product development. NEXT said it secured four new design wins in the quarter, lifting the total to 85 by year-end, and booked roughly NOK 7 million in orders during the quarter and after it closed. Management highlighted its first Oyster III government order in Malaysia as evidence that demand is widening beyond India, where the company has spent much of the past year working through program timing and commercialization issues.

NEXT also used the quarter to push technology and financing initiatives in parallel. It said it was awarded two U.S. patents covering full-screen biometric authentication for smartphones, building on January’s move to co-develop a full-screen fingerprint prototype with Giantplus. On March 11 the company also announced a contemplated rights issue of up to NOK 50 million and a NOK 25 million bridge loan, following the NOK 20 million private placement it completed in October.

The mixed picture is consistent with the company’s recent pattern. Last spring, NEXT reported lower revenue tied to Aadhaar-related delays in India while arguing that its long-term pipeline remained intact. The latest quarter still shows that tension: commercial indicators such as design wins, patents and new orders improved, but the balance sheet remains tight and the company is seeking additional capital while waiting for larger programs to convert into revenue.

Benchmark wins and design activity do not immediately translate into scale economics for fingerprint suppliers. NEXT is trying to prove that a broader mix of government ID, access and smartphone opportunities can eventually support healthier volume. For now, the margin gain is encouraging, but investors and customers will be watching whether the Malaysia order, India activity and new device programs turn into recurring revenue faster than financing needs continue to rise.

Sources: NEXT Biometrics

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By Ji-seo Kim