Precise Biometrics Enjoys YOUNiQ Success in Q3 Report

Precise Biometrics has posted strong results in its most recent quarterly report. The company’s net sales generated SEK 23.2 million in the third quarter of 2020, which translates to an operating loss of SEK -2.2 million.

Those numbers are slightly worse than the corresponding figures in 2019, when Precise brought in SEK 27.5 million and enjoyed a profit of SEK 3.3 million. However, the company’s overall performance is much better in the first three quarters of 2020 than it was in the same period of 2019. Year-to-date sales are now at SEK 69.9 million (up from SEK 53.1 million), while the operating loss sits at -3.2 million (instead of SEK -11.9 million). The company’s cash flow is also much healthier, jumping to SEK 9.7 million in 2020 after being at SEK -14.7 million in 2019.

Precise CEO Stefan Persson credited the company’s success to the growing demand for its YOUNiQ biometric authentication solution. The company received requests for additional installations from existing customers like Temporary Space Nordics, and formed a new partnership with RCO Security. The latter integrated YOUNiQ into its own access control system, allowing Precise to extend its reach to RCO’s customer network.

Precise has since formed a similar partnership with Telcred, once again integrating YOUNiQ into an existing access control product. The joint solution has already been installed at the Zynka Group’s head office in Gothenburg. The Telcred arrangement was formed in October and is consequently not reflected in Precise’s third-quarter numbers, which run through September.  

Moving forward, Precise is hoping to build its portfolio in the mobile sector. It is also trying to position itself to capitalize on the anticipated demand for biometric smart cards. COVID-19 has generated more interest in card solutions, but volume is still low and Precise is only expecting to see modest production over the course of 2021.

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November 13, 2020 – by Eric Weiss