IDEX Biometrics (IDEX) Q1 2026 earnings summary

Executive summary

• Achieved record order backlog of NOK 23.4 million at Q1 2026 end, driven by a USD 1.75 million ID Centric order, with all deliveries set for 2026.

• Signed seven new pilots, including Telenor Cyberdefence and StormGeo; two are live, others launching through summer, with significant pipeline growth post-Mythos announcement.

• FIDO2 certification in February 2026 removed a key deployment blocker, accelerating enterprise and public-sector interest.

• Channel partner network expanded by eight, broadening reach in Norway, Europe, and APAC.

• Senior commercial hires strengthen go-to-market execution.

Financial highlights

• Q1 2026 revenue was NOK 1.8 million, up from NOK 0.7 million in Q4 2025 and NOK 1.1 million in Q1 2025.

• Gross margin reached 58%, supported by favorable sensor mix and commercial sensor orders.

• Operating expenses (OpEx, excl. SBC) were NOK 19.1 million, down 44% year-over-year and flat sequentially.

• Adjusted EBITDA loss narrowed to NOK -18.1 million, halved year-over-year.

• Cash position post-private placement and debt repayment is NOK 49.6 million, with no financial debt.

Outlook and guidance

• Strong growth expected in 2026 as pilots convert to full-scale orders and new partnerships are formed.

• Revenue recognition will align with shipment completion and pilot scaling; H2 2026 expected to see step-change in order intake and revenue.

• Operating costs will rise in Q2 due to commercial ramp and sales/marketing hires, but incremental revenue is expected to contribute at high margin.