IDEX Biometrics (IDEX) Q2 2026 earnings summary

Executive summary

• Active pilot base tripled to 23 as of August 2026, up from 7 in May, with 11 live and 12 signed pilots; one Pay pilot converted to a full order by an Indian bank.

• Four purchase orders secured in Q2 across Access and Pay segments; channel partner network expanded from 9 to 25, broadening reach and supporting larger projects.

• Achieved FIDO Authenticator Certification Level 2 and launched the world’s first certified Visa FIDO2 biometric card, enhancing access to high-security customers.

• Focus on cybersecurity, post-quantum readiness, and seamless mobile integration, with two new products in stealth mode.

• Commercial focus shifted to converting pilots into firm orders, with significant revenue growth expected from Q3 2026.

Financial highlights

• Q2 2026 revenue reached NOK 1.6 million, up from NOK 0.9 million in Q1 2026 and NOK 0.8 million in Q2 2025.

• Gross margin at 19% in Q2 2026, up from 15% in Q1 2026 but down from 28% in Q2 2025; new POs expected to drive margins higher.

• Adjusted EBITDA was negative NOK 20.2 million in Q2 2026, improving year-over-year.

• Net result for Q2 2026 was negative NOK 9.0 million, including a NOK 13.2 million non-cash gain from derecognition of the Heights loan.

• Cash and cash equivalents at period end were NOK 28.5 million, with no interest-bearing debt after equity raise and debt repayment.

Outlook and guidance

• Material step-up in order intake and revenue expected in H2 2026 as pilots convert and backlog is delivered.

• Q3 2026 revenue expected to exceed NOK 8.5 million, with NOK 4.5 million already shipped.

• Operating costs to rise in Q3 due to increased sales and marketing efforts.

• Significant scale expected from channel partners, with new pilots and direct orders bypassing pilot phase.

• Public sector tenders in Norway for IAM solutions set for H2, with potential for large-scale wins.