IDEX Biometrics (IDEX) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of NOK 6.6m, four times Q2 but below >NOK 8.5m guidance as late-quarter deliveries shifted into October.

• Q4 revenue is expected to exceed NOK 14m on scheduled backlog deliveries, with new orders as upside.

• Five IDEX Access purchase orders were received since the Q2 report; partner-sourced business has begun.

Financial highlights

• Q3 revenue was NOK 6.6m vs NOK 1.6m in Q2 and zero in Q3 2025; revenue was below guidance as late-Q3 shipments moved to October.

• Gross profit was NOK 0.8m and gross margin 11%, down from 19% in Q2; legacy sensor sales at partnership pricing pressured margins.

• Net loss was NOK 26.3m and operating loss NOK 23.9m; adjusted EBITDA was -NOK 20.8m.

• Operating expenses excluding share-based compensation were NOK 21.6m; share-based compensation was NOK 2.7m.

• Q3 backlog was NOK 17.9m, down from NOK 23.7m in Q2; NOK 5.3m in new orders was offset by shipments and removal of a legacy framework order.

Outlook and guidance

• Q4 revenue is expected to exceed NOK 14m, with NOK 14m of the NOK 17.9m backlog scheduled for delivery; new orders provide upside.

• Positive Q4 cash flow is possible if backlog ships on schedule and >NOK 4m of additional orders arrive for Q4 delivery.

• UK site consolidation is expected to reduce annual operating costs by ~NOK 20m from November 2026; Q1 2027 is the first full quarter of savings.

• Management expects 250,000 cards annually next year; break-even is estimated at ~250,000 cards on a NOK 60–80m annual cost base, excluding IDEX Care service revenue.

• Partner activation and expansion across markets are expected to support growth through 2027 without a corresponding increase in the cost base.