NEXT Biometrics Group

NEXT Biometrics Group (NEXT) investor relations material

NEXT Biometrics Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.

Q4 2025 earnings summary11 Mar, 2026

Executive summary

Q4 2025 saw increased business momentum, especially in India, with three new orders in India and Malaysia totaling NOK 7 million, and the first order for the Oyster III biometric reader for government ID use in Malaysia, plus entry into Vietnam and Sri Lanka with mass production orders.
Four new design wins in Q4 brought the total to 85 for 2025, up from 64 in 2024, marking a record year and indicating growing customer interest.
The company secured two new U.S. patents for its anywhere-on-display authentication product and selected a display partner for technology development.
Q4 2025 revenues were NOK 2.5 million, down from NOK 2.9 million in Q4 2024, reflecting weak sales in India and China.
Adjusted EBITDA was negative NOK 15.2 million, an improvement from negative NOK 18.6 million in Q4 2024.

Financial highlights

Q4 2025 revenues were NOK 2.5 million, down from NOK 2.9 million in Q4 2024.
Adjusted gross margin improved to 69% from 40% in Q4 2024, driven by product mix.
Adjusted OpEx was NOK 16.9 million, down from NOK 19.9 million in Q4 2024.
Non-recurring costs included NOK 7.2 million in inventory write-downs, NOK 4.6 million in China partner investigation/litigation, and NOK 0.8 million in share-based remuneration.
Cash position at quarter-end was NOK 8.3 million, up from NOK 7.4 million at Q3 2024 but down from NOK 62.9 million a year earlier.

Outlook and guidance

Market activity in India and MOSIP countries is recovering, with normalization expected in Q3 2026 and Bangladesh anticipated to accelerate biometric programs in H2 2026.
Revenue target for 2026 is NOK 70 million, with a gross margin target of 50–55%.
Focus on converting NOK 25.4 million in inventory to cash, targeting NOK 50–70 million in revenue.
Full operational momentum and increased market activity expected in 2026, supported by technology investments and co-development partnerships.
Liquidity runway into 2027 expected from a bridge loan and rights issue.

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