Fingerprint Cards (FING) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue grew 30% year-over-year (40% in constant currency), reaching SEK 78.2M, with Q4 revenue down 4% but up 9% in constant currency, reflecting stable performance amid transformation.

• The company is in the third year of a transformation program, shifting from sensors to high-value biometric systems (AllKey), with over 50% of customers migrating and new product launches (AllKey Ultra, AllKey Ultra FIDO).

• Asset monetization through licensing deals with Smart Eye, Egis Technology, and PixArt contributed to improved financials and cash flow.

• Operational discipline maintained through cost reductions, right-sizing, and leveraging AI to augment productivity.

• Rights issue in Q1 2025 raised SEK 115.1M, increasing share capital and liquidity.

Financial highlights

• Q4 2025 revenue: SEK 23.8M (Q4 2024: 24.6M); full-year 2025 revenue: SEK 78.2M (60.2M).

• Q4 gross margin: 65.8% (Q4 2024: 65.5%); full-year gross margin: 60.7% (60.9%).

• Q4 EBITDA: SEK 0.4M (from -27.6M); full-year EBITDA: -19.1M (from -181.8M), reflecting cost control.

• Year-end cash and equivalents: SEK 27.1M (12.1M prior year), up 124% year-over-year.

• Headcount reduced by 31% year-over-year, reflecting ongoing cost optimization.

Outlook and guidance

• Focused investment in AllKey, which commands 3x the ASP of traditional sensors and is seeing strong demand from both existing and new customers.

• Pipeline for 2027 shows a significant shift toward AllKey, with more than 20% pipeline growth from 2026 to 2027 and mix expected to reach 80% by 2028.

• Asset and licensing deals, such as with Smart Eye and PixArt, are expected to continue and provide episodic funding.

• Selective, complementary non-organic growth considered for 2026 to strengthen core offerings.

• Continued focus on operational discipline and positive EBITDA and free cash flow.