IDEX Biometrics ASA. Q1 2026 results: Record order backlog and accelerating commercial activity
Summary by AI BETAClose X
IDEX Biometrics ASA (Euronext Oslo Børs: IDEX) today reported its results for the first quarter of 2026. The Company ended the quarter with a record order backlog of NOK 23.4 million, fully committed for delivery during 2026, as commercial activity stepped up through the quarter. Activity accelerated further after the quarter-end, following Anthropic's announcement of Claude Mythos and Project Glasswing on 7 April 2026, with seven new customer pilots signed in the quarter and to date.
Oslo, 29 May 2026
A live webcast presentation will be hosted by CEO Anders Storbråten at 09:00 CET and can be accessed through the following link: https://teams.microsoft.com/meet/343128724525656?p=gTzCexMIOl3PAIqmCK
Business highlights Q1 2026 and to date
- Seven new pilots signed, including Telenor Cyberdefence and StormGeo. Two pilots are currently live, with the remainder scheduled to launch through the summer.
- Significant new pipeline added in late April and May, following Anthropic's Mythos announcement on 7 April. New pilots and partner agreements expected to be signed in the coming weeks.
- Binding USD 1.75 million purchase order from ID Centric for biometric sensors, with deliveries scheduled across 2026. Under the agreement, IDEX is the exclusive sensor supplier for ID Centric's Asia-Pacific ID-card programme.
- Channel partner network broadened by eight partners year to date, to nine in total, extending the Company's geographic reach across Norway, Europe and the Asia-Pacific region and supporting positioning for public-sector tenders.
- Senior commercial team strengthened with the appointment of Thomas Ludvik Næss as Chief Revenue Officer in February 2026 and the hire of Æli Manouchehri.
- Supportive demand environment. Enterprise and public-sector interest in hardware-rooted authentication increased following Anthropic's announcement of Claude Mythos and Project Glasswing on 7 April 2026, which drew industry attention to the exposure of software-only security to AI-driven vulnerability discovery.
Financial highlights Q1 2026
- Record order backlog of NOK 23.4 million, up from NOK 6.0 million in Q4 2025 and fully committed for delivery during 2026. Order intake in the quarter was NOK 19.2 million.
- Revenue of NOK 1.8 million, up from NOK 0.7 million in Q4 2025 and NOK 1.1 million in Q1 2025.
- Gross margin of 58%, up from 17% in Q1 2025, driven by a favourable commercial sensor mix.
- Operating expenses (excluding SBC) of NOK 19.1 million, down 44% year-on-year following the 2025 cost restructuring and broadly unchanged versus Q4 2025.
- Adjusted EBITDA of NOK –18.1 million, narrowing from NOK –23.2 million in Q4 2025 and NOK –33.7 million in Q1 2025.
- Strengthened balance sheet after the quarter-end. Cash and cash equivalents were NOK 1.4 million at 31 March 2026. After the quarter-end, the Company completed a private placement of approximately NOK 80 million in gross proceeds and repaid NOK 27.8 million of debt, leaving it with no interest-bearing debt and a pro forma cash position of NOK 49.6 million.
CEO comment
“The first months of 2026 marked a clear commercial inflection for IDEX. We have signed seven new customer pilots, and ended the period with a record order backlog of NOK 23.4 million, all of it committed for delivery this year. After several years of product investments and the restructuring last year, the business is now converting its technology into orders.
With FIDO2 certification secured, the last significant deployment blocker for enterprise and public-sector customers has been removed. At the same time, the security environment has shifted: the emergence of AI tools capable of finding software vulnerabilities at scale has put renewed focus on hardware-rooted authentication, where the credential never touches a network. We are already seeing this translate into higher pilot activity.
After the quarter-end we strengthened the balance sheet, repaid all interest-bearing debt and broadened our shareholder base, leaving IDEX well positioned to execute its commercial plan. Our priority for the remainder of 2026 is straightforward: build pipeline, convert it into pilots, turn pilots into firm orders, and scale deliveries,” said Anders Storbråten, CEO of IDEX Biometrics ASA.
Outlook
Against the changed market backdrop, IDEX has seen a clear increase in commercial activity, with pipeline increasing week by week and already good conversion into pilot sign-ups since the start of the second quarter.
Excluding the one-off ID Centric purchase order booked in the first quarter, underlying order intake is tracking ahead of recent quarters, driven by existing customers so far. Quarterly revenue will continue to depend on the timing of shipment completion, and deliveries against the current backlog are weighted towards the second half of the year.
The Company expects a step-change in the second half of 2026 as pilots convert into firm orders and as public-sector tender processes conclude. Pilot-to-order conversion is expected to take two to four months for SMB and enterprise customers and longer in the public sector, where mandatory tender requirements can apply. Several Norwegian public-sector tenders for identity and access management solutions are expected during the second half, and IDEX is working actively with partners on these.
Operating costs are expected to increase in Q2 as the Company adds commercial capacity to support the ramp. The core cost base is however established, with incremental revenue expected to contribute to earnings at a high margin. The Company remains in late-stage discussions with additional resellers, integrators and OEMs, each of which would extend distribution reach.
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