USD 1 million shipment request from India based OEM

21 Feb 2023 08:30 CET

Oslo, February 21, 2023 – NEXT Biometrics (Oslo Bors: NEXT) announces that it
has received a minimum recurring delivery request from the Indian OEM. The OEM
is asking for a recurring delivery schedule with volumes corresponding to more
than USD 1 million in revenue during 2023.

In addition, Indian authorities have recently announced the launch of
next-generation biometric program starting from Q1 2023*, i.e all new deployed
biometric devices, will have to be certified in line with the next generation
specification. Currently, there are already smaller tenders opening up and the
market is expected to grow significantly from Q3/Q4 2023 onwards.

There is also a sunset date for millions of historic devices that have to be
replaced before Q3 2024. Our Indian OEM partner, with 20-25% historic market
share, will target to keep its market share in the upcoming market. With this
positive market transformation NEXT is in a strong position for growing
recurring deliveries and revenues.

The requested delivery schedule provides NEXT with minimum quantities that the
Indian OEM requires for 2023. The USD 1 million total delivery for 2023 is part
of the initial agreement that was announced February 2, 2022. From the initial
PO of USD 2.2 million, the partner will at least have consumed USD 1.2 million
by end of 2023**.

”It is great to finally witness the launch we’ve been waiting for in India. We
see the initial smaller tenders by Indian entities starting already during end
Q1. NEXT’s first recurring deliveries will start during Q2, with NEXT FAP20
sensors. This is a major proof point for market launch, and I believe we will
significantly scale up NEXT recurring revenues from this point. This could be
one of the most positive breakthroughs for NEXT related to generating recurring
volumes.”, says Ulf Ritsvall, SVP of Sales and Marketing.

”This is well in line with NEXTs communicated go-to-market strategy for India.
NEXT adds partners to accelerate market deployment of the company's Active
Thermal technology in India. This builds recurring volumes faster and scales
NEXT business with less costs and effort.”, continues, Ulf Ritsvall.

* According to source:
https://uidai.gov.in/images/resource/UIDAI_Letter_dated_27_01_2023_Phase_out_of_
existing_fingerprint_L0_Registered_Devices_from_Aadhaar_authentication_ecosystem
.pdf
** The OEM partner is awaiting final acceptance from authorities, and is
expecting it within two months.

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.

About NEXT Biometrics
NEXT provides advanced fingerprint sensor technology that delivers uncompromised
security and accuracy for the best possible user experience in the smart card,
government ID, access control and notebook markets. The company’s patented NEXT
Active Thermal™ principle allows the development of large, high quality
fingerprint sensors in both rigid and flexible for-mats. NEXT Biometrics Group
ASA (www.nextbiometrics.com) is headquartered in Oslo, with sales, support and
development operations in Seattle, Taipei, Bengaluru and Shanghai.

# # # # #

NEXT Investor contact:
Peter Heuman, peter.heuman@nextbiometrics.com
Eirik Underthun, eirik.underthun@nextbiometrics.com

More information:
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