NEXT receives NOK 15 million order and signs new customer agreement in India

20 Sep 2023 08:30 CEST

Oslo, September 20, 2023 – NEXT Biometrics (Oslo Bors: NEXT) has signed a
multi-year, commercial agreement with a new OEM customer in India. At signing
the customer placed its first order of FAP20 sensors. The order value is NOK 15
million, and deliveries are expected to begin by end Q1 2024.

NEXT continues to strengthen its position as a trusted technology partner in the
Indian biometric market. The company today signed a commercial agreement with an
additional OEM customer in India. The customer plans to certify and launch its
biometric product, featuring NEXT’s flagship sensor, FAP20, during the second
quarter 2024.

”We continue adding local partners to increase our market share in India, the
world’s largest biometric market. I believe todays customer and their order
demonstrates the strength of our technology. Market demand is increasing for our
NEXT FAP20 sensor, previously certified by FBI and recently also approved within
the India’s Aadhaar L1 program”, says Ulf Ritsvall, Senior Vice President, Sales
and Marketing at NEXT.

As previously announced, the Indian government is upgrading India’s biometric
and digital ID services program, Aadhaar, to the next generation security
standard. Thus, as per June 2023, all devices to be used within the ID program
must now meet new, stricter security requirements and be certified according to
Aadhaar’s L1 certification level.

”I am pleased that we have secured yet another important partner in India. NEXT
is now even better positioned in reaching its goals and todays NOK 15 million
order will strengthen NEXT on its growth trajectory. As soon as our new customer
has certified its product, the order will start generating recurring revenues
for us”, explains Ulf Ritsvall.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

For more information, please contact:

Peter Heuman, CEO, NEXT Biometrics
peter.heuman@NEXTbiometrics.com

Eirik Underthun, CFO, NEXT Biometrics
eirik.underthun@NEXTbiometrics.com


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

This stock exchange announcement was published by Eirik Underthun, CFO at NEXT
Biometrics Group ASA, on 19 September, 2023, at 22:25 CEST.

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