IDEX Biometrics ASA. Q1 2026 results: Record order backlog and accelerating commercial activity

29 May 2026 07:00 CEST

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.

Contacts
Anders Storbråten, CEO and CFO, Tel: +47 416 38 582
E-mail: ir@idexbiometrics.com

About Us
IDEX Biometrics ASA (OSE: IDEX) is shaping the future of access and payments.

IDEX Biometrics is advancing the future of access and payments with
identity-first biometrics. With over a decade of proprietary innovation, our
solutions are proven in the field, globally certified, and trusted by leading
financial institutions. We serve enterprises, the public sector, banks, and
issuers directly and through partners, delivering secure, seamless experiences
in digital and physical access and payments.

For more information, visit www.idexbiometrics.com
(http://www.idexbiometrics.com/)

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-05-29 07:00 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

674848_IDEX Q1 2026 Trading Update.pdf
674848_IDEX Q1 2026 Presentation.pdf