Pakistan is the next stop on Next Biometrics' expansion tour of Asian countries. The company has received its first order in Pakistan after integrating its Oyster III fingerprint scanner into NADRA's national ID system.
Deliveries of Next's biometric fingerprint readers to customer Digital Data Systems (DDS) are expected to begin in the third quarter of this year. The scanners will be used by NADRA as well as other government and telecommunications customers of DDS, according to a company statement.
“Our Oyster III is designed for secure Windows logon, single sign-on (SSO) and enterprise applications. Built on our unique technology, it has already proven its superior performance in some of the most demanding biometric markets,” said Digvijay Singh Kanwar, SVP and Head of Sales, IUEA (India, US, EU, Africa) at Next. “In line with our strategy, we continue to grow and expand our product portfolio geographically.”
Next's first biometric sensor delivery to Bangladesh was confirmed in June, when Commlink Infotech placed a NOK 3 million ($290,000) order for its FAP20 thermal fingerprint sensor to be integrated into scanners with liveness detection for the banking industry, due to be launched in the third quarter.
The contract with Comlink will last for five years and is worth NOK 95 million (approximately US$9.1 million). Singh Kanwar reiterated that Comlink is one of the largest players in the Bangladesh market.
Next has made steady progress in Asia over the past few years, delivering an order of FAP20 biometric sensors to a Singapore-based customer in the first quarter, following sensor supply agreements to customers in India and China.
Increased revenues increase the likelihood of a second-half profit
Next reported revenue of NOK 18.3 million ($1.7 million) for the second quarter of fiscal 2024, up about 150% from the same period in 2020. Gross profit margins also soared to 57%, the highest in the company's history and a dramatic improvement from 17% in the second quarter of 2023.
Adjusted EBITDA loss for the quarter was NOK 6.7 million ($640,000), down from NOK 13.1 million ($1.25 million) in the same period last year.
The company expects strong revenue growth and aims to achieve profitability in the second half of 2024.
The earnings report also mentioned that Next plans to launch the first engineering samples of its new FAP30 biometric sensor, which is based on the company's active thermal technology like its FAP20 products, in the fourth quarter.
Article Topics
Biometric Sensors | Biometrics | Fingerprint Readers | NADRA | Next Biometrics | Pakistan | Stocks
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