IDEX Biometrics ASA
Annual Report
2025
IDEX Biometrics ASA
Annual Report 2025
2
Contents
Introduction
About IDEX
4
Letter from the CEO
5
2025 Highlights
6
Our Journey
7
Our Offerings
8
Our business model
10
Strategy and targets
11
Statement from the Board
12
Executive Management
23
Board of Directors
24
Consolidated Financial Statements
25
Consolidated Statements of Profit and Loss
26
Consolidated Statements of Comprehensive Income
26
Consolidated Statements of Financial Position
27
Consolidated Statements of Changes in Equity
29
Consolidated Statements of Cash Flow
30
Notes to the Consolidated Statements
31
Parent Company Financial Statements
51
Statement of Profit and Loss for the Parent
52
Statement of Other Comprehensive Income for the Parent
52
Statement of Financial Position for the Parent
53
Statements of Changes in Equity for the Parent
55
Statement of Cash Flows for the Parent
56
Notes to the Parent Company’s Financial Statements
57
Responsibility Statement from the Board of Directors and CEO of IDEX
79
Auditors Report
80
Corporate Governance
85
Articles of Association of IDEX Biometrics ASA
90
IDEX Biometrics ASA
Annual Report 2025
3
This is IDEX
Putting the human touch back
into digital and physical security,
regardless
of existing security
infrastructure.
Become biometric
with IDEX.
IDEX Biometrics ASA
Annual Report 2025
4
About IDEX
IDEX was founded in Norway in 1996 and currently
operates in Norway and the United Kingdom, serving
global customers. IDEX is a leading provider of smart
cards with biometric authentication for access and
payment
solutions.
IDEX’
smart
cards
allow
organisations to secure physical and digital assets –
by verifying real human touch from the office entry
up to and including digital login. For payments, IDEX
can near eliminate card phishing and skimming
attacks, reducing risk for financial institutions and
safeguarding consumers.
IDEX’ smart cards can be self-enrolled and is provided
on a per-card basis and a service. Today, through the
Total
Access
Card,
IDEX
serves
government
institutions
and
enterprise
organisations,
while
supporting a wide range of door readers, including
leading standards for high-security access control.
Through our IDEX Total Access Card, we provide
vault-level offline keys to secure premises across the
globe. Maintaining safety through verification of
human identities.
IDEX
is
a
leading
player
in
the
fingerprint
authentication.
Our
technology
enhances
and
complements existing security infrastructure, as we
support many pre-existing access systems. Typical
users may use NXP, HID or Legic readers – and rely on
IDEX
to
provide
a
secure
solution
without
compromising on the user-experience. This enables
security professionals and management to enjoy
hassle-free implementation of superior security.
Organisations that prioritise Zero-Trust choose IDEX
for the ideal solution, combining digital and physical
access in your standard ID-card. Today, leading
companies and major government organisations all
depend on IDEX to put the human touch back into
physical and digital security.
IDEX employed 26 people at the end of 2025 and has
offices in Norway and the UK.
IDEX Biometrics ASA
Annual Report 2025
5
Letter from the CEO
To my fellow shareholders,
2025 marked a decisive shift for IDEX Biometrics.
When I took on the role of CEO in March, the Company
was
at
an
inflection
point.
We
initiated
a
comprehensive strategic review, and it became clear
that we needed to sharpen our focus, simplify our
operating model, and align the organisation with the
markets where our technology has the strongest
relevance.
The transition from component supplier to full product
company required substantial changes. We reduced
complexity, lowered our cost base, and concentrated
resources on the areas where we see clear customer
demand. Operating expenses were reduced by more
than half year-on-year, and headcount was right-sized
to ensure that the organization is structured for
execution. These measures were necessary to
strengthen liquidity and to position the Company with
commercial progress.
The deferral of the FIDO2 certification into early 2026
was disappointing. The process was subject to
external review procedures and took longer than
anticipated, which affected the timing of customer
deployments and contributed to lower revenue in the
fourth quarter. With the certification now secured, we
have removed a key blocker for enterprise and
public-sector adoption. This milestone is important,
and it enables us to move forward with customers who
have been waiting for this final requirement.
Despite the timing challenges, the underlying progress
in 2025 was significant. We delivered the world’s first
biometric access card compatible with NXP MIFARE
DESFire EV3, completed commercial launches in
Japan and Bangladesh, and received regulatory
approval for biometric payments in India. These
achievements confirm that our technology is relevant,
differentiated, and aligned with the needs of the
markets we serve.
What has been most encouraging is direct feedback
from customers and partners.
Spending time with them has reinforced that we are
addressing real challenges, not theoretical ones. The
demand for stronger, hardware-rooted authentication
is increasing, driven by regulatory requirements and
the rapid evolution of AI-enabled threats. Our products
integrate with infrastructure that organizations already
use, which is essential for adoption on a scale.
As we enter 2026, we do so with a complete and
certified product portfolio, a leaner organization, and a
growing commercial
pipeline.
Strengthening our
commercial execution is now the priority. The
appointment of Thomas Ludvik Næss as Chief
Revenue Officer is an important step in this direction,
and I am confident that his experience will support the
next phase of our development.
I want to thank our employees, partners, customers,
and shareholders for their commitment throughout a
demanding year. We have made the necessary
changes, and we now have the foundation required to
convert our position into sustainable growth.
Anders Storbråten, CEO
IDEX Biometrics ASA
Annual Report 2025
6
2025 Highlights
A year of transformation
In March 2025, IDEX set five objectives to fundamentally reposition the company, transitioning from a component
supplier to a full product company delivering biometric access and payment cards. By year-end, four out of five
objectives had been delivered or exceeded. The fifth, generating received orders exceeding normalised monthly
OpEx, reached approximately 25% of target. The primary reason was the deferral of FIDO2 certification into
February 2026, two months later than planned due to rigorous external review processes. With that certification now
secured, IDEX enters 2026 with a complete, certified product portfolio and the strongest competitive position in the
company’s recent history.
Product & Certifications
IDEX secured FIDO2 certification in February 2026 following completion of the external review process. The
certification confirms phishing-resistant, passwordless authentication and removes the primary deployment blocker
for enterprise and public-sector customers. IDEX cards are now certified by FIDO, Visa, Mastercard, and EMVCo.
IDEX and NXP became world-first in delivering MIFARE DESFIRE EV3 biometric access cards, setting a new standard
in physical access control.
IDEX cards received approval for Microsoft Entra passkey integration, enabling seamless biometric login across
Windows and Microsoft-connected enterprise environments.
Reduction in Full-Time Equivalents
Key figures
-53%
Opex Reduction YoY
$10.0
million
Net loss ($14.4 million in
2024)
$1.5-1.7
million
Normalised quarterly
OpEx by Q3
~25%
Received orders
vs. norm. OpEx
IDEX Biometrics ASA
Annual Report 2025
7
Our Journey
Built in Europe. Built for the world.
IDEX Biometrics was founded in Norway in 1996 with a clear purpose: to put the human touch back into digital and
physical security. Listed on Euronext Oslo Stock Exchange in 2010 under the ticker IDEX, the company spent its first
two decades building the technology platform that makes this possible, a proprietary biometric system capable of
verifying a human identity securely, without passwords, without cloud dependency, and without friction. That work
produced an intellectual property portfolio of approximately 250 issued and pending patents globally and
established a world-class R&D capability in the United Kingdom.
IDEX initially brought this technology to market as a component and platform supplier, providing biometric solutions
to card manufacturers and system integrators across the payment and access control industries. IDEX Pay achieved
certification from Visa and Mastercard; IDEX Total Access was built for the growing enterprise demand for
passwordless authentication. By 2024, operations had been streamlined and concentrated, with activity focused on
the markets showing the clearest commercial traction: Europe and Asia-Pacific.
The 2025 transformation: from components to cards
In March 2025, following a comprehensive strategic review, IDEX announced a fundamental shift in direction. The
company would no longer operate primarily as a component supplier. Instead, IDEX would own the full product,
designing, certifying, and bringing complete biometric access and payment cards to market.
Anders Storbråten was appointed Chief Executive Officer to lead the transformation. The company restructured
rapidly: headcount was reduced from 39 to 26 full-time equivalents, and normalised operating expenses fell 53%
year-on-year. In parallel, IDEX became the world's first company to deliver a biometric access card with NXP
MIFARE DESFire EV3 compatibility. FIDO2 certification, the critical remaining milestone for enterprise deployment,
was secured in February 2026.
IDEX enters 2026 as a product company: certified, leaner, and commercially engaged.
IDEX Biometrics ASA
Annual Report 2025
8
Our Offerings
Stay secure online,
by taking your keys offline.
One platform. Two markets. A single mission: make identity verification so seamless and secure that
passwords, PINs, and fraud become problems of the past.
IDEX Biometrics has built a biometric authentication platform that sits at the intersection of physical access, digital
identity, and payment. Our products, the IDEX Total Access Card and IDEX One, share a common architecture: a
certified secure element, an on-card fingerprint sensor. A match-on-card solution ensures that fingerprint data
never leaves the card.
No cloud. No server. No compromise.
IDEX Biometrics ASA
Annual Report 2025
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IDEX Total Access
Your identity, on your terms.
IDEX One
No PINs, no codes, no phishing.
The IDEX Total Access Card turns a standard
smart card into a personal vault. A fingerprint
replaces every credential: physical access, digital
identity, and ID badge. Use a single card with the
infrastructure organisations already have.
Authentication happens on the card in under 250
milliseconds. Biometric data is stored in an EAL6+
certified secure element and never transmitted.
This is Zero Trust made practical: strong identity
assurance, without no servers, no cloud
dependency, or helpdesk calls.
Supported by leading door reader providers and
150+ of the biggest digital services through
FIDO2.
IDEX One brings vault-level security to every
transaction. Your fingerprint replaces the PIN,
for contactless and online payments, removing
the weakest link from the payment chain without
changing how people pay.
Biometric verification happens on the card itself,
in real time. Cardholders are never asked to
share credentials with a terminal or a server. For
banks and issuers, this means strong customer
authentication that is native to the card, fully
compliant with PSD3, GDPR and DORA.
IDEX Biometrics ASA
Annual Report 2025
10
Our business model
IDEX Biometrics' technology is developed by our own employees and contractors, protected by approximately
250 issued and pending patents globally. We deliver complete, certified biometric cards, combining a proprietary
fingerprint sensor, a secure element, and an on-card match engine, to customers across the access and payment
markets. IDEX's strategic goal is to build a recurring revenue base through a Biometrics-as-a-Service (BaaS)
subscription model alongside hardware sales.
Authentication is performed entirely on the card. Fingerprint enrolment and matching occur without cloud dependency,
without external servers, and without compromise. Biometric data is never transmitted or stored outside the card,
making IDEX solutions GDPR compliant by design. This on-card architecture enables customers to deploy into existing
infrastructure with minimal integration effort.
IDEX reaches customers through in-house sales and technology expertise, complemented by a growing partner
channel. In access, partnerships with system integrators, identity platforms, and distributors to extend IDEX solutions
to enterprise and public-sector customers. In payments, IDEX works through card manufacturers and payment
networks. The company's primary commercial focus is Europe and the Nordics, with active engagements in Asia and
Asia-Pacific.
IDEX Biometrics ASA
Annual Report 2025
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Strategy and targets
IDEX Biometrics’ mission is to provide seamless biometric authentication across all industries, putting the human touch
back into security. It’s ironic you need to go offline to be secure online. Our solutions serve IDEX Biometrics' mission
is to make identity verification seamless and secure, replacing passwords, PINs, and physical keys with a fingerprint
that never leaves the card. We serve two markets, access and payments, with a single technology platform and a clear
priority: achieve profitability.
A year of transformation
In 2025, IDEX completed a fundamental strategic shift, from component supplier to product company. Four of five
transformation objectives were delivered or exceeded.
Access
IDEX is positioning in a fast-growing market for physical and logical access control, where enterprises face mounting
regulatory pressure from frameworks including GDPR, DORA, NIS2, and evolving public-sector security mandates.
Our biometric access card eliminates the primary attack vectors, account takeover, phishing, and credential theft,
without requiring changes to existing infrastructure. With FIDO2 certification secured and the world's first NXP MIFARE
DESFire EV3 compatible biometric card deployed, IDEX has the certifications and product capability to move from
pilots to production-scale deployments.
Payments
In payments, IDEX serves card issuers and financial institutions seeking to reduce fraud and improve the cardholder
experience. Biometric payment cards address skimming, card cloning, and stolen-card fraud, while enabling issuers
to differentiate on security. IDEX has active commercial launches in Japan and Bangladesh, regulatory approval in
India, and certifications from Visa, Mastercard, and EMVCo, providing the foundations for broader deployment.
Targets
IDEX's near-term commercial objective is to generate received orders equivalent to normalised monthly operating
expenses. At year-end 2025, this was approximately 25% achieved, principally due to the deferral of FIDO2
certification into February 2026. With a complete, certified product portfolio now in place, delivering on this objective
is the primary focus for 2026.
IDEX Biometrics ASA
Annual Report 2025
12
Statement from the Board
The Board of Directors presents the annual report for IDEX Biometrics ASA for the financial year ended 31 December
2025. The Company continued its operational and strategic transition during the year, with significant restructuring
measures, a strengthened commercial focus and progress in product development and certification.
IDEX Biometrics ASA and its wholly owned subsidiary (collectively, "IDEX Biometrics" or the "Company") deliver
identification systems and other activities related to this. The Company's solutions are used primarily in contactless
smart cards, including financial payment cards, access control cards, and card-based devices for the storage of
digital currencies.
IDEX Biometrics ASA was incorporated in Norway in 1996. The registered office is at Henrik Ibsens gate 90, 0255
Oslo, Norway. The Company's shares are listed on Euronext Oslo Stock Exchange under the ticker symbol IDEX.
The Group comprises IDEX Biometrics ASA and its wholly owned subsidiary, IDEX Biometrics UK Ltd ("IDEX UK"),
which provides engineering, supply-chain administration, and customer service to the parent company. All
intellectual property, customer and manufacturing partner agreements are held by the parent company.
The Group also operated through two wholly owned US subsidiaries, IDEX Biometrics Holding Company Inc. and
IDEX Biometrics America Inc. (together, "IDEX America"), until their dissolution in early 2026. Operational activities
were discontinued in the fourth quarter of 2025. Both entities remained part of the Group at 31 December 2025, and
their assets, liabilities, and results are included in the consolidated financial statements.
Business activities and strategic development
IDEX Biometrics develops and delivers biometric authentication solutions for access control and payment cards. In
2025, the Company completed a strategic shift from component supplier to full product provider. This transition
required a more focused operating model, reduced organizational complexity, and a clearer commercial strategy.
The Board considers these measures necessary to align the Company with long-term market opportunities.
Technical development and supply-chain activities are conducted through the Company’s subsidiary in the United
Kingdom. Commercial activities are primarily focused on Europe and Asia-Pacific. The Company operates in one
reporting segment.
Operational performance
During 2025, the Company implemented substantial cost reductions. Total operating expenses were reduced by 53
per cent year-on-year. Headcount was reduced from 39 to 26 full-time equivalents, resulting in a 70 per cent
reduction in compensation and benefits expenses. These measures strengthened liquidity and improved capital
efficiency.
The Company delivered several key product milestones, including the world’s first biometric access card compatible
with NXP MIFARE DESFire EV3. Commercial launches were completed in Japan and Bangladesh, and regulatory
approval for biometric payments was obtained in India. The FIDO2 certification, originally expected in 2025, was
deferred and subsequently achieved in February 2026.
IDEX Biometrics ASA
Annual Report 2025
13
Financial Review
The following section provides an overview of the Group’s financial performance for the year ended 31 December
2025. The analysis is based on the consolidated financial statements prepared in accordance with IFRS.
The Group’s financial performance for 2025 reflects the significant restructuring measures implemented during the
year, combined with continued delays in customer deployments and certification processes. Revenue for the year
amounted to USD 0.3 million, compared with USD 0.8 million in 2024, primarily driven by lower shipment volumes
and timing effects related to customer readiness and external certification procedures. Gross margin remained
negative, reflecting low volumes and the cost structure required to maintain production readiness. These factors,
together with the transition to a leaner operating model, shaped the financial results for the year.
Revenue
Revenue for 2025 amounted to USD 0.3 million, a decrease from USD 0.8 million in the previous year. The decline
reflects delays in customer deployments and certification processes, as well as lower-than-expected demand in
certain markets. Revenue in 2025 was primarily derived from biometric sensor shipments and development-related
activities.
The Company’s commercial pipeline expanded during the year, but revenue conversion remained limited due to
timing of customer readiness and certification dependencies.
Gross Margin and Cost of Goods Sold
Gross margin for the year was negative, reflecting low shipment volumes and the cost structure associated with
maintaining production readiness. Inventory carried at year-end consists primarily of finished sensors and
components. The Company expects improved gross margins as volumes increase and as inventory is released
through committed customer agreements.
Cost of materials was USD 0.6 million in 2025 and USD 1.7 million in 2024, reflecting lower volumes.
Operating Expenses
The Company reduced its workforce from 39 full-time equivalents at year-end 2024 to 26 full-time equivalents at
year-end 2025. This contributed to a reduction in compensation and benefits expenses of USD 6.1 million,
representing a 70% decrease compared to 2024.
Research and development expenses amounted to USD 1.4 million in 2025 and USD 2.5 million in 2024. The
reduction reflects cost-saving measures implemented across the engineering organisation and lower externally
sourced development activity.
Other operating expenses amounted to USD 5.7 million in 2025 and USD 7.3 million in 2024. The 2025 figure
includes restructuring costs of USD 1.2 million, while the underlying reduction reflects lower consulting, legal and
administrative expenses.
Other operating expenses amounted to USD 5.7 million in 2025 and USD 7.3 million in 2024, driven by lower
consulting, legal and administrative costs.
Amortization and depreciation amounted to USD 0.5 million in 2025 and USD 2.5 million in 2024.
Operating Result (EBIT)
The operating loss for the year was USD 10.0 million, compared with USD 14.4 million in 2024. The improvement is
primarily attributable to the substantial reduction in operating expenses. Revenue remained limited, and the
Company did not achieve economies of scale in production during the year. The restructuring programme
implemented in 2025 has materially lowered the Company’s cost base going forward.
Net Financial Items
Finance income amounted to USD 0.5 million in 2025, compared with USD 7.3 million in 2024. The significant
difference between the years reflects unusually high fair value gains on the convertible bond and warrants in 2024.
In 2025, the Company completed a substantial modification of the convertible bond. The amended terms resulted in
a financial loss of USD 4.0 million recognised in the first quarter. Following the private placement completed in July
2025, the principal amount of the bond was reduced by NOK 16.7 million, equivalent to USD 1.7 million, effective
from August 2025. This reduction constituted a partial extinguishment under IFRS 9 and resulted in a financial gain
of USD 1.3 million recognised in the third quarter.
IDEX Biometrics ASA
Annual Report 2025
14
Finance costs amounted to USD 3.6 million in 2025, compared with USD 2.4 million in 2024, mainly driven by fair
value changes in the embedded derivative and interest effects on the convertible loan. In the fourth quarter of 2025,
the Company recognised an additional financial loss of USD 0.3 million related to changes in the fair value of the
convertible bond and embedded derivative.
As of 31 December 2025, the outstanding principal amount of the convertible bond was NOK 33.3 million.
Net loss for the full year 2025 amounted to USD 10.0 million, compared to USD 14.4 million in 2024. 2025 includes
net financial loss amounting to $0.4 million mainly from value change of the embedded derivative.
The Company’s largest assets at year-end were inventory of USD 5.7 million and cash of USD 0.7 million,
representing 74% and 9% of total assets, respectively.
Total intangible assets, consisting of acquired intellectual property, amounted to USD 0.5 million. The current
product portfolio has been developed primarily through internal development activities in recent years. Fixed assets
amounted to USD 0.1 million.
Customer accounts receivable was USD 0.1 million, unchanged from year-end 2024, and are presented net of
provisions for expected credit losses.
Long-term liabilities amounted to USD 1.7 million, compared to USD 2.1 million at year-end 2024. These liabilities
consist of the convertible bond and embedded derivatives.
Short-term liabilities amounted to USD 4.5 million, compared to USD 3.5 million at year-end 2024. The Company
completed several share issuances during 2025, including conversions, a repair issue and private placements, which
strengthened equity and reduced the outstanding principal of the convertible bond. The increase is primarily due to
higher other current liabilities and the reclassification of parts of the convertible loan from non-current to current
liabilities, partly offset by reductions in accounts payable and lease liabilities.
Net working capital (defined as current assets excluding cash, less short-term liabilities excluding convertible loans)
amounted to USD 3.0 million, compared to USD 4.4 million at year-end 2024. The reduction reflects deliberate
measures to optimise the balance sheet structure, including reductions in selected short-term assets and increases
in certain short-term liabilities. These changes form part of a broader effort to enhance capital efficiency and
strengthen liquidity and operational flexibility.
Equity amounted to USD 1.5 million at 31 December 2025, compared to USD 4.7 million at year-end 2024. The
reduction is attributable to the net loss for the year.
Capital transactions
The Company completed several share issuances during 2025. In April, the extraordinary general meeting approved
the issuance of shares at NOK 0.01 per share through the conversion of NOK 30.0 million in bridge loans, a repair
issue completed in June, and a private placement later the same month. Additional shares were issued in June as
settlement of board remuneration. Following the share consolidation in July, two private placements were completed
in July and August at NOK 3.30 per share, raising NOK 30.0 million and reducing the outstanding principal of the
convertible bond by NOK 16.6 million in accordance with the amended loan terms. A further issuance was made as
an underwriting fee. In December, the Company completed the first tranche of a private placement at NOK 3.00 per
share, with the second tranche completed after year-end.
Cash flow and liquidity
Net cash flow from operating activities was USD –8.6 million in 2025, a significant improvement from USD –17.5
million in 2024. The improvement reflects substantially lower operating expenses, reduced working capital
consumption, and non-cash adjustments related to the convertible loan and embedded derivatives.
Net cash flow from investing activities was USD –0.02 million in 2025, compared to USD +0.27 million in 2024.
Investment activity remained limited and primarily related to minor purchases of property, plant and equipment.
Net cash flow from financing activities amounted to USD +7.3 million in 2025, compared to USD +7.9 million in 2024.
The financing inflows in 2025 were mainly driven by net proceeds from share issuances totaling USD 7.6 million,
undertaken to strengthen liquidity and support ongoing operations.
Overall, the cash balance amounted to $0.7 million as of December 31, 2025, compared to $2.0 million as of
December 31, 2024. The Company ended the year with cash and cash equivalents of USD 0.7 million, reflecting
continued negative operating cash flows and the timing of financing activities. The company’s balance sheet
IDEX Biometrics ASA
Annual Report 2025
15
solvency, defined as the value of cash plus accounts receivable, less short-term liabilities, was negative $3.4 million
as of December 31, 2025 compared to negative $0.5 million as of December 31, 2024
The company’s balance sheet solvency, defined as the value of cash plus accounts receivable, less short-term
liabilities, was negative $3.4 million as of December 31, 2025 compared to negative $0.5 million as of December 31,
2024
Outlook
The Company enters 2026 with a materially reduced cost base, a strengthened liquidity position and a complete and
certified product portfolio. The financial priority for 2026 is to convert commercial interest into recurring
deployments, release inventory through committed customer agreements, and maintain strict cost discipline.
The Board will continue to monitor liquidity, operational performance, and market developments closely.
IDEX Biometrics ASA
Annual Report 2025
16
Parent Company Financial Statements
The financial performance and financial position of the parent company, IDEX Biometrics ASA, reflect its role as the
commercial and contractual centre of the Group. The parent company holds all intellectual property rights and is the
contracting party for all trading relationships with manufacturing partners and external customers. All revenues and
cost of goods sold are therefore recognised in the parent company, while the subsidiaries provide engineering,
supply-chain, administrative and market-facilitation services on arm’s-length terms. These services are funded
through a combination of equity contributions and intercompany advances, depending on operational needs.
The parent company generated revenue of USD 0.3 million in 2025, compared with USD 0.8 million in 2024.
Revenue consisted primarily of product sales, supplemented by limited-service income. Cost of materials amounted
to USD 0.6 million, reflecting lower shipment volumes and the cost of maintaining production readiness. Gross
margin remained negative, consistent with the Group, due to low volumes and a cost structure designed for higher
throughput.
Operating expenses totalled USD 10.7 million, a substantial reduction from USD 25.3 million in 2024. The decrease
reflects the Group-wide restructuring programme implemented during the year, including reduced external
development activity, lower consulting and administrative costs, and a leaner operating model. Research and
development expenses were USD 3.4 million, down from USD 12.1 million in 2024, as engineering activities were
consolidated in IDEX UK and external development spending was significantly reduced. Other operating expenses
amounted to USD 6.3 million, compared with USD 8.7 million in 2024, and include the cost of commercial
contractors engaged directly by the parent company. Amortisation and depreciation were USD 0.1 million, reflecting
the low level of capitalised assets in the parent company.
The parent company recorded a loss from operations of USD 10.5 million, compared with USD 24.5 million in 2024.
Finance income amounted to USD 7.4 million, primarily driven by the forgiveness of intercompany debt from the
Group’s US subsidiary. Finance costs were USD 0.8 million. The parent company recorded a net loss for the year of
USD 3.9 million, a significant improvement from the net loss of USD 23.0 million in 2024.
Receivables from group companies amounted to USD 3.4 million at year end, compared with USD 2.4 million in
2024. The increase reflects continued funding of IDEX UK’s development and operational activities. IDEX UK carries
its development costs in order to qualify for SME research and development tax relief in the United Kingdom, and
the parent company provides the necessary funding through intercompany balances. No new impairments of
intercompany receivables or investments were recognised in 2025. The Group’s two US subsidiaries discontinued
operational activities in the fourth quarter of 2025 and were formally dissolved in early 2026. The parent company’s
investments in these entities were recognised at cost and adjusted in accordance with IFRS.
Total assets in the parent company amounted to USD 10.6 million at 31 December 2025, compared with USD 11.9
million in 2024. Inventory remained the largest asset at USD 5.7 million. Cash and cash equivalents were USD 0.7
million. Intangible assets amounted to USD 0.5 million, and property, plant and equipment totalled USD 5 thousand.
Equity increased to USD 4.0 million at year end, compared with USD 0.7 million in 2024, reflecting share issuances
completed during the year, partly offset by the net loss for the period.
Non
-current liabilities amounted to USD 1.7
million, while current liabilities were USD 4.9 million, down significantly from USD 9.1 million in 2024 due to lower
payables to group companies and the settlement of financial liabilities.
Net cash used in operating activities was USD 8.6 million, compared with USD 17.5 million in 2024. The improvement
reflects lower operating expenses, reduced working-capital consumption and non-cash adjustments related to the
convertible loan and embedded derivatives. Investing activities resulted in a net outflow of USD 0.02 million,
primarily related to minor purchases of property, plant and equipment. Financing activities generated USD 7.3 million
in net proceeds, driven by share issuances completed during the year. Cash and cash equivalents decreased from
USD 2.0 million to USD 0.7 million during the year.
Overall, the financial performance and financial position of the parent company in 2025 reflect the Group’s transition
to a leaner operating model, a significantly reduced cost base and a more focused commercial strategy. The parent
company continues to serve as the central contracting entity for all commercial and manufacturing activities, while
the subsidiary provides development, operational and administrative support. The restructuring measures
implemented during the year have materially improved the parent company’s cost structure and liquidity outlook,
positioning it for a more sustainable financial trajectory in 2026.
IDEX Biometrics ASA
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17
Subsequent events
Bond conversion
On 9 January 2026, a bondholder exercised their right to convert NOK 5.0 million of the convertible bond issued on
22 December 2023, resulting in the issuance of 768,923 new shares at a conversion price of NOK 6.50 per
share. Following the conversion, the outstanding principal was NOK 28.3 million.
Approval of a private placement’s second tranche
The second tranche of the private placement announced on 5 December 2025 was approved by the Company’s
EGM on 20 January 2026, comprising 1,642,363 new shares at NOK 3.00 per share, which have since been paid in
full.
Payment dispute
In January 2026, the Company received a payment reminder from Ræder Bing. The Company disputes the invoiced
amounts, asserting that certain services were rendered without a valid underlying agreement and that some services
were not ordered. The counterparty maintains that the invoices are valid. The matter remains unresolved. The full
amount has been recognised in the Company’s 2025 financial statements.
Subscription rights grant
On 25 February 2026, the Board of Directors resolved to issue 4,650,000 incentive subscription rights to six
employees and individual contractors under the Company’s 2025 incentive subscription rights plan, as approved at
the Annual General Meeting on 21 May 2025. The exercise price is NOK 5.75 per share for 90% of the granted
shares and NOK 1.00 per share for the remaining 10%.
Private placement
On 5 March, 2026, the Company announced a NOK 90 million private placement and exclusive technology
partnership with ID Centric, a leading provider of biometric identity solutions in the Asia-Pacific region.
On 28 April, 2026, the Company and ID Centric have mutually agreed to not proceed with the previously announced
potential private placement of NOK 90 million. Accordingly, the contemplated Private Placement replaces the
previously announced private placement directed at ID Centric, allowing for a wider scope of investors, enabling the
Company to secure additional funding and to capitalize on the current market momentum. While the investment by
ID Centric will not be completed as expected, the parties will immediately enter into continued good faith
negotiations to finalise a definitive agreement on a commercial partnership regarding purchase of sensors. The
Company's volume expectations under the partnership with ID Centric remains unchanged. Michael Gardiner was
elected to the board of directors of IDEX (the "Board") in conjunction with the potential private placement towards ID
Centric. Following the mutual understanding between IDEX and ID Centric, Michael Gardiner has notified his
resignation from the Board with immediate effect.
On 28 April, 2026 after market closed, IDEX successfully completed a private placement of 9,696,969 shares at
NOK 8.25 per share, compared to the day’s closing price of NOK 11 per share. The private placement is divided into
two tranches. Tranche 1 comprises up to 6,401,196 new shares. Tranche 2 will comprise the number of shares
which, together with Tranche 1, is required to raise the allocated gross proceeds. The shares issued in both tranches
will be used to settle the manager’s redelivery obligation under a share lending agreement. The private placement is
being carried out based on authorisations granted by the extraordinary general meetings held on 20 January 2026
and 27 March 2026
The board will also propose a subsequent rights offering (repair issue) of up to approximately NOK 20 million on the
same terms as in the private placement.
The Subsequent Offer may be subject to necessary resolutions by the
general meeting. If carried out, the size and structure of the Subsequent Offering shall be in line with market
practice. Any Subsequent Offering will be directed towards existing shareholders in the Company as of 28 April
2026
Convertible bond redemption
The Company has reached an agreement with the convertible bond holders to fully and finally settle the outstanding
Convertible Loan through a payment of NOK 22 million together with related legal expenses
The financial developments described above form the basis for the Board’s assessment of the Company’s liquidity
position and going concern assumption.
IDEX Biometrics ASA
Annual Report 2025
18
Working Environment, Health and Safety, and Equal Opportunities
The Board considers the working environment in the Company to be satisfactory. No work-related injuries or
accidents were reported during the year. Sick leave in the Group was 4.3 percent in 2025, which is regarded as low
and stable. The Company complies with all applicable health and safety regulations and maintains policies and
procedures designed to ensure a safe, secure and inclusive working environment. Flexible working arrangements
are offered where appropriate, and the Board has not identified any need for additional measures.
As of 31 December 2025, the Company had 26 individuals engaged in its operations, consisting of employees and
individual contractors. The Company practices equal opportunities in all aspects of employment and does not
tolerate discrimination on the basis of gender, ethnicity, religion, disability, sexual orientation or age. Recruitment
and development processes are based on competence and merit. The gender balance reflects the composition of
the technical disciplines in which the Company operates, and the Board has not identified any need for specific
measures in this respect.
Environmental, Social and Governance matters
The Board recognises the importance of environmental, social and governance (ESG) considerations in the
development and execution of the Company’s strategy. As a fabless technology company, IDEX Biometrics has
limited direct environmental impact. The Company complies with all applicable regulations relating to health, safety
and environmental protection, and its operations do not generate emissions or waste that materially affect the
external environment.
The Company promotes equality, non-discrimination and responsible business conduct in accordance with its Code
of Conduct. These standards apply to all employees, contractors and business partners, and the Company expects
suppliers to adhere to equivalent ethical and sustainability principles. The Company maintains policies and
procedures designed to ensure a safe, inclusive and respectful working environment.
ESG-related risks are not considered material to the financial statements, and no ESG risks have been identified that
could materially affect the Company’s business activities.
The Board monitors sustainability matters as part of the
Company’s governance framework, and sustainability considerations are integrated into risk management,
supplier oversight and long
-
term strategic planning.
The Company’s due diligence assessment under the
Norwegian Transparency Act will be published on its website by 30 June 2025.
IDEX Biometrics ASA does not conduct activities covered by the Norwegian requirements for country-by-country
reporting pursuant to Section 3-3d of the Norwegian Accounting Act. The Company is therefore not required to
prepare a country-by-country report.
Management remuneration, directors’ and officers’ insurance
The Annual General Meeting in 2024 approved a minor update to the executive remuneration policy originally
adopted in 2021. The policy remains in force, and the full version is available on the Company’s website. The actual
remuneration for 2025 is presented in the notes to the parent company financial statements, and the Executive
Remuneration Report for 2025 will be submitted to the Annual General Meeting in 2026.
Since the Company’s shares were admitted to listing on Oslo Stock Exchange, IDEX Biometrics has maintained a
Norway-based directors’ and officers’ liability insurance with worldwide coverage, except for liabilities arising under
the U.S. Securities Act. American Depositary Shares representing the Company’s shares were listed on the Nasdaq
Capital Market from March 2021 to August 2023, during which period the Company also maintained a U.S.-based
liability insurance with worldwide coverage to protect directors and officers against liabilities arising under the U.S.
Securities Act. This insurance remains in force and expires in 2026. The Company has contractually undertaken to
indemnify, and to advance expenses on behalf of, its directors and officers to the fullest extent permitted under
applicable Norwegian law, ensuring that they can serve the Company without undue concern. The U.S.-based
insurance and the related indemnification agreements were authorized by the Extraordinary General Meeting held on
15 December 2020.
The Company has not provided any loans or guarantees to members of executive management or the Board of
Directors.
IDEX Biometrics ASA
Annual Report 2025
19
Going concern
As of 31 December 2025, the Company’s liquidity position was constrained, with cash and cash equivalents of USD
0.7 million and negative balance sheet solvency. These conditions indicated a need for additional funding.
After the reporting period, the Company completed two equity issues in January and April 2026, raising a total of
USD 10 million. Planned inventory reductions during 2026 are expected to release further liquidity. Following these
measures and scheduled debt repayments, the Company entered the going-concern assessment period with an
improved liquidity position.
Based on the adjusted 2026 budget and the forecast for the period May 2026 to April 2027, management expects
positive liquidity throughout the assessment period. The Board has also considered relevant risk factors and
available mitigating actions.
The Board concludes that the going concern assumption is appropriate, and that no material uncertainty exists under
IAS 1.
Risk factors
The Board has assessed the principal risks facing the Company. The most material risks relate to business
execution, liquidity, market development, inventory exposure and financial risk. These risks are monitored on an
ongoing basis and are considered in the Company’s strategic planning, operational priorities, and liquidity
management.
Business risk remains significant. Future revenue depends on the Company’s ability to convert commercial interest
into firm orders, scale production and delivery capabilities efficiently, and maintain the technical and operational
competencies required to support customers. The Company’s ability to attract and retain key personnel, particularly
within engineering and commercial functions, is essential for successful execution. Delays in customer deployments,
certification processes or supply-chain readiness may affect the timing of revenue and the Company’s ability to
achieve planned milestones.
Liquidity risk was elevated at year-end 2025 due to limited cash reserves and continued operating losses. The
Company strengthened its liquidity position through capital raises completed in January and April 2026 and through
planned reductions in inventory. These measures have materially improved the Company’s financial flexibility. The
Board monitors liquidity closely, including cash flow forecasts, working-capital requirements and the timing of
customer deliveries.
Planned reductions in inventory during 2026 are expected to release additional liquidity. Management’s updated
budget and forecast for the period May 2026 to April 2027 indicate that operating activities are expected to
generate a positive cash contribution, supported by inventory reductions and the expected receipt of the private
placement proceeds. Opening liquidity at the start of the assessment period is negative, but closing liquidity is
forecast at USD 4.4 million once the private placement proceeds are received.
The Company is actively working to secure temporary financing to cover short-term liquidity needs until the private
placement proceeds are received. The Board monitors liquidity closely, including cash flow forecasts, working
capital requirements, and the timing of customer deliveries.
Market risk reflects the fact that biometric access and payment card markets remain in an early stage of
development. Adoption rates may vary across regions and customer segments, and the timing of commercial
rollouts is influenced by regulatory requirements, certification dependencies, and customer procurement cycles.
Although the Company has achieved important product certifications and strengthened its commercial pipeline, the
pace of market adoption remains uncertain.
Financial risk primarily relates to currency exposure and the Company’s historical reliance on convertible debt. The
Company is exposed to fluctuations in NOK, USD, GBP and EUR through operating transactions and balance-sheet
items. The functional currency of the parent company was changed to NOK from 1 October 2025, while subsidiaries
operate in their local currencies, providing a natural hedge. The Company’s exposure to interest rate risk is limited,
as it holds no variable-rate debt and cash is placed in non-interest-bearing or low-interest accounts. The embedded
derivative in the convertible bond has historically contributed to volatility in financial items, although the bond was
repaid in early 2026.
IDEX Biometrics ASA
Annual Report 2025
20
Inventory risk increased during 2025, as inventory levels exceeded short-term demand. This creates a risk of
obsolescence, particularly in markets where product specifications evolve rapidly or where customer deployment
timelines shift. The Company has initiated measures to reduce inventory levels through committed customer
agreements and improved demand planning.
The Board considers these risks manageable within the Company’s current strategic and operational framework.
The Company has implemented measures to strengthen liquidity, reduce operating costs, improve commercial
execution, and align the organisation with market opportunities. The Board will continue to monitor risk
developments closely and ensure that appropriate mitigating actions are taken.
IDEX Shares
IDEX Biometrics ASA has a diversified shareholder base consisting of both Norwegian and international investors.
The shares are listed on Euronext Oslo Børs under the ticker IDEX and are registered in the Norwegian Central
Securities Depository (VPS). The shares are freely transferable, and the Company aims to maintain an open and
transparent dialogue with the capital market.
At 31 December 2025, the Company had approximately 7,200 shareholders. The extraordinary general meeting on 11
April 2025 approved a 100:1 reverse split, and the Company’s shares were transferred to a new ISIN on 11 June
2025. The share price development during the year reflected general market conditions, the timing of commercial
progress and the Company’s need for capital increases.
At 31 December 2025, IDEX Biometrics ASA had 62,600,677 issued shares. The shares each carry equal voting
rights and are fully paid. The Company’s share capital reflects the equity of issuances completed during the year to
strengthen liquidity and support ongoing operations.
Shareholder structure
The table below presents the 20 largest registered shareholders of IDEX Biometrics ASA as recorded in the
Norwegian Central Securities Depository (VPS) as of 31 December 2025. The overview reflects registered holdings
on the balance sheet date and is presented in accordance with the Norwegian Accounting Act § 2-2 (4).
Several of the shareholders listed are nominee accounts, which are custodial accounts held by financial institutions
on behalf of underlying investors. Nominee structures are common for international shareholders and represent
aggregated holdings where the beneficial owners are not individually registered in VPS. The Company may request
disclosure of beneficial owners pursuant to the Norwegian Securities Trading Act.
The shareholder structure at year-end reflects a mix of long-term strategic investors, institutional custodians, and
private shareholders.
IDEX Biometrics ASA
Annual Report 2025
21
Rank
Shareholder
Shares
Ownership in %
Account
1
Charles Street International Ltd
15,620,236
24.95
Ordinary
2
Anders Storbråten
10,458,883
16.71
Ordinary
3
Altea AS
6,025,927
9.63
Ordinary
4
Sundt AS
3,116,448
4.98
Ordinary
5
The Bank of New York Mellon (BNYM RE)
2,049,047
3.27
Nominee
6
Ragnvald Gabrielsen AS
1,375,167
2.20
Ordinary
7
Pinchcliffe AS
1,259,965
2.01
Ordinary
8
Sundvalls
983,861
1.57
Ordinary
9
Morten Opstad
849,988
1.36
Ordinary
10
Skorpion AS
816,007
1.30
Ordinary
11
Lars Espen Langnæs
762,500
1.22
Ordinary
12
Avanza Bank AB
737,459
1.18
Broker
13
The Bank of New York Mellon
694,409
1.11
Nominee
14
K
-
Konsult AS
680,342
1.09
Ordinary
15
Nordnet Livsforsikring AS
584,518
0.93
Ordinary
16
Bank Pictet & Cie (Europe) AG
579,300
0.93
Nominee
17
Christian Rust Tveten
544,153
0.87
Ordinary
18
MPH Capital Partners AS
543,000
0.87
Ordinary
19
Teppekonsulenten AS
526,303
0.84
Ordinary
20
Terje Reutz
488,030
0.78
Ordinary
Sum of top 20
48,695,543
77.79
Other
13,905,134
22.21
Total
62,600,677
100.00
Allocation of the result
The Board proposes that the net loss for the year be transferred to accumulated losses. No dividend will be
distributed for the financial year 2025.
IDEX Biometrics ASA
Annual Report 2025
22
Signature Page
Board of Directors and CEO
Oslo April 30, 2026
Board of Directors and CEO of IDEX Biometrics ASA
/s/ Morten Opstad
Morten Opstad
Chair
/s/ Annika Olsson
Annika Olsson
Board member
/s/ Adriana Saitta
Adriana Saitta
Board member
/s/
Anders Storbråten
Anders Storbråten
CEO
IDEX Biometrics ASA
Annual Report 2025
23
Executive Management
As of April 30, 2025
Anders Storbråten
CEO & CFO
Anders Storbråten (born 1974) joined IDEX Biometrics ASA as Chief Executive Officer in March
2025. Mr. Storbråten is a serial entrepreneur with more than 25 years of international technology
leadership experience, with a focus on restructuring and scaling technology companies. He has
also been an investment banker at the technology teams of JP Morgan and Goldman Sachs. Mr.
Storbråten holds a Master of Science in Industrial Economics and Technology Management from
the Norwegian University of Science and Technology (NTNU) and the Royal Institute of
Technology (KTH) in Stockholm.
Mr. Storbråten serves as Chair of the Board of Glassverket Bolig AS.
As of 31 December 2025, Mr. Storbråten holds 11,718,848 shares in IDEX Biometrics ASA directly and through companies fully or
partly under his control, and has no stock options. Mr. Storbråten is a Norwegian citizen.
Didrik Martens
CPO
Didrik Martens (born 1982) joined IDEX Biometrics ASA as Chief Product Officer in 2025. Mr.
Martens has founded and led several digital platform companies, drawing on a background that
combines social sciences expertise with technological acumen. Mr. Martens holds a Master of
Arts in Society, Science and Technology from the University of Oslo (UIO) and has completed the
Entrepreneurship Programme at the University of California, Berkeley and UIO.
As of 31 December 2025, Mr. Martens holds 250,000 shares in IDEX Biometrics ASA and has no stock options. Mr. Martens is a
Norwegian citizen.
Kjell-Arne Besseberg
COO
Kjell-Arne Besseberg (born 1974) joined IDEX Biometrics ASA as Chief Operating Officer in July
2025. Mr. Besseberg has extensive experience in programme management, organisational
development and business transformation. Prior to joining IDEX Biometrics ASA, he has held
management and consulting positions at Ernst & Young Advisory and PwC. Mr. Besseberg holds
a Master of Science in Industrial Economics and Technology Management from the Norwegian
University of Science and Technology (NTNU) and an Honours degree in Management from the
University of Queensland.
As of 31 December 2025, Mr. Besseberg holds 300,000 shares in IDEX Biometrics ASA and has no stock options. Mr. Besseberg is
a Norwegian citizen.
Thomas Ludvik Næss
CRO
Thomas Ludvik Næss (born 1972) joined IDEX Biometrics ASA as Chief Revenue Officer in
February 2026. Mr. Næss has more than 25 years of leadership experience in cybersecurity,
identity and enterprise technology. Prior to joining IDEX Biometrics ASA, he served as Managing
Director of Infinigate Norway, where he achieved a 25% compound annual growth rate in both
revenue and EBITDA. He has also held senior leadership roles at Trend Micro, Cisco and NTT
Com Security. Mr. Næss studied economics, finance and international marketing at BI Norwegian
Business School.
As of 31 December 2025, there are no shareholdings or stock options in IDEX Biometrics ASA to report, as Mr. Næss joined IDEX
Biometrics ASA in 2026. Mr. Næss is a Norwegian citizen.
IDEX Biometrics ASA
Annual Report 2025
24
Board of Directors
As of April 30, 2025
Morten Opstad
Chair of the Board
Morten Opstad (born 1953) has served as Chair of the Board of IDEX Biometrics ASA since 2024,
having previously served as Chair from 1997 to 2023 and as a Board Member in the intervening
period. Mr. Opstad is a partner in Ræder Bing Advokatfirma AS, where he specialises in legal
services for technology and innovation companies.
He holds a law degree (Cand.Jur.) from the University of Oslo.
Mr. Opstad serves as a deputy board member of Ensurge Micropower ASA.
As of 31 December 2025, Mr. Opstad holds 1,530,330 shares in IDEX Biometrics ASA and has no stock options. Mr. Opstad is a
Norwegian citizen and resides in Oslo. He has been elected for the period 2025–2027.
Annika Olsson
Board Member
Annika Olsson (born 1976) has served as a Board Member of IDEX Biometrics ASA since May
2021. Ms. Olsson has 25 years of experience in consumer financial services across the Nordic
region. She is currently Commercial Director at Nets. Prior to this, she served as Nordic Chief
Executive Officer of Ekspres Bank, a unit of BNP Paribas Personal Finance, where she held a
range of positions over ten years, including Deputy Chief Executive Officer and Nordic Sales
Director. Before joining Ekspres Bank, she held a senior sales position at Resurs Bank. Ms. Olsson
Roth holds a Bachelor of Science in Finance and Marketing from IHM Business School.
Ms. Olsson currently serves as a board member of Collecti AB. She has previously served on the boards of trade organisations for
consumer finance in Sweden and Denmark.
Ms. Olsson serves as an independent director. As of 31 December 2025, Ms. Olsson holds 154,235 shares in IDEX Biometrics ASA
and has no stock options. Ms. Olsson is a Swedish citizen and resides in Copenhagen, Denmark. She has been elected for the period
2025–2027.
Adriana Saitta
Board Member
Adriana Saitta (born 1970) has served as a Board Member of IDEX Biometrics ASA since May
2023. Ms. Saitta is currently Head of Payments at La Banque Postale, France. Prior to this, she
spent nearly two decades at the Intesa Sanpaolo Group in senior executive roles across France,
Italy and Eastern Europe, including as General Manager of Intesa Sanpaolo Paris and as founding
Chairman of Intesa Sanpaolo Card, an international payment company she established across ten
countries and led until its sale in 2016. Before joining Intesa Sanpaolo, she spent eight years at
McKinsey & Company. Ms. Saitta holds a bachelor's degree summa cum laude in Business
Administration from Università Commerciale Luigi Bocconi and an MBA from INSEAD.
Ms. Saitta currently serves as a board member of Covivio Hotels SCA and Transactis France, and as deputy chairperson of Cartes
Bancaires. She previously served as a board member of Beni Stabili and as a board member of Intesa Sanpaolo Bank Luxembourg.
Ms. Saitta serves as an independent director. As of 31 December 2025, Ms. Saitta holds no shares in IDEX Biometrics ASA and has
no stock options. Ms. Saitta is an Italian citizen and resides in France. She has been elected for the period 2025–2027.
IDEX Biometrics ASA
Annual Report 2025
25
Consolidated
Financial Statements
IDEX Biometrics ASA
Annual Report 2025
IDEX Biometrics ASA
Annual Report 2025
26
Consolidated Statements of Profit and Loss
Year Ended December 31,
Amounts in $1000, except per share amounts
Note
2025
2024
Revenue:
Product
Service
Total revenue
4
Operating expenses:
Cost of materials, net of inventory change
19
Compensation and benefits
5
Research and development
6, 7
Other operating expenses
8, 25
Amortization and depreciation
11, 12, 13
Total operating expenses
Loss from operations
(10,533 )
(21,903 )
Finance income
Gain (loss) on modification of
financial liabilities, net
17
(2,723 )
Finance cost
(912 )
(2,411 )
Loss before tax
(10,043 )
(14,569 )
Income tax (expense) benefit
9
Net loss for the year
(10,002 )
(14,449 )
Loss per share, basic and diluted
10
(0.26
(3.48
Consolidated Statements of Comprehensive Income
Year Ended December 31,
Amounts in $1000
Note
2025
2024
Net loss for the year
(10,002 )
(14,449 )
Other comprehensive income that may be reclassified to profit
(loss) in subsequent periods:
—
—
Foreign currency translation adjustment
(750 )
Total comprehensive income (loss) for the period (net of tax)
(10,752 )
(14,341 )
The accompanying notes are an integral part of these consolidated financial statements.
IDEX Biometrics ASA
Annual Report 2025
27
Consolidated Statements of Financial Position
December 31,
Amounts in $1000
Note
2025
2024
Assets
Non-current assets:
Intangible assets
11
Property, plant and equipment
Non-current receivables
Total non-current assets
Current assets:
Prepaid expenses
Inventory
19
Accounts receivable, trade
14
Accounts receivable, other
14
Cash and cash equivalents
20
Total current assets
Total assets
IDEX Biometrics ASA
Annual Report 2025
28
December 31,
Amounts in $1000
Note
2025
2024
Equity and liabilities
Share capital (NOK 1 62,600,677
and 2024, respectively)
22
Share premium
Share-based payment reserve
Foreign currency translation effects
(12,710 )
(11,960 )
Capital reduction reserves
Other equity (accumulated losses)
(344,478 )
Total equity
Non-current liabilities:
Non-current non-interest-bearing loans
17
Other non-current financial liabilities
17
Total non-current liabilities
Current liabilities:
Accounts Payable
16
Current lease liabilities
13, 16
Public duties payable
Interest-bearing loans
17
Other current financial liabilities
17
Other current liabilities
16
Total current liabilities
Total liabilities
Total equity and liabilities
The accompanying notes are an integral part of these consolidated financial statements.
April 30, 2026
The board of directors of IDEX Biometrics ASA
/s/ Morten Opstad
Morten Opstad
Chair
/s/ Annika Olsson
Annika Olsson
Board member
/s/ Adriana Saitta
Adriana Saitta
Board member
/s/ Anders Storbråten
Anders Storbråten
CEO
IDEX Biometrics ASA
Annual Report 2025
29
Consolidated Statements of Changes in Equity
Amounts in $1000
Share
capital
Share
premium
Share-
based
payment
Foreign
currency
translation
effects
Capital
reduction
reserve
Other equity
(Accumulated
loss)
Total
equity
Balance at December 31,
2023
(12,068 )
(330,030 )
Share capital reduction
(20,764 )
Share issuance
(774 )
Convertible bond
settlement in shares
Share-based
compensation
Net loss for the year
(14,449 )
(14,449 )
Other comprehensive
income
Balance at December 31,
2024
(11,960 )
(344,478 )
Share capital reduction
(12,080 )
(1,349 )
(25,038 )
(321,264 )
Share issuance
Share-based
compensation
(112 )
Net loss for the year
(10,002 )
(10,002 )
Other comprehensive
income
(750 )
(750 )
Balance at December 31,
2025
(12,710 )
The accompanying notes are an integral part of these consolidated financial statements.
IDEX Biometrics ASA
Annual Report 2025
30
Consolidated Statements of Cash Flow
Year Ended December 31,
Amounts in $1000
Note
2025
2024
Operating activities
Profit (loss) before tax
(10,043 )
(14,569 )
Amortization and depreciation expense
11, 12, 13
Share-based compensation expense
23
(470 )
Gain (loss) on modification of financial liabilities, net
17
(1,841 )
Value change convertible loan and warrants
(3,972 )
(6,837 )
(Increase) decrease in inventories
19
(133 )
(Increase) decrease in accounts receivable
14
(21 )
Increase (decrease) in accounts payable
16
Change in other working capital items
Interest paid
(254 )
Taxes paid (received)
(129 )
Net cash flows from operating activities
(8,578 )
(17,534 )
Investing activities
(Purchases) sale of property, plant, and equipment
12
(44 )
Payment of non-current receivables
Collection of non-current receivables
Interest received
Net cash flows from investing activities
(23 )
Financing Activities
Net proceeds from issuance of shares
22, 23
Repayments of borrowings
(2,657 )
Payment of principal portion of lease liabilities
(310 )
(596 )
Net cash flows from financing activities
Net change in cash and cash equivalents
(1,298 )
(9,339 )
Effect of foreign exchange on cash balances
(2 )
Opening cash and cash equivalents balance
Cash and cash equivalents at December 31
20
The accompanying notes are an integral part of these consolidated financial statements.
IDEX Biometrics ASA
Annual Report 2025
31
Notes to the Consolidated Statements
identification systems and other activities related to this. The Company's solutions are used primarily in contactless smart
cards, including financial payment cards, access control cards, and card-based devices for the storage of digital
The Group comprises IDEX Biometrics ASA and its wholly owned subsidiary, IDEX Biometrics UK Ltd ("IDEX UK"), which
provides engineering, supply-chain administration, and customer service to the parent company. All intellectual property,
customer and manufacturing partner agreements are held by the parent company.
The Group also operated through two wholly owned US subsidiaries, IDEX Biometrics Holding Company Inc. and IDEX
Biometrics America Inc. (together, "IDEX America"), until their dissolution in early 2026. Operational activities were
discontinued in the fourth quarter of 2025. Both entities remained part of the Group at 31 December 2025, and their
The consolidated financial statements have been prepared under the going concern assumption in accordance with
Section 2-2 åttende led, of the Norwegian Accounting Act. The financial statements also comply with the requirements of
the Norwegian Accounting Act Section 3-9 regarding the use of IFRS.
Material accounting policies are described below and have been applied consistently for all periods presented. The
statements of profit or loss are presented by nature of expense. The cash flow statement is prepared using the indirect
method.
There have been no changes to accounting policies applied in the 2025 financial statements compared to those applied in
2024.
The consolidated financial statements have been prepared on the basis of the going concern assumption. Management
has assessed the Group’s ability to maintain operations for at least 12 months from the expected approval of the 2025
financial statements, covering the period from until end of April 2027.
As of 31 December 2025, the Group held USD 0.7 million in cash. Two equity issues completed in January and April 2026
raised a total of USD 10 million. A planned reduction in inventory through sales is expected to release liquidity. The
Company will also repay the convertible loan in full during 2026.
Management has prepared an adjusted budget for 2026 and forecast for the assessment period. The forecast indicates
that operations are expected to generate a positive cash contribution, supported by planned inventory reductions through
sales and a strengthened liquidity position throughout the period.
The Group remains exposed to risks related to operating losses, dependence on a limited number of customers,
technology adoption cycles, and supply chain dependencies. Based on the capital raised during the first four months
in2026, the expected reduction in debt, sales based on forecast including current order backlog, management assesses
that these risks do not threaten the Group’s ability to meet its obligations during the assessment period.
Based on the liquidity position, expected cash flows, and available mitigating actions, the Board of Directors has
IDEX Biometrics ASA
Annual Report 2025
32
The consolidated financial statements comprise the financial statements of IDEX Biometrics ASA, IDEX Biometrics UK Ltd,
IDEX Biometrics Holding Company Inc., and IDEX Biometrics America Inc. All inter intercompany transactions, balances,
c. Equity
Equity comprises:
•
Share Premium: proceed from share issuances in excess of nominal value, net of directly attributable issuance
costs and transfers to the Capital Reduction Reserve.
•
Share-Based Payment Reserve: cumulative share-based payment expense recognised to date.
•
Foreign Currency Translation Effects: cumulative exchange differences arising on translation of subsidiaries with a
functional currency other than USD.
•
Capital Reduction Reserve: amount transferred from Share Premium to absorb accumulated losses, as resolved by
the Board (See Note 22).
•
Accumulated Loss: cumulative historical losses of the Company.
d. Cost of materials, net of inventory change
Cost of materials, net of inventory change, comprises costs of raw materials, components, contract manufacturing, and
transportation associated with the production and storage of products for sale, net of inventory change.
This category comprises costs of services and materials used in engineering activities and outsourced development.
Employee payroll costs related to research and development are classified as Compensation and benefits; contractor
costs in engineering roles are included in research and development expenses.
Research costs are expensed as incurred. Development costs are capitalised when: (1) technical feasibility has been
demonstrated; (2) costs can be measured reliably; (3) it is probable that the asset will generate future economic benefits;
and (4) the Company committed to completing the development. Otherwise, development costs are expensed as
incurred. Once available for use, capitalised development costs are amortised over their expected useful life. No
development costs were capitalised in 2025 or 2024.
expenses when the qualifying activities are complete and receipt is probable. The expected receivable is recognised
Convertible debt agreements are assessed for embedded derivatives. Where the conversion option is an embedded
derivative, the instrument is treated as a hybrid financial instrument. The embedded derivative is recognised separately
from the host contract and measured at fair value through profit and loss. The host contract is measured at amortised cost
using the effective interest method.
A substantial modification of a convertible instrument results in derecognition of the original instrument and recognition of
the amended instrument at fair value at the modification date, with any resulting gain or loss recognised in profit or loss.
The Black-Scholes option pricing was applied to estimate the fair value of the embedded derivative, requiring significant
judgement in the selection of inputs and assumptions. The embedded derivative is classified as Level 3 in the fair value
The preparation of financial statements requires management to make judgements, estimates, and assumptions that
affect reported amounts. Actual results may differ from these estimates, which are reviewed on an ongoing basis.
The principal areas requiring significant judgement, with the most material effect on recognised amounts, are intangible
assets and inventory. The key sources of estimation uncertainty are:
•
Intangible assets
•
Inventory
•
Accounts receivable, trade
•
Share-based compensation
•
Embedded derivative in convertible debt
IDEX Biometrics ASA
Annual Report 2025
33
Internally generated patents and intellectual property are capitalised only when the capitalisation criteria are met. No
development costs were capitalised in 2025 or 2024. Acquired intangible assets are initially recognised at fair value and
amortised over their useful economic lives. Where there is and indication of impairment, the carrying amount is compared
to the recoverable amount, being the higher of fair value less costs and value from continued use. Value from continued
use is estimated using discounted future cash flows, requiring judgement as to the timing and quantum of expected
Inventories comprise raw materials, work in process, and finished goods, measured at the lower of cost and net realisable
value. Most items are tracked by lot at actual average cost per unit; mass products are recorded at moving average cost;
individually significant items are tracked by serial number at actual cost. Impairment is assessed quarterly based on
management’s judgement of the likelihood of sale and assumptions regarding sales price and selling costs. The estimate
Trade accounts receivable comprises invoiced amounts owed by customers, net of prepayments received and allowances
for doubtful accounts. Regarding allowances for doubtful accounts, see section
Credit and Liquidity Risk
The fair value of incentive subscription rights (“SRs”) is estimated at grant date by using the BlackScholes option pricing
model and recognised as a cost over the vesting period. Inputs include share price, exercise price, volatility, interest rates,
The fair value of the embedded derivative is estimated using the Black-Scholes option pricing model. A significant
judgement is exercised in selecting inputs and assumptions at initial recognition and at each subsequent balance sheet
Revenue is recognised when control of goods or services is transferred to the customer, in an amount reflecting the
consideration the Company expects to receive. Taxes arising concurrently with revenue are excluded. Shipping charges
to customers are included in revenue; associated outbound freight costs incurred after control has transferred are
recognised as a reduction of revenue.
The Company’s products are biometric smart cards, each embedded with a proprietary biometric fingerprint sensor
incorporating embedded software. The hardware and software are interdependent and are treated as a single
performance obligation. The Company also supplies complete modules comprising a sensor, secure element, and antenna
for embedding in smart cards. Revenue from product sales is recognised at a point in time upon delivery.
IDEX may license its intellectual property under right-to-use licences, with royalties based on a percentage of the
licensee’s sales or unit volumes. No revenue from IP licensing was recognised in 2025 or 2024.
Service revenue, including non-recurring engineering (NRE) and advisory services, is recognised upon completion of the
defined service element and customer acceptance of any deliverable. Where services include substantive, results-based
milestones acknowledged by the customer, revenue may be recognised over time.
The Company does have no material obligations or reserves for warranties, returns, or customer refunds. There were no
No amendments to standards or interpretations of standards effective as of January 1, 2025, as adopted under IFRS as
adopted by the EU, were material to the Company’s financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements. IFRS 18
introduces new requirements for the presentation of the statement of profit or loss, including specified totals and
subtotals, and requires classification of income and expenses into the categories operating, investing, financing, income
taxes, and discontinued operations. The Group is assessing the impact of these changes on the presentation of the
financial statements and related notes.
IFRS 18 also enhances the guidance on aggregation and disaggregation of information in both the primary financial
statements and the notes. As part of the changes, IAS 7 Statement of Cash Flows requires the defined operating profit
subtotal as the starting point for the indirect method and specifies mandatory classification of cash inflows from interest
and dividends received in the investing category, and interest paid in the financing category. Consequently, the subtotals
Net cash provided by operating activities, Net cash used in investing activities and Net cash used in financing activities
will change.
IDEX Biometrics ASA
Annual Report 2025
34
Further, IFRS 18 introduces a definition of, and disclosure requirements for, management-defined performance measures
(MPMs), which partly overlap with alternative performance measures (APMs). MPMs must be disclosed, defined and
reconciled in a note to the financial statements.
The Group is currently assessing the impact of IFRS 18, in particular the implications for the structure of the income
statement and the statement of cash flows. The standard is effective for reporting periods beginning on or after
As of December 31, 2025, the financial impact of climate change on the Company remains is uncertain. The Company
monitors current and expected climate-related developments, as well as regulatory and industry measures, with a view to
The Company is exposed to financial risks arising from its operations and financing activities. Financial risk comprises
credit risk, liquidity risk, and market risk (including currency and interest rate risk). The Company’s risk management
policies are designed to ensure prudent and cost-effective management of these risks. The Company does not use
derivative instruments.
Parent company’s functional currency is Norwegian Kroner (“NOK”), from October 1, 2025 and subsidiaries have
functional currencies aligned with their local operations, including British Pounds (“GBP”). The Company is exposed to
currency risk through transactions and balances denominated in NOK, USD, GBP, and EUR. Currency exposure is
managed by maintaining operating balances in relevant currencies for short-term needs, with surplus liquidity held in
NOK. Each subsidiary’s assets and liabilities are primarily denominated in its functional currency, providing a natural
hedge.
Interest Rate Risk
The Company’s exposure to interest rate risk is limited. Cash is held in non-interest-bearing or low-interest bank
accounts, and the Company has no variable-rate debt. The outstanding convertible bond bears no coupon. Interest rate
Credit risk arises from trade receivables and cash deposits. Customers are subject to individual creditworthiness
assessments, and expected credit losses are recognised when required. Cash is held with reputable, regulated financial
Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they fall due. The Company
monitors liquidity on a rolling basis, taking into account expected cash flows from operations and financing activities. The
Company seeks to maintain sufficient cash resources to meet short-term commitments. The Company does not have
IDEX Biometrics ASA
Annual Report 2025
35
The Company operates as a single operating segment: fingerprint imaging and authentication technology. The Chief
Executive Officer, as the Company's chief operating decision maker, reviews financial information on an aggregated basis
to allocate resources and assess performance.
Geographic revenue is determined by the billing address of the customer.
Year ended December 31, | ||
Amounts in $1000 | 2025 | 2024 |
Product Revenue: | ||
Europe, Middle East, and Africa | 66 | 106 |
Americas | 56 | 248 |
Asia-Pacific | 108 | 347 |
Total Product Revenue: | 230 | 701 |
Service Revenue: | ||
Europe, Middle East, and Africa | — | — |
Americas | 24 | 72 |
Asia-Pacific | — | 69 |
Total Service Revenue: | 24 | 140 |
Total Revenue | 254 | 841 |
Revenue is concentrated among a limited number of customers. During 2025, the top three customers accounted for
Compensation and benefits expenses relate to direct employees of the Company. Contractor compensation is reported
within research and development or other operating expenses, as applicable.
Year ended December 31, | ||
Amounts in $1000 | 2025 | 2024 |
Salary, payroll tax, benefits, other | 3,122 | 8,464 |
Share-based compensation | (473) | 333 |
Total | 2,650 | 8,797 |
The negative share-based compensation in 2025 reflects reversals related to forfeitures of subscription rights in the first
half of 2025.
December 31, 2025 | December 31, 2024 | |||
Employees | Contractors | Employees | Contractors | |
Research and development | 11 | 3 | 16 | 4 |
Marketing and sales | 1 | 2 | 3 | 4 |
General and administrative | 3 | 1 | 5 | 1 |
Supply chain and distribution | 4 | 1 | 6 | — |
Total staff | 19 | 7 | 30 | 9 |
IDEX Biometrics ASA
Annual Report 2025
36
Most contractors operate in countries where the Company has no formal business presence.
provided to contractors.
The parent company and IDEX UK each contribute to fully insured, defines contribution pension plans. The Norwegian
plan satisfies mandatory occupational pension rules
(
obligatorisk tjenestepensjon
, OTP)
. IDEX UK contributes up to 6% of
an employee’s base salary to IDEX UK’s pension plan, provided the employee contributes an equal percentage through a
salary reduction arrangement.
In 2025, the Company operated one share-based compensation programs: Incentive subscription rights (SRs).
Share-
based compensation reflects the recognised costs of the SR programs. See Note 23 -
Share-based compensation
. The
Employee Share Purchase Plan (ESPP) was discontinued in 2024.
Please see also the 2025 Executive remuneration report, published separately.
In 2025, the Group’s key management personnel consisted of the Chief Executive Officer (CEO), Chief Financial Officer
(CFO), Chief Operating Officer (COO), and Chief Technology Officer (CTO). During the year, there were several changes
in key management positions. The former CEO’s engagement ended and a new CEO was appointed. The former CFO,
who was employed by the Group, resigned during the year, after which the CEO temporarily assumed the CFO role. In
addition, the COO and CTO roles were filled by new appointees during the year. Except for the CFO, all key management
personnel were engaged as contractors to the parent company. Compensation to key management personnel is
presented in the table below.
Year ended December 31, | ||
Amounts in $1000 | 2025 | 2024 |
Compensation and short-term benefits | 1,350 | 1,511 |
Medical and similar benefits, contributions to pension schemes | 19 | 17 |
Share-based compensation | — | 363 |
Total compensation of key management | 1,369 | 1,891 |
Compensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes for the
respective years. Pension cost and share-based remuneration are expensed amounts in the respective years. Gains on
exercise of incentive subscription rights, if any, are not included. Employers' tax is not included. The variable incentive
pay paid in one year relate to achievements in the previous year. No officers exercised incentive subscription rights in
2025 and 2024.
As of December 31, 2025, neither current nor former management held subscription rights under the subscription rights
incentive plans. See Note 26 Subsequent events related to February 2026 Grant.
Research and development activities are accounted for in accordance with the Company’s accounting policy for research
and development costs, as described in Note 2(e). No development costs met the criteria for capitalisation in 2025 or
2024.
Government grants supporting research and development activities are recognised as a credit against research and
development costs when there is reasonable assurance that the grant conditions will be met and the amount can be
reliably measured.
Year ended December 31, | ||
Amounts in $1000 | 2025 | 2024 |
Gross research and development expenses | 1,454 | 2,873 |
Government grants credited | (93) | (416) |
Net research and development expenses | 1,362 | 2,457 |
IDEX Biometrics ASA
Annual Report 2025
37
7. Government grants
The Norwegian Skattefunn programme supports research and development activities conducted by Norwegian
companies. Companies in financial distress at the time of project approval are not eligible for support. No amount was
recognised in 2025. Amounts recognised in 2024 was earned on activities conducted in 2024 on projects approved in
prior years.
The UK Research and Development Expenditure Credit (RDEC) programme provides a taxable credit for qualifying
research and development activities carried out in the United Kingdom. The amount recognised by IDEX Biometrics UK
Ltd in 2025 relates to R&D activities performed during the year, for which a claim will be submitted in 2026.
Year ended December 31, | ||
Amounts in $1000 | 2025 | 2024 |
Norway | — | 167 |
United Kingdom | 93 | 249 |
Total | 93 | 416 |
The recognised amounts represents IDEX Biometrics’ expected grant amount based on the costs incurred on approved
Ernst & Young AS (EY) is the auditor of the Company. The audit fees for the respective years are as follows:
Year ended December 31, | ||
Amounts in $1000 | 2025 | 2024 |
Audit services | 144 | 165 |
Audit-related services | 55 | 50 |
Tax services | 8 | 9 |
Other services | — | — |
Total | 207 | 224 |
Audit services
represents the fees for the audit that must be performed by EY in order to issue an opinion on the
Company’s consolidated financial statements and to issue reports on the Company’s statutory financial statements. The
definition also includes fees for certain other audit services, which are services only the designated independent auditor
reasonably can provide, such as the auditing of non-recurring transactions, the application of new accounting policies,
and read-through reviews of interim financial reports.
Audit-related services
represents fees for other assurance and related services provided by EY, which services are
reasonably related to the performance of the audit, but not necessarily need to be performed by the Company’s auditor,
such as capital injection confirmations.
Tax services
represent fees, approved by the Audit Committee, for technical tax services not related to the audit provided
The Company is subject to income taxes in the jurisdictions in which it operates. The Company’s provision for income
taxes (i.e., expense (benefit)) is based on income tax rates in the tax jurisdictions in which it operates, tax credits available
in these jurisdictions, and reconciliation of differences between financial reporting values and tax reporting values.
As of December 31, 2025, the Company has a tax loss carried forward balance in Norway of $299.5million, representing a
potential deferred tax asset, if recognised and calculated at the current corporate tax rate of 22.0%, of $66.0 million. The
Company also has a tax loss carried forward balance in the United Kingdom of $1.4 million, representing a potential
deferred tax asset, if recognised and calculated at the current corporate tax rate of 19.0%, of $0.3 million.
Because the Company has concluded there is not sufficiently convincing evidence the Company will generate sufficient
taxable profit, against which the unused tax losses could be applied, the Company has not recognised to date any
deferred tax assets in its statement of financial position, consistent with IFRS. A deferred tax asset will be recognised
when the Company determines it is more likely than not it will have sufficient future taxable profit to apply the tax loss
carried forward against future income taxes.
IDEX Biometrics ASA
Annual Report 2025
38
The major components of income tax provision for the years shown are:
Tax expense (benefit) for the year
Year ended December 31, |
||
Amounts in $1000 |
2025 |
2024 |
Taxes payable on the result of the year |
— |
12 |
Adjustment in respect to prior years |
— |
(132) |
Change in recorded deferred tax liability |
— |
— |
Income tax expense (benefit) |
— |
(120) |
Elements of deferred tax
Year ended December 31, |
||
Amounts in $1000 |
2025 |
2024 |
Employer's tax on share-based compensation |
— |
— |
Fixed Assets differences |
(314) |
(493) |
Inventory differences |
(1,294) |
(1,407) |
Accruals differences |
— |
(7) |
Research and development tax credits |
— |
(1,140) |
Losses carried forward |
(300,846) |
(263,624) |
Basis for calculation of deferred tax asset |
(302,454) |
(266,671) |
Calculated net deferred tax expense (benefit), local tax rates 5-22% |
(66,582) |
(59,297) |
Unrecognized deferred tax asset * |
66,582 |
59,297 |
Deferred tax liability (asset) in the balance sheet |
— |
— |
Reconciliation of tax expense (benefit)
Year ended December 31, |
||
Amounts in $1000 |
2025 |
2024 |
Loss before taxes |
(10,043) |
(14,569) |
Norway statutory tax rate of 22% |
(2,209) |
(3,205) |
Difference in subsidiary taxes, using local rates vs 22% |
2 |
160 |
Estimated tax on permanent differences |
(260) |
(2,752) |
Adjustment in respect of prior years |
— |
(132) |
Use of and change in tax loss carried forward |
1,104 |
5,809 |
Income tax expense (benefit) |
(1,364) |
(120) |
As of December 31, 2025, there was not sufficiently convincing evidence the Company will generate sufficient taxable
profit, against which the unused tax losses could be applied. Consequently, no deferred tax asset has been recognised.
There are no restrictions as to how long tax losses may be carried forward in Norway or the United Kingdom.
The various deferred tax assets that have not been recognised are denominated in their respective local currencies. As
such, the change in the year-end value in USD of these unrecognised deferred tax assets includes foreign currency
translation adjustments arising from changes in the exchange rates between USD and these local currencies from the
prior year-end.
IDEX Biometrics ASA
Annual Report 2025
39
A 100:1 share consolidation (reverse split) was completed at record date July 4, 2025. Per share calculations for all
periods presented are adjusted accordingly.
Loss per share is calculated by dividing the net loss for the period by the weighted average number of ordinary shares
outstanding during 2025. Loss per share is calculated per basic share, which excludes the anti-dilutive effect of
exercisable subscription rights.
Year ended December 31, | ||
Amounts in $1000 | 2025 | 2024 |
Net loss for the year | (10,002) | (14,449) |
Number of ordinary shares issued at December 31 | 62,600,677 | 8,315,770 |
Weighted average basic number of ordinary shares | 39,078,593 | 4,146,567 |
Loss per share for the year (basic and diluted*) | (0.26) | (3.48) |
* Potentially dilutive shares from outstanding subscription rights are excluded from the dilution calculation as their effect
10-17 years, corresponding to the lives of the respective patents. As of December 31, 2025, and December 31, 2024, the
Company had not identified any impairment.
Amortization period (straight-line, in years) | Year ended December 31, | |
Amounts in $1000 | 2025 | 2024 |
Amounts in $1000 | 10-17 | 10-17 |
Cost at the beginning of the year | 5,173 | 5,173 |
Additions | — | — |
Impact of currency translation | — | — |
Cost at the end of the year | 5,173 | 5,173 |
Accumulated Amortization at the beginning of the year | 4,603 | 4,162 |
Amortization | 95 | 441 |
Impact of currency translation | — | — |
Accumulated Amortization at the end of the year | 4,698 | 4,603 |
Carrying amount at the end of the year | 475 | 570 |
Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost includes
the purchase price and directly attributable costs necessary to bring the asset to the location and condition required for it
to operate as intended by management, such as freight, installation, duties and taxes. Training and commissioning costs
are expensed as incurred.
Subsequent expenditure is capitalised only when it is probable that future economic benefits associated with the item will
flow to the Group; all other expenditure is recognised in profit or loss as incurred. Gains and losses arising from disposals
are recognised in profit or loss.
IDEX Biometrics ASA
Annual Report 2025
40
Assets are depreciated on a straight-line basis over their estimated useful lives, which range from 3 to 10 years.
Depreciation methods, useful lives and residual values are reviewed at each reporting date.
Depreciation for the year amounted to $125 thousand. Disposals during the year were insignificant and had no material
impact on the carrying amount.
Property, plant, and equipment had a carrying amount of $42 thousand as of December 31, 2025 compared to $122
thousand as of December 31, 2024.
The Company’s leases relate to office and laboratory space. There is no exposure to variable lease payments not
reflected in the measurement of lease liabilities.
The parent company changed its office lease arrangement during 2025, transitioning from a long-term lease to a
temporary office solution. Due to the short-term nature of this arrangement, the Company applies the short-term lease
exemption under IFRS 16 and therefore does not recognise a right-of-use asset or lease liability. The assessment of
whether the arrangement continues to qualify as a short-term lease is reviewed quarterly.
The lease for the UK office reached the end of its contractual term in late 2025. A new lease agreement for the same
premises was signed in November 2025. However, due to uncertainty regarding the expected lease term and the short
initial commitment, the Group assesses the lease classification on a quarter-by-quarter basis. Until the lease term can be
reliably determined and the arrangement no longer qualifies as a short-term lease, the Group applies the short-term lease
exemption and does not recognise a right-of-use asset or lease liability. The assessment is updated at each reporting
date based on the most recent information available.
Following the termination of previous lease agreements and the absence of long-term lease commitments at year-end,
the Group had no recognised right-of-use assets or lease liabilities as of 31 December 2025. Lease expenses recognised
in profit or loss for 2025 relate to depreciation and interest recorded prior to the expiry of former leases, as well as
Trade accounts receivable comprises invoiced amounts due from customers, held at estimated realisable value Payment
terms are typically 30 to 60 days. A specific provision for possible loss is recognised based on periodic review of
customer accounts. The Company does not require collateral, although cash in advance has occasionally been required
In January 2025, an arbitration ruling at Oslo Chamber of Commerce awarded the Company $0.7 million from customer
Zwipe AS, plus late payment interest and compensation for legal costs. In March 2025, Oslo District Court declared
bankruptcy proceedings for Zwipe AS. The amount was not recovered, and the receivable was written off in 2024.
No general provision for doubtful accounts has been recognised. The expected credit loss at December 31, 2025 was
Accounts receivable, other, consist primarily of estimated research and development support, and value-added tax
refunds.
Balances and aging of accounts receivable at December 31, 2025, and December 31, 2024, were as follows:
Year ended December 31, 2025 | ||||
| Maturity | ||||
Amounts in $1000 | 0-3 months | 3-6 months | 6-12 months | Total |
Accounts receivable, trade | 39 | — | 12 | 51 |
Accounts receivable, other | 168 | — | 148 | 316 |
Total | 207 | — | 160 | 367 |
IDEX Biometrics ASA
Annual Report 2025
41
Year ended December 31, 2024 |
||||
| Maturity |
||||
Amounts in $1000 |
0-3 months |
3-6 months |
6-12 months |
Total |
Accounts receivable, trade |
— |
— |
30 |
30 |
Accounts receivable, other |
137 |
598 |
167 |
902 |
Total |
137 |
598 |
197 |
932 |
Non-current receivables |
Year ended December 31, |
|
Amounts in $1000 |
2025 |
2024 |
Non-current receivables |
57 |
57 |
Balance at December 31 |
57 |
57 |
Non-current receivables represent deposits held for leasehold payments, carried at nominal value.
Except for the convertible debt in Note 17, the Company’s payable and other financial liabilities as of December 31, 2025,
and December 31, 2024, were as follows:
Year ended December 31, 2025 |
|||||
| Maturity |
|||||
Less than 3 |
|||||
Amounts in $1000 |
months |
3-6 months |
6-12 months |
1-5 years |
Total |
Accounts payable |
1,158 |
— |
— |
— |
1,158 |
Current lease liabilities |
84 |
— |
— |
— |
84 |
Other current liabilities |
1,722 |
104 |
218 |
— |
2044 |
Total |
2,964 |
104 |
218 |
— |
3,286 |
Year ended December 31, 2024 |
|||||
| Maturity |
|||||
Less than 3 |
|||||
Amounts in $1000 |
months |
3-6 months |
6-12 months |
1-5 years |
Total |
Non-current lease liabilities |
— |
— |
— |
— |
— |
Accounts payable |
850 |
— |
— |
— |
850 |
Current lease liabilities |
396 |
— |
— |
— |
396 |
Other current liabilities |
891 |
113 |
941 |
— |
1,945 |
Total |
2,137 |
113 |
941 |
— |
3,191 |
IDEX Biometrics ASA
Annual Report 2025
42
Other current liabilities include accruals for earned compensation, unused annual leave, potential employer’s payroll tax
on share-based compensation, and goods and services received but not yet invoiced.
Estimated employer’s payroll tax liability related to share-based compensation amounted to $0 in 2025 and $0 in 2024. In
the event that subscription rights are exercised, this liability funds the employer’s payroll tax.
On October 2, 2025, the Company was notified of legal proceedings initiated by Alta Consulting Srl in connection with
termination of the former Chief Executive Officer. The claim concerns financial terms arising from the termination. A
provision of $400 thousand was recognised as of December 31, 2025, reflecting management’s best estimate of the
potential obligation.
Convertible bond details | Book value | ||
Amounts in $1000 | Instalment profile | 2025 | 2024 |
| Interest rate: 0% | Semi-annual from Jun. 28, 2026 to | ||
| Dec. 28, 2027 | |||
Host contract | 1,851 | 1,983 | |
Embedded derivative | 957 | 139 | |
Total | 2,808 | 2,123 | |
Convertible bond
In December 2023, the Company issued NOK 100 million ($9.9 million) of convertible bonds at 6.0% interest per annum,
denominated in NOK. Net proceeds after issue discount were NOK 92 million. The conversion option is accounted for as
an embedded derivative, recognised separately from the host contract as a financial liability at fair value through profit or
loss. The host contract is recognised at amortised cost. Fair value of the embedded derivative is estimated using option
pricing models requiring significant judgement and is classified as Level 3 in the fair value hierarchy. See Note 18 Fair
value measurement.
The bond was amended in November 2024, as described in the 2024 annual report. The coupon was reduced to 0% and
repayment restructured into four semi-annual instalments commencing June 28, 2026.
On March 10, 2025, the Company and Heights Capital Management entered into a commitment letter to further amend the
bond terms. The principal amount was reduced by 25%, with a further 25% reduction conditional on completion of an
equity raise by December 31, 2025. The conversion period was set to run from September 1, 2025 to final maturity on
December 28, 2027, with the conversion price reset to NOK 6.50 per share. Amortised payment advancement rights were
removed. The amendments were approved at an extraordinary general meeting on April 11, 2025 and the full agreement
was entered on May 16, 2025.
The amendment constituted a substantial modification of a financial liability under IFRS 9. The host contract and
embedded derivative were derecognised and the amended instruments recognised at fair value as of March 10, 2025,
resulting in a net loss on modification of $4.0 million, recognised in the first quarter of 2025.
Following the private placement completed on July 21, 2025, the outstanding principal was reduced by NOK 16.7 million
($1.7 million) to NOK 33.3 million ($3.3 million), effective August 14, 2025, in accordance with the amended loan
agreement. This constituted a partial extinguishment of financial liability under IFRS 9, resulting in a net gain of $1.3
million, recognised in the third quarter of 2025.
Host | Embedded | |||
contract | derivative | |||
Amounts in $1000 | (Level 3) | (Level 3) | Total | |
Gain (loss) on modification of | ||||
financial liabilities, net | 2025 | 1 346 | (4 069) | (2 723) |
Gain (loss) on modification of | ||||
financial liabilities, net | 2024 | 2 115 | (274) | 1 841 |
43
IDEX Biometrics ASA
Annual Report 2025
In the fourth quarter of 2025, the Company recognised a net financial loss of $0.3 million on changes in fair value of the
convertible bond and embedded derivative. As of December 31, 2025, the outstanding principal amount was NOK 33.3
million.
Further amendments to the conversion terms and the 2026 repayment arrangements are described in
Note 26 –
Subsequent events
Warrants
All outstanding warrants expired during 2025.
Warrants |
Recognized value on the balance sheet |
|||
Year ended December 31, |
||||
Amounts in $1000 |
Exercise price |
Expiry |
2025 |
2024 |
Warrants |
||||
Warrants May-Jun |
NOK 1.65 |
May 29, 2025 |
— |
1 |
Warrants A |
NOK 0.15 |
March 13, 2025 |
— |
326 |
Warrants B |
NOK 0.15 |
April 11, 2025 |
— |
326 |
| Total |
— |
652 |
||
Changes in fair value between periods were recognised as financial income or expense. See Note 22 Share capital, share
premium, and warrants.
The Company has no financial assets that are measured at fair value. The embedded conversion option in the convertible
debt and any outstanding warrants are financial liabilities measured at fair value. The carrying amounts of the financial
assets and liabilities recognised at amortised cost are considered to approximate their fair value.
Items measured at fair value are categorised within the following hierarchy, based on the lowest level of input significant
to the measurement:
Level 1:
Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2:
Valuation techniques for which the lowest level input significant to the fair value measurement is
directly or indirectly observable.
Level 3
Categorisation is re-assessed at the end of each reporting period.
In May 2024, the Company issued warrants with an exercise price of NOK 1.65 per share in connection with a private
placement. The warrants lapsed on June 4, 2025.
In September 2024, the Company issued two warrant series (A and B) at an exercise price of NOK 0.15 per share in
connection with a private placement. Both series were admitted to trading on Euronext Oslo Børs in December 2024 and
reclassified from Level 2 to Level 1 at that date. Warrant A was exercisable from February 28, 2024 to March 13, 2025;
Warrant B from March 31, 2025 to April 11, 2025. Both series expired largely unexercised, with 17,258 and 36,767 warrants
exercised respectively. All remaining warrants lapsed without compensation.
Embedded |
Warrants |
Warrants |
||
Amounts in $1000 |
derivative |
May |
A and B |
Total |
(Level 3) |
(Level 3) |
(Level 1) |
||
Balance Dec 31, 2024 |
139 |
1 |
651 |
791 |
Balance Dec 31, 2025 |
957 |
— |
— |
957 |
The host contract and embedded derivative were initially recognised at fair value (Level 3). Subsequent measurements of
44
Annual Report 2025
IDEX Biometrics ASA
Inventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of cost and
net realisable value, less impairment where applicable.
| Year ended December 31, |
||||||
| 2025 |
2024 |
|||||
Amounts in $1000 |
Cost |
Reserves |
Net |
Cost |
Reserves |
Net |
Raw materials |
2,743 |
(629) |
2,114 |
3,876 |
(634) |
3,242 |
Work in progress |
839 |
— |
839 |
36 |
— |
36 |
Finished goods |
3,395 |
(665) |
2,730 |
3,107 |
(836) |
2,271 |
Total |
6,976 |
(1,294) |
5,682 |
7,019 |
(1,470) |
5,548 |
On March 11, 2025, the Company announced a strategic shift to focus on the access market, while continuing to harvest
from its efforts in the payment market. As a result, parts of the inventory assessed as less likely to be sold, and an
obsolescence provision was recognised.
The quantity of certain components held as raw materials exceeds requirements under the updated business plan. Some
of the inventory may remain unused by the time it becomes obsolete due to ageing, shelf life, or technical obsolescence.
The impairment assessment is based on a three-year horizon derived from the business plan and estimated usage.
During 2025, the total obsolescence provision decreased from $1,470 thousand to $1,249 thousand, reflecting scrapping.
Work-in-progress increased from $36 thousand to $839 thousand, during 2025 to facilitate for received orders.
In 2024, the Company recognised a significant write-down of inventory, as disclosed in the 2024 annual report. At the
end of 2025, the Company’s financial outlook had improved, supported by a stronger order backlog, indicating that a
larger portion of the inventory is expected to be sold. The items themselves are not technically obsolete; the write-downs
relate primarily to expected utilisation under the business plan rather than physical or functional deterioration. Although
the inventory is one year older, the Company does not expect to sell all items within the coming year and therefore
Cash and cash equivalents by currency, valued in USD, were as follows:
Year ended December 31, |
||
Amounts in $1000 |
2025 |
2024 |
Denominated in USD |
198 |
1,337 |
Denominated in NOK |
518 |
590 |
Denominated in GBP |
— |
64 |
Denominated in CNY |
— |
20 |
Total |
715 |
2,010 |
Of the
amounts above, withheld payroll tax deposits amounted to $7 thousand and $47 thousand at the end of 2025
and 2024, respectively
. Deposits for facilities rent or utilities are reported as Non-current receivables and have not
In connection with laboratory and office leases, the Company holds security deposits of approximately three 3 months’
rent in escrow accounts for the benefit of landlords. These deposits amounted to $57 thousand at December 31, 2025
and $57 thousand at December 31, 2024, and are reported as non-current receivables. No other assets are pledged
There is one class of shares. All shares carry equal rights and are freely negotiable. The share capital is fully paid. The par
value of the shares was NOK 1 per share at 31 December 2025. IDEX holds no treasury shares.
45
Annual Report 2025
IDEX Biometrics ASA
The par value was reduced from NOK 0.15 to NOK 0.01 per share at the extraordinary general meeting (EGM) on 11 April
2025. The reduction, together with amounts previously transferred from Share Premium, was applied against other equity
(accumulated losses). No other transfer from Share Premium was made in 2025 or 2024. The Capital Reduction Reserve
is nil at 31 December 2025.
A 100:1 share consolidation (reverse split) on 4 July 2025 increased the par value from NOK 0.01 to NOK 1 per share. The
incentive subscription rights plan (See Note 23) includes adjustment clauses ensuring rights and exercise prices were
adjusted proportionally.
Costs related to share issuances were $644 in 2025 and $1,112 thousand in 2024. Costs related to share issuances were
In accordance with IAS 32, these transaction costs were recognised as a deduction from share premium
Shares | Warrants | |
Balance at December 31, 2023 | 1,397,010,650 | — |
Reverse split (5:1) on January 10 | 279,402,130 | |
Share issues (Employee Share Purchase Plan) | 358,525 | |
Share issue (exercise of incentive subscription rights) | 365,900 | |
Private placement of Shares on May 15 | 27,940,213 | 27,940,213 |
Private placement of Shares on June 19 | 5,393,120 | 5,393,120 |
Private placement of Shares on August 20 | 16,166,667 | — |
Convertible loan term payment settled | ||
| in shares on August 29 | 9,123,333 | — |
Private placement of Shares on September 16 | 101,624,966 | 101,624,966 |
Private placement of Shares on October 14 | 365,041,700 | 365,041,700 |
Private placement of Shares on December 2 | 26,160,420 | 26,160,420 |
Balance at December 31, 2024 | 831,576,974 | 526,160,419 |
Warrants A exercise and expiry on March 13 | 17,258 | (246,396,285) |
Warrants B exercise and expiry on April 11 | 36,767 | (246,430,801) |
Private placement on April 11 | 3,000,000,000 | |
Warrants May expiry on June 4 | (33,333,333) | |
Private placement on June 6 | 600,000,000 | |
Private placement on June 15 | 299,381,600 | |
Private placement on June 23 | 5,413,001 | |
Before share consolidation 100:1 on July 4 | 4,736,425,600 | — |
After share consolidation 100:1 on July 4 | 47,364,256 | — |
Private placement on July 21 | 4,731,594 | |
Private placement on Aug 14 | 4,359,315 | |
Private placement on Aug 14 | 454,542 | |
Private placement on December 4 | 5,690,970 | |
Balance at December 31, 2025 | 62,600,677 | — |
Capital transactions
The EGM on 11 April 2025 approved several share issuances, all at NOK 0.01 per share: 3,000,000,000 shares on
conversion of bridge loans of NOK 30 million (See Note 17); 600,000,000 shares in a repair issue on 6 June; and
299,381,600 shares issued in a private placement 15 June. On 23 June 2025, 5,412,932 shares were issued in settlement
of board remuneration and 69 shares to make the total divisible by 100 prior to the consolidation.
46
Annual Report 2025
IDEX Biometrics ASA
Following the consolidation, two private placements were completed. In July and August, 9,090,909 shares were issued
in two tranches at NOK 3.30 per share, raising NOK 30 million ($3.3 million). The placement reduced the convertible bond
principal by NOK 16.6 million ($1.7 million) in accordance with the amended bond terms (See Note 17). A further 454,542
shares were issued as an underwriting fee (See Note 24). In December, 5,690,970 shares were issued,
at NOK 3.00 per
share,
as the first tranche of a NOK 22 million private placement; the second tranche is a subsequent event (See Note 26).
Warrants
No warrants are outstanding as of 31 December 2025. Warrants A and B (exercise price NOK 0.15 per share) were issued
in connection with the September 2024 private placement. Warrants A were exercisable from 28 February to 13 March
2025;
17,258 were exercised and the remainder lapsed. Warrants B were exercisable from 31 March to 11 April 2025;
36,767 were exercised and the remainder lapsed.
The May Warrants (exercise price NOK 1.65 per share) lapsed on 4
June 2025.
Subscription rights plans
The number of subscription rights as of December 31, 2024 and on earlier dates, are the actual number of instruments
before the 100:1 share consolidation (reverse split) taking effect on record date 4 July 2025. The incentive subscription
rights plans include adjustment clauses so that the number of subscription rights and the exercise prices are adjusted by
the same ratio. The number of share subscription rights as of 4 July 2025 and later dates, are the actual number of
instruments after the 100:1 share consolidation.
IDEX renews its subscription rights plan at each Annual General Meeting, closing the preceding plan for further grants and
establishing a new one. On May 21, 2025, the Annual General Meeting adopted the 2025 Subscription Rights Incentive
Plan (the “2025 Plan”). The Board administers all subscription rights plans, approves grants , and sets the terms of each
grant.
Under the 2025 Plan, the Board may grant up to 4,731,594 subscription rights, subject to the total outstanding
subscription rights not exceeding 10 per cent of the number of registered shares at any time. Subscription rights may be
granted to employees and individuals rendering services to the Company. The exercise price is at least the higher of ten-
day average closing price and the closing price on the trading day preceding the date of the grant, as reported on Oslo
Børs; the Board may set a lower price in particular circumstances, but not below par value.
Unless resolved otherwise by the Board, 25% of each grant vests annually on the latest quarterly vesting date (15
January, 15 April, 15 July or 15 October) falling before the date of grant. Vesting is subject to the holder remaining
associated with IDEX and is not conditional upon market or operational performance. On a Change of Control, all
outstanding subscription rights accelerate and become fully vested unless the Board determines otherwise. The
subscription rights expire on the fifth anniversary of the Annual General Meeting at which the relevant plan was
established. Unvested rights terminate on the holder’s last day of association with the Company; vested rights may be
exercised within 90 days thereafter. There are no cash settlement alternatives for holders; the Company may elect to
settle in cash.
The fair value at grant date is expensed over the vesting period using the Black-Scholes model. An employer’s tax accrual
is recognised based on the intrinsic value at each balance sheet date, with the actual tax on exercise recognised net of
the accrual. No subscription rights were granted in 2025. The following assumptions were applied to grants made in 2024:
Year ending December 31, |
||
2025 |
2024 1 |
|
Exercise price (NOK) |
— |
0.15 - 1.80 |
Weighted average exercise price per share |
— |
1.17 |
Weighted average share price at date of grant |
— |
1.20 |
Expected term (years) 2 |
— |
2.77 |
Weighted average remaining term (years) |
— |
4.72 |
Share price volatility 3 |
— |
76% |
Risk-free interest rate |
— |
3.62% |
Expected dividend payment |
— |
— |
Expected forfeiture |
— |
None |
Fair value per subscription right |
— |
0.87 |
(1)
2024 numbers have not been adjusted for the 100:1 consolidation that took place effective July 4, 2025
47
Annual Report 2025
IDEX Biometrics ASA
(2)
The expected term has been set to midpoint between vesting date and expiry date. Due to
very small quantity exercised in the past, there is inadequate data for determining the
propensity to early exercise
(3)
Expected volatility is based on historical volatility over a period as long as the vesting period
per tranche
Subscription rights activity
2025 |
2024 |
|||
Weighted |
Weighted |
|||
Number of |
Average |
Number of |
Average |
|
| Subscription |
Exercise |
Subscription |
Exercise |
|
Rights |
Price (NOK) |
Rights |
Price (NOK) |
|
| Outstanding as of January 1 |
225,699 |
341 |
189,669 |
710 |
Granted |
— |
153,831 |
121 |
|
Exercised |
— |
(5,326) |
75 |
|
Terminated |
(164,963) |
905 |
(101,588) |
646 |
Expired |
(7,699) |
— |
(10,888) |
948 |
Outstanding as of December 31 |
53,036 |
345 |
225,699 |
341 |
Subscription rights exercisable |
||||
as of December 31 |
— |
54 513 |
781 |
|
Subscription rights exercised in the year
| 2025 |
2024 |
||||
Weighted |
Weighted |
W. average |
|||
Number of |
average |
W. average FMV |
Number of |
average |
FMV of |
| subscription |
exercise |
of share at |
subscription |
exercise |
share at |
rights |
exercise |
rights |
price |
exercise |
|
price |
|||||
— |
— |
— |
532,572 |
0.75 |
1.77 |
Furthermore, no subscription rights was granted or vested in 2025
Employee share purchase plan
IDEX identifies members of the Board of Directors and senior management, together with their closely associated persons
and entities, as related parties.
Transactions with significant shareholders
Anders Storbråten, CEO and CFO, holds approximately 18.7 per cent of the shares in IDEX personally and through
Pinchcliffe AS. In addition, Altea AS holds 9.63 per cent of the shares, in which Mr. Storbråten has a non
-
controlling
ownership interest. Robert Keith holds approximately 24,95 per cent though Charles Street International Ltd.
In July and August 2025, the Company completed a fully underwritten private placement of 9,090,909 shares at NOK
3.30 per share, raising gross proceeds of NOK 30 million. Altea AS and Pinchcliffe AS (companies closely associated with
Anders Storbråten, CEO and CFO) and Robert Keith (Charles Street International Ltd,) acted as underwriters alongside
Morten Opstad (K-Konsult AS). An underwriting fee of 5 per cent of each underwriter’s commitment was settled in
454,542 new shares in aggregate, allocated Anders Storbråten.
The underwriting shares were approved by the extraordinary general meeting held on August 14, 2025.
In December 2025, the Company completed a private placement of 7,333,333 new shares at NOK 3.00 per share, raising
gross proceeds of NOK 22 million. Anders Storbråten, personally and through Altea AS, subscribed for NOK 6.6 million
(2,200,000 shares) and Robert Keith subscribed for NOK 6.4 million (2,133,333 shares), both on the same terms as other
investors. Of Storbråten’s allocation, 1,642,363 shares relate to Tranche 2, which remained subject to approval by and
extraordinary general meeting at year end and is treated as a subsequent event (See
Note 26 Subsequent events
).
48
Annual Report 2025
IDEX Biometrics ASA
Transactions with members of the Board and senior management
On June 23, 2025, 5,412,932 shares (54,129 post-consolidation) were issued to members of the Board in partial
settlement of board remuneration totalling NOK 265 000.
In the December 2025 private placement described above, Morten Opstad subscribed for NOK 0.5 million (166,667
shares) and Kjell-Arne Besseberg, Chief Operating Officer, subscribed for NOK 0.15 million (50,000 shares), both on the
same terms as other investors.
The key management is contractors through Pinchcliffe AS and Solan & Ludvig AG (associated with CEO).
Mr. Storbråten was awarded a success fee of USD 360 thousand for successfully renegotiating the loan agreement with
Heights. The fee relates to services rendered prior to his appointment as Chief Executive Officer.
At 31 December 2025, the Company recognised short
-
term liabilities of USD 179 thousand payable to Anders Storbråten.
Board remuneration
Board compensation is paid in arrears after being approved by the shareholders, generally at the Annual General Meeting.
The following amounts were paid in 2025 and 2024:
Year ended December 31, 2025 | |||
Cash | Share-based | ||
| Compensation | Compensation | Total | |
Amounts in $1000 | |||
Morten Opstad, chair 1 | 60 | 60 | |
Annika Olsson | 42 | 42 | |
Adriana Saitta | 42 | 42 | |
Total | 144 | — | 144 |
(1)
Mr. Opstad was elected chair at the 2024 annual general meeting. He was board member 2023-2024,
and chair before then.
Year ended December 31, 2024 | |||
Cash | Share-based | Total | |
Compensation | Compensation | ||
Amounts in $1000 | |||
Morten Opstad, chair 1 | 40 | 40 | |
Lawrence John Ciaccia, former chair 2 | 52 | 52 | |
Annika Olsson | 40 | 40 | |
Adriana Saitta 3 | 45 | 45 | |
Deborah Davis, former board member 4 | 50 | 50 | |
Stephen Andrew Skaggs, former board member 5 | 48 | 48 | |
Total | 275 | — | 275 |
(1)
Mr. Opstad was elected chair at the 2024 annual general meeting. He was board member
2023-2024, and chair before then.
(2)
Mr. Ciaccia was board member before the 2023 annual general meeting, when he was
elected chair. He left the board at the 2024 annual general meeting.
(3)
Ms. Saitta was elected to the board at the 2023 annual general meeting.
(4)
Ms. Davis left the board at the 2024 annual general meeting.
(5)
Mr. Skaggs left the board at the 2024 annual general meeting.
Subscription rights awarded to persons who are members of the Board, in their capacity of service providers, under the
Company’s subscription rights plans have the following expiration dates and exercise prices. For further information
describing these plans, see Note 23—Share-based compensation.
49
Annual Report 2025
IDEX Biometrics ASA
Outstanding shares as of December 31 |
||||
Grant date |
Expiration Date |
Exercise price (NOK) |
2025 |
2024 |
June 17, 2020 |
May 15, 2025 |
855 |
— |
120,000 |
There were no grants of incentive subscription rights to any board member in 2025 or 2024.
Morten Opstad, Board, chair 1997-2023, board member 2023-2024 and chair since May 2024, is a partner at Ræder Bing
advokatfirma AS, the Company’s primary law firm, which provided services to the Company resulting in charges of $617
thousand in 2025 and $331 thousand in 2024.
Nomination Committee
The following fees has been paid to the nomination committee in 2025 and 2024 for the services up to the 2025 annual
general meeting and the 2024 annual general meeting, respectively. 2024: Chair Robert Keith $2.3
thousand
, members
Håvard Nilsson and Harald Voigt $1.4
thousand
each. 2023: Chair Robert Keith $2.4
thousand
, members Håvard Nilsson
and Harald Voigt $1.4
thousand
each.
Officers
Compensation to key management is disclosed in Note 5—
Compensation and benefits
Year ended December 31, |
||
Amounts in $1000 |
2025 |
2024 |
Sales and marketing activities |
1,022 |
2,831 |
Legal, audit, accounting and other services |
1,875 |
1,385 |
IT expenses |
611 |
730 |
Travel expenses |
35 |
26 |
Other operating expenses |
2,142 |
2,318 |
Total other operating expenses |
5,684 |
7,289 |
Sales and marketing expenses decreased by $1.8 million, reflecting the Company’s transition from a component to a
product supplier and the associated reduction in contractor activity. Legal, audit, and other accounting expenses
increased by $0.5 million, driven by legal proceedings in connection with Zwipe and the volume of capital-raising
transactions completed during 2025. Other operating expenses decreased by $0.2 million. Other operating expenses
Bond conversion
On 9 January 2026, a bondholder exercised their right to convert NOK 5.0 million of the convertible bond issued on 22
December 2023, resulting in the issuance of 768,923 new shares at a conversion price of NOK 6.50 per share. Following
the conversion, the outstanding principal was NOK 28.3 million.
Approval of a private placement’s second tranche
The second tranche of the private placement announced on 5 December 2025 was approved by the Company’s EGM on
20 January 2026, comprising 1,642,363 new shares at NOK 3.00 per share, which have since been paid in full.
Payment dispute
In January 2026, the Company received a payment reminder from Ræder Bing
.
The Company disputes the invoiced
amounts, asserting that certain services were rendered without a valid underlying agreement and that some services were
not ordered. The counterparty maintains that the invoices are valid. The matter remains unresolved. The full amount has
been recognised in the Company’s 2025 financial statements, ref note 24.
50
Annual Report 2025
IDEX Biometrics ASA
Subscription rights grant
On 25 February 2026, the Board of Directors resolved to issue 4,650,000 incentive subscription rights to six employees
and individual contractors under the Company’s 2025 incentive subscription rights plan, as approved at the Annual
General Meeting on 21 May 2025. The exercise price is NOK 5.75 per share for 90% of the granted shares and NOK 1.00
per share for the remaining 10%.
Private placement
On 5 March, 2026, the Company announced a NOK 90 million private placement and exclusive technology partnership
with ID Centric, a leading provider of biometric identity solutions in the Asia-Pacific region.
On 28 April, 2026, the Company and ID Centric have mutually agreed to not proceed with the previously announced
potential private placement of NOK 90 million. Accordingly, the contemplated Private Placement replaces the previously
announced private placement directed at ID Centric, allowing for a wider scope of investors, enabling the Company to
secure additional funding and to capitalize on the current market momentum. While the investment by ID Centric will not
be completed as expected, the parties will immediately enter into continued good faith negotiations to finalise a definitive
agreement on a commercial partnership regarding purchase of sensors. The Company's volume expectations under the
partnership with ID Centric remains unchanged. Michael Gardiner was elected to the board of directors of IDEX (the
"Board") in conjunction with the potential private placement towards ID Centric. Following the mutual understanding
between IDEX and ID Centric, Michael Gardiner has notified his resignation from the Board with immediate effect.
On 28 April, 2026 after market closed, IDEX successfully completed a private placement of 9,696,969 shares at NOK 8.25
per share, compared to the day’s closing price of NOK 11 per share. The private placement is divided into two tranches.
Tranche 1 comprises up to 6,401,196 new shares. Tranche 2 will comprise the number of shares which, together with
Tranche 1, is required to raise the allocated gross proceeds. The shares issued in both tranches will be used to settle the
manager’s redelivery obligation under a share lending agreement. The private placement is being carried out based on
authorisations granted by the extraordinary general meetings held on 20 January 2026 and 27 March 2026.
The board will also propose a subsequent rights offering (repair issue) of up to approximately NOK 20 million on the same
terms as in the private placement.
The Subsequent Offer may be subject to necessary resolutions by the general
meeting. If carried out, the size and structure of the Subsequent Offering shall be in line with market practice. Any
Subsequent Offering will be directed towards existing shareholders in the Company as of 28 April 2026
Convertible bond redemption
The Company has reached an agreement with the convertible bond holders to fully and finally settle the outstanding
Convertible Loan through a payment of NOK 22 million together with related legal expenses
Disclosure of settlement with former employee
On 2 October 2025, the Company was notified of legal proceedings by a former employee concerning termination terms
(see Note 16). Following further investigations and dialogue between Alta Consulting/Ms. Eklöf and the Company, the
parties reached an amicable settlement. As the underlying conditions existed at the balance sheet date, the settlement
constitutes an adjusting event under IAS 10.
As of 13 March 2026, the settlement resulted in total payments of EUR 280 thousand and NOK 500 thousand in legal
costs. These amounts are consistent with the provision recognised at 31 December 2025, and no adjustment to the
provision has been made.
Other disclosures
There have been no other events after 31 December 2025 that have had a material impact on the Company’s financial
IDEX Biometrics ASA
Annual Report 2025
51
Parent Company
Financial Statements
IDEX Biometrics ASA
Annual Report 2025
IDEX Biometrics ASA
Annual Report 2025
52
Statement of Profit and Loss for the Parent
Year Ended December 31,
Amounts in $1000, except per share amounts
Note
2025
2024
Revenue:
Product
230
700
Service
26
93
Total revenue
4
256
793
Operating expenses:
Cost of materials, net of inventory change
19
615
1,684
Compensation and benefits
5
213
1,087
Research and development
6
3,429
12,067
Other operating expenses
8, 25
6,347
8,684
Amortization and depreciation
11, 12, 13
118
1,751
Total operating expenses
10,722
25,274
Loss from operations
(10,466)
(24,481)
Finance income
7,402
9,611
Finance cost
(838)
(8,106)
Loss before tax
(3,902)
(22,976)
Income tax expense (benefit)
9
—
—
Net loss for the year
(3,902)
(22,976)
Loss per share, basic and diluted
10
(0.26)
(0.03)
Statement of Other Comprehensive Income for the Parent
Year Ended December 31,
2025
2024
Net loss for the year
(3,902)
(22,976)
Other comprehensive income that may be reclassified to profit
(loss) in subsequent periods:
—
—
Total comprehensive income (loss) for the period (net of tax)
(3,902)
(22,976)
The accompanying notes are an integral part of these financial statements.
IDEX Biometrics ASA
Annual Report 2025
53
Statement of Financial Position for the Parent
Year Ended December 31,
Amounts in $1000
Note
2025
2024
Assets
Non-current assets:
Intangible assets
11
474
569
Property, plant and equipment
12
5
14
Right-of-use assets
13
—
15
Shares in subsidiaries
1, 27
8
452
Non-current receivables
15
3
7
Total non-current assets
491
1,058
Current assets:
Prepaid expenses
207
660
Inventory
19
5,682
5,548
Accounts receivable, other
14
140
274
Accounts receivable, trade
14
51
30
Receivables from group companies
14
3,390
2,403
Cash and cash equivalents
20
724
1,921
Total current assets
10,195
10,837
Total assets
10,686
11,894
IDEX Biometrics ASA
Annual Report 2025
54
Year Ended December 31,
Amounts in $1000
Note
2025
2024
Equity and liabilities
Share capital (NOK 1 par value per share, 62,600,677 and
8,315,770 shares issued and outstanding at December 31,
2025 and 2024, respectively)
22
6,211
12,942
Share premium
2,649
1,735
Share-based payment reserve
60
25,210
Foreign currency translation effects
(244)
0
Capital reduction reserves
—
321,264
Other equity (accumulated losses)
(4,656)
(360,485)
Total equity
4,020
666
Non-current liabilities:
Non-current non-interest-bearing loans
17
764
1,983
Other non-current financial liabilities
17
957
139
Total non-current liabilities
1,721
2,123
Current liabilities:
Accounts Payable
16
1,143
754
Payables to group companies
16
700
6,468
Current lease liabilities
13, 16
—
4
Public duties payable
21
87
Non-Interest-bearing loans
17
1,087
—
Other current financial liabilities
17
—
652
Other current liabilities
16
1,995
1,140
Total current liabilities
4,945
9,105
Total liabilities
6,666
11,228
Total equity and liabilities
10,686
11,894
The accompanying notes are an integral part of these financial statements.
April 30, 2026
The board of directors of IDEX Biometrics ASA
/s/ Morten Opstad
Morten Opstad
Chair
/s/ Annika Olsson
Annika Olsson
Board member
/s/ Adriana Saitta
Adriana Saitta
Board member
/s/ Anders Storbråten
Anders Storbråten
CEO
IDEX Biometrics ASA
Annual Report 2025
55
Statements of Changes in Equity for the Parent
Amounts in $1000
Share
capital
Share
premium
Share-
based
payment
Foreign
currency
translation
effects
Capital
reduction
reserve
Other equity
(Accumulated
loss)
Total
equity
Balance at
December 31,
2023
25,955
2,118
24,858
—
300,500
(337,510)
15,922
(20,764)
—
—
—
20,764
—
—
Share issuance
7,616
(774)
—
—
—
—
6,842
Convertible bond
settlement in
shares
130
391
—
—
—
—
521
Share-based
compensation
5
—
351
—
—
—
356
Net loss for the
year
—
—
—
—
—
(22,976)
(22,976)
Balance at
December 31,
2024
12,942
1,735
25,210
—
321,264
(360,485)
666
Share capital
reduction
(12,080)
(1,349)
(25,038)
—
(321,264)
359,731
—
Share issuance
5,049
2 263
—
—
—
—
7,312
Convertible bond
settlement in
shares
—
—
—
—
—
—
—
Share-based
compensation
300
—
(112)
—
—
—
188
Net loss for the
year
—
—
—
—
—
(3,902)
(3,902)
Other
comprehensive
income
—
—
—
(244)
—
—
(244)
Balance at
December 31,
2025
6,211
2,649
60
(244)
—
(4,656)
4,020
The accompanying notes are an integral part of these financial statements.
IDEX Biometrics ASA
Annual Report 2025
56
Statement of Cash Flows for the Parent
Year Ended December 31,
Amounts in $1000
Note
2025
2024
Operating activities
Profit (loss) before tax
(3,902)
(22,976)
Amortization and depreciation expense
11, 12, 13
118
1,751
Share-based compensation expense
(470)
351
Gain (loss) on modification of financial liabilities, net
2,723
(1,841)
Value change convertible loan and warrants
(3,972)
(6,837)
(Increase) decrease in inventories
(133)
836
(Increase) decrease in accounts receivable
(21)
1,038
Increase (decrease) in accounts payable
389
34
Change in other working capital items
1,636
1,261
Other operating activities
(6,271)
8,934
Interest paid
—
(254)
Other financial items
1,034
238
Net cash flow from operating activities
(8,870)
(17,464)
Investing activities
(Purchases) sale of property, plant and equipment
11, 12, 13
2
(30)
(Payment) collection of non-current receivables
4
—
Repayments on loans to subsidiaries
—
—
Interest received
19
102
Net cash flows from investing activities
25
72
Financing activities
Net proceeds from issue of shares
22, 23
7,612
11,176
Proceeds from borrowings
17
—
—
Repayments of borrowings
—
(2,657)
Payment of principal portion of lease liabilities
37
(25)
Change in non-current payables
—
—
Net cash flow from financing activities
7,649
8,495
Net change in cash and cash equivalents
(1,197)
(8,897)
Opening cash and cash equivalents balance
1,921
10,818
Cash and cash equivalents at December 31
20
724
1,921
The accompanying notes are an integral part of these financial statements.
IDEX Biometrics ASA
Annual Report 2025
57
Notes to the Parent Company’s Financial Statements
1. Company Information
IDEX Biometrics ASA and its wholly owned subsidiary (collectively, "IDEX Biometrics" or the "Company") deliver
identification systems and other activities related to this. The Company's solutions are used primarily in contactless smart
cards, including financial payment cards, access control cards, and card-based devices for the storage of digital
currencies.
IDEX Biometrics ASA, the parent company, was incorporated in Norway in 1996. The registered office is at Henrik Ibsens
gate 90, 0255 Oslo, Norway. The Company's shares are listed on Euronext Oslo Børs under the ticker symbol IDEX.
IDEX Biometrics ASA has one active wholly owned subsidiary, IDEX Biometrics UK Ltd (“IDEX UK”). The subsidiary
provides engineering services, supply-chain administration, and customer support to the parent company. All intellectual
property, customer agreements, and manufacturing partner agreements are held by the parent company.
The Company also held two wholly owned subsidiaries in the United States, IDEX Biometrics Holding Company Inc. and
IDEX Biometrics America Inc. (“IDEX America”). Operational activities in these entities were discontinued in the fourth
quarter of 2025. Both subsidiaries remained legally in existence as of 31 December 2025, and the parent company’s
investments in these entities are recognised in the Company’s financial statements in accordance with the cost method.
The subsidiaries were formally dissolved in early 2026.
2. Basis of Preparation
IDEX Biometrics ASA financial statements are prepared on a historical cost basis in accordance with IFRS Accounting
Standards as adopted by the EU and the requirements in the Norwegian Accounting Act and presented in US dollars ($)
rounded to the nearest thousand unless otherwise stated. Figures may not sum exactly due to rounding.
The financial statements have been prepared under the going concern assumption in accordance with Section 2-2
åttende led, of the Norwegian Accounting Act. The financial statements also comply with the requirements of the
Norwegian Accounting Act Section 3-9 regarding the use of IFRS.
ASA including its subsidiaries are published separately.
3. Material Accounting Policies
Material accounting policies are described below and have been applied consistently for all periods presented. The
statements of profit or loss are presented by nature of expense. The cash flow statement is prepared using the indirect
method.
There have been no changes to accounting policies applied in the 2025 financial statements compared to those applied in
2024.
The Consolidated Financial Statements for 2025 were approved by the Board on April 30, 2026.
a. Going Concern
The consolidated financial statements have been prepared on the basis of the going concern assumption. Management
has assessed the Group’s ability to maintain operations for at least 12 months from the expected approval of the 2025
financial statements, covering the period from until end of April 2027.
As of 31 December 2025, the Group held USD 0.7 million in cash. Two equity issues completed in January and April 2026
raised a total of USD 10 million. A planned reduction in inventory through sales is expected to release liquidity. The
Company will also repay the convertible loan in full during 2026.
Management has prepared an adjusted budget for 2026 and forecast for the assessment period. The forecast indicates
that operations are expected to generate a positive cash contribution, supported by planned inventory reductions through
sales and a strengthened liquidity position throughout the period.
The Group remains exposed to risks related to operating losses, dependence on a limited number of customers,
technology adoption cycles, and supply chain dependencies. Based on the capital raised during the first four months in
2026, the expected reduction in debt, sales based on forecast including current order backlog, management assesses
that these risks do not threaten the Group’s ability to meet its obligations during the assessment period.
IDEX Biometrics ASA
Annual Report 2025
58
Based on the liquidity position, expected cash flows, and available mitigating actions, the Board of Directors has
concluded that the going concern assumption is appropriate and that no material uncertainty exists under IAS 1.
b. Subsidiaries
Investments in subsidiaries are accounted for at cost. Where there is an indication of impairment, the carrying amount is
compared to the recoverable amount, being the higher of fair value less costs and value from continued use. No
impairment indicators were identified as of December 31, 2025.
c. Equity
Equity comprises:
•
Share Capital: the nominal amount of shares issued by the parent company.
•
Share Premium: proceed from share issuances in excess of nominal value, net of directly attributable issuance
costs and transfers to the Capital Reduction Reserve.
•
Share-Based Payment Reserve: cumulative share-based payment expense recognised to date.
•
Foreign Currency Translation Effects: cumulative exchange differences arising on translation of subsidiaries with a
functional currency other than USD.
•
Capital Reduction Reserve: amount transferred from Share Premium to absorb accumulated losses, as resolved by
the Board (See Note 22).
•
Accumulated Loss: cumulative historical losses of the Company.
d. Cost of materials, net of inventory change
Cost of materials, net of inventory change, comprises costs of raw materials, components, contract manufacturing, and
transportation associated with the production and storage of products for sale, net of inventory change.
e. Research and development expenses
This category comprises costs of services and materials used in engineering activities and outsourced development.
Employee payroll costs related to research and development are classified as Compensation and benefits; contractor
costs in engineering roles are included in research and development expenses.
Research costs are expensed as incurred. Development costs are capitalised when: (1) technical feasibility has been
demonstrated; (2) costs can be measured reliably; (3) it is probable that the asset will generate future economic benefits;
and (4) the Company committed to completing the development. Otherwise, development costs are expensed as
incurred. Once available for use, capitalised development costs are amortised over their expected useful life. No
development costs were capitalised in 2025 or 2024.
Government grants for qualified research and development activities are credited against research and development
expenses when the qualifying activities are complete and receipt is probable. The expected receivable is recognised
withing account receivable, other.
f. Convertible debt
Convertible debt agreements are assessed for embedded derivatives. Where the conversion option is an embedded
derivative, the instrument is treated as a hybrid financial instrument. The embedded derivative is recognised separately
from the host contract and measured at fair value through profit and loss. The host contract is measured at amortised cost
using the effective interest method.
A substantial modification of a convertible instrument results in derecognition of the original instrument and recognition of
the amended instrument at fair value at the modification date, with any resulting gain or loss recognised in profit or loss.
The Black-Scholes option pricing was applied to estimate the fair value of the embedded derivative, requiring significant
judgement in the selection of inputs and assumptions. The embedded derivative is classified as Level 3 in the fair value
hierarchy (See Note 18 Fair Value Measurement).
g. Accounting estimates
The preparation of financial statements requires management to make judgements, estimates, and assumptions that
affect reported amounts. Actual results may differ from these estimates, which are reviewed on an ongoing basis.
The principal areas requiring significant judgement, with the most material effect on recognised amounts, are intangible
assets and inventory. The key sources of estimation uncertainty are:
•
Intangible assets
•
Inventory
•
Accounts receivable, trade
IDEX Biometrics ASA
Annual Report 2025
59
•
Share-based compensation
•
Embedded derivative in convertible debt
Intangible assets
Internally generated patents and intellectual property are capitalised only when the capitalisation criteria are met. No
development costs were capitalised in 2025 or 2024. Acquired intangible assets are initially recognised at fair value and
amortised over their useful economic lives. Where there is and indication of impairment, the carrying amount is compared
to the recoverable amount, being the higher of fair value less costs and value from continued use. Value from continued
use is estimated using discounted future cash flows, requiring judgement as to the timing and quantum of expected
economic benefits. No impairment indicators were identified as of December 31, 2025.
Inventory
Inventories comprise raw materials, work in process, and finished goods, measured at the lower of cost and net realisable
value. Most items are tracked by lot at actual average cost per unit; mass products are recorded at moving average cost;
individually significant items are tracked by serial number at actual cost. Impairment is assessed quarterly based on
management’s judgement of the likelihood of sale and assumptions regarding sales price and selling costs. The estimate
is inherently uncertain, given the risks around sales timing and pricing.
Accounts receivable, trade
Trade accounts receivable comprises invoiced amounts owed by customers, net of prepayments received and
allowances for doubtful accounts. Regarding allowances for doubtful accounts, see section
Credit and Liquidity Risk
below.
Share-based compensation
The fair value of incentive subscription rights (“SRs”) is estimated at grant date by using the BlackScholes option pricing
model and recognised as a cost over the vesting period. Inputs include share price, exercise price, volatility, interest rates,
and expected term. The associated employer tax accrual varies with share price.
Embedded derivative in convertible debt
The fair value of the embedded derivative is estimated using the Black-Scholes option pricing model. A significant
judgement is exercised in selecting inputs and assumptions at initial recognition and at each subsequent balance sheet
date, giving rise to an inherent risk of estimation error (See Note 18 Fair Value Measurement).
h. Revenue recognition
Revenue is recognised when control of goods or services is transferred to the customer, in an amount reflecting the
consideration the Company expects to receive. Taxes arising concurrently with revenue are excluded. Shipping charges
to customers are included in revenue; associated outbound freight costs incurred after control has transferred are
recognised as a reduction of revenue.
The Company’s products are biometric smart cards, each embedded with a proprietary biometric fingerprint sensor
incorporating embedded software. The hardware and software are interdependent and are treated as a single
performance obligation. The Company also supplies complete modules comprising a sensor, secure element, and antenna
for embedding in smart cards. Revenue from product sales is recognised at a point in time upon delivery.
IDEX may license its intellectual property under right-to-use licences, with royalties based on a percentage of the
licensee’s sales or unit volumes. No revenue from IP licensing was recognised in 2025 or 2024.
Service revenue, including non-recurring engineering (NRE) and advisory services, is recognised upon completion of the
defined service element and customer acceptance of any deliverable. Where services include substantive, results-based
milestones acknowledged by the customer, revenue may be recognised over time.
The Company does have no material obligations or reserves for warranties, returns, or customer refunds. There were no
contract asset or contract liability balances as of December 31, 2025, or 2024.
i. Accounting Standards
No amendments to standards or interpretations of standards effective as of January 1, 2025, as adopted under IFRS as
adopted by the EU, were material to the Company’s financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements. IFRS 18
introduces new requirements for the presentation of the statement of profit or loss, including specified totals and
subtotals, and requires classification of income and expenses into the categories operating, investing, financing, income
taxes, and discontinued operations. The Group is assessing the impact of these changes on the presentation of the
financial statements and related notes.
IFRS 18 also enhances the guidance on aggregation and disaggregation of information in both the primary financial
statements and the notes. As part of the changes, IAS 7 Statement of Cash Flows requires the defined operating profit
subtotal as the starting point for the indirect method and specifies mandatory classification of cash inflows from interest
IDEX Biometrics ASA
Annual Report 2025
60
and dividends received in the investing category, and interest paid in the financing category. Consequently, the subtotals
Net cash provided by operating activities, Net cash used in investing activities and Net cash used in financing activities
will change.
Further, IFRS 18 introduces a definition of, and disclosure requirements for, management-defined performance measures
(MPMs), which partly overlap with alternative performance measures (APMs). MPMs must be disclosed, defined and
reconciled in a note to the financial statements.
The Group is currently assessing the impact of IFRS 18, in particular the implications for the structure of the income
statement and the statement of cash flows. The standard is effective for reporting periods beginning on or after 1 January
2027 and will be applied retrospectively. The Group does not intend to adopt the standard early.
Climate Change
As of December 31, 2025, the financial impact of climate change on the Company remains is uncertain. The Company
monitors current and expected climate-related developments, as well as regulatory and industry measures, with a view to
minimising any adverse impact and identifying favourable opportunities.
Financial Risks
The Company is exposed to financial risks arising from its operations and financing activities. Financial risk comprises
credit risk, liquidity risk, and market risk (including currency and interest rate risk). The Company’s risk management
policies are designed to ensure prudent and cost-effective management of these risks. The Company does not use
derivative instruments.
Currency Risk
Parent company’s functional currency is Norwegian Kroner (“NOK”), from October 1, 2025 and subsidiaries have
functional currencies aligned with their local operations, including British Pounds (“GBP”). The Company is exposed to
currency risk through transactions and balances denominated in NOK, USD, GBP, and EUR. Currency exposure is
managed by maintaining operating balances in relevant currencies for short-term needs, with surplus liquidity held in
NOK.
The Company holds investments in subsidiaries with functional currencies aligned with their local operations. These
investments are recognised at cost in the parent company’s financial statements, and fluctuations in the subsidiaries’
functional currencies do not affect the parent company’s profit or loss.
Interest Rate Risk
The Company’s exposure to interest rate risk is limited. Cash is held in non-interest-bearing or low-interest bank
accounts, and the Company has no variable-rate debt. The outstanding convertible bond bears no coupon. Interest rate
changes are therefore not expected to have a material effect on the Company’s financial position.
Credit Risk
Credit risk arises from trade receivables and cash deposits. Customers are subject to individual creditworthiness
assessments, and expected credit losses are recognised when required. Cash is held with reputable, regulated financial
institutions. The Company has not experienced losses on cash deposits.
Liquidity Risk
Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they fall due. The Company
monitors liquidity on a rolling basis, taking into account expected cash flows from operations and financing activities. The
Company seeks to maintain sufficient cash resources to meet short-term commitments. The Company does not have
committed credit facilities. The Company has outstanding convertible debt, which forms part of its liquidity exposure.
IDEX Biometrics ASA
Annual Report 2025
61
4. Segment reporting
The Company operates as a single operating segment: fingerprint imaging and authentication technology. The Chief
Executive Officer, as the Company's chief operating decision maker, reviews financial information on an aggregated basis
to allocate resources and assess performance.
Geographic revenue is determined by the billing address of the customer.
Year ended December 31,
Amounts in $1000
2025
2024
Product Revenue:
Europe, Middle East, and Africa
66
106
Americas
56
247
Asia-Pacific
108
347
Total Product Revenue:
230
700
Service Revenue:
Europe, Middle East, and Africa
—
—
Americas
24
24
Asia-Pacific
—
69
Total Service Revenue:
24
93
Total Revenue
254
793
Revenue is concentrated among a limited number of customers. During 2025, the top three customers accounted for
approximately 38%, 31% and 24% of revenue; in 2024, 26%, 25% and 20% respectively.
5. Compensation and benefits
Compensation and benefits expenses consist of costs for direct employees and board members of the Company.
Compensation of individual contractors is reported as Research and development expenses or Other operating expenses,
as applicable, based on the roles assigned to the individuals.
Year ended December 31,
Amounts in $1000
2025
2024
Salaries
545
560
Social security taxes
65
72
Pension contribution
19
24
Other personnel expenses
75
98
Share-based compensation
(473)
351
Net employer's tax on share-based compensation
—
(18)
Total
231
1,087
Average no. of employees (full-time equivalents)
In the parent company
2
2
In the group
22
45
The negative share-based compensation in 2025 related to forfeitures of subscription rights
IDEX Biometrics ASA
Annual Report 2025
62
At the end of 2025, IDEX Biometrics ASA had 1 female and 1 male employee (end of 2024: 1 female and 2 male). Salary
statistics by gender have not been prepared.
Most contractors operate in countries where the Company has no formal business presence.
The Company provides health and other benefits to employees in line with local market practice; no such benefits are
provided to contractors.
The Company contributes to a fully insured, defined contribution pension plan that satisfies the requirements of the
Norwegian Mandatory Occupational Pension Act (obligatorisk tjenestepensjon, OTP).
In 2025, the Company operated one share-based compensation program: incentive subscription rights (SRs).
Share-based compensation expense reflects the recognised cost of this program. See Note 23 – Share-based
compensation. The Employee Share Purchase Plan (ESPP) was discontinued in 2024.
Compensation of Key Management
Please see also the 2025 Executive remuneration report, published separately.
In 2025, the parents’ company’s key management personnel consisted of the Chief Executive Officer (CEO), Chief
Financial Officer (CFO), Chief Operating Officer (COO), and Chief Technology Officer (CTO). During the year, there were
several changes in key management positions. The former CEO stepped down and was replaced by a new CEO, and the
CFO position was also replaced, with the CEO temporarily assuming the responsibilities of the CFO following the
departure of the former CFO. In addition, both the COO and CTO roles were filled by new appointees during the year. All
key management personnel are engaged as contractors to the parent company. Compensation to key management
personnel is presented in the table below.
Compensation paid to the Board is presented in Note 24 Related party transactions.
2025
Amounts in $1000
Salary
Incentive
variable
pay
Pension
contri-
bution
Other
benefits
Share-
based
remune-
ration
Total
Anders Storbråten,
CEO and CFO
1
521
360
—
—
—
881
Kjell-Arne Besseberg, COO
2
111
—
—
—
—
111
Didrik Martens, CPO
3
105
—
—
—
—
105
Catharina Eklof, CEO
4
101
—
—
—
—
101
Kristian Flaten, CFO
5
149
—
9
3
—
161
Anthony Eaton, CTO
6
10
—
—
—
—
10
Total
997
360
9
3
—
1,369
(1)
Mr. Storbråten was appointed CEO as of March 11, 2025 and as a CFO as of June 30, 2025. Mr. Storbråten is an individual
contractor on assignment for IDEX through Solan & Ludvig AG. Mr. Storbråten received a fee of USD 360 thousand for
negotiating improved terms for the convertible loan with Heights prior to assuming the CEO position.
(2)
Mr. Besseberg was appointed COO as of April 1, 2025. Mr. Besseberg is an individual contractor on assignment for IDEX
through Pinchcliffe AS.
(3)
Mr. Martens was appointed CPO as of March 11, 2025. Mr. Martens is an individual contractor on assignment for IDEX
through Pinchcliffe AS.
(4)
Ms. Eklof served as CEO from as of 19 August 2024 to March 11, 2025.
Ms. Eklof is an individual contractor on assignment
for IDEX. Prior to becoming CEO as of 19 August 2024, she was Chief commercial officer since July 1, 2021. The salary and
incentive amounts reported are the gross invoiced amounts which cover also employer's taxes and other employment
benefits. The 2021 incentive was a sign-on fee. The bonus paid in 2024 was two last installments of the 2022 incentive and
a sign-on fee for the CEO position.
(5)
Mr. Flaten served as CFO from November 2024 to June 2025.
(6)
Mr. Eaton left IDEX on January 31, 2025.
IDEX Biometrics ASA
Annual Report 2025
63
2024
Amounts in $1000
Salary
Incentive
variable
pay
Pension
contri-
bution
Other
benefits
Share-
based
remune-
ration (1)
Total
Catharina Eklof, CEO
2
458
109
—
—
125
692
Vince Graziani, former CEO
3
261
62
—
1
128
452
Kristian Flaten, CFO
4
28
—
2
—
—
30
John Kurtzweil, former CFO
5
336
—
—
—
1
337
Anthony Eaton, CTO
234
21
14
2
109
380
Total
1,317
192
16
3
363
1,891
(1)
The amount is the amortised cost in the year under IFRS 2 Share-based payments, for incentive subscription rights. The
amount for ESPP is the option value at date of enrolment earned in 2024. Both amounts represent an upfront calculation
and do not necessarily represent any gain from the plans. Any gain on subscription rights is reported separately in the year
of exercise.
(2)
Ms. Eklof is an individual contractor on assignment for IDEX. Prior to becoming CEO as of 19 August 2024, she was Chief
commercial officer. The salary and incentive amounts reported are the gross invoiced amounts which cover also
employer's taxes and other employment benefits. The incentives paid in 2024 were two last instalments of the 2022
incentive and a sign on fee for the CEO position.
(3)
Mr. Graziani left the position of CEO as of August 19, 2024. Until June 30, 2025, Mr. Graziani is a contracted adviser for a
fixed fee of $3,500 per month.
(4)
Mr. Flaten was appointed CFO as of November 1, 2024
(5)
Mr. Kurtzweil was an individual contractor in the CFO position until October 31, 2024. The salary and incentive amounts
reported are the gross invoiced amounts which cover also employer's taxes and other employment benefits.
Salary, bonus and other benefits, whether cash or in kind, are the amounts declared for tax purposes for the full year
2025. Pension cost and share-based remuneration are expensed amounts in the year. Gains on exercise of incentive
subscription rights, if any, are reported separately. Employers' tax is not included. The bonuses paid in 2024, if any, relate
to achievements in 2022.
No officers exercised incentive subscription rights in 2024.
6. Research and development expenses
Research and development activities are accounted for in accordance with the Company’s accounting policy
for research and development costs, as described in Note 2(e). No development costs met the criteria for
capitalisation in 2025 or 2024.
Government grants supporting research and development activities are recognised as a credit against research and
development costs when there is reasonable assurance that the grant conditions will be met and the amount can be
reliably measured.
Year ended December 31,
Amounts in $1000
2025
2024
Gross research and development expenses
3,429
12,234
Government grants credited to cost
—
(167)
Net research and development expenses
3,429
12,067
IDEX Biometrics ASA
Annual Report 2025
64
7. Government grants
The Norwegian Skattefunn programme supports research and development activities conducted by Norwegian
companies. Companies in financial distress at the time of project approval are not eligible for support. No amount was
recognised in 2025. Amounts recognised in 2024 was earned on activities conducted in 2024 on projects approved in
prior years.
Year ended December 31,
Amounts in $1000
2025
2024
SkatteFunn (recognized as cost reduction of R&D expenses
—
167
Total
—
167
The recognised amounts represents IDEX Biometrics’ expected grant amount based on the costs incurred on approved
project applications.
8. Audit and audit fees
Ernst & Young AS (EY) is the auditor of the parent company. The audit fees for the respective years are as follows:
Year ended December 31,
Amounts in $1000
2025
2024
Audit services
124
130
Audit-related services
55
50
Tax services
8
9
Other services
—
—
Total
187
189
Audit services
represents the fees for the audit that must be performed by EY in order to issue an opinion on the
Company’s consolidated financial statements and to issue reports on the Company’s statutory financial statements. The
definition also includes fees for certain other audit services, which are services only the designated independent auditor
reasonably can provide, such as the auditing of non-recurring transactions, the application of new accounting policies,
and read-through reviews of interim financial reports.
Audit-related services
represents fees for other assurance and related services provided by EY, which services are
reasonably related to the performance of the audit, but not necessarily need to be performed by the Company’s auditor,
such as capital injection confirmations.
Tax services
represent fees, approved by the Audit Committee, for technical tax services not related to the audit provided
by EY.
9. Income tax
The Company is subject to income taxes in the jurisdictions in which it operates. The Company’s provision for income
taxes (i.e., expense (benefit)) is based on income tax rates in the tax jurisdictions in which it operates, tax credits available
in these jurisdictions, and reconciliation of differences between financial reporting values and tax reporting values.
As of December 31, 2025, the Company has a tax loss carried forward balance in Norway of $299.5 million, representing a
potential deferred tax asset, if recognised and calculated at the current corporate tax rate of 22.0%, of $66.0 million.
Because the Company has concluded there is not sufficiently convincing evidence the Company will generate sufficient
taxable profit, against which the unused tax losses could be applied, the Company has not recognised to date any
deferred tax assets in its statement of financial position, consistent with IFRS. A deferred tax asset will be recognised
when the Company determines it is more likely than not it will have sufficient future taxable profit to apply the tax loss
carried forward against future income taxes.
The major components of income tax provision for the years shown are:
IDEX Biometrics ASA
Annual Report 2025
65
Computation of payable taxes for the year
Year ended December 31,
Amounts in $1000
2025
2024
Profit (loss) before taxes
(3,902)
(22 976)
Permanent differences
(1,074)
(4 100)
Changes in temporary differences
(415)
2 349
Basis for payable taxes
(5,390)
(24 727)
Calculated payable taxes on current year’s loss. 22 % tax, representing
payable taxes on current year’s loss in Norway
—
—
Payable taxes on current year’s result
(5,390)
(24 727)
Elements of deferred tax
Year ended December 31,
Amounts in $1000
2025
2024
Employer’s tax on share‐based compensation
Fixed Assets differences
(314)
(493)
Inventory differences
(1,294)
(1,470)
Other differences
—
(7)
Losses carried forward
(299,458)
(261,072)
Basis for calculation of deferred taxes
(301,067)
(263,043)
Calculated net deferred tax expense (benefit) 22%
66,235
57,870
Unrecognized deferred tax asset
(66,235)
(57,870)
Deferred tax liability (asset) in the balance sheet
—
—
Reconciliation of tax expense (benefit)
Year ended December 31,
Amounts in $1000
2025
2024
Profit (loss) before taxes
(3,902)
(22,976)
Norway statutory tax rate of 22%
(858)
(5,055)
Tax on permanent differences
(236)
(902)
Change in deferred tax asset not recognized on December 31
1,095
5,957
Payable taxes on current year’s result
—
—
As of December 31, 2025, there was not sufficiently convincing evidence the Company will generate sufficient taxable
profit, against which the unused tax losses could be applied. Consequently, no deferred tax asset has been recognised.
There are no restrictions as to how long tax losses may be carried forward in Norway.
The various deferred tax assets that have not been recognised are denominated in NOK. As such, the change in the year-
end value in USD of these unrecognised deferred tax assets includes foreign currency translation adjustments arising
from changes in the exchange rates between USD and currencies from the prior year-end.
There are no deferred tax charges included in other comprehensive income in 2025 or 2024.
IDEX Biometrics ASA
Annual Report 2025
66
10. Loss per share
A 100:1 share consolidation (reverse split) was completed at record date July 4, 2025. Per share calculations for all
periods presented are adjusted accordingly.
Loss per share is calculated by dividing the net loss for the period by the weighted average number of ordinary shares
outstanding during 2025. Loss per share is calculated per basic share, which excludes the anti-dilutive effect of
exercisable subscription rights.
Year ended December 31,
Amounts in $1000
2025
2024
Net loss for the year
(3,902)
(22,976)
Number of ordinary shares issued at December 31
62,600,677
8,315,770
Weighted average basic number of ordinary shares
39,078,593
4,146,567
Dilution effect (treasury stock method)
—
7,200
Weighted average diluted number of shares
39,078,593
4,153,767
Loss per share for the year (basic and diluted*)
(0.10)
(5.53)
* Potentially dilutive shares from outstanding subscription rights are excluded from the dilution calculation as their effect
would be anti-dilutive given the Company’s net losses for the periods presented.
11. Intangible assets
Other intangible assets consist of primarily patents, amortised on a straight-line basis over their estimated useful lives of
10-17 years, corresponding to the lives of the respective patents. As of December 31, 2025, and December 31, 2024, the
Company had not identified any impairment.
Amortization period (straight-line, in years)
Year ended December 31,
Amounts in $1000
2025
2024
10-17
10-17
Cost at the beginning of the year
5,173
5,173
Additions
—
—
Impact of currency translation
(41)
—
Cost at the end of the year
5,132
5,173
Accumulated Amortization at the beginning of the year
4,603
4,162
Amortization
54
441
Impact of currency translation
—
—
Accumulated Amortization at the end of the year
4,657
4,603
Carrying amount at the end of the year
474
569
IDEX Biometrics ASA
Annual Report 2025
67
12. Property, plant, and equipment
Property, plant, and equipment is carried at cost less accumulated depreciation and impairment. Cost comprises the
purchase price and directly attributable costs of brining the assets to its intended use, including freight, installation, duties,
and taxes. Training and commissioning costs are expensed as incurred.
Subsequent expenditure is capitalised only where it is probable that future economic benefits will flow to the Group; all
other costs are expensed as incurred. Gains and losses on disposal are recognised in profit or loss.
Assets are depreciated on a straight-line basis over their estimated useful lives. Depreciation methods and useful lives are
reviewed annually.
Depreciation for the year amounted to $95 thousand. Disposals during the year were insignificant and had no material
impact on the carrying amount.
Property, plant, and equipment had a carrying amount of $5 thousand as of December 31, 2025 compaired to $303
thousand as of December 31, 2024.
There were no assets under construction at December 31, 2025 or December 31, 2024.
13. Leases
The Company’s leases relate to office and laboratory space. There is no exposure to variable lease payments not
reflected in the measurement of lease liabilities.
Idex Biometrics ASA changed its office lease arrangement during 2025, transitioning from a long-term lease to a
temporary office solution. Due to the short-term nature of this arrangement, the Company applies the short-term lease
exemption under IFRS 16 and therefore does not recognise a right-of-use asset or lease liability. The assessment of
whether the arrangement continues to qualify as a short-term lease is reviewed quarterly.
Following the termination of previous lease agreements and the absence of long-term lease commitments at year-end,
Idex Biometrics ASA had no recognised right-of-use assets or lease liabilities as of 31 December 2025. Lease expenses
recognised in profit or loss for 2025 relate to depreciation and interest recorded prior to the expiry of former leases, as
well as expenses for short-term leases.
14. Accounts receivables
Trade accounts receivable comprises invoiced amounts due from customers, held at estimated realisable value Payment
terms are typically 30 to 60 days. A specific provision for possible loss is recognised based on periodic review of
customer accounts. The Company does not require collateral, although cash in advance has occasionally been required
for orders exceeding a customer’s established credit limit; such amounts have not been material.
In January 2025, an arbitration ruling at Oslo Chamber of Commerce awarded the Company $0.7 million from customer
Zwipe AS, plus late payment interest and compensation for legal costs. In March 2025, Oslo District Court declared
bankruptcy proceedings for Zwipe AS. The amount was not recovered, and the receivable was written off in 2024.
No general provision for doubtful accounts has been recognised. The expected credit loss at December 31, 2025 was
$856 thousand, compared to $849 thousand at December 31, 2024.
Accounts receivable, other, consist primarily of estimated research and development support, and value-added tax
refunds.
Balances and aging of accounts receivable at December 31, 2025, and December 31, 2024, were as follows:
Year ended December 31, 2025
Maturity
Amounts in $1000
Less than 3
months
3-6 months
6-12 months
Total
Accounts receivable, other
140
—
—
140
Accounts receivable, trade
51
—
—
51
Receivables from group companies
3,390
—
—
3,390
Total
3,581
—
—
3,581
IDEX Biometrics ASA
Annual Report 2025
68
Year ended December 31, 2024
Maturity
Amounts in $1000
Less than 3
months
3-6 months
6-12 months
Total
Accounts receivable, other
107
—
167
274
Accounts receivable, trade
—
—
30
30
Receivables from group companies
2,403
—
—
2,403
Total
2,510
—
197
2,707
15. Other current and non-current financial assets
Non-current receivables
Year ended December 31,
Amounts in $1000
2025
2024
Long-term loans to group companies
—
—
Non-current receivables
3
7
Balance at December 31
3
7
Non-current receivables represent deposits held for leasehold payments, carried at nominal value.
The Company had no contingent assets at December 31, 2025 or December 31, 2024.
16. Accounts payable and other financial liabilities
Except for the convertible debt in Note 17, the Company’s payable and other financial liabilities as of December 31, 2025,
and December 31, 2024, were as follows:
Year ended December 31, 2025
Maturity
Amounts in $1000
Less than
3 months
3-6 months
6-12
months
Total
Accounts payable
1,143
—
—
1,143
Other current liabilities
1,673
104
218
1,995
Total
2,816
104
218
3,138
Year ended December 31, 2024
Maturity
Amounts in $1000
Less than
3 months
3-6 months
6-12
months
Total
Accounts payable
754
—
—
754
Current lease liabilities
4
—
—
4
Other current liabilities
795
113
884
1,792
Total
1,553
113
884
2,550
IDEX Biometrics ASA
Annual Report 2025
69
Other current liabilities include accruals for earned compensation, unused annual leave, potential employer’s payroll tax
on share-based compensation, and goods and services received but not yet invoiced.
Estimated employer’s payroll tax liability related to share-based compensation amounted to $0 in 2025 and $0 in 2024. In
the event that subscription rights are exercised, this liability funds the employer’s payroll tax.
Interest expense, including effective interest on the convertible debt and interest on lease liabilities, was $980 thousand in
2025 and $1,788 thousand in 2024.
On October 2, 2025, the Company was notified of legal proceedings initiated by Alta Consulting Srl in connection with
termination of the former Chief Executive Officer. The claim concerns financial terms arising from the termination. A
provision of $400 thousand was recognised as of December 31, 2025, reflecting management’s best estimate of the
potential obligation.
Except for the convertible debt in Note 17, IDEX Biometrics ASA had no other significant monetary obligations or
contingent liabilities at December 31, 2025 or December 31, 2024.
17. Financial instruments
Convertible bond details
Book value
Amounts in $1000
Instalment profile
2025
2024
Interest rate: 0%
Semi-annual from Jun. 28, 2026 to
Dec. 28, 2027
Host contract
1,851
1,983
Embedded derivative
957
139
Total
2,808
2,123
Convertible bond
In December 2023,
IDEX Biometrics ASA issued NOK 100 million ($9.9 million) of convertible bonds at 6.0% interest per
annum, denominated in NOK. Net proceeds after issue discount were NOK 92 million. The conversion option is accounted
for as an embedded derivative, recognised separately from the host contract as a financial liability at fair value through
profit or loss. The host contract is recognised at amortised cost. Fair value of the embedded derivative is estimated using
option pricing models requiring significant judgement and is classified as Level 3 in the fair value hierarchy. See Note 18
Fair value measurement.
The bond was amended in November 2024, as described in the 2024 annual report. The coupon was reduced to 0% and
repayment restructured into four semi-annual instalments commencing June 28, 2026.
On March 10, 2025, IDEX Biometrics ASA and Heights Capital Management entered into a commitment letter to further
amend the bond terms. The principal amount was reduced by 25%, with a further 25% reduction conditional on
completion of an equity raise by December 31, 2025. The conversion period was set to run from September 1, 2025 to
final maturity on December 28, 2027, with the conversion price reset to NOK 6.50 per share. Amortised payment
advancement rights were removed. The amendments were approved at an extraordinary general meeting on April 11,
2025 and the full agreement was entered on May 16, 2025.
The amendment constituted a substantial modification of a financial liability under IFRS 9. The host contract and
embedded derivative were derecognised and the amended instruments recognised at fair value as of March 10, 2025,
resulting in a net loss on modification of $4.0 million, recognised in the first quarter of 2025.
Following the private placement completed on July 21, 2025, the outstanding principal was reduced by NOK 16.7 million
($1.7 million) to NOK 33.3 million ($3.3 million), effective August 14, 2025, in accordance with the amended loan
agreement. This constituted a partial extinguishment of financial liability under IFRS 9, resulting in a net gain of $1.3
million, recognised in the third quarter of 2025.
Amounts in $1000
Host
contract
(Level 3)
Embedded
derivative
(Level 3)
Total
(Gains)/Losses recognized from amended terms
2025
4,546
(1,346)
3,200
(Gains)/Losses recognized from amended terms
2024
(2,115)
274
(1,841)
IDEX Biometrics ASA
Annual Report 2025
70
In the fourth quarter of 2025, the Company recognised a net financial loss of $0.3 million on changes in fair value of the
convertible bond and embedded derivative. As of December 31, 2025, the outstanding principal amount was NOK 33.3
million.
Further amendments to the conversion terms and the 2026 repayment arrangements are described in
Note 26 –
Subsequent events
.
Warrants
All outstanding warrants expired during 2025.
Warrants
Recognized value on the balance
sheet
Year ended December
31,
Amounts in $1000
Exercise
price
Expiry
2025
2024
Warrants
Warrants May-
Jun
NOK 1.65
May 29, 2025
—
1
Warrants A
NOK 0.15
March 13, 2025
—
326
Warrants B
NOK 0.15
April 11, 2025
—
326
Total
—
652
Changes in fair value between periods were recognised as financial income or expense. See Note 22 Share capital, share
premium, and warrants.
18. Fair value measurement
The Company has no financial assets that are measured at fair value. The embedded conversion option in the convertible
debt and any outstanding warrants are financial liabilities measured at fair value. The carrying amounts of the financial
assets and liabilities recognised at amortised cost are considered to approximate their fair value.
Items measured at fair value are categorised within the following hierarchy, based on the lowest level of input significant
to the measurement:
Level 1:
Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2:
Valuation techniques for which the lowest level input significant to the fair value measurement is
directly or indirectly observable.
Level 3
: Valuation techniques for which the inputs are not based on observable market data.
Categorisation is re-assessed at the end of each reporting period.
In May 2024, the Company issued warrants with an exercise price of NOK 1.65 per share in connection with a private
placement. The warrants lapsed on June 4, 2025.
In September 2024, the Company issued two warrant series (A and B) at an exercise price of NOK 0.15 per share in
connection with a private placement. Both series were admitted to trading on Euronext Oslo Børs in December 2024 and
reclassified from Level 2 to Level 1 at that date. Warrant A was exercisable from February 28, 2024 to March 13, 2025;
Warrant B from March 31, 2025 to April 11, 2025. Both series expired largely unexercised, with 17,258 and 36,767 warrants
exercised respectively. All remaining warrants lapsed without compensation.
Amounts in $1000
Embedded
derivative
(Level 3)
Warrants
May
(Level 3)
Warrants
A and B
(Level 1)
Total
Balance Dec 31, 2024
139
1
651
791
Balance Dec 31, 2025
957
—
—
957
IDEX Biometrics ASA
Annual Report 2025
71
The host contract and embedded derivative were initially recognised at fair value (Level 3). Subsequent measurements of
the host contract is at amortised cost, using the effective interest rate determined at initial recognition.
19. Inventory
Inventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of cost and
net realisable value, less impairment where applicable.
Year ended December 31,
2025
2024
Amounts in $1000
Cost
Reserves
Net
Cost
Reserves
Net
Raw materials
2,743
(629)
2,114
3,876
(634)
3,242
Work in progress
839
—
839
36
—
36
Finished goods
3,395
(665)
2,730
3,107
(836)
2,271
Total
6,976
(1,294)
5,682
7,019
(1,470)
5,548
On March 11, 2025, the Company announced a strategic shift to focus on the access market, while continuing to harvest
from its efforts in the payment market. As a result, parts of the inventory assessed as less likely to be sold, and an
obsolescence provision was recognised.
The quantity of certain components held as raw materials exceeds requirements under the updated business plan. Some
of the inventory may remain unused by the time it becomes obsolete due to ageing, shelf life, or technical obsolescence.
The impairment assessment is based on a three-year horizon derived from the business plan and estimated usage.
During 2025, the total obsolescence provision decreased from $1,470 thousand to $1,249 thousand, reflecting scrapping.
Work-in-progress increased from $36 thousand to $839 thousand, during 2025 to facilitate for received orders.
In 2024, the Company recognised a significant write-down of inventory, as disclosed in the 2024 annual report. At the
end of 2025, the Company’s financial outlook had improved, supported by a stronger order backlog, indicating that a
larger portion of the inventory is expected to be sold. The items themselves are not technically obsolete; the write-downs
relate primarily to expected utilisation under the business plan rather than physical or functional deterioration. Although
the inventory is one year older, the Company does not expect to sell all items within the coming year and therefore
continues to apply the same provisioning methodology as in prior periods.
20. Cash and cash equivalents
Cash and cash equivalents by currency, valued in USD, were as follows:
Year ended December 31,
Amounts in $1000
2025
2024
Denominated in USD
206
1,321
Denominated in NOK
518
590
Denominated in GBP
—
10
Total
724
1,921
Of the
amounts above, withheld payroll tax deposits amounted to $7 thousand and $47 thousand at the fend of
2025 and 2024, respectively
.
21. Share capital, share premium, and warrants
There is one class of shares. All shares carry equal rights and are freely negotiable. The share capital is fully paid. The par
value of the shares was NOK 1 per share at 31 December 2025. IDEX holds no treasury shares.
The par value was reduced from NOK 0.15 to NOK 0.01 per share at the extraordinary general meeting (EGM) on 11 April
2025. The reduction, together with amounts previously transferred from Share Premium, was applied against other equity
(accumulated losses). No other transfer from Share Premium was made in 2025 or 2024. The Capital Reduction Reserve
is nil at 31 December 2025.
IDEX Biometrics ASA
Annual Report 2025
72
A 100:1 share consolidation (reverse split) on 4 July 2025 increased the par value from NOK 0.01 to NOK 1 per share. The
incentive subscription rights plan (See Note 23) includes adjustment clauses ensuring rights and exercise prices were
adjusted proportionally.
Costs related to share issuances were $644 in 2025 and $1,112 thousand in 2024. Costs related to share issuances were
In accordance with IAS 32, these transaction costs were recognised as a deduction from share premium.
Shares
Warrants
Balance at December 31, 2023
1,397,010,650
—
Reverse split (5:1) on January 10
279,402,130
Share issues (Employee Share Purchase Plan)
358,525
Share issue (exercise of incentive subscription rights)
365,900
Private placement of Shares on May 15
27,940,213
27,940,213
Private placement of Shares on June 19
5,393,120
5,393,120
Private placement of Shares on August 20
16,166,667
—
Convertible loan term payment settled
in shares on August 29
9,123,333
—
Private placement of Shares on September 16
101,624,966
101,624,966
Private placement of Shares on October 14
365,041,700
365,041,700
Private placement of Shares on December 2
26,160,420
26,160,420
Balance at December 31, 2024
831,576,974
526,160,419
Warrants A exercise and expiry on March 13
17,258
(246,396,285)
Warrants B exercise and expiry on April 11
36,767
(246,430,801)
Private placement on April 11
3,000,000,000
Warrants May expiry on June 4
(33,333,333)
Private placement on June 6
600,000,000
Private placement on June 15
299,381,600
Private placement on June 23
5,413,001
Before share consolidation 100:1 on July 4
4,736,425,600
—
After share consolidation 100:1 on July 4
47,364,256
—
Private placement on July 21
4,731,594
Private placement on Aug 14
4,359,315
Private placement on Aug 14
454,542
Private placement on December 4
5,690,970
Balance at December 31, 2025
62,600,677
—
Capital transactions
The EGM on 11 April 2025 approved several share issuances, all at NOK 0.01 per share: 3,000,000,000 shares on
conversion of bridge loans of NOK 30 million (See Note 17); 600,000,000 shares in a repair issue on 6 June; and
299,381,600 shares issued in a private placement 15 June. On 23 June 2025, 5,412,932 shares were issued in settlement
of board remuneration and 69 shares to make the total divisible by 100 prior to the consolidation.
Following the consolidation, two private placements were completed. In July and August, 9,090,909 shares were issued
in two tranches at NOK 3.30 per share, raising NOK 30 million ($3.3 million). The placement reduced the convertible bond
principal by NOK 16.6 million ($1.7 million) in accordance with the amended bond terms (See Note 17). A further 454,542
shares were issued as an underwriting fee (See Note 24). In December, 5,690,970 shares were issued,
at NOK 3.00 per
share,
as the first tranche of a NOK 22 million private placement; the second tranche is a subsequent event (See Note 26).
IDEX Biometrics ASA
Annual Report 2025
73
Warrants
No warrants are outstanding as of 31 December 2025. Warrants A and B (exercise price NOK 0.15 per share) were issued
in connection with the September 2024 private placement. Warrants A were exercisable from 28 February to 13 March
2025;
17,258 were exercised and the remainder lapsed. Warrants B were exercisable from 31 March to 11 April 2025;
36,767 were exercised and the remainder lapsed.
The May Warrants (exercise price NOK 1.65 per share) lapsed on 4
June 2025.
The financial effect of warrants is presented in Note 17. Incentive subscription rights are presented in Note 23.
22. Share-based compensation
Subscription rights plans
The number of subscription rights as of December 31, 2024 and on earlier dates, are the actual number of instruments
before the 100:1 share consolidation (reverse split) taking effect on record date 4 July 2025. The incentive subscription
rights plans include adjustment clauses so that the number of subscription rights and the exercise prices are adjusted by
the same ratio. The number of share subscription rights as of 4 July 2025 and later dates, are the actual number of
instruments after the 100:1 share consolidation.
IDEX renews its subscription rights plan at each Annual General Meeting, closing the preceding plan for further grants and
establishing a new one. On May 21, 2025, the Annual General Meeting adopted the 2025 Subscription Rights Incentive
Plan (the “2025 Plan”). The Board administers all subscription rights plans, approves grants , and sets the terms of each
grant.
Under the 2025 Plan, the Board may grant up to 4,731,594 subscription rights, subject to the total outstanding
subscription rights not exceeding 10 per cent of the number of registered shares at any time. Subscription rights may be
granted to employees and individuals rendering services to the Company. The exercise price is at least the higher of ten-
day average closing price and the closing price on the trading day preceding the date of the grant, as reported on Oslo
Børs; the Board may set a lower price in particular circumstances, but not below par value.
Unless resolved otherwise by the Board, 25% of each grant vests annually on the latest quarterly vesting date (15
January, 15 April, 15 July or 15 October) falling before the date of grant. Vesting is subject to the holder remaining
associated with IDEX and is not conditional upon market or operational performance. On a Change of Control, all
outstanding subscription rights accelerate and become fully vested unless the Board determines otherwise. The
subscription rights expire on the fifth anniversary of the Annual General Meeting at which the relevant plan was
established. Unvested rights terminate on the holder’s last day of association with the Company; vested rights may be
exercised within 90 days thereafter. There are no cash settlement alternatives for holders; the Company may elect to
settle in cash.
The fair value at grant date is expensed over the vesting period using the Black-Scholes model. An employer’s tax accrual
is recognised based on the intrinsic value at each balance sheet date, with the actual tax on exercise recognised net of
the accrual. No subscription rights were granted in 2025. The following assumptions were applied to grants made in
2024:
Year ending December 31,
2025
2024
1
Exercise price (NOK)
—
0.15 - 1.80
Weighted average exercise price per share
—
1.17
Weighted average share price at date of grant
—
1.20
Expected term (years)
2
—
2.77
Weighted average remaining term (years)
—
4.72
Share price volatility
3
—
76%
Risk-free interest rate
—
3.62%
Expected dividend payment
—
—
Expected forfeiture
—
None
Fair value per subscription right
—
0.87
(1)
2024 numbers have not been adjusted for the 100:1 consolidation that took place effective July 4, 2025
(2)
The expected term has been set to midpoint between vesting date and expiry date. Due to very small quantity exercised in the
past, there is inadequate data for determining the propensity to early exercise
(3)
Expected volatility is based on historical volatility over a period as long as the vesting period per tranche
Subscription rights activity
IDEX Biometrics ASA
Annual Report 2025
74
2025
2024
Number of
Subscription
Rights
Weighted
Average
Exercise
Price (NOK)
Number of
Subscription
Rights
Weighted
Average
Exercise
Price (NOK)
Outstanding as of January 1
225,699
341
189,669
710
Granted
—
153,831
121
Exercised
—
(5,326)
75
Terminated
(164,963)
905
(101,588)
646
Expired
(7,699)
—
(10,888)
948
Outstanding as of December 31
53,036
345
225,699
341
Subscription rights exercisable as of December 31
—
—
54,513
781
Subscription rights exercised in the year
2025
2024
Number of
subscription
rights
Weighted
average
exercise
price
W. average FMV
of share at
exercise
Number of
subscription
rights
Weighted
average
exercise
price
W. average
FMV of
share at
exercise
—
—
—
532,572
0.75
1.77
Furthermore, no subscription rights was granted or vested in 2025 – Table below as reference to 2024.
Employee share purchase plan
The Employee Share Purchase Plan was discontinued in 2024, and no plan was in place during 2025.
23. Related party transactions
IDEX identifies members of the Board of Directors and senior management, together with their closely associated persons
and entities, as related parties.
Transactions with significant shareholders
Anders Storbråten, CEO and CFO, holds approximately 18.7 per cent of the shares in IDEX personally and through
Pinchcliffe AS. In addition, Altea AS holds 9.63 per cent of the shares, in which Mr. Storbråten has a non
-
controlling
ownership interest. Robert Keith holds approximately 24,95 per cent though Charles Street International Ltd.
In July and August 2025, the Company completed a fully underwritten private placement of 9,090,909 shares at NOK
3.30 per share, raising gross proceeds of NOK 30 million. Altea AS and Pinchcliffe AS (companies closely associated with
Anders Storbråten, CEO and CFO) and Robert Keith (Charles Street International Ltd,) acted as underwriters alongside
Morten Opstad (K-Konsult AS). An underwriting fee of 5 per cent of each underwriter’s commitment was settled in
454,542 new shares in aggregate, allocated to Anders Storbråten.The underwriting shares were approved by the
extraordinary general meeting held on August 14, 2025.
In December 2025, the Company completed a private placement of 7,333,333 new shares at NOK 3.00 per share, raising
gross proceeds of NOK 22 million. Anders Storbråten, personally and through Altea AS, subscribed for NOK 6.6 million
(2,200,000 shares) and Robert Keith subscribed for NOK 6.4 million (2,133,333 shares), both on the same terms as other
investors. Of Storbråten’s allocation, 1,642,363 shares relate to Tranche 2, which remained subject to approval by and
extraordinary general meeting at year end and is treated as a subsequent event (See Note 26).
Transactions with members of the Board and senior management
On June 23, 2025, 5,412,932 shares (54,129 post-consolidation) were issued to members of the Board in partial
settlement of board remuneration totalling NOK 265 000.
IDEX Biometrics ASA
Annual Report 2025
75
In the December 2025 private placement described above, Morten Opstad subscribed for NOK 0.5 million (166,667
shares) and Kjell-Arne Besseberg, Chief Operating Officer, subscribed for NOK 0.15 million (50,000 shares), both on the
same terms as other investors.
Mr. Storbråten was awarded a success fee of USD 360 thousand for successfully renegotiating the loan agreement with
Heights. The fee relates to services rendered prior to his appointment as Chief Executive Officer.
The key management is contractors through Pinchcliffe AS and Solan & Ludvig AG (associated with CEO).
At 31 December 2025, the Company recognised short-term liabilities of USD 179 thousand payable to Anders Storbråten.
Board remuneration
Board compensation is paid in arrears after being approved by the shareholders, generally at the Annual General Meeting.
The following amounts were paid in 2025 and 2024:
Year ended December 31, 2025
Amounts in $1000
Cash
Compensation
Share-based
Compensation
Total
Morten Opstad, chair
1
60
60
Annika Olsson
42
42
Adriana Saitta
42
42
Total
144
—
144
(1)
Mr. Opstad was elected chair at the 2024 annual general meeting. He was board
member 2023-2024, and chair before then.
Year ended December 31, 2024
Amounts in $1000
Cash
Compensation
Share-based
Compensation
Total
Morten Opstad, chair
1
40
40
Lawrence John Ciaccia, former chair
2
52
52
Annika Olsson
40
40
Adriana Saitta
3
45
45
Deborah Davis, former board member
4
50
50
Stephen Andrew Skaggs, former board member
5
48
48
Total
275
—
275
(1)
Mr. Opstad was elected chair at the 2024 annual general meeting. He was board
member 2023-2024, and chair before then.
(2)
Mr. Ciaccia was board member before the 2023 annual general meeting, when he was
elected chair. He left the board at the 2024 annual general meeting.
(3)
Ms. Saitta was elected to the board at the 2023 annual general meeting.
(4)
Ms. Davis left the board at the 2024 annual general meeting.
(5)
Mr. Skaggs left the board at the 2024 annual general meeting.
Subscription rights awarded to persons who are members of the Board, in their capacity of service providers, under the
Company’s subscription rights plans have the following expiration dates and exercise prices. For further information
describing these plans, see Note 23—Share-based compensation.
Number outstanding as of
December 31,
Grant date
Expiration Date
Exercise price
(NOK)
2025
2024
June 17, 2020
May 15, 2025
855
—
120,000
There were no grants of incentive subscription rights to any board member in 2025 or 2024.
IDEX Biometrics ASA
Annual Report 2025
76
Morten Opstad, Board, chair 1997-2023, board member 2023-2024 and chair since May 2024, is a partner at Ræder Bing
advokatfirma AS, the Company’s primary law firm, which provided services to the Company resulting in charges of $617
thousand in 2025 and $331 thousand in 2024.
Nomination Committee
The following fees has been paid to the nomination committee in 2025 and 2024 for the services up to the 2025 annual
general meeting and the 2024 annual general meeting, respectively. 2024: Chair Robert Keith $2.3
thousand
, members
Håvard Nilsson and Harald Voigt $1.4
thousand
each. 2023: Chair Robert Keith $2.4
thousand
, members Håvard Nilsson
and Harald Voigt $1.4
thousand
each.
Officers
Compensation to key management is disclosed in Note 5—
Compensation and benefits
.
Subsidiaries
The parent company purchases various services from the subsidiaries at arm’s length basis. The subsidiaries are funded
by adequate equity and interest-free advances in order not encounter thin capitalization issues. Interest bearing loans at
arm’s length interest rate have been issued in prior years but all loans were fully repaid in earlier periods.
Intra-group transactions
IDEX Biometrics ASA’s
cost of services from
subsidiaries
Amounts in $1000
2025
2024
IDEX Biometrics Holding Company Inc.
—
—
IDEX Biometrics America Inc.
173
5,141
IDEX Biometrics UK Ltd. (1)
3,006
6,742
IDEX Electronics (Shanghai) Co., Ltd.
—
809
Total
3,179
12,692
24. Other Operating Expenses
Year ended December 31,
Amounts in $1000
2025
2024
Sales and marketing activities
1,021
2,829
Legal, audit, accounting and other services
1,763
1,047
IT expenses
462
346
Travel expenses
17
1
Other operating expenses
2,026
1,778
Intercompany charges other than R&D
1,058
2,684
Total other operating expenses
6,347
8,684
Sales and marketing expenses decreased by $1.8 million, reflecting the Company’s transition from a component to a
product supplier and the associated reduction in contractor activity. Legal, audit, and other accounting expenses
increased by $0.7 million, driven by legal proceedings in connection with Zwipe and the volume of capital-raising
transactions completed during 2025. Other operating expenses decreased by $0.2 million. Other operating expenses
included the provision of $400 thousand in connection with the legal proceedings with Alta Consulting.
IDEX Biometrics ASA
Annual Report 2025
77
25. Subsidiaries
The subsidiaries provide various services to the parent company, mainly within technical development, supply-chain
administration and customer interface, and marketing and sales facilitation services to IDEX Biometrics ASA. The
accounting year in all subsidiaries is the calendar year, same as in the parent company and the group.
Ownership
Share of votes
Net
profit or
(loss)
Equity
Dec. 31, 2025
Dec. 31, 2025
2025
Dec. 31, 2025
IDEX Biometrics Holding Co. Inc., Delaware, USA
100%
100%
—
(5)
IDEX Biometrics America Inc., Delaware, USA
100%
100%
(6,084)
(38)
IDEX Biometrics UK Ltd., England
100%
100%
(57)
(6,404)
Ownership
Share of votes
Net
profit or
(loss)
Equity
Dec. 31, 2024
Dec. 31, 2024
2024
Dec. 31, 2024
IDEX Biometrics Holding Co. Inc., Delaware, USA
100%
100%
—
(5)
IDEX Biometrics America Inc., Delaware, USA
100%
100%
558
6,045
IDEX Biometrics UK Ltd., England
100%
100%
2,278
(6,347)
The parent company has three wholly owned subsidiaries: IDEX Biometrics UK Ltd, IDEX Biometrics Holding Company
Inc., and IDEX Biometrics America Inc.
IDEX Biometrics UK Ltd (“IDEX UK”) provides engineering services, supply-chain administration, customer interface
activities, and other operational support to the parent company. The subsidiary was unprofitable in 2025. The parent
company has provided funding as required, and the investment is recognised at cost in the parent company’s financial
statements.
Operational activities in the two U.S. subsidiaries, IDEX Biometrics Holding Company Inc. and IDEX Biometrics America
Inc. (“IDEX America”), were discontinued in the fourth quarter of 2025. Both subsidiaries remained legally in existence as
of 31 December 2025, and the parent company’s investments in these entities are recognised in accordance with the cost
method. The subsidiaries were formally dissolved in early 2026.
All subsidiaries have a financial year corresponding to the calendar year, consistent with the parent company.
26. Subsequent events
Bond conversion
On 9 January 2026, a bondholder exercised their right to convert NOK 5.0 million of the convertible bond issued on 22
December 2023, resulting in the issuance of 768,923 new shares at a conversion price of NOK 6.50 per share. Following
the conversion, the outstanding principal was NOK 28.3 million.
Approval of a private placement’s second tranche
The second tranche of the private placement announced on 5 December 2025 was approved by the Company’s EGM on
20 January 2026, comprising 1,642,363 new shares at NOK 3.00 per share, which have since been paid in full.
Payment dispute
In January 2026, the Idex Biometrics ASA received a payment reminder from Ræder Bing
.
The Company disputes the
invoiced amounts, asserting that certain services were rendered without a valid underlying agreement and that some
services were not ordered. The counterparty maintains that the invoices are valid. The matter remains unresolved. The full
amount has been recognised in the Company’s 2025 financial statements, ref note 24.
Subscription rights grant
On 25 February 2026, the Board of Directors resolved to issue 4,650,000 incentive subscription rights to six employees
and individual contractors under the Company’s 2025 incentive subscription rights plan, as approved at the Annual
General Meeting on 21 May 2025. The exercise price is NOK 5.75 per share for 90% of the granted shares and NOK 1.00
per share for the remaining 10%.
Private placement
On 5 March, 2026, the Company announced a NOK 90 million private placement and exclusive technology partnership
with ID Centric, a leading provider of biometric identity solutions in the Asia-Pacific region.
On 28 April, 2026, the Company and ID Centric have mutually agreed to not proceed with the previously announced
potential private placement of NOK 90 million. Accordingly, the contemplated Private Placement replaces the previously
announced private placement directed at ID Centric, allowing for a wider scope of investors, enabling the Company to
IDEX Biometrics ASA
Annual Report 2025
78
secure additional funding and to capitalize on the current market momentum. While the investment by ID Centric will not
be completed as expected, the parties will immediately enter into continued good faith negotiations to finalise a definitive
agreement on a commercial partnership regarding purchase of sensors. The Company's volume expectations under the
partnership with ID Centric remains unchanged. Michael Gardiner was elected to the board of directors of IDEX (the
"Board") in conjunction with the potential private placement towards ID Centric. Following the mutual understanding
between IDEX and ID Centric, Michael Gardiner has notified his resignation from the Board with immediate effect.
On 28 April, 2026 after market closed, IDEX successfully completed a private placement of 9,696,969 shares at NOK 8.25
per share, compared to the day’s closing price of NOK 11 per share. The private placement is divided into two tranches.
Tranche 1 comprises up to 6,401,196 new shares. Tranche 2 will comprise the number of shares which, together with
Tranche 1, is required to raise the allocated gross proceeds. The shares issued in both tranches will be used to settle the
manager’s redelivery obligation under a share lending agreement. The private placement is being carried out based on
authorisations granted by the extraordinary general meetings held on 20 January 2026 and 27 March 2026
The board will also propose a subsequent rights offering (repair issue) of up to approximately NOK 20 million on the same
terms as in the private placement.
The Subsequent Offer may be subject to necessary resolutions by the general
meeting. If carried out, the size and structure of the Subsequent Offering shall be in line with market practice. Any
Subsequent Offering will be directed towards existing shareholders in the Company as of 28 April 2026
Convertible bond redemption
The Company has reached an agreement with the convertible bond holders to fully and finally settle the outstanding
Convertible Loan through a payment of NOK 22 million together with related legal expenses
Disclosure of settlement with former employee
On 2 October 2025, the Company was notified of legal proceedings by a former employee concerning termination terms
(see Note 16). Following further investigations and dialogue between Alta Consulting/Ms. Eklöf and the Company, the
parties reached an amicable settlement. As the underlying conditions existed at the balance sheet date, the settlement
constitutes an adjusting event under IAS 10.
As of 13 March 2026, the settlement resulted in total payments of EUR 280 thousand and NOK 500 thousand in legal
costs. These amounts are consistent with the provision recognised at 31 December 2025, and no adjustment to the
provision has been made.
Other disclosures
There have been no other events after 31 December 2025 that have had a material impact on the Company’s financial
position or results.
IDEX Biometrics ASA
Annual Report 2025
79
Responsibility Statement from the Board of Directors and CEO of IDEX
The Board of Directors and CEO of IDEX Biometrics ASA hereby confirm that, to the best of their knowledge,
the consolidated financial statements for the year ended December 31, 2025, have been prepared in
accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union,
together with additional disclosure requirements set out in the Norwegian Accounting Act. The financial
statements give a true and fair view of the Group's and the Company's assets, liabilities, financial position,
and results of operations for the period.
The Board of Directors and CEO further confirm that the Board of Directors' Report includes a fair review of
the development, performance, and financial position of IDEX Biometrics ASA and the Group, as well as a
description of the principal risks and uncertainties the Group faces, in accordance with the requirements of
Section 5-5a of the Norwegian Securities Trading Act and associated regulations.
The preparation of the financial statements requires management to apply accounting policies that involve the
use of estimates, assumptions, and judgments, as further described in the notes to the consolidated financial
statements.
April 30, 2026
Board of Directors and CEO of IDEX Biometrics ASA
/s/ Morten Opstad
Morten Opstad
Chair
/s/ Annika Olsson
Annika Olsson
Board member
/s/ Adriana Saitta
Adriana Saitta
Board member
/s/
Anders Storbråten
Anders Storbråten
CEO
IDEX Biometrics ASA
Annual Report 2025
80
Auditors Report
IDEX Biometrics ASA
Annual Report 2025
IDEX Biometrics ASA
Annual Report 2025
81
IDEX Biometrics ASA
Annual Report 2025
82
IDEX Biometrics ASA
Annual Report 2025
83
IDEX Biometrics ASA
Annual Report 2025
84
IDEX Biometrics ASA
Annual Report 2025
85
Corporate Governance
Effective corporate governance serves as the foundation for long-term value creation, to benefit
employees, shareholders, society, and other stakeholders. Corporate governance is therefore a key
concern for IDEX Biometrics ASA’s Board of Directors and employees.
IDEX believes in active ownership. Shareholders with clearly defined goals for their investments, involved
through the boardroom and in direct dialogue with executive management, promote shareholder value. One
of IDEX’s major shareholders, Anders Storbråten, is actively involved as a CEO.
Pursuant to section 2-9 of the Norwegian Accounting Act and the recommendations of the Norwegian Code
of Practice for Corporate Governance (NUES), the Board continuously reviews and updates IDEX’s corporate
governance principles.
Last updated by the Board of Directors on April 30, 2026.
1
Implementation and Reporting on Corporate Governance
IDEX Biometrics ASA follows the Norwegian Code of Practice for Corporate Governance (the “Code”). The
Company’s practice is largely in accordance with the Code’s recommendations. Any deviations are addressed
under the relevant sections below.
This statement covers sections 1 through 15 of the Code, forms part of the annual report and is available at
www.idexbiometrics.com
.
2
IDEX Biometrics ASA’s Business
The business purpose of IDEX Biometrics ASA is expressed in the Articles of Association:
“The objective of the Company is to deliver identification systems and other activities related to this.”
The Board has defined objectives, strategies and a risk profile for the Company, taking financial, social and
environmental considerations into account. These are evaluated at least annually.
3
Capital Structure, Share Capital and Dividends
Share Capital
As at 31 December 2025, the Company had 62,600,677 shares in issue, each with a par value of NOK 1.00,
giving a registered share capital of NOK 62,600,677. The Company has one class of shares, and all shares
carry equal rights.
As at 31 December 2025, consolidated book equity amounted to USD 1.5 million, corresponding to an equity
ratio of 19 per cent. The parent company’s book equity amounted to USD 4.0 million, corresponding to an
equity ratio of 38 per cent. The Board considers the Company’s capital structure in the context of its
objectives, strategy and risk profile, and has taken steps to strengthen the balance sheet during 2025.
Dividends
IDEX has not declared or paid any dividends. The Company intends to retain future earnings to finance
operations and growth. Any future decision to pay dividends will be based on the Company’s financial
condition, results of operations and capital requirements.
IDEX Biometrics ASA
Annual Report 2025
86
Board Authorisations
The Board’s proposals for authorisations comply with the Code’s recommendations. Authorisations are limited
to defined purposes, considered and voted on separately, and are valid until the next annual general meeting.
At the 2025 annual general meeting, the Board was authorised to increase the share capital by up to 10 per
cent through private placements for general corporate purposes, and separately by up to 10 per cent through
rights issues. The general meeting also approved a subscription rights programme for employees and
individual contractors, limited to 10 per cent of the share capital, and authorised the Board to acquire up to 10
per cent of the Company’s own shares.
Following capital increases during 2025, an extraordinary general meeting on 14 August 2025 granted
replacement authorisations on the same terms, calculated on the basis of the updated share capital. The Board
has not acquired any of the Company’s own shares under the buy-back authorisation.
4
Equal Treatment Of Shareholders
The Company has one class of shares. There are no trading restrictions or limitations relating to non-residents
of Norway under the articles of association.
Where the general meeting resolves to waive pre-emptive rights, the rationale is included in the decision
material and in any market announcements.
The Company has developed a policy for related party transactions and other agreements not forming part of
ordinary
operations.
The
Company’s
policy
for
related-party
transactions
is
available
at
www.idexbiometrics.com.
Any trading in the Company’s own shares must be authorised by the general meeting.
5
Shares and Negotiability
There are no restrictions on owning, trading or voting for shares in IDEX Biometrics ASA. Each share carries
one vote. All shares are freely negotiable.
6
General Meetings
General meetings are held as electronic meetings. Shareholders may attend, pose questions and vote. Only
registered shareholders or proxy holders may vote. The shareholders elect a person to chair the meeting. The
Board will arrange for an independent chair if requested.
Notice of general meetings, including the proxy form, is issued no later than 21 days before the meeting.
Pursuant to the articles of association (§ 9), meeting documents made available on the Company’s website
need not be sent to shareholders separately. Foreign residents receive materials in English.
Shareholders wishing to attend must notify the Company no later than two days before the meeting, as
provided in the articles of association (§ 11). Shareholders may vote by proxy or by advance voting. Votes are
cast separately on each agenda item and for each candidate in elections. Shareholders have the right to
propose resolutions for matters to be dealt with at the general meeting.
7
Nomination Committee
The nomination committee is established in the articles of association (§ 8). The annual general meeting elects
the chair and two members for a term of two years. The committee operates under guidelines adopted by the
annual general meeting, which provide that no board member or company executive may serve on the
committee.
The committee proposes candidates and remuneration for the Board and the nomination committee, and
provides an account of its work and reasoning. Shareholders may propose candidates by contacting the
nomination committee through the Company’s website. Information about the committee, including contact
details, is available at www.idexbiometrics.com.
8
Board Of Directors: Composition and Independence
IDEX Biometrics ASA
Annual Report 2025
87
The articles of association provide for three to seven board members; the chair is elected separately by the
general meeting. Board members stand for election every two years pursuant to the Public Limited Liability
Companies Act.
A majority of the Board is independent of executive management, material business contacts and major
shareholders, and at least two shareholder-elected members are independent of the Company’s main
shareholders, in line with the Code. The Board does not include executive personnel.
The Board meets the statutory gender requirements. The Company has not adopted a formal diversity policy.
The Board considers diversity in its composition on a case-by-case basis, taking into account competence,
experience and background. Board members are encouraged to hold shares in the Company.
Attendance statistics and further details on the individual board members are provided in the annual report.
9
The Work of the Board of Directors
The Board has adopted written instructions defining the division of responsibilities between the Board and the
CEO, in accordance with the Public Limited Liability Companies Act. The Board establishes an annual plan for
its work. The instructions set out the meeting schedule, key reporting duties and matters reserved for Board
resolution, including financial statements, budgets, material agreements and legal proceedings.
The Board conducts an annual self-evaluation of its performance and expertise.
Related party transactions are handled pursuant to a dedicated policy. Board members and management must
notify the Board of any material direct or indirect interest in transactions to which the Company is or may
become a party.
As the Board comprises three members, the full Board serves as both the audit committee and the
compensation committee, each operating under its own charter in an advisory capacity.
10
Risk Management and Internal Control
The Board has adopted guidelines for risk management and internal control, taking into account the nature
and extent of the Company’s activities. The Board conducts an annual review of the Company’s principal risk
exposures and internal control arrangements. The Company’s corporate values and code of conduct,
including guidelines on corporate social responsibility, form an integral part of this framework.
The Company issues quarterly interim reports and an annual financial report in accordance with applicable
regulations. The Board reviews monthly financial reports comparing actual results to budget. A financial
manual sets out policies for financial planning, treasury, accounting and reporting across the group, and is
reviewed annually by the audit committee.
The audit committee meets separately with the external auditor at least once per year to review risk factors
and any issues arising. The Company does not operate a separate internal audit function; internal reviews are
conducted by the CFO department and reported to the audit committee.
The Board has adopted an insider manual to ensure that trading in the Company’s shares by insiders and their
close associates complies with applicable laws and regulations.
IDEX Biometrics ASA
Annual Report 2025
88
11
Remuneration of the Board of Directors
Board remuneration reflects the Board’s responsibilities, expertise and time commitment. A cash remuneration
of NOK 425,000 per board member, with an additional NOK 175,000 for the Chair, was approved at the 2025
annual general meeting for the period from the 2024 to the 2025 annual general meeting. To stimulate
shareholding, the general meeting granted board members the option to receive the remuneration partly or
fully in shares. One board member elected to receive the remuneration in shares in 2025. The remuneration
to the board members is disclosed in the notes to the financial statements and in the annual management
remuneration report presented to the annual general meeting.
The nomination committee proposes board remuneration to the annual general meeting.
Any work performed
by a board member beyond ordinary board duties requires Board approval, and the terms are disclosed in the
financial statements.
Ræder Bing advokatfirma AS, in which the chair Morten Opstad is a partner, renders legal services to the
Company. Fees to Ræder Bing are disclosed in the notes to the financial statements.
12
Salary and Other Remuneration for Executive Personne
Executive remuneration follows the Company’s executive remuneration policy, as approved by the annual
general meeting. The policy is available at www.idexbiometrics.com. Remuneration details are disclosed in
the notes to the financial statements and in the annual remuneration report presented to the general meeting.
The compensation committee reviews the policy annually and proposes revisions to the Board. Significant
changes require approval by the annual general meeting; otherwise the policy is presented to the general
meeting at least every four years.
13
Information and Communications
The Company’s reporting is based on transparency and equal treatment of shareholders. All stock exchange
notices and press releases are published through Oslo Børs NewsWeb and at www.idexbiometrics.com. The
Company presents quarterly results via webcast. The financial calendar is published via Oslo Børs and at the
Company’s website.
Financial reporting is prepared in accordance with IFRS as adopted by the EU. The Board has adopted policies
for financial and IR information, contact with shareholders outside general meetings, and information
management in unusual situations. The Company complies with the Oslo Børs code of practice for IR at all
times.
14
Takeovers
The Company has not adopted separate takeover guidelines. Anders Storbråten and Richard Keith control a
total of 53 per cent of the shares in IDEX Biometrics ASA. Given this concentrated ownership structure, the
Board considers separate guidelines unnecessary. This represents a deviation from the Code.
In the event of a takeover bid, the Board will not obstruct or hinder competing bids. Any agreement limiting
the Company’s ability to arrange alternative bids will only be entered into where it is in the common interest
of the Company and its shareholders.
IDEX Biometrics ASA
Annual Report 2025
89
15
Auditor
The external auditor, EY, presents its annual audit plan to the audit committee and confirms its independence
in writing. The audit committee monitors the auditor’s independence, including the scope of non-audit
services.
The auditor attends all audit committee meetings and board meetings dealing with the annual accounts,
reviewing material accounting estimates and any disagreements with executive management. The auditor
reports its assessment of internal control and risk management related to financial reporting, including
identified weaknesses.
The Board meets with the auditor without management present. The audit committee approves audit and non-
audit fees.
IDEX Biometrics ASA
Annual Report 2025
90
Articles of Association of IDEX Biometrics ASA
Corp. ID no. NO 976 846 923 VAT
(last amended on 28 January 2026)
§ 1
The name of the company is IDEX Biometrics ASA and it is a public limited company.
§ 2
The objective of the Company is to deliver identification systems and other activities related to this.
§ 3
The business offices are in the Oslo municipality, Norway.
§ 4
The Company's shares shall be registered in the Norwegian Registry of Securities.
§ 5
The Company’s share capital is NOK 65,011,963 divided into 65,011,963 shares each with a
nominal value of NOK 1 per share and issued in name.
§ 6
The board of the Company consists of from three to seven members in accordance with the annual
general meeting’s instruction.
§ 7
The annual general meeting shall convene in or near Oslo at the board’s decision, and shall consider:
−
Determination of the annual financial statements
−
Appropriation of (net) profit or covering of losses
−
Election of chair of the board and board members
−
Election of chair and members of the nomination committee
−
Election of auditor
−
Determination of remuneration to the board of directors, members of the nomination committee and
the auditor
−
Other matters which are governed by law
−
Other matters which are mentioned in the notice of the annual general meeting.
§ 8
a. The company shall have a nomination committee. The nomination committee shall have three members,
including a chairman. Members of the nomination committee shall be elected by the annual general meeting
for a term of two years.
b. The nomination committee shall:
-
Propose candidates for election to the board of directors
-
Propose the remuneration to be paid to the board members
-
Propose candidates for election to the nomination committee
-
Propose the remuneration to be paid to the nomination committee members
c. The guidelines for the nomination committee shall be resolved by the annual general meeting.
§ 9
Documents which timely have been made available on the Internet site of the company and which deal with
matters that are to be considered at the general meeting need not be sent to the company’s shareholders.
§ 10
As a general rule, the company's general meetings shall be conducted in Norwegian. The general meeting
may however resolve by a simple majority vote that English shall be used. Shareholders may present their
points of view in the Norwegian or English language.
§ 11
A shareholder who wishes to attend the general meeting, in person or by proxy, shall notify his/her
attendance to the company no later than 2 days prior to the general meeting. If the shareholder does not
notify the company of his/her attendance in a timely manner, the company may deny him/her access to the
general meeting.
IDEX Biometrics ASA
Annual Report 2025
91
Henrik Ibsens gate 90, 0255 Oslo
www.idexbiometrics.com