NEXT Biometrics reports Q3 2025 results amid restatements and strategic moves

NEXT Biometrics Group ASA announced its Q3 2025 results, reporting revenues of NOK 3.0 million, a decrease from the restated NOK 3.7 million in Q3 2024. The company completed a private placement in October 2025, raising NOK 20 million at NOK 4.25 per share, aimed at addressing liquidity needs. Adjusted gross profit stood at 51%, an improvement from a negative gross profit in Q3 2024.

The quarter was significantly impacted by restatements of historical revenues and operating expenses for 2024 and H1 2025, due to irregularities in the Chinese business and challenges in Indian and Bangladeshi markets. Goods shipped to distributors, totaling NOK 18 million in inventory value, are now presented as "goods in consignment" rather than reported sales, impacting prior period financial figures. Management emphasizes that these adjustments do not affect historical cash flow but provide a more accurate financial status.

Despite these challenges, NEXT Biometrics secured five new design wins, bringing the total to 81. The company also announced its first FAP30 customer order in India and successfully completed the India L1 Aadhaar certification for Evolute, one of its partners. With NOK 34.3 million in inventory, corresponding to approximately NOK 70 million in potential revenue, NEXT is focused on converting inventory to cash and has initiated cost reduction programs.