olivLaw · European equity research
IDEX Biometrics ASA IDEX.OL
Norway · Euronext Oslo Børs · ISIN NO0013536078 · Vertical: Listed companies from Norway
IDEX Biometrics ASA develops biometric identification systems used mainly in contactless smart cards, including payment cards. In 2025 the parent company had only a few hundred thousand dollars of revenue and very low liquidity, so financing in 2026 and inventory reduction are decisive. The annual report leaves the going concern open if these measures do not materialise, which makes the profile relevant for readers following small listed companies in Oslo.
At the close of 06 Nov 2026, IDEX Biometrics ASA (IDEX.OL) stock was 7.48 NOK (+3.60% on the day), with beta 0.77, 52-week range 2.70–12.30 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.4
- strong (55–70)
- Bollinger (20, 2)
- 6.96 – 8.02
- in the lower half of the band · %B 0.49 · band width 14.2%
- SMA 50 / 200
- 6.71 / 7.77
- mixed trend
- MACD (12, 26, 9)
- 0.16 / 0.22
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +28.1% | −0.6% | +28.7 pp | — |
| 3 months | −6.7% | −4.2% | −2.6 pp | — |
| 6 months | −0.5% | +4.3% | −4.9 pp | — |
| Year to date | +18.7% | +7.5% | +11.2 pp | — |
| 1 year | +167.1% | +9.9% | +157.2 pp | −4.7% |
| 3 years | −93.5% | +49.8% | −143.4 pp | +12.7% |
| 5 years | −99.0% | +42.8% | −141.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.1 m | 841.0 k | 254.0 k |
| Revenue YoY | unavailable | −79.7% | −69.8% |
| Net income | -26.6 m | -14.4 m | -10.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.11 | -3.48 | -0.26 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -643.5% | -1,718.1% | -3,937.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 715.0 k USD
- Financial debt
- 1.9 m USD
- Net debt
- 1.1 m USD
- Equity
- 1.5 m USD
- Total assets
- 7.6 m USD
- Debt / equity
- 1.27x
- Current ratio
- 1.58x
- ROE
- -324.0%
- ROA
- -111.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.1 m | 841.0 k | 254.0 k | esef· 21 Oct 2026verified |
| Research & development | 2.4 m | 2.5 m | 1.4 m | esef· 21 Oct 2026verified |
| Operating income | -26.8 m | -21.9 m | -10.5 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 1.6 m | 2.5 m | 479.0 k | esef· 21 Oct 2026verified |
| EBITDA | -25.2 m ≈ | -19.4 m ≈ | -10.1 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 639.0 k | 2.4 m | 912.0 k | esef· 21 Oct 2026verified |
| Pre-tax income | -26.6 m | -14.6 m | -10.0 m | esef· 21 Oct 2026verified |
| Income tax | -16.0 k | -120.0 k | -41.0 k | esef· 21 Oct 2026verified |
| Net income | -26.6 m | -14.4 m | -10.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.11 | -3.48 | -0.26 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 11.4 m | 2.0 m | 715.0 k | esef· 21 Oct 2026verified |
| Inventories | 6.4 m | 5.5 m | 5.7 m | esef· 21 Oct 2026verified |
| Current assets | 20.3 m | 9.3 m | 7.1 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 812.0 k | 122.0 k | — | esef· 08 May 2025verified |
| Goodwill | 968.0 k | 0 | — | esef· 08 May 2025verified |
| Intangibles (excl. goodwill) | 1.0 m | 569.0 k | 474.0 k | esef· 21 Oct 2026verified |
| Total assets | 25.0 m | 10.3 m | 7.6 m | esef· 21 Oct 2026verified |
| Short-term debt | 5.1 m | 0 | 1.1 m | esef· 21 Oct 2026verified |
| Long-term debt | 0 | 2.0 m | 764.0 k | esef· 21 Oct 2026verified |
| Current liabilities | 12.4 m | 3.5 m | 4.5 m | esef· 21 Oct 2026verified |
| Total liabilities | 13.6 m | 5.6 m | 6.2 m | esef· 21 Oct 2026verified |
| Equity | 11.3 m | 4.7 m | 1.5 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 242.1 m | 4.2 m | 38.5 m | esef· 21 Oct 2026derived |
Cash flow · USD
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -243.0% | 0 (vs peers) | 38% |
| Net margin · Quality | -3,937.8% | 5 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -11.5x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.6x | 65 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet26/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality2/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
IDEX BIOMETRICS ASA (IDEX.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 254.0 k USD in 2025; YoY growth -69.8%; net margin -3,937.8%; ROE -324.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -243.0%
- Net margin: -3,937.8%
- Interest coverage: -11.5x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for IDEX.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
IDEX Biometrics ASA develops biometric identification systems used mainly in contactless smart cards, including payment cards. In 2025 the parent company had only a few hundred thousand dollars of revenue and very low liquidity, so financing in 2026 and inventory reduction are decisive. The annual report leaves the going concern open if these measures do not materialise, which makes the profile relevant for readers following small listed companies in Oslo.
SWOT
Strengths
- The company holds all intellectual property and customer contracts, giving it control over its core technology 1.
- Debt reduction and capital raised in 2026 have strengthened the liquidity position that management considers sufficient for the assessment period 1.
- Existing orders and available inventory could generate predictable revenue if sales materialise 1.
Weaknesses
- Revenue has fallen considerably and losses remain high relative to the revenue base 1.
- Liquidity at the end of 2025 was very low, and inventory represents a large share of current assets 1.
- The company depends on a limited number of customers and external supply chains, which increases vulnerability 1.
Opportunities
- A definitive commercial agreement with the Asia-Pacific partner could bring new sensor sales volumes 1.
- Wider adoption of biometric cards could create demand for the company's solutions in payment and access control 1.
- Capital released from selling inventory could support continuity and future investment 1.
Threats
- If additional financing does not materialise, going concern could be called into question 1.
- A dispute with a counterparty contesting invoices for services could create further losses, although the source says the full amount has been recognised 1.
- Long technology adoption cycles and competition in the field could delay or reduce orders 1.
Risks
- Going concernhigh
Management assesses that the risks do not threaten continuity, but the report describes exposure to operating losses and dependence on financing, and the plan relies on selling inventory and raising capital 1.
- Dispute with a counterpartymedium
The company contests invoices issued by a counterparty for services considered not ordered, and the dispute remains unresolved; the full amount has been recognised in the 2025 financial statements 1.
- Dependence on a limited number of customershigh
The report explicitly names dependence on a small number of customers, which could make revenue sensitive to the decisions of a single buyer 1.
- Supply chainmedium
The company depends on suppliers and manufacturing partners, and disruptions or delays in supply could affect deliveries and revenue 1.
- Dilution of shareholdersmedium
Share issues, the private placement and the repayment of the convertible loan have increased the number of shares outstanding, which could reduce the stake of existing shareholders 1.
Investment thesis
What would need to be true (bull case)
- If sales from inventory and existing orders materialise, the company could convert current assets into liquidity and reduce financial pressure in 2026 1.
- If the commercial agreement with the Asia-Pacific partner is concluded, new sensor volumes could appear, with a favourable effect on revenue 1.
- If adoption of biometric cards continues, the company's technology could benefit from wider demand in payments and access control 1.
What would break the thesis
- Parent company revenue has fallen below the prior year's level and losses remain high, which could prolong dependence on external financing 1.
- If additional financing or inventory sales are delayed, the continuity plan could come under pressure, especially given the low liquidity at the end of 2025 1.
- Dependence on a few customers and on a partner whose commitments have changed could make future revenue hard to predict 1.
What to watch
- Rezolvarea litigiului privind facturile contestatenext 10-K
- Conclusion of the commercial agreement with the Asia-Pacific partner and sensor volumes2026
- Realisation of inventory sales and development of liquidity2026
- Outcome of the planned subsequent rights offering (repair issue) to existing shareholders2026
- Resolution of the dispute over the contested invoicesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company delivers identification systems and other related activities, its solutions being used primarily in contactless smart cards, including financial payment cards, access control cards, and card-based devices for storing digital currencies 1. The parent company, IDEX Biometrics ASA, was incorporated in Norway in 1996 and its shares are listed on Euronext Oslo Børs under the symbol IDEX 1. All intellectual property, customer agreements and manufacturing partner agreements are held by the parent, while the UK subsidiary provides engineering services, supply-chain administration and customer support 1.
The financial structure shows a company at a critical stage. Parent company revenue fell to 256 thousand dollars in 2025 from 793 thousand in 2024, and the net loss was 3,902 thousand dollars compared with 22,976 thousand in 2024 1. The company ended the year with very limited liquidity, and management supports going concern on the basis of the 10 million dollars raised in January and April 2026, inventory reduction through sales and repayment of the convertible loan 1.
Operations in two US subsidiaries were discontinued in the fourth quarter of 2025 and the entities were dissolved in early 2026, reflecting a focus on the Norwegian structure and the UK subsidiary 1. Inventory of 5,682 thousand dollars made up most of the parent's current assets at year-end 2025, so selling it is a key factor for liquidity 1.
Segments
Biometric identification systems for cards
The main segment is biometric identification systems integrated into contactless cards, particularly for payments and access control 1. Parent company product revenue was 230 thousand dollars in 2025 versus 700 thousand in 2024, and service revenue was 26 thousand dollars versus 93 thousand 1.
Engineering and support services
The UK subsidiary provides engineering, supply-chain administration and customer support to the parent, and research and development expenses fell from 12,067 thousand dollars in 2024 to 3,429 thousand in 2025, indicating reduced development effort 1.
Market context
The market the company serves is biometric smart cards, which need integrated fingerprint sensors for authentication, payments and access control 1. The source does not give market size or the company's share. A relevant factor is that talks with a partner in Asia-Pacific led in April 2026 to a broader private placement replacing the original NOK 90 million placement, and according to the company its expected sensor volumes under that partnership remain unchanged 1.
Technology adoption is a long process, and the report explicitly names the risk of technology adoption cycles and dependence on a limited number of customers 1. In this context, existing orders and sales from current stock are the only reasonably predictable short-term sources of revenue 1.
Trends
- Adoption of biometric payment cardstailwind
If biometric authentication on cards expands, demand for integrated fingerprint sensors could grow, which would support the company's revenue 1. The report does not quantify this development, and adoption depends on customer cycles.
- Long technology adoption cyclesheadwind
The report warns of technology adoption cycles and dependence on a limited number of customers, which can delay orders and revenue 1.
- Reduced spending on developmentmixed
Lower research and development spending signals a scaling back of activity, which could limit the company's ability to extend its solutions although it may reduce losses 1.
- Limited liquidity and reliance on inventoryheadwind
Low liquidity obliges the company to convert inventory into sales and attract new capital, making financing decisive for continuity 1.
Competitive position
The analysed source does not identify the company's competitors and gives no market share data. The company operates in biometric identification for cards, where competition typically comes from specialised suppliers of sensors and authentication modules, but these names do not appear in the annual report 1.
The relationship with an Asia-Pacific partner, which was to invest NOK 90 million and become a sensor supplier, did not proceed in its original form, and negotiations on a definitive commercial agreement continued 1. This shows that the competitive position depends on concluding sensor sales partnerships 1.
- Biometric sensor suppliers for cards
The source names no competitors; the segment includes specialised fingerprint module suppliers not named in the report.
- Contracted manufacturing partners
The report mentions dependence on manufacturing and supply-chain partners without identifying them.
- The Asia-Pacific partner
The partnership with a biometric identity solutions provider in the region was not completed in the form announced.
- Payment system integrators
End customers in the payment card industry are an essential channel, though they are not named in the source.
News & filings
In the press
- Is IDEX Corporation Stock Outperforming the S&P 500?Yahoo Finance — News · 22 Sept 2026 · EN
- Are Wall Street Analysts Predicting IDEX Stock Will Climb or Sink?Yahoo Finance — News · 27 Aug 2026 · EN
- JPMorgan Is Leading Race for French Cooling Network Provider IdexBloomberg Markets · 01 Jul 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / IDEX Biometrics ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.