olivLaw · European equity research
NEXT Biometrics Group ASA NEXT.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
NEXT Biometrics is a Norwegian supplier of fingerprint sensors with proprietary technology for security and liveness detection. 2025 was a difficult year, with revenues of only NOK 13.4 million, but the company sees signs of markets reopening, especially in India, where certification under new FFD standards could unlock delayed demand.
At the close of 22 Oct 2026, NEXT Biometrics Group ASA (NEXT.OL) stock was 0.23 NOK (+0.00% on the day), with beta -0.01, 52-week range 0.23–35.00 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)
- 39.8
- weak (30–45)
- Bollinger (20, 2)
- 0.22 – 0.27
- in the lower half of the band · %B 0.31 · band width 20.1%
- SMA 50 / 200
- 0.26 / 4.51
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above 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 | −4.1% | −0.6% | −3.5 pp | — |
| 3 months | −9.0% | −4.2% | −4.9 pp | — |
| 6 months | −95.4% | +4.3% | −99.7 pp | — |
| Year to date | −98.7% | +7.5% | −106.2 pp | — |
| 1 year | −99.3% | +9.9% | −109.2 pp | −4.7% |
| 3 years | −99.6% | +49.8% | −149.4 pp | +12.7% |
| 5 years | −99.7% | +42.8% | −142.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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 | 34.4 m | 19.7 m | 13.4 m |
| Revenue YoY | unavailable | −42.8% | −32.1% |
| Net income | -65.7 m | -75.1 m | -80.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.69 | -0.70 | -0.69 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -191.2% | -381.6% | -602.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 25.2 m NOK
- Total assets
- 49.3 m NOK
- Debt / equity
- unavailable
- Current ratio
- 1.88x
- ROE
- -146.5%
- ROA
- -97.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 34.4 m | 19.7 m | 13.4 m | esef· 21 Oct 2026verified |
| Gross profit | 7.4 m | 2.9 m | -187.0 k | esef· 21 Oct 2026verified |
| Operating income | -66.4 m | -75.9 m | -80.6 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 7.1 m | 5.4 m | 4.6 m | esef· 21 Oct 2026verified |
| EBITDA | -59.3 m ≈ | -70.5 m ≈ | -76.0 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 62.0 k | 119.0 k | 281.0 k | esef· 21 Oct 2026verified |
| Pre-tax income | -65.5 m | -74.9 m | -80.4 m | esef· 21 Oct 2026verified |
| Income tax | 234.0 k | 197.0 k | 130.0 k | esef· 21 Oct 2026verified |
| Net income | -65.7 m | -75.1 m | -80.5 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.69 | -0.70 | -0.69 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Inventories | 23.1 m | 17.7 m | 15.6 m | esef· 21 Oct 2026verified |
| Current assets | 110.6 m | 108.8 m | 43.4 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 6.7 m | 7.1 m | 3.7 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.5 m | 825.0 k | 2.2 m | esef· 21 Oct 2026verified |
| Total assets | 118.9 m | 116.7 m | 49.3 m | esef· 21 Oct 2026verified |
| Current liabilities | 24.4 m | 29.7 m | 23.1 m | esef· 21 Oct 2026verified |
| Equity | 92.2 m | 84.8 m | 25.2 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 95.3 m | 107.3 m | 116.7 m | esef· 21 Oct 2026derived |
Cash flow · NOK
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: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
22 Oct 2026Source: olivLaw, closing series
Market cap: unavailable
The price is older than the freshness threshold; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -602.7% | 5 (vs peers) | 38% |
| 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 | -286.8x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.9x | 90 (on a fixed band) | 25% |
| 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 sheet36/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 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
NEXT BIOMETRICS GROUP ASA (NEXT.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 13.4 m NOK in 2025; YoY growth -32.1%; net margin -602.7%; ROE -146.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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
- Current ratio: 1.9x
What contradicts it
- Net margin: -602.7%
- Interest coverage: -286.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 |
| NEXT.OLNext Biometrics Group Asa | 27.1 m | — | -146.5% | -602.7% | −32.1% | −99% / −100% |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for NEXT.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
NEXT Biometrics is a Norwegian supplier of fingerprint sensors with proprietary technology for security and liveness detection. 2025 was a difficult year, with revenues of only NOK 13.4 million 1, but the company sees signs of markets reopening, especially in India, where certification under new FFD standards could unlock delayed demand.
SWOT
Strengths
- Proprietary technology with claimed advantages in form factor, performance and unit cost, backed by certifications relevant to high-security markets.
- A growing commercial pipeline with a high number of design wins compared with the prior year.
- Existing inventory that could support quick deliveries if demand returns.
Weaknesses
- Falling revenues and large operating losses, with costs exceeding revenues.
- Limited liquidity at year-end, which made a rights issue and temporary loans necessary.
- Dependence on a few large markets and distributors, and exposure to delays in government projects.
Opportunities
- A recovery in Indian demand after new standards are certified could bring delayed orders.
- The FAP30 launch and FBI PIV certification could open the US market to government and enterprise buyers.
- The under-display project could generate licences if major smartphone makers adopt the technology.
Threats
- Competitors with products already on sale could gain market share more quickly.
- Disputes over the China shareholding could affect assets and the company's reputation.
- Dilution of shareholders through the rights issue could change the capital structure.
Risks
- Going concernhigh
The board confirmed the financial statements are prepared on a going concern basis, but negative operating cash flow and low liquidity require additional financing.
- Dependence on the Indian markethigh
Certification delays and government projects reduced demand. A further delay could again affect revenues.
- Disputes in Chinamedium
The company and its partner in China are in two legal disputes, which could affect control over the subsidiary.
- Currency and customer exposuremedium
Production costs are in US dollars and receivables are concentrated with a few distributors, which could cause losses if a customer does not pay.
- Rapid technological changelow
Target markets evolve quickly, and newly developed products could become outdated before wide commercial sale.
Investment thesis
What would need to be true (bull case)
- If FFD certification normalises, demand from India could return quickly and existing inventory could be converted into revenue.
- A high number of design wins and FBI PIV certification could support revenue growth in the coming years.
- The under-display project could open a licensing model if major smartphone makers adopt it.
What would break the thesis
- Revenues fell in 2025, and losses and cash burn could force the company into further share issues.
- Certification delays showed how heavily the company depends on government decisions that are hard to predict.
- Competition and the legal disputes in China could limit access to important markets and delay revenue recovery.
What to watch
- Outcome of the rights issue and use of temporary bridge loans2026
- Development of orders from India after new standards are certified2026
- Status of the legal disputes with the partner in Chinanext 10-K
- Prototype of the under-display fingerprint at Mobile World Congress2027
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 group develops and sells biometric fingerprint sensors, and its products, such as the FAP20 series and the new FAP30 (Basalt), are aimed at banks, government ID, access control, laptops and POS terminals. The company owns no factories, with manufacturing outsourced. Revenues fell from NOK 19.7 million to NOK 13.4 million 1, and the loss after tax was NOK 80.5 million 1.
Management says the near-term goal is to convert existing inventory into revenue as orders resume. The company completed FBI PIV certification in January 2026 and selected a Taiwanese partner for an anywhere-on-display project, with a prototype planned for Mobile World Congress 2027 1.
The legal structure includes seven entities, among them NEXT Biometrics AS in Norway and subsidiaries in the USA, Taiwan, India and Sweden, plus a 50% holding in NEXT Biometrics China, which is subject to legal disputes in China 1. A partly underwritten rights issue and bridge loans for liquidity were announced for 2026 1.
Segments
Biometric sensors for identification and payments
This line includes the FAP20 and FAP30 sensors for government programmes, financial inclusion devices, POS and access control. The company claims its products outperform competing solutions on form factor, performance and unit cost 1.
Anywhere-on-display fingerprint for smartphones
A development-stage project that includes two US patents granted in 2025 and a partnership with Giantplus. Revenue from this line is still negligible, and management mentions possible licensing income if major smartphone makers adopt the technology 1.
Market context
The main market is India, where the Aadhaar programme has registered fingerprints for more than one billion people and where a generational upgrade of the system could drive demand for NEXT sensors in 2026 1. Demand was slowed in 2025 by a security incident that changed market requirements and created certification bottlenecks, since STQC is the only authorised testing agency 1.
In the USA, Mexico and Brazil the company works through two distributors, aiming to replace bulky and costly optical sensors. China remains important because of security requirements, and a partner has obtained China ID certification for the FAP20 1.
Trends
- Modernisation of India's Aadhaar systemtailwind
Upgrading India's national identification programme could generate solid sensor demand if FFD certification normalises.
- Stricter liveness and anti-spoofing requirementstailwind
Security standards and fake finger detection favour products with anti-spoofing functions, which fits the company's portfolio.
- Certification bottlenecks and project delaysheadwind
Delays in government approvals reduced sales in 2025 and could persist if testing processes remain congested.
- Shift from optical to compact capacitive sensorsmixed
Replacing older optical products offers an opportunity, but it depends on customer purchasing decisions, which are slow.
Competitive position
The company competes with other biometric sensor suppliers that have entered the commercial stage, and management notes the competitive landscape is continually evolving. A security incident in India was linked to a competing solution and affected the whole market 1.
Advantages cited by the company are smaller size, thinner form factor and lower unit cost, along with standards certifications. However, the 85 design wins at year-end show customers are evaluating products, without guaranteeing immediate revenue 1.
- Optical and capacitive sensor suppliers from Asia
Competitors in biometric identification and laptop markets, especially in government security.
- System integrators for government programmes
Local partners that certify products and can choose alternative suppliers for identification projects.
- Biometric module makers for smartphones
Companies working on under-display fingerprint solutions that could compete for the same smartphone maker contracts.
- Biometric authentication technology providers
Competitors in access control and POS terminals, with integrated hardware or software offerings.
News & filings
In the press
- Super El Niño effect could worsen PM2.5 next yearBangkok Post · 06 Nov 2026 · EN
- Zelensky: Ukraine determines its next responses to Russian attacks on energy infrastructureUkrinform (UA, EN) · 06 Nov 2026 · EN
- Putin confirms Russia-US-Ukraine talks scheduled for next Tuesday in Abu DhabiAnadolu Agency (TR, EN) · 06 Nov 2026 · EN
- What’s next for your portfolio after the decline in Big Tech stocks?MarketWatch — Top Stories · 06 Nov 2026 · EN
- AI rout sets off market alarm signals as traders brace for what's nextCNA (Channel NewsAsia) · 06 Nov 2026 · EN
- Myanmar to conduct byelections next AprilThe Hindu — International · 06 Nov 2026 · EN
- Watch live: Jim Cramer shares his next investing moves for this tough marketCNBC — Top News · 06 Nov 2026 · EN
- Trump meets a Kremlin envoy, then says a deal on Russia’s war “might involve all of Europe”—next week’s talks have no European seatEuromaidan Press (UA, EN) · 06 Nov 2026 · EN
- Boycott of Russia makes holding World Hockey Championship next to impossible — GermanyTASS (RU, EN) · 06 Nov 2026 · EN
- America’s scientific future depends on what Congress does nextThe Hill · 06 Nov 2026 · EN
- Tesla to wind down Cybertruck production in Texas next year to ramp Cybercab, Musk saysCNBC — Top News · 06 Nov 2026 · EN
- ES&T Next 60 Years: Sustainability and Climate ChangeEnvironmental Science & Technology · 06 Nov 2026 · EN
- After Wall Street’s worst selloff since the 2025 tariff shock, here’s what investors need to watch nextMarketWatch — Top Stories · 06 Nov 2026 · EN
- Savills forecasts 1 . 5 % house price fall for next yearSurge — GDELT DOC · 06 Nov 2026 · RO
- Montana votes to ban corporate political money. Next stop? Probably the Supreme CourtCNBC — Top News · 06 Nov 2026 · EN
- Tesla is ‘winding down’ production of the Cybertruck next yearThe Verge · 06 Nov 2026 · EN
- US weighing new military operation against Iran next Monday — Fox NewsTASS (RU, EN) · 06 Nov 2026 · EN
- Hegseth to face impeachment vote as early as next weekSurge — GDELT DOC · 06 Nov 2026 · RO
- Newmark India Marks First Year , Sets the Stage for Next Phase of Growth in 2027Surge — GDELT DOC · 06 Nov 2026 · RO
- Tesla to wind down Cybertruck production at Texas gigafactory next year, Musk saysCNA (Channel NewsAsia) · 06 Nov 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 / NEXT Biometrics Group 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.