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"2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_NegatedLabel_00181": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_NegatedLabel_00271": { "value": "596000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_NegatedLabel_00272": { "value": "671000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_TotalLabel_00341": { "value": "7923000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_TotalLabel_00342": { "value": "22225000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_TotalLabel_00182": { "value": "-9339000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_TotalLabel_00183": { "value": "-4776000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_Label_00184": { "value": "-2000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_Label_00185": { "value": "3000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_PeriodStartLabel_00186": { "value": "11352000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_PeriodStartLabel_00187": { "value": "16124000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_PeriodEndLabel_00189": { "value": "2011000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_PeriodEndLabel_00188": { "value": "11352000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "1. Corporate Information
IDEX Biometrics ASA and its wholly-
owned subsidiaries (collectively, \u201cIDEX Biometrics\u201d or the \u201cCompany\u201d)
specialize in the design, development, and sale of fingerprint authentication solutions. The Company\u2019s
fingerprint authentication 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 1996 in Norway. The address of the head office
is Dronning Eufemias gate 16, NO-
0191 Oslo, Norway. The Company\u2019s shares are listed on Euronext Oslo B\u00f8rs
under the ticker symbol IDEX.
IDEX Biometrics is comprised of the Norwegian parent company and its subsidiaries in the United States (IDEX
Biometrics Holding Company Inc. and IDEX Biometrics America Inc. (together, \u201cIDEX America\u201d)), the United
Kingdom (IDEX Biometrics UK Ltd. (\u201cIDEX UK\u201d)), and China (IDEX Electronics (Shanghai) Co., Ltd. (\u201cIDEX
China\u201d)). The parent company is the owner of all intellectual property of IDEX Biometrics and is the contractual
party to all customer and manufacturing partner agreements. All sales are generated by the parent company, and
the parent company is the supplier to the customers. The subsidiaries provide various services to the parent
company, mainly associated with engineering, supply-chain administration, and customer service functions.
As
of the balance sheet date there is very little or no activity in the subsidiaries in the USA and China.The financial statements are presented in U.S. Dollars (\u201cUSD\u201d or \"$\"), and all amounts are rounded to the nearest thousand, unless otherwise indicated.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "IDEX Biometrics ASA and its wholly-owned subsidiaries (collectively, \u201cIDEX Biometrics\u201d or the \u201cCompany\u201d) specialize in the design, development, and sale of fingerprint authentication solutions. The Company\u2019s fingerprint authentication 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "IDEX Biometrics ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "IDEX Biometrics ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "Dronning Eufemias gate 16, NO-0191 Oslo, Norway.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "2. Basis of Preparation
IDEX Biometrics prepares its Financial Statements on a historical cost basis, and in accordance with IFRS
Accounting Standards as adopted by the EU.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "2. Basis of Preparation
IDEX Biometrics prepares its Financial Statements on a historical cost basis, and in accordance with IFRS
Accounting Standards as adopted by the EU. The financial statements are presented in U.S. Dollars (\u201cUSD\u201d or
\"$\"), and all amounts are rounded to the nearest thousand, unless otherwise indicated.
The subtotals and totals in
some of the tables may not equal the sum of the amounts shown in the primary financial statements due to
rounding.
IDEX Biometrics ASA is the parent company in the IDEX Biometrics group. The parent company's Financial
Statements are published separately.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "IDEX Biometrics prepares its Financial Statements on a historical cost basis, and in accordance with IFRS
Accounting Standards as adopted by the EU. The financial statements are presented in U.S. Dollars (\u201cUSD\u201d or
\"$\"), and all amounts are rounded to the nearest thousand, unless otherwise indicated.
The subtotals and totals in
some of the tables may not equal the sum of the amounts shown in the primary financial statements due to
rounding.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "3. Material Accounting Policies
Accounting policies that are material to the Company\u2019s results and financial position, in terms of the materiality
of the items to which the policy is applied, are discussed below.
The material accounting policies described in these consolidated financial statements have been applied
consistently for all periods presented, except as otherwise noted in the disclosure related to the impact of policy
changes following the adoption of new accounting standards and voluntary changes in 2024.
The statements of profit and loss are presented by the nature of expense. The cash flow statements are presented
by the indirect method.
There have not been any changes to the Company's accounting policies applied in the financial statements for
2024 compared to those applied in the annual financial statements for 2023
The Consolidated Financial Statements for 2024 were approved by the Board on April 29, 2025.
a. Going Concern
The going concern assumption has been applied in the preparation of the consolidated financial statements. The
going concern assumes the realization of assets and satisfaction of liabilities in the normal course of business.
IDEX Biometrics has incurred significant operating losses and negative cash flows during the development stage
of the business.
The future viability of the Company is dependent on its ability to generate cash from operating
activities and to raise additional capital to finance its operations.
The net equity amounted to $4.7 million, less
than half of the share capital, and the balance sheet solvency, defined as cash plus current receivables less current
liabilities, was negative $519 thousand on December 31, 2024. During 2024, the Company implemented
measures to significantly reduce staff and operating expenses, mainly in the technical functions in the US and
China, while maintaining the customer support functions and supply chain capabilities. The existing cash does
not fund the Company\u2019s operating expenses and capital expenditures requirements for the next twelve months.
On March 11, 2025, the company disclosed that following a strategic review, concluding that the company shall
concentrate its technical and commercial efforts on serving the access market, where IDEX is believed to possess
competitive advantage. IDEX Biometrics will seek to also harvest from its long-time efforts in the payment
market. On the same date, the company disclosed that it had received irrevocable undertakings from certain
existing shareholders and new investors to lend NOK 30 million ($2.8 million) to the Company to fund the
commercialization efforts in line with the revised business strategy
(\u201cMarch loans\u201d). Subject to approval by an
extraordinary general meeting, the loans would be convertible to shares at NOK 0.01 per share.
At the extraordinary general meeting on April 11, 2025 the shareholders resolved to (i) reduce the share capital
of IDEX Biometrics ASA by decreasing the par value per existing share from NOK 0.15 per share to NOK 0.01
per share, and (ii) subject to completion of the share capital decrease, convert the March loans to shares at a
subscription price per share equal to NOK 0.01 per share. The lenders have undertaken to subscribe for shares
and settle the share contribution by debt conversion. The extraordinary general meeting also approved a
subsequent offering of shares at the same price to the other existing shareholders, raising up to NOK 6 million
($0.6 million). These actions will cover the company\u2019s immediate cash needs.
Thirdly, the Company disclosed that it had entered into a commitment letter and term sheet for an
amendment agreement with the holder of the Company\u2019s convertible bonds amounting to NOK 67 million
($6.3 million) whereby the terms of the convertible bond will be amended such that, inter alia, (i) the
principal amount will be reduced by 25%, and, (ii) subject to the company obtaining additional equity on
market terms by December 31, 2025, the principal amount would be reduced by a further 25%. Certain
other terms of the bonds were also amended. The extraordinary general meeting approved the change of
terms.
In the short term, the IDEX Biometrics is dependent on the successful implementation of the foregoing. The
long-
term future viability depends on the Company\u2019s ability to generate cash from operating activities and to
raise additional capital to finance its operations. IDEX Biometrics\u2019s existing cash and the funding described
above is not sufficient to fund its operating expenses and capital expenditures requirements for the next twelve
months. While the Company has been successful in the past in raising funds through private placements of shares
and issuance of convertible debt, there is no assurance that IDEX Biometrics will be successful in raising capital
the future. The Company\u2019s failure to raise capital as and when needed would have a negative impact on its
financial condition and its ability to pursue its business strategies. These factors cast significant doubt on the
Company's ability to continue as a going concern.
As an ongoing activity, the Company monitors liquidity and the Board is prepared to take appropriate measures
if and when required. IDEX Biometrics has been successful in the past with implementing cost reductions and
raising capital through private placements of equity. Reflecting the recent funding described above and
acknowledging the significant doubt identified above, the Board has on balance concluded that the conditions for
the going concern assumption are met.
b. Consolidation
The Company\u2019s Consolidated Financial Statements are comprised of the financial statements of IDEX
Biometrics ASA and its wholly-owned subsidiaries, with all intercompany transactions, balances, revenue,
expenses, and unrealized internal profit or losses eliminated upon consolidation.
c. Equity
Equity is comprised of the following:
\u2022
Share Capital: comprised of the nominal amount of the parent\u2019s shares.
\u2022
Share Premium: comprised of: (1) the amount received attributable to Share Capital, in excess of the
nominal amount of shares issued by the parent company, reduced by; (2) issuance costs directly
attributable to the capital increase; and (3) transfers into the Capital Reduction Reserve.
\u2022
Share Based Payment Reserve: comprised of Share-based payment reserve.
\u2022
Foreign Currency Translation Effects: comprised of Currency Translation Difference.
\u2022
Capital Reduction Reserve: comprised of the absorption of accumulated losses of the Company by the
Share Premium, as resolved by the Board of Directors (refer to Note 15
\u2014
Share Capital and Share
Premium
).
\u2022
Accumulated Loss: comprised of cumulative historical losses of the Company.
d. Cost of materials, net of inventory change
Cost of materials, net of inventory change, consists of the costs of raw materials, components, contract
manufacturing, and transportation associated with production and storage of products for sale to customers, net
of inventory change.
e. Research and development expenses
Expenses in this category consist primarily of the costs of services and materials used in engineering activities
and certain outsourced development activities. Payroll costs related to research and development employees are
classified as Compensation and benefit expenses, not as research and development expenses, on the Consolidated
Statement of Profit and Loss. However, the compensation paid to individual contractors serving in engineering
roles is included in Research and development expenses.
Research costs are expensed as incurred. Development expenses that do not meet the criteria of capitalization are
expensed as incurred. Development expenses are capitalized when (i) the technical feasibility of completing
development has been demonstrated, (ii) the costs of development can be measured reliably, (iii) it is probable
that IDEX will realize future economic benefits from the asset, and (iv) IDEX has committed to complete the
development. Once the development is complete and the resulting asset is available for use, the capitalized
development cost (i.e., the asset value) is amortized over its expected useful life.
The Company applies for and has received government grants associated with certain research and development
projects. The recognized value of government grants applicable to research and development activities are
credited against research and development costs. Generally, the applications or claims for such grants are
submitted after completion of the qualifying activities. When it is realistic that the application or claim will be
successful and the amount can be determined reliably, the Company credit the value of the grant against research
and development expenses for that reporting period. Pending receipt of funds, the expected value of the grant is
recognized in Account receivable, other.
f. Convertible debt
The terms of the convertible debt agreements are evaluated to determine whether the instruments contain both
liability and equity components, in which case the instrument is a compound instrument. Convertible debt
agreements are evaluated to determine whether they contain embedded derivatives, in which case the instrument
is a hybrid financial instrument. Based on evaluation of the terms in our convertible debt agreements, the
Company determined that the conversion option was an embedded derivative and, therefore, the convertible debt
was accounted for as a hybrid financial instrument. The Company elected to assign original transaction costs
entirely to the financial liability host (principal).
Estimation methods are used to determine the fair value of embedded derivatives included in hybrid financial
instruments. The determination of the effective interest used for the host contracts of hybrid financial instruments
and the liability components of compound financial instruments is dependent on the outcome of such
estimations. Evaluating the reasonableness of these estimations and the assumptions and inputs used in the
valuation methods requires a significant amount of judgment and is therefore subject to an inherent risk of error.
g. Accounting estimates, based on the use of judgment and assumptions
The application of certain accounting standards requires management to make accounting judgments, estimates
and assumptions affecting reported amounts of assets, liabilities, income and expenses.
The main area where the Company has made significant judgments when applying the accounting policies and
that have the most material effect on the amounts recognized in the financial statements are goodwill and
inventory.
Estimates used in the preparation of these financial statements are prepared based on bespoke models, while the
assumptions on which the estimates are based rely on historical experience and other factors that management
assesses to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates
and underlying assumptions are reviewed on an ongoing basis.
The most important matters in understanding the key sources of estimation uncertainty are described in each of
the following sections below:
\u2022
Intangible assets
\u2022
Inventory
\u2022
Accounts receivable, trade
\u2022
Share-based compensation
\u2022
Embedded derivative in convertible debt
\u2022
Warrants
Intangible assets
IDEX\u2019s patents and other intellectual property rights created by the Company are capitalized only when they
satisfy the criteria for capitalization. No development costs have been capitalized in 2024 or 2023. Acquired
intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
amortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
when there is an indication of a decrease in value. An intangible asset\u2019s c
arrying amount is compared to the
asset\u2019s recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
independent third party) or the calculated value based on the discounted estimated cash flow from continued use.
The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
assumptions about the amounts. As of December 31, 2024, the Company determined that there were no
indicators of impairment, and no impairment was recorded.
Inventory
Inventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of
cost and net realizable value. Most inventory items are tracked by lot, and the recorded cost is actual average cost
per unit in the lot. Mass products are recorded at moving average cost per unit. Items of significant value are
tracked by serial number and the recorded cost is the actual cost of the individual item. Impairment is assessed
quarterly, based on management\u2019s judgment of when and whether the inventory may be sold, and assumptions
about the sales price and selling costs. The estimate is uncertain, because timing of sales is subject to many risks.
Selling pr
ices are uncertain in the market for IDEX\u2019s products. Reselling components or other commodity raw
materials at any value may not be easily achieved, and elements of work in progress and finished goods, if
impaired (i.e., considered excess or obsolete inventory), generally have no resale value and are held for disposal.
Accounts receivable, trade
Trade accounts receivable consists of invoiced amounts owed by customers, net of minor prepayments received
and allowances for doubtful accounts. Regarding allowances for doubtful accounts, see section
Credit and
Liquidity Risk
below.
Share-based compensation
IDEX estimates the fair value of incentive subscription rights (\u201cSRs\u201d) at the grant date by using the
Black-Scholes option pricing model and record the share-based remuneration cost over the vesting period of the
SRs. The valuation is based on share price and exercise price, share price volatility, interest rates, and the
expected term of the SRs, based on historical data. The parameters may in the future deviate from the historical
observations. The accrued cost of the employment taxes associated with the earned intrinsic value of the SRs will
vary with share price, which is a highly unpredictable parameter.
IDEX estimates the fair value of the Employee Share Purchase Plan (\u201cESPP\u201d) at the grant date, i.e. the first date
of the contribution period, by using the Black-Scholes option pricing model. The share-based compensation is
expensed over the contribution period. The valuation is based on share price and exercise price, share price
volatility, interest rates, and the term of the contribution period. The parameters may in the future deviate from
the historical observations.
Embedded derivative in convertible debt
Estimation methods are used to determine the fair value of the embedded derivative included in the convertible
debt. The effective interest used for the host contract and the embedded derivative is dependent on the
estimations. A significant amount of judgment is exercised in determining the estimations and the assumptions
and inputs used in the valuation methods at original recognition of the host contract and the embedded derivative,
as well as revised valuation of the embedded derivative at each balance sheet date. The result is therefore subject
to an inherent risk of error.
Warrants
IDEX Biometrics ASA has issued warrants to investors who have subscribed to shares in private placements in
2024. The warrants are denominated in NOK, while the Company\u2019s functional currency is the USD, and are not
held proportionally among shareholders. As such, the warrants represent a financial liability; the obligation to
issue shares at a fixed share price in NOK. Under IFRS, this obligation is initially recognized and subsequently
held at fair value. Changes in value are recognized through profit and loss as other financial items. Upon issue,
the warrants are recognized based on option value calculations. Option value calculations are also used at later
balance sheet dates unless the warrants are traded in an active market and have observable fair value. A
significant amount of judgment is exercised in determining the estimations and the assumptions and inputs used
in the valuation method at original recognition of the warrants. The result is therefore subject to an inherent risk
of error.
h. Revenue recognition
Revenue is recognized when control of the promised goods or services is transferred to a customer, in an amount
reflecting the consideration the Company expects to be entitled to in exchange for those goods or services. Sales,
value added, and other taxes incurred concurrent with revenue producing activities are excluded from revenue.
Shipping and handling charges to customers are included in revenue, and costs incurred associated with
outbound freight after control over a product has transferred to a customer are accounted for as revenue
reductions.
The Company\u2019s primary source of revenue comes from the sale of its products, which principally are biometric
fingerprint sensors. Each sensor also contains embedded software. The hardware and the embedded software are
interdependent in that each needs the other to provide the intended fingerprint authentication function to the
customer. IDEX Biometrics can also provide complete modules, i.e. a sensor, a secure element and antenna for
embedding in a card, as well as the card operating system. The primary customers for the products are smart card
manufacturers and similar solution integrators. IDEX Biometrics currently does not use distributors for the resale
of its products.
IDEX Biometrics may license its intellectual property under right to use licenses, in which royalties due to the
Company are based upon a percentage of the licensee\u2019s sales and/or unit volumes. In the years 2024 and 2023,
the Company recognized no revenue from licensing its intellectual property.
The Company also recognizes revenue from contracts with customers associated with the delivery of certain
services, ranging from standalone NRE to advisory services. Generally, these contracts include a single
performance obligation (i.e., service element), and revenue is recognized upon the completion of the defined
service element and final acceptance by the customer of any project deliverable. However, revenue from services
may be recognized over time, if recognition of multiple service elements is based on completion of substantive
and results-based contractual milestones, and acknowledgement by the customer of such completion.
The Company does not have material obligations or reserves for warranties, returns, or customer refunds. There
were no contract asset or contract liability balances as of December 31, 2024 or 2023.
i. Accounting Standards
No amendments to standards or interpretations of standards effective as of January 1, 2024 and adopted by the
Company were material to the Company\u2019s financial statements upon adoption.
IFRS 18
\u2014
Presentation and Disclosure in Financial Statements
takes effect as of January 1, 2027 and will be
implemented in due course. Other standards, amendments to standards, and interpretations of standards, issued
but not yet effective, are either not expected to materially impact, or are not expected to be relevant to, the
Company\u2019s financial statements upon adoption.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "The Consolidated Financial Statements for 2024 were approved by the Board on April 29, 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "a. Going Concern
The going concern assumption has been applied in the preparation of the consolidated financial statements. The
going concern assumes the realization of assets and satisfaction of liabilities in the normal course of business.
IDEX Biometrics has incurred significant operating losses and negative cash flows during the development stage
of the business.
The future viability of the Company is dependent on its ability to generate cash from operating
activities and to raise additional capital to finance its operations.
The net equity amounted to $4.7 million, less
than half of the share capital, and the balance sheet solvency, defined as cash plus current receivables less current
liabilities, was negative $519 thousand on December 31, 2024. During 2024, the Company implemented
measures to significantly reduce staff and operating expenses, mainly in the technical functions in the US and
China, while maintaining the customer support functions and supply chain capabilities. The existing cash does
not fund the Company\u2019s operating expenses and capital expenditures requirements for the next twelve months.
On March 11, 2025, the company disclosed that following a strategic review, concluding that the company shall
concentrate its technical and commercial efforts on serving the access market, where IDEX is believed to possess
competitive advantage. IDEX Biometrics will seek to also harvest from its long-time efforts in the payment
market. On the same date, the company disclosed that it had received irrevocable undertakings from certain
existing shareholders and new investors to lend NOK 30 million ($2.8 million) to the Company to fund the
commercialization efforts in line with the revised business strategy
(\u201cMarch loans\u201d). Subject to approval by an
extraordinary general meeting, the loans would be convertible to shares at NOK 0.01 per share.
At the extraordinary general meeting on April 11, 2025 the shareholders resolved to (i) reduce the share capital
of IDEX Biometrics ASA by decreasing the par value per existing share from NOK 0.15 per share to NOK 0.01
per share, and (ii) subject to completion of the share capital decrease, convert the March loans to shares at a
subscription price per share equal to NOK 0.01 per share. The lenders have undertaken to subscribe for shares
and settle the share contribution by debt conversion. The extraordinary general meeting also approved a
subsequent offering of shares at the same price to the other existing shareholders, raising up to NOK 6 million
($0.6 million). These actions will cover the company\u2019s immediate cash needs.
Thirdly, the Company disclosed that it had entered into a commitment letter and term sheet for an
amendment agreement with the holder of the Company\u2019s convertible bonds amounting to NOK 67 million
($6.3 million) whereby the terms of the convertible bond will be amended such that, inter alia, (i) the
principal amount will be reduced by 25%, and, (ii) subject to the company obtaining additional equity on
market terms by December 31, 2025, the principal amount would be reduced by a further 25%. Certain
other terms of the bonds were also amended. The extraordinary general meeting approved the change of
terms.
In the short term, the IDEX Biometrics is dependent on the successful implementation of the foregoing. The
long-
term future viability depends on the Company\u2019s ability to generate cash from operating activities and to
raise additional capital to finance its operations. IDEX Biometrics\u2019s existing cash and the funding described
above is not sufficient to fund its operating expenses and capital expenditures requirements for the next twelve
months. While the Company has been successful in the past in raising funds through private placements of shares
and issuance of convertible debt, there is no assurance that IDEX Biometrics will be successful in raising capital
the future. The Company\u2019s failure to raise capital as and when needed would have a negative impact on its
financial condition and its ability to pursue its business strategies. These factors cast significant doubt on the
Company's ability to continue as a going concern.
As an ongoing activity, the Company monitors liquidity and the Board is prepared to take appropriate measures
if and when required. IDEX Biometrics has been successful in the past with implementing cost reductions and
raising capital through private placements of equity. Reflecting the recent funding described above and
acknowledging the significant doubt identified above, the Board has on balance concluded that the conditions for
the going concern assumption are met.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "b. Consolidation
The Company\u2019s Consolidated Financial Statements are comprised of the financial statements of IDEX
Biometrics ASA and its wholly-owned subsidiaries, with all intercompany transactions, balances, revenue,
expenses, and unrealized internal profit or losses eliminated upon consolidation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "\u2022 Share Capital: comprised of the nominal amount of the parent\u2019s shares.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "e. Research and development expenses
Expenses in this category consist primarily of the costs of services and materials used in engineering activities
and certain outsourced development activities. Payroll costs related to research and development employees are
classified as Compensation and benefit expenses, not as research and development expenses, on the Consolidated
Statement of Profit and Loss. However, the compensation paid to individual contractors serving in engineering
roles is included in Research and development expenses.
Research costs are expensed as incurred. Development expenses that do not meet the criteria of capitalization are
expensed as incurred. Development expenses are capitalized when (i) the technical feasibility of completing
development has been demonstrated, (ii) the costs of development can be measured reliably, (iii) it is probable
that IDEX will realize future economic benefits from the asset, and (iv) IDEX has committed to complete the
development. Once the development is complete and the resulting asset is available for use, the capitalized
development cost (i.e., the asset value) is amortized over its expected useful life.
The Company applies for and has received government grants associated with certain research and development
projects. The recognized value of government grants applicable to research and development activities are
credited against research and development costs. Generally, the applications or claims for such grants are
submitted after completion of the qualifying activities. When it is realistic that the application or claim will be
successful and the amount can be determined reliably, the Company credit the value of the grant against research
and development expenses for that reporting period. Pending receipt of funds, the expected value of the grant is
recognized in Account receivable, other.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "The Company applies for and has received government grants associated with certain research and development
projects. The recognized value of government grants applicable to research and development activities are
credited against research and development costs. Generally, the applications or claims for such grants are
submitted after completion of the qualifying activities. When it is realistic that the application or claim will be
successful and the amount can be determined reliably, the Company credit the value of the grant against research
and development expenses for that reporting period. Pending receipt of funds, the expected value of the grant is
recognized in Account receivable, other.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "f. Convertible debt
The terms of the convertible debt agreements are evaluated to determine whether the instruments contain both
liability and equity components, in which case the instrument is a compound instrument. Convertible debt
agreements are evaluated to determine whether they contain embedded derivatives, in which case the instrument
is a hybrid financial instrument. Based on evaluation of the terms in our convertible debt agreements, the
Company determined that the conversion option was an embedded derivative and, therefore, the convertible debt
was accounted for as a hybrid financial instrument. The Company elected to assign original transaction costs
entirely to the financial liability host (principal).
Estimation methods are used to determine the fair value of embedded derivatives included in hybrid financial
instruments. The determination of the effective interest used for the host contracts of hybrid financial instruments
and the liability components of compound financial instruments is dependent on the outcome of such
estimations. Evaluating the reasonableness of these estimations and the assumptions and inputs used in the
valuation methods requires a significant amount of judgment and is therefore subject to an inherent risk of error.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "g. Accounting estimates, based on the use of judgment and assumptions
The application of certain accounting standards requires management to make accounting judgments, estimates
and assumptions affecting reported amounts of assets, liabilities, income and expenses.
The main area where the Company has made significant judgments when applying the accounting policies and
that have the most material effect on the amounts recognized in the financial statements are goodwill and
inventory.
Estimates used in the preparation of these financial statements are prepared based on bespoke models, while the
assumptions on which the estimates are based rely on historical experience and other factors that management
assesses to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates
and underlying assumptions are reviewed on an ongoing basis.
The most important matters in understanding the key sources of estimation uncertainty are described in each of
the following sections below:
\u2022
Intangible assets
\u2022
Inventory
\u2022
Accounts receivable, trade
\u2022
Share-based compensation
\u2022
Embedded derivative in convertible debt
\u2022
Warrants
Intangible assets
IDEX\u2019s patents and other intellectual property rights created by the Company are capitalized only when they
satisfy the criteria for capitalization. No development costs have been capitalized in 2024 or 2023. Acquired
intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
amortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
when there is an indication of a decrease in value. An intangible asset\u2019s c
arrying amount is compared to the
asset\u2019s recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
independent third party) or the calculated value based on the discounted estimated cash flow from continued use.
The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
assumptions about the amounts. As of December 31, 2024, the Company determined that there were no
indicators of impairment, and no impairment was recorded.
Inventory
Inventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of
cost and net realizable value. Most inventory items are tracked by lot, and the recorded cost is actual average cost
per unit in the lot. Mass products are recorded at moving average cost per unit. Items of significant value are
tracked by serial number and the recorded cost is the actual cost of the individual item. Impairment is assessed
quarterly, based on management\u2019s judgment of when and whether the inventory may be sold, and assumptions
about the sales price and selling costs. The estimate is uncertain, because timing of sales is subject to many risks.
Selling pr
ices are uncertain in the market for IDEX\u2019s products. Reselling components or other commodity raw
materials at any value may not be easily achieved, and elements of work in progress and finished goods, if
impaired (i.e., considered excess or obsolete inventory), generally have no resale value and are held for disposal.
Accounts receivable, trade
Trade accounts receivable consists of invoiced amounts owed by customers, net of minor prepayments received
and allowances for doubtful accounts. Regarding allowances for doubtful accounts, see section
Credit and
Liquidity Risk
below.
Share-based compensation
IDEX estimates the fair value of incentive subscription rights (\u201cSRs\u201d) at the grant date by using the
Black-Scholes option pricing model and record the share-based remuneration cost over the vesting period of the
SRs. The valuation is based on share price and exercise price, share price volatility, interest rates, and the
expected term of the SRs, based on historical data. The parameters may in the future deviate from the historical
observations. The accrued cost of the employment taxes associated with the earned intrinsic value of the SRs will
vary with share price, which is a highly unpredictable parameter.
IDEX estimates the fair value of the Employee Share Purchase Plan (\u201cESPP\u201d) at the grant date, i.e. the first date
of the contribution period, by using the Black-Scholes option pricing model. The share-based compensation is
expensed over the contribution period. The valuation is based on share price and exercise price, share price
volatility, interest rates, and the term of the contribution period. The parameters may in the future deviate from
the historical observations.
Embedded derivative in convertible debt
Estimation methods are used to determine the fair value of the embedded derivative included in the convertible
debt. The effective interest used for the host contract and the embedded derivative is dependent on the
estimations. A significant amount of judgment is exercised in determining the estimations and the assumptions
and inputs used in the valuation methods at original recognition of the host contract and the embedded derivative,
as well as revised valuation of the embedded derivative at each balance sheet date. The result is therefore subject
to an inherent risk of error.
Warrants
IDEX Biometrics ASA has issued warrants to investors who have subscribed to shares in private placements in
2024. The warrants are denominated in NOK, while the Company\u2019s functional currency is the USD, and are not
held proportionally among shareholders. As such, the warrants represent a financial liability; the obligation to
issue shares at a fixed share price in NOK. Under IFRS, this obligation is initially recognized and subsequently
held at fair value. Changes in value are recognized through profit and loss as other financial items. Upon issue,
the warrants are recognized based on option value calculations. Option value calculations are also used at later
balance sheet dates unless the warrants are traded in an active market and have observable fair value. A
significant amount of judgment is exercised in determining the estimations and the assumptions and inputs used
in the valuation method at original recognition of the warrants. The result is therefore subject to an inherent risk
of error.
h. Revenue recognition
Revenue is recognized when control of the promised goods or services is transferred to a customer, in an amount
reflecting the consideration the Company expects to be entitled to in exchange for those goods or services. Sales,
value added, and other taxes incurred concurrent with revenue producing activities are excluded from revenue.
Shipping and handling charges to customers are included in revenue, and costs incurred associated with
outbound freight after control over a product has transferred to a customer are accounted for as revenue
reductions.
The Company\u2019s primary source of revenue comes from the sale of its products, which principally are biometric
fingerprint sensors. Each sensor also contains embedded software. The hardware and the embedded software are
interdependent in that each needs the other to provide the intended fingerprint authentication function to the
customer. IDEX Biometrics can also provide complete modules, i.e. a sensor, a secure element and antenna for
embedding in a card, as well as the card operating system. The primary customers for the products are smart card
manufacturers and similar solution integrators. IDEX Biometrics currently does not use distributors for the resale
of its products.
IDEX Biometrics may license its intellectual property under right to use licenses, in which royalties due to the
Company are based upon a percentage of the licensee\u2019s sales and/or unit volumes. In the years 2024 and 2023,
the Company recognized no revenue from licensing its intellectual property.
The Company also recognizes revenue from contracts with customers associated with the delivery of certain
services, ranging from standalone NRE to advisory services. Generally, these contracts include a single
performance obligation (i.e., service element), and revenue is recognized upon the completion of the defined
service element and final acceptance by the customer of any project deliverable. However, revenue from services
may be recognized over time, if recognition of multiple service elements is based on completion of substantive
and results-based contractual milestones, and acknowledgement by the customer of such completion.
The Company does not have material obligations or reserves for warranties, returns, or customer refunds. There
were no contract asset or contract liability balances as of December 31, 2024 or 2023.
i. Accounting Standards
No amendments to standards or interpretations of standards effective as of January 1, 2024 and adopted by the
Company were material to the Company\u2019s financial statements upon adoption.
IFRS 18
\u2014
Presentation and Disclosure in Financial Statements
takes effect as of January 1, 2027 and will be
implemented in due course. Other standards, amendments to standards, and interpretations of standards, issued
but not yet effective, are either not expected to materially impact, or are not expected to be relevant to, the
Company\u2019s financial statements upon adoption.
Climate Change
As of December 31, 2024, the possible future financial impact to the Company resulting from climate change is
uncertain and IDEX Biometrics does not have a basis to determine the direction or magnitude of any such
impact. The Company is monitoring current and expected climate change effects, as well as measures considered
or implemented by government and industry, in order to minimize any negative impact and to take advantage of
any favorable opportunities that may arise.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "Intangible assets
IDEX\u2019s patents and other intellectual property rights created by the Company are capitalized only when they
satisfy the criteria for capitalization. No development costs have been capitalized in 2024 or 2023. Acquired
intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
amortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
when there is an indication of a decrease in value. An intangible asset\u2019s c
arrying amount is compared to the
asset\u2019s recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
independent third party) or the calculated value based on the discounted estimated cash flow from continued use.
The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
assumptions about the amounts. As of December 31, 2024, the Company determined that there were no
indicators of impairment, and no impairment was recorded.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "Intangible assets
IDEX\u2019s patents and other intellectual property rights created by the Company are capitalized only when they
satisfy the criteria for capitalization. No development costs have been capitalized in 2024 or 2023. Acquired
intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
amortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
when there is an indication of a decrease in value. An intangible asset\u2019s c
arrying amount is compared to the
asset\u2019s recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
independent third party) or the calculated value based on the discounted estimated cash flow from continued use.
The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
assumptions about the amounts. As of December 31, 2024, the Company determined that there were no
indicators of impairment, and no impairment was recorded.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "An assessment of impairment losses on non-current assets is made
when there is an indication of a decrease in value. An intangible asset\u2019s c
arrying amount is compared to the
asset\u2019s recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
independent third party) or the calculated value based on the discounted estimated cash flow from continued use.
The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
assumptions about the amounts. As of December 31, 2024, the Company determined that there were no
indicators of impairment, and no impairment was recorded.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "An assessment of impairment losses on non-current assets is made
when there is an indication of a decrease in value. An intangible asset\u2019s c
arrying amount is compared to the
asset\u2019s recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
independent third party) or the calculated value based on the discounted estimated cash flow from continued use.
The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
assumptions about the amounts. As of December 31, 2024, the Company determined that there were no
indicators of impairment, and no impairment was recorded.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "Inventory
Inventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of
cost and net realizable value. Most inventory items are tracked by lot, and the recorded cost is actual average cost
per unit in the lot. Mass products are recorded at moving average cost per unit. Items of significant value are
tracked by serial number and the recorded cost is the actual cost of the individual item. Impairment is assessed
quarterly, based on management\u2019s judgment of when and whether the inventory may be sold, and assumptions
about the sales price and selling costs. The estimate is uncertain, because timing of sales is subject to many risks.
Selling pr
ices are uncertain in the market for IDEX\u2019s products. Reselling components or other commodity raw
materials at any value may not be easily achieved, and elements of work in progress and finished goods, if
impaired (i.e., considered excess or obsolete inventory), generally have no resale value and are held for disposal.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "Accounts receivable, trade
Trade accounts receivable consists of invoiced amounts owed by customers, net of minor prepayments received
and allowances for doubtful accounts. Regarding allowances for doubtful accounts, see section
Credit and
Liquidity Risk
below.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "Share-based compensation
IDEX estimates the fair value of incentive subscription rights (\u201cSRs\u201d) at the grant date by using the
Black-Scholes option pricing model and record the share-based remuneration cost over the vesting period of the
SRs. The valuation is based on share price and exercise price, share price volatility, interest rates, and the
expected term of the SRs, based on historical data. The parameters may in the future deviate from the historical
observations. The accrued cost of the employment taxes associated with the earned intrinsic value of the SRs will
vary with share price, which is a highly unpredictable parameter.
IDEX estimates the fair value of the Employee Share Purchase Plan (\u201cESPP\u201d) at the grant date, i.e. the first date
of the contribution period, by using the Black-Scholes option pricing model. The share-based compensation is
expensed over the contribution period. The valuation is based on share price and exercise price, share price
volatility, interest rates, and the term of the contribution period. The parameters may in the future deviate from
the historical observations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "Embedded derivative in convertible debt
Estimation methods are used to determine the fair value of the embedded derivative included in the convertible
debt. The effective interest used for the host contract and the embedded derivative is dependent on the
estimations. A significant amount of judgment is exercised in determining the estimations and the assumptions
and inputs used in the valuation methods at original recognition of the host contract and the embedded derivative,
as well as revised valuation of the embedded derivative at each balance sheet date. The result is therefore subject
to an inherent risk of error.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "h. Revenue recognition
Revenue is recognized when control of the promised goods or services is transferred to a customer, in an amount
reflecting the consideration the Company expects to be entitled to in exchange for those goods or services. Sales,
value added, and other taxes incurred concurrent with revenue producing activities are excluded from revenue.
Shipping and handling charges to customers are included in revenue, and costs incurred associated with
outbound freight after control over a product has transferred to a customer are accounted for as revenue
reductions.
The Company\u2019s primary source of revenue comes from the sale of its products, which principally are biometric
fingerprint sensors. Each sensor also contains embedded software. The hardware and the embedded software are
interdependent in that each needs the other to provide the intended fingerprint authentication function to the
customer. IDEX Biometrics can also provide complete modules, i.e. a sensor, a secure element and antenna for
embedding in a card, as well as the card operating system. The primary customers for the products are smart card
manufacturers and similar solution integrators. IDEX Biometrics currently does not use distributors for the resale
of its products.
IDEX Biometrics may license its intellectual property under right to use licenses, in which royalties due to the
Company are based upon a percentage of the licensee\u2019s sales and/or unit volumes. In the years 2024 and 2023,
the Company recognized no revenue from licensing its intellectual property.
The Company also recognizes revenue from contracts with customers associated with the delivery of certain
services, ranging from standalone NRE to advisory services. Generally, these contracts include a single
performance obligation (i.e., service element), and revenue is recognized upon the completion of the defined
service element and final acceptance by the customer of any project deliverable. However, revenue from services
may be recognized over time, if recognition of multiple service elements is based on completion of substantive
and results-based contractual milestones, and acknowledgement by the customer of such completion.
The Company does not have material obligations or reserves for warranties, returns, or customer refunds. There
were no contract asset or contract liability balances as of December 31, 2024 or 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "i. Accounting Standards
No amendments to standards or interpretations of standards effective as of January 1, 2024 and adopted by the
Company were material to the Company\u2019s financial statements upon adoption.
IFRS 18
\u2014
Presentation and Disclosure in Financial Statements
takes effect as of January 1, 2027 and will be
implemented in due course. Other standards, amendments to standards, and interpretations of standards, issued
but not yet effective, are either not expected to materially impact, or are not expected to be relevant to, the
Company\u2019s financial statements upon adoption.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "i. Accounting Standards
No amendments to standards or interpretations of standards effective as of January 1, 2024 and adopted by the
Company were material to the Company\u2019s financial statements upon adoption.
IFRS 18
\u2014
Presentation and Disclosure in Financial Statements
takes effect as of January 1, 2027 and will be
implemented in due course. Other standards, amendments to standards, and interpretations of standards, issued
but not yet effective, are either not expected to materially impact, or are not expected to be relevant to, the
Company\u2019s financial statements upon adoption.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "Financial risks
IDEX emphasizes capital preservation and liquidity in managing its cash, which is held in bank accounts, which
are denominated in USD, NOK, GBP, and CNY.
Short-term capital requirements include funding operating losses and supporting net working capital
requirements. Reflecting the Company\u2019s operating model, investments in property, plant, and equipment are
modest, and have been funded with proceeds from issuance of shares. IDEX has been funded through the
issuance of shares since it was established in 1996. In 2023, the parent company took up a convertible loan.
The current cash position and financial forecasts indicate that in 2025, the Company will need significant
funding in the form of equity injection, debt or other. The Board is considering various funding options and
believes that the Company will obtain further financing for its planned operation, growth and working capital
requirements. Refer to the section above regarding going concern.
Interest Rate Risk
As of December 31, 2024, IDEX Biometrics had cash of $2.0 million. The Company\u2019s exposure to interest rate
sensitivity is influenced primarily by changes in the underlying bank interest rates in the various currencies.
IDEX\u2019s cash is held in bank accounts,
all of which are considered highly liquid. Accordingly, an immediate one
percentage point change in interest rates would not have a material effect on the fair market value the Company\u2019s
cash accounts.
The convertible loan is the only debt to financial lenders. The Company is not exposed interest rate associated
with variable rate debt because the interest rate is fixed for the duration of the loan.
Currency Risk
The Company\u2019s trading transactions are denominated in U.S. Dollars (\u201cUSD\u201d), which is the Company\u2019s
consolidation and presentation currency. The functional currency of the parent company, IDEX Biometrics ASA,
is USD, while the functional currencies of the subsidiaries are the currency in their respective domiciles. The
Company incurs a portion of its expenses in currencies other than the USD, primarily British Pounds (\u201cGBP\u201d),
Norwegian Krone (\u201cNOK\u201d), Euro (\"EUR\"), and, until the end of 2024, Chinese Yuan (\u201cCNY\u201d). The Company's
cost level is exposed to changes in the rates of exchange between the USD and these currencies. IDEX seeks to
minimize this exposure by maintaining currency cash balances at targeted levels appropriate to meet foreseeable
short-term expenses in these other currencies. The remaining cash balance is held in USD-denominated accounts.
The Company does not use forward exchange contracts or other hedging strategies to manage exchange rate exposure.
Each subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional
currency of the subsidiary.
In addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and
EUR; and payables in NOK, GBP and EUR, and convertible debt in NOK. A 10% change in the relative value of
USD to NOK would have had a corresponding effec
t on the carrying value of the Company\u2019s debt of about $600
thousand at December 31, 2024, and at December 31, 2023 the effect would be about $800 thousand. A 10%
change in the value of USD to CNY or EUR was not material at December 31, 2024 or December 31, 2023. A
10% increase in the value of the GBP relative to the USD would have had a corresponding effect on the carrying
value of the net financial assets and liabilities in foreign currencies at December 31, 2024 of about $245
thousand (December 31, 2023: $980 thousand).
Credit and Liquidity Risk
IDEX Biometrics extends customary credit terms to customers, reflecting its assessment of their individual
creditworthiness. Based on review of customer accounts as of December 31, 2024, a specific reserve for possible
loss has been recognized. The Company does not believe there is significant additional credit risk at large associated
with its Accounts receivable, trade, balance as of December 31, 2024. (See Note 14
\u2014
Accounts receivable
.) A
general reserve for doubtful accounts has not been recognized. If and when revenue continues to increase,
receivable balances from a broadening customer base will increase, potentially increasing the credit risk at large.
The Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
regulated banks.
IDEX Biometrics aims to increase revenue generation through sales of its products; however, it does not
currently have the cash resources to fully meet its operating commitments for the twelve months following the
date of the financial statements. This cas
ts significant doubt on the Company\u2019s ability to continue as a
going concern. See section
Going concern
above.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "Financial risks
IDEX emphasizes capital preservation and liquidity in managing its cash, which is held in bank accounts, which
are denominated in USD, NOK, GBP, and CNY.
Short-term capital requirements include funding operating losses and supporting net working capital
requirements. Reflecting the Company\u2019s operating model, investments in property, plant, and equipment are
modest, and have been funded with proceeds from issuance of shares. IDEX has been funded through the
issuance of shares since it was established in 1996. In 2023, the parent company took up a convertible loan.
The current cash position and financial forecasts indicate that in 2025, the Company will need significant
funding in the form of equity injection, debt or other. The Board is considering various funding options and
believes that the Company will obtain further financing for its planned operation, growth and working capital
requirements. Refer to the section above regarding going concern.
Interest Rate Risk
As of December 31, 2024, IDEX Biometrics had cash of $2.0 million. The Company\u2019s exposure to interest rate
sensitivity is influenced primarily by changes in the underlying bank interest rates in the various currencies.
IDEX\u2019s cash is held in bank accounts,
all of which are considered highly liquid. Accordingly, an immediate one
percentage point change in interest rates would not have a material effect on the fair market value the Company\u2019s
cash accounts.
The convertible loan is the only debt to financial lenders. The Company is not exposed interest rate associated
with variable rate debt because the interest rate is fixed for the duration of the loan.
Currency Risk
The Company\u2019s trading transactions are denominated in U.S. Dollars (\u201cUSD\u201d), which is the Company\u2019s
consolidation and presentation currency. The functional currency of the parent company, IDEX Biometrics ASA,
is USD, while the functional currencies of the subsidiaries are the currency in their respective domiciles. The
Company incurs a portion of its expenses in currencies other than the USD, primarily British Pounds (\u201cGBP\u201d),
Norwegian Krone (\u201cNOK\u201d), Euro (\"EUR\"), and, until the end of 2024, Chinese Yuan (\u201cCNY\u201d). The Company's
cost level is exposed to changes in the rates of exchange between the USD and these currencies. IDEX seeks to
minimize this exposure by maintaining currency cash balances at targeted levels appropriate to meet foreseeable
short-term expenses in these other currencies. The remaining cash balance is held in USD-denominated accounts.
The Company does not use forward exchange contracts or other hedging strategies to manage exchange rate exposure.
Each subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional
currency of the subsidiary.
In addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and
EUR; and payables in NOK, GBP and EUR, and convertible debt in NOK. A 10% change in the relative value of
USD to NOK would have had a corresponding effec
t on the carrying value of the Company\u2019s debt of about $600
thousand at December 31, 2024, and at December 31, 2023 the effect would be about $800 thousand. A 10%
change in the value of USD to CNY or EUR was not material at December 31, 2024 or December 31, 2023. A
10% increase in the value of the GBP relative to the USD would have had a corresponding effect on the carrying
value of the net financial assets and liabilities in foreign currencies at December 31, 2024 of about $245
thousand (December 31, 2023: $980 thousand).
Credit and Liquidity Risk
IDEX Biometrics extends customary credit terms to customers, reflecting its assessment of their individual
creditworthiness. Based on review of customer accounts as of December 31, 2024, a specific reserve for possible
loss has been recognized. The Company does not believe there is significant additional credit risk at large associated
with its Accounts receivable, trade, balance as of December 31, 2024. (See Note 14
\u2014
Accounts receivable
.) A
general reserve for doubtful accounts has not been recognized. If and when revenue continues to increase,
receivable balances from a broadening customer base will increase, potentially increasing the credit risk at large.
The Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
regulated banks.
IDEX Biometrics aims to increase revenue generation through sales of its products; however, it does not
currently have the cash resources to fully meet its operating commitments for the twelve months following the
date of the financial statements. This cas
ts significant doubt on the Company\u2019s ability to continue as a
going concern. See section
Going concern
above.14. Accounts receivable
Accounts receivable, trade, includes invoiced amounts due from customers. The receivables are held at the
estimated realizable value. The Company\u2019s payment terms vary by the type and location of its customers and the
products or services offered. Terms are typically payment within 30 to 60 days. Based on periodic review of
customer accounts, a specific reserve for possible loss may been recognized as applicable. The Company does
not require collateral from its customers, although there have been circumstances when the Company has
required cash in advance (i.e., a partial down-
payment) to facilitate orders in excess of a customer\u2019s established
credit limit. To date, such amounts have not been material.
In an arbitration ruling at Oslo Chamber of Commerce on January 27, 2025, in favor of IDEX Biometrics, the
company was awarded $0.7 million from customer Zwipe AS, plus late payment interest and compensation for
the Company\u2019s legal costs. On March 6, 2025,
the Oslo District Court ruled that bankruptcy proceedings for
Zwipe shall take place. The receivable has been written off as of December 31, 2024.
A general reserve for doubtful accounts has not been recognized. Expected credit loss accrued for at the end of
2024 was $849 thousand, and $144 thousand at the end of 2023.
The balances reported as Accounts receivable, other, consist primarily of estimated support related to research
and development projects, and value added tax refund due to the Company.
Balances and aging of accounts receivable at December 31, 2024, and December 31, 2023, were as follows:
\n \n
Year ended December 31, 2024
Maturity
Less than 3
Amounts in $1000
months
3-6 months
6-12 months
Total
Accounts receivable, trade
$
\u2014
$
\u2014
$
30
$
30
Accounts receivable, other
137
598
167
902
Total
$
137
$
598
$
197
$
932
\n \n
Year ended December 31, 2023
Maturity
Less than 3
Amounts in $1000
months
3-6 months
6-12 months
Total
Accounts receivable, trade
$
979
$
\u2014
$
\u2014
$
979
Accounts receivable, other
90
392
467
949
Total
$
1,069
$
392
$
467
$
1,928
15. Other current and non-current financial assets
Non-current receivables
\n \n
Year ended December 31,
Amounts in $1000
2024
2023
Non-current receivables
57
81
Balance at December 31
57
81
The receivables are deposits for leasehold payments and are held at nominal value. Deposits amounting to $17
thousand and $6 thousand were released upon termination of lease agreements in America and China,
respectively.
IDEX Biometrics ASA had no contingent assets at the end of 2024 or 2023.
16. Accounts payable and other financial liabilities
Except for the convertible debt in note 17
\u2014
Convertible debt
, the Company\u2019s payable and other financial
liabilities as of December 31, 2024, and December 31, 2023, were as follows:
\n \n
Year ended December 31, 2024
Maturity
Less than 3
6-12
Amounts in $1000
months
3-6 months
months
1-5 years
Total
Accounts payable
$
850
$
\u2014
$
\u2014
$
\u2014
$
850
Current lease liabilities
396
\u2014
\u2014
\u2014
396
Other current liabilities
891
113
941
\u2014
1,945
Total
$
2,137
$
113
$
941
$
\u2014
$
3,191
\n \n
Year ended December 31, 2023
Maturity
Less than 3
6-12
Amounts in $1000
months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,238
$
1,238
Accounts payable
688
\u2014
\u2014
\u2014
688
Current lease liabilities
146
148
331
\u2014
624
Other current liabilities
782
760
9,254
\u2014
10,796
Total
$
1,615
$
908
$
9,585
$
1,238
$
13,346
Other current liabilities include accruals for earned compensation, earned vacation days not taken, potential
employer\u2019s tax on share
-based compensation, and accruals for goods and services received but not yet invoiced
by the supplier.
The
estimated employer\u2019s payroll tax liability related to share
-based compensation amounted to $0 (nil) thousand
on December 31, 2024, and $19 thousand on December 31, 2023. The amount will be due only if and when the
subscription rights are exercised. The exercise will, in all likely circumstances, fund the payable employer\u2019s
payroll tax.
Interest expense including effective interest on the convertible debt and interest on lease liabilities in the
Consolidated Statement of Profit and Loss in Finance expense was $1,788 thousand in 2024 and $136 thousand
in 2023. The balance of finance expense is currency losses.
Except for the convertible debt in note 17
\u2014
Convertible debt
, IDEX had no other significant current or non-
current monetary obligations at the end of 2024 or 2023. The Company had no contingent liabilities at the end of
2024 or 2023.
17. Convertible debt, warrants
\n \n
Interest
Carrying
Amounts in $1000
rate
Installment profile
value
Convertible bond as of Dec 31, 2023
6%
Bimonthly until June 28, 2027
Convertible debt
$
5,076
Embedded derivative
3,545
Total
$
8,621
Convertible bond as of Dec 31, 2024
0%
Semi-annual from Jun. 28,
2026 to Dec. 28, 2027
Convertible debt
$
1,984
Embedded derivative
139
Total
$
2,123
Recognized value on the balance sheet
Year ended December 31,
Exercise
Amounts in $1000
price
Expiry
2024
2023
Warrants
Warrants May-Jun
NOK 1.65
May 29, 2025
$
1
$
\u2014
Warrants A
NOK 0.15
March 13, 2025
326
\u2014
Warrants B
NOK 0.15
April 11, 2025
326
\u2014
Total
$
652
$
\u2014
In December 2023, IDEX entered into a convertible debt financing agreement. The agreement has been amended
since, see below. The Company issued NOK 100 million or $9.9 million in convertible bonds at 6.0% interest
p.a. The loan is denominated in NOK. IDEX Biometrics received NOK 92 million after deduction of the issue
discount. Transactions and balance amounts are reported in USD at the exchange rates at the respective dates.
The bondholder could elect to convert the outstanding loans into IDEX shares at any time prior to repayment at a
conversion price of NOK 3.655, which price reflects the 5:1 share consolidation (reverse split) effective on the
record date of January 10, 2024.
The conversion option was accounted for as an embedded derivative and was recognized separately from the
host contract as a financial liability at fair value through profit or loss. See note 18
\u2014
Fair value measurement.
The host contract is recognized at amortized cost, a residual after deduction of transaction costs and the
embedded derivative. The effective interest rate is based on the value of the host contract and the expected cash
flow. Because the company does not have an unconditional right to defer payment beyond twelve months, both
the host contract and the embedded derivative were classified as current liabilities as of December 31,
2023.Estimation methods are used to determine the fair value of the embedded derivative. There is a significant
element of judgment in the estimation methods used and the assumptions applied.
Under the original agreement, the debt would be redeemed in 21 equal bi-monthly instalments of NOK 4.8
million plus accrued interest. The bondholder could request up to two additional instalments to be paid in each
period between the planned term dates. The Company could elect to settle the interest payments, principal
payments, or both with shares in lieu of cash. Any repayment in shares will be converted at 90% of the
prevailing market price of the shares. On September 17, 2024, IDEX Biometrics entered into a commitment
letter to amend the terms of the convertible bond. The full agreement was entered into on November 6, 2024.
The coupon interest rate on the bond was reduced to 0%. The repayment will be in four semi-annual terms
starting from June 28, 2026, extending the duration of the loan until December 28, 2027. The conversion rate on
the loan was reduced to NOK 0.85 per share. Conversion can, at the earliest, be done on February 28, 2026,
unless the share price exceeds NOK 1.25 after June 28, 2025. The Company may elect to settle the principal
payments with shares in lieu of cash payments. Any repayment in shares will be converted at 90% of the
prevailing market price of the shares. The amendment represented a substantial modification of the financial
liability under IFRS 9. The original host contract and embedded derivative was therefore derecognized and the
amended debt was recognized at fair value of the host contract and the embedded derivative. This resulted in a
gain on modification As a consequence of the refinancing, the debt is classified as non-current as of December
31, 2024.
Host
Embedded
contract
derivative
Amounts in $1000
(Level 3)
(Level 3)
Total
(Gains)/Losses recognized from modification
(2,115)
274
(1,841)
Other (gains)/losses related to the host contract, the embedded derivative and the warrants recognized in the
Consolidated Income Statements are presented as financial income for gains and financial expenses for losses.
As of December 31, 2024, the outstanding principal amount was NOK 66,640 thousand or $5,871 thousand
(December 31, 2023: NOK 100,000 thousand or $9,830 thousand).
On March 10, 2025, IDEX Biometrics and Heights entered into a commitment letter whereby the terms of the
convertible bond will be amended. The amendment has not been reflected in the valuation of the convertible debt
as of December 31, 2024. See note 26
\u2014
Subsequent events
.
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 the outstanding warrants are measured at fair value.
The Company considers that the carrying amount of the financial assets and liabilities that are recognised at
amortised cost net of any impairment approximate their fair value.
The Company uses the following hierarchy for classification of the fair value of financial measurements:
\u2022
Level 1: Observed (unadjusted) prices in active markets for identical assets or liabilities.
\u2022
Level 2: Methods for which all inputs that have a significant effect on the recorded fair value are
observable, either directly or indirectly.
\u2022
Level 3: Methods that use inputs that are not based on observable data
The actual method used and assumptions made in levels 2 and 3 may have a material effect on the estimated fair
value. The table below shows the items measured at fair value, categorized within Levels 1-3.
On May 15, 2024, IDEX conducted a private placement of 33,333,333 shares. For each share subscribed to, the
subscribers received one warrant with exercise price NOK 1.65. The May warrants are exercisable in quarterly
windows after issue of interim reports and expire fourteen days after the interim report for the first quarter of
2025 has been issued.
On September 16, 2024, IDEX conducted a private placement of 466,666,666 shares. For each two shares
subscribed to, the subscriber received two warrants with exercise price NOK 0.15: One warrant A exercisable
within the first 14 days following the disclosure of the preliminary financial report for 2024, and one warrant B
which is exercisable from March 31, 2025 to April 11, 2025. The initial recognition of the warrants was based on
a Black Scholes option pricing model calculation, based on company volatility, exercise price and risk free
interest rate. On December 12, 2024, the warrants A&B were admitted to trading on Euronext Oslo B\u00f8rs. As a
consequence of the listing admission, the instruments were transferred from Level 2 to Level 1. The transfer did
not have a material impact on the instruments\u2019 fair value
. See note 28
\u2014
Subsequent events
.
The table shows the carrying value of liabilities held at fair value at the respective dates, by Level:
Embedded
Warrants
Warrants
derivative
May
A and B
Amounts in $1000
(Level 3)
(Level 2)
(Level 1)
Total
Balance Jan 1, 2023
Balance Dec 31, 2023
$
3,545
$
\u2014
$
\u2014
$
3,545
Balance Dec 31, 2024
$
139
$
1
$
651
$
791
The initial recognition of the host contract and embedded derivative was
fair value. As such, the initial
recognized amount was determined at Level 3. Subsequent modifications of the host contract assumes that the
effective interest rate used to calculate the value is equal to the initial effective interest rate. Thus, the subsequent
measurement of the host contract is amortised cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "Interest Rate Risk
As of December 31, 2024, IDEX Biometrics had cash of $2.0 million. The Company\u2019s exposure to interest rate
sensitivity is influenced primarily by changes in the underlying bank interest rates in the various currencies.
IDEX\u2019s cash is held in bank accounts,
all of which are considered highly liquid. Accordingly, an immediate one
percentage point change in interest rates would not have a material effect on the fair market value the Company\u2019s
cash accounts.
The convertible loan is the only debt to financial lenders. The Company is not exposed interest rate associated
with variable rate debt because the interest rate is fixed for the duration of the loan.
Currency Risk
The Company\u2019s trading transactions are denominated in U.S. Dollars (\u201cUSD\u201d), which is the Company\u2019s
consolidation and presentation currency. The functional currency of the parent company, IDEX Biometrics ASA,
is USD, while the functional currencies of the subsidiaries are the currency in their respective domiciles. The
Company incurs a portion of its expenses in currencies other than the USD, primarily British Pounds (\u201cGBP\u201d),
Norwegian Krone (\u201cNOK\u201d), Euro (\"EUR\"), and, until the end of 2024, Chinese Yuan (\u201cCNY\u201d). The Company's
cost level is exposed to changes in the rates of exchange between the USD and these currencies. IDEX seeks to
minimize this exposure by maintaining currency cash balances at targeted levels appropriate to meet foreseeable
short-term expenses in these other currencies. The remaining cash balance is held in USD-denominated accounts.
The Company does not use forward exchange contracts or other hedging strategies to manage exchange rate exposure.
Each subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional
currency of the subsidiary.
In addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and
EUR; and payables in NOK, GBP and EUR, and convertible debt in NOK. A 10% change in the relative value of
USD to NOK would have had a corresponding effec
t on the carrying value of the Company\u2019s debt of about $600
thousand at December 31, 2024, and at December 31, 2023 the effect would be about $800 thousand. A 10%
change in the value of USD to CNY or EUR was not material at December 31, 2024 or December 31, 2023. A
10% increase in the value of the GBP relative to the USD would have had a corresponding effect on the carrying
value of the net financial assets and liabilities in foreign currencies at December 31, 2024 of about $245
thousand (December 31, 2023: $980 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "Credit and Liquidity Risk
IDEX Biometrics extends customary credit terms to customers, reflecting its assessment of their individual
creditworthiness. Based on review of customer accounts as of December 31, 2024, a specific reserve for possible
loss has been recognized. The Company does not believe there is significant additional credit risk at large associated
with its Accounts receivable, trade, balance as of December 31, 2024. (See Note 14
\u2014
Accounts receivable
.) A
general reserve for doubtful accounts has not been recognized. If and when revenue continues to increase,
receivable balances from a broadening customer base will increase, potentially increasing the credit risk at large.
The Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
regulated banks.
IDEX Biometrics aims to increase revenue generation through sales of its products; however, it does not
currently have the cash resources to fully meet its operating commitments for the twelve months following the
date of the financial statements. This cas
ts significant doubt on the Company\u2019s ability to continue as a
going concern. See section
Going concern
above.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "Credit and Liquidity Risk
IDEX Biometrics extends customary credit terms to customers, reflecting its assessment of their individual
creditworthiness. Based on review of customer accounts as of December 31, 2024, a specific reserve for possible
loss has been recognized. The Company does not believe there is significant additional credit risk at large associated
with its Accounts receivable, trade, balance as of December 31, 2024. (See Note 14
\u2014
Accounts receivable
.) A
general reserve for doubtful accounts has not been recognized. If and when revenue continues to increase,
receivable balances from a broadening customer base will increase, potentially increasing the credit risk at large.
The Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
regulated banks.
IDEX Biometrics aims to increase revenue generation through sales of its products; however, it does not
currently have the cash resources to fully meet its operating commitments for the twelve months following the
date of the financial statements. This cas
ts significant doubt on the Company\u2019s ability to continue as a
going concern. See section
Going concern
above.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "4. Segment reporting
IDEX manages its operations as a single segment for the purposes of assessing performance and making
operating decisions. IDEX operates as one operating segment, fingerprint imaging and authentication
technology. IDEX has determined that its chief operating decision maker is its Chief Executive Officer. The
Company\u2019s chief operating decision maker reviews the Company\u2019s financial information on an aggregated basis
for the purposes of allocating resources and assessing financial performance.
IDEX categorizes customers by geographic region utilizing the addresses to which the Company invoices its
products or services. The Company\u2019s product and service revenue by geographic region is as follows:
Year ended December 31,
Amounts in $1000
2024
2023
Product Revenue:
Europe, Middle East, and Africa
$
106
$
3,029
Americas
248
975
Asia-Pacific
347
126
Total Product Revenue:
701
4,131
Service Revenue:
Europe, Middle East, and Africa
\u2014
2
Americas
72
\u2014
Asia-Pacific
69
6
Total Service Revenue:
140
8
Total Revenue
$
841
$
4,138
The Company\u2019s revenue has in the past come from a limited number of customers. During 2024, the top three
customers accounted for approximately 26%, 25% and 20
% of the Company\u2019s revenue, respectively, and in
2023, the top two customers accounted for 47% and 20% of revenue, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "4. Segment reporting
IDEX manages its operations as a single segment for the purposes of assessing performance and making
operating decisions. IDEX operates as one operating segment, fingerprint imaging and authentication
technology. IDEX has determined that its chief operating decision maker is its Chief Executive Officer. The
Company\u2019s chief operating decision maker reviews the Company\u2019s financial information on an aggregated basis
for the purposes of allocating resources and assessing financial performance.
IDEX categorizes customers by geographic region utilizing the addresses to which the Company invoices its
products or services. The Company\u2019s product and service revenue by geographic region is as follows:
Year ended December 31,
Amounts in $1000
2024
2023
Product Revenue:
Europe, Middle East, and Africa
$
106
$
3,029
Americas
248
975
Asia-Pacific
347
126
Total Product Revenue:
701
4,131
Service Revenue:
Europe, Middle East, and Africa
\u2014
2
Americas
72
\u2014
Asia-Pacific
69
6
Total Service Revenue:
140
8
Total Revenue
$
841
$
4,138
The Company\u2019s revenue has in the past come from a limited number of customers. During 2024, the top three
customers accounted for approximately 26%, 25% and 20
% of the Company\u2019s revenue, respectively, and in
2023, the top two customers accounted for 47% and 20% of revenue, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "4. Segment reporting
IDEX manages its operations as a single segment for the purposes of assessing performance and making
operating decisions. IDEX operates as one operating segment, fingerprint imaging and authentication
technology. IDEX has determined that its chief operating decision maker is its Chief Executive Officer. The
Company\u2019s chief operating decision maker reviews the Company\u2019s financial information on an aggregated basis
for the purposes of allocating resources and assessing financial performance.
IDEX categorizes customers by geographic region utilizing the addresses to which the Company invoices its
products or services. The Company\u2019s product and service revenue by geographic region is as follows:
Year ended December 31,
Amounts in $1000
2024
2023
Product Revenue:
Europe, Middle East, and Africa
$
106
$
3,029
Americas
248
975
Asia-Pacific
347
126
Total Product Revenue:
701
4,131
Service Revenue:
Europe, Middle East, and Africa
\u2014
2
Americas
72
\u2014
Asia-Pacific
69
6
Total Service Revenue:
140
8
Total Revenue
$
841
$
4,138
The Company\u2019s revenue has in the past come from a limited number of customers. During 2024, the top three
customers accounted for approximately 26%, 25% and 20
% of the Company\u2019s revenue, respectively, and in
2023, the top two customers accounted for 47% and 20% of revenue, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "5. Compensation and benefits
Compensation and benefits expenses consist of costs for direct employees 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
2024
2023
Salary, payroll tax, benefits, other
$
8,464
$
13,026
Share-based compensation
333
1,280
Total
$
8,797
$
14,305
The table below sets forth the number of employees and individual contractors by their function, measured in
full-time equivalents. Most of the contractors live and work in countries in which the Company does not have a
formal business presence.
December 31, 2024
December 31, 2023
Employees
Contractors
Employees
Contractors
Research and development
16
4
53
5
Marketing and sales
3
4
4
11
General and administrative
5
1
5
2
Supply chain and distribution
6
\u2014
7
\u2014
Total staff
30
9
69
18
The average number of employees for the years 2024 and 2023 were 45 and 76 full-time equivalents,
respectively.
The Company provides health and other benefits to employees consistent with common practice in the countries
in which it operates. No such benefits are provided to individual contractors.
The parent company contributes to a pension insurance plan for all its Norwegian employees. The plan satisfies
the Norwegian mandatory service pension rules
(
obligatorisk tjenestepensjon
, OTP)
. The pension plan is a fully
insured, defined contribution plan.
Employees of IDEX America may participate in a health, dental, and vision insurance plan. IDEX America also
offers employer-funded plans for life insurance, short-term disability, and long-term disability.
IDEX China contributes to the mandatory social security plans in China, including contribution of 21% of
eligible salary to each employee\u2019s personal retirement fund.
IDEX UK contributes up to 6% of an employee participant\u2019s base salary to IDEX UK\u2019s pension plan, subject to
the employee contributing the same percentage through a salary reduction arrangement. The pension plan is a
fully insured, defined-contribution plan.
In 2024, IDEX operated two share-based compensation programs: Incentive subscription rights (SRs), and an
employee share purchase plan (ESPP).
Share-based compensation is the recognized costs of the SR and ESPP
programs. See Note 23
\u2014
Share-based remuneration
.
Compensation of Key Management
Please see also the 2024 Executive remuneration report, published separately.
In 2024 and 2023 key management consisted of the Chief Executive Officer
(\u201cCEO\u201d), Chief Financial Officer
(\u201cCFO\u201d), Chief Technology Officer (\u201cCTO\u201d), and Chief Commercial Officer (\u201cCCO\u201d). In 2024, the former CCO
replaced the CEO, and the CCO position was closed.
All officers are employed in the subsidiary in the country
where they work, or serve as a contractor to the parent company.
Year ended December 31,
Amounts in $1000
2024
2023
Compensation and short-term benefits
$
1,509
$
1,487
Medical and similar benefits, contributions to pension
schemes
19
52
Share-based compensation
365
221
Total compensation of key management
$
1,893
$
1,760
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 2024 and 2023.
Key management held the following subscription rights to Ordinary Shares under the subscription rights
incentive plans with the following expiration dates and exercise prices:
Number outstanding
1
as of December 31,
Exercise
Expiration
price
Grant date
date
(NOK)
1
2024
2023
August 14, 2019
May 9, 2024
8.25
65,560
February 26, 2020
May 9, 2024
5.55
1,000,000
June 17, 2020
May 15, 2025
8.55
225,000
225,000
April 20, 2021
May 15, 2025
13.55
\u2014
\u2014
June 3, 2021
May 12, 2026
11.90
400,000
400,000
August 11, 2021
May 12, 2026
12.00
42,060
284,140
February 23, 2022
May 12, 2026
10.40
167,380
167,380
August 10, 2022
May 12, 2027
5.90
84,120
326,200
August 11, 2023
May 23, 2028
3.40
252,360
752,360
November 8, 2023
May 23, 2028
2.30
\u2014
100,000
April 17, 2024
May 23, 2028
0.15
300,000
July 12, 2024
May 16, 2029
1.45
6,000,000
August 29, 2024
May 16, 2029
0.93
1,500,000
Total
8,970,920
3,320,640
1
Exercise price and quantity in 2023 has been adjusted for the 5:1 share consolidation taking effect as of record date January 10,
2024
In case of share split or consolidation, the incentive subscription rights plan has adjustment clauses so that the
number of subscription rights and the exercise prices are adjusted by the same ratio. See also notes
23
\u2014
Share-based compensation
and 26
\u2014
Subsequent events
.
Compensation paid to the Board is presented in Note 24
\u2014
Related party transactions
. 23. Share-based compensation
The number of shares and other instruments as of December 31, 2023, and on earlier dates, are the actual number
of instruments before the 5:1 share consolidation (reverse split) taking effect on record date January 10, 2024.
The incentive subscription rights plans have adjustment clauses so that the number of subscription rights and the
exercise prices are adjusted by the same ratio.
The number of shares and other instruments as of January 10,
2024 and later dates, are the actual number of instruments i.e., after the 5:1 share consolidation.
Subscription rights plans
IDEX follows the practice of renewing its subscription rights plan at each Annual General Meeting, when the
preceding plan is closed for further grants and a new plan is established. On May 16, 2024, the Annual General
Meeting adopted the 2024 Subscription
Rights Incentive Plan (the \u201c2024 Plan\u201d). The Board is responsible for
administration of subscription rights plans and approves grants under the plans and the terms of each grant.
Under the 2024 Plan, the Board may grant up to 28,012,655 subscription rights, provided the total number of
outstanding subscription rights does not exceed 10 percent of the number of registered shares.
Subscription rights may be granted to employees and individuals rendering services to the Company. The
exercise price shall be, at a minimum, the higher of the average closing price of one share, as reported on the
Oslo B\u00f8rs, for the ten trading days preceding the date of the grant, or the closing price of one share, as reported
on the Oslo B\u00f8rs, on the trading day preceding the date of the grant. The board may in cases of particular
circumstances decide that the exercise price is lower, but not less than the par value of the share. The total
number of outstanding such grants may not exceed 2,801,265. Unless resolved otherwise by the Board, 25% of
\n
each grant of subscription rights vests per year. The annual vesting dates are the latest of the following dates
\n
before the date of grant of the subscription rights; (i) January 15, (ii) April 15, (iii) July 15 or (iv) October 15.
\n
Vesting and exercise is subject to the holder remaining associated with IDEX, and not conditional upon market
\n
factors or operational achievements. The subscription rights expire on the fifth anniversary of the Annual
\n
General Meeting at which the shareholders resolved to establish the plan under which the subscription rights
\n
were granted. Unvested subscription rights terminate on the holder\u2019s last day
of employment or, in the case of
\n
non-
employees, the last day of the individual\u2019s service to the Company. Vested subscription rights may be
\n
exercised up to 90 days after the holder\u2019s last day of employment. There are no cash settlement alternatives for
\n
the holders of subscription rights. The Company may elect to settle in cash.
\n
The Annual General Meeting also resolved that until December 31, 2024, the board could issue replacement
\n
subscription rights (\"RSR\") at an exercise price not lower than NOK 2.22 per share against waiver and
\n
cancellation of existing subscription rights. The vesting schedule for such RSRs should be 1/3 each year over 3
\n
years. No RSRs had been granted by December 31, 2024.
\n
The fair value of the subscription rights at grant date is expensed as share-based compensation over the vesting
\n
period. The value is calculated using the Black-Scholes option pricing model. Upon exercise, the notional cost
\n
remains as recognized. An accrual for t
he potential employer\u2019s tax
is recognized based on the intrinsic value on
\n
each balance sheet date. The
actual employer\u2019s tax, if any, on exercise is recognized
, net of the accrual. The
\n
following assumptions were applied when calculating the fair value of the subscription rights granted in the
\n
respective years:
\n\n \n
Year ending December 31,
2024
2023
1
Exercise price (NOK)
0.15 - 1.80
0.15 - 0.93
Weighted average exercise price per share
1.17
0.49
Weighted average share price at date of grant
1.20
0.69
Expected term (years)
2
2.77
3.01
Weighted average remaining term (years)
4.72
4.67
Share price volatility
3
76%
77%
Risk-free interest rate
3.62%
3.88%
Expected dividend payment
\u2014
\u2014
Expected forfeiture
None
None
Fair value per subscription right
0.87
0.45
\n
1 2023 numbers have not been adjusted for the 5:1 consolidation that took place effective January 10,
\n
2024
\n
2 The expected term has been set to midpoint between vesting date and expiry date. Due to very small
\n
quantity exercised in the past, there is inadequate data for determining the propensity to early exercise
\n
3 Expected volatility is based on historical volatility over a period as long as the vesting period per tranche
\n
Subscription rights activity
\n\n \n
2024
2023
Weighted
Weighted
Average
Average
Number of
Exercise
Number of
Exercise
Subscription
Price
Subscription
Price
Rights
(NOK)
Rights
(NOK)
Outstanding as of January 1
94,834,661
1.42
81,106,631
1.74
Consolidated 5:1 record date January 10
(75,867,729)
7.10
Granted
15,383,130
1.21
22,475,200
0.49
Exercised
(532,572)
0.75
(824,021)
0.15
Terminated
(10,158,799)
6.46
(7,327,449)
1.84
Expired
(1,088,826)
9.48
(595,700)
4.97
Outstanding as of December 31
22,569,865
3.41
94,834,661
1.42
Subscription rights exercisable as of December 31
5,451,280
7.81
50,694,011
1.67
Subscription rights exercised in the year
\n\n \n
2024
2023
Weighted
W. average
Weighted
W. average
Number of
average
FMV of
Number of
average
FMV of
subscription
exercise
share at
subscription
exercise
share at
rights
price
exercise
rights
price
exercise
532,572
0.75
1.77
824,021
0.15
1.57
\n
Outstanding and vested incentive subscription rights
\n\n \n
December 31, 2024
Outstanding Subscription Rights
Vested (Exercisable) Subscription Rights
Weighted
Weighted
Weighted
Average
Weighted
Weighted
Number of
Average
Average
Remaining
Number of
Average
Average
Exercise
Subscription
Exercise
Remaining
Time to
Vested
Exercise
Remaining
price (in
Rights
Price
Term
Vest
Subscription
Price
Term
NOK)
Outstanding
(NOK)
(Years)
(Years)
Rights
(NOK)
(Years)
0.00 - 0.49
550,000
0.15
3.40
0.79
-
-
-
0.50 - 0.99
2,651,200
0.85
3.88
1.25
623,100
0.75
3.24
1.00 - 1.49
12,020,680
1.45
4.40
1.29
-
-
-
1.50 - 1.99
40,900
1.80
3.40
1.79
-
-
-
2.00 - 2.49
25,000
2.30
3.40
-
25,000
2.30
3.40
2.50 - 2.99
-
-
-
-
-
-
-
3.00 - 4.99
1,742,929
3.51
3.25
1.07
482,959
3.50
3.26
5.00 - 9.99
5,539,156
9.21
1.23
0.18
4,320,221
9.34
1.06
Total
22,569,865
3.41
3.44
0.98
5,451,280
7.81
1.51
\n
Outstanding and vested incentive subscription rights
\n\n \n
December 31, 2023
Outstanding Subscription Rights
Vested (Exercisable) Subscription Rights
Weighted
Weighted
Weighted
Average
Weighted
Weighted
Number of
Average
Average
Remaining
Number of
Average
Average
Exercise
Subscription
Exercise
Remaining
Time to
Vested
Exercise
Remaining
price (in
Rights
Price
Term
Vest
Subscription
Price
Term
NOK)
Outstanding
(NOK)
(Years)
(Years)
Rights
(NOK)
(Years)
0.00 - 0.49
11,663,861
0.16
3.38
1.08
2,662,861
0.15
0.36
0.50 - 0.99
13,755,300
0.70
4.11
1.98
420,800
0.71
0.36
1.00 - 1.49
15,749,000
1.13
2.29
1.35
6,750,350
1.12
1.51
1.50 - 1.99
32,657,600
1.70
1.16
0.66
31,666,100
1.70
1.15
2.00 - 2.49
15,545,600
2.28
2.37
1.01
6,450,400
2.33
2.37
2.50 - 2.99
4,864,000
2.65
2.37
1.29
2,432,000
2.65
2.37
3.00 - 4.99
599,300
3.12
1.33
0.54
311,500
3.15
1.30
5.00 - 9.99
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
94,834,661
1.43
2.31
1.39
50,694,011
1.67
1.37
\n
Employee Share Purchase Plan
\n
The Employee Share Purchase Plan (\u201cESPP\u201d) is revolved each year at the Annual General Meeting. The current
\n
ESPP was approved at the 2024 Annual General Meeting. The 2023 ESPP was suspended effective March 1,
\n
2024, and the 2024 ESPP has not been activated by the board. Under the ESPP, an IDEX employee based in
\n
Norway, the United Kingdom, or the United States may contribute up to 20% of his or her annual base salary,
\n
through payroll deductions, toward periodic purchases of new issue shares. Under the ESPP, an option for the
\n
purchase of a share is granted to a participating employees on the first day of a 6-
months' \u201coffering period\u201d to
\n
purchase new issued shares at the end of that offering period at a purchase price equal to 85% of the lesser of the
\n
fair market value, based on the closing price of the share on Oslo B\u00f8rs, on either the first day or the last day of
that offering period. The offering periods occur from March through August, and from September through
\n
February. The shares are not restricted.
\n
The ESPP is intended to qualify as an \u201cemployee stock purchase plan\u201d under Section 423 of the U.S. Internal
\n
Revenue Code, thereby affording certain tax advantages to employees who are taxpayers in the United States.
\n
There are no tax advantages for ESPP participants who are taxpayers in Norway or the United Kingdom.
\n
The share-based remuneration cost of the ESPP is calculated at the start of each contribution period and
\n
amortized over that period. The cost is based on the contribution amount and amounts to the discount of 15% at
\n
the beginning of the period, plus the option value of an 85% call and 15% put option granted at the beginning of
\n
the period. The option value is based on a Black-Scholes option pricing model applying prevailing interest rates
\n
and share price volatility at the beginning of the period.
Any related employer\u2019s tax is recognized by the relevant
\n
entity on the date the
employer\u2019s tax is incurred, which date varies by jurisdiction and employee disposition.
\n\n \n
ESPP cost calculation parameters
September 1, 2024
March 1, 2024
September 1, 2023
Expected contribution amount (NOK 1,000)
\u2014
\u2014
532
Share price on start date (NOK per share)
0.64
Share price volatility
59%
Risk-free interest rate
4.24%
Expected dividend payment
\u2014
Expected number of shares
972,698
Share-based compensation cost per expected share
0.23
\n
In the offering period completed on February 29, 2024, 12 employees (2023: 28) participated in the ESPP and
\n
purchased a total of 358,525 shares at NOK 1.32 per share (February 28 and August 31, 2023 combined:
\n4,583,947 shares at average NOK 0.64 per share).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "5. Compensation and benefits
Compensation and benefits expenses consist of costs for direct employees 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
2024
2023
Salary, payroll tax, benefits, other
$
8,464
$
13,026
Share-based compensation
333
1,280
Total
$
8,797
$
14,305
The Company provides health and other benefits to employees consistent with common practice in the countries
in which it operates. No such benefits are provided to individual contractors.
The parent company contributes to a pension insurance plan for all its Norwegian employees. The plan satisfies
the Norwegian mandatory service pension rules
(
obligatorisk tjenestepensjon
, OTP)
. The pension plan is a fully
insured, defined contribution plan.
Employees of IDEX America may participate in a health, dental, and vision insurance plan. IDEX America also
offers employer-funded plans for life insurance, short-term disability, and long-term disability.
IDEX China contributes to the mandatory social security plans in China, including contribution of 21% of
eligible salary to each employee\u2019s personal retirement fund.
IDEX UK contributes up to 6% of an employee participant\u2019s base salary to IDEX UK\u2019s pension plan, subject to
the employee contributing the same percentage through a salary reduction arrangement. The pension plan is a
fully insured, defined-contribution plan.
In 2024, IDEX operated two share-based compensation programs: Incentive subscription rights (SRs), and an
employee share purchase plan (ESPP).
Share-based compensation is the recognized costs of the SR and ESPP
programs. See Note 23
\u2014
Share-based remuneration
.
Compensation of Key Management
Please see also the 2024 Executive remuneration report, published separately.
In 2024 and 2023 key management consisted of the Chief Executive Officer
(\u201cCEO\u201d), Chief Financial Officer
(\u201cCFO\u201d), Chief Technology Officer (\u201cCTO\u201d), and Chief Commercial Officer (\u201cCCO\u201d). In 2024, the former CCO
replaced the CEO, and the CCO position was closed.
All officers are employed in the subsidiary in the country
where they work, or serve as a contractor to the parent company.
Year ended December 31,
Amounts in $1000
2024
2023
Compensation and short-term benefits
$
1,509
$
1,487
Medical and similar benefits, contributions to pension
schemes
19
52
Share-based compensation
365
221
Total compensation of key management
$
1,893
$
1,760
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 2024 and 2023.
Key management held the following subscription rights to Ordinary Shares under the subscription rights
incentive plans with the following expiration dates and exercise prices:
Number outstanding
1
as of December 31,
Exercise
Expiration
price
Grant date
date
(NOK)
1
2024
2023
August 14, 2019
May 9, 2024
8.25
65,560
February 26, 2020
May 9, 2024
5.55
1,000,000
June 17, 2020
May 15, 2025
8.55
225,000
225,000
April 20, 2021
May 15, 2025
13.55
\u2014
\u2014
June 3, 2021
May 12, 2026
11.90
400,000
400,000
August 11, 2021
May 12, 2026
12.00
42,060
284,140
February 23, 2022
May 12, 2026
10.40
167,380
167,380
August 10, 2022
May 12, 2027
5.90
84,120
326,200
August 11, 2023
May 23, 2028
3.40
252,360
752,360
November 8, 2023
May 23, 2028
2.30
\u2014
100,000
April 17, 2024
May 23, 2028
0.15
300,000
July 12, 2024
May 16, 2029
1.45
6,000,000
August 29, 2024
May 16, 2029
0.93
1,500,000
Total
8,970,920
3,320,640
1
Exercise price and quantity in 2023 has been adjusted for the 5:1 share consolidation taking effect as of record date January 10,
2024
In case of share split or consolidation, the incentive subscription rights plan has adjustment clauses so that the
number of subscription rights and the exercise prices are adjusted by the same ratio. See also notes
23
\u2014
Share-based compensation
and 26
\u2014
Subsequent events
.
Compensation paid to the Board is presented in Note 24
\u2014
Related party transactions
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "
Year ended December 31,
Amounts in $1000
2024
2023
Salary, payroll tax, benefits, other
$
8,464
$
13,026
Share-based compensation
333
1,280
Total
$
8,797
$
14,305
6. Research and development expenses
Research costs are expensed when incurred. Development costs are capitalized and held in the balance sheet only
if they satisfy the criteria for capitalization. The same applies to IDEX\u2019s patents and other intellectual property
rights created by IDEX. IDEX has not capitalized any development costs in 2024 or 2023. Development costs
related to creation of intellectual property have been expensed when incurred.
Research and development expenses include the cost of individual contractors assigned to engineering roles.
Government grants in support of research and development activities are recognized as a credit against research
and development costs when it is realistic that the application or claim will be successful and the amount can be
determined reliably.
Year ended December 31,
Amounts in $1000
2024
2023
Gross research and development expenses
$
2,873
$
3,495
Government grants credited
(416)
(1,102)
Net research and development expenses
$
2,457
$
2,393
8. Audit and audit fees
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
2024
2023
Audit services
$
165
$
176
Audit-related services
50
37
Tax services
9
8
Other services
-
\u2014
Total
$
224
$
221
Audit services
represents the fees for the audit that must be performed by EY in order to issue an opinion on the
Company\u2019s consolidated financial statements and to issue reports on the Company\u2019s 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\u2019s 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.
Other services
represent other fees, approved by the Audit Committee, for services not related to the audit
provided by EY.11. Goodwill and other intangible assets
Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
acquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2024, and December
31, 2023, reflected the following activity:
Year ended December 31,
Amounts in $1000
2024
2023
Cost at the beginning of the year
$
968
$
968
Impairment
(968)
\u2014
Cost at the end of the year
$
\u2014
$
968
There is only one cash generating unit in the Company and goodwill is allocated to this. The goodwill originated
from a business combination (Picofield Technologies, Inc) in 2013. IDEX performed the annual impairment test
on December 31, 2024. The Company considers the relationship between the market capitalization of its shares
and its book value, among other factors, when reviewing for indicators of impairment. As of 31 December 2024,
the market capitalisation was less than the book value of equity, indicating a potential impairment of goodwill
and/or impairment of other assets.
Recoverable amount is the higher of value in use (VIU) and fair value (FV) less cost to sell. The VIU is normally
the highest. The analysis of VIU was based on a discounted five-year cash flow analysis of a five-year forecast
period (2025-2029) with an additional terminal value.
Key assumptions are revenue, gross margin and the discount rate applied on the cash flow. Revenue forecast is a
critical factor, and IDEX
\u2019s revenue has been low. Based on management\u2019s estimates, the forecast assumes
185%
growth in the first year, gradually reduced to 40% in the last year of the forecast period. 40% gross margin has
been applied. This is based on actual margins in the three years 2022-2024 and
management\u2019s estimate for the
forecast period. The discount rate represent the current assessment of the risks, taking into consideration the time
value of money and individual risks of the underlying assets that have not been incorporated in the cash flow
estimates. The discount rate calculation is based on the specific circumstances of the Company and its operations
and is derived from its weighted average cost of capital (WACC). The WACC applied to the forecast was 15.0%.
The terminal value is calculated applying the equity rate of return and a long term growth rate of 3.0%. The key
factors are also the main sensitivities of the VIU calculation.
Other intangible assets, consisting primarily of patents, are held at cost, less accumulated amortization and
impairment charges. Other intangible asset balances as of December 31, 2024, and December 31, 2023, reflected
the following activity:
Amortization period (straight-line, in years)
\n \n
Year ended December 31,
Amounts in $1000
2024
2023
Cost at the beginning of the year
10-17
10-17
Additions
$
5,173
$
5,173
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
\u2014
\u2014
Accumulated Amortization at the beginning of the year
$
5,173
$
5,173
Amortization
$
4,162
$
3,685
Impact of currency translation
441
477
Accumulated Amortization at the end of the year
\u2014
\u2014
Carrying amount at the end of the year
4,603
4,162
$
570
$
1,011
Acquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
respective patent(s). As of December 31, 2024, and December 31, 2023, the Company had not identified any
indicators of impairment.
12. Property, plant, and equipment
Property, plant, and equipment is held at cost, less accumulated depreciation and impairment charges. When
assets are sold or retired, such assets are no longer recorded in the Consolidated Statements of Financial Position.
Any gain or loss on the sale or retirement is recognized in the Consolidated Statements of Profit and Loss.
The capitalized amount of property, plant, and equipment is the purchase price, including freight, installation,
duties, taxes, and direct acquisition costs related to preparing the asset for use. Costs related to training and
commissioning are expensed as incurred. Subsequent costs, such as expenses for repair and maintenance, are
recognized as incurred in the Consolidated Statements of Profit and Loss. Subsequent enhancements creating
future economic benefits are recognized in the Consolidated Statements of Financial Position as additions to
property, plant, and equipment.
These assets are depreciated using the straight-
line method over each asset\u2019s useful life. The depreciation period
and method are assessed each year to ensure that the method and period used is consistent with the status of the
non-current asset.
A recent change in the relation with a manufacturing partner is expected to lead to disuse and disposal of
equipment held by IDEX Biometrics that is placed at the partner\u2019s facility. To reflect lower of net book value and
value in use, an impairment charge amounting to USD 156k was recognized as of December 31, 2024.
Property, plant, and equipment balances as of December 31, 2024, and December 31, 2023, reflected the
following activity:
\n \n
Plant and
Instruments
machinery,
Office
and lab
fixtures
furniture
equipment,
2024
and
and office
software
Amounts in $1000
fittings
equipment
tools
Total
Depreciation period, straight line, in years
3-10
3-10
3-10
Accumulated cost at December 31, 2023
$
1,148
$
795
$
2,329
$
4,272
Additions (or disposals)
29
12
108
149
Disposals
(201)
(664)
(1,805)
(2,670)
Impact of currency translation
\u2014
\u2014
\u2014
\u2014
Accumulated cost at December 31, 2024
975
143
633
1,751
Accumulated depreciation at December 31, 2023
759
764
1,937
3,460
Depreciation
335
19
188
542
Accumulated depreciation of disposed assets
(135)
(653)
(1,586)
(2,373)
Impact of currency translation
\u2014
\u2014
\u2014
\u2014
Accumulated depreciation at December 31, 2024
960
130
539
1,629
Carrying amount at December 31, 2024
$
15
$
13
$
94
$
122
\n \n
Plant and
Instruments
machinery,
Office
and lab
fixtures
furniture
equipment,
2023
and
and office
software
Amounts in $1000
fittings
equipment
tools
Total
Depreciation period, straight line, in years
3-10
3-10
3-10
Accumulated cost at December 31, 2022
$
969
$
803
$
2,348
$
4,120
Additions (or disposals)
177
2
66
245
Disposals
\u2014
(18)
(108)
(126)
Impact of currency translation
2
8
23
33
Accumulated cost at December 31, 2023
1,148
795
2,329
4,272
Accumulated depreciation at December 31, 2022
486
734
1,793
3,013
Depreciation
272
40
236
548
Impact of currency translation
1
(11)
(91)
(101)
Accumulated depreciation at December 31, 2023
759
764
1,937
3,460
Carrying amount at December 31, 2023
$
389
$
31
$
392
$
812
There were no assets under construction at the end of 2024 or 2023.
13. Leases
The Company\u2019s leases are for office and laboratory space. There is
no exposure to future variable lease payments
that are not reflected in the measurement of lease liabilities. In connection with the closing of the activities in
IDEX Biometrics America Inc. and IDEX China, leasehold agreements were terminated and right-to-
use/leasehold assets derecognized. Activity during 2024 and 2023 related to right-of-use assets are shown below.
Right-of-use assets
Year ended December 31,
Amounts in $1000
2024
2023
Depreciation period, straight line,
years
3-5
3-5
Cost at the beginning of the year
$
3,487
$
2,643
Additions
\u2014
844
Disposals of right to use assets
(1,424)
\u2014
Impact of currency translation
6
\u2014
Cost at the end of the year
2,069
3,487
Accumulated depreciation at the beginning of the year
1,708
1,098
Depreciation
522
610
Accumulated depreciation of disposed right of use assets
(450)
\u2014
Impact of currency translation
(4)
\u2014
Accumulated depreciation at the end of the year
$
1,775
$
1,708
Recorded value at the end of the
year
293
1,779
Costs related to right-of-use assets included in the Consolidated Statements of Profit and Loss include the
following:
Lease liabilities in the Consolidated Statements of Profit and Loss
Year ended December 31,
Amounts in $1000
2024
2023
Depreciation
$
522
$
610
Finance cost
82
130
Lease liabilities included in the Consolidated Statements of Financial Position and related activity in the
Consolidated Statements of Profit and Loss and Consolidated Statements of Cash Flows include the following:
Lease liabilities in the Consolidated Statements of Financial Position
Year ended December 31,
Amounts in $1000
2024
2023
Balance at the beginning of the year
$
1,779
$
1,544
Additions
\u2014
844
Disposed and retired assets
(974)
\u2014
Accretion of interest
82
130
Payments
(491)
(739)
Balance at December 31
396
1,779
Non-current
\u2014
1,238
Current
396
624
Total lease liabilities
$
396
$
1,862
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "The table below sets forth the number of employees and individual contractors by their function, measured in
full-time equivalents. Most of the contractors live and work in countries in which the Company does not have a
formal business presence.
December 31, 2024
December 31, 2023
Employees
Contractors
Employees
Contractors
Research and development
16
4
53
5
Marketing and sales
3
4
4
11
General and administrative
5
1
5
2
Supply chain and distribution
6
\u2014
7
\u2014
Total staff
30
9
69
18
The average number of employees for the years 2024 and 2023 were 45 and 76 full-time equivalents,
respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "Compensation of Key Management
Please see also the 2024 Executive remuneration report, published separately.
In 2024 and 2023 key management consisted of the Chief Executive Officer
(\u201cCEO\u201d), Chief Financial Officer
(\u201cCFO\u201d), Chief Technology Officer (\u201cCTO\u201d), and Chief Commercial Officer (\u201cCCO\u201d). In 2024, the former CCO
replaced the CEO, and the CCO position was closed.
All officers are employed in the subsidiary in the country
where they work, or serve as a contractor to the parent company.
Year ended December 31,
Amounts in $1000
2024
2023
Compensation and short-term benefits
$
1,509
$
1,487
Medical and similar benefits, contributions to pension
schemes
19
52
Share-based compensation
365
221
Total compensation of key management
$
1,893
$
1,760
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 2024 and 2023.
Key management held the following subscription rights to Ordinary Shares under the subscription rights
incentive plans with the following expiration dates and exercise prices:
Number outstanding
1
as of December 31,
Exercise
Expiration
price
Grant date
date
(NOK)
1
2024
2023
August 14, 2019
May 9, 2024
8.25
65,560
February 26, 2020
May 9, 2024
5.55
1,000,000
June 17, 2020
May 15, 2025
8.55
225,000
225,000
April 20, 2021
May 15, 2025
13.55
\u2014
\u2014
June 3, 2021
May 12, 2026
11.90
400,000
400,000
August 11, 2021
May 12, 2026
12.00
42,060
284,140
February 23, 2022
May 12, 2026
10.40
167,380
167,380
August 10, 2022
May 12, 2027
5.90
84,120
326,200
August 11, 2023
May 23, 2028
3.40
252,360
752,360
November 8, 2023
May 23, 2028
2.30
\u2014
100,000
April 17, 2024
May 23, 2028
0.15
300,000
July 12, 2024
May 16, 2029
1.45
6,000,000
August 29, 2024
May 16, 2029
0.93
1,500,000
Total
8,970,920
3,320,640
1
Exercise price and quantity in 2023 has been adjusted for the 5:1 share consolidation taking effect as of record date January 10,
2024
In case of share split or consolidation, the incentive subscription rights plan has adjustment clauses so that the
number of subscription rights and the exercise prices are adjusted by the same ratio. See also notes
23
\u2014
Share-based compensation
and 26
\u2014
Subsequent events
.
Compensation paid to the Board is presented in Note 24
\u2014
Related party transactions
. 24. Related party transactions
The Company\u2019s significant shareholders, i.e. holding 5% or more of the shares, Board members, and
\n
management, as well as their related parties, are considered related parties of the Company.
All transactions with
\n
related parties have been carried out on an arm\u2019s length principle.
\n
There were no overdue balances with any related parties other than the subsidiaries at the end of 2024 or 2023.
\n
Shareholders
\n
In connection with the private placement on May 15, 2024, the Company entered into a share lending agreement
\n
with certain shareholders in order to facilitate swift settlement of the new shares in the private placements. As a
\n
fixed fee for the share lending, each lender received a fee equal to 5% per annum of the subscription price per
\n
new share in the private placement multiplied by the number of borrowed shares lent by the respective lender.
\n
The fees paid amounted to $5.5 thousand to Mr. Robert Keith and $2.6 thousand to Sundt AS. In connection with
\n
the private placements in May and November 2023, agreements at the same terms were in effect, and the
\n
Company paid total fees amounting to $0.7 thousand to Alden AS, $1.3 thousand to Mr. Robert Keith, $7.8
\n
thousand to Sundt AS, and $2.7 thousand to Sundvall Holding AS.
Board remuneration
\n
Board compensation is paid in arrears after being approved by the shareholders, generally at the Annual General
\n
Meeting. The following amounts were paid in 2024 and 2023:
\n\n \n
Year ended December 31, 2024
Cash
Share-based
Amounts in $1000
Compensation
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
$
\u2014
$
275
\n
(1)
Mr. Opstad was elected chair at the 2024 annual general meeting. He was board member 2023-2024, and
\n
chair before then.
\n
(2)
Mr. Ciaccia was board member before the 2023 annual general meeting, when he was elected chair. He left
\n
the board at the 2024 annual general meeting.
\n
(3)
Ms. Saitta was elected to the board at the 2023 annual general meeting.
\n
(4)
Ms. Davis left the board at the 2024 annual general meeting.
\n
(5)
Mr. Skaggs left the board at the 2024 annual general meeting.
\n\n \n
Year ended December 31, 2023
Cash
Share-based
Amounts in $1000
Compensation
Compensation
Total
Lawrence John Ciaccia, chair (1)
$
62
$
62
Deborah Davis
50
50
Hanne H\u00f8vding (2)
40
40
Annika Olsson
48
48
Morten Opstad (3)
48
48
Thomas M. Quindlen (4)
50
50
Stephen Andrew Skaggs
57
57
Total
$
355
$
\u2014
$
355
\n
(1)
Mr. Ciaccia was elected chair at the 2023 annual general meeting He was formerly board member
\n
(2)
Ms. H\u00f8vding left the board at the 2023 annual general meeting.
\n
(3)
Mr. Opstad was elected board member at the 2024 annual general meeting. He was formerly chair.
\n
(4)
Mr. Quindlen left the board at the 2023 annual general meeting.
\n
Subscription rights awarded to persons who are members of the Board, in their capacity of service providers,
\n
under the
Company\u2019s subscription rights plans have the following expiration dates and exercise prices. For
\n
further information describing these plans, see Note 23
\u2014
Share-based compensation.
\n\n \n
Number outstanding as of December 31,
Expiration
Exercise
Grant date
Date
price (NOK)
2024
2023
June 17, 2020
May 15, 2025
8.55
120,000
120,000
\n
The subscription rights were originally granted on August 15, 2018. They were replaced by the grant on June 17,
\n
2020, as part of an exchange of subscription rights approved at the 2020 Annual General Meeting. This exchange
\n
was offered to all eligible holders.
\n
There were no grants of incentive subscription rights to any board member in 2024 or 2023.
\n
Morten Opstad, Board, chair 1997-2023, board member 2023-2024 and chair since May 2024, is a partner at
\n
R\u00e6der Bing advokatfirma AS, the Company\u2019s primary law firm, which provided services to the Company
\n
resulting in charges of $331 thousand in 2024 and $172 thousand in 2023.
Lawrence J. Ciaccia, board member 2015-2023, and chair since May 23, 2023, provided consulting services to
IDEX until April 2024. The fees paid to Mr. Ciaccia for his services beyond board duty totaled $17 thousand in
2024 and $50 thousand in 2023.
Nomination Committee
The following fees has been paid to the nomination committee in 2024 and 2023 for the services up to the 2024
annual general meeting and the 2023 annual general meeting, respectively. 2024: Chair Robert Keith $2.3
thousand
, members H\u00e5vard Nilsson and Harald Voigt $1.4
thousand
each. 2023: Chair Robert Keith $2.4
thousand
, members H\u00e5vard Nilsson and Harald Voigt $1.4
thousand
each.
Officers
Compensation to key management is disclosed in Note 5
\u2014
Compensation and benefits
.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "Compensation of Key Management
Please see also the 2024 Executive remuneration report, published separately.
In 2024 and 2023 key management consisted of the Chief Executive Officer
(\u201cCEO\u201d), Chief Financial Officer
(\u201cCFO\u201d), Chief Technology Officer (\u201cCTO\u201d), and Chief Commercial Officer (\u201cCCO\u201d). In 2024, the former CCO
replaced the CEO, and the CCO position was closed.
All officers are employed in the subsidiary in the country
where they work, or serve as a contractor to the parent company.
Year ended December 31,
Amounts in $1000
2024
2023
Compensation and short-term benefits
$
1,509
$
1,487
Medical and similar benefits, contributions to pension
schemes
19
52
Share-based compensation
365
221
Total compensation of key management
$
1,893
$
1,760
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 2024 and 2023.
Key management held the following subscription rights to Ordinary Shares under the subscription rights
incentive plans with the following expiration dates and exercise prices:
Number outstanding
1
as of December 31,
Exercise
Expiration
price
Grant date
date
(NOK)
1
2024
2023
August 14, 2019
May 9, 2024
8.25
65,560
February 26, 2020
May 9, 2024
5.55
1,000,000
June 17, 2020
May 15, 2025
8.55
225,000
225,000
April 20, 2021
May 15, 2025
13.55
\u2014
\u2014
June 3, 2021
May 12, 2026
11.90
400,000
400,000
August 11, 2021
May 12, 2026
12.00
42,060
284,140
February 23, 2022
May 12, 2026
10.40
167,380
167,380
August 10, 2022
May 12, 2027
5.90
84,120
326,200
August 11, 2023
May 23, 2028
3.40
252,360
752,360
November 8, 2023
May 23, 2028
2.30
\u2014
100,000
April 17, 2024
May 23, 2028
0.15
300,000
July 12, 2024
May 16, 2029
1.45
6,000,000
August 29, 2024
May 16, 2029
0.93
1,500,000
Total
8,970,920
3,320,640
1
Exercise price and quantity in 2023 has been adjusted for the 5:1 share consolidation taking effect as of record date January 10,
2024
In case of share split or consolidation, the incentive subscription rights plan has adjustment clauses so that the
number of subscription rights and the exercise prices are adjusted by the same ratio. See also notes
23
\u2014
Share-based compensation
and 26
\u2014
Subsequent events
.
Compensation paid to the Board is presented in Note 24
\u2014
Related party transactions
. 24. Related party transactions
The Company\u2019s significant shareholders, i.e. holding 5% or more of the shares, Board members, and
\n
management, as well as their related parties, are considered related parties of the Company.
All transactions with
\n
related parties have been carried out on an arm\u2019s length principle.
\n
There were no overdue balances with any related parties other than the subsidiaries at the end of 2024 or 2023.
\n
Shareholders
\n
In connection with the private placement on May 15, 2024, the Company entered into a share lending agreement
\n
with certain shareholders in order to facilitate swift settlement of the new shares in the private placements. As a
\n
fixed fee for the share lending, each lender received a fee equal to 5% per annum of the subscription price per
\n
new share in the private placement multiplied by the number of borrowed shares lent by the respective lender.
\n
The fees paid amounted to $5.5 thousand to Mr. Robert Keith and $2.6 thousand to Sundt AS. In connection with
\n
the private placements in May and November 2023, agreements at the same terms were in effect, and the
\n
Company paid total fees amounting to $0.7 thousand to Alden AS, $1.3 thousand to Mr. Robert Keith, $7.8
\n
thousand to Sundt AS, and $2.7 thousand to Sundvall Holding AS.
\n\n
Board remuneration
\n
Board compensation is paid in arrears after being approved by the shareholders, generally at the Annual General
\n
Meeting. The following amounts were paid in 2024 and 2023:
\n\n \n
Year ended December 31, 2024
Cash
Share-based
Amounts in $1000
Compensation
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
$
\u2014
$
275
\n
(1)
Mr. Opstad was elected chair at the 2024 annual general meeting. He was board member 2023-2024, and
\n
chair before then.
\n
(2)
Mr. Ciaccia was board member before the 2023 annual general meeting, when he was elected chair. He left
\n
the board at the 2024 annual general meeting.
\n
(3)
Ms. Saitta was elected to the board at the 2023 annual general meeting.
\n
(4)
Ms. Davis left the board at the 2024 annual general meeting.
\n
(5)
Mr. Skaggs left the board at the 2024 annual general meeting.
\n\n \n
Year ended December 31, 2023
Cash
Share-based
Amounts in $1000
Compensation
Compensation
Total
Lawrence John Ciaccia, chair (1)
$
62
$
62
Deborah Davis
50
50
Hanne H\u00f8vding (2)
40
40
Annika Olsson
48
48
Morten Opstad (3)
48
48
Thomas M. Quindlen (4)
50
50
Stephen Andrew Skaggs
57
57
Total
$
355
$
\u2014
$
355
\n
(1)
Mr. Ciaccia was elected chair at the 2023 annual general meeting He was formerly board member
\n
(2)
Ms. H\u00f8vding left the board at the 2023 annual general meeting.
\n
(3)
Mr. Opstad was elected board member at the 2024 annual general meeting. He was formerly chair.
\n
(4)
Mr. Quindlen left the board at the 2023 annual general meeting.
\n
Subscription rights awarded to persons who are members of the Board, in their capacity of service providers,
\n
under the
Company\u2019s subscription rights plans have the following expiration dates and exercise prices. For
\n
further information describing these plans, see Note 23
\u2014
Share-based compensation.
\n\n \n
Number outstanding as of December 31,
Expiration
Exercise
Grant date
Date
price (NOK)
2024
2023
June 17, 2020
May 15, 2025
8.55
120,000
120,000
\n
The subscription rights were originally granted on August 15, 2018. They were replaced by the grant on June 17,
\n
2020, as part of an exchange of subscription rights approved at the 2020 Annual General Meeting. This exchange
\n
was offered to all eligible holders.
\n
There were no grants of incentive subscription rights to any board member in 2024 or 2023.
\n
Morten Opstad, Board, chair 1997-2023, board member 2023-2024 and chair since May 2024, is a partner at
\n
R\u00e6der Bing advokatfirma AS, the Company\u2019s primary law firm, which provided services to the Company
\n
resulting in charges of $331 thousand in 2024 and $172 thousand in 2023.
Lawrence J. Ciaccia, board member 2015-2023, and chair since May 23, 2023, provided consulting services to
IDEX until April 2024. The fees paid to Mr. Ciaccia for his services beyond board duty totaled $17 thousand in
2024 and $50 thousand in 2023.
Nomination Committee
The following fees has been paid to the nomination committee in 2024 and 2023 for the services up to the 2024
annual general meeting and the 2023 annual general meeting, respectively. 2024: Chair Robert Keith $2.3
thousand
, members H\u00e5vard Nilsson and Harald Voigt $1.4
thousand
each. 2023: Chair Robert Keith $2.4
thousand
, members H\u00e5vard Nilsson and Harald Voigt $1.4
thousand
each.
Officers
Compensation to key management is disclosed in Note 5
\u2014
Compensation and benefits
.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "6. Research and development expenses
Research costs are expensed when incurred. Development costs are capitalized and held in the balance sheet only
if they satisfy the criteria for capitalization. The same applies to IDEX\u2019s patents and other intellectual property
rights created by IDEX. IDEX has not capitalized any development costs in 2024 or 2023. Development costs
related to creation of intellectual property have been expensed when incurred.
Research and development expenses include the cost of individual contractors assigned to engineering roles.
Government grants in support of research and development activities are recognized as a credit against research
and development costs when it is realistic that the application or claim will be successful and the amount can be
determined reliably.
Year ended December 31,
Amounts in $1000
2024
2023
Gross research and development expenses
$
2,873
$
3,495
Government grants credited
(416)
(1,102)
Net research and development expenses
$
2,457
$
2,393
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "6. Research and development expenses
Research costs are expensed when incurred. Development costs are capitalized and held in the balance sheet only
if they satisfy the criteria for capitalization. The same applies to IDEX\u2019s patents and other intellectual property
rights created by IDEX. IDEX has not capitalized any development costs in 2024 or 2023. Development costs
related to creation of intellectual property have been expensed when incurred.
Research and development expenses include the cost of individual contractors assigned to engineering roles.
Government grants in support of research and development activities are recognized as a credit against research
and development costs when it is realistic that the application or claim will be successful and the amount can be
determined reliably.
Year ended December 31,
Amounts in $1000
2024
2023
Gross research and development expenses
$
2,873
$
3,495
Government grants credited
(416)
(1,102)
Net research and development expenses
$
2,457
$
2,393
7. Government grants
The Norwegian Skattefunn program supports research and development activities conducted by Norwegian
companies. If/when a company is in financial distress at the time the project is approved, it is not eligible for
support. The support in 2024 was earned on activities conducted in 2024 on projects approved in prior years.
The UK SME R&D tax relief program supports qualifying research and development activities of small and
medium-sized enterprises in UK. The support recognized by IDEX Biometrics UK Ltd in 2024 relates to
activities in 2024 for which support will be claimed in 2025.
Year ended December 31,
Amounts in $1000
2024
2023
Norway
$
167
$
480
United Kingdom
249
622
Total
$
416
$
1,102
The recognized amounts in 2024 and 2023 represent IDEX Biometrics expected grant amount based on the cost
of the approved project applications.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "8. Audit and audit fees
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
2024
2023
Audit services
$
165
$
176
Audit-related services
50
37
Tax services
9
8
Other services
-
\u2014
Total
$
224
$
221
Audit services
represents the fees for the audit that must be performed by EY in order to issue an opinion on the
Company\u2019s consolidated financial statements and to issue reports on the Company\u2019s 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\u2019s 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.
Other services
represent other fees, approved by the Audit Committee, for services not related to the audit
provided by EY.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "9. Income tax
The Company is subject to income taxes in the jurisdictions in which it operates. The Company\u2019s 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, 2024, the Company has a tax loss carryforward balance in Norway of $261,1 million,
representing a potential deferred tax asset, if recognized and calculated at the current corporate tax rate of 22.0%,
of $57.8 million. The Company also has a tax loss carryforward balance in the United Kingdom of $1.3
million,
representing a potential deferred tax asset, if recognized and calculated at the current corporate tax rate of 19.0%,
of $0.3 million. The Company does not have a tax loss carryforward balance or a deferred tax liability in China.
In the United States, the Company expects returns of prepayments totaling $60 thousand.
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 recognized
to date any deferred tax assets in its statement of financial position, consistent with IFRS. A deferred tax asset
will be recognized when the Company determines it is more likely than not it will have sufficient future taxable
profit to apply the tax loss carryforward against future income taxes.
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
2024
2023
Taxes payable on the result of the year
$
12
$
\u2014
Adjustment in respect to prior years
(132)
(16)
Change in recorded deferred tax liability
\u2014
\u2014
Income tax expense (benefit)
$
(120)
$
(16)
Elements of deferred tax
Year Ended December 31,
Amounts in $1000
2024
2023
Employer\u2019s tax on share
-based compensation
$
\u2014
$
(19)
Fixed Assets differences
(493)
519
Inventory differences
(1,407)
(869)
Accruals differences
(7)
(13)
Research and development tax credits
(1,140)
(496)
Losses carried forward
(263,624)
(252,801)
Basis for calculation of deferred tax asset
(266,671)
(253,679)
Calculated net deferred tax expense (benefit), local tax rates 5-
22%
(59,297)
(55,670)
Unrecognized deferred tax asset *
59,297
55,670
Deferred tax liability (asset) in the balance sheet
$
\u2014
$
\u2014
Reconciliation of tax expense (benefit)
Year Ended December 31,
Amounts in $1000
2024
2023
Loss before tax
$
(14,569)
$
(26,644)
Norway statutory tax, calculated at rate of 22%
(3,205)
(5,862)
Difference in subsidiary taxes, using local rates vs 22%
160
46
Estimated tax on permanent differences
(2,752)
(744)
Adjustment in respect of prior years
(132)
(16)
Use of and change in tax loss carried forward
5,809
6,592
Income tax expense (benefit)
$
(120)
$
16
As of December 31, 2024, 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
recognized. There are no restrictions as to how long tax losses may be carried forward in Norway or the United
Kingdom. In China, the tax loss carryforwards that had not been utilized by the end of 2022, expired as of Dec
31, 2022. Tax credits associated with research and development activities in the United States, totaling $1.1
million as of December 31, 2024, can be applied against taxable income for the following for 20 years.
The various deferred tax assets that have not been recognized are denominated in their respective local
currencies. As such, the change in the year-end value in USD of these unrecognized 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.
There are no deferred tax charges included in other comprehensive income in 2024 or 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "As of December 31, 2024, the Company has a tax loss carryforward balance in Norway of $261,1 million,
representing a potential deferred tax asset, if recognized and calculated at the current corporate tax rate of 22.0%,
of $57.8 million. The Company also has a tax loss carryforward balance in the United Kingdom of $1.3
million,
representing a potential deferred tax asset, if recognized and calculated at the current corporate tax rate of 19.0%,
of $0.3 million. The Company does not have a tax loss carryforward balance or a deferred tax liability in China.
In the United States, the Company expects returns of prepayments totaling $60 thousand.
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 recognized
to date any deferred tax assets in its statement of financial position, consistent with IFRS. A deferred tax asset
will be recognized when the Company determines it is more likely than not it will have sufficient future taxable
profit to apply the tax loss carryforward against future income taxes.
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
2024
2023
Taxes payable on the result of the year
$
12
$
\u2014
Adjustment in respect to prior years
(132)
(16)
Change in recorded deferred tax liability
\u2014
\u2014
Income tax expense (benefit)
$
(120)
$
(16)
Elements of deferred tax
Year Ended December 31,
Amounts in $1000
2024
2023
Employer\u2019s tax on share
-based compensation
$
\u2014
$
(19)
Fixed Assets differences
(493)
519
Inventory differences
(1,407)
(869)
Accruals differences
(7)
(13)
Research and development tax credits
(1,140)
(496)
Losses carried forward
(263,624)
(252,801)
Basis for calculation of deferred tax asset
(266,671)
(253,679)
Calculated net deferred tax expense (benefit), local tax rates 5-
22%
(59,297)
(55,670)
Unrecognized deferred tax asset *
59,297
55,670
Deferred tax liability (asset) in the balance sheet
$
\u2014
$
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "10. Loss per share
A 5:1 share consolidation (reverse split) was completed at record date January 10, 2024. The per share
calculations for all periods presented here are based on the new number of shares.
The profit or loss per share is calculated by dividing the profit (loss) for the period by the weighted average
number of ordinary shares outstanding for the period. Loss per share is calculated per basic share (i.e., without
consideration for the anti-dilutive effect of exercisable subscription rights).
Year ended December 31,
Amounts in $1000
2024
2023
Net loss for the year
$
(14,449)
$
(26,629)
Number of ordinary shares issued at December 31
831,576,974
279,402,130
Weighted average basic number of ordinary shares
414,656,727
253,042,411
Dilution effect (treasury stock method)
720,018
1,037,665
Weighted average diluted number of shares
415,376,744
254,080,076
Loss per share for the year (basic and diluted*)
$
(0.03)
$
(0.11)
* The effects of potentially dilutive shares issuable upon exercise of outstanding subscription rights are not included in the calculation
due to the Company\u2019s net losses for the periods presented, as their effect would be anti
-dilutive.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "11. Goodwill and other intangible assets
Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
acquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2024, and December
31, 2023, reflected the following activity:
Year ended December 31,
Amounts in $1000
2024
2023
Cost at the beginning of the year
$
968
$
968
Impairment
(968)
\u2014
Cost at the end of the year
$
\u2014
$
968
There is only one cash generating unit in the Company and goodwill is allocated to this. The goodwill originated
from a business combination (Picofield Technologies, Inc) in 2013. IDEX performed the annual impairment test
on December 31, 2024. The Company considers the relationship between the market capitalization of its shares
and its book value, among other factors, when reviewing for indicators of impairment. As of 31 December 2024,
the market capitalisation was less than the book value of equity, indicating a potential impairment of goodwill
and/or impairment of other assets.
Recoverable amount is the higher of value in use (VIU) and fair value (FV) less cost to sell. The VIU is normally
the highest. The analysis of VIU was based on a discounted five-year cash flow analysis of a five-year forecast
period (2025-2029) with an additional terminal value.
Key assumptions are revenue, gross margin and the discount rate applied on the cash flow. Revenue forecast is a
critical factor, and IDEX
\u2019s revenue has been low. Based on management\u2019s estimates, the forecast assumes
185%
growth in the first year, gradually reduced to 40% in the last year of the forecast period. 40% gross margin has
been applied. This is based on actual margins in the three years 2022-2024 and
management\u2019s estimate for the
forecast period. The discount rate represent the current assessment of the risks, taking into consideration the time
value of money and individual risks of the underlying assets that have not been incorporated in the cash flow
estimates. The discount rate calculation is based on the specific circumstances of the Company and its operations
and is derived from its weighted average cost of capital (WACC). The WACC applied to the forecast was 15.0%.
The terminal value is calculated applying the equity rate of return and a long term growth rate of 3.0%. The key
factors are also the main sensitivities of the VIU calculation.
Other intangible assets, consisting primarily of patents, are held at cost, less accumulated amortization and
impairment charges. Other intangible asset balances as of December 31, 2024, and December 31, 2023, reflected
the following activity:
Amortization period (straight-line, in years)
\n \n
Year ended December 31,
Amounts in $1000
2024
2023
Cost at the beginning of the year
10-17
10-17
Additions
$
5,173
$
5,173
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
\u2014
\u2014
Accumulated Amortization at the beginning of the year
$
5,173
$
5,173
Amortization
$
4,162
$
3,685
Impact of currency translation
441
477
Accumulated Amortization at the end of the year
\u2014
\u2014
Carrying amount at the end of the year
4,603
4,162
$
570
$
1,011
Acquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
respective patent(s). As of December 31, 2024, and December 31, 2023, the Company had not identified any
indicators of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "11. Goodwill and other intangible assets
Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
acquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2024, and December
31, 2023, reflected the following activity:
Year ended December 31,
Amounts in $1000
2024
2023
Cost at the beginning of the year
$
968
$
968
Impairment
(968)
\u2014
Cost at the end of the year
$
\u2014
$
968
There is only one cash generating unit in the Company and goodwill is allocated to this. The goodwill originated
from a business combination (Picofield Technologies, Inc) in 2013. IDEX performed the annual impairment test
on December 31, 2024. The Company considers the relationship between the market capitalization of its shares
and its book value, among other factors, when reviewing for indicators of impairment. As of 31 December 2024,
the market capitalisation was less than the book value of equity, indicating a potential impairment of goodwill
and/or impairment of other assets.
Recoverable amount is the higher of value in use (VIU) and fair value (FV) less cost to sell. The VIU is normally
the highest. The analysis of VIU was based on a discounted five-year cash flow analysis of a five-year forecast
period (2025-2029) with an additional terminal value.
Key assumptions are revenue, gross margin and the discount rate applied on the cash flow. Revenue forecast is a
critical factor, and IDEX
\u2019s revenue has been low. Based on management\u2019s estimates, the forecast assumes
185%
growth in the first year, gradually reduced to 40% in the last year of the forecast period. 40% gross margin has
been applied. This is based on actual margins in the three years 2022-2024 and
management\u2019s estimate for the
forecast period. The discount rate represent the current assessment of the risks, taking into consideration the time
value of money and individual risks of the underlying assets that have not been incorporated in the cash flow
estimates. The discount rate calculation is based on the specific circumstances of the Company and its operations
and is derived from its weighted average cost of capital (WACC). The WACC applied to the forecast was 15.0%.
The terminal value is calculated applying the equity rate of return and a long term growth rate of 3.0%. The key
factors are also the main sensitivities of the VIU calculation.
Other intangible assets, consisting primarily of patents, are held at cost, less accumulated amortization and
impairment charges. Other intangible asset balances as of December 31, 2024, and December 31, 2023, reflected
the following activity:
Amortization period (straight-line, in years)
\n \n
Year ended December 31,
Amounts in $1000
2024
2023
Cost at the beginning of the year
10-17
10-17
Additions
$
5,173
$
5,173
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
\u2014
\u2014
Accumulated Amortization at the beginning of the year
$
5,173
$
5,173
Amortization
$
4,162
$
3,685
Impact of currency translation
441
477
Accumulated Amortization at the end of the year
\u2014
\u2014
Carrying amount at the end of the year
4,603
4,162
$
570
$
1,011
Acquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
respective patent(s). As of December 31, 2024, and December 31, 2023, the Company had not identified any
indicators of impairment.
12. Property, plant, and equipment
Property, plant, and equipment is held at cost, less accumulated depreciation and impairment charges. When
assets are sold or retired, such assets are no longer recorded in the Consolidated Statements of Financial Position.
Any gain or loss on the sale or retirement is recognized in the Consolidated Statements of Profit and Loss.
The capitalized amount of property, plant, and equipment is the purchase price, including freight, installation,
duties, taxes, and direct acquisition costs related to preparing the asset for use. Costs related to training and
commissioning are expensed as incurred. Subsequent costs, such as expenses for repair and maintenance, are
recognized as incurred in the Consolidated Statements of Profit and Loss. Subsequent enhancements creating
future economic benefits are recognized in the Consolidated Statements of Financial Position as additions to
property, plant, and equipment.
These assets are depreciated using the straight-
line method over each asset\u2019s useful life. The depreciation period
and method are assessed each year to ensure that the method and period used is consistent with the status of the
non-current asset.
A recent change in the relation with a manufacturing partner is expected to lead to disuse and disposal of
equipment held by IDEX Biometrics that is placed at the partner\u2019s facility. To reflect lower of net book value and
value in use, an impairment charge amounting to USD 156k was recognized as of December 31, 2024.
Property, plant, and equipment balances as of December 31, 2024, and December 31, 2023, reflected the
following activity:
\n \n
Plant and
Instruments
machinery,
Office
and lab
fixtures
furniture
equipment,
2024
and
and office
software
Amounts in $1000
fittings
equipment
tools
Total
Depreciation period, straight line, in years
3-10
3-10
3-10
Accumulated cost at December 31, 2023
$
1,148
$
795
$
2,329
$
4,272
Additions (or disposals)
29
12
108
149
Disposals
(201)
(664)
(1,805)
(2,670)
Impact of currency translation
\u2014
\u2014
\u2014
\u2014
Accumulated cost at December 31, 2024
975
143
633
1,751
Accumulated depreciation at December 31, 2023
759
764
1,937
3,460
Depreciation
335
19
188
542
Accumulated depreciation of disposed assets
(135)
(653)
(1,586)
(2,373)
Impact of currency translation
\u2014
\u2014
\u2014
\u2014
Accumulated depreciation at December 31, 2024
960
130
539
1,629
Carrying amount at December 31, 2024
$
15
$
13
$
94
$
122
\n \n
Plant and
Instruments
machinery,
Office
and lab
fixtures
furniture
equipment,
2023
and
and office
software
Amounts in $1000
fittings
equipment
tools
Total
Depreciation period, straight line, in years
3-10
3-10
3-10
Accumulated cost at December 31, 2022
$
969
$
803
$
2,348
$
4,120
Additions (or disposals)
177
2
66
245
Disposals
\u2014
(18)
(108)
(126)
Impact of currency translation
2
8
23
33
Accumulated cost at December 31, 2023
1,148
795
2,329
4,272
Accumulated depreciation at December 31, 2022
486
734
1,793
3,013
Depreciation
272
40
236
548
Impact of currency translation
1
(11)
(91)
(101)
Accumulated depreciation at December 31, 2023
759
764
1,937
3,460
Carrying amount at December 31, 2023
$
389
$
31
$
392
$
812
There were no assets under construction at the end of 2024 or 2023.
13. Leases
The Company\u2019s leases are for office and laboratory space. There is
no exposure to future variable lease payments
that are not reflected in the measurement of lease liabilities. In connection with the closing of the activities in
IDEX Biometrics America Inc. and IDEX China, leasehold agreements were terminated and right-to-
use/leasehold assets derecognized. Activity during 2024 and 2023 related to right-of-use assets are shown below.
Right-of-use assets
Year ended December 31,
Amounts in $1000
2024
2023
Depreciation period, straight line,
years
3-5
3-5
Cost at the beginning of the year
$
3,487
$
2,643
Additions
\u2014
844
Disposals of right to use assets
(1,424)
\u2014
Impact of currency translation
6
\u2014
Cost at the end of the year
2,069
3,487
Accumulated depreciation at the beginning of the year
1,708
1,098
Depreciation
522
610
Accumulated depreciation of disposed right of use assets
(450)
\u2014
Impact of currency translation
(4)
\u2014
Accumulated depreciation at the end of the year
$
1,775
$
1,708
Recorded value at the end of the
year
293
1,779
Costs related to right-of-use assets included in the Consolidated Statements of Profit and Loss include the
following:
Lease liabilities in the Consolidated Statements of Profit and Loss
Year ended December 31,
Amounts in $1000
2024
2023
Depreciation
$
522
$
610
Finance cost
82
130
Lease liabilities included in the Consolidated Statements of Financial Position and related activity in the
Consolidated Statements of Profit and Loss and Consolidated Statements of Cash Flows include the following:
Lease liabilities in the Consolidated Statements of Financial Position
Year ended December 31,
Amounts in $1000
2024
2023
Balance at the beginning of the year
$
1,779
$
1,544
Additions
\u2014
844
Disposed and retired assets
(974)
\u2014
Accretion of interest
82
130
Payments
(491)
(739)
Balance at December 31
396
1,779
Non-current
\u2014
1,238
Current
396
624
Total lease liabilities
$
396
$
1,862
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "11. Goodwill and other intangible assets
Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
acquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2024, and December
31, 2023, reflected the following activity:
Year ended December 31,
Amounts in $1000
2024
2023
Cost at the beginning of the year
$
968
$
968
Impairment
(968)
\u2014
Cost at the end of the year
$
\u2014
$
968
There is only one cash generating unit in the Company and goodwill is allocated to this. The goodwill originated
from a business combination (Picofield Technologies, Inc) in 2013. IDEX performed the annual impairment test
on December 31, 2024. The Company considers the relationship between the market capitalization of its shares
and its book value, among other factors, when reviewing for indicators of impairment. As of 31 December 2024,
the market capitalisation was less than the book value of equity, indicating a potential impairment of goodwill
and/or impairment of other assets.
Recoverable amount is the higher of value in use (VIU) and fair value (FV) less cost to sell. The VIU is normally
the highest. The analysis of VIU was based on a discounted five-year cash flow analysis of a five-year forecast
period (2025-2029) with an additional terminal value.
Key assumptions are revenue, gross margin and the discount rate applied on the cash flow. Revenue forecast is a
critical factor, and IDEX
\u2019s revenue has been low. Based on management\u2019s estimates, the forecast assumes
185%
growth in the first year, gradually reduced to 40% in the last year of the forecast period. 40% gross margin has
been applied. This is based on actual margins in the three years 2022-2024 and
management\u2019s estimate for the
forecast period. The discount rate represent the current assessment of the risks, taking into consideration the time
value of money and individual risks of the underlying assets that have not been incorporated in the cash flow
estimates. The discount rate calculation is based on the specific circumstances of the Company and its operations
and is derived from its weighted average cost of capital (WACC). The WACC applied to the forecast was 15.0%.
The terminal value is calculated applying the equity rate of return and a long term growth rate of 3.0%. The key
factors are also the main sensitivities of the VIU calculation.
Other intangible assets, consisting primarily of patents, are held at cost, less accumulated amortization and
impairment charges. Other intangible asset balances as of December 31, 2024, and December 31, 2023, reflected
the following activity:
Amortization period (straight-line, in years)
\n \n
Year ended December 31,
Amounts in $1000
2024
2023
Cost at the beginning of the year
10-17
10-17
Additions
$
5,173
$
5,173
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
\u2014
\u2014
Accumulated Amortization at the beginning of the year
$
5,173
$
5,173
Amortization
$
4,162
$
3,685
Impact of currency translation
441
477
Accumulated Amortization at the end of the year
\u2014
\u2014
Carrying amount at the end of the year
4,603
4,162
$
570
$
1,011
Acquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
respective patent(s). As of December 31, 2024, and December 31, 2023, the Company had not identified any
indicators of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "11. Goodwill and other intangible assets
Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
acquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2024, and December
31, 2023, reflected the following activity:
Year ended December 31,
Amounts in $1000
2024
2023
Cost at the beginning of the year
$
968
$
968
Impairment
(968)
\u2014
Cost at the end of the year
$
\u2014
$
968
There is only one cash generating unit in the Company and goodwill is allocated to this. The goodwill originated
from a business combination (Picofield Technologies, Inc) in 2013. IDEX performed the annual impairment test
on December 31, 2024. The Company considers the relationship between the market capitalization of its shares
and its book value, among other factors, when reviewing for indicators of impairment. As of 31 December 2024,
the market capitalisation was less than the book value of equity, indicating a potential impairment of goodwill
and/or impairment of other assets.
Recoverable amount is the higher of value in use (VIU) and fair value (FV) less cost to sell. The VIU is normally
the highest. The analysis of VIU was based on a discounted five-year cash flow analysis of a five-year forecast
period (2025-2029) with an additional terminal value.
Key assumptions are revenue, gross margin and the discount rate applied on the cash flow. Revenue forecast is a
critical factor, and IDEX
\u2019s revenue has been low. Based on management\u2019s estimates, the forecast assumes
185%
growth in the first year, gradually reduced to 40% in the last year of the forecast period. 40% gross margin has
been applied. This is based on actual margins in the three years 2022-2024 and
management\u2019s estimate for the
forecast period. The discount rate represent the current assessment of the risks, taking into consideration the time
value of money and individual risks of the underlying assets that have not been incorporated in the cash flow
estimates. The discount rate calculation is based on the specific circumstances of the Company and its operations
and is derived from its weighted average cost of capital (WACC). The WACC applied to the forecast was 15.0%.
The terminal value is calculated applying the equity rate of return and a long term growth rate of 3.0%. The key
factors are also the main sensitivities of the VIU calculation.
Other intangible assets, consisting primarily of patents, are held at cost, less accumulated amortization and
impairment charges. Other intangible asset balances as of December 31, 2024, and December 31, 2023, reflected
the following activity:
Amortization period (straight-line, in years)
\n \n
Year ended December 31,
Amounts in $1000
2024
2023
Cost at the beginning of the year
10-17
10-17
Additions
$
5,173
$
5,173
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
\u2014
\u2014
Accumulated Amortization at the beginning of the year
$
5,173
$
5,173
Amortization
$
4,162
$
3,685
Impact of currency translation
441
477
Accumulated Amortization at the end of the year
\u2014
\u2014
Carrying amount at the end of the year
4,603
4,162
$
570
$
1,011
Acquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
respective patent(s). As of December 31, 2024, and December 31, 2023, the Company had not identified any
indicators of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
acquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2024, and December
31, 2023, reflected the following activity:
Year ended December 31,
Amounts in $1000
2024
2023
Cost at the beginning of the year
$
968
$
968
Impairment
(968)
\u2014
Cost at the end of the year
$
\u2014
$
968
There is only one cash generating unit in the Company and goodwill is allocated to this. The goodwill originated
from a business combination (Picofield Technologies, Inc) in 2013. IDEX performed the annual impairment test
on December 31, 2024. The Company considers the relationship between the market capitalization of its shares
and its book value, among other factors, when reviewing for indicators of impairment. As of 31 December 2024,
the market capitalisation was less than the book value of equity, indicating a potential impairment of goodwill
and/or impairment of other assets.
Recoverable amount is the higher of value in use (VIU) and fair value (FV) less cost to sell. The VIU is normally
the highest. The analysis of VIU was based on a discounted five-year cash flow analysis of a five-year forecast
period (2025-2029) with an additional terminal value.
Key assumptions are revenue, gross margin and the discount rate applied on the cash flow. Revenue forecast is a
critical factor, and IDEX
\u2019s revenue has been low. Based on management\u2019s estimates, the forecast assumes
185%
growth in the first year, gradually reduced to 40% in the last year of the forecast period. 40% gross margin has
been applied. This is based on actual margins in the three years 2022-2024 and
management\u2019s estimate for the
forecast period. The discount rate represent the current assessment of the risks, taking into consideration the time
value of money and individual risks of the underlying assets that have not been incorporated in the cash flow
estimates. The discount rate calculation is based on the specific circumstances of the Company and its operations
and is derived from its weighted average cost of capital (WACC). The WACC applied to the forecast was 15.0%.
The terminal value is calculated applying the equity rate of return and a long term growth rate of 3.0%. The key
factors are also the main sensitivities of the VIU calculation.
Other intangible assets, consisting primarily of patents, are held at cost, less accumulated amortization and
impairment charges. Other intangible asset balances as of December 31, 2024, and December 31, 2023, reflected
the following activity:
Amortization period (straight-line, in years)
\n \n
Year ended December 31,
Amounts in $1000
2024
2023
Cost at the beginning of the year
10-17
10-17
Additions
$
5,173
$
5,173
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
\u2014
\u2014
Accumulated Amortization at the beginning of the year
$
5,173
$
5,173
Amortization
$
4,162
$
3,685
Impact of currency translation
441
477
Accumulated Amortization at the end of the year
\u2014
\u2014
Carrying amount at the end of the year
4,603
4,162
$
570
$
1,011
Acquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
respective patent(s). As of December 31, 2024, and December 31, 2023, the Company had not identified any
indicators of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "12. Property, plant, and equipment
Property, plant, and equipment is held at cost, less accumulated depreciation and impairment charges. When
assets are sold or retired, such assets are no longer recorded in the Consolidated Statements of Financial Position.
Any gain or loss on the sale or retirement is recognized in the Consolidated Statements of Profit and Loss.
The capitalized amount of property, plant, and equipment is the purchase price, including freight, installation,
duties, taxes, and direct acquisition costs related to preparing the asset for use. Costs related to training and
commissioning are expensed as incurred. Subsequent costs, such as expenses for repair and maintenance, are
recognized as incurred in the Consolidated Statements of Profit and Loss. Subsequent enhancements creating
future economic benefits are recognized in the Consolidated Statements of Financial Position as additions to
property, plant, and equipment.
These assets are depreciated using the straight-
line method over each asset\u2019s useful life. The depreciation period
and method are assessed each year to ensure that the method and period used is consistent with the status of the
non-current asset.
A recent change in the relation with a manufacturing partner is expected to lead to disuse and disposal of
equipment held by IDEX Biometrics that is placed at the partner\u2019s facility. To reflect lower of net book value and
value in use, an impairment charge amounting to USD 156k was recognized as of December 31, 2024.
Property, plant, and equipment balances as of December 31, 2024, and December 31, 2023, reflected the
following activity:
\n \n
Plant and
Instruments
machinery,
Office
and lab
fixtures
furniture
equipment,
2024
and
and office
software
Amounts in $1000
fittings
equipment
tools
Total
Depreciation period, straight line, in years
3-10
3-10
3-10
Accumulated cost at December 31, 2023
$
1,148
$
795
$
2,329
$
4,272
Additions (or disposals)
29
12
108
149
Disposals
(201)
(664)
(1,805)
(2,670)
Impact of currency translation
\u2014
\u2014
\u2014
\u2014
Accumulated cost at December 31, 2024
975
143
633
1,751
Accumulated depreciation at December 31, 2023
759
764
1,937
3,460
Depreciation
335
19
188
542
Accumulated depreciation of disposed assets
(135)
(653)
(1,586)
(2,373)
Impact of currency translation
\u2014
\u2014
\u2014
\u2014
Accumulated depreciation at December 31, 2024
960
130
539
1,629
Carrying amount at December 31, 2024
$
15
$
13
$
94
$
122
\n \n
Plant and
Instruments
machinery,
Office
and lab
fixtures
furniture
equipment,
2023
and
and office
software
Amounts in $1000
fittings
equipment
tools
Total
Depreciation period, straight line, in years
3-10
3-10
3-10
Accumulated cost at December 31, 2022
$
969
$
803
$
2,348
$
4,120
Additions (or disposals)
177
2
66
245
Disposals
\u2014
(18)
(108)
(126)
Impact of currency translation
2
8
23
33
Accumulated cost at December 31, 2023
1,148
795
2,329
4,272
Accumulated depreciation at December 31, 2022
486
734
1,793
3,013
Depreciation
272
40
236
548
Impact of currency translation
1
(11)
(91)
(101)
Accumulated depreciation at December 31, 2023
759
764
1,937
3,460
Carrying amount at December 31, 2023
$
389
$
31
$
392
$
812
There were no assets under construction at the end of 2024 or 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "13. Leases
The Company\u2019s leases are for office and laboratory space. There is
no exposure to future variable lease payments
that are not reflected in the measurement of lease liabilities. In connection with the closing of the activities in
IDEX Biometrics America Inc. and IDEX China, leasehold agreements were terminated and right-to-
use/leasehold assets derecognized. Activity during 2024 and 2023 related to right-of-use assets are shown below.
Right-of-use assets
Year ended December 31,
Amounts in $1000
2024
2023
Depreciation period, straight line,
years
3-5
3-5
Cost at the beginning of the year
$
3,487
$
2,643
Additions
\u2014
844
Disposals of right to use assets
(1,424)
\u2014
Impact of currency translation
6
\u2014
Cost at the end of the year
2,069
3,487
Accumulated depreciation at the beginning of the year
1,708
1,098
Depreciation
522
610
Accumulated depreciation of disposed right of use assets
(450)
\u2014
Impact of currency translation
(4)
\u2014
Accumulated depreciation at the end of the year
$
1,775
$
1,708
Recorded value at the end of the
year
293
1,779
Costs related to right-of-use assets included in the Consolidated Statements of Profit and Loss include the
following:
Lease liabilities in the Consolidated Statements of Profit and Loss
Year ended December 31,
Amounts in $1000
2024
2023
Depreciation
$
522
$
610
Finance cost
82
130
Lease liabilities included in the Consolidated Statements of Financial Position and related activity in the
Consolidated Statements of Profit and Loss and Consolidated Statements of Cash Flows include the following:
Lease liabilities in the Consolidated Statements of Financial Position
Year ended December 31,
Amounts in $1000
2024
2023
Balance at the beginning of the year
$
1,779
$
1,544
Additions
\u2014
844
Disposed and retired assets
(974)
\u2014
Accretion of interest
82
130
Payments
(491)
(739)
Balance at December 31
396
1,779
Non-current
\u2014
1,238
Current
396
624
Total lease liabilities
$
396
$
1,862
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "14. Accounts receivable
Accounts receivable, trade, includes invoiced amounts due from customers. The receivables are held at the
estimated realizable value. The Company\u2019s payment terms vary by the type and location of its customers and the
products or services offered. Terms are typically payment within 30 to 60 days. Based on periodic review of
customer accounts, a specific reserve for possible loss may been recognized as applicable. The Company does
not require collateral from its customers, although there have been circumstances when the Company has
required cash in advance (i.e., a partial down-
payment) to facilitate orders in excess of a customer\u2019s established
credit limit. To date, such amounts have not been material.
In an arbitration ruling at Oslo Chamber of Commerce on January 27, 2025, in favor of IDEX Biometrics, the
company was awarded $0.7 million from customer Zwipe AS, plus late payment interest and compensation for
the Company\u2019s legal costs. On March 6, 2025,
the Oslo District Court ruled that bankruptcy proceedings for
Zwipe shall take place. The receivable has been written off as of December 31, 2024.
A general reserve for doubtful accounts has not been recognized. Expected credit loss accrued for at the end of
2024 was $849 thousand, and $144 thousand at the end of 2023.
The balances reported as Accounts receivable, other, consist primarily of estimated support related to research
and development projects, and value added tax refund due to the Company.
Balances and aging of accounts receivable at December 31, 2024, and December 31, 2023, were as follows:
\n \n
Year ended December 31, 2024
Maturity
Less than 3
Amounts in $1000
months
3-6 months
6-12 months
Total
Accounts receivable, trade
$
\u2014
$
\u2014
$
30
$
30
Accounts receivable, other
137
598
167
902
Total
$
137
$
598
$
197
$
932
\n \n
Year ended December 31, 2023
Maturity
Less than 3
Amounts in $1000
months
3-6 months
6-12 months
Total
Accounts receivable, trade
$
979
$
\u2014
$
\u2014
$
979
Accounts receivable, other
90
392
467
949
Total
$
1,069
$
392
$
467
$
1,928
15. Other current and non-current financial assets
Non-current receivables
\n \n
Year ended December 31,
Amounts in $1000
2024
2023
Non-current receivables
57
81
Balance at December 31
57
81
The receivables are deposits for leasehold payments and are held at nominal value. Deposits amounting to $17
thousand and $6 thousand were released upon termination of lease agreements in America and China,
respectively.
IDEX Biometrics ASA had no contingent assets at the end of 2024 or 2023.21. Restricted assets
For laboratory and office leases, the parent company and subsidiaries have placed an amount corresponding
to about 3 months\u2019 rent and allocations of its leasehold facilities in an escrow account in landlords name for
the benefit of the landlord. Such escrow accounts and other deposits amounted to $57 thousand at the end
of 2024 and $81 thousand at the end of 2023, reported as Non-current receivables. No other assets have
been pledged as security or are otherwise restricted.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "14. Accounts receivable
Accounts receivable, trade, includes invoiced amounts due from customers. The receivables are held at the
estimated realizable value. The Company\u2019s payment terms vary by the type and location of its customers and the
products or services offered. Terms are typically payment within 30 to 60 days. Based on periodic review of
customer accounts, a specific reserve for possible loss may been recognized as applicable. The Company does
not require collateral from its customers, although there have been circumstances when the Company has
required cash in advance (i.e., a partial down-
payment) to facilitate orders in excess of a customer\u2019s established
credit limit. To date, such amounts have not been material.
In an arbitration ruling at Oslo Chamber of Commerce on January 27, 2025, in favor of IDEX Biometrics, the
company was awarded $0.7 million from customer Zwipe AS, plus late payment interest and compensation for
the Company\u2019s legal costs. On March 6, 2025,
the Oslo District Court ruled that bankruptcy proceedings for
Zwipe shall take place. The receivable has been written off as of December 31, 2024.
A general reserve for doubtful accounts has not been recognized. Expected credit loss accrued for at the end of
2024 was $849 thousand, and $144 thousand at the end of 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "The Company does
not require collateral from its customers, although there have been circumstances when the Company has
required cash in advance (i.e., a partial down-
payment) to facilitate orders in excess of a customer\u2019s established
credit limit. To date, such amounts have not been material.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "15. Other current and non-current financial assets
Non-current receivables
\n \n
Year ended December 31,
Amounts in $1000
2024
2023
Non-current receivables
57
81
Balance at December 31
57
81
The receivables are deposits for leasehold payments and are held at nominal value. Deposits amounting to $17
thousand and $6 thousand were released upon termination of lease agreements in America and China,
respectively.
IDEX Biometrics ASA had no contingent assets at the end of 2024 or 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "15. Other current and non-current financial assets
Non-current receivables
\n \n
Year ended December 31,
Amounts in $1000
2024
2023
Non-current receivables
57
81
Balance at December 31
57
81
The receivables are deposits for leasehold payments and are held at nominal value. Deposits amounting to $17
thousand and $6 thousand were released upon termination of lease agreements in America and China,
respectively.
IDEX Biometrics ASA had no contingent assets at the end of 2024 or 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in note 17
\u2014
Convertible debt
, the Company\u2019s payable and other financial
liabilities as of December 31, 2024, and December 31, 2023, were as follows:
\n \n
Year ended December 31, 2024
Maturity
Less than 3
6-12
Amounts in $1000
months
3-6 months
months
1-5 years
Total
Accounts payable
$
850
$
\u2014
$
\u2014
$
\u2014
$
850
Current lease liabilities
396
\u2014
\u2014
\u2014
396
Other current liabilities
891
113
941
\u2014
1,945
Total
$
2,137
$
113
$
941
$
\u2014
$
3,191
\n \n
Year ended December 31, 2023
Maturity
Less than 3
6-12
Amounts in $1000
months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,238
$
1,238
Accounts payable
688
\u2014
\u2014
\u2014
688
Current lease liabilities
146
148
331
\u2014
624
Other current liabilities
782
760
9,254
\u2014
10,796
Total
$
1,615
$
908
$
9,585
$
1,238
$
13,346
Other current liabilities include accruals for earned compensation, earned vacation days not taken, potential
employer\u2019s tax on share
-based compensation, and accruals for goods and services received but not yet invoiced
by the supplier.
The
estimated employer\u2019s payroll tax liability related to share
-based compensation amounted to $0 (nil) thousand
on December 31, 2024, and $19 thousand on December 31, 2023. The amount will be due only if and when the
subscription rights are exercised. The exercise will, in all likely circumstances, fund the payable employer\u2019s
payroll tax.
Interest expense including effective interest on the convertible debt and interest on lease liabilities in the
Consolidated Statement of Profit and Loss in Finance expense was $1,788 thousand in 2024 and $136 thousand
in 2023. The balance of finance expense is currency losses.
Except for the convertible debt in note 17
\u2014
Convertible debt
, IDEX had no other significant current or non-
current monetary obligations at the end of 2024 or 2023. The Company had no contingent liabilities at the end of
2024 or 2023.
17. Convertible debt, warrants
\n \n
Interest
Carrying
Amounts in $1000
rate
Installment profile
value
Convertible bond as of Dec 31, 2023
6%
Bimonthly until June 28, 2027
Convertible debt
$
5,076
Embedded derivative
3,545
Total
$
8,621
Convertible bond as of Dec 31, 2024
0%
Semi-annual from Jun. 28,
2026 to Dec. 28, 2027
Convertible debt
$
1,984
Embedded derivative
139
Total
$
2,123
Recognized value on the balance sheet
Year ended December 31,
Exercise
Amounts in $1000
price
Expiry
2024
2023
Warrants
Warrants May-Jun
NOK 1.65
May 29, 2025
$
1
$
\u2014
Warrants A
NOK 0.15
March 13, 2025
326
\u2014
Warrants B
NOK 0.15
April 11, 2025
326
\u2014
Total
$
652
$
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in note 17
\u2014
Convertible debt
, the Company\u2019s payable and other financial
liabilities as of December 31, 2024, and December 31, 2023, were as follows:
\n \n
Year ended December 31, 2024
Maturity
Less than 3
6-12
Amounts in $1000
months
3-6 months
months
1-5 years
Total
Accounts payable
$
850
$
\u2014
$
\u2014
$
\u2014
$
850
Current lease liabilities
396
\u2014
\u2014
\u2014
396
Other current liabilities
891
113
941
\u2014
1,945
Total
$
2,137
$
113
$
941
$
\u2014
$
3,191
\n \n
Year ended December 31, 2023
Maturity
Less than 3
6-12
Amounts in $1000
months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,238
$
1,238
Accounts payable
688
\u2014
\u2014
\u2014
688
Current lease liabilities
146
148
331
\u2014
624
Other current liabilities
782
760
9,254
\u2014
10,796
Total
$
1,615
$
908
$
9,585
$
1,238
$
13,346
Other current liabilities include accruals for earned compensation, earned vacation days not taken, potential
employer\u2019s tax on share
-based compensation, and accruals for goods and services received but not yet invoiced
by the supplier.
The
estimated employer\u2019s payroll tax liability related to share
-based compensation amounted to $0 (nil) thousand
on December 31, 2024, and $19 thousand on December 31, 2023. The amount will be due only if and when the
subscription rights are exercised. The exercise will, in all likely circumstances, fund the payable employer\u2019s
payroll tax.
Interest expense including effective interest on the convertible debt and interest on lease liabilities in the
Consolidated Statement of Profit and Loss in Finance expense was $1,788 thousand in 2024 and $136 thousand
in 2023. The balance of finance expense is currency losses.
Except for the convertible debt in note 17
\u2014
Convertible debt
, IDEX had no other significant current or non-
current monetary obligations at the end of 2024 or 2023. The Company had no contingent liabilities at the end of
2024 or 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in note 17
\u2014
Convertible debt
, the Company\u2019s payable and other financial
liabilities as of December 31, 2024, and December 31, 2023, were as follows:
\n \n
Year ended December 31, 2024
Maturity
Less than 3
6-12
Amounts in $1000
months
3-6 months
months
1-5 years
Total
Accounts payable
$
850
$
\u2014
$
\u2014
$
\u2014
$
850
Current lease liabilities
396
\u2014
\u2014
\u2014
396
Other current liabilities
891
113
941
\u2014
1,945
Total
$
2,137
$
113
$
941
$
\u2014
$
3,191
\n \n
Year ended December 31, 2023
Maturity
Less than 3
6-12
Amounts in $1000
months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,238
$
1,238
Accounts payable
688
\u2014
\u2014
\u2014
688
Current lease liabilities
146
148
331
\u2014
624
Other current liabilities
782
760
9,254
\u2014
10,796
Total
$
1,615
$
908
$
9,585
$
1,238
$
13,346
Other current liabilities include accruals for earned compensation, earned vacation days not taken, potential
employer\u2019s tax on share
-based compensation, and accruals for goods and services received but not yet invoiced
by the supplier.
The
estimated employer\u2019s payroll tax liability related to share
-based compensation amounted to $0 (nil) thousand
on December 31, 2024, and $19 thousand on December 31, 2023. The amount will be due only if and when the
subscription rights are exercised. The exercise will, in all likely circumstances, fund the payable employer\u2019s
payroll tax.
Interest expense including effective interest on the convertible debt and interest on lease liabilities in the
Consolidated Statement of Profit and Loss in Finance expense was $1,788 thousand in 2024 and $136 thousand
in 2023. The balance of finance expense is currency losses.
Except for the convertible debt in note 17
\u2014
Convertible debt
, IDEX had no other significant current or non-
current monetary obligations at the end of 2024 or 2023. The Company had no contingent liabilities at the end of
2024 or 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in note 17
\u2014
Convertible debt
, the Company\u2019s payable and other financial
liabilities as of December 31, 2024, and December 31, 2023, were as follows:
\n \n
Year ended December 31, 2024
Maturity
Less than 3
6-12
Amounts in $1000
months
3-6 months
months
1-5 years
Total
Accounts payable
$
850
$
\u2014
$
\u2014
$
\u2014
$
850
Current lease liabilities
396
\u2014
\u2014
\u2014
396
Other current liabilities
891
113
941
\u2014
1,945
Total
$
2,137
$
113
$
941
$
\u2014
$
3,191
\n \n
Year ended December 31, 2023
Maturity
Less than 3
6-12
Amounts in $1000
months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,238
$
1,238
Accounts payable
688
\u2014
\u2014
\u2014
688
Current lease liabilities
146
148
331
\u2014
624
Other current liabilities
782
760
9,254
\u2014
10,796
Total
$
1,615
$
908
$
9,585
$
1,238
$
13,346
Other current liabilities include accruals for earned compensation, earned vacation days not taken, potential
employer\u2019s tax on share
-based compensation, and accruals for goods and services received but not yet invoiced
by the supplier.
The
estimated employer\u2019s payroll tax liability related to share
-based compensation amounted to $0 (nil) thousand
on December 31, 2024, and $19 thousand on December 31, 2023. The amount will be due only if and when the
subscription rights are exercised. The exercise will, in all likely circumstances, fund the payable employer\u2019s
payroll tax.
Interest expense including effective interest on the convertible debt and interest on lease liabilities in the
Consolidated Statement of Profit and Loss in Finance expense was $1,788 thousand in 2024 and $136 thousand
in 2023. The balance of finance expense is currency losses.
Except for the convertible debt in note 17
\u2014
Convertible debt
, IDEX had no other significant current or non-
current monetary obligations at the end of 2024 or 2023. The Company had no contingent liabilities at the end of
2024 or 2023.
Recognized value on the balance sheet
Year ended December 31,
Exercise
Amounts in $1000
price
Expiry
2024
2023
Warrants
Warrants May-Jun
NOK 1.65
May 29, 2025
$
1
$
\u2014
Warrants A
NOK 0.15
March 13, 2025
326
\u2014
Warrants B
NOK 0.15
April 11, 2025
326
\u2014
Total
$
652
$
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in note 17
\u2014
Convertible debt
, the Company\u2019s payable and other financial
liabilities as of December 31, 2024, and December 31, 2023, were as follows:
\n \n
Year ended December 31, 2024
Maturity
Less than 3
6-12
Amounts in $1000
months
3-6 months
months
1-5 years
Total
Accounts payable
$
850
$
\u2014
$
\u2014
$
\u2014
$
850
Current lease liabilities
396
\u2014
\u2014
\u2014
396
Other current liabilities
891
113
941
\u2014
1,945
Total
$
2,137
$
113
$
941
$
\u2014
$
3,191
\n \n
Year ended December 31, 2023
Maturity
Less than 3
6-12
Amounts in $1000
months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,238
$
1,238
Accounts payable
688
\u2014
\u2014
\u2014
688
Current lease liabilities
146
148
331
\u2014
624
Other current liabilities
782
760
9,254
\u2014
10,796
Total
$
1,615
$
908
$
9,585
$
1,238
$
13,346
Other current liabilities include accruals for earned compensation, earned vacation days not taken, potential
employer\u2019s tax on share
-based compensation, and accruals for goods and services received but not yet invoiced
by the supplier.
The
estimated employer\u2019s payroll tax liability related to share
-based compensation amounted to $0 (nil) thousand
on December 31, 2024, and $19 thousand on December 31, 2023. The amount will be due only if and when the
subscription rights are exercised. The exercise will, in all likely circumstances, fund the payable employer\u2019s
payroll tax.
Interest expense including effective interest on the convertible debt and interest on lease liabilities in the
Consolidated Statement of Profit and Loss in Finance expense was $1,788 thousand in 2024 and $136 thousand
in 2023. The balance of finance expense is currency losses.
Except for the convertible debt in note 17
\u2014
Convertible debt
, IDEX had no other significant current or non-
current monetary obligations at the end of 2024 or 2023. The Company had no contingent liabilities at the end of
2024 or 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "Interest expense including effective interest on the convertible debt and interest on lease liabilities in the
Consolidated Statement of Profit and Loss in Finance expense was $1,788 thousand in 2024 and $136 thousand
in 2023. The balance of finance expense is currency losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "Interest expense including effective interest on the convertible debt and interest on lease liabilities in the
Consolidated Statement of Profit and Loss in Finance expense was $1,788 thousand in 2024 and $136 thousand
in 2023. The balance of finance expense is currency losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "Interest expense including effective interest on the convertible debt and interest on lease liabilities in the
Consolidated Statement of Profit and Loss in Finance expense was $1,788 thousand in 2024 and $136 thousand
in 2023. The balance of finance expense is currency losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "Interest expense including effective interest on the convertible debt and interest on lease liabilities in the
Consolidated Statement of Profit and Loss in Finance expense was $1,788 thousand in 2024 and $136 thousand
in 2023. The balance of finance expense is currency losses.
Host
Embedded
contract
derivative
Amounts in $1000
(Level 3)
(Level 3)
Total
(Gains)/Losses recognized from modification
(2,115)
274
(1,841)
Other (gains)/losses related to the host contract, the embedded derivative and the warrants recognized in the
Consolidated Income Statements are presented as financial income for gains and financial expenses for losses.
As of December 31, 2024, the outstanding principal amount was NOK 66,640 thousand or $5,871 thousand
(December 31, 2023: NOK 100,000 thousand or $9,830 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00250": { "value": "Except for the convertible debt in note 17
\u2014
Convertible debt
, IDEX had no other significant current or non-
current monetary obligations at the end of 2024 or 2023. The Company had no contingent liabilities at the end of
2024 or 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "17. Convertible debt, warrants \n \n
Interest
Carrying
Amounts in $1000
rate
Installment profile
value
Convertible bond as of Dec 31, 2023
6%
Bimonthly until June 28, 2027
Convertible debt
$
5,076
Embedded derivative
3,545
Total
$
8,621
Convertible bond as of Dec 31, 2024
0%
Semi-annual from Jun. 28,
2026 to Dec. 28, 2027
Convertible debt
$
1,984
Embedded derivative
139
Total
$
2,123
In December 2023, IDEX entered into a convertible debt financing agreement. The agreement has been amended
since, see below. The Company issued NOK 100 million or $9.9 million in convertible bonds at 6.0% interest
p.a. The loan is denominated in NOK. IDEX Biometrics received NOK 92 million after deduction of the issue
discount. Transactions and balance amounts are reported in USD at the exchange rates at the respective dates.
The bondholder could elect to convert the outstanding loans into IDEX shares at any time prior to repayment at a
conversion price of NOK 3.655, which price reflects the 5:1 share consolidation (reverse split) effective on the
record date of January 10, 2024.
The conversion option was accounted for as an embedded derivative and was recognized separately from the
host contract as a financial liability at fair value through profit or loss. See note 18
\u2014
Fair value measurement.
The host contract is recognized at amortized cost, a residual after deduction of transaction costs and the
embedded derivative. The effective interest rate is based on the value of the host contract and the expected cash
flow. Because the company does not have an unconditional right to defer payment beyond twelve months, both
the host contract and the embedded derivative were classified as current liabilities as of December 31,
2023.Estimation methods are used to determine the fair value of the embedded derivative. There is a significant
element of judgment in the estimation methods used and the assumptions applied.
Under the original agreement, the debt would be redeemed in 21 equal bi-monthly instalments of NOK 4.8
million plus accrued interest. The bondholder could request up to two additional instalments to be paid in each
period between the planned term dates. The Company could elect to settle the interest payments, principal
payments, or both with shares in lieu of cash. Any repayment in shares will be converted at 90% of the
prevailing market price of the shares. On September 17, 2024, IDEX Biometrics entered into a commitment
letter to amend the terms of the convertible bond. The full agreement was entered into on November 6, 2024.
The coupon interest rate on the bond was reduced to 0%. The repayment will be in four semi-annual terms
starting from June 28, 2026, extending the duration of the loan until December 28, 2027. The conversion rate on
the loan was reduced to NOK 0.85 per share. Conversion can, at the earliest, be done on February 28, 2026,
unless the share price exceeds NOK 1.25 after June 28, 2025. The Company may elect to settle the principal
payments with shares in lieu of cash payments. Any repayment in shares will be converted at 90% of the
prevailing market price of the shares. The amendment represented a substantial modification of the financial
liability under IFRS 9. The original host contract and embedded derivative was therefore derecognized and the
amended debt was recognized at fair value of the host contract and the embedded derivative. This resulted in a
gain on modification As a consequence of the refinancing, the debt is classified as non-current as of December
31, 2024.
Host
Embedded
contract
derivative
Amounts in $1000
(Level 3)
(Level 3)
Total
(Gains)/Losses recognized from modification
(2,115)
274
(1,841)
Other (gains)/losses related to the host contract, the embedded derivative and the warrants recognized in the
Consolidated Income Statements are presented as financial income for gains and financial expenses for losses.
As of December 31, 2024, the outstanding principal amount was NOK 66,640 thousand or $5,871 thousand
(December 31, 2023: NOK 100,000 thousand or $9,830 thousand).
On March 10, 2025, IDEX Biometrics and Heights entered into a commitment letter whereby the terms of the
convertible bond will be amended. The amendment has not been reflected in the valuation of the convertible debt
as of December 31, 2024. See note 26
\u2014
Subsequent events
.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "
Host
Embedded
contract
derivative
Amounts in $1000
(Level 3)
(Level 3)
Total
(Gains)/Losses recognized from modification
(2,115)
274
(1,841)
Other (gains)/losses related to the host contract, the embedded derivative and the warrants recognized in the
Consolidated Income Statements are presented as financial income for gains and financial expenses for losses.
As of December 31, 2024, the outstanding principal amount was NOK 66,640 thousand or $5,871 thousand
(December 31, 2023: NOK 100,000 thousand or $9,830 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00253": { "value": "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 the outstanding warrants are measured at fair value.
The Company considers that the carrying amount of the financial assets and liabilities that are recognised at
amortised cost net of any impairment approximate their fair value.
The Company uses the following hierarchy for classification of the fair value of financial measurements:
\u2022
Level 1: Observed (unadjusted) prices in active markets for identical assets or liabilities.
\u2022
Level 2: Methods for which all inputs that have a significant effect on the recorded fair value are
observable, either directly or indirectly.
\u2022
Level 3: Methods that use inputs that are not based on observable data", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "value": "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 the outstanding warrants are measured at fair value.
The Company considers that the carrying amount of the financial assets and liabilities that are recognised at
amortised cost net of any impairment approximate their fair value.
The Company uses the following hierarchy for classification of the fair value of financial measurements:
\u2022
Level 1: Observed (unadjusted) prices in active markets for identical assets or liabilities.
\u2022
Level 2: Methods for which all inputs that have a significant effect on the recorded fair value are
observable, either directly or indirectly.
\u2022
Level 3: Methods that use inputs that are not based on observable data
The actual method used and assumptions made in levels 2 and 3 may have a material effect on the estimated fair
value. The table below shows the items measured at fair value, categorized within Levels 1-3.
On May 15, 2024, IDEX conducted a private placement of 33,333,333 shares. For each share subscribed to, the
subscribers received one warrant with exercise price NOK 1.65. The May warrants are exercisable in quarterly
windows after issue of interim reports and expire fourteen days after the interim report for the first quarter of
2025 has been issued.
On September 16, 2024, IDEX conducted a private placement of 466,666,666 shares. For each two shares
subscribed to, the subscriber received two warrants with exercise price NOK 0.15: One warrant A exercisable
within the first 14 days following the disclosure of the preliminary financial report for 2024, and one warrant B
which is exercisable from March 31, 2025 to April 11, 2025. The initial recognition of the warrants was based on
a Black Scholes option pricing model calculation, based on company volatility, exercise price and risk free
interest rate. On December 12, 2024, the warrants A&B were admitted to trading on Euronext Oslo B\u00f8rs. As a
consequence of the listing admission, the instruments were transferred from Level 2 to Level 1. The transfer did
not have a material impact on the instruments\u2019 fair value
. See note 28
\u2014
Subsequent events
.
The table shows the carrying value of liabilities held at fair value at the respective dates, by Level:
Embedded
Warrants
Warrants
derivative
May
A and B
Amounts in $1000
(Level 3)
(Level 2)
(Level 1)
Total
Balance Jan 1, 2023
Balance Dec 31, 2023
$
3,545
$
\u2014
$
\u2014
$
3,545
Balance Dec 31, 2024
$
139
$
1
$
651
$
791
The initial recognition of the host contract and embedded derivative was
fair value. As such, the initial
recognized amount was determined at Level 3. Subsequent modifications of the host contract assumes that the
effective interest rate used to calculate the value is equal to the initial effective interest rate. Thus, the subsequent
measurement of the host contract is amortised cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00254": { "value": "19. Inventory
Inventories consist of raw materials, work in process, and finished goods. Materials and components purchased
for use in research and development activities are expensed at the time of purchase and excluded from inventory.
Inventory is recorded at the lower of cost and net realizable value, less impairment, if any.
Year ended December 31,
2024
2023
Amounts in $1000
Cost
Reserves
Net
Cost
Reserves
Net
Raw materials
$
3,876
$
(634)
$
3,242
$
3,795
$
\u2014
$
3,795
Work in progress
36
\u2014
36
102
\u2014
102
Finished goods
3,107
(836)
2,271
3,356
(869)
2487
Total
$
7,019
$
(1,470)
$
5,548
$
7,253
$
(869)
$
6,384
IDEX disclosed on March 11, 2025, a strategic shift to focus on the access market, while continuing to harvest
from its long-time efforts in the payment market. Consequently, parts of the material and components held in
inventory were deemed less likely to be sold, and an obsolescence provision has been recognized as of
December 31, 2024.
Furthermore, the quantity of certain components (raw material) in inventory is substantially larger than what is
required for the updated business plan. Some of the inventory may remain unused and unsold by the time the
material becomes obsolete because of aging/shelf life and/or technical obsolescence. Any such obsolescence will
depend on, among other factors, technical development, and the timing is uncertain. The impairment charge was
based on an assessment with horizon three years derived from the business plan and estimated usage.
In 2024 and 2023, raw materials and products valued $163 thousand, and $251 thousand, thousand respectively,
were charged to development expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00255": { "value": "20. Cash and cash equivalents
Cash and cash equivalent balances by currency were as follows, valued in USD:
\n \n
Year ended December 31,
Amounts in $1000
2024
2023
Denominated in USD
$
1,337
$
10,587
Denominated in NOK
590
424
Denominated in GBP
64
221
Denominated in CNY
20
120
Total
$
2,010
$
11,352
Of the amounts above, employees\u2019 withheld payroll tax deposits amounted to $47 thousand and $29
thousand at the end of 2024 and 2023, respectively. Only the withheld payroll tax deposits were restricted.
Deposits for facilities rent or utilities are reported as Non-current receivables and have not been included in
Cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00256": { "value": "20. Cash and cash equivalents
Cash and cash equivalent balances by currency were as follows, valued in USD:
\n \n
Year ended December 31,
Amounts in $1000
2024
2023
Denominated in USD
$
1,337
$
10,587
Denominated in NOK
590
424
Denominated in GBP
64
221
Denominated in CNY
20
120
Total
$
2,010
$
11,352
Of the amounts above, employees\u2019 withheld payroll tax deposits amounted to $47 thousand and $29
thousand at the end of 2024 and 2023, respectively. Only the withheld payroll tax deposits were restricted.
Deposits for facilities rent or utilities are reported as Non-current receivables and have not been included in
Cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "20. Cash and cash equivalents
Cash and cash equivalent balances by currency were as follows, valued in USD:
\n \n
Year ended December 31,
Amounts in $1000
2024
2023
Denominated in USD
$
1,337
$
10,587
Denominated in NOK
590
424
Denominated in GBP
64
221
Denominated in CNY
20
120
Total
$
2,010
$
11,352
Of the amounts above, employees\u2019 withheld payroll tax deposits amounted to $47 thousand and $29
thousand at the end of 2024 and 2023, respectively. Only the withheld payroll tax deposits were restricted.
Deposits for facilities rent or utilities are reported as Non-current receivables and have not been included in
Cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "22. Share capital and Share Premium, Warrants
There is one class of shares, and all shares have equal rights and are freely negotiable. The share capital is fully
paid in. The par value of the shares was NOK 0.15 per share on December 31. 2024. IDEX does not beneficially
own any of its own shares.
A 5:1 share consolidation (reverse split) took effect on record date January 10, 2024. The incentive subscription
rights plan, cf. note 23
\u2014
Share-based compensation
, has adjustment clauses so that the number of subscription
rights and the exercise prices were adjusted by the same ratio. The par value of the shares was NOK 0.15 per
share before the consolidation, and NOK 0.75 per share after the consolidation. On February 26, 2024, the share
capital was reduced, and the par value again NOK 0.15 per share. The reduction amount was transferred to
Capital reduction reserve.
During the years ended December 31, 2023, and December 31, 2022, $13.0 million and $18.0 million,
respectively, of Share Premium was transferred to Capital Reduction Reserve, to cover uncovered losses. The
transfer did not impact the total equity or comprehensive income (loss). No such transfer was made in 2024.
Costs related to share issuance have been charged against equity and amounted to $1,112 thousand in 2024 and
$756 thousand in 2023.
In connection with private placements in 2024, subscribers to new shares were also allocated warrants with
vesting dates in 2025.
See also note 26
\u2014
Subsequent Events
.
\n \n
Number of shares
Warrants
Balance at December 31, 2022
1,166,326,584
Share issues (Employee Share Purchase Plan)
4,583,947
Share issue (exercise of incentive subscription rights)
389,608
Private placement of Shares on May 24
116,897,492
Private placement of Shares on June 16
30,161,332
Private placement of Shares on November 16
78,651,685
Private placement of Shares on December 22
2
Balance at December 31, 2023
1,397,010,650
\u2014
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
\u2014
Convertible loan term payment settled in shares on August 29
9,123,333
\u2014
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
The warrants issued in May and June, 2024 (\u201cMay warrants\u201d) and in September
-
December, 2024 (\u201cWarrants A\u201d
and \u201cWarrants B\u201d or, collectively, \u201cWarrants A&B\u201d, have exercise prices of NOK 0.65 and NOK 0.15 per share,
respectively. The May warrants are exercisable in quarterly windows after issue of interim reports and expire
fourteen days after the interim report for the first quarter of 2025 has been issued. Warrants A are exercisable
within the first 14 days following the disclosure the preliminary financial statements for 2024, wiz. from
February 2025 to February 13, 2025, and Warrants B are exercisable from March 31, 2025, to April 11, 2025.
The warrants will lapse unless exercised within the respective periods. The financial effect of the warrants is
presented in note 17
\u2014
Convertible debt, warrants
.
Incentive subscription rights are presented in note 23
\u2014
Share-based compensation
.
See also note 26
\u2014
Subsequent events.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "22. Share capital and Share Premium, Warrants
There is one class of shares, and all shares have equal rights and are freely negotiable. The share capital is fully
paid in. The par value of the shares was NOK 0.15 per share on December 31. 2024. IDEX does not beneficially
own any of its own shares.
A 5:1 share consolidation (reverse split) took effect on record date January 10, 2024. The incentive subscription
rights plan, cf. note 23
\u2014
Share-based compensation
, has adjustment clauses so that the number of subscription
rights and the exercise prices were adjusted by the same ratio. The par value of the shares was NOK 0.15 per
share before the consolidation, and NOK 0.75 per share after the consolidation. On February 26, 2024, the share
capital was reduced, and the par value again NOK 0.15 per share. The reduction amount was transferred to
Capital reduction reserve.
During the years ended December 31, 2023, and December 31, 2022, $13.0 million and $18.0 million,
respectively, of Share Premium was transferred to Capital Reduction Reserve, to cover uncovered losses. The
transfer did not impact the total equity or comprehensive income (loss). No such transfer was made in 2024.
Costs related to share issuance have been charged against equity and amounted to $1,112 thousand in 2024 and
$756 thousand in 2023.
In connection with private placements in 2024, subscribers to new shares were also allocated warrants with
vesting dates in 2025.
See also note 26
\u2014
Subsequent Events
.
\n \n
Number of shares
Warrants
Balance at December 31, 2022
1,166,326,584
Share issues (Employee Share Purchase Plan)
4,583,947
Share issue (exercise of incentive subscription rights)
389,608
Private placement of Shares on May 24
116,897,492
Private placement of Shares on June 16
30,161,332
Private placement of Shares on November 16
78,651,685
Private placement of Shares on December 22
2
Balance at December 31, 2023
1,397,010,650
\u2014
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
\u2014
Convertible loan term payment settled in shares on August 29
9,123,333
\u2014
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
The warrants issued in May and June, 2024 (\u201cMay warrants\u201d) and in September
-
December, 2024 (\u201cWarrants A\u201d
and \u201cWarrants B\u201d or, collectively, \u201cWarrants A&B\u201d, have exercise prices of NOK 0.65 and NOK 0.15 per share,
respectively. The May warrants are exercisable in quarterly windows after issue of interim reports and expire
fourteen days after the interim report for the first quarter of 2025 has been issued. Warrants A are exercisable
within the first 14 days following the disclosure the preliminary financial statements for 2024, wiz. from
February 2025 to February 13, 2025, and Warrants B are exercisable from March 31, 2025, to April 11, 2025.
The warrants will lapse unless exercised within the respective periods. The financial effect of the warrants is
presented in note 17
\u2014
Convertible debt, warrants
.
Incentive subscription rights are presented in note 23
\u2014
Share-based compensation
.
See also note 26
\u2014
Subsequent events.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "25. Other Operating Expenses \n \n
Year ended December 31,
Amounts in $1000
2024
2023
Sales and marketing activities
$
2,831
$
3,509
Legal, audit, accounting and other services
1,385
1,894
IT expenses
730
1,705
Travel expenses
26
253
Other operating expenses
2,318
1,383
Total other operating expenses
$
7,289
$
8,743
Sales and marketing activities, mainly contractors, were scaled back from 2023 to 2024, as was travel. Legal and
other services were reduced mainly due to the delisting from Nasdaq taking place in 2023. IT expenses were
reduced due to less use of design tools and technical data processing, while Other increased mainly due to the
loss on Zwipe receivable.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "25. Other Operating Expenses \n \n
Year ended December 31,
Amounts in $1000
2024
2023
Sales and marketing activities
$
2,831
$
3,509
Legal, audit, accounting and other services
1,385
1,894
IT expenses
730
1,705
Travel expenses
26
253
Other operating expenses
2,318
1,383
Total other operating expenses
$
7,289
$
8,743
Sales and marketing activities, mainly contractors, were scaled back from 2023 to 2024, as was travel. Legal and
other services were reduced mainly due to the delisting from Nasdaq taking place in 2023. IT expenses were
reduced due to less use of design tools and technical data processing, while Other increased mainly due to the
loss on Zwipe receivable.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "26. Subsequent Events
In an arbitration ruling at Oslo Chamber of Commerce on January 27, 2025, in favor of IDEX Biometrics, The
Company was awarded $0.7 million from customer Zwipe AS, plus late payment interest and compensation for
the Company\u2019s
legal costs. On March 6, 2025, the Oslo District Court ruled that bankruptcy proceedings for
Zwipe shall take place. The receivable has been written off in the financial statements as of December 31, 2024.
See note 14
\u2014
Accounts receivable
.
The board appointed Anders Storbr\u00e5ten to CEO effective March 11, 2025. He replaced Catharina Eklof, who left
IDEX as of the same date.
IDEX Biometrics disclosed on March 11, 2025, a revised strategy and a bridge funding amounting to NOK
30 million ($2.8 million) to fund the activities in line with the revised business strategy. See note 3
\u2014
Significant
accounting policies
, section
Going concern
. The revised strategy has been taken into consideration when valuing
the inventory as of December 1, 2024. See note 19
\u2014
Inventory
. The bridge funding did not have any effect on the
recognized value of IDEX Biometrics ASA\u2019s assets or liabilities as of December 31, 2024.
Also on March 11, 2025, IDEX Biometrics disclosed that the company had entered into a commitment letter
whereby the terms of its outstanding convertible bonds were amended. The amended terms do not cause a change
in the liability of the convertible bonds as of December 31, 2024. The amendments included, inter alia, that
(i) the principal amount of the b
onds will be reduced by 25%, (ii) subject to the Company\u2019s consummation of
any further equity raise on market terms latest December 31, 2025, the principal amount of the bonds would be
reduced by a further 25%, (iii) the conversion period shall be the period from September 1, 2025 to two Oslo
business days prior to the final maturity on December 28, 2027. If the market price of the share in the Company
is NOK 0.10 or more, the bondholder shall be permitted to exercise its conversion rights under the bonds for so
long as such price is maintained, (iv) the conversion price is reset to be NOK 0.065, (v) any provisions under the
bonds relating to the b
ondholder\u2019s rights to exercise
amortized payment advancements shall not apply. The
amendments to the convertible bond were approved by the extraordinary general meeting of the company on
April 11, 2025. The amendment represents a substantial modification of the financial liability under IFRS 9. The
host contract and embedded derivative (as previously amended) will therefore be derecognized and the amended
debt will be recognized at fair value of the host contract and the embedded derivative as of March 10, 2025. This
is expected to result in a gain on modification, reducing the recognized value of the instruments.
17,258 warrants A with exercise price NOK 0.15 per share were exercised in the period February 28-March 13,
2025. The remaining 233,316, 075 warrants A were not exercised and lapsed without compensation to the
holders. The warrants are presented in note 22
\u2014
Share capital and share premium, Warrants
. Following the
exercise and issue of shares,
the Company\u2019s share capital
is NOK 124,739,134.80, divided into 831,594,232
shares each with a nominal value of NOK 0.15. 36,767 warrants B with exercise price NOK 0.15 per share were
exercised in the period March 31-April 11, 2025. The remaining warrants B were not exercised and lapsed
without compensation to the holders. The exercise will be registered and the shares issued in due course.
At the extraordinary general meeting on April 11, 2025 the shareholders resolved, i.a. to (i) reduce the share
capital of IDEX Biometrics ASA by decreasing the par value per existing share from NOK 0.15 per share to
NOK 0.01 per share, and (ii) subject to completion of the share capital decrease, convert the bridge loans to
shares at a subscription price per share equal to NOK 0.01 per share. The lenders have undertaken to subscribe
for shares and settle the share contribution by debt conversion. The extraordinary general meeting also approved
a subsequent offering of shares at the same price to the other existing shareholders, raising up to NOK 6 million
($0.6 million). Following the share capital reduction and the conversion of the bridge loans, and assuming full
subscription to the subsequent offering, but excluding the warrants B share issue, the
Company\u2019s share capital
will be NOK 44,315,942.32, divided into 4,431,594,232 shares each with a nominal value of NOK 0.01.
There have been no other events between December 31, 2024, and the date of these financial statements that
have had any material impact on the Company\u2019s results for 2024, or the value of the Company\u2019s assets and
liabilities as of December 31, 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "IDEX Biometrics ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }