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"ConsolidatedStatementsOfCashFlow_Label_00185": { "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_PeriodStartLabel_00188": { "value": "2010000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_PeriodStartLabel_00187": { "value": "11352000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_PeriodEndLabel_00190": { "value": "715000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlow_PeriodEndLabel_00189": { "value": "2010000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "1. Corporate Information
IDEX Biometrics ASA and its wholly owned subsidiary (collectively, \"IDEX Biometrics\" or the \"Company\") deliver
identification systems and other activities related to this. The Company's solutions are used primarily in contactless smart
cards, including financial payment cards, access control cards, and card-based devices for the storage of digital
currencies.
IDEX Biometrics ASA was incorporated in Norway in 1996. The registered office is at Henrik Ibsens gate 90, 0255 Oslo,
Norway. The Company's shares are listed on Euronext Oslo B\u00f8rs under the ticker symbol IDEX.
The Group comprises IDEX Biometrics ASA and its wholly owned subsidiary, IDEX Biometrics UK Ltd (\"IDEX UK\"), which
provides engineering, supply-chain administration, and customer service to the parent company. All intellectual property,
customer and manufacturing partner agreements are held by the parent company.
The Group also operated through two wholly owned US subsidiaries, IDEX Biometrics Holding Company Inc. and IDEX
Biometrics America Inc. (together, \"IDEX America\"), until their dissolution in early 2026. Operational activities were
discontinued in the fourth quarter of 2025. Both entities remained part of the Group at 31 December 2025, and their
assets, liabilities, and results are included in the consolidated financial statements.presented in US dollars ($) rounded to the nearest thousand unless otherwise stated. Figures may not sum exactly due to rounding.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "IDEX Biometrics ASA and its wholly owned subsidiary (collectively, \"IDEX Biometrics\" or the \"Company\") deliver identification systems and other activities related to this. The Company's solutions are used primarily in contactless smart cards, including financial payment cards, access control cards, and card-based devices for the storage of digital currencies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "IDEX Biometrics ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "IDEX Biometrics ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "Henrik Ibsens gate 90, 0255 Oslo, Norway.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "2. Basis of Preparation
The consolidated financial statements are prepared on a historical cost basis in accordance with IFRS Accounting
Standards as adopted by the EU", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "2. Basis of Preparation
The consolidated financial statements are prepared on a historical cost basis in accordance with IFRS Accounting
Standards as adopted by the EU and the requirements in the Norwegian Accounting Act, and presented in US dollars ($)
rounded to the nearest thousand unless otherwise stated. Figures may not sum exactly due to rounding.
The consolidated financial statements have been prepared under the going concern assumption in accordance with
Section 2-2 \u00e5ttende led, of the Norwegian Accounting Act. The financial statements also comply with the requirements of
the Norwegian Accounting Act Section 3-9 regarding the use of IFRS.
The parent company Financial Statements are published separately.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "The consolidated financial statements are prepared on a historical cost basis in accordance with IFRS Accounting
Standards as adopted by the EU and the requirements in the Norwegian Accounting Act, and presented in US dollars ($)
rounded to the nearest thousand unless otherwise stated. Figures may not sum exactly due to rounding.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "3. Material Accounting Policies
Material accounting policies are described below and have been applied consistently for all periods presented. The
statements of profit or loss are presented by nature of expense. The cash flow statement is prepared using the indirect
method.
There have been no changes to accounting policies applied in the 2025 financial statements compared to those applied in
2024.
The Consolidated Financial Statements for 2025 were approved by the Board on April 30, 2026.
a. Going Concern
The consolidated financial statements have been prepared on the basis of the going concern assumption. Management
has assessed the Group\u2019s ability to maintain operations for at least 12 months from the expected approval of the 2025
financial statements, covering the period from until end of April 2027.
As of 31 December 2025, the Group held USD 0.7 million in cash. Two equity issues completed in January and April 2026
raised a total of USD 10 million. A planned reduction in inventory through sales is expected to release liquidity. The
Company will also repay the convertible loan in full during 2026.
Management has prepared an adjusted budget for 2026 and forecast for the assessment period. The forecast indicates
that operations are expected to generate a positive cash contribution, supported by planned inventory reductions through
sales and a strengthened liquidity position throughout the period.
The Group remains exposed to risks related to operating losses, dependence on a limited number of customers,
technology adoption cycles, and supply chain dependencies. Based on the capital raised during the first four months
in2026, the expected reduction in debt, sales based on forecast including current order backlog, management assesses
that these risks do not threaten the Group\u2019s ability to meet its obligations during the assessment period.
Based on the liquidity position, expected cash flows, and available mitigating actions, the Board of Directors has
concluded that the going concern assumption is appropriate and that no material uncertainty exists under IAS 1.
b. Consolidation
The consolidated financial statements comprise the financial statements of IDEX Biometrics ASA, IDEX Biometrics UK Ltd,
IDEX Biometrics Holding Company Inc., and IDEX Biometrics America Inc. All inter intercompany transactions, balances,
revenues, expenses, and unrealised gains and losses are eliminated on consolidation.
c. Equity
Equity comprises:
\u2022
Share Capital: the nominal amount of shares issued by the parent company.
\u2022
Share Premium: proceed from share issuances in excess of nominal value, net of directly attributable issuance
costs and transfers to the Capital Reduction Reserve.
\u2022
Share-Based Payment Reserve: cumulative share-based payment expense recognised to date.
\u2022
Foreign Currency Translation Effects: cumulative exchange differences arising on translation of subsidiaries with a
functional currency other than USD.
\u2022
Capital Reduction Reserve: amount transferred from Share Premium to absorb accumulated losses, as resolved by
the Board (See Note 22).
\u2022
Accumulated Loss: cumulative historical losses of the Company.
d. Cost of materials, net of inventory change
Cost of materials, net of inventory change, comprises costs of raw materials, components, contract manufacturing, and
transportation associated with the production and storage of products for sale, net of inventory change.
e. Research and development expenses
This category comprises costs of services and materials used in engineering activities and outsourced development.
Employee payroll costs related to research and development are classified as Compensation and benefits; contractor
costs in engineering roles are included in research and development expenses.
Research costs are expensed as incurred. Development costs are capitalised when: (1) technical feasibility has been
demonstrated; (2) costs can be measured reliably; (3) it is probable that the asset will generate future economic benefits;
and (4) the Company committed to completing the development. Otherwise, development costs are expensed as
incurred. Once available for use, capitalised development costs are amortised over their expected useful life. No
development costs were capitalised in 2025 or 2024.
Government grants for qualified research and development activities are credited against research and development
expenses when the qualifying activities are complete and receipt is probable. The expected receivable is recognised
withing account receivable, other.
f. Convertible debt
Convertible debt agreements are assessed for embedded derivatives. Where the conversion option is an embedded
derivative, the instrument is treated as a hybrid financial instrument. The embedded derivative is recognised separately
from the host contract and measured at fair value through profit and loss. The host contract is measured at amortised cost
using the effective interest method.
A substantial modification of a convertible instrument results in derecognition of the original instrument and recognition of
the amended instrument at fair value at the modification date, with any resulting gain or loss recognised in profit or loss.
The Black-Scholes option pricing was applied to estimate the fair value of the embedded derivative, requiring significant
judgement in the selection of inputs and assumptions. The embedded derivative is classified as Level 3 in the fair value
hierarchy (See Note 18 Fair Value Measurement).
g. Accounting estimates
The preparation of financial statements requires management to make judgements, estimates, and assumptions that
affect reported amounts. Actual results may differ from these estimates, which are reviewed on an ongoing basis.
The principal areas requiring significant judgement, with the most material effect on recognised amounts, are intangible
assets and inventory. The key sources of estimation uncertainty are:
\u2022
Intangible assets
\u2022
Inventory
\u2022
Accounts receivable, trade
\u2022
Share-based compensation
\u2022
Embedded derivative in convertible debt
Intangible assets
Internally generated patents and intellectual property are capitalised only when the capitalisation criteria are met. No
development costs were capitalised in 2025 or 2024. Acquired intangible assets are initially recognised at fair value and
amortised over their useful economic lives. Where there is and indication of impairment, the carrying amount is compared
to the recoverable amount, being the higher of fair value less costs and value from continued use. Value from continued
use is estimated using discounted future cash flows, requiring judgement as to the timing and quantum of expected
economic benefits. No impairment indicators were identified as of December 31, 2025.
Inventory
Inventories comprise raw materials, work in process, and finished goods, measured at the lower of cost and net realisable
value. Most items are tracked by lot at actual average cost per unit; mass products are recorded at moving average cost;
individually significant items are tracked by serial number at actual cost. Impairment is assessed quarterly based on
management\u2019s judgement of the likelihood of sale and assumptions regarding sales price and selling costs. The estimate
is inherently uncertain, given the risks around sales timing and pricing.
Accounts receivable, trade
Trade accounts receivable comprises invoiced amounts owed by customers, net of prepayments received and allowances
for doubtful accounts. Regarding allowances for doubtful accounts, see section
Credit and Liquidity Risk
below.
Share-based compensation
The fair value of incentive subscription rights (\u201cSRs\u201d) is estimated at grant date by using the BlackScholes option pricing
model and recognised as a cost over the vesting period. Inputs include share price, exercise price, volatility, interest rates,
and expected term. The associated employer tax accrual varies with share price.
Embedded derivative in convertible debt
The fair value of the embedded derivative is estimated using the Black-Scholes option pricing model. A significant
judgement is exercised in selecting inputs and assumptions at initial recognition and at each subsequent balance sheet
date, giving rise to an inherent risk of estimation error (See Note 18 Fair Value Measurement).
h. Revenue recognition
Revenue is recognised when control of goods or services is transferred to the customer, in an amount reflecting the
consideration the Company expects to receive. Taxes arising concurrently with revenue are excluded. Shipping charges
to customers are included in revenue; associated outbound freight costs incurred after control has transferred are
recognised as a reduction of revenue.
The Company\u2019s products are biometric smart cards, each embedded with a proprietary biometric fingerprint sensor
incorporating embedded software. The hardware and software are interdependent and are treated as a single
performance obligation. The Company also supplies complete modules comprising a sensor, secure element, and antenna
for embedding in smart cards. Revenue from product sales is recognised at a point in time upon delivery.
IDEX may license its intellectual property under right-to-use licences, with royalties based on a percentage of the
licensee\u2019s sales or unit volumes. No revenue from IP licensing was recognised in 2025 or 2024.
Service revenue, including non-recurring engineering (NRE) and advisory services, is recognised upon completion of the
defined service element and customer acceptance of any deliverable. Where services include substantive, results-based
milestones acknowledged by the customer, revenue may be recognised over time.
The Company does have no material obligations or reserves for warranties, returns, or customer refunds. There were no
contract asset or contract liability balances as of December 31, 2025, or 2024.
i. Accounting Standards
No amendments to standards or interpretations of standards effective as of January 1, 2025, as adopted under IFRS as
adopted by the EU, were material to the Company\u2019s financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements. IFRS 18
introduces new requirements for the presentation of the statement of profit or loss, including specified totals and
subtotals, and requires classification of income and expenses into the categories operating, investing, financing, income
taxes, and discontinued operations. The Group is assessing the impact of these changes on the presentation of the
financial statements and related notes.
IFRS 18 also enhances the guidance on aggregation and disaggregation of information in both the primary financial
statements and the notes. As part of the changes, IAS 7 Statement of Cash Flows requires the defined operating profit
subtotal as the starting point for the indirect method and specifies mandatory classification of cash inflows from interest
and dividends received in the investing category, and interest paid in the financing category. Consequently, the subtotals
Net cash provided by operating activities, Net cash used in investing activities and Net cash used in financing activities
will change.
Further, IFRS 18 introduces a definition of, and disclosure requirements for, management-defined performance measures
(MPMs), which partly overlap with alternative performance measures (APMs). MPMs must be disclosed, defined and
reconciled in a note to the financial statements.
The Group is currently assessing the impact of IFRS 18, in particular the implications for the structure of the income
statement and the statement of cash flows. The standard is effective for reporting periods beginning on or after
January 2027 and will be applied retrospectively. The Group does not intend to adopt the standard early.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "The Consolidated Financial Statements for 2025 were approved by the Board on April 30, 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "a. Going Concern
The consolidated financial statements have been prepared on the basis of the going concern assumption. Management
has assessed the Group\u2019s ability to maintain operations for at least 12 months from the expected approval of the 2025
financial statements, covering the period from until end of April 2027.
As of 31 December 2025, the Group held USD 0.7 million in cash. Two equity issues completed in January and April 2026
raised a total of USD 10 million. A planned reduction in inventory through sales is expected to release liquidity. The
Company will also repay the convertible loan in full during 2026.
Management has prepared an adjusted budget for 2026 and forecast for the assessment period. The forecast indicates
that operations are expected to generate a positive cash contribution, supported by planned inventory reductions through
sales and a strengthened liquidity position throughout the period.
The Group remains exposed to risks related to operating losses, dependence on a limited number of customers,
technology adoption cycles, and supply chain dependencies. Based on the capital raised during the first four months
in2026, the expected reduction in debt, sales based on forecast including current order backlog, management assesses
that these risks do not threaten the Group\u2019s ability to meet its obligations during the assessment period.
Based on the liquidity position, expected cash flows, and available mitigating actions, the Board of Directors has
concluded that the going concern assumption is appropriate and that no material uncertainty exists under IAS 1.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "b. Consolidation
The consolidated financial statements comprise the financial statements of IDEX Biometrics ASA, IDEX Biometrics UK Ltd,
IDEX Biometrics Holding Company Inc., and IDEX Biometrics America Inc. All inter intercompany transactions, balances,
revenues, expenses, and unrealised gains and losses are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "\u2022 Share Capital: the nominal amount of shares issued by the parent company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "e. Research and development expenses
This category comprises costs of services and materials used in engineering activities and outsourced development.
Employee payroll costs related to research and development are classified as Compensation and benefits; contractor
costs in engineering roles are included in research and development expenses.
Research costs are expensed as incurred. Development costs are capitalised when: (1) technical feasibility has been
demonstrated; (2) costs can be measured reliably; (3) it is probable that the asset will generate future economic benefits;
and (4) the Company committed to completing the development. Otherwise, development costs are expensed as
incurred. Once available for use, capitalised development costs are amortised over their expected useful life. No
development costs were capitalised in 2025 or 2024.
Government grants for qualified research and development activities are credited against research and development
expenses when the qualifying activities are complete and receipt is probable. The expected receivable is recognised
withing account receivable, other.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "Government grants for qualified research and development activities are credited against research and development
expenses when the qualifying activities are complete and receipt is probable. The expected receivable is recognised
withing account receivable, other.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "f. Convertible debt
Convertible debt agreements are assessed for embedded derivatives. Where the conversion option is an embedded
derivative, the instrument is treated as a hybrid financial instrument. The embedded derivative is recognised separately
from the host contract and measured at fair value through profit and loss. The host contract is measured at amortised cost
using the effective interest method.
A substantial modification of a convertible instrument results in derecognition of the original instrument and recognition of
the amended instrument at fair value at the modification date, with any resulting gain or loss recognised in profit or loss.
The Black-Scholes option pricing was applied to estimate the fair value of the embedded derivative, requiring significant
judgement in the selection of inputs and assumptions. The embedded derivative is classified as Level 3 in the fair value
hierarchy (See Note 18 Fair Value Measurement). Embedded derivative in convertible debt
The fair value of the embedded derivative is estimated using the Black-Scholes option pricing model. A significant
judgement is exercised in selecting inputs and assumptions at initial recognition and at each subsequent balance sheet
date, giving rise to an inherent risk of estimation error (See Note 18 Fair Value Measurement).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "f. Convertible debt
Convertible debt agreements are assessed for embedded derivatives. Where the conversion option is an embedded
derivative, the instrument is treated as a hybrid financial instrument. The embedded derivative is recognised separately
from the host contract and measured at fair value through profit and loss. The host contract is measured at amortised cost
using the effective interest method.
A substantial modification of a convertible instrument results in derecognition of the original instrument and recognition of
the amended instrument at fair value at the modification date, with any resulting gain or loss recognised in profit or loss.
The Black-Scholes option pricing was applied to estimate the fair value of the embedded derivative, requiring significant
judgement in the selection of inputs and assumptions. The embedded derivative is classified as Level 3 in the fair value
hierarchy (See Note 18 Fair Value Measurement). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "g. Accounting estimates
The preparation of financial statements requires management to make judgements, estimates, and assumptions that
affect reported amounts. Actual results may differ from these estimates, which are reviewed on an ongoing basis.
The principal areas requiring significant judgement, with the most material effect on recognised amounts, are intangible
assets and inventory. The key sources of estimation uncertainty are:
\u2022
Intangible assets
\u2022
Inventory
\u2022
Accounts receivable, trade
\u2022
Share-based compensation
\u2022
Embedded derivative in convertible debt
Intangible assets
Internally generated patents and intellectual property are capitalised only when the capitalisation criteria are met. No
development costs were capitalised in 2025 or 2024. Acquired intangible assets are initially recognised at fair value and
amortised over their useful economic lives. Where there is and indication of impairment, the carrying amount is compared
to the recoverable amount, being the higher of fair value less costs and value from continued use. Value from continued
use is estimated using discounted future cash flows, requiring judgement as to the timing and quantum of expected
economic benefits. No impairment indicators were identified as of December 31, 2025.
Inventory
Inventories comprise raw materials, work in process, and finished goods, measured at the lower of cost and net realisable
value. Most items are tracked by lot at actual average cost per unit; mass products are recorded at moving average cost;
individually significant items are tracked by serial number at actual cost. Impairment is assessed quarterly based on
management\u2019s judgement of the likelihood of sale and assumptions regarding sales price and selling costs. The estimate
is inherently uncertain, given the risks around sales timing and pricing.
Accounts receivable, trade
Trade accounts receivable comprises invoiced amounts owed by customers, net of prepayments received and allowances
for doubtful accounts. Regarding allowances for doubtful accounts, see section
Credit and Liquidity Risk
below.
Share-based compensation
The fair value of incentive subscription rights (\u201cSRs\u201d) is estimated at grant date by using the BlackScholes option pricing
model and recognised as a cost over the vesting period. Inputs include share price, exercise price, volatility, interest rates,
and expected term. The associated employer tax accrual varies with share price.
Embedded derivative in convertible debt
The fair value of the embedded derivative is estimated using the Black-Scholes option pricing model. A significant
judgement is exercised in selecting inputs and assumptions at initial recognition and at each subsequent balance sheet
date, giving rise to an inherent risk of estimation error (See Note 18 Fair Value Measurement).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "Intangible assets
Internally generated patents and intellectual property are capitalised only when the capitalisation criteria are met. No
development costs were capitalised in 2025 or 2024. Acquired intangible assets are initially recognised at fair value and
amortised over their useful economic lives. Where there is and indication of impairment, the carrying amount is compared
to the recoverable amount, being the higher of fair value less costs and value from continued use. Value from continued
use is estimated using discounted future cash flows, requiring judgement as to the timing and quantum of expected
economic benefits. No impairment indicators were identified as of December 31, 2025. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "Where there is and indication of impairment, the carrying amount is compared
to the recoverable amount, being the higher of fair value less costs and value from continued use. Value from continued
use is estimated using discounted future cash flows, requiring judgement as to the timing and quantum of expected
economic benefits. No impairment indicators were identified as of December 31, 2025.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "Where there is and indication of impairment, the carrying amount is compared
to the recoverable amount, being the higher of fair value less costs and value from continued use. Value from continued
use is estimated using discounted future cash flows, requiring judgement as to the timing and quantum of expected
economic benefits. No impairment indicators were identified as of December 31, 2025.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Inventory
Inventories comprise raw materials, work in process, and finished goods, measured at the lower of cost and net realisable
value. Most items are tracked by lot at actual average cost per unit; mass products are recorded at moving average cost;
individually significant items are tracked by serial number at actual cost. Impairment is assessed quarterly based on
management\u2019s judgement of the likelihood of sale and assumptions regarding sales price and selling costs. The estimate
is inherently uncertain, given the risks around sales timing and pricing.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "Accounts receivable, trade
Trade accounts receivable comprises invoiced amounts owed by customers, net of prepayments received and allowances
for doubtful accounts. Regarding allowances for doubtful accounts, see section
Credit and Liquidity Risk
below.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "Share-based compensation
The fair value of incentive subscription rights (\u201cSRs\u201d) is estimated at grant date by using the BlackScholes option pricing
model and recognised as a cost over the vesting period. Inputs include share price, exercise price, volatility, interest rates,
and expected term. The associated employer tax accrual varies with share price. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "h. Revenue recognition
Revenue is recognised when control of goods or services is transferred to the customer, in an amount reflecting the
consideration the Company expects to receive. Taxes arising concurrently with revenue are excluded. Shipping charges
to customers are included in revenue; associated outbound freight costs incurred after control has transferred are
recognised as a reduction of revenue.
The Company\u2019s products are biometric smart cards, each embedded with a proprietary biometric fingerprint sensor
incorporating embedded software. The hardware and software are interdependent and are treated as a single
performance obligation. The Company also supplies complete modules comprising a sensor, secure element, and antenna
for embedding in smart cards. Revenue from product sales is recognised at a point in time upon delivery.
IDEX may license its intellectual property under right-to-use licences, with royalties based on a percentage of the
licensee\u2019s sales or unit volumes. No revenue from IP licensing was recognised in 2025 or 2024.
Service revenue, including non-recurring engineering (NRE) and advisory services, is recognised upon completion of the
defined service element and customer acceptance of any deliverable. Where services include substantive, results-based
milestones acknowledged by the customer, revenue may be recognised over time.
The Company does have no material obligations or reserves for warranties, returns, or customer refunds. There were no
contract asset or contract liability balances as of December 31, 2025, or 2024.Climate Change
As of December 31, 2025, the financial impact of climate change on the Company remains is uncertain. The Company
monitors current and expected climate-related developments, as well as regulatory and industry measures, with a view to
minimising any adverse impact and identifying favourable opportunities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "i. Accounting Standards
No amendments to standards or interpretations of standards effective as of January 1, 2025, as adopted under IFRS as
adopted by the EU, were material to the Company\u2019s financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements. IFRS 18
introduces new requirements for the presentation of the statement of profit or loss, including specified totals and
subtotals, and requires classification of income and expenses into the categories operating, investing, financing, income
taxes, and discontinued operations. The Group is assessing the impact of these changes on the presentation of the
financial statements and related notes.
IFRS 18 also enhances the guidance on aggregation and disaggregation of information in both the primary financial
statements and the notes. As part of the changes, IAS 7 Statement of Cash Flows requires the defined operating profit
subtotal as the starting point for the indirect method and specifies mandatory classification of cash inflows from interest
and dividends received in the investing category, and interest paid in the financing category. Consequently, the subtotals
Net cash provided by operating activities, Net cash used in investing activities and Net cash used in financing activities
will change.
Further, IFRS 18 introduces a definition of, and disclosure requirements for, management-defined performance measures
(MPMs), which partly overlap with alternative performance measures (APMs). MPMs must be disclosed, defined and
reconciled in a note to the financial statements.
The Group is currently assessing the impact of IFRS 18, in particular the implications for the structure of the income
statement and the statement of cash flows. The standard is effective for reporting periods beginning on or after
January 2027 and will be applied retrospectively. The Group does not intend to adopt the standard early.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "i. Accounting Standards
No amendments to standards or interpretations of standards effective as of January 1, 2025, as adopted under IFRS as
adopted by the EU, were material to the Company\u2019s financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements. IFRS 18
introduces new requirements for the presentation of the statement of profit or loss, including specified totals and
subtotals, and requires classification of income and expenses into the categories operating, investing, financing, income
taxes, and discontinued operations. The Group is assessing the impact of these changes on the presentation of the
financial statements and related notes.
IFRS 18 also enhances the guidance on aggregation and disaggregation of information in both the primary financial
statements and the notes. As part of the changes, IAS 7 Statement of Cash Flows requires the defined operating profit
subtotal as the starting point for the indirect method and specifies mandatory classification of cash inflows from interest
and dividends received in the investing category, and interest paid in the financing category. Consequently, the subtotals
Net cash provided by operating activities, Net cash used in investing activities and Net cash used in financing activities
will change.
Further, IFRS 18 introduces a definition of, and disclosure requirements for, management-defined performance measures
(MPMs), which partly overlap with alternative performance measures (APMs). MPMs must be disclosed, defined and
reconciled in a note to the financial statements.
The Group is currently assessing the impact of IFRS 18, in particular the implications for the structure of the income
statement and the statement of cash flows. The standard is effective for reporting periods beginning on or after
January 2027 and will be applied retrospectively. The Group does not intend to adopt the standard early.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "Financial risks
The Company is exposed to financial risks arising from its operations and financing activities. Financial risk comprises
credit risk, liquidity risk, and market risk (including currency and interest rate risk). The Company\u2019s risk management
policies are designed to ensure prudent and cost-effective management of these risks. The Company does not use
derivative instruments.
Currency Risk
Parent company\u2019s functional currency is Norwegian Kroner (\u201cNOK\u201d), from October 1, 2025 and subsidiaries have
functional currencies aligned with their local operations, including British Pounds (\u201cGBP\u201d). The Company is exposed to
currency risk through transactions and balances denominated in NOK, USD, GBP, and EUR. Currency exposure is
managed by maintaining operating balances in relevant currencies for short-term needs, with surplus liquidity held in
NOK. Each subsidiary\u2019s assets and liabilities are primarily denominated in its functional currency, providing a natural
hedge.
Interest Rate Risk
The Company\u2019s exposure to interest rate risk is limited. Cash is held in non-interest-bearing or low-interest bank
accounts, and the Company has no variable-rate debt. The outstanding convertible bond bears no coupon. Interest rate
changes are therefore not expected to have a material effect on the Company\u2019s financial position.
Credit Risk
Credit risk arises from trade receivables and cash deposits. Customers are subject to individual creditworthiness
assessments, and expected credit losses are recognised when required. Cash is held with reputable, regulated financial
institutions. The Company has not experienced losses on cash deposits.
Liquidity Risk
Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they fall due. The Company
monitors liquidity on a rolling basis, taking into account expected cash flows from operations and financing activities. The
Company seeks to maintain sufficient cash resources to meet short-term commitments. The Company does not have
committed credit facilities. The Company has outstanding convertible debt, which forms part of its liquidity exposure.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "Financial risks
The Company is exposed to financial risks arising from its operations and financing activities. Financial risk comprises
credit risk, liquidity risk, and market risk (including currency and interest rate risk). The Company\u2019s risk management
policies are designed to ensure prudent and cost-effective management of these risks. The Company does not use
derivative instruments.
Currency Risk
Parent company\u2019s functional currency is Norwegian Kroner (\u201cNOK\u201d), from October 1, 2025 and subsidiaries have
functional currencies aligned with their local operations, including British Pounds (\u201cGBP\u201d). The Company is exposed to
currency risk through transactions and balances denominated in NOK, USD, GBP, and EUR. Currency exposure is
managed by maintaining operating balances in relevant currencies for short-term needs, with surplus liquidity held in
NOK. Each subsidiary\u2019s assets and liabilities are primarily denominated in its functional currency, providing a natural
hedge.
Interest Rate Risk
The Company\u2019s exposure to interest rate risk is limited. Cash is held in non-interest-bearing or low-interest bank
accounts, and the Company has no variable-rate debt. The outstanding convertible bond bears no coupon. Interest rate
changes are therefore not expected to have a material effect on the Company\u2019s financial position.
Credit Risk
Credit risk arises from trade receivables and cash deposits. Customers are subject to individual creditworthiness
assessments, and expected credit losses are recognised when required. Cash is held with reputable, regulated financial
institutions. The Company has not experienced losses on cash deposits.
Liquidity Risk
Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they fall due. The Company
monitors liquidity on a rolling basis, taking into account expected cash flows from operations and financing activities. The
Company seeks to maintain sufficient cash resources to meet short-term commitments. The Company does not have
committed credit facilities. The Company has outstanding convertible debt, which forms part of its liquidity exposure.14. Accounts receivables
Trade accounts receivable comprises invoiced amounts due from customers, held at estimated realisable value Payment
terms are typically 30 to 60 days. A specific provision for possible loss is recognised based on periodic review of
customer accounts. The Company does not require collateral, although cash in advance has occasionally been required
for orders exceeding a customer\u2019s established credit limit; such amounts have not been material.
In January 2025, an arbitration ruling at Oslo Chamber of Commerce awarded the Company $0.7 million from customer
Zwipe AS, plus late payment interest and compensation for legal costs. In March 2025, Oslo District Court declared
bankruptcy proceedings for Zwipe AS. The amount was not recovered, and the receivable was written off in 2024.
No general provision for doubtful accounts has been recognised. The expected credit loss at December 31, 2025 was
$856 thousand, compared to $849 thousand at December 31, 2024.
Accounts receivable, other, consist primarily of estimated research and development support, and value-added tax
refunds.
Balances and aging of accounts receivable at December 31, 2025, and December 31, 2024, were as follows:
Year ended December 31, 2025
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
Amounts in $1000
0-3 months
3-6 months
6-12 months
Total
Accounts receivable, trade
39
\u2014
12
51
Accounts receivable, other
168
\u2014
148
316
Total
207
\u2014
160
367
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2024
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
Amounts in $1000
0-3 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
15. Other current and non-current financial assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Non-current receivables
Year ended December 31,
Amounts in $1000
2025
2024
Non-current receivables
57
57
Balance at December 31
57
57
\n
Non-current receivables represent deposits held for leasehold payments, carried at nominal value.
The Company had no contingent assets at December 31, 2025 or December 31, 2024.
16. Accounts payable and other financial liabilities
Except for the convertible debt in Note 17, the Company\u2019s payable and other financial liabilities as of December 31, 2025,
and December 31, 2024, were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
\u00a0
Less than 3
\u00a0 \u00a0 \u00a0 \u00a0
Amounts in $1000
months
3-6 months
6-12 months
1-5 years
Total
Accounts payable
1,158
\u2014
\u2014
\u2014
1,158
Current lease liabilities
84
\u2014
\u2014
\u2014
84
Other current liabilities
1,722
104
218
\u2014
2044
Total
2,964
104
218
\u2014
3,286
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
\u00a0
Less than 3
\u00a0 \u00a0 \u00a0 \u00a0
Amounts in $1000
months
3-6 months
6-12 months
1-5 years
Total
Non-current lease liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
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
Other current liabilities include accruals for earned compensation, unused annual leave, potential employer\u2019s payroll tax
on share-based compensation, and goods and services received but not yet invoiced.
Estimated employer\u2019s payroll tax liability related to share-based compensation amounted to $0 in 2025 and $0 in 2024. In
the event that subscription rights are exercised, this liability funds the employer\u2019s payroll tax.
Interest expense, including effective interest on the convertible debt and interest on lease liabilities, was $980 thousand in
2025 and $1,788 thousand in 2024.
On October 2, 2025, the Company was notified of legal proceedings initiated by Alta Consulting Srl in connection with
termination of the former Chief Executive Officer. The claim concerns financial terms arising from the termination. A
provision of $400 thousand was recognised as of December 31, 2025, reflecting management\u2019s best estimate of the
potential obligation.
Except for the convertible debt in Note 17, the Company had no other significant monetary obligations or contingent
liabilities at December 31, 2025 or December 31, 2024.
17. Financial instruments
\n \n
Convertible bond details
\u00a0
Book value
Amounts in $1000
Instalment profile
2025
2024
\u00a0
Interest rate: 0%
Semi-annual from Jun. 28, 2026 to
\u00a0 \u00a0
Dec. 28, 2027
\u00a0 \u00a0
Host contract
\u00a0
1,851
1,983
Embedded derivative
\u00a0
957
139
Total
\u00a0
2,808
2,123
\n
Convertible bond
In December 2023, the Company issued NOK 100 million ($9.9 million) of convertible bonds at 6.0% interest per annum,
denominated in NOK. Net proceeds after issue discount were NOK 92 million. The conversion option is accounted for as
an embedded derivative, recognised separately from the host contract as a financial liability at fair value through profit or
loss. The host contract is recognised at amortised cost. Fair value of the embedded derivative is estimated using option
pricing models requiring significant judgement and is classified as Level 3 in the fair value hierarchy. See Note 18 Fair
value measurement.
The bond was amended in November 2024, as described in the 2024 annual report. The coupon was reduced to 0% and
repayment restructured into four semi-annual instalments commencing June 28, 2026.
On March 10, 2025, the Company and Heights Capital Management entered into a commitment letter to further amend the
bond terms. The principal amount was reduced by 25%, with a further 25% reduction conditional on completion of an
equity raise by December 31, 2025. The conversion period was set to run from September 1, 2025 to final maturity on
December 28, 2027, with the conversion price reset to NOK 6.50 per share. Amortised payment advancement rights were
removed. The amendments were approved at an extraordinary general meeting on April 11, 2025 and the full agreement
was entered on May 16, 2025.
The amendment constituted a substantial modification of a financial liability under IFRS 9. The host contract and
embedded derivative were derecognised and the amended instruments recognised at fair value as of March 10, 2025,
resulting in a net loss on modification of $4.0 million, recognised in the first quarter of 2025.
Following the private placement completed on July 21, 2025, the outstanding principal was reduced by NOK 16.7 million
($1.7 million) to NOK 33.3 million ($3.3 million), effective August 14, 2025, in accordance with the amended loan
agreement. This constituted a partial extinguishment of financial liability under IFRS 9, resulting in a net gain of $1.3
million, recognised in the third quarter of 2025.
\u00a0 \u00a0
Host
Embedded
\u00a0
\u00a0 \u00a0
contract
derivative
\u00a0
Amounts in $1000
\u00a0
(Level 3)
(Level 3)
Total
Gain (loss) on modification of
\u00a0 \u00a0 \u00a0 \u00a0
financial liabilities, net
2025
1 346
(4 069)
(2 723)
Gain (loss) on modification of
\u00a0 \u00a0 \u00a0 \u00a0
financial liabilities, net
2024
2 115
(274)
1 841
In the fourth quarter of 2025, the Company recognised a net financial loss of $0.3 million on changes in fair value of the
convertible bond and embedded derivative. As of December 31, 2025, the outstanding principal amount was NOK 33.3
million.
Further amendments to the conversion terms and the 2026 repayment arrangements are described in
Note 26 \u2013
Subsequent events
.
Warrants
All outstanding warrants expired during 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Warrants
Recognized value on the balance sheet
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Year ended December 31,
Amounts in $1000
Exercise price
Expiry
2025
2024
Warrants
\u00a0 \u00a0 \u00a0 \u00a0
Warrants May-Jun
NOK 1.65
May 29, 2025
\u2014
1
Warrants A
NOK 0.15
March 13, 2025
\u2014
326
Warrants B
NOK 0.15
April 11, 2025
\u2014
326
Total
\u00a0 \u00a0
\u2014
652
\n
Changes in fair value between periods were recognised as financial income or expense. See Note 22 Share capital, share
premium, and warrants.
18. Fair value measurement
The Company has no financial assets that are measured at fair value. The embedded conversion option in the convertible
debt and any outstanding warrants are financial liabilities measured at fair value. The carrying amounts of the financial
assets and liabilities recognised at amortised cost are considered to approximate their fair value.
Items measured at fair value are categorised within the following hierarchy, based on the lowest level of input significant
to the measurement:
Level 1:
Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2:
Valuation techniques for which the lowest level input significant to the fair value measurement is
directly or indirectly observable.
Level 3
: Valuation techniques for which the inputs are not based on observable market data.
Categorisation is re-assessed at the end of each reporting period.
In May 2024, the Company issued warrants with an exercise price of NOK 1.65 per share in connection with a private
placement. The warrants lapsed on June 4, 2025.
In September 2024, the Company issued two warrant series (A and B) at an exercise price of NOK 0.15 per share in
connection with a private placement. Both series were admitted to trading on Euronext Oslo B\u00f8rs in December 2024 and
reclassified from Level 2 to Level 1 at that date. Warrant A was exercisable from February 28, 2024 to March 13, 2025;
Warrant B from March 31, 2025 to April 11, 2025. Both series expired largely unexercised, with 17,258 and 36,767 warrants
exercised respectively. All remaining warrants lapsed without compensation.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Embedded
Warrants
Warrants
\u00a0
Amounts in $1000
derivative
May
A and B
Total
\u00a0
(Level 3)
(Level 3)
(Level 1)
\u00a0
Balance Dec 31, 2024
139
1
651
791
Balance Dec 31, 2025
957
\u2014
\u2014
957
\n
The host contract and embedded derivative were initially recognised at fair value (Level 3). Subsequent measurements of
the host contract is at amortised cost, using the effective interest rate determined at initial recognition.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "Currency Risk
Parent company\u2019s functional currency is Norwegian Kroner (\u201cNOK\u201d), from October 1, 2025 and subsidiaries have
functional currencies aligned with their local operations, including British Pounds (\u201cGBP\u201d). The Company is exposed to
currency risk through transactions and balances denominated in NOK, USD, GBP, and EUR. Currency exposure is
managed by maintaining operating balances in relevant currencies for short-term needs, with surplus liquidity held in
NOK. Each subsidiary\u2019s assets and liabilities are primarily denominated in its functional currency, providing a natural
hedge.
Interest Rate Risk
The Company\u2019s exposure to interest rate risk is limited. Cash is held in non-interest-bearing or low-interest bank
accounts, and the Company has no variable-rate debt. The outstanding convertible bond bears no coupon. Interest rate
changes are therefore not expected to have a material effect on the Company\u2019s financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "Credit Risk
Credit risk arises from trade receivables and cash deposits. Customers are subject to individual creditworthiness
assessments, and expected credit losses are recognised when required. Cash is held with reputable, regulated financial
institutions. The Company has not experienced losses on cash deposits.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "Liquidity Risk
Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they fall due. The Company
monitors liquidity on a rolling basis, taking into account expected cash flows from operations and financing activities. The
Company seeks to maintain sufficient cash resources to meet short-term commitments. The Company does not have
committed credit facilities. The Company has outstanding convertible debt, which forms part of its liquidity exposure.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "4. Segment reporting
The Company operates as a single operating segment: fingerprint imaging and authentication technology. The Chief
Executive Officer, as the Company's chief operating decision maker, reviews financial information on an aggregated basis
to allocate resources and assess performance.
Geographic revenue is determined by the billing address of the customer.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Product Revenue:
\u00a0 \u00a0
Europe, Middle East, and Africa
66
106
Americas
56
248
Asia-Pacific
108
347
Total Product Revenue:
230
701
Service Revenue:
\u00a0 \u00a0
Europe, Middle East, and Africa
\u2014
\u2014
Americas
24
72
Asia-Pacific
\u2014
69
Total Service Revenue:
24
140
Total Revenue
254
841
\n
Revenue is concentrated among a limited number of customers. During 2025, the top three customers accounted for
approximately 38%, 31% and 24% of revenue; in 2024, 26%, 25% and 20% respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "4. Segment reporting
The Company operates as a single operating segment: fingerprint imaging and authentication technology. The Chief
Executive Officer, as the Company's chief operating decision maker, reviews financial information on an aggregated basis
to allocate resources and assess performance.
Geographic revenue is determined by the billing address of the customer.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Product Revenue:
\u00a0 \u00a0
Europe, Middle East, and Africa
66
106
Americas
56
248
Asia-Pacific
108
347
Total Product Revenue:
230
701
Service Revenue:
\u00a0 \u00a0
Europe, Middle East, and Africa
\u2014
\u2014
Americas
24
72
Asia-Pacific
\u2014
69
Total Service Revenue:
24
140
Total Revenue
254
841
\n
Revenue is concentrated among a limited number of customers. During 2025, the top three customers accounted for
approximately 38%, 31% and 24% of revenue; in 2024, 26%, 25% and 20% respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "4. Segment reporting
The Company operates as a single operating segment: fingerprint imaging and authentication technology. The Chief
Executive Officer, as the Company's chief operating decision maker, reviews financial information on an aggregated basis
to allocate resources and assess performance.
Geographic revenue is determined by the billing address of the customer.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Product Revenue:
\u00a0 \u00a0
Europe, Middle East, and Africa
66
106
Americas
56
248
Asia-Pacific
108
347
Total Product Revenue:
230
701
Service Revenue:
\u00a0 \u00a0
Europe, Middle East, and Africa
\u2014
\u2014
Americas
24
72
Asia-Pacific
\u2014
69
Total Service Revenue:
24
140
Total Revenue
254
841
\n
Revenue is concentrated among a limited number of customers. During 2025, the top three customers accounted for
approximately 38%, 31% and 24% of revenue; in 2024, 26%, 25% and 20% respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "5. Compensation and benefits
Compensation and benefits expenses relate to direct employees of the Company. Contractor compensation is reported
within research and development or other operating expenses, as applicable.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Salary, payroll tax, benefits, other
3,122
8,464
Share-based compensation
(473)
333
Total
2,650
8,797
\n
The negative share-based compensation in 2025 reflects reversals related to forfeitures of subscription rights in the first
half of 2025.
The average number of employees for the years 2025 and 2024 were 22 and 45 full-time equivalents, respectively.
\u00a0
December 31, 2025
December 31, 2024
\u00a0
Employees
Contractors
Employees
Contractors
Research and development
11
3
16
4
Marketing and sales
1
2
3
4
General and administrative
3
1
5
1
Supply chain and distribution
4
1
6
\u2014
Total staff
19
7
30
9
Most contractors operate in countries where the Company has no formal business presence.
The Company provides health and other benefits to employees in line with local market practice; no such benefits are
provided to contractors.
The parent company and IDEX UK each contribute to fully insured, defines contribution pension plans. The Norwegian
plan satisfies mandatory occupational pension rules
(
obligatorisk tjenestepensjon
, OTP)
. IDEX UK contributes up to 6% of
an employee\u2019s base salary to IDEX UK\u2019s pension plan, provided the employee contributes an equal percentage through a
salary reduction arrangement.
In 2025, the Company operated one share-based compensation programs: Incentive subscription rights (SRs).
Share-
based compensation reflects the recognised costs of the SR programs. See Note 23 -
Share-based compensation
. The
Employee Share Purchase Plan (ESPP) was discontinued in 2024.
Compensation of Key Management
Please see also the 2025 Executive remuneration report, published separately.
In 2025, the Group\u2019s key management personnel consisted of the Chief Executive Officer (CEO), Chief Financial Officer
(CFO), Chief Operating Officer (COO), and Chief Technology Officer (CTO). During the year, there were several changes
in key management positions. The former CEO\u2019s engagement ended and a new CEO was appointed. The former CFO,
who was employed by the Group, resigned during the year, after which the CEO temporarily assumed the CFO role. In
addition, the COO and CTO roles were filled by new appointees during the year. Except for the CFO, all key management
personnel were engaged as contractors to the parent company. Compensation to key management personnel is
presented in the table below.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Compensation and short-term benefits
1,350
1,511
Medical and similar benefits, contributions to pension schemes
19
17
Share-based compensation
\u2014
363
Total compensation of key management
1,369
1,891
\n
Compensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes for the
respective years. Pension cost and share-based remuneration are expensed amounts in the respective years. Gains on
exercise of incentive subscription rights, if any, are not included. Employers' tax is not included. The variable incentive
pay paid in one year relate to achievements in the previous year. No officers exercised incentive subscription rights in
2025 and 2024.
As of December 31, 2025, neither current nor former management held subscription rights under the subscription rights
incentive plans. See Note 26 Subsequent events related to February 2026 Grant.
Compensation paid to the Board is presented in Note 24 Related party transactions. 23. Share-based compensation
Subscription rights plans
The number of subscription rights as of December 31, 2024 and on earlier dates, are the actual number of instruments
before the 100:1 share consolidation (reverse split) taking effect on record date 4 July 2025. The incentive subscription
rights plans include adjustment clauses so that the number of subscription rights and the exercise prices are adjusted by
the same ratio. The number of share subscription rights as of 4 July 2025 and later dates, are the actual number of
instruments after the 100:1 share consolidation.
IDEX renews its subscription rights plan at each Annual General Meeting, closing the preceding plan for further grants and
establishing a new one. On May 21, 2025, the Annual General Meeting adopted the 2025 Subscription Rights Incentive
Plan (the \u201c2025 Plan\u201d). The Board administers all subscription rights plans, approves grants , and sets the terms of each
grant.
Under the 2025 Plan, the Board may grant up to 4,731,594 subscription rights, subject to the total outstanding
subscription rights not exceeding 10 per cent of the number of registered shares at any time. Subscription rights may be
granted to employees and individuals rendering services to the Company. The exercise price is at least the higher of ten-
day average closing price and the closing price on the trading day preceding the date of the grant, as reported on Oslo
B\u00f8rs; the Board may set a lower price in particular circumstances, but not below par value.
Unless resolved otherwise by the Board, 25% of each grant vests annually on the latest quarterly vesting date (15
January, 15 April, 15 July or 15 October) falling before the date of grant. Vesting is subject to the holder remaining
associated with IDEX and is not conditional upon market or operational performance. On a Change of Control, all
outstanding subscription rights accelerate and become fully vested unless the Board determines otherwise. The
subscription rights expire on the fifth anniversary of the Annual General Meeting at which the relevant plan was
established. Unvested rights terminate on the holder\u2019s last day of association with the Company; vested rights may be
exercised within 90 days thereafter. There are no cash settlement alternatives for holders; the Company may elect to
settle in cash.
The fair value at grant date is expensed over the vesting period using the Black-Scholes model. An employer\u2019s tax accrual
is recognised based on the intrinsic value at each balance sheet date, with the actual tax on exercise recognised net of
the accrual. No subscription rights were granted in 2025. The following assumptions were applied to grants made in 2024:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ending December 31,
\u00a0
2025
2024
1
Exercise price (NOK)
\u2014
0.15 - 1.80
Weighted average exercise price per share
\u2014
1.17
Weighted average share price at date of grant
\u2014
1.20
Expected term (years)
2
\u2014
2.77
Weighted average remaining term (years)
\u2014
4.72
Share price volatility
3
\u2014
76%
Risk-free interest rate
\u2014
3.62%
Expected dividend payment
\u2014
\u2014
Expected forfeiture
\u2014
None
Fair value per subscription right
\u2014
0.87
\n
(1)
2024 numbers have not been adjusted for the 100:1 consolidation that took place effective July 4, 2025
(2)
The expected term has been set to midpoint between vesting date and expiry date. Due to
very small quantity exercised in the past, there is inadequate data for determining the
propensity to early exercise
(3)
Expected volatility is based on historical volatility over a period as long as the vesting period
per tranche
Subscription rights activity
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Weighted
\u00a0
Weighted
\u00a0
Number of
Average
Number of
Average
\u00a0
Subscription
Exercise
Subscription
Exercise
\u00a0
Rights
Price (NOK)
Rights
Price (NOK)
Outstanding as of January 1
225,699
341
189,669
710
Granted
\u00a0
\u2014
153,831
121
Exercised
\u00a0
\u2014
(5,326)
75
Terminated
(164,963)
905
(101,588)
646
Expired
(7,699)
\u2014
(10,888)
948
Outstanding as of December 31
53,036
345
225,699
341
Subscription rights exercisable
\u00a0 \u00a0 \u00a0 \u00a0
as of December 31
\u00a0
\u2014
54 513
781
\n
Subscription rights exercised in the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2025
2024
\u00a0
Weighted
\u00a0 \u00a0
Weighted
W. average
Number of
average
W. average FMV
Number of
average
FMV of
subscription
exercise
of share at
subscription
exercise
share at
rights
exercise
\u00a0
rights
price
exercise
\u00a0
price
\u00a0 \u00a0\u00a0\u00a0
\u2014
\u2014
\u2014
532,572
0.75
1.77
\n
Furthermore, no subscription rights was granted or vested in 2025
Employee share purchase plan
The Employee Share Purchase Plan was discontinued in 2024, and no plan was in place during 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "5. Compensation and benefits
Compensation and benefits expenses relate to direct employees of the Company. Contractor compensation is reported
within research and development or other operating expenses, as applicable.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Salary, payroll tax, benefits, other
3,122
8,464
Share-based compensation
(473)
333
Total
2,650
8,797
\nThe Company provides health and other benefits to employees in line with local market practice; no such benefits are
provided to contractors.
The parent company and IDEX UK each contribute to fully insured, defines contribution pension plans. The Norwegian
plan satisfies mandatory occupational pension rules
(
obligatorisk tjenestepensjon
, OTP)
. IDEX UK contributes up to 6% of
an employee\u2019s base salary to IDEX UK\u2019s pension plan, provided the employee contributes an equal percentage through a
salary reduction arrangement.
In 2025, the Company operated one share-based compensation programs: Incentive subscription rights (SRs).
Share-
based compensation reflects the recognised costs of the SR programs. See Note 23 -
Share-based compensation
. The
Employee Share Purchase Plan (ESPP) was discontinued in 2024.
Compensation of Key Management
Please see also the 2025 Executive remuneration report, published separately.
In 2025, the Group\u2019s key management personnel consisted of the Chief Executive Officer (CEO), Chief Financial Officer
(CFO), Chief Operating Officer (COO), and Chief Technology Officer (CTO). During the year, there were several changes
in key management positions. The former CEO\u2019s engagement ended and a new CEO was appointed. The former CFO,
who was employed by the Group, resigned during the year, after which the CEO temporarily assumed the CFO role. In
addition, the COO and CTO roles were filled by new appointees during the year. Except for the CFO, all key management
personnel were engaged as contractors to the parent company. Compensation to key management personnel is
presented in the table below.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Compensation and short-term benefits
1,350
1,511
Medical and similar benefits, contributions to pension schemes
19
17
Share-based compensation
\u2014
363
Total compensation of key management
1,369
1,891
\n
Compensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes for the
respective years. Pension cost and share-based remuneration are expensed amounts in the respective years. Gains on
exercise of incentive subscription rights, if any, are not included. Employers' tax is not included. The variable incentive
pay paid in one year relate to achievements in the previous year. No officers exercised incentive subscription rights in
2025 and 2024.
As of December 31, 2025, neither current nor former management held subscription rights under the subscription rights
incentive plans. See Note 26 Subsequent events related to February 2026 Grant.
Compensation paid to the Board is presented in Note 24 Related party transactions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Salary, payroll tax, benefits, other
3,122
8,464
Share-based compensation
(473)
333
Total
2,650
8,797
6. Research and development expenses
Research and development activities are accounted for in accordance with the Company\u2019s accounting policy for research
and development costs, as described in Note 2(e). No development costs met the criteria for capitalisation in 2025 or
2024.
Government grants supporting research and development activities are recognised as a credit against research and
development costs when there is reasonable assurance that the grant conditions will be met and the amount can be
reliably measured.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Gross research and development expenses
1,454
2,873
Government grants credited
(93)
(416)
Net research and development expenses
1,362
2,457
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:
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Audit services
144
165
Audit-related services
55
50
Tax services
8
9
Other services
\u2014
\u2014
Total
207
224
\n
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.11. Intangible assets
Other intangible assets consist of primarily patents, amortised on a straight-line basis over their estimated useful lives of
10-17 years, corresponding to the lives of the respective patents. As of December 31, 2025, and December 31, 2024, the
Company had not identified any impairment.
Amortization period (straight-line, in years)
Year ended December 31,
Amounts in $1000
2025
2024
Amounts in $1000
10-17
10-17
Cost at the beginning of the year
5,173
5,173
Additions
\u2014
\u2014
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
5,173
5,173
Accumulated Amortization at the beginning of the year
4,603
4,162
Amortization
95
441
Impact of currency translation
\u2014
\u2014
Accumulated Amortization at the end of the year
4,698
4,603
Carrying amount at the end of the year
475
570
\n
12. Property, plant, and equipment
Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost includes
the purchase price and directly attributable costs necessary to bring the asset to the location and condition required for it
to operate as intended by management, such as freight, installation, duties and taxes. Training and commissioning costs
are expensed as incurred.
Subsequent expenditure is capitalised only when it is probable that future economic benefits associated with the item will
flow to the Group; all other expenditure is recognised in profit or loss as incurred. Gains and losses arising from disposals
are recognised in profit or loss.
Assets are depreciated on a straight-line basis over their estimated useful lives, which range from 3 to 10 years.
Depreciation methods, useful lives and residual values are reviewed at each reporting date.
Depreciation for the year amounted to $125 thousand. Disposals during the year were insignificant and had no material
impact on the carrying amount.
Property, plant, and equipment had a carrying amount of $42 thousand as of December 31, 2025 compared to $122
thousand as of December 31, 2024.
There were no assets under construction at December 31, 2025 or December 31, 2024.
13. Leases
The Company\u2019s leases relate to office and laboratory space. There is no exposure to variable lease payments not
reflected in the measurement of lease liabilities.
The parent company changed its office lease arrangement during 2025, transitioning from a long-term lease to a
temporary office solution. Due to the short-term nature of this arrangement, the Company applies the short-term lease
exemption under IFRS 16 and therefore does not recognise a right-of-use asset or lease liability. The assessment of
whether the arrangement continues to qualify as a short-term lease is reviewed quarterly.
The lease for the UK office reached the end of its contractual term in late 2025. A new lease agreement for the same
premises was signed in November 2025. However, due to uncertainty regarding the expected lease term and the short
initial commitment, the Group assesses the lease classification on a quarter-by-quarter basis. Until the lease term can be
reliably determined and the arrangement no longer qualifies as a short-term lease, the Group applies the short-term lease
exemption and does not recognise a right-of-use asset or lease liability. The assessment is updated at each reporting
date based on the most recent information available.
Following the termination of previous lease agreements and the absence of long-term lease commitments at year-end,
the Group had no recognised right-of-use assets or lease liabilities as of 31 December 2025. Lease expenses recognised
in profit or loss for 2025 relate to depreciation and interest recorded prior to the expiry of former leases, as well as
expenses for short-term leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "The average number of employees for the years 2025 and 2024 were 22 and 45 full-time equivalents, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "Compensation of Key Management
Please see also the 2025 Executive remuneration report, published separately.
In 2025, the Group\u2019s key management personnel consisted of the Chief Executive Officer (CEO), Chief Financial Officer
(CFO), Chief Operating Officer (COO), and Chief Technology Officer (CTO). During the year, there were several changes
in key management positions. The former CEO\u2019s engagement ended and a new CEO was appointed. The former CFO,
who was employed by the Group, resigned during the year, after which the CEO temporarily assumed the CFO role. In
addition, the COO and CTO roles were filled by new appointees during the year. Except for the CFO, all key management
personnel were engaged as contractors to the parent company. Compensation to key management personnel is
presented in the table below.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Compensation and short-term benefits
1,350
1,511
Medical and similar benefits, contributions to pension schemes
19
17
Share-based compensation
\u2014
363
Total compensation of key management
1,369
1,891
\n
Compensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes for the
respective years. Pension cost and share-based remuneration are expensed amounts in the respective years. Gains on
exercise of incentive subscription rights, if any, are not included. Employers' tax is not included. The variable incentive
pay paid in one year relate to achievements in the previous year. No officers exercised incentive subscription rights in
2025 and 2024.
As of December 31, 2025, neither current nor former management held subscription rights under the subscription rights
incentive plans. See Note 26 Subsequent events related to February 2026 Grant.
Compensation paid to the Board is presented in Note 24 Related party transactions. 24. Related party transactions
IDEX identifies members of the Board of Directors and senior management, together with their closely associated persons
and entities, as related parties.
Transactions with significant shareholders
Anders Storbr\u00e5ten, CEO and CFO, holds approximately 18.7 per cent of the shares in IDEX personally and through
Pinchcliffe AS. In addition, Altea AS holds 9.63 per cent of the shares, in which Mr. Storbr\u00e5ten has a non
-
controlling
ownership interest. Robert Keith holds approximately 24,95 per cent though Charles Street International Ltd.
In July and August 2025, the Company completed a fully underwritten private placement of 9,090,909 shares at NOK
3.30 per share, raising gross proceeds of NOK 30 million. Altea AS and Pinchcliffe AS (companies closely associated with
Anders Storbr\u00e5ten, CEO and CFO) and Robert Keith (Charles Street International Ltd,) acted as underwriters alongside
Morten Opstad (K-Konsult AS). An underwriting fee of 5 per cent of each underwriter\u2019s commitment was settled in
454,542 new shares in aggregate, allocated Anders Storbr\u00e5ten.
The underwriting shares were approved by the extraordinary general meeting held on August 14, 2025.
In December 2025, the Company completed a private placement of 7,333,333 new shares at NOK 3.00 per share, raising
gross proceeds of NOK 22 million. Anders Storbr\u00e5ten, personally and through Altea AS, subscribed for NOK 6.6 million
(2,200,000 shares) and Robert Keith subscribed for NOK 6.4 million (2,133,333 shares), both on the same terms as other
investors. Of Storbr\u00e5ten\u2019s allocation, 1,642,363 shares relate to Tranche 2, which remained subject to approval by and
extraordinary general meeting at year end and is treated as a subsequent event (See
Note 26 Subsequent events
).
Transactions with members of the Board and senior management
\n
On June 23, 2025, 5,412,932 shares (54,129 post-consolidation) were issued to members of the Board in partial
\n
settlement of board remuneration totalling NOK 265 000.
\n
In the December 2025 private placement described above, Morten Opstad subscribed for NOK 0.5 million (166,667
\n
shares) and Kjell-Arne Besseberg, Chief Operating Officer, subscribed for NOK 0.15 million (50,000 shares), both on the
\n
same terms as other investors.
\n
The key management is contractors through Pinchcliffe AS and Solan & Ludvig AG (associated with CEO).
\n
Mr. Storbr\u00e5ten was awarded a success fee of USD 360 thousand for successfully renegotiating the loan agreement with
\n
Heights. The fee relates to services rendered prior to his appointment as Chief Executive Officer.
\n
At 31 December 2025, the Company recognised short
-
term liabilities of USD 179 thousand payable to Anders Storbr\u00e5ten.
\n
Board remuneration
\n
Board compensation is paid in arrears after being approved by the shareholders, generally at the Annual General Meeting.
\n
The following amounts were paid in 2025 and 2024:
\n\n \n
Year ended December 31, 2025
Cash
Share-based
Compensation
Compensation
Total
Amounts in $1000
Morten Opstad, chair
1
60
60
Annika Olsson
42
42
Adriana Saitta
42
42
Total
144
\u2014
144
\n
(1)
Mr. Opstad was elected chair at the 2024 annual general meeting. He was board member 2023-2024,
\n
and chair before then.
\n\n \n
Year ended December 31, 2024
Cash
Share-based
Total
Compensation
Compensation
Amounts in $1000
Morten Opstad, chair
1
40
40
Lawrence John Ciaccia, former chair
2
52
52
Annika Olsson
40
40
Adriana Saitta
3
45
45
Deborah Davis, former board member
4
50
50
Stephen Andrew Skaggs, former board member
5
48
48
Total
275
\u2014
275
\n
(1)
Mr. Opstad was elected chair at the 2024 annual general meeting. He was board member
\n
2023-2024, and chair before then.
\n
(2)
Mr. Ciaccia was board member before the 2023 annual general meeting, when he was
\n
elected chair. He left 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
Subscription rights awarded to persons who are members of the Board, in their capacity of service providers, under the
\n
Company\u2019s subscription rights plans have the following expiration dates and exercise prices. For further information
\n
describing these plans, see Note 23\u2014Share-based compensation.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Outstanding shares as of December 31
Grant date
Expiration Date
Exercise price (NOK)
2025
2024
June 17, 2020
May 15, 2025
855
\u2014
120,000
\n
There were no grants of incentive subscription rights to any board member in 2025 or 2024.
Morten Opstad, Board, chair 1997-2023, board member 2023-2024 and chair since May 2024, is a partner at R\u00e6der Bing
advokatfirma AS, the Company\u2019s primary law firm, which provided services to the Company resulting in charges of $617
thousand in 2025 and $331 thousand in 2024.
Nomination Committee
The following fees has been paid to the nomination committee in 2025 and 2024 for the services up to the 2025 annual
general meeting and the 2024 annual general meeting, respectively. 2024: Chair Robert Keith $2.3
thousand
, members
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "Compensation of Key Management
Please see also the 2025 Executive remuneration report, published separately.
In 2025, the Group\u2019s key management personnel consisted of the Chief Executive Officer (CEO), Chief Financial Officer
(CFO), Chief Operating Officer (COO), and Chief Technology Officer (CTO). During the year, there were several changes
in key management positions. The former CEO\u2019s engagement ended and a new CEO was appointed. The former CFO,
who was employed by the Group, resigned during the year, after which the CEO temporarily assumed the CFO role. In
addition, the COO and CTO roles were filled by new appointees during the year. Except for the CFO, all key management
personnel were engaged as contractors to the parent company. Compensation to key management personnel is
presented in the table below.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Compensation and short-term benefits
1,350
1,511
Medical and similar benefits, contributions to pension schemes
19
17
Share-based compensation
\u2014
363
Total compensation of key management
1,369
1,891
\n
Compensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes for the
respective years. Pension cost and share-based remuneration are expensed amounts in the respective years. Gains on
exercise of incentive subscription rights, if any, are not included. Employers' tax is not included. The variable incentive
pay paid in one year relate to achievements in the previous year. No officers exercised incentive subscription rights in
2025 and 2024.
As of December 31, 2025, neither current nor former management held subscription rights under the subscription rights
incentive plans. See Note 26 Subsequent events related to February 2026 Grant.
Compensation paid to the Board is presented in Note 24 Related party transactions. 24. Related party transactions
IDEX identifies members of the Board of Directors and senior management, together with their closely associated persons
and entities, as related parties.
Transactions with significant shareholders
Anders Storbr\u00e5ten, CEO and CFO, holds approximately 18.7 per cent of the shares in IDEX personally and through
Pinchcliffe AS. In addition, Altea AS holds 9.63 per cent of the shares, in which Mr. Storbr\u00e5ten has a non
-
controlling
ownership interest. Robert Keith holds approximately 24,95 per cent though Charles Street International Ltd.
In July and August 2025, the Company completed a fully underwritten private placement of 9,090,909 shares at NOK
3.30 per share, raising gross proceeds of NOK 30 million. Altea AS and Pinchcliffe AS (companies closely associated with
Anders Storbr\u00e5ten, CEO and CFO) and Robert Keith (Charles Street International Ltd,) acted as underwriters alongside
Morten Opstad (K-Konsult AS). An underwriting fee of 5 per cent of each underwriter\u2019s commitment was settled in
454,542 new shares in aggregate, allocated Anders Storbr\u00e5ten.
The underwriting shares were approved by the extraordinary general meeting held on August 14, 2025.
In December 2025, the Company completed a private placement of 7,333,333 new shares at NOK 3.00 per share, raising
gross proceeds of NOK 22 million. Anders Storbr\u00e5ten, personally and through Altea AS, subscribed for NOK 6.6 million
(2,200,000 shares) and Robert Keith subscribed for NOK 6.4 million (2,133,333 shares), both on the same terms as other
investors. Of Storbr\u00e5ten\u2019s allocation, 1,642,363 shares relate to Tranche 2, which remained subject to approval by and
extraordinary general meeting at year end and is treated as a subsequent event (See
Note 26 Subsequent events
).
\n\n
Transactions with members of the Board and senior management
\n
On June 23, 2025, 5,412,932 shares (54,129 post-consolidation) were issued to members of the Board in partial
\n
settlement of board remuneration totalling NOK 265 000.
\n
In the December 2025 private placement described above, Morten Opstad subscribed for NOK 0.5 million (166,667
\n
shares) and Kjell-Arne Besseberg, Chief Operating Officer, subscribed for NOK 0.15 million (50,000 shares), both on the
\n
same terms as other investors.
\n
The key management is contractors through Pinchcliffe AS and Solan & Ludvig AG (associated with CEO).
\n
Mr. Storbr\u00e5ten was awarded a success fee of USD 360 thousand for successfully renegotiating the loan agreement with
\n
Heights. The fee relates to services rendered prior to his appointment as Chief Executive Officer.
\n
At 31 December 2025, the Company recognised short
-
term liabilities of USD 179 thousand payable to Anders Storbr\u00e5ten.
\n
Board remuneration
\n
Board compensation is paid in arrears after being approved by the shareholders, generally at the Annual General Meeting.
\n
The following amounts were paid in 2025 and 2024:
\n\n \n
Year ended December 31, 2025
Cash
Share-based
Compensation
Compensation
Total
Amounts in $1000
Morten Opstad, chair
1
60
60
Annika Olsson
42
42
Adriana Saitta
42
42
Total
144
\u2014
144
\n
(1)
Mr. Opstad was elected chair at the 2024 annual general meeting. He was board member 2023-2024,
\n
and chair before then.
\n\n \n
Year ended December 31, 2024
Cash
Share-based
Total
Compensation
Compensation
Amounts in $1000
Morten Opstad, chair
1
40
40
Lawrence John Ciaccia, former chair
2
52
52
Annika Olsson
40
40
Adriana Saitta
3
45
45
Deborah Davis, former board member
4
50
50
Stephen Andrew Skaggs, former board member
5
48
48
Total
275
\u2014
275
\n
(1)
Mr. Opstad was elected chair at the 2024 annual general meeting. He was board member
\n
2023-2024, and chair before then.
\n
(2)
Mr. Ciaccia was board member before the 2023 annual general meeting, when he was
\n
elected chair. He left 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
Subscription rights awarded to persons who are members of the Board, in their capacity of service providers, under the
\n
Company\u2019s subscription rights plans have the following expiration dates and exercise prices. For further information
\n
describing these plans, see Note 23\u2014Share-based compensation.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Outstanding shares as of December 31
Grant date
Expiration Date
Exercise price (NOK)
2025
2024
June 17, 2020
May 15, 2025
855
\u2014
120,000
\n
There were no grants of incentive subscription rights to any board member in 2025 or 2024.
Morten Opstad, Board, chair 1997-2023, board member 2023-2024 and chair since May 2024, is a partner at R\u00e6der Bing
advokatfirma AS, the Company\u2019s primary law firm, which provided services to the Company resulting in charges of $617
thousand in 2025 and $331 thousand in 2024.
Nomination Committee
The following fees has been paid to the nomination committee in 2025 and 2024 for the services up to the 2025 annual
general meeting and the 2024 annual general meeting, respectively. 2024: Chair Robert Keith $2.3
thousand
, members
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "6. Research and development expenses
Research and development activities are accounted for in accordance with the Company\u2019s accounting policy for research
and development costs, as described in Note 2(e). No development costs met the criteria for capitalisation in 2025 or
2024.
Government grants supporting research and development activities are recognised as a credit against research and
development costs when there is reasonable assurance that the grant conditions will be met and the amount can be
reliably measured.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Gross research and development expenses
1,454
2,873
Government grants credited
(93)
(416)
Net research and development expenses
1,362
2,457
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "6. Research and development expenses
Research and development activities are accounted for in accordance with the Company\u2019s accounting policy for research
and development costs, as described in Note 2(e). No development costs met the criteria for capitalisation in 2025 or
2024.
Government grants supporting research and development activities are recognised as a credit against research and
development costs when there is reasonable assurance that the grant conditions will be met and the amount can be
reliably measured.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Gross research and development expenses
1,454
2,873
Government grants credited
(93)
(416)
Net research and development expenses
1,362
2,457
\n
7. Government grants
The Norwegian Skattefunn programme supports research and development activities conducted by Norwegian
companies. Companies in financial distress at the time of project approval are not eligible for support. No amount was
recognised in 2025. Amounts recognised in 2024 was earned on activities conducted in 2024 on projects approved in
prior years.
The UK Research and Development Expenditure Credit (RDEC) programme provides a taxable credit for qualifying
research and development activities carried out in the United Kingdom. The amount recognised by IDEX Biometrics UK
Ltd in 2025 relates to R&D activities performed during the year, for which a claim will be submitted in 2026.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Norway
\u2014
167
United Kingdom
93
249
Total
93
416
\n
The recognised amounts represents IDEX Biometrics\u2019 expected grant amount based on the costs incurred on approved
project applications.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "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:
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Audit services
144
165
Audit-related services
55
50
Tax services
8
9
Other services
\u2014
\u2014
Total
207
224
\n
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "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, 2025, the Company has a tax loss carried forward balance in Norway of $299.5million, representing a
potential deferred tax asset, if recognised and calculated at the current corporate tax rate of 22.0%, of $66.0 million. The
Company also has a tax loss carried forward balance in the United Kingdom of $1.4 million, representing a potential
deferred tax asset, if recognised and calculated at the current corporate tax rate of 19.0%, of $0.3 million.
Because the Company has concluded there is not sufficiently convincing evidence the Company will generate sufficient
taxable profit, against which the unused tax losses could be applied, the Company has not recognised to date any
deferred tax assets in its statement of financial position, consistent with IFRS. A deferred tax asset will be recognised
when the Company determines it is more likely than not it will have sufficient future taxable profit to apply the tax loss
carried forward against future income taxes.
The major components of income tax provision for the years shown are:
Tax expense (benefit) for the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Taxes payable on the result of the year
\u2014
12
Adjustment in respect to prior years
\u2014
(132)
Change in recorded deferred tax liability
\u2014
\u2014
Income tax expense (benefit)
\u2014
(120)
\n
Elements of deferred tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Employer's tax on share-based compensation
\u2014
\u2014
Fixed Assets differences
(314)
(493)
Inventory differences
(1,294)
(1,407)
Accruals differences
\u2014
(7)
Research and development tax credits
\u2014
(1,140)
Losses carried forward
(300,846)
(263,624)
Basis for calculation of deferred tax asset
(302,454)
(266,671)
Calculated net deferred tax expense (benefit), local tax rates 5-22%
(66,582)
(59,297)
Unrecognized deferred tax asset *
66,582
59,297
Deferred tax liability (asset) in the balance sheet
\u2014
\u2014
\n
Reconciliation of tax expense (benefit)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Loss before taxes
(10,043)
(14,569)
Norway statutory tax rate of 22%
(2,209)
(3,205)
Difference in subsidiary taxes, using local rates vs 22%
2
160
Estimated tax on permanent differences
(260)
(2,752)
Adjustment in respect of prior years
\u2014
(132)
Use of and change in tax loss carried forward
1,104
5,809
Income tax expense (benefit)
(1,364)
(120)
\n
As of December 31, 2025, there was not sufficiently convincing evidence the Company will generate sufficient taxable
profit, against which the unused tax losses could be applied. Consequently, no deferred tax asset has been recognised.
There are no restrictions as to how long tax losses may be carried forward in Norway or the United Kingdom.
The various deferred tax assets that have not been recognised are denominated in their respective local currencies. As
such, the change in the year-end value in USD of these unrecognised deferred tax assets includes foreign currency
translation adjustments arising from changes in the exchange rates between USD and these local currencies from the
prior year-end.
There are no deferred tax charges included in other comprehensive income in 2025 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "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, 2025, the Company has a tax loss carried forward balance in Norway of $299.5million, representing a
potential deferred tax asset, if recognised and calculated at the current corporate tax rate of 22.0%, of $66.0 million. The
Company also has a tax loss carried forward balance in the United Kingdom of $1.4 million, representing a potential
deferred tax asset, if recognised and calculated at the current corporate tax rate of 19.0%, of $0.3 million.
Because the Company has concluded there is not sufficiently convincing evidence the Company will generate sufficient
taxable profit, against which the unused tax losses could be applied, the Company has not recognised to date any
deferred tax assets in its statement of financial position, consistent with IFRS. A deferred tax asset will be recognised
when the Company determines it is more likely than not it will have sufficient future taxable profit to apply the tax loss
carried forward against future income taxes.
The major components of income tax provision for the years shown are:
Tax expense (benefit) for the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Taxes payable on the result of the year
\u2014
12
Adjustment in respect to prior years
\u2014
(132)
Change in recorded deferred tax liability
\u2014
\u2014
Income tax expense (benefit)
\u2014
(120)
\n
Elements of deferred tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Employer's tax on share-based compensation
\u2014
\u2014
Fixed Assets differences
(314)
(493)
Inventory differences
(1,294)
(1,407)
Accruals differences
\u2014
(7)
Research and development tax credits
\u2014
(1,140)
Losses carried forward
(300,846)
(263,624)
Basis for calculation of deferred tax asset
(302,454)
(266,671)
Calculated net deferred tax expense (benefit), local tax rates 5-22%
(66,582)
(59,297)
Unrecognized deferred tax asset *
66,582
59,297
Deferred tax liability (asset) in the balance sheet
\u2014
\u2014
\n
Reconciliation of tax expense (benefit)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Loss before taxes
(10,043)
(14,569)
Norway statutory tax rate of 22%
(2,209)
(3,205)
Difference in subsidiary taxes, using local rates vs 22%
2
160
Estimated tax on permanent differences
(260)
(2,752)
Adjustment in respect of prior years
\u2014
(132)
Use of and change in tax loss carried forward
1,104
5,809
Income tax expense (benefit)
(1,364)
(120)
\n
As of December 31, 2025, there was not sufficiently convincing evidence the Company will generate sufficient taxable
profit, against which the unused tax losses could be applied. Consequently, no deferred tax asset has been recognised.
There are no restrictions as to how long tax losses may be carried forward in Norway or the United Kingdom.
The various deferred tax assets that have not been recognised are denominated in their respective local currencies. As
such, the change in the year-end value in USD of these unrecognised deferred tax assets includes foreign currency
translation adjustments arising from changes in the exchange rates between USD and these local currencies from the
prior year-end.
There are no deferred tax charges included in other comprehensive income in 2025 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "10. Loss per share
A 100:1 share consolidation (reverse split) was completed at record date July 4, 2025. Per share calculations for all
periods presented are adjusted accordingly.
Loss per share is calculated by dividing the net loss for the period by the weighted average number of ordinary shares
outstanding during 2025. Loss per share is calculated per basic share, which excludes the anti-dilutive effect of
exercisable subscription rights.
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Net loss for the year
(10,002)
(14,449)
Number of ordinary shares issued at December 31
62,600,677
8,315,770
Weighted average basic number of ordinary shares
39,078,593
4,146,567
Loss per share for the year (basic and diluted*)
(0.26)
(3.48)
\n
* Potentially dilutive shares from outstanding subscription rights are excluded from the dilution calculation as their effect
would be anti-dilutive given the Company\u2019s net losses for the periods presented.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "11. Intangible assets
Other intangible assets consist of primarily patents, amortised on a straight-line basis over their estimated useful lives of
10-17 years, corresponding to the lives of the respective patents. As of December 31, 2025, and December 31, 2024, the
Company had not identified any impairment.
Amortization period (straight-line, in years)
Year ended December 31,
Amounts in $1000
2025
2024
Amounts in $1000
10-17
10-17
Cost at the beginning of the year
5,173
5,173
Additions
\u2014
\u2014
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
5,173
5,173
Accumulated Amortization at the beginning of the year
4,603
4,162
Amortization
95
441
Impact of currency translation
\u2014
\u2014
Accumulated Amortization at the end of the year
4,698
4,603
Carrying amount at the end of the year
475
570
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "11. Intangible assets
Other intangible assets consist of primarily patents, amortised on a straight-line basis over their estimated useful lives of
10-17 years, corresponding to the lives of the respective patents. As of December 31, 2025, and December 31, 2024, the
Company had not identified any impairment.
Amortization period (straight-line, in years)
Year ended December 31,
Amounts in $1000
2025
2024
Amounts in $1000
10-17
10-17
Cost at the beginning of the year
5,173
5,173
Additions
\u2014
\u2014
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
5,173
5,173
Accumulated Amortization at the beginning of the year
4,603
4,162
Amortization
95
441
Impact of currency translation
\u2014
\u2014
Accumulated Amortization at the end of the year
4,698
4,603
Carrying amount at the end of the year
475
570
\n
12. Property, plant, and equipment
Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost includes
the purchase price and directly attributable costs necessary to bring the asset to the location and condition required for it
to operate as intended by management, such as freight, installation, duties and taxes. Training and commissioning costs
are expensed as incurred.
Subsequent expenditure is capitalised only when it is probable that future economic benefits associated with the item will
flow to the Group; all other expenditure is recognised in profit or loss as incurred. Gains and losses arising from disposals
are recognised in profit or loss.
Assets are depreciated on a straight-line basis over their estimated useful lives, which range from 3 to 10 years.
Depreciation methods, useful lives and residual values are reviewed at each reporting date.
Depreciation for the year amounted to $125 thousand. Disposals during the year were insignificant and had no material
impact on the carrying amount.
Property, plant, and equipment had a carrying amount of $42 thousand as of December 31, 2025 compared to $122
thousand as of December 31, 2024.
There were no assets under construction at December 31, 2025 or December 31, 2024.
13. Leases
The Company\u2019s leases relate to office and laboratory space. There is no exposure to variable lease payments not
reflected in the measurement of lease liabilities.
The parent company changed its office lease arrangement during 2025, transitioning from a long-term lease to a
temporary office solution. Due to the short-term nature of this arrangement, the Company applies the short-term lease
exemption under IFRS 16 and therefore does not recognise a right-of-use asset or lease liability. The assessment of
whether the arrangement continues to qualify as a short-term lease is reviewed quarterly.
The lease for the UK office reached the end of its contractual term in late 2025. A new lease agreement for the same
premises was signed in November 2025. However, due to uncertainty regarding the expected lease term and the short
initial commitment, the Group assesses the lease classification on a quarter-by-quarter basis. Until the lease term can be
reliably determined and the arrangement no longer qualifies as a short-term lease, the Group applies the short-term lease
exemption and does not recognise a right-of-use asset or lease liability. The assessment is updated at each reporting
date based on the most recent information available.
Following the termination of previous lease agreements and the absence of long-term lease commitments at year-end,
the Group had no recognised right-of-use assets or lease liabilities as of 31 December 2025. Lease expenses recognised
in profit or loss for 2025 relate to depreciation and interest recorded prior to the expiry of former leases, as well as
expenses for short-term leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "Other intangible assets consist of primarily patents, amortised on a straight-line basis over their estimated useful lives of
10-17 years, corresponding to the lives of the respective patents. As of December 31, 2025, and December 31, 2024, the
Company had not identified any impairment.
Amortization period (straight-line, in years)
Year ended December 31,
Amounts in $1000
2025
2024
Amounts in $1000
10-17
10-17
Cost at the beginning of the year
5,173
5,173
Additions
\u2014
\u2014
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
5,173
5,173
Accumulated Amortization at the beginning of the year
4,603
4,162
Amortization
95
441
Impact of currency translation
\u2014
\u2014
Accumulated Amortization at the end of the year
4,698
4,603
Carrying amount at the end of the year
475
570
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "12. Property, plant, and equipment
Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost includes
the purchase price and directly attributable costs necessary to bring the asset to the location and condition required for it
to operate as intended by management, such as freight, installation, duties and taxes. Training and commissioning costs
are expensed as incurred.
Subsequent expenditure is capitalised only when it is probable that future economic benefits associated with the item will
flow to the Group; all other expenditure is recognised in profit or loss as incurred. Gains and losses arising from disposals
are recognised in profit or loss.
Assets are depreciated on a straight-line basis over their estimated useful lives, which range from 3 to 10 years.
Depreciation methods, useful lives and residual values are reviewed at each reporting date.
Depreciation for the year amounted to $125 thousand. Disposals during the year were insignificant and had no material
impact on the carrying amount.
Property, plant, and equipment had a carrying amount of $42 thousand as of December 31, 2025 compared to $122
thousand as of December 31, 2024.
There were no assets under construction at December 31, 2025 or December 31, 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "13. Leases
The Company\u2019s leases relate to office and laboratory space. There is no exposure to variable lease payments not
reflected in the measurement of lease liabilities.
The parent company changed its office lease arrangement during 2025, transitioning from a long-term lease to a
temporary office solution. Due to the short-term nature of this arrangement, the Company applies the short-term lease
exemption under IFRS 16 and therefore does not recognise a right-of-use asset or lease liability. The assessment of
whether the arrangement continues to qualify as a short-term lease is reviewed quarterly.
The lease for the UK office reached the end of its contractual term in late 2025. A new lease agreement for the same
premises was signed in November 2025. However, due to uncertainty regarding the expected lease term and the short
initial commitment, the Group assesses the lease classification on a quarter-by-quarter basis. Until the lease term can be
reliably determined and the arrangement no longer qualifies as a short-term lease, the Group applies the short-term lease
exemption and does not recognise a right-of-use asset or lease liability. The assessment is updated at each reporting
date based on the most recent information available.
Following the termination of previous lease agreements and the absence of long-term lease commitments at year-end,
the Group had no recognised right-of-use assets or lease liabilities as of 31 December 2025. Lease expenses recognised
in profit or loss for 2025 relate to depreciation and interest recorded prior to the expiry of former leases, as well as
expenses for short-term leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "14. Accounts receivables
Trade accounts receivable comprises invoiced amounts due from customers, held at estimated realisable value Payment
terms are typically 30 to 60 days. A specific provision for possible loss is recognised based on periodic review of
customer accounts. The Company does not require collateral, although cash in advance has occasionally been required
for orders exceeding a customer\u2019s established credit limit; such amounts have not been material.
In January 2025, an arbitration ruling at Oslo Chamber of Commerce awarded the Company $0.7 million from customer
Zwipe AS, plus late payment interest and compensation for legal costs. In March 2025, Oslo District Court declared
bankruptcy proceedings for Zwipe AS. The amount was not recovered, and the receivable was written off in 2024.
No general provision for doubtful accounts has been recognised. The expected credit loss at December 31, 2025 was
$856 thousand, compared to $849 thousand at December 31, 2024.
Accounts receivable, other, consist primarily of estimated research and development support, and value-added tax
refunds.
Balances and aging of accounts receivable at December 31, 2025, and December 31, 2024, were as follows:
Year ended December 31, 2025
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
Amounts in $1000
0-3 months
3-6 months
6-12 months
Total
Accounts receivable, trade
39
\u2014
12
51
Accounts receivable, other
168
\u2014
148
316
Total
207
\u2014
160
367
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2024
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
Amounts in $1000
0-3 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
15. Other current and non-current financial assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Non-current receivables
Year ended December 31,
Amounts in $1000
2025
2024
Non-current receivables
57
57
Balance at December 31
57
57
\n
Non-current receivables represent deposits held for leasehold payments, carried at nominal value.
The Company had no contingent assets at December 31, 2025 or December 31, 2024. 21. Restricted assets
In connection with laboratory and office leases, the Company holds security deposits of approximately three 3 months\u2019
rent in escrow accounts for the benefit of landlords. These deposits amounted to $57 thousand at December 31, 2025
and $57 thousand at December 31, 2024, and are reported as non-current receivables. No other assets are pledged
as security or otherwise restricted.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "14. Accounts receivables
Trade accounts receivable comprises invoiced amounts due from customers, held at estimated realisable value Payment
terms are typically 30 to 60 days. A specific provision for possible loss is recognised based on periodic review of
customer accounts. The Company does not require collateral, although cash in advance has occasionally been required
for orders exceeding a customer\u2019s established credit limit; such amounts have not been material.
In January 2025, an arbitration ruling at Oslo Chamber of Commerce awarded the Company $0.7 million from customer
Zwipe AS, plus late payment interest and compensation for legal costs. In March 2025, Oslo District Court declared
bankruptcy proceedings for Zwipe AS. The amount was not recovered, and the receivable was written off in 2024.
No general provision for doubtful accounts has been recognised. The expected credit loss at December 31, 2025 was
$856 thousand, compared to $849 thousand at December 31, 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "The Company does not require collateral, although cash in advance has occasionally been required for orders exceeding a customer\u2019s established credit limit; such amounts have not been material.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "15. Other current and non-current financial assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Non-current receivables
Year ended December 31,
Amounts in $1000
2025
2024
Non-current receivables
57
57
Balance at December 31
57
57
\n
Non-current receivables represent deposits held for leasehold payments, carried at nominal value.
The Company had no contingent assets at December 31, 2025 or December 31, 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "15. Other current and non-current financial assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Non-current receivables
Year ended December 31,
Amounts in $1000
2025
2024
Non-current receivables
57
57
Balance at December 31
57
57
\n
Non-current receivables represent deposits held for leasehold payments, carried at nominal value.
The Company had no contingent assets at December 31, 2025 or December 31, 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in Note 17, the Company\u2019s payable and other financial liabilities as of December 31, 2025,
and December 31, 2024, were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
\u00a0
Less than 3
\u00a0 \u00a0 \u00a0 \u00a0
Amounts in $1000
months
3-6 months
6-12 months
1-5 years
Total
Accounts payable
1,158
\u2014
\u2014
\u2014
1,158
Current lease liabilities
84
\u2014
\u2014
\u2014
84
Other current liabilities
1,722
104
218
\u2014
2044
Total
2,964
104
218
\u2014
3,286
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
\u00a0
Less than 3
\u00a0 \u00a0 \u00a0 \u00a0
Amounts in $1000
months
3-6 months
6-12 months
1-5 years
Total
Non-current lease liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
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
Other current liabilities include accruals for earned compensation, unused annual leave, potential employer\u2019s payroll tax
on share-based compensation, and goods and services received but not yet invoiced.
Estimated employer\u2019s payroll tax liability related to share-based compensation amounted to $0 in 2025 and $0 in 2024. In
the event that subscription rights are exercised, this liability funds the employer\u2019s payroll tax.
Interest expense, including effective interest on the convertible debt and interest on lease liabilities, was $980 thousand in
2025 and $1,788 thousand in 2024.
On October 2, 2025, the Company was notified of legal proceedings initiated by Alta Consulting Srl in connection with
termination of the former Chief Executive Officer. The claim concerns financial terms arising from the termination. A
provision of $400 thousand was recognised as of December 31, 2025, reflecting management\u2019s best estimate of the
potential obligation.
Except for the convertible debt in Note 17, the Company had no other significant monetary obligations or contingent
liabilities at December 31, 2025 or December 31, 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in Note 17, the Company\u2019s payable and other financial liabilities as of December 31, 2025,
and December 31, 2024, were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
\u00a0
Less than 3
\u00a0 \u00a0 \u00a0 \u00a0
Amounts in $1000
months
3-6 months
6-12 months
1-5 years
Total
Accounts payable
1,158
\u2014
\u2014
\u2014
1,158
Current lease liabilities
84
\u2014
\u2014
\u2014
84
Other current liabilities
1,722
104
218
\u2014
2044
Total
2,964
104
218
\u2014
3,286
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
\u00a0
Less than 3
\u00a0 \u00a0 \u00a0 \u00a0
Amounts in $1000
months
3-6 months
6-12 months
1-5 years
Total
Non-current lease liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
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
Other current liabilities include accruals for earned compensation, unused annual leave, potential employer\u2019s payroll tax
on share-based compensation, and goods and services received but not yet invoiced.
Estimated employer\u2019s payroll tax liability related to share-based compensation amounted to $0 in 2025 and $0 in 2024. In
the event that subscription rights are exercised, this liability funds the employer\u2019s payroll tax.
Interest expense, including effective interest on the convertible debt and interest on lease liabilities, was $980 thousand in
2025 and $1,788 thousand in 2024.
On October 2, 2025, the Company was notified of legal proceedings initiated by Alta Consulting Srl in connection with
termination of the former Chief Executive Officer. The claim concerns financial terms arising from the termination. A
provision of $400 thousand was recognised as of December 31, 2025, reflecting management\u2019s best estimate of the
potential obligation.
Except for the convertible debt in Note 17, the Company had no other significant monetary obligations or contingent
liabilities at December 31, 2025 or December 31, 2024. \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Warrants
Recognized value on the balance sheet
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Year ended December 31,
Amounts in $1000
Exercise price
Expiry
2025
2024
Warrants
\u00a0 \u00a0 \u00a0 \u00a0
Warrants May-Jun
NOK 1.65
May 29, 2025
\u2014
1
Warrants A
NOK 0.15
March 13, 2025
\u2014
326
Warrants B
NOK 0.15
April 11, 2025
\u2014
326
Total
\u00a0 \u00a0
\u2014
652
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in Note 17, the Company\u2019s payable and other financial liabilities as of December 31, 2025,
and December 31, 2024, were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
\u00a0
Less than 3
\u00a0 \u00a0 \u00a0 \u00a0
Amounts in $1000
months
3-6 months
6-12 months
1-5 years
Total
Accounts payable
1,158
\u2014
\u2014
\u2014
1,158
Current lease liabilities
84
\u2014
\u2014
\u2014
84
Other current liabilities
1,722
104
218
\u2014
2044
Total
2,964
104
218
\u2014
3,286
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
\u00a0
Less than 3
\u00a0 \u00a0 \u00a0 \u00a0
Amounts in $1000
months
3-6 months
6-12 months
1-5 years
Total
Non-current lease liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
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
Other current liabilities include accruals for earned compensation, unused annual leave, potential employer\u2019s payroll tax
on share-based compensation, and goods and services received but not yet invoiced.
Estimated employer\u2019s payroll tax liability related to share-based compensation amounted to $0 in 2025 and $0 in 2024. In
the event that subscription rights are exercised, this liability funds the employer\u2019s payroll tax.
Interest expense, including effective interest on the convertible debt and interest on lease liabilities, was $980 thousand in
2025 and $1,788 thousand in 2024.
On October 2, 2025, the Company was notified of legal proceedings initiated by Alta Consulting Srl in connection with
termination of the former Chief Executive Officer. The claim concerns financial terms arising from the termination. A
provision of $400 thousand was recognised as of December 31, 2025, reflecting management\u2019s best estimate of the
potential obligation.
Except for the convertible debt in Note 17, the Company had no other significant monetary obligations or contingent
liabilities at December 31, 2025 or December 31, 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in Note 17, the Company\u2019s payable and other financial liabilities as of December 31, 2025,
and December 31, 2024, were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
\u00a0
Less than 3
\u00a0 \u00a0 \u00a0 \u00a0
Amounts in $1000
months
3-6 months
6-12 months
1-5 years
Total
Accounts payable
1,158
\u2014
\u2014
\u2014
1,158
Current lease liabilities
84
\u2014
\u2014
\u2014
84
Other current liabilities
1,722
104
218
\u2014
2044
Total
2,964
104
218
\u2014
3,286
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
\u00a0
Less than 3
\u00a0 \u00a0 \u00a0 \u00a0
Amounts in $1000
months
3-6 months
6-12 months
1-5 years
Total
Non-current lease liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
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
Other current liabilities include accruals for earned compensation, unused annual leave, potential employer\u2019s payroll tax
on share-based compensation, and goods and services received but not yet invoiced.
Estimated employer\u2019s payroll tax liability related to share-based compensation amounted to $0 in 2025 and $0 in 2024. In
the event that subscription rights are exercised, this liability funds the employer\u2019s payroll tax.
Interest expense, including effective interest on the convertible debt and interest on lease liabilities, was $980 thousand in
2025 and $1,788 thousand in 2024.
On October 2, 2025, the Company was notified of legal proceedings initiated by Alta Consulting Srl in connection with
termination of the former Chief Executive Officer. The claim concerns financial terms arising from the termination. A
provision of $400 thousand was recognised as of December 31, 2025, reflecting management\u2019s best estimate of the
potential obligation.
Except for the convertible debt in Note 17, the Company had no other significant monetary obligations or contingent
liabilities at December 31, 2025 or December 31, 2024. \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Warrants
Recognized value on the balance sheet
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Year ended December 31,
Amounts in $1000
Exercise price
Expiry
2025
2024
Warrants
\u00a0 \u00a0 \u00a0 \u00a0
Warrants May-Jun
NOK 1.65
May 29, 2025
\u2014
1
Warrants A
NOK 0.15
March 13, 2025
\u2014
326
Warrants B
NOK 0.15
April 11, 2025
\u2014
326
Total
\u00a0 \u00a0
\u2014
652
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in Note 17, the Company\u2019s payable and other financial liabilities as of December 31, 2025,
and December 31, 2024, were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
\u00a0
Less than 3
\u00a0 \u00a0 \u00a0 \u00a0
Amounts in $1000
months
3-6 months
6-12 months
1-5 years
Total
Accounts payable
1,158
\u2014
\u2014
\u2014
1,158
Current lease liabilities
84
\u2014
\u2014
\u2014
84
Other current liabilities
1,722
104
218
\u2014
2044
Total
2,964
104
218
\u2014
3,286
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended December 31, 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Maturity
\u00a0
Less than 3
\u00a0 \u00a0 \u00a0 \u00a0
Amounts in $1000
months
3-6 months
6-12 months
1-5 years
Total
Non-current lease liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
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
Other current liabilities include accruals for earned compensation, unused annual leave, potential employer\u2019s payroll tax
on share-based compensation, and goods and services received but not yet invoiced.
Estimated employer\u2019s payroll tax liability related to share-based compensation amounted to $0 in 2025 and $0 in 2024. In
the event that subscription rights are exercised, this liability funds the employer\u2019s payroll tax.
Interest expense, including effective interest on the convertible debt and interest on lease liabilities, was $980 thousand in
2025 and $1,788 thousand in 2024.
On October 2, 2025, the Company was notified of legal proceedings initiated by Alta Consulting Srl in connection with
termination of the former Chief Executive Officer. The claim concerns financial terms arising from the termination. A
provision of $400 thousand was recognised as of December 31, 2025, reflecting management\u2019s best estimate of the
potential obligation.
Except for the convertible debt in Note 17, the Company had no other significant monetary obligations or contingent
liabilities at December 31, 2025 or December 31, 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "Interest expense, including effective interest on the convertible debt and interest on lease liabilities, was $980 thousand in 2025 and $1,788 thousand in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "Interest expense, including effective interest on the convertible debt and interest on lease liabilities, was $980 thousand in 2025 and $1,788 thousand in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "Interest expense, including effective interest on the convertible debt and interest on lease liabilities, was $980 thousand in 2025 and $1,788 thousand in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "Interest expense, including effective interest on the convertible debt and interest on lease liabilities, was $980 thousand in 2025 and $1,788 thousand in 2024.
\u00a0 \u00a0
Host
Embedded
\u00a0
\u00a0 \u00a0
contract
derivative
\u00a0
Amounts in $1000
\u00a0
(Level 3)
(Level 3)
Total
Gain (loss) on modification of
\u00a0 \u00a0 \u00a0 \u00a0
financial liabilities, net
2025
1 346
(4 069)
(2 723)
Gain (loss) on modification of
\u00a0 \u00a0 \u00a0 \u00a0
financial liabilities, net
2024
2 115
(274)
1 841
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "Except for the convertible debt in Note 17, the Company had no other significant monetary obligations or contingent liabilities at December 31, 2025 or December 31, 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00250": { "value": "17. Financial instruments \n \n
Convertible bond details
\u00a0
Book value
Amounts in $1000
Instalment profile
2025
2024
\u00a0
Interest rate: 0%
Semi-annual from Jun. 28, 2026 to
\u00a0 \u00a0
Dec. 28, 2027
\u00a0 \u00a0
Host contract
\u00a0
1,851
1,983
Embedded derivative
\u00a0
957
139
Total
\u00a0
2,808
2,123
\n
Convertible bond
In December 2023, the Company issued NOK 100 million ($9.9 million) of convertible bonds at 6.0% interest per annum,
denominated in NOK. Net proceeds after issue discount were NOK 92 million. The conversion option is accounted for as
an embedded derivative, recognised separately from the host contract as a financial liability at fair value through profit or
loss. The host contract is recognised at amortised cost. Fair value of the embedded derivative is estimated using option
pricing models requiring significant judgement and is classified as Level 3 in the fair value hierarchy. See Note 18 Fair
value measurement.
The bond was amended in November 2024, as described in the 2024 annual report. The coupon was reduced to 0% and
repayment restructured into four semi-annual instalments commencing June 28, 2026.
On March 10, 2025, the Company and Heights Capital Management entered into a commitment letter to further amend the
bond terms. The principal amount was reduced by 25%, with a further 25% reduction conditional on completion of an
equity raise by December 31, 2025. The conversion period was set to run from September 1, 2025 to final maturity on
December 28, 2027, with the conversion price reset to NOK 6.50 per share. Amortised payment advancement rights were
removed. The amendments were approved at an extraordinary general meeting on April 11, 2025 and the full agreement
was entered on May 16, 2025.
The amendment constituted a substantial modification of a financial liability under IFRS 9. The host contract and
embedded derivative were derecognised and the amended instruments recognised at fair value as of March 10, 2025,
resulting in a net loss on modification of $4.0 million, recognised in the first quarter of 2025.
Following the private placement completed on July 21, 2025, the outstanding principal was reduced by NOK 16.7 million
($1.7 million) to NOK 33.3 million ($3.3 million), effective August 14, 2025, in accordance with the amended loan
agreement. This constituted a partial extinguishment of financial liability under IFRS 9, resulting in a net gain of $1.3
million, recognised in the third quarter of 2025.
\u00a0 \u00a0
Host
Embedded
\u00a0
\u00a0 \u00a0
contract
derivative
\u00a0
Amounts in $1000
\u00a0
(Level 3)
(Level 3)
Total
Gain (loss) on modification of
\u00a0 \u00a0 \u00a0 \u00a0
financial liabilities, net
2025
1 346
(4 069)
(2 723)
Gain (loss) on modification of
\u00a0 \u00a0 \u00a0 \u00a0
financial liabilities, net
2024
2 115
(274)
1 841
In the fourth quarter of 2025, the Company recognised a net financial loss of $0.3 million on changes in fair value of the
convertible bond and embedded derivative. As of December 31, 2025, the outstanding principal amount was NOK 33.3
million.
Further amendments to the conversion terms and the 2026 repayment arrangements are described in
Note 26 \u2013
Subsequent events
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "value": "
\u00a0 \u00a0
Host
Embedded
\u00a0
\u00a0 \u00a0
contract
derivative
\u00a0
Amounts in $1000
\u00a0
(Level 3)
(Level 3)
Total
Gain (loss) on modification of
\u00a0 \u00a0 \u00a0 \u00a0
financial liabilities, net
2025
1 346
(4 069)
(2 723)
Gain (loss) on modification of
\u00a0 \u00a0 \u00a0 \u00a0
financial liabilities, net
2024
2 115
(274)
1 841
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 any outstanding warrants are financial liabilities measured at fair value. The carrying amounts of the financial
assets and liabilities recognised at amortised cost are considered to approximate their fair value.
Items measured at fair value are categorised within the following hierarchy, based on the lowest level of input significant
to the measurement:
Level 1:
Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2:
Valuation techniques for which the lowest level input significant to the fair value measurement is
directly or indirectly observable.
Level 3
: Valuation techniques for which the inputs are not based on observable market data. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "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 any outstanding warrants are financial liabilities measured at fair value. The carrying amounts of the financial
assets and liabilities recognised at amortised cost are considered to approximate their fair value.
Items measured at fair value are categorised within the following hierarchy, based on the lowest level of input significant
to the measurement:
Level 1:
Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2:
Valuation techniques for which the lowest level input significant to the fair value measurement is
directly or indirectly observable.
Level 3
: Valuation techniques for which the inputs are not based on observable market data.
Categorisation is re-assessed at the end of each reporting period.
In May 2024, the Company issued warrants with an exercise price of NOK 1.65 per share in connection with a private
placement. The warrants lapsed on June 4, 2025.
In September 2024, the Company issued two warrant series (A and B) at an exercise price of NOK 0.15 per share in
connection with a private placement. Both series were admitted to trading on Euronext Oslo B\u00f8rs in December 2024 and
reclassified from Level 2 to Level 1 at that date. Warrant A was exercisable from February 28, 2024 to March 13, 2025;
Warrant B from March 31, 2025 to April 11, 2025. Both series expired largely unexercised, with 17,258 and 36,767 warrants
exercised respectively. All remaining warrants lapsed without compensation.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Embedded
Warrants
Warrants
\u00a0
Amounts in $1000
derivative
May
A and B
Total
\u00a0
(Level 3)
(Level 3)
(Level 1)
\u00a0
Balance Dec 31, 2024
139
1
651
791
Balance Dec 31, 2025
957
\u2014
\u2014
957
\n
The host contract and embedded derivative were initially recognised at fair value (Level 3). Subsequent measurements of
the host contract is at amortised cost, using the effective interest rate determined at initial recognition.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00253": { "value": "19. Inventory
Inventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of cost and
net realisable value, less impairment where applicable.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
\u00a0
2025
2024
Amounts in $1000
Cost
Reserves
Net
Cost
Reserves
Net
Raw materials
2,743
(629)
2,114
3,876
(634)
3,242
Work in progress
839
\u2014
839
36
\u2014
36
Finished goods
3,395
(665)
2,730
3,107
(836)
2,271
Total
6,976
(1,294)
5,682
7,019
(1,470)
5,548
\n
On March 11, 2025, the Company announced a strategic shift to focus on the access market, while continuing to harvest
from its efforts in the payment market. As a result, parts of the inventory assessed as less likely to be sold, and an
obsolescence provision was recognised.
The quantity of certain components held as raw materials exceeds requirements under the updated business plan. Some
of the inventory may remain unused by the time it becomes obsolete due to ageing, shelf life, or technical obsolescence.
The impairment assessment is based on a three-year horizon derived from the business plan and estimated usage.
During 2025, the total obsolescence provision decreased from $1,470 thousand to $1,249 thousand, reflecting scrapping.
Work-in-progress increased from $36 thousand to $839 thousand, during 2025 to facilitate for received orders.
In 2024, the Company recognised a significant write-down of inventory, as disclosed in the 2024 annual report. At the
end of 2025, the Company\u2019s financial outlook had improved, supported by a stronger order backlog, indicating that a
larger portion of the inventory is expected to be sold. The items themselves are not technically obsolete; the write-downs
relate primarily to expected utilisation under the business plan rather than physical or functional deterioration. Although
the inventory is one year older, the Company does not expect to sell all items within the coming year and therefore
continues to apply the same provisioning methodology as in prior periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00254": { "value": "20. Cash and cash equivalents
Cash and cash equivalents by currency, valued in USD, were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Denominated in USD
198
1,337
Denominated in NOK
518
590
Denominated in GBP
\u2014
64
Denominated in CNY
\u2014
20
Total
715
2,010
\n
Of the
amounts above, withheld payroll tax deposits amounted to $7 thousand and $47 thousand at the end of 2025
and 2024, respectively
. Deposits for facilities rent or utilities are reported as Non-current receivables and have not
been included in Cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00255": { "value": "20. Cash and cash equivalents
Cash and cash equivalents by currency, valued in USD, were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Denominated in USD
198
1,337
Denominated in NOK
518
590
Denominated in GBP
\u2014
64
Denominated in CNY
\u2014
20
Total
715
2,010
\n
Of the
amounts above, withheld payroll tax deposits amounted to $7 thousand and $47 thousand at the end of 2025
and 2024, respectively
. Deposits for facilities rent or utilities are reported as Non-current receivables and have not
been included in Cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "20. Cash and cash equivalents
Cash and cash equivalents by currency, valued in USD, were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Denominated in USD
198
1,337
Denominated in NOK
518
590
Denominated in GBP
\u2014
64
Denominated in CNY
\u2014
20
Total
715
2,010
\n
Of the
amounts above, withheld payroll tax deposits amounted to $7 thousand and $47 thousand at the end of 2025
and 2024, respectively
. Deposits for facilities rent or utilities are reported as Non-current receivables and have not
been included in Cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "22. Share capital, share premium, and warrants
There is one class of shares. All shares carry equal rights and are freely negotiable. The share capital is fully paid. The par
value of the shares was NOK 1 per share at 31 December 2025. IDEX holds no treasury shares.
The par value was reduced from NOK 0.15 to NOK 0.01 per share at the extraordinary general meeting (EGM) on 11 April
\n
2025. The reduction, together with amounts previously transferred from Share Premium, was applied against other equity
\n
(accumulated losses). No other transfer from Share Premium was made in 2025 or 2024. The Capital Reduction Reserve
\n
is nil at 31 December 2025.
\n
A 100:1 share consolidation (reverse split) on 4 July 2025 increased the par value from NOK 0.01 to NOK 1 per share. The
\n
incentive subscription rights plan (See Note 23) includes adjustment clauses ensuring rights and exercise prices were
\n
adjusted proportionally.
\n
Costs related to share issuances were $644 in 2025 and $1,112 thousand in 2024. Costs related to share issuances were
\n
In accordance with IAS 32, these transaction costs were recognised as a deduction from share premium
\n\n \n
Shares
Warrants
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
Warrants A exercise and expiry on March 13
17,258
(246,396,285)
Warrants B exercise and expiry on April 11
36,767
(246,430,801)
Private placement on April 11
3,000,000,000
Warrants May expiry on June 4
(33,333,333)
Private placement on June 6
600,000,000
Private placement on June 15
299,381,600
Private placement on June 23
5,413,001
Before share consolidation 100:1 on July 4
4,736,425,600
\u2014
After share consolidation 100:1 on July 4
47,364,256
\u2014
Private placement on July 21
4,731,594
Private placement on Aug 14
4,359,315
Private placement on Aug 14
454,542
Private placement on December 4
5,690,970
Balance at December 31, 2025
62,600,677
\u2014
\n
Capital transactions
\n
The EGM on 11 April 2025 approved several share issuances, all at NOK 0.01 per share: 3,000,000,000 shares on
\n
conversion of bridge loans of NOK 30 million (See Note 17); 600,000,000 shares in a repair issue on 6 June; and
\n
299,381,600 shares issued in a private placement 15 June. On 23 June 2025, 5,412,932 shares were issued in settlement
\n
of board remuneration and 69 shares to make the total divisible by 100 prior to the consolidation.
Following the consolidation, two private placements were completed. In July and August, 9,090,909 shares were issued
in two tranches at NOK 3.30 per share, raising NOK 30 million ($3.3 million). The placement reduced the convertible bond
principal by NOK 16.6 million ($1.7 million) in accordance with the amended bond terms (See Note 17). A further 454,542
shares were issued as an underwriting fee (See Note 24). In December, 5,690,970 shares were issued,
at NOK 3.00 per
share,
as the first tranche of a NOK 22 million private placement; the second tranche is a subsequent event (See Note 26).
Warrants
No warrants are outstanding as of 31 December 2025. Warrants A and B (exercise price NOK 0.15 per share) were issued
in connection with the September 2024 private placement. Warrants A were exercisable from 28 February to 13 March
2025;
17,258 were exercised and the remainder lapsed. Warrants B were exercisable from 31 March to 11 April 2025;
36,767 were exercised and the remainder lapsed.
The May Warrants (exercise price NOK 1.65 per share) lapsed on 4
June 2025.
The financial effect of warrants is presented in Note 17. Incentive subscription rights are presented in Note 23.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "22. Share capital, share premium, and warrants
There is one class of shares. All shares carry equal rights and are freely negotiable. The share capital is fully paid. The par
value of the shares was NOK 1 per share at 31 December 2025. IDEX holds no treasury shares.
\n\n
The par value was reduced from NOK 0.15 to NOK 0.01 per share at the extraordinary general meeting (EGM) on 11 April
\n
2025. The reduction, together with amounts previously transferred from Share Premium, was applied against other equity
\n
(accumulated losses). No other transfer from Share Premium was made in 2025 or 2024. The Capital Reduction Reserve
\n
is nil at 31 December 2025.
\n
A 100:1 share consolidation (reverse split) on 4 July 2025 increased the par value from NOK 0.01 to NOK 1 per share. The
\n
incentive subscription rights plan (See Note 23) includes adjustment clauses ensuring rights and exercise prices were
\n
adjusted proportionally.
\n
Costs related to share issuances were $644 in 2025 and $1,112 thousand in 2024. Costs related to share issuances were
\n
In accordance with IAS 32, these transaction costs were recognised as a deduction from share premium
\n\n \n
Shares
Warrants
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
Warrants A exercise and expiry on March 13
17,258
(246,396,285)
Warrants B exercise and expiry on April 11
36,767
(246,430,801)
Private placement on April 11
3,000,000,000
Warrants May expiry on June 4
(33,333,333)
Private placement on June 6
600,000,000
Private placement on June 15
299,381,600
Private placement on June 23
5,413,001
Before share consolidation 100:1 on July 4
4,736,425,600
\u2014
After share consolidation 100:1 on July 4
47,364,256
\u2014
Private placement on July 21
4,731,594
Private placement on Aug 14
4,359,315
Private placement on Aug 14
454,542
Private placement on December 4
5,690,970
Balance at December 31, 2025
62,600,677
\u2014
\n
Capital transactions
\n
The EGM on 11 April 2025 approved several share issuances, all at NOK 0.01 per share: 3,000,000,000 shares on
\n
conversion of bridge loans of NOK 30 million (See Note 17); 600,000,000 shares in a repair issue on 6 June; and
\n
299,381,600 shares issued in a private placement 15 June. On 23 June 2025, 5,412,932 shares were issued in settlement
\n
of board remuneration and 69 shares to make the total divisible by 100 prior to the consolidation.
Following the consolidation, two private placements were completed. In July and August, 9,090,909 shares were issued
in two tranches at NOK 3.30 per share, raising NOK 30 million ($3.3 million). The placement reduced the convertible bond
principal by NOK 16.6 million ($1.7 million) in accordance with the amended bond terms (See Note 17). A further 454,542
shares were issued as an underwriting fee (See Note 24). In December, 5,690,970 shares were issued,
at NOK 3.00 per
share,
as the first tranche of a NOK 22 million private placement; the second tranche is a subsequent event (See Note 26).
Warrants
No warrants are outstanding as of 31 December 2025. Warrants A and B (exercise price NOK 0.15 per share) were issued
in connection with the September 2024 private placement. Warrants A were exercisable from 28 February to 13 March
2025;
17,258 were exercised and the remainder lapsed. Warrants B were exercisable from 31 March to 11 April 2025;
36,767 were exercised and the remainder lapsed.
The May Warrants (exercise price NOK 1.65 per share) lapsed on 4
June 2025.
The financial effect of warrants is presented in Note 17. Incentive subscription rights are presented in Note 23.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "value": "25. Other Operating Expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Sales and marketing activities
1,022
2,831
Legal, audit, accounting and other services
1,875
1,385
IT expenses
611
730
Travel expenses
35
26
Other operating expenses
2,142
2,318
Total other operating expenses
5,684
7,289
\n
Sales and marketing expenses decreased by $1.8 million, reflecting the Company\u2019s transition from a component to a
product supplier and the associated reduction in contractor activity. Legal, audit, and other accounting expenses
increased by $0.5 million, driven by legal proceedings in connection with Zwipe and the volume of capital-raising
transactions completed during 2025. Other operating expenses decreased by $0.2 million. Other operating expenses
included the provision of $400 thousand in connection with the legal proceedings with Alta Consulting.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "25. Other Operating Expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Amounts in $1000
2025
2024
Sales and marketing activities
1,022
2,831
Legal, audit, accounting and other services
1,875
1,385
IT expenses
611
730
Travel expenses
35
26
Other operating expenses
2,142
2,318
Total other operating expenses
5,684
7,289
\n
Sales and marketing expenses decreased by $1.8 million, reflecting the Company\u2019s transition from a component to a
product supplier and the associated reduction in contractor activity. Legal, audit, and other accounting expenses
increased by $0.5 million, driven by legal proceedings in connection with Zwipe and the volume of capital-raising
transactions completed during 2025. Other operating expenses decreased by $0.2 million. Other operating expenses
included the provision of $400 thousand in connection with the legal proceedings with Alta Consulting.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "26. Subsequent events
Bond conversion
On 9 January 2026, a bondholder exercised their right to convert NOK 5.0 million of the convertible bond issued on 22
December 2023, resulting in the issuance of 768,923 new shares at a conversion price of NOK 6.50 per share. Following
the conversion, the outstanding principal was NOK 28.3 million.
Approval of a private placement\u2019s second tranche
The second tranche of the private placement announced on 5 December 2025 was approved by the Company\u2019s EGM on
20 January 2026, comprising 1,642,363 new shares at NOK 3.00 per share, which have since been paid in full.
Payment dispute
In January 2026, the Company received a payment reminder from R\u00e6der Bing
.
The Company disputes the invoiced
amounts, asserting that certain services were rendered without a valid underlying agreement and that some services were
not ordered. The counterparty maintains that the invoices are valid. The matter remains unresolved. The full amount has
been recognised in the Company\u2019s 2025 financial statements, ref note 24.
Subscription rights grant
On 25 February 2026, the Board of Directors resolved to issue 4,650,000 incentive subscription rights to six employees
and individual contractors under the Company\u2019s 2025 incentive subscription rights plan, as approved at the Annual
General Meeting on 21 May 2025. The exercise price is NOK 5.75 per share for 90% of the granted shares and NOK 1.00
per share for the remaining 10%.
Private placement
On 5 March, 2026, the Company announced a NOK 90 million private placement and exclusive technology partnership
with ID Centric, a leading provider of biometric identity solutions in the Asia-Pacific region.
On 28 April, 2026, the Company and ID Centric have mutually agreed to not proceed with the previously announced
potential private placement of NOK 90 million. Accordingly, the contemplated Private Placement replaces the previously
announced private placement directed at ID Centric, allowing for a wider scope of investors, enabling the Company to
secure additional funding and to capitalize on the current market momentum. While the investment by ID Centric will not
be completed as expected, the parties will immediately enter into continued good faith negotiations to finalise a definitive
agreement on a commercial partnership regarding purchase of sensors. The Company's volume expectations under the
partnership with ID Centric remains unchanged. Michael Gardiner was elected to the board of directors of IDEX (the
\"Board\") in conjunction with the potential private placement towards ID Centric. Following the mutual understanding
between IDEX and ID Centric, Michael Gardiner has notified his resignation from the Board with immediate effect.
On 28 April, 2026 after market closed, IDEX successfully completed a private placement of 9,696,969 shares at NOK 8.25
per share, compared to the day\u2019s closing price of NOK 11 per share. The private placement is divided into two tranches.
Tranche 1 comprises up to 6,401,196 new shares. Tranche 2 will comprise the number of shares which, together with
Tranche 1, is required to raise the allocated gross proceeds. The shares issued in both tranches will be used to settle the
manager\u2019s redelivery obligation under a share lending agreement. The private placement is being carried out based on
authorisations granted by the extraordinary general meetings held on 20 January 2026 and 27 March 2026.
The board will also propose a subsequent rights offering (repair issue) of up to approximately NOK 20 million on the same
terms as in the private placement.
The Subsequent Offer may be subject to necessary resolutions by the general
meeting. If carried out, the size and structure of the Subsequent Offering shall be in line with market practice. Any
Subsequent Offering will be directed towards existing shareholders in the Company as of 28 April 2026
Convertible bond redemption
The Company has reached an agreement with the convertible bond holders to fully and finally settle the outstanding
Convertible Loan through a payment of NOK 22 million together with related legal expenses
Disclosure of settlement with former employee
On 2 October 2025, the Company was notified of legal proceedings by a former employee concerning termination terms
(see Note 16). Following further investigations and dialogue between Alta Consulting/Ms. Ekl\u00f6f and the Company, the
parties reached an amicable settlement. As the underlying conditions existed at the balance sheet date, the settlement
constitutes an adjusting event under IAS 10.
As of 13 March 2026, the settlement resulted in total payments of EUR 280 thousand and NOK 500 thousand in legal
costs. These amounts are consistent with the provision recognised at 31 December 2025, and no adjustment to the
provision has been made.
Other disclosures
There have been no other events after 31 December 2025 that have had a material impact on the Company\u2019s financial
position or results. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "IDEX Biometrics ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }