IDEX BIOMETRICS ASA REVISES ITS BUSINESS STRATEGY PLAN AND MAKES CHANGES IN MANAGEMENT

Core Insights - IDEX Biometrics ASA has initiated a strategic review due to low revenues and a lack of revenue-generating agreements in Q4 2024, leading to a fundamental shift in its market approach [1] - The company has identified unique competitive advantages in its biometric Access technology, positioning itself to offer a comprehensive product line to customers and channel partners [2][3] - IDEX Access is expected to provide better monetization opportunities without heavy reliance on third-party market adoption, allowing the company to control the product, customer journey, and pricing [3] Business Strategy - The company will focus on launching the IDEX Multiuse Access Card, targeting both logical and physical access markets, with an anticipated launch in Q3 2025 [4] - While emphasizing the access market, IDEX will continue to maintain its presence in the payment market [4] Management Changes - The Board has decided to change management, appointing Anders Storbråten as the new CEO, who has extensive experience in technology companies and investment banking [5] - The restructuring will involve organizational and budgetary changes, including a reduction in the cost base and reallocation of resources to maximize return on investment [6] Organizational Focus - IDEX aims to align and energize the organization with clearly defined objectives and key results (OKRs) for each individual [7] - The company will enhance communication with shareholders, focusing on transparency and providing ongoing status reports on its commercial rollout [7]