Technology company Fingerprint Cards reported increased revenue in the third quarter compared to the same period last year, while also reducing its operating loss.
"Strong revenue growth, record-high gross margin, and continued progress toward positive cash flow," CEO Adam Philpott began.
Revenue rose by 34.2 percent to SEK 20.4 million (15.2).
Gross profit amounted to SEK 14.0 million (8.5), with a gross margin of 68.6 percent (55.9). Excluding license revenue from Egis Technology, the margin was approximately 58 percent.
EBITDA was -SEK 9.8 million (-40.8).
Adjusted EBITDA amounted to -SEK 9.8 million (-40.8).
"With a streamlined cost base and disciplined execution, we continued to improve our key financial metrics. EBITDA and cash flow from operating activities improved both sequentially and year-on-year, demonstrating that we are steadily moving toward positive EBITDA and cash flow," said CEO Adam Philpott.
Operating result was -SEK 18.8 million (-246.6).
Result after tax for continuing operations was -SEK 16.8 million (-271.1).
Cash flow from operating activities amounted to -SEK 2.0 million (-25.0).
"Sales of the AllKey product family strengthened during the quarter, reflecting customers' increased demand for our most integrated biometric solution to date--a testament to our successful transition from sensors to higher-value systems," Philpott added.
Fingerprint Cards AB (Fingerprint Cards) is a Sweden-based technology company, which develops, produces and markets biometric technology, which, through analysis and matching of an individualâs unique fingerprint, verifies the personâs identity. The technology consists of biometric sensors, processors, algorithms and modules that can be used separately or combined. The Companyâs product portfolio includes the FPC1011F Area and FPC1080A Swipe sensors, FPV2020 biometric processor, FPC-AM3 biometric module, FPC-BUND and FPC-AMD3 prototyping area development kits (DevKits), and FPC-SSK and SPC-SAK prototyping swipe DevKits, among others. As of December 31, 2011, the Company had one wholly owned subsidiary, namely Fingerprint Security System Databarare AB. As of December 31, 2011, the Company's two largest shareholders were Solrosen AB (22.05%) and Forsakringsaktiebolaget Avanza Pension (5.74%). In May 2014, it acquired all outstanding shares of Anacatum Design AB.
