Good morning to IDEX Biometrics Q1 2026 results and business update. My name is Anders Storbråten, and I'm the CEO and CFO of IDEX.

Q1 2026 is an inflection point for IDEX Biometrics. We set out a strategy a year ago that we now see the results of.

Here are the business highlights and the financial highlights for the quarter and to date, and we will walk through each of these points in this presentation. There is an inflection point at IDEX with the launch of Mytos, which shifted the rules of enterprise authentication globally.

Mytos is only 7 weeks old, but it has created a lot of change in our business. Just to summarize, pre-Mytos, we thought that the way we authenticate ourselves is good enough.

It was fine to find patches to the systems, and budgets needed to be balanced because the risk was not perceived to be too high. Now in post-Mytos world, software-only authentication has been now exposed.

Mytos finds vulnerabilities faster than we can patch them. According to Mytos, we have approximately 6 months to find solutions that will be protective for the users.

Particularly in the US, they have established a project called Project Glasswing, where the 40 most important companies have gained access to the the model to figure out how they can use it to protect their systems. What has come now is that Mytos is saying that hardware-rooted, offline devices to to use for authentication is a prerequisite for safety going forward.

That is where IDEX fits in. We have a card that is is is a hardware, it's offline, and we also have the best biometric interface, or the sensor, in the world.

There is no network to is not attached to a network, there is no attacking surface, and very hard for for for hackers to to exploit. We think that we feel that our engagement with our customers have changed dramatically because now they understand that they need to do something fundamentally to protect their business.

Hardware-rooted devices, such as IDEX Biometric Card, which is offline and with biometric fingerprint, is fits very well into their existing systems. That's why we're seeing a big uptake in number in activities and pilots since the launch of Mytos.

Here we see that for the period, we are now up to 7 pilots, including Telenor Cyber Defence and StormGeo, familiar names up here in Norway. Two of them are currently live, and we are launching more pilots throughout the summer.

The uptake is, as we said, based on tailwind from Mytos, and also our that our products has now been certified by FIDO2. This basically means that we we solve problems for enterprises and governments who is looking to eliminate phishing, shoulder surfing, and most importantly, consolidate physical and digital access, meaning that you have 1 card, 1 ID card with you that you use to log in to your computers, but also to access the building, physical premises.

Previously we had announced pilots with a Norwegian real estate company, and also a government institution. They are still progressing, but somewhat delayed because of third-party suppliers, but they will be rolled out during the summer.

Typically we see that when we deploy a pilot is that it takes 2 to 4 months for that to be fully tested and deployed full scale. Our pipeline is both with private institutions and public sectors, and is primarily here in in Norway, but we also have pilots live in the EU.

IDCentric partnership has been restructured, and the original deal that we had back in March 2027 was a combination between a commercial order and also a private placement. We did mutually agree that we will cancelling the investment, but we remained committed to finalize the commercial agreement, and that was signed now in May.

There are no changes to the commercial terms of that deal. They are we are IDEX is exclusive sensor supplier for IDCentric's cards in the in APAC.

Another thing is that the even though that the margins are thin, the cash flow is is is is good from that partnership, and also that we have working together on the technology and the supply chain to reduce costs for our components going forward. We did replace now that equity investment with a with a private placement done in April.

We raised gross 18 million kroner, and we come back to the to that a little bit later. Channel partners is important to scale a business like IDEX.

We have added 8 new channel partners in this year. We are up to total 9.

This gives us a great access to to customers, both in Europe, Norway, and and also in Asia. They have huge customer bases, and they are actively deploying our products to their customer base to launch pilots.

The most prominent ones are listed to the 1 box to the right: Infinigate, one of Europe's leading cybersecurity resellers; AdvanIDe, which is the largest global distributor of NXP's semiconductors chips, which is fundamental for the MIFARE DESFire; and we have Buypass and CardLogic, which is the leading Norwegian distributor of cards. I would also like to highlight the partner model is is is really strong.

We have already won, not named here, leading European card manufacturer who is running an IDEX pilot, as we speak, with a European government institution. Buypass is a value-added reseller, well known up here in Norway, huge user base, but very important, has the highest level of of security.

They are at the eIDAS level, and which is a European standard that now IDEX will be compliant with. We fit very well into their product offering, and we are going out together to customers.

On the backlog and revenues, this was an inflection point for us in the order book at standing at 23 million Norwegian kroner. That was driven by IDC order, but also more other orders are following.

All of this backlog is to be delivered in 2026. Revenue recognition to the right will be, of course, based on on when we are actually sending the shipments and when the pilots are going into a full-scale deployment.

We're expecting a good growth there throughout the year. Gross margin, as we see, it's standing at 58% for the quarter.

It's driven by commercial sensor orders, but as we have communicated earlier this year, and the reason why we are selling our own access card will give us a better gross margin profile going forward. OPEX, we set out to reduce costs last year.

OPEX is down 44% year-on-year, flat over the quarter. We have no capitalized R&D in our in this overview.

We do expect maybe some kind of, as we invest into to growth, there might be some short-term OPEX changes. EBITDA, lowest in a long time.

Now with the with the business setup, we have great operational leverage. As we are monetizing our pilots, we should see strong improvement in our in our EBITDA, and also cash flow going forward.

Cash position: we started the quarter at 1.4 million. We did the equity raise back in April.

We restructured the cap structure with paying off the Heights convertible loan and also shareholder loans. At the we are now at 50 million kroner.

As you have seen, we also did a private placement this morning, the number post that should be approximately 70 million kroner. Outlook: now this is the first quarter where we have secured pilots.

We make sure that our distribution partners have what they what they require from us to to go to their customers with materials, resources, and and products. That will scale throughout the years throughout the year.

There are a lot of orders in the process already for Q2, but as as we're writing here, quarterly revenue recognition will reflect upon when the when the shipment actually is completed. Yeah.

We have we are continuing on a weekly basis to to sign up more pilots. We we see strong interest post-Mytos, we should be able to see a strong growth throughout the year in this one, and convert them into full-scale orders.

We are also there's a lot of things going on at IDEX at the moment, which we're not disclosing in this call, but there are new strategic partnerships with with resellers, integrators, and OEMs, each will add to our strength in and scaling the business throughout 2026. That's finishes today's presentation.

Any questions? Then we are thanking for the today's presentation, and we see you again in Q2 2026.