By Lisa Thompson
OSLO:IDEX.OL
READ THE FULL IDEX.OL RESEARCH REPORT
Forecasted revenues slipped again as IDEX (OSLO:IDEX.OL) did not get its full Mastercard approval for its IDEX Pay solution until August 30th. Q4 should be flat with Q3, but the company expects another three to five of its 20 card manufacturer customers to get their Mastercard certification during the quarter. While the first manufacturer to get certified (in October) did not want its name released, we expect the rest will have no problem releasing names and we expect press releases in Q4. IDEX has already built inventory for expected orders and given the supply chain has plenty of capacity, will be able to increase inventory turns freeing up cash.
Although revenues were up year over year, they slipped sequentially. While all remaining customers took more product, the Bloomberg contract ended permanently in Q2. We look to 2024 for sales to meaningfully ramp.
The company has up to 20 card manufacturer customers and eight security partners all rolling out product to their end customers. Metal card providers are particularly keen on using biometric cards as biometrics are the latest and greatest technology to wow consumers. Look here for the first rollout, especially in Asia.

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