Next Biometrics Group ASA
OSE:NEXT
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Next Biometrics Group ASA
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So good morning, everyone, and welcome to NEXT Biometrics Quarter 2 2020 Conference Call. We are utilizing a new service for this call. So in our cost reduction program, we have also found ways to dramatically decrease the cost for even these kind of services. So we will not be able to show and demonstrate the slides online today, but you can find the slides. But I will wait for maybe a minute more to make sure that everyone is connected before we get started.All right. Now I hear that we should have what I can see as most of the attendees with us online. So once again, welcome to NEXT Biometrics quarter 2 report and this conference call. Today, you will have me, Peter Heuman, here online. And we also have with us our CFO, Eirik Underthun. And Eirik and me will guide you through today's presentation. The presentation you can find on nextbiometrics.com under Investor Relations, and they're under Reports, Financial Reporting. You are also welcome to send your questions directly to events@nextbiometrics.com. And I see we have received a few questions. So we will, at the end, come back to this during the Q&A session. I think the presentation will take approximately 20 minutes, and we will soon get to the agenda. Before we do that, I just want to start off this conference call with summarizing a little bit, and I would like to say that, I think, I find this a mixed quarter in the middle of our transformation of NEXT Biometrics. So even though the revenue is up from what we find an important turnaround point, and that is the quarter 4 in 2019 when we initiated the whole turnaround of the company, so we are up in revenue with 48%. And of course, we are a little bit lower than we were hoping. We have been fighting in a tough global environment during quarter 2, like many other companies, with the health pandemic. So I still think that we are, from the low point, performing in a decent direction, even though we will never be satisfied until we have high levels of revenues and also providing gross margins within our target range that we have communicated.But on the other hand, in the quarter, I think we have demonstrated that we execute well according to plan when it comes to our cost reduction and improved OpEx levels. We are actually now down more than 50% compared to quarter 4 in 2019. And we already know, and you will be able to see, that we will go down even further during quarter 3 and quarter 4. And we're well on our way to reach the target that we have communicated on cost level of NOK 5 million per month during quarter 4.So I think it's a bit of a mixed quarter, and we will, me and Eirik, today now try to run you through this presentation. So if you want, you can now go to the agenda slide. So you can see here that we will start off today with a little recap of the fundraising and important activities that happened and -- during quarter 2. We will then take a recap and then status update on the business transformation. And at the end, we will, of course, run through all the important details and numbers of this quarter 2 report. So with that, I would like you to proceed to the slide called Fundraising Completed. So I think one of the most important items during quarter 2 and by the end of quarter 2 was, of course, the fundraising activity. The background to this was, of course, that when we entered the company here, me as a new CEO, Eirik a little bit later, we quickly saw that the company was more or less collapsing in revenue and did not -- and had spent over years substantial amount of money in R&D developing some great products, but we're also lacking near and mid-term revenue focus of selling these products. And I think this, in combination with potentially increase even and plan to increase costs, made it inevitable for me and Eirik and the new team to do something if we did not make sure that we lower cost and then start to shift the focus of the company. And we have now managed them together with both existing and new shareholders. So the first -- and the way we did this was to make a private placement of 25 million shares at NOK 2 per share, so that raised NOK 50 million, and it was an oversubscribed private placement. We had both participants from some of our largest shareholders, existing and also many new. And subsequent to that, we also opened up on the same parameters for all existing shareholders in a repair issue where we brought in approximately NOK 11 million.We believe that these 2 completed equity issues, combined with the implementation and how we are tracking the turnaround and transformation of the company, is expected to substantially lengthen the runway and the financial runway for us. And we now have a little bit of money to -- and we have the products to actually start to execute, and we have implemented a much stronger near and mid-term revenue focus, and that's what we are now trying to accelerate. So with that, I would like you to go to the next slide, which is a recap of where we are with the business transformation and the turnaround of the company. We have 3 slides on this, and I will try to run them through with you. So now we are on the slide with the header Current Transformation Recap & Update. Since we have some new shareholders also participating and who participated in the equity raising here, we just want to quickly run this slide by you.So if we look historically, quarter 4, that was when we initiated the turnaround with a focus on accelerating growth, lowering costs and to improve our customer centricity overall in the company. We inherited a company with a very high cost levels. We were doing more or less everything in-house. It was a rather complex structure with many legal entities and a large share of employees in high-cost countries. I don't think that's fit for a company where you sell products, hardware -- mainly hardware products and where it historically has been difficult to at least provide healthy gross margins, but where we see potential. Remaining cash was not sufficient given this legacy cost and structure of the company. And like I said, sales and marketing strategy was mainly focused on payment cards with a low near-term revenue potential, which is very then difficult for a company who will be in desperate need of revenues in the near and short term. And there was also a lack of recurring revenue focus and rather low conversion in the pipeline funnel from leads to signed deals. And fairly normal, it was a very cost plus-focused pricing that then provides low margins.So where are we now in quarter 2 of 2020? So a little bit less than half a year later, we have now reduced cost levels through outsourcing part of our organization, and we have a much higher share of employees in low-cost countries versus high-cost countries. We have implemented numerous efficiency measures. And even though you will see that we demonstrate and that we have lowered our costs substantially already from quarter 4, we can already promise you that you're going to see even lower numbers already in quarter 3 and quarter 4 on this year running through in our income statement.We have then managed to recapitalize the company with cash reserves and improved financial runway. We have revised our go-to-market. So now we -- our main focus for the near and mid-term is with the PC manufacturers. It's in India. It's with biometric hardware manufacturers within Access Control, Point of Sales, Financial Inclusion. And we do that, and we have a very well fitted sensor, which is the larger-sized FAP20 Sensor that we got certified by FBI and which is extremely good position from a technology point of view somewhere between the capacitive sensor, small-sized capacitive sensor and the larger-sized optical sensors. We are very well positioned from a pricing perspective and from a form factor perspective. We have then also established a very much improved sales pipeline and the momentum. But we need to be transparent with you and say that this COVID global situation, I wouldn't say that's a showstopper, but it is a source of delaying already fairly long sales cycles that we have in this industry. But that, once again, we don't see that it's stopping anything, but it's delaying because even if our customers need to integrate technology, use test equipment, et cetera, and they are not allowed to, for example, go to their offices and use that equipment at certain stages when the countries are in lockdown, et cetera, of course, that's going to delay. It doesn't risk our deal, but it delays our deals. But we do believe that this transformation and turnaround of the company and the activities and the measures that we have taken so far, providing us with lower cost levels and we have a much improved margin outlook, this will significantly lower the required revenues for NEXT Biometrics to reach breakeven. So I think we're well on our way. And there are 2 main items to this, of course. The one is to accelerate the revenue with good gross margins and then to keep a good cost control. And we will now run through those two.And so we can go to the next slide. The header on that slide is Improved sales pipeline; Q3 revenues higher than -- quarter 3 revenues higher than quarter 2 of 2020. So during quarter 2, achievements to date, we have FAP20 deals with recurring potential. So we have initial deals of FAP20, our high-margin, good-positioned sensor. We have the one that with -- and developed that with an Asia Point of Sales vendor. They have placed their first orders, initial orders, and we have good hopes that we're going to see more orders coming on a more regular basis on this POS vendor that can positively affect us. We also have announced the first FAP20 HW biometric device with a partner from the U.S. This device is planned to be launched in the later part of quarter 3 from this U.S. company, and they have designed in our FAP20 Sensor in their next-generation device. And we have good hopes that when they start to sell this device through their partners, that the demand for our FAP20 then will increase from quarter 4 and onwards. We are also in dialogues with some of our current PC manufacturers for some new projects to be launched during 2021. And you might have seen as well that we have won several tenders in India, even though the India activities has been much lower for quite some time during this COVID situation and where India has been on a lockdown for -- during several occasions.But if you look at quarter 2 and what I said, it's a little bit mixed quarter. We would like to guide you that we have a strong PC order book already for quarter 3. I believe the COVID situation, if we see something positive from it, is that a lot of people are working from home, so for some. And for some of our PC manufacturer customers, they see an increased demand and that provides an increased demand for us. So we have a positive order book going into quarter 3 and quarter 4 from some of our customers.We have multiple FAP20 deals that the sales force now have managed to push forward in our funnel and where some of them, as explained, have recurring potential. And we have several of them in advanced stages, and we just need to see here what the initial orders will be versus how much the recurring potential will be. And I would say that shipped quarter 3 volumes are in line with our budgets and plans. And again, to summarize, quarter 3 revenues will exceed -- quarter 3 revenues will exceed quarter 2 revenues.All right. So that was on the growth side. Now we will go to the next slide, which is the -- within the transformation. This slide has had their cost reduction program substantially completed. And I would like to summarize this slide by saying that you can see here that we are actually -- we can demonstrate that already in quarter 2, we are at a 50% lower OpEx level compared to quarter 4 2019. And we are steadily going down, and we already know and can guide you that you're going to see even lower numbers in quarter 3 and then quarter 4. It is based on -- so we are currently in this report on NOK 22 million, NOK 23 million for the quarter, but a lot of activities were also taking place during quarter 2. So we already -- that's why we already know and have forecast for what you -- what we will be able to demonstrate for you in the quarter 3 and quarter 4 report.So during the quarter, it's been an acceleration of the continued execution of cost reduction measures. We reached our wanted headcount target already at the end -- before the end of June. We've been canceling and renegotiating a lot of external service agreements, and that's implemented. We have selected an outsourcing partner, and this is mainly for our software department that we had internally before. We have done this to improve efficiencies and scalability potentials when we -- when we start to grow the company. We are also putting limitations on exactly where we spend R&D money, and we do that on prioritized products with near and mid-term sales potential. But I think the overall message I want to provide is that we are already at around 50% lower OpEx level compared to quarter 4, and we are -- we can already now say that it's heading in a very good direction. And I would say that 85% of the cost-out activities are completed already in terms of activities. So we are well on our way to reach the target that we have communicated to our shareholders here, reaching the target of NOK 15 million per quarter.So with that, I think I will hand over to Eirik to run you through a couple of slides with the details of the quarter 2 report, and I will come back at the end with a summary.
Thank you, Peter. This is Eirik Underthun speaking. I'm now at Slide 8. The heading is Quarterly Highlights. So revenues were NOK 13.6 million in the quarter, which is up 48% relative to quarter 4 2019. The gross margin in the quarter was 13%. The EBITDA, excluding options, was minus NOK 23 million. During the quarter, we had nonrecurring costs of NOK 8.3 million, and these were mainly related to noncash impairment losses. The cash position was NOK 97.8 million as per 30 June.I'll now turn to Slide 9, and the heading on this slide is Key Figures Q2-2020. And on the left side, you can see the table with the development on the revenue. And as you can see, the revenue in quarter 1 was substantially up from quarter 4 2019, while we're now a little bit down from quarter 1 at NOK 13.6 million. The gross margin went from 17% in quarter 1 to 13% in quarter 2, and it's improved from minus 2% in quarter 4 2019. And the gross margin is very much dependent on the production volume and the product mix we experienced in the quarter. And currently, as we have earlier communicated where we have some fixed costs that are reported on the gross margin, so that's contributing to the fact that we are a little bit below, let's say, historical trend on gross margin. But as Peter alluded to, we have plans to -- how to increase the gross margin and this by introducing new products and increasing the revenue at the same time. When it comes to the OpEx, as Peter commented, it's substantially down. Now it's NOK 23.7 million versus NOK 44 million in quarter 4 2019. So we have a number of cost reduction measures in the pipeline, and obviously, some of this is going to take some time to come through. But as you would understand, we had a reduction of the number of employees during the quarter, and some of that reduction were effective in May and also some of that reflect reduction was effective 1st of July this year. So coming into quarter 3, we have 33 employees and substantially lower cost -- recurring cost level than we had when we started the quarter. This accounts both from the reduction in the number of employees, but also cancellation and renegotiation of supplier agreements that we have both for general supplies for our production and products, but also for our offices and business services. The EBITDA ex options was improved by NOK 21 million compared to quarter 4 2019. When it comes to the impairment losses, these were NOK 6.6 million of the nonrecurring costs that we mentioned earlier, and these were resulting from a general review of assets during quarter 2.Then I turn back to Peter, who will guide you through the Q2 summary.
All right. Yes. Thank you, Eirik. And when I start this summary, I will try to lean towards what Eirik concluded here. And so we -- I think we are well executed and well on our way to reach the cost level targets. During quarter 2, we also have taken the measures due to the many of the changes that we have done, both in legal entities, in outsourcing, et cetera. We also took the chance to actually actively clean up part of the balance sheet to make sure that we have even lower cost levels going from this point onwards and also an even cleaner balance sheet. So I think that's my summary of where Eirik ended up there. Just trying to keep to some of the dimensions that we communicated to all shareholders earlier here during the quarters. So when it comes to the tangible growth agenda, for the quarter, it's a mixed bag. We are still up 48% compared to the low point, so I think that's positive. But don't worry, we are not satisfied with that. And we know already that quarter 3 will be better than quarter 2.We have gotten our first order of the FAP20 Sensors, also now with the U.S. hardware manufacturer where we have high hopes that, that's going to start to drive from quarter 4 and onwards some recurring revenues for us with a good margin. And like I described, I think the sales organization's focus right now is really on driving revenues, driving higher margins and also to drive recurring revenues. And I think we are having a good momentum. But like we said, and I think everyone can understand that the COVID situation globally is not stopping us, but it's unfortunately delaying part of the deals.You can also be aware that we are on -- like I would say, we are fighting to make sure that we get our -- that we accelerate our growth. On the levels where we are right now, we have in our pipe, some, I would call it, almost swinging deals. We hope that we will be able to introduce some of them to you during this quarter and quarter 4, and it's just a -- on the levels we are right now, they can dramatically change the quarter from a positive perspective. Then it's one way when they can communicate that we have the deal versus when we can book the revenue. But I find it positive, and that's what I mean that I see a positive momentum in our growth agenda. The customer-centric part is more a cultural part of the company, but I believe it's immensely important that we stay very close to customers, very service-oriented. I think this has started to yield some effect, and we are, like I said earlier, in -- actually working with an existing customer, actually funding a dedicated product and development of a solution that we are working on for them. And as the COVID situation continues globally, we have also secured our customer service levels as well as the health of our employees that differs throughout different regions of the world. When it comes to resource and capital allocation, I don't think it's much new compared to what we have said before. I think the biggest news is that, of course, we are executing well on this balance and that we are keeping -- we have resources and capital right now very much geared towards near and mid-term growth. But at the same time, keeping a good cost control. And by that, we have also outsourced our software development organization to an external party, and that was completed here during quarter 2. So I think that's an important milestone, and it provides us with lower cost, much lower risks and, at the same time, a much better way in creating efficiencies as well as providing potential to start to scale up in a fast way. We have improved -- and Eirik and the team has really, with all the measures they've taken, improved the working capital management.At the end, capital, that's how we started this presentation today. But -- so we secured through the equity issues, both of them. We are very thankful to both, all existing shareholders as well as our new shareholders, who put their belief in NEXT Biometrics. And we are very thankful for that, and we are going to do everything we can to make sure that this becomes a fantastic company and a good investment. We have also received during the quarter a $1 million very favorable loan from the U.S. government related to the COVID situation. And with that, I think we can take the ending slide before we go to the Q&A, and that just states the current position. So the header is Current Position. And as you can see here, and I think I have that in the CEO wording as well, that NEXT Biometric is now actually leaner and fitter than ever before. And with the improved margin outlook from the great products that we can actually sell here and now, this will significantly lower the required revenue for breakeven. And you can count on that we are going to do everything in our power to make this successful.So with that, our presentation is done, and we will turn to the Q&A. I know we have received a few questions. And Eirik, potentially, you can -- can you read them for me, the questions? And I can see if you and I should try to answer them.
Yes. You're saying you're lowering the breakeven point for revenue and that you're lowering the operating expense for the company. Could you please elaborate on this, how -- what's your plan to break even for the company? And do you have any timing estimate on this?
Yes. I am not going to guide on exact timing or anything because that is nothing we have communicated to every shareholder, et cetera. But I think what I can try to animate here is a picture of numbers that we have communicated to everyone. So if you look at it and if you compare with a -- if you take the OpEx levels historically versus the target that we are heading towards, if you run on a NOK 45 million per quarter cost or NOK 50 million, on a yearly basis, NOK 50 million per quarter, that's going to be NOK 60 million, NOK 45 million, NOK 50 million per quarter is going to be almost NOK 200 million. If like we have then communicated that we believe that we should have a gross margin somewhere between 35% and 40%, that's something we have communicated. Yes, then we can calculate quite easily that with the new setup that we have in front of us right now, it's, without saying, going into every detail, but ballpark. You need around NOK 150 million within that gross margin target, and you will cover that OpEx. If you look at running on NOK 200 million OpEx with similar or maybe even less margins, as it looks historically, you need up towards NOK 800 million in revenue to actually then reach breakeven. So I think with the measures we have taken and if we can accelerate and reach the targets that we clearly have communicated, it shouldn't take much more than NOK 150 million to make sure we reach breakeven. And much -- exactly when, et cetera, I don't want to allude to but I think this is sort of the thinking behind it. And I think it's in line with what we have communicated.
Yes. There's another question here. You have close to NOK 100 million in cash. And then if you look at the balance sheet, there is NOK 56 million in liabilities. Do you have enough cash? And how will this work out?
Yes. I can try to answer this. But Eirik, maybe you would like to take your balance sheet question?
Okay. Yes, certainly. There is certain balance sheet items on the current asset side and then you also have on the liabilities side. And some of these liabilities, they would stay there. And the same with -- as we progress, with our production and sales, we will have new accounts receivable. We will collect on the accounts receivables, and then we will pay our vendors and so on and we will pay salaries to our employees and so on. So this is not -- even though we have NOK 50 million or NOK 56 million on our liability, this won't go to 0. It might go a little bit down as we progress through this year and next year as we bring down the cost level in the company. But as Peter alluded to, we are expecting increased revenues and improved margins. So this -- the ongoing, let's say, cash flow -- for operating cash flow from every quarter will gradually improve. So we think this will balance out over time and that we have a financial runway that extends quite far into the future. Would you add to something on that, Peter?
No, I think that's rather well put. So a lot of the solution for the company is in now accelerating the growth and providing decent margins, et cetera. And I think we have the cash to do that and the runway to do that. And that's the time frame and the stress that we should have as a company. But we have that outlined for us now, and now it's up to us to make sure that we demonstrate that in the dialogues and with this improved momentum and that we demonstrate through the coming quarters that we are accelerating revenues, we are improving gross margins. Then there's more cash coming in, and the balance sheet will be effectively and positively out of that. So I think it's well put.
Thank you. So there's another question here. Does the outsourcing of the software secure that the software will still be owned by NEXT?
Yes. Straightforward, we own all IPRs and the stack of software that belongs to us or that we produce even through the outsourced party is -- that belongs to NEXT Biometrics. All IPs, everything, codes, that belongs to us, absolutely.
Okay. There's another question. It's good that you're making all the cost savings to reduce expenses. But for me, it's only -- one thing that matters is sales and marketing. And could you say something about the number of prospects, the quality of the prospects and more details about quarter 3 and how the prospect or the advanced discussions with the clients for expected order in quarter 3 and quarter 4?
Yes. And this is a very good question, and I think it's right on point to where -- to start with, I would fully agree that sales and marketing, and let me start by maybe marketing. I would say that we are not the most modern company when it comes to. I have had several shareholders actually e-mailed me about, for example, our website. I couldn't agree more with you, but I have also told some of you that this, I fully agree. But since I started, I've had it as a priority, but it has not been on the -- on top of the list, so to speak. But now with the measures taken and the activity is going and with a better momentum in our pipeline and with executing on cost levels, we actually have a project internally where we look over our marketing activities. That's one. You're going to hear more about that during the second half of this year and potentially see something as well in a positive direction.When it comes to details about quarter 3, quarter 4 and the good question here related to more details, it is a good question because this is exactly what we need to be focused on. I hope we demonstrate that throughout this call that, that's what we are doing now with a very near and mid-term focus. The guiding that we do is, right now, just that quarter 3 will be providing higher revenue compared to quarter 2. But there are also so many aspects in our funnel and with our -- both existing, but primarily with our new potential partners and customers that on the rather low levels of revenue we are right now, this can really swing the quarters. But when I say that, I mean more from a positive point of view. We have a very good visibility on kind of a base case, secured revenue shipments. But we also have some positive potential new customers that can swing the quarters even further positively. But I don't want to go in anymore, make any promises that I cannot fulfill, et cetera. So I'm just saying that I feel confident we have a better momentum, we have a good base case, we are guiding that quarter 3 will be higher, but I don't want to say anything exactly how much, et cetera. But I do believe we draw the line. And if you look at where we started this transformation in quarter 4 and where the revenues were pointing at that time, and in combination with our quarter 1, quarter 2 and already know in quarter 3 is going to be better, I think the arrow is starting to point somewhat in the right direction there. But we're going to focus very hard on this, in combination with gradually improving the gross margin towards also that communicated target. And I don't think I should say too much more regarding that.
There's another question from the same investor. Who are the largest competitors of NEXT?
That's a good question. And it varies quite a lot in the different market segments and also in the different markets from a geographical point of view. But I can mention a few of them that I know that we are meeting in dialogues quite a lot and in different parts of the world. But it is actually -- and probably no surprises, you have MANTRA, StarTech, for example, in India. You have Sequoia. You have HID, Crossmatch, Synaptics. Those are the kind of companies that we come across quite a lot in dialogues with potential customers. Some might believe that we meet fingerprint cards, Goodix and these companies, but they are mainly with capacitive technologies focused on the smartphone segment where we are not. So historically, I wouldn't say these are our biggest competitors. We are working in different segments. So I think that at least gives a little bit of a view of who we are up against in certain areas, in segments, market segments or in geographical regions.
Yes. Good. There's another question just come -- which just came in. Can you please elaborate a bit about development in NEXT Biometrics within the smart card space. In extent, what's the progress you're seeing with payment cards? Any updates from your partners in that area in terms of technology and projects?
But -- first of all, the NEXT Biometrics view, currently, like we have communicated, is that we need to be very focused on near and mid-term revenues. And you can quite easily see globally that there are no large near-term revenues or mid-term revenues coming from the payment card area. Even though there is a lot of buzz, there is a lot of activity ongoing, I think there's currently around 20 pilot projects around the world with different banks. There is maybe one trial live in a country. So far, the card manufacturers have decided to go for very small capacitive sensors, something that we from NEXT do not provide. So we don't have this ongoing as a main priority when it comes to payment cards for the near and short term. And let's see because is it one thing and then maybe you come more into my own opinion as a CEO and with my background, I'm pretty sure this is going to take a lot longer than most people expect before you see a full adoption globally of biometric payment cards. And the question is also what that -- what kind of revenues that will drive to the sensor companies, what kind of potential margins in -- than mass market, consumer product solution with a lot of requirements around it. And -- but leaving that, so -- and just a general focus, what we are focused on is still our flexible sensors, our both contact and contactless solutions within smart card. There are a few companies in the world who are actually very focused on a much broader smart card segment, and some of them have very good ideas for how this can be done. Some of them are quite far in very interesting projects, which is, for a company like NEXT, in potentially large volumes. And with the price sensitivity, it's much, much lower due to the much higher intelligence put in those smart cards and the environments and the segments that they are planned to be launched. And here, we have a high security, both rigid and flexible sensors that, in large quantities, could be very interesting for us. So it is a focus. It's just that, that's also fairly early-stage market. And we need to -- where we are right now and with the funding we have, we need to be very balanced on how we prioritize these. But we are, for example, in dialogues with an interesting company when it comes to smart card, and they are interested in our sensor. And they have some very interesting projects. But at the same time, a large portion of our sales force has to be extremely focused on the near and mid-term growth agenda that we need to deliver now every quarter going forward. So it's a balance. So I think the shift that has happened within NEXT, just so we are clear, since you and I got in here, Eirik, will be that we are less focused on payment cards. We are focused on the broader smart card market, but we are extremely focused on near and mid-term revenue and growth with the great products that we have. So I think that's a little bit of trying to guide how we look at this.
There are no more questions at the moment.
All right. So if there's not, then we say thank you to all participants. And if you would have further questions, feel free to e-mail myself, Eirik, or you can also e-mail to events@nextbiometrics.com, and we will try to follow up with you after the meeting. So with that, I think we conclude the meeting, and we say thank you, everyone, for participating.