IDEX Biometrics ASA - Private Placement successfully placed – 15 May 2024

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Oslo, 15 May 2024.

Reference is made to the press release from IDEX Biometrics ASA ("IDEX" or the "Company") published earlier today, 15 May 2024, regarding a contemplated private placement of new shares in the Company (the "Offer Shares") to raise gross proceeds of NOK 40-50 million (the "Private Placement").

The Private Placement has been successfully placed. The transaction attracted strong interest and was significantly oversubscribed. On this basis, the Private Placement was upsized to NOK 55 million, through the issue of 33,333,333 new shares (the "Offer Shares") at a price of NOK 1.65 per Offer Share (the "Offer Price").

The net proceeds from the Private Placement will be used to fund the Company’s commercialization phase, necessary product development and market development expenses, working capital requirements, as well as other general corporate purposes.

The Company is also taking further actions to improve efficiencies as the Company progresses to a commercial phase. This further allows for streamlining the organisation, and in line with previous communication the Company expects to be below USD 4.0m in quarterly opex on a run-rate basis from the end of June 2024. Further adding to this, the Company expects to be below USD 3.0m in quarterly cash opex on a run-rate basis by the end of September 2024, with a target to reach approximately USD 2.5m in quarterly cash opex. A lower cost base combined with improved commercial momentum implies the Company is making important steps to reach profitability.

The Company is publishing its interim report for the first quarter of 2024 on 16 May 2024. The highlights from the report are summarized below:

First quarter achievements:

• Bank launch announcements with IDEX Pay in Asia and Europe
  • DenizBank, Turkey
  • Mutual Trust Bank, Bangladesh
  • Issuer with solution for visually impaired, UK
  • Opening new market in South Asia with a challenger bank
• Mobile enrolment SDK solution in market
• Market expansion of IDEX Access with AuthenTrend and Sentry
• Large South Asian card manufacturing partner for IDEX Pay and IDEX Access
• Biometric metal cards with CompoSecure

Financials: