The report is available as an online version and as a PDF.
"Growing AllKey momentum and improved earnings and cash flow mark an important step as we focus the company on scalable, profitable growth." - Adam Philpott, CEO
Highlights
- For full-year 2025, revenue increased by 30 percent (40 percent in constant currency), while revenue in Q4 2025 decreased by 4 percent compared to Q4 2024 due to currency effects (up 9 percent in constant currency).
- EBITDA in the fourth quarter of 2025 improved to a positive SEK 0.4 M, compared to a negative SEK 27.6 M in the corresponding period last year.
- Launched FPC AllKey Ultra, expanding the AllKey lineup with a Secure Element variant.
Fourth quarter of 2025
- Revenues amounted to SEK 23.8 M (24.6)
- The gross margin was 65.8 percent (65.5)
- EBITDA amounted to a positive SEK 0.4 M (neg: 27.6)
- The operating result was negative SEK 9.6 M (neg: 38.0)
- Earnings per share before and after dilution amounted to negative SEK 2.03 (neg: 18.40) **
- Cash flow from operating activities was positive SEK 0.9 M* (neg: 45.6), including a negative SEK 2.3 M attributable to discontinued operations
January - December 2025
- Revenues amounted to SEK 78.2 M (60.2)
- The gross margin was 60.7 percent (60.9)
- EBITDA amounted to negative SEK 19.1 M (neg: 181.8)
- The operating result was negative SEK 59.2 M (neg: 421.1)
- Earnings per share before and after dilution amounted to negative SEK 8.31 (neg: 278,18) **
- Cash flow from operating activities was negative SEK 55.9 M* (neg: 207.6), including a negative SEK 17.5 M attributable to discontinued operations
- The Board proposes to the Annual General Meeting that no dividend be paid for the 2025 financial year
* Including discontinued operations.
** Adjusted to reflect the reverse share split completed in September 2025.
CEO's comments
Full-year and Q4 summary
For full-year 2025, revenue was SEK 78.2 M (60.2) with a gross margin of 60.7% (60.9) and EBITDA of SEK -19.1 M (-181.8). The year reflects materially improved operating performance, driven by strong transformation execution, tighter focus, and disciplined asset monetization alongside product sales.
We simplified the business and concentrated resources on key high-impact priorities. In parallel, we executed multiple asset monetization transactions, including licensing agreements with Smart Eye (iris), Egis Technology (PC-related assets), and PixArt (Q4), demonstrating continued value creation from our core capabilities.
In Q4, our strategic move up the value chain accelerated. AllKey - our integrated biometric system-in-package (SiP) - gained further traction, supported by strong customer feedback on ease of integration, performance, and total cost. Adoption metrics continued to improve as you'll see below, reinforcing our confidence in AllKey as a scalable growth platform with a robust opportunity pipeline.
Q4 revenue was SEK 23.8 M (24.6), though when viewed in constant currency shows a growth of 9%. Gross profit was SEK 15.6 M (16.1), corresponding to a gross margin of 65.8% (65.5). EBITDA improved to SEK 0.4 M (-27.6), reflecting both margin strength and improved cost control. Operating profit remained negative at SEK -9.6 M (-38.0), primarily due to depreciation of previously capitalized development costs.
Operating cash flow in Q4 was positive at SEK 0.9 M, and we ended the period with SEK 27.1 M in cash (12.1). As we continue to simplify the company and prioritize execution, our focus remains on building a profitable business that funds the transition from sensors to systems through operations and disciplined asset monetization.
Deliberate portfolio choices to accelerate progress
Our execution is centred on three priorities: monetizing our assets and capabilities, driving growth by moving up the product value chain, and improving productivity through AI augmentation.
AllKey is central to this strategy. By delivering complete biometric systems rather than individual components, AllKey reduces customer integration effort and system complexity while enabling FPC to capture higher ASPs and greater wallet share. As the platform scales, it reinforces our shift toward higher-value, higher-margin solutions:
- Existing Customer Migration: We already have over 50% of our customers on an upgrade path from sensors to AllKey systems. This shift secures our volume business while moving our value business toward more complex, higher-value system integrations that increase "stickiness" and long-term contract value.
- New Customer Validation: Beyond our existing base, the launch of AllKey and AllKey Ultra has catalyzed significant new customer momentum. This validates our system value proposition in high-assurance segments. New customers now represent approximately 50% of total pipeline, indicating a future expansion of our customer base.
- Transformed Unit Economics: AllKey systems deliver a 3x ASP uplift compared to standalone sensors. We are capturing a larger wallet share at a sustained 50-60% gross margin target as these products move into mass production in the second half of 2026 and scale throughout 2027 and 2028.
In Q4, we extended the platform with AllKey Ultra, addressing higher-security use cases through the inclusion of a secure element-an area of growing demand where our capabilities are even more unique. We also launched AllKey Ultra FIDO with jNet Secure, a turnkey platform designed to accelerate time-to-market for biometric FIDO tokens.
In parallel, we continued to build momentum in India, including VISA certification for M-Tech Innovations' biometric payment card powered by FPC technology, and a design win where AllKey Pro was selected for Mettlesemi's next-generation FIDO2-certified authenticators-important validations in high-assurance access applications.
Alongside product execution, we continued to demonstrate value creation through asset monetization, including IP licensing and commercialization of engineering capabilities. The PixArt transaction exemplifies our disciplined approach to unlocking additional sources of value.
Our iris business also made meaningful progress, particularly through the partnership with Smart Eye. By enabling multimodal authentication at distance and across a wider range of real-world conditions, the solution materially improves usability and opens new enterprise use cases where secure, intuitive authentication is increasingly critical.
Path forward
Looking ahead, we will build on this progress with a continued focus on execution. This includes further concentrating the organization around AllKey, simplifying customer adoption, expanding the platform offering, and converting momentum into sustainable, profitable growth. We will remain proactive in asset monetization and IP licensing, while maintaining strict cost and cash discipline to fund our transition from sensors to systems. We also see selective, complementary non-organic growth as a potential lever in 2026, where it can strengthen our core offering and accelerate time-to-market.
Adam Philpott, CEO
Today at 09:00 CET, Fingerprints' CEO Adam Philpott will present the report together with CFO Fredrik Hedlund in a combined webcast and telephone conference. The presentation will be held in English.
The report will be available at fpc.com
The presentation will be webcast, and participants can register via this link: https://edge.media-server.com/mmc/p/jpm7nv9a
For media and analysts: Registration for the teleconference is carried out via this link: https://register-conf.media-server.com/register/BIcc6ca903fe70482bbd9e91c32c150426
For information, please contact:
Adam Philpott, CEO
Investor Relations:
+46(0)10-172 00 10
investrel@fpc.com
Press:
+46(0)10-172 00 10
press@fpc.com
This information is information that Fingerprint Cards AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-13 07:00 CET.
About FPC
Fingerprint Cards AB (FPC) is a global biometrics leader, offering intelligent edge to cloud biometrics. We envision a secure, seamless world where you are the key to everything. Our solutions - trusted by enterprises, fintechs, and OEMs - power hundreds of millions of products, enabling billions of secure, convenient authentications daily across devices, cards, and digital platforms. From consumer electronics to cybersecurity and enterprise, our cloud-based identity management platforms support multiple biometric modalities, including fingerprints, iris, facial, and more. With improved security and user experience, we are driving the world to passwordless. Discover more at our website and follow us on LinkedIn and X for the latest updates. FPC is listed on Nasdaq Stockholm (FING B).
