Strong Full-Year Revenue Growth (2025)
Full-year 2025 revenue up 30% year-on-year, or +40% in constant currency, demonstrating clear multi-quarter improvement and directionality for the business.
Robust Gross Margins
Maintained very high margins: Q4 gross margin 65.8% (in line with Q4 2024) and full-year gross margin 60.7%, with management tracking 50%–60% gross margins in pipeline.
AllKey Product Traction and ASP Upside
AllKey adoption accelerating: management states ~50% of existing customers are on an upgrade path to AllKey; AllKey has ~3x the ASP of traditional sensors, and pipeline product mix is shifting toward AllKey.
Pipeline Expansion and New-Client Inflow
Pipeline growing: reported pipeline growth >20% from 2026 to 2027 and management indicated ~50% of pipeline leads are from new customers, showing diversification beyond existing accounts.
AllKey Ultra Launch (Secure Element Variant)
Introduced AllKey Ultra (Secure Element) in December, opening higher-security markets (FIDO, payment, crypto wallets, wearables) and strengthening product differentiation and competitive moat.
Asset Monetization and Strategic Partnerships
Executed asset/licensing deals including a Smart Eye iris partnership (50/50 revenue share) showcased at CES with long-range iris auth (~70 cm) and closed a PixArt deal in Q4 with proceeds received.
Positive Q4 Profitability Signals and Cost Discipline
Q4 EBITDA and free cash flow were slightly positive; headcount was reduced 31% year-on-year as part of cost-right-sizing and management is augmenting productivity with AI to sustain operating leverage.