OSLO, NORWAY – 24 August 2023 – Zwipe AS ("Zwipe" or "the company") today announces its results for the first half of 2023.
Significant events H1 2023
H1 2023 operational review
In May, Kuwait International Bank (KIB) announced the first commercial launch of biometric payment cards based on Zwipe Pay technology to their VISA Infinite customers in Kuwait. On the back of this launch, KIB is now considering making the biometric card more widely available to cardholders across their customer base. The announcement generated extensive interest in the region from our partners to either initiate or accelerate the launch of biometric payment card programs for other issuers. Later in May, MEPS, in partnership with Mastercard, announced the second commercial launch of BPCs from Zwipe. The MEPS announcement is significant as it will enable a wide range of regional banks to launch BPCs more rapidly.
During the first half, Zwipe also signed eight new partnerships with SCMs and perso bureaus in the APAC region. Early in the third quarter, Zwipe also signed a partnership agreement with a major Japanese SCM, a first for Zwipe in this very important market in terms of both payment transaction volume and value, and a second agreement with a partner in Taiwan. These new agreements and partnerships represent expanded geographic scope for Zwipe, and Zwipe is working closely with our partners to bring biometric payment cards to issuers in these large and dynamic new markets.
Zwipe also released the market’s first available mobile enrolment solution, including a Software Development Kit (“SDK”) with reference apps for iOS and Android available in the respective Apple and Google official app stores. Mobile enrolment solutions are deemed very important by issuers considering launches of BPCs. Zwipe also refreshed our payment scheme certifications and released Zwipe Pay version 1.1, based on the updated standards from Mastercard and Visa.
On the Zwipe Access side, Zwipe initiated several proofs of concept in our target verticals in the USA and Europe. Of particular importance was the announcement that our partner Civix is performing a PoC at Richmond International Airport in conjunction with Safe Skies Alliance. In total, more than ten PoCs are underway and progressing and approximately ten more PoCs are also already in the pipeline for the second half of this year. During the first half, we also signed multiple important go-to-market partners including industry leaders Cardlogix and OLOID and roughly doubled our number of GTM partners. In total, twelve partners have signed or are in the process of signing distribution agreements. The initiation of PoCs and signing of important GTM partners makes us confident we will see commercial deployments of the Zwipe Access solution in H2 2023.
Fundraising and restructuring
In March 2023, Zwipe successfully completed a rights issue raising approximately 100.1 mNOK in capital. While the fundraising should enable Zwipe’s transition toward commercialization, we are cognizant that market adoption of biometric cards through 2023 has been slower than anticipated, impacting not only Zwipe but also Zwipe's partners and competitors. As a consequence, we announced a restructuring of the company in June – bringing down costs substantially to reflect the current realities, but not affecting our ability to serve our customers and partners. These initiatives are expected to reduce the group’s operating costs in 2023 by approximately NOK 14 million compared to 2022 and lower the cost base by approximately NOK 35 million on an annual basis. Once executed, the improvements are expected to have full impact from the fourth quarter of 2023.
The main message from the restructuring announcement is that the development of both the Zwipe Pay and Zwipe Access products has largely been completed. In the context of R&D having been largely completed, the focus of the fundraising and the restructuring has been to accelerate Zwipe’s path towards commercialization.
H2 2022 financial review
Zwipe reported total revenues of 1.7 mNOK during H1 2023, up 113% from 0.8 mNOK in H1 2022, while total operating expenses increased by 9.0 mNOK to 57.5 mNOK in H1 2023 from 48.4 mNOK in H1 2022. The above resulted in net income for H1 2023 of -55.9 mNOK, 8.5 mNOK lower than -47.4 mNOK in H1 2022.
Total net cash flow for H1 2023, including cash flow from financing and investing activities, was 25.5 mNOK compared to -42.6 mNOK in H1 2022, as Zwipe successfully completed a rights issue raising 100.1 mNOK in gross proceeds in H1 2023. Cash flow from operations and investments, before financing and facilitation, decreased by -10.8 mNOK to -59.3 mNOK from -48.6 mNOK in H1 2022. The underlying average monthly operating cash flow in the H1 2023 was -9.9 mNOK compared to -8.1 mNOK in the same period last year. The monthly net burn rate is expected to decrease by roughly 30% in the second half of 2023 compared to the first half as a result of the June restructuring announcement.
On 30 June 2023, cash and cash equivalents were 76.0 mNOK, compared to 50.5 mNOK at end 2022 and 109.7 mNOK on 30 June 2022. The development in cash balance since year-end 2022 is mainly a result of the negative operational cash flow of 59.3 mNOK plus proceeds from the rights issue in H1 2023. Total assets stood at 98.4 mNOK and total equity as of 30 June 2023 was 85.4 mNOK, giving an equity ratio of 87%.
Going forward
Zwipe continues to make progress with its first Zwipe Pay commercial launches and multiple Zwipe Access PoCs being executed. But in the context of delayed volume ramp-up in biometric payment cards, the biometric access control market still being established, and a leaner organization, our focus will be on thoughtfully deploying funds to keep Zwipe on the path to real commercialization of our solutions.
Results presentation
CEO Robert Puskaric and CFO Danielle Glenn will present the H1 2024 results by webcast today, Thursday August 24th, at 10:00 CEST.
Webcast details
Date: 24 August 2023
Time: 10:00 CET
Format: Webcast and Q&A
Language: English
Link: https://app.webinar.net/gpBdkyWMaZP
Participants will be required to register to view the webcast and participate in the Q&A, and are strongly encouraged to submit their questions prior to the webcast on the registration page below or by sending questions to ir@zwipe.com.
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This information is subject to the disclosure requirements in the Market Abuse Regulation (EU 596/2014) and the Norwegian Securities Trading Act section 5-12, and is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 08:00 on 24 August 2023.
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO, NORWAY – 18 August 2023 – Zwipe AS will publish its H1 2023 financial report on 24 August 2023 at 08:00 CET. On the same day at 10:00 CET, the Company will host a webcast to present the update. After the presentation, the webcast will be opened up for questions from the audience.
Participants are strongly encouraged to submit their questions prior to the webcast on the registration page below or by sending questions to ir@zwipe.com. Participants will be required to register to listen to the webcast and participate in the Q&A.
Webcast details
Date: 24 August 2023
Time: 10:00 CET
Format: Webcast and Q&A
Language: English
Link: https://app.webinar.net/gpBdkyWMaZP
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO, NORWAY and SUNNYVALE, CA – 18 JULY 2023 – OLOID Inc., a leading provider of physical identity and access technology, has selected biometric cards pioneer Zwipe as its technology partner in pursuing opportunities for biometric access cards across the many markets they serve.
OLOID is a multi-technology identity and access management endeavor with well-known investors like Dell, Honeywell, Okta and others investing in their future. OLOID intends to add Zwipe Access to its expanding global product portfolio.
With market-disrupting technology like the Zwipe Access “biometricsystem-on-card” platform, OLOID will be able to deliver a highly advanced and secure biometric card solution in conjunction with their own physical access, time clock and other IAM offerings.
According to Mohit Garg, Co-Founder and CEO of OLOID, “While the security industry has made significant advances in providing password-less technologies for cognitive workers, the login experience for frontline workers continues to be far from frictionless. Biometric access cards provide a massive opportunity to address the needs of this under served segment of users who do not work on company provided computers and smartphones but require freedom from user names and passwords related challenges to access workplace applications on kiosks and shared terminals.”
Speaking about the partnership, RobertPuskaric, President and CEO of Zwipe, says, “We are happy to partner with OLOID, a software-centric company that offers unique identity and access management solutions. We believe that our Zwipe Access biometric card is a fantastic fit for their global portfolio and a solid match for their retrofit readers.”
About OLOID
OLOID is a leading provider of physical identity and access technology committed to enabling secure and privacy-forward authentication for the modern workplace. OLOID's objective is to establish a unified identity framework that connects and manages workplace identity and access by integrating with HR, IT and various systems of records, thus enabling a unified digital identity across the organization. Headquarteredin Sunnyvale, CA, OLOID is backed by renowned investors including Dell Technology Capital, Honeywell Ventures, Okta Ventures, Unusual Ventures, Emergent Ventures, and WestWave Capital.
To kow more, visit https://www.oloid.ai/
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card technology for payment, physical and logical access control as well as identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway with a global presence.
To learn more, visit www.zwipe.com
OSLO, NORWAY – 10 July 2023 - Reference is made to the stock exchange announcement published by Zwipe AS (the "Company" or "Zwipe") on 28 June 2023 and the notice dated 28 June 2023 of an extraordinary general meeting in the Company to be held on 10 July 2023 (the "EGM").
All the items on the agenda were addressed and approved. Attached are the minutes of the EGM. The attendants of the EGM represented 25.07% of the votes in the company.
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
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This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 15:00 on 10 July 2023.
For more information, please contact
Danielle Glenn
CFO and Head of IR, Zwipe AS
E-mail: ir@zwipe.com
TAIPEI, TAIWAN and OSLO, NORWAY – 04 July 2023 - Beautiful Card Corporation (BCC), a prominent Taiwanese card manufacturer with global deliveries, has been granted approval from Mastercard to deploy biometric payment cards using Zwipe Pay.
Speaking on this development, Shellen Hsu, Global VP – Sales & Business Development, BCC, says, “We are extremely delighted to obtain approval that enables the deployment of our biometric cards globally. With the growing awareness of biometric payments in the APAC region and beyond, this is crucial as we are witnessing a strong interest in our core markets to launch biometric payment cards based on the Zwipe Pay platform.”
Issuers and consumers will have access to biometric payment cards built on Zwipe Pay technology operating seamlessly across Mastercard's global network, addressing consumers’ demand for increased security and convenience through biometric authentication. Consumers will also benefit from more convenient, safe and secure ways to pay.
According to Patrice Meilland, Chief Strategy, Product and Marketing Officer, Zwipe, “This marks a significant step for BCC in the biometric payment market as issuers will have the opportunity to create differentiation, accelerate customer acquisition, uplift loyalty, and create new revenue streams. With this progress, we look forward to further strengthen our long-standing partnership with BCC and we will continue to develop together our business and technical relationship in the upcoming years.”
About BCC
With 31 years of experience in the smart card industry, BCC is a leading smart card manufacturer globally. Headquartered in Taipei, Taiwan, BCC is a Taiwanese-owned, GSMA SAS-certified, VISA, Mastercard and JCB-certified company with a global strength and local support. It is a neco-sustainable material provider that has compliance with RoHS, REACH, HF, CP65, ETSI, etc.
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe& secure. We are pioneering next-generation biometric card technology for both payment and physical & logical access control and ID solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway with a global presence.
To learn more, please visit www.zwipe.com
OSLO, NORWAY – 28 June 2023 - The Board of Directors of Zwipe AS (the "Company") call for an Extraordinary General Meeting (the "EGM") to be held on 10 July 2023 at 10:00 CEST. The EGM will be held as a digital meeting on Microsoft Teams.
Please find attached the notice of the EGM. The notice and Zwipe's Annual Report for 2022 are available on the Company's website, https://www.zwipe.com/investors.
Shareholders who wish to attend the EGM in person or by proxy or vote in advance are encouraged to register this electronically by following the link on the Company’s website https://www.zwipe.com/investors/general-meetings or via VPS Investor Services, by sending a signed version of the form attached to the notice by e-mail to genf@dnb.no, or by ordinary mail to: DNB Bank ASA, Registrars Department, Postboks 1600 Sentrum, NO-0021 Oslo. Notification of attendance, proxy or advance votes must be registered online or received by DNB Bank ASA, Registrars Department by 16:00 hours CEST on 7 July 2023.
In order to be invited to the meeting, Zwipe's administration will need to have the shareholder's email address in advance. Shareholders must after having registered their attendance also register their email address by sending an email to ir@zwipe.com prior to 16:00 hours CEST on 7 July 2023.
The Board of Directors (the "Board") has proposed the following agenda:
Proposed decisions from the Board:
Matter no. 4: Election of a new member to the Board
The Company's nomination committee (the "Nomination Committee") has proposed that the Board is supplemented by Robert Jansson. Subject to the EGM's approval, the Board for the period from the EGM and until the Company's annual general meeting in 2025 will comprise:
A mini-CV for Robert Jansson has been included as an attachment to the notice.
Matter no 5: Remuneration to the new member of the Board
The Nomination Committee proposes that Robert Jansson receives a remuneration of NOK 130,000 for the period until the Company's annual general meeting in 2024.
Matter no. 6: Approval that the Board may make amendments to the Company's RSU incentive program
On 11 May 2023, the Company's annual general meeting (the "AGM") adopted a resolution on a new incentive scheme directed towards the Company's leading employees and other key personnel in the form of so-called restricted share units (hereinafter the "RSU plan" and "RSUs"). The main rationale behind the RSU plan is to create long-term ownership, being expected to stimulate an increased interest in the business and performance development.
In the notice to the AGM, it was stated that the vesting period for the RSUs will be four years from grant. Following the AGM, the Board has however further assessed the various aspects of the RSU plan as previously presented, hereunder the terms of vesting. In this regard, the Board on 28 June 2023, assessed it as beneficial to amend the conditions of the vesting schedule under the RSU plan. The Board has therefore resolved that the current arrangement with 100% vesting at the expiry of the four-year period is replaced with an annual vesting schedule, with 1/3 vesting at the end of the 2nd, 3rd and 4th year from grant, meaning no vesting after the 1st year. It is assumed that the EGM should approve such change.
The Board has not at this point in time found reason to make any other amendments to the RSU plan or its scope but has proposed that the EGM grants a general authorization to the Board to make changes to the RSU plan, however not including changes of terms with a direct impact on the maximum dilution potentially caused by the RSU plan such as the maximum number of RSUs under the plan and that one vested RSU gives the right to acquire one share in the Company.
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This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 12.00 CEST on 28 June 2023.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR: ir@zwipe.com
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit https://www.zwipe.com/.
OSLO, NORWAY – 21 June 2023 – Zwipe AS today announces a streamlining to accelerate its path toward profitability in the medium term. Excluding one-off fundraising costs incurred in 2023, these initiatives are expected to reduce the group’s operating costs in 2023 by approximately NOK 14 million compared to 2022 and lower the cost base by approximately NOK 35 million on an annual basis. The initiatives will commence immediately, and planned improvements are expected to have full impact from the fourth quarter of 2023. 15 employees will leave the company as a consequence.
Following decisions taken at the end of the first quarter to freeze new hiring and reduce planned expenditures in 2023, the company has now completed an internal review aiming to optimize global operations and reduce overall costs. In this effort to ensure long-term, sustainable growth, Zwipe has identified cost-saving initiatives including reductions of staff, lessening of R&D-related activities, restructuring of offices and subsidiaries, reduced external marketing activities, and general reductions in other operating expenditures.
As previously communicated, the development of both the Zwipe Pay and Zwipe Access products has largely been completed. Zwipe Pay has been fully certified by both Visa and Mastercard, mobile enrollment solutions have been finalized, and Zwipe Pay is fully ready for commercial deployment. Similarly, Zwipe Access has now been validated for integration into the HID and Legic access control systems and the product is ready for commercial deployment. As the company’s focus naturally shifts from R&D to commercialization, less development and technical support resources are needed.
On the commercial side for Zwipe Pay, while broader market adoption of biometric payment cards has been slower than we and others in the industry anticipated, Zwipe continues to believe that the market is very close to an inflection point. Zwipe has achieved several significant milestones recently with the first bank issuers announcing commercial launches, and we anticipate this will accelerate in the second half of 2023. Zwipe Access has very strong momentum with several proofs of concept recently having been launched and substantially more in the pipeline. As a consequence of this streamlining, resources within the company will thus be allocated more towards commercialization efforts: executing more Zwipe Pay pilots and initial launches, getting more signed SCMs mass production ready, signing more distribution partners for Zwipe Access, and executing integrations of Zwipe Access with end customers.
Owing to the already completed development efforts carried out for Zwipe Pay and Zwipe Access, this streamlining plan is not expected to affect Zwipe’s ability to serve its customers and partners. The company remains committed to a best-in-class customer experience and providing value-added services and expertise across the payment card and access control value chains.
"This streamlining plan allows us to focus on our commercial objectives for both Zwipe Pay and Zwipe Access while also reducing our overhead costs, ensuring that we are organized in an efficient and agile manner, giving us more financial flexibility, and positioning the company for profitable growth. While it is very difficult to let some of our valued and highly regarded employees go, we believe this decision is necessary as we position ourselves for sustainable growth in the medium and long term" says Robert Puskaric, CEO of Zwipe AS.
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This information is subject to the disclosure requirements in the Market Abuse Regulation (EU 596/2014) and the Norwegian Securities Trading Act section 5-12, and is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 08:00 on 21 June 2023.
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO, NORWAY AND AMMAN, JORDAN – 20 June 2023 – Middle East Payment Services (MEPS) announces the commercial launch of biometric payment cards based on the Zwipe Pay solution, using Mastercard’s Biometric Card technology.
MEPS is a leading regional player in card issuance, payment processing and merchant acquiring services in the Middle East and North Africa (MENA) and a principal member of major international issuing and acquiring schemes.
As a result of a deep collaboration, Zwipe and MEPS have tested and successfully piloted the new cards based on the Zwipe Pay platform for biometric payment cards, and approved by Mastercard. These pilots, conducted over the last months, led to this major milestone, making it possible for several banks and issuers to launch the cards swiftly.
According to Ali Jabbar, CEO at MEPS, “MEPS is ready to provide banks and issuers in Jordan and the region with the first worldwide Mastercard Zwipe biometric card, a testament to the innovation we continuously strive to bring to our region.”
Speaking on this partnership, Cynthia El Khoury, Country Business Development Lead, Levant and Iraq at Mastercard, said, “Mastercard has long pioneered biometrics as a secure way to verify identity. We are delighted to leverage our advanced Biometric Card technology to help MEPS and Zwipe maintain the highest levels of security and privacy with the aim of protecting consumers in the region and enhancing their peace of mind.”
Ramzi Saboury, General Manager for the Middle East and Africa Region at Zwipe, said: “This milestone achieved by MEPS is a breakthrough in the biometric cards arena, paving the way for many banks to launch Zwipe Pay-based cards. We are proud and honored that the latest generation of biometric cards based on Zwipe’s solution is commercially launching in Jordan in collaboration with Mastercard, taking the lead globally with this initiative.”
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About MEPS
Middle East Payment Services (MEPS), founded in 2009, is a Principal Issuer and Acquirer of Visa, MasterCard, and UnionPay, with presence in Jordan, Iraq, and Palestine. The company offers financial institutions, merchants, and corporations, a complete range of secure payment solutions in card issuance / hosting, payment processing, alternative payments, ecommerce acquiring, point-of-sale (POS) acquiring, ATM driving and management, and customized value-added services adhering to PCI Data Security Standards (PCI DSS). MEPS is owned by 10 Jordanian and regional banks.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
To know more, click here: www.mastercard.com
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit www.zwipe.com
OSLO, NORWAY and KUWAIT CITY, KUWAIT – 23 May 2023 – Kuwait International Bank (KIB) takes the lead worldwide as the first commercial launch of biometric payment cards based on Zwipe’s platform. This innovative card will be offered to the elite VIP clients of the bank under the Visa Infinite Black product.
KIB is a public quoted bank operating since 1973 with around 20 branches across the country. The bank is amongst the fastest growing in Kuwait and always striving to make available for its clients the innovative financial solutions that best serve their needs.
As part of this collaboration, Zwipe will deliver its Zwipe Pay solution for biometric payment cards, approved by VISA. This is the result of many years of developments and pilots conducted across several geographies in the past years. The cards will be produced by Inkript, one of the partners of Zwipe in the region.
According to Deema Al Mulaifi, Assistant General Manager of Operations at KIB, “KIB prides itself as a progressive Islamic bank that continues to offer its customers a unique banking experience enhanced by additional convenience and security. We are pleased to announce that our Black Banking segment customers can now enjoy innovative technology through the new biometric card, which is designed to provide convenience and ease of access with a high level of security against fraud attempts. The ability to continue delivering on-demand, tailored and innovative products and services to our customers is a unique mark that distinguishes KIB from others.”
“The Biometric Card feature has the potential to provide our customers with a new method that adds value to their lifestyle as they can request the Visa Infinite card and activate the fingerprint to make POS transactions with great ease. In addition to this secure and simple payment solution, which is in line with the Bank’s new authentication system, the Bank’s Black Banking segment customers enjoy a range of other premium banking benefits and exclusive rewards,” added Al Mulaifi.
Speaking on this partnership, Shashank Singh, Vice President and General Manager for Kuwait and Qatar at VISA said, “Visa is committed to developing and investing in emerging capabilities such as biometrics for the benefit of consumers. That’s why we’re delighted to partner with Kuwait International Bank and Zwipe in bringing this innovative biometric card to consumers in Kuwait who can now enjoy a seamless, secure payment experience.”
Ramzi Saboury, General Manager for the MEA Region at Zwipe said, “We are proud and hounored that the latest generation of biometric cards based on Zwipe’s solution is commercially launched in Kuwait by KIB, taking the lead globally with this initiative. We appreciate the trust in Zwipe Pay that KIB has demonstrated by reaching this milestone. Visa also has been a key player and partner all the way, until the launch today. Zwipe Pay is providing best user experience from enrolment to payment, ensuring high level of security while protecting biometric data privacy.”
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About KIB
Incorporated in 1973 and originally known as Kuwait Real Estate Bank, KIB made the transition to its current Islamic operating model in 2007. In 2018, KIB embarked on a new phase of its journey full of innovation and development. As part of its new strategic direction, the bank focuses on offering a next-level customer experience under the slogan: “Bank for Life”. Through a network of branches spread across the State of Kuwait, KIB offers a broad range of banking products and services, as well as innovative digital banking solutions in line with international best standards.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.
To learn more, visit visamiddleeast.com/blog and follow @VisaCEMEA
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway with a global presence.
To learn more, visit www.zwipe.com
OSLO, NORWAY– 11 May 2023 – The Annual General Meeting (AGM) of Zwipe AS was held Thursday 11 May 2023 at 10:00 (CEST). All the items on the agenda were addressed and approved. Attached are the minutes of the Annual General Meeting. The attendants of the AGM represented 25.99% of the votes in the company.
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 16:00 on 11 May 2023.
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This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 16:00 on 11 May 2023.
For more information, please contact
Danielle Glenn
CFO and Head of IR, Zwipe AS
E-mail: ir@zwipe.com
OSLO, NORWAY – 25 April 2023 – During the first quarter, Zwipe continued to see positive interest in bringing biometric payment and access control cards to markets globally.
Significant events during the period
Significant events after the period
Operational review
The most significant event in Q1 2023 was the successful completion of the rights issue, with Zwipe securing approximately 100 mNOK in new capital that will be used to accelerate go-to-market strategy and commercialization of Zwipe Pay and Zwipe Access solutions.
The first quarter saw Zwipe continue to expand our pipeline of SCMs and go-to-market partners by signing Wahyukartu in Indonesia, Unicard in Saudi Arabia, Antworks Money in India, and TBHP in Vietnam – all representing expanded geographic potential for Zwipe in bringing biometric payment cards to new markets. The company also continued to make progress carrying out pilot projects in the active execution phase. Some issuers are now communicating to Zwipe’s SCM customers that they will move directly to soft launch rather than undertaking pilot projects, something which should see more immediate revenue results for Zwipe. On the technology side, mobile enrolment solutions for Android and iOS were released on Apple’s AppStore and Google Play and Zwipe also released our Software Development Toolkit (SDK) for customers and partners.
While Zwipe continues to see strong interest in BPCs and the use case remains convincing, the pace of pilot launches and market adoption continues to be slower than Zwipe or other players in the market expected. That said, Zwipe remains convinced that the material benefits of BPCs remain clear for all and that market adoption will happen soon.
While progress with Zwipe Pay has been slower than desired, the first quarter saw tangible progress and excitement for Zwipe Access. Our North American partner Civix launched a Proof-of-Concept (“POC”) project at Richmond International Airport, carried out in conjunction with National Safe Skies Alliance, Inc. Also in North America, Zwipe signed a significant partnership agreement with CardLogix, a smart card provider that already provides access control solutions to our target end customers and is now adding Zwipe’s biometric solution to their portfolio. The company attended ISC West in March and came away from the event with 20+ qualified leads and potential partners, ranging from system integrators to security engineering companies to direct end customers. The first quarter also saw Zwipe make significant progress with Swedish and broader Nordic partners, aiming to reach Nordic enterprises with high security needs.
The above developments in the USA and Nordics translate into 15+ access control proof of concept projects targeted to be executed in the coming months at end-user sites. While it is too early to estimate immediate revenue potential from these engagements, Zwipe believes the bigger picture revenue potential is substantial.
Commercial priorities for 2023 remain unchanged, but the company has substantially reduced our planned expenditures for 2023. This should prolong funding towards the commercial inflection point and keep the average net monthly burn rate lower than 2022.
Financial review
Zwipe reported total revenue of 1.7 mNOK during Q1 2023 compared to revenue of 0.6 mNOK in Q1 2022. After adjusting for transaction costs related to fundraising, cash flow from operations was –24.7 mNOK versus –25.4 mNOK in Q1 2022, equating to an underlying average monthly operating cash flow in Q1 2023 of –8.2 mNOK versus –8.5 mNOK in the same period last year. With the successful completion of the rights issue, cash and cash equivalents stood at 121.9 mNOK at the end Q1 2023 compared to 130.6 mNOK at the end of Q1 2022 and 50.5 mNOK at the end of 2022.
Operational update presentation
CEO Robert Puskaric and CFO Danielle Glenn will do a short presentation on the operational update today, Tuesday April 25th, at 10:00 CET.
Audiocast details
Date: 25 April 2023
Time: 10:00 CET
Format: Audiocast and Q&A
Language: English
Link: https://app.webinar.net/OEXe514K1L4
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This information is subject to the disclosure requirements in the Market Abuse Regulation (EU 596/2014) and the Norwegian Securities Trading Act section 5-12, and is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 08:00 on 25 April 2023.
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit http://www.zwipe.com.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO, NORWAY - 24 April 2023 - The Board of Directors of Zwipe AS (the "Company") call for the Annual General Meeting ("AGM") to be held on 11 May 2023 at 10:00 CEST. The general meeting will be held as a digital meeting on Microsoft Teams.
Please find enclosed the notice of the AGM. The notice and Zwipe's Annual Report for 2022 are available on the Company's website, https://zwipe.com/investors.
Shareholders who wish to attend the AGM in person or by proxy or vote in advance are encouraged to register this electronically by following the link on the Company’s website https://zwipe.com/investors/general-meetings, via VPS Investor Services, by sending a signed version of the form attached to the notice by e-mail to genf@dnb.no, or by ordinary mail to: DNB Bank ASA, Registrars Department, Postboks 1600 Sentrum, NO-0021 Oslo. Notification of attendance, proxy or advance votes must be registered online or received by DNB Bank ASA, Registrars Department by 16:00 hours CEST on 10 May 2023.
In order to be invited to the meeting, Zwipe's administration will need to have the shareholder's email address in advance. Shareholders must after having registered their attendance also register their email address by sending an email to ir@zwipe.com prior to 16:00 hours CEST on 10 May 2023.
The Board of Directors (the "Board") has proposed the following agenda:
1. Opening of the annual general meeting by the chair. Registration of meeting shareholders
2. Election of a meeting chairperson and person to co-sign the minutes together with the chairperson
3. Approval of the notice and the agenda
4. Report by the management on the Company
5. Approval of the annual report and financial statements for 2022 for the Company and the group
6. Remuneration to the auditor
7. Election of members to the Board
8. Remuneration to the Board and the members of the nomination committee
9. Proposal on implementing a new incentive program towards the Company's employees and key personnel
10. Proposals on authorizations to the Board on capital increase
Proposed decisions from the Board
Matter no. 5: Approval of the annual report and financial statements for 2022 for the Company and the Group
The Board proposes that the annual report and financial statements for 2022 for the Company and the Group are approved.
Matter no. 6: Remuneration to the auditor
The Board proposes that the auditor's fees are paid as per accounts rendered.
Matter no. 7: Election of members to the Board
Subject to the AGM's approval, the Board for the period from the AGM in 2023 until the AGM in 2025 will comprise:
Mini-CVs for Christina Örn and David Chew have been included in the report from the Nomination Committee.
Matter no. 8: Remuneration to the members of the Board and the members of the Nomination Committee
The Nomination Committee makes the following recommendation:
Fees to the Board for the period from the AGM in 2022 until the AGM in 2022 were resolved by the AGM on 23 May 2022.
Fees to the Board for the period from the AGM in 2023 until the AGM in 2024 is suggested as follows:
As to remuneration, the Nomination Committee proposes that no remuneration is paid to the members of the Nomination Committee.
Matter no. 9: Proposal on implementing a new incentive program towards the Company's employees and key personnel
The Company's compensation committee has in cooperation with specialists on incentive programmes in the Swedish company Novare Pay Consulting assessed the various aspects of the current SIP program, including the taxation of the options. Based on its assessments and input from Novare, the Compensation Committee has presented a new proposal for a long-term incentive scheme directed towards the Company's leading employees and other key personnel in the form of so-called restricted share units ("RSUs").
The main rationale behind the proposal of the RSU plan is to create a long-term ownership, being expected to stimulate an increased interest in the business and performance development. The Board believes that it is in the interests of all shareholders that executive personnel and other key employees who are important for the Company's development, have a long-term interest in a positive development of the Company's share price.
The vesting period for the RSUs is four years from award. RSUs will only vest if the average annual total shareholder return during the vesting period exceeds 10%. Vested RSUs will be settled in shares at vesting, where one RSU gives the right to one share. The Company will be entitled to settle vested RSUs in each instance with a cash settlement. The Board proposes that a maximum of 1,076,230 RSUs may be granted to participants in the RSU plan, which corresponds to a maximum dilution of approximately 1.8% percent of outstanding shares in the Company.
Based on the assumptions that all RSUs under RSU plan are granted and vested, a share price of NOK 10.4 at the time of settlement of the RSUs and an average percentage for social security contributions of 20%, the total costs for the program including social security contributions, is expected to amount to approximately NOK 6.3 million whereof NOK 2.2 million refers to social security contributions.
The RSU plan is suggested to replace the current option plan. Following resolution to adopt the RSU plan, no more options will be granted to employees. However, already granted stock options may be exercised.
Matter no. 10: Proposal on authorizations to the Board on capital increase
The Board proposes that two new authorizations for the Board on capital increases are issued, (i) to fulfil the Company's incentive programs and (ii) to strengthen the Company's equity.
The Board proposes that the AGM adopts the following resolution:
1. Authorization for capital increase to fulfill the Company's incentive programs
The Board is hereby granted authorization to increase the share capital of the company on one or several occasions, with up to NOK 293,038.80 (2 930 388 new shares), equivalent to approximately 5.0% of the registered share capital at the time of this resolution.
2. Authorization for capital increase to strengthen the Company's equity
The Board proposes that the AGM renews the authorization to the Board to issue shares corresponding to up to 15% of the share capital, and the new authorization shall be restricted to issue shares to strengthen the Company's equity to the extent the Board considers this to be in the Company's best interest at the given time.
The Board is hereby granted authorization to increase the share capital of Zwipe AS with up to NOK 876,206.00 (8,762,060 new shares) on one or several occasions. The authorization may be used to issue shares to strengthen the Company's equity to the extent the Board considers this to be in the Company's best interest at the given time.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
Tel: +47 909 98 201 and e-mail: danielle@zwipe.com
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit http://www.zwipe.com.
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This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 19:00 CEST on 24 April 2023.
OSLO, NORWAY – 24 April 2023 – Zwipe AS will publish its Q1 2023 operational update report on 25 April 2023 at 08:00 CET. On the same day at 10:00 CET, the Company will host an audiocast to present the update. After the presentation, the webcast will be opened up for questions from the audience.
Participants are strongly encouraged to submit their questions prior to the webcast on the registration page below or by sending questions to ir@zwipe.com. Participants will be required to register to listen to the audiocast and participate in the Q&A.
Webcast details
Date: 25 April 2023
Time: 10:00 CET
Format: Audiocast and Q&A
Language: English
Link: https://app.webinar.net/OEXe514K1L4
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
+47 909 98 201
ir@zwipe.com
OSLO, NORWAY – 14 April 2023 - Zwipe AS (“Zwipe” or “the Company”) has decided to change the date of its Annual General Meeting (“AGM”). The company has previously communicated that its 2023 AGM would be held on 27 April 2023. The AGM will instead be held on 11 May 2023.
Zwipe has planned for its 2023 AGM to be held on 27 April 2023 and has, in accordance with applicable regulations, communicated this planned date to the public. One key preparation for the AGM of a listed Norwegian company is for the Nomination Committee to prepare a number of proposals for the AGM to consider and resolve upon. One such proposal relates to the appointment of board members. The Nomination Committee’s proposals are to be included in the notice to the AGM. Zwipe has been informed by its Nomination Committee that this work has not yet been concluded. Zwipe has decided to change the planned date of the AGM to allow the Nomination Committee to conclude its important work. The new planned date of the AGM is 11 May 2023. Notice and relevant information will be submitted in due course, as governed by the relevant regulations and by Zwipe’s Articles of Association.
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit http://www.zwipe.com.
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This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 14:00 CET on 14 April 2023.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR
E-mail: ir@zwipe.com
OSLO, NORWAY and HANOI, VIETNAM – 12 APRIL 2023 – TBHP Co Ltd., one of the largest bureau and service providers of cards in Vietnam, has partnered with Zwipe to launch biometric payment cards in Vietnam. With this partnership, Zwipe will provide commercialization support, expertise and technical guidance to help TBHP integrate biometric payment cards into its portfolio.
TBHP is a leading provider of barcode, magnetic and smart card applications and has provision of access control and security systems. The collaboration will allow both companies to develop and leverage the growing market opportunities in Vietnam for biometric on-card payment solutions.
Commenting on this partnership Hoang Nguyen Duc, CEO, TBHP said, “Over the past years, there has been a growing awareness of biometric payment cards in Vietnam. We are sure that this partnership will let issuers and consumers embrace biometric payment cards as they provide an excellent check-out experience with much higher security. Zwipe Pay will bring strong differentiation and value uplift to our card portfolio.”
Under this partnership, Zwipe Pay- based biometric cards will be delivered by Zwipe's partner TBHP in the region.
“The interest in adopting biometric payment cards is growing steadily in the APAC market. We are happy to partner with TBHP as we are confident that this alliance will further accelerate the deployment of biometric payment cards. With this partnership, Zwipe’s unique biometric payment card platform and enrolment solutions will be made available to banks and financial institutions in Vietnam, a dynamic and growing market for payments in Asia,” said Alex Chung, Vice President & General Manager for Asia Pacific, Zwipe.
About TBHP
TBHP Co Ltd. is a diversified 100% privately owned trading company with 20 years of experience supplying some of the biggest banks in Vietnam. Among the services and expertise, the company offers logistics management, technical consultancy, efficient and technologically superior equipment maintenance, training and technology transfer. By doing so TBHP enhances the intrinsic and extrinsic value of its product and services.
To learn more, please visit www.tbhp.vn
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe & secure. We are pioneering next-generation biometric card technology for both payment and physical & logical access control and ID solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway with a global presence.
To learn more, please visit www.zwipe.com
OSLO, NORWAY – 31 MARCH 2023 - Reference is made to the stock exchange announcement published by Zwipe AS (the "Company") on 21 March 2023 regarding the final result of the fully guaranteed rights issue of 20,862,047 new shares in the Company (the "Offer Shares"), at a subscription price of NOK 4.80 per share, raising gross proceeds of NOK 100,137,825.60 (the "Rights Issue").
The share capital increase pertaining to the Offer Shares has now been registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret). The Company's new share capital is NOK 5,841,373.20 divided into 58,413,732 shares, each with a nominal value of NOK 0.10.
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This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book - Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact
person set out above, at 10:00 CEST on 31 March 2023.
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit http://www.zwipe.com.
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For further information, please contact:
Danielle Glenn, CFO and Head of IR
E-mail: ir@zwipe.com
OSLO, NORWAY – 30 March 2023 – Zwipe AS ("Zwipe" or "the company") has today released its Annual Report 2022, including the Board of Directors report and financial statements. The report and annual accounts were approved by the Board of Directors after the close of business on 29th of March 2023. The 2022 Annual Report is attached to this release and available at https://www.zwipe.com/investors/reports.
Significant events 2022
2022 operational review
In 2022, Zwipe achieved several significant milestones and entered an “execution first” strategic phase. The company finalized technological development of the Zwipe Pay product and received both Visa and Mastercard certification, becoming the first biometric payment card platform available for sale on the open market to be certified by both major payment schemes.
A primary focus for the company in 2022 was executing our signed issuer pilots, with seven issuer pilot projects in the execution phase. During the second half, we implemented software changes related to biometric performance in Zwipe Pay cards and also updated our internal test procedures. These changes resulted in a more robust product and enhanced payment transaction experience that is expected to lead to faster completion of ongoing pilot projects as well as a significantly faster pace of new project launches in the coming quarters – with streamlined execution and commercial launch in all areas.
2022 also saw the company establish Zwipe Access as a separate business line with substantial revenue potential. We completed an important pilot project for Fraport AG at Frankfurt International Airport, with Zwipe shortlisted as an access control solutions provider when Fraport moves forward with its commercial tender process in 2023. We further reinforced our strong position in the airport vertical when Civix, a leading US provider of airport security solutions, selected Zwipe’s access control technology to augment their airport security propositions. The partnership with Civix is representative of our go-to-market strategy in access control to work with system integrator partners and distributors to bring our solution to market rapidly.
2022 financial review
Zwipe reported total revenues of 3.9 mNOK during 2022 vs. 2.5 mNOK in 2021, reflecting an underlying increase in Zwipe Pay revenues of 72%. Total operating expenses were 108.1 mNOK in 2022 compared to 85.5 mNOK in 2021. After adjusting for one-off, non-recurring costs in 2022 and receipt of a government grant in 2021, operating expenses increased to 102.2 mNOK in 2022 from 92.6 mNOK in 2021. Adjusted EBITDA was -96.4 mNOK in 2022 compared to -81.7 mNOK in 2021.
Underlying net cash use in operating activities in 2022 averaged 9.0 mNOK per month, an increase of 41% from 2021. This was mainly due to higher personnel costs, but non-recurring charges also inflated the 2022 monthly average burn rate and are not expected to continue.
On 31 December 2022, cash and equivalents were 50.5 mNOK, down from 152.3 mNOK at the end of 2021. Total equity at the end of the year was 54.6 mNOK, while total liabilities were 13.0 mNOK. This resulted in an equity ratio of 81%, down slightly from 91% at end 2021.
On 22 November 2022, Zwipe announced a rights issue raising approximately 100 mNOK in capital, with the transaction now being completed. The rights issue was fully guaranteed through a combination of subscription commitments and underwriting commitments from the three largest shareholders in Zwipe. It was carried out in order to strengthen the company’s financial position and enable the transition from start-up to scale-up and achieve larger-scale commercialization. The fundraising will ensure the Group has sufficient working capital for the period covering at least 12 months from the date of close.
Conclusion and going forward
Zwipe ended the year on a positive note with sequential quarterly growth of 172% in Q4 revenue and the single largest commercial order in a quarter to date. There is reason to believe that the markets for Zwipe Pay and Zwipe Access are nearing an inflection point for increased commercial adoption of biometric technology solutions. Zwipe has good commercial traction, and expects more positive news flow in coming quarters. Our goals for 2023 include: executing the technology roadmap, completing the current R&D projects and maturing Zwipe technology to meet evolving demands; accelerating go-to-market for Zwipe's solutions to achieve large commercial scale; increasing our customer pipeline; supporting our SCM customers in becoming certified and mass production ready; executing more pilot projects in a streamlined manner; and continuing to invest intelligently in people and technology.
The aforementioned actions are expected to lead to positive business outcomes in 2023.
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This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 08:00 on 30 March 2023.
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO NORWAY and CALIFORNIA, USA – 28 March 2023 – CardLogix, a global supplier of smart cards for authentication, encryption, biometric and other card operating systems has partnered with biometric cards pioneer Zwipe as its technology partner in pursuing the global market opportunities for biometric access cards.
With the disruptive Zwipe Access platform, CardLogix will be able to deliver highly advanced and secure biometric card products that are also exceedingly user-friendly.
According to Sebastien Goulet, CEO of CardLogix, “We are excited about the opportunity that this innovative technology represents. The biometric solution provided by Zwipe combines breakthrough technologies and is the ideal platform for the next generation of highly secure access, ID cards and CardLogix biometric solutions.”
According to the partnership, CardLogix will provide secure loading of smart credentials for Zwipe’s BSoC access cards.
“We are happy that Zwipe is a part of this collaboration. What adds significance to this partnership is the value that CardLogix will deliver to our US customers and the availability for them of our leading-edge biometric access cards. We look forward to strengthening this relationship for supplying biometrics-enabled cards to our integration partners for access control solutions and their customers in airport, data center, critical infrastructure and other secure facilities across North America.” says Robert Puskaric, President and CEO of Zwipe.
About CardLogix
CardLogix, based in Rancho Santa Margarita, California, USA, is a smart card & biometric solution provider, software developer, and the premier provider of smart card components with a comprehensive line of Software Development Kits (SDK), tools that enable swift card or biometric project development. Since 1998, CardLogix has supplied millions of cards and card components to over 84 countries around the world. As an expert in smart card and chip technology, card operating systems, card software, biometric enrollment, validation, verification, development tools, and middleware, CardLogix has continuously been at the forefront of smart card and biometric technology offering all types of solutions.
Please send media inquiries at sales@cardlogix.com
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit www.zwipe.com
