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ZWIPE AS – Q1 2023 Operational Update


ZWIPE AS – Q1 2023 Operational Update




Zwipe AS

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

  • Zwipe completed a rights issue, raising approximately 100 mNOK.
  • Antworks Money, a neo-banking platform from India, selected Zwipe to offer biometric payment cards (“BPCs”) in the region.
  • Civix and Zwipe initiated a proof-of-concept with Safe Skies at the Richmond International Airport in the US.
  • Wahyukartu, one of Indonesia’s leading smart card manufacturers (“SCM”) and personalization bureaus (“perso bureau”), partnered with Zwipe to deliver biometric payment cards in Indonesia.
  • Unicard, a provider of secure solutions in the Kingdom of Saudi Arabia (KSA) and a subsidiary of Inkript, partnered with Zwipe to bring biometric cards to Saudi Arabia and the MEA region.
  • CardLogix, a global supplier of smart cards for authentication, encryption, biometric and other card operating systems, partnered with Zwipe to provide biometric access cards.

Significant events after the period

  • On 12 April, TBHP, one of the largest bureau and service providers of cards in Vietnam, announced a partnership with Zwipe to launch biometric payment cards in Vietnam.

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



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, The information was submitted for publication, through the agency of the contact person set out below, at 08:00 on 25 April 2023.


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

For more information, please contact:

Danielle Glenn, CFO and Head of IR