Significant events H1 2023
- Zwipe successfully completes rights issue raising approximately
100.1 million NOK in new capital.
Zwipe andKuwait International Bank ("KIB") announce the first commercial launch of biometric payment cards to KIB's Visa Infinite clients.
-
Middle East Payment Services ("MEPS") announces the commercial launch of biometric payment cards from Zwipe in partnership with
Mastercard .
Beautiful Card Corporation ("BCC") granted approval fromMastercard to deploy biometric payment cards using Zwipe Pay.
-
Zwipe signs new partnerships with Antworks Money, Wahyukartu, TBHP, and Unicard to deliver biometric payment cards ("BPCs") in
India ,Indonesia ,Vietnam , and the MEA region respectively.
-
Civix and Zwipe Initiate Proof-of-Concept with Safe Skies at
Richmond International Airport .
- Zwipe signs new partnerships with CardLogix, OLOID, and a large German partner to deliver biometric access cards.
H1 2023 operational review
In May,
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
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
On the Zwipe Access side, Zwipe initiated several proofs of concept in our target verticals in the
Fundraising and restructuring
In
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
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
Webcast details
Date:
Time:
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.
###
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
###
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
For more information, please contact:
ir@zwipe.com
https://news.cision.com/zwipe-as/r/zwipe-h1-2023-report---first-zwipe-pay-commercial-launches,c3822719
https://mb.cision.com/Main/18194/3822719/2247444.pdf
(c) 2023 Cision. All rights reserved., source