Zwipe AS — Earnings Release 2022

Oct 25, 2022

Zwipe AS Q3 2022 operational update

Zwipe AS Q3 2022 operational update

OSLO, NORWAY - 25 October 2022 - During the third quarter, Zwipe AS ("Zwipe" or

"the company") continued to strengthen its platform and market position to help

its customers deliver biometric payment and access control cards to the market.

Significant events during the period

· Mastercard certifies Zwipe Pay Biometric Payment Card ("BPC") Platform.

· Tag Systems, a major Zwipe Smart Card Manufacturer ("SCM") customer, obtains

Mastercard Letter of Approval ("LoA") for cards built on the Zwipe Pay platform.

· Fraport announces that the project on biometric access control at Frankfurt

Airport (The Digital Factory Project) was successfully completed, with Zwipe

passing all required tests in order to successfully complete the pilot project.

· Zwipe's SCM customers have expanded the issuer pipeline significantly -

engagements started with 10 new large issuers globally.

· Zwipe creates Customer Success department to accelerate pilot execution and

names Jens Hansen to head the unit.

Significant events after the period

· On 11 October 2022, Zwipe announced a significant commercial order for Zwipe

Pay totaling $225,000 from a large European SCM, making it the single largest

commercial order in a quarter to date for Zwipe. Delivery is targeted for the

fourth quarter.

· On 14 October 2022, Civix announced a partnership with Zwipe to bring

biometric access control cards to airports in the USA and elsewhere in the

Americas.

Operational review

In August 2022, Zwipe received the Component Conformity Statement (CCS)

certificate from Mastercard, a significant milestone for the Zwipe Pay platform.

With this certification, Zwipe became the first biometric payment card platform

available to SCMs to achieve scheme approvals from both VISA and Mastercard.

Soon after this announcement, Tag Systems was the first of our SCM customers to

receive approval by Mastercard to deploy their biometric card products using the

Zwipe Pay platform.  Certification from Mastercard is expected to further

accelerate issuer pilots and planned launches based on Mastercard's network.

Zwipe continues to focus on executing our signed issuers' pilots.  In total,

seven issuer pilot projects are progressing according to issuer plans -

including our first major announced pilot, the global Tier-1 bank pilot and the

MEPS pilot. Additional pilot launches are expected in the coming quarters, with

start dates to be defined by issuers. Zwipe's SCM customers also saw a

significant expansion in their issuer pipelines during the quarter, beginning

engagements with ten new large and medium sized banks - primarily in the Latin

America ("Latam") and Asia Pacific ("APAC") regions.

We also continued to make significant progress for Zwipe Access during the third

quarter. In July, Fraport AG announced the conclusion of The Digital Factory -

Biometric Security Controls project at Frankfurt Airport. Zwipe Access cards

were tested by Fraport employees in real-time and passed all project

requirements successfully. Zwipe is now shortlisted as a suitable contender to

provide next generation access control when Fraport moves forward. Just after

the end of the third quarter, Civix, one of America's leading providers of

security solutions to over 100 airports in North and Latin America, selected

Zwipe's access control technology to augment their security propositions for

airport operations - further enhancing Zwipe's position in the airport vertical.

On the technology side, the R&D team has continued to make good progress on

finalizing our mobile enrollment solution for both Android and iOS, ensuring

value-added enhancements that will enable consumers to have a seamless

enrollment experience.

Zwipe also took an important step by establishing a dedicated Customer Success

team to accelerate pilot execution.  Jens Hansen was recruited to lead this

department and becomes a member of the Zwipe Leadership Team, while several

employees were transferred to the Customer Success unit.

Most importantly, Zwipe is ending the year with strong momentum, having

announced the single largest commercial order in a quarter to date for Zwipe.

Further traction with this SCM and others is expected in 2023.

Financial review

Zwipe had total revenue of 0.8 mNOK during Q3 2022 versus revenue of 0.4 mNOK in

Q3 2021. Net cash flow from operations was -24.2 mNOK versus -15.8 mNOK in Q3

2021, equating to an underlying average monthly operating cash flow in the third

quarter of 2022 of -8.0 mNOK.  Cash and cash equivalents stood at 85.8 mNOK at

the end of Q3 2022 compared to 183.7 mNOK at the end of Q3 2021.

Operational update presentation

CEO Robert Puskaric and CFO Danielle Glenn will do a short presentation on the

operational update today, Tuesday October 25[th], at 09:30 CET.

Webcast details

Format: Webcast and Q&A

Language: English

Link: Zwipe Q3 2022 operational update (https://q4-emea.wavecast.io/zwipe-as

-q3/2022)

Participants will be required to register to view the webcast and participate in

the Q&A

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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 October 2022.

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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