Zwipe CEO Says Q3 ‘Exceeded Expectations’

Zwipe CEO Says Q3 'Exceeded Expectations'

Zwipe has issued an ‘Operational Update’ for the third quarter, highlighting its most important recent developments.

These include a few important partnerships. In September, the fingerprint recognition specialist announced that it had teamed up with IDEMIA to develop a streamlined biometric payment card solution, with the companies aiming to get it to market in the second half of 2020. The quarter also saw a partnership with G+D on a biometric payments wearable device, and the addition of Thailand’s DZ Card to Zwipe’s network of customers in the biometric payment cards space.

Zwipe also celebrated the first order for its second generation biometric card inlay solution in the third quarter.

As for financial results, Zwipe disclosed that the quarter brought in revenues of NOK 1.0 million, and noted that it had seen an improvement in its annual monthly cash flow, which was NOK -7.6 million, compared to NOK -8.9 million in the first half of this year.

Commenting on the company’s Q3 review, Zwipe CEO André Løvestam said Q3 “exceeded our expectations” and delivered “major milestones”, highlighting Zwipe’s new partnerships, its R&D efforts, its IP expansion, and other advancements.

“It is exciting for us to see that our future potential is materializing in near-term commercial opportunities,” he said. “Our initial sales of biometric card inlays, and customer-funded engineering efforts are opening doors for greater opportunities going forward.”

Zwipe’s Q3 update also noted that following the close of the third quarter, it announced the completion of its “Z5” chip for energy harvesting and power management on biometric devices, signalling the company’s ongoing progress.

November 6, 2019 – by Alex Perala