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Correction: Publication of Annual Report 2019

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In the release at 08:00 CET accompanying Zwipe’s annual report, the description of special elements in the reported EBITDA was incorrect. Reported EBITDA of MNOK -92 includes a cost of MNOK 19.0 in co-investments with Idemia, not MNOK 9.0 as stated in the release. As stated, this represents 50% of Zwipe’s total commitment to joint development funding. This error occurred only in the press release text, not in the Annual Report itself. Please find the corrected press release below.

 

OSLO, NORWAY – 26 February 2020 – Zwipe AS today publishes its annual report 2019. Please find the report attached. 

Highlights for 2019 include:

Financials 

  • Revenues of MNOK 1.5 (MNOK 2.3), of which payment MNOK 1.3 (MNOK 0.8) and access control MNOK 0.2 (MNOK 1.5)
  • EBITDA MNOK -92.0 (MNOK -60.3) including joint technology investments with Idemia of MNOK 19.0 (50% of the total commitment) and restructuring costs of MNOK 5.4
  • Earnings per share of NOK -5.98 (NOK -7.86)
  • Cash flow from operations before financing of MNOK -85.0 (-56.7)

Significant Events

  • Zwipe started the year by raising MNOK 120 in new equity and listing on Merkur Market at Oslo Børs in January. An additional MNOK 67 was raised through a rights issue in December 2019
  • During Q4 2019, Zwipe made preparations for dual listing on Nasdaq First North Growth Market in Stockholm. The listing process was completed on 28 January 2020
  • Through the year, Zwipe expanded the number of partnerships with leading smart-card manufacturers with the intent of developing biometric payment card offerings. New customer partnerships in 2019 included TAG Systems, TGS do Brasil, Inkript, GoldPac, XH Smart and dz card
  • In August Zwipe entered into a co-investment partnership with industry leader Idemia, securing global exclusivity for a cost-leading new generation biometric authentication platform, as well as    execution and industrialization capability
  • Zwipe was selected by Giesecke+Devrient (G+D), one of the world’s leading digital security providers, to develop a biometric wearable payment device with the intent to pilot the technology with leading European banks
  • Zwipe's first customer order of biometric card inlays was delivered
  • The prototype Z5 chip, a dedicated energy harvesting and power management chip, was launched in October
  • Zwipe unveiled the “Zwipe Experience” – a bundle of products and services to assist customers to move from concept to mass market – at the Trustech convention in November
  • The joint technology collaboration with Idemia enabled a major streamlining program, leapfrogging several previously planned stages of the technology development roadmap. Implemented activities    resulted in annual savings in excess of MNOK 40 from January 2020
  • Dr. Robert Müller was appointed Group CTO early in the year, and Lars Kristian Solheim was appointed new CFO of Zwipe commencing March 2020

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This is information that Zwipe AS is obliged to make public pursuant to the continuing obligations of companies admitted to trading on Merkur Market, Nasdaq First North Growth Market and the EU Market Abuse Regulation. The information was submitted for publication, through the agency on the contact person set out below 08:00 CET on 26 February 2020

About Zwipe

Zwipe is a technology solution provider that enables battery-less, ultra-low-power, self-contained biometric authentication solutions. Together with an ecosystem of partners including global brands within security, financial services and ID applications, Zwipe is “Making Convenience Secure™” for banks, merchants and consumers. Using advanced fingerprint recognition while protecting personal information, Zwipe’s solutions address the data theft pitfalls inherent in traditional authentication methods. Headquartered in Oslo, Norway, Zwipe has spent the last 10 years developing its unique power harvesting technology platform in combination with security solutions based on international infrastructure standards. To learn more, visit www.zwipe.com

For further information please contact: André Løvestam, CEO, +47 909 43 660  ir@zwipe.com

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