Zwipe sees revenue growth in Q3 but cash flow is a problem
Zwipe‘s third-quarter revenue doubled compared to the third quarter last year. In the most recent quarter, revenue was 800,000 NOK, or US$77,000, compared to 400,000 NOK, or $38,000, in the third quarter of 2021, according to the company.
Net cash flow moved the other direction. In the third quarter this year, it was -24.2 million NOK (-$2.33 million) compared to -15.8 million NOK (-$1.52 million) a year ago.
“During the third quarter, [Zwipe] continued to strengthen its platform and market position to help its customers deliver biometric payment and access control cards to the market,” according to the company.
In the third-quarter brief, the company counted among its significant events during Q3 Mastercard certifying the Pay biometric payment card platform and Tag Systems obtaining a Mastercard letter of approval for cards built on Zwipe’s Pay platform.
Zwipe CEO Robert Puskaric and chief financial officer Danielle Glenn made a short presentation on the operational update that can be found here.
Also in Q3, Fraport announced that biometric access control project at Frankfurt Airport was successfully completed, with Zwipe passing all required tests.
More recently, Zwipe announced a significant commercial order for Pay totaling $225,000 from a large European organization, and Civix announced a partnership with Zwipe to bring biometric access control cards to airports in the United States.