Zwipe biometric access cards tested by major tech companies

Zwipe’s biometric access cards are undergoing testing by a U.S.-based social media and IT company and a streaming music service provider to secure access to sensitive locations within the companies’ infrastructure. The deals are an indication of progress in the company’s build-up of a sales channel for biometric access control made up of distributors and integration partners.

Access sales are perking up for Zwipe, and not a moment too soon, as the company released its latest set of grim financials.

The two businesses testing Norway-based Zwipe’s biometric smart cards are described as a “leading social media” firm and “one of the world’s top digital music streaming service providers.”

The top U.S.-based social media companies by market size are Meta (Facebook, Instagram), Google (YouTube), X and Snap (Snapchat). The top global streaming music providers are Sweden-based Spotify, platforms from Apple, Amazon and Tencent. The characterization practically eliminates the latter three, and the only other likely candidate is Deezer.

Zwipe states that the on-card storage and matching capabilities of the biometric access card improve data privacy and mitigate the risk of security breaches.

“The Zwipe Access biometric card offers an excellent solution for enhancing security through two-factor authentication, all without requiring lengthy and costly hardware upgrades, thus providing both increased protection and significant savings in capital expenditure,” says Robert Puskaric, president and chief executive officer of Zwipe.

First half 2024 report

In the progress report for the first half of 2024, Puskaric emphasized the company’s focus on capitalizing on the growing demand for biometric access solutions. Zwipe has established strategic partnerships across various locations to enhance its distribution and market reach.

Zwipe has more than 60 distributors and system integrators in North America and Europe, covering countries such as France, Germany, Austria, Switzerland, and the United States. The company has provided potential customers with demo kits and starter packs to demonstrate their biometric access cards.

Although the company’s target sectors are data centers, power plants, and airports, Puskaric noted that the initial momentum for airports is slower than expected. Currently, discussions are underway with over 10 U.S. airports. Zwipe is engaged with 55 end-user enterprise engagements, each involving enterprises with more than 40,000 employees.

For the first half of 2024, Zwipe’s total revenue was 600,000 Norwegian kroner (approximately US$56,000), representing a decline from the NOK 1.7 million ($160,000) reported in the first half of 2023. Despite the overall decrease in revenue, sales of Zwipe access products have shown improvement, increasing from NOK 50,000 ($4,700) last year to NOK 100,000 ($9,400) this year.

Zwipe’s operating expenses decreased by NOK 28.1 million ($2.6 million) compared to the previous year, leading to a lower net loss of NOK 30 million ($2.8 million), compared to NOK 56.1 million ($5.3 million) in the first half of 2023.

Article Topics

access control  |  biometric cards  |  biometrics  |  financial results  |  stocks  |  Zwipe  |  Zwipe Access