As has historically been the case the financial reports from Zwipe are non-events as partnerships and deals are announced as soon as they are completed. We were therefore not surprised that there was no major news on that front. Instead, our focus is on updates on ongoing pilots and certifications as well as comments on the market situation.
The CEO notes that Zwipe Pay ONE has passed almost all critical milestones and large risk points and that pilots and certification are left prior to commercialization. The effects of COVID-19 has caused some delays.
Costs have increased somewhat driven by investments in growth but the company has a strong cash balance of NOK 183.7m which should take Zwipe all the way to commercialization.
We will get back with a longer update shortly where we will comment on the commercial progress and the new deals signed since the last quarter. Stay tuned.