Zwipe reported a net loss per share of NOK 1.61 (~USD 0.18) for 2H 2021, higher than the NOK 1.03 loss per share reported in 2H 2020. For the full year, the company’s net loss per share increased by almost 8% YoY to NOK 2.45 in 2021, from NOK 2.27 in 2020. 

Revenue, on the other hand, has grown by 20% YoY to NOK 1.1 million (around USD 128,000) on the back of service revenue (non-recurring engineering revenue) growing 82.3% YoY (accounting for 26.1% of revenue in 2H 2021). Revenue relating to the sales of biometric inlays also rose 6.8% YoY; however, the company noted it remains at a very nascent stage as of now, since regular commercial deployments have not been initiated yet. Moreover, annual revenue rose 38.3% YoY to NOK 2.5 million in 2021.  

Zwipe has received commercial orders worth more than NOK 20 million (USD 2.2 million) in 2H 2021, to be delivered primarily in 2022. Throughout the half, Zwipe partnered with nine issuers for pilots, including a tier-1 bank to roll out Zwipe Pay in three markets in Europe.  

The company’s gross profit amounted to NOK 0.7 million (around USD 0.08 million) in 2H 2021, compared to a negative NOK 3.6 million in 2H 2020. However, EBITDA for the half worsened to a negative NOK 49.2 million (from a negative NOK 29.1 million), mainly due to an increase in headcount (payroll expenses rose 56.9% YoY to NOK 18.9 million) ahead of piloting and deploying Zwipe’s payment solutions. The negative EBITDA was also impacted by Zwipe’s jointly funded development collaboration with Idemia. For the full year 2021, the EBITDA worsened to a negative NOK 74.6 million from NOK 59.9 million in 2020.