OSLO, NORWAY - 22 February 2024 - Zwipe AS ("Zwipe" or "the company") today
announces its results for the first half of 2023.

Highlights H2 2023

  · Zwipe successfully completes rights issue in December raising NOK 35 million
in gross capital, with a possible exercise of warrants in December 2024
representing the potential for up to NOK 39 million in additional funds.

  · Cash position after full receipt of funds in December 2023 / January 2024 at
NOK 66.6 million.

  · Slower than expected market adoption of biometric payment cards, but
significant traction in Zwipe Access.

  · In Zwipe Access, more than 35 go-to-market ("GTM") partnerships are signed
or in progress and more than 65 proof of concepts ("PoCs") are underway.

  · Total revenues of NOK 1.2 million during H2 2023, lower than the NOK 3.1
million reported in H2 2022.

  · Net income for H2 2023 of NOK -43.9 million, substantially better than NOK
-57.1 million reported in H2 2022 and NOK -56.1 million in H1 2023.

Significant events after the period

  · Zwipe announces new strategic direction focusing on Zwipe Access alongside a
company restructuring to create a near-term path to profitability.

  · Zwipe Access successfully completes the operational test and evaluation by
National Safe Skies Alliance, Inc. (Safe Skies) at Richmond International
Airport (RIC).

H2 2023 operational review

Commenting on the second half of 2023, Zwipe CEO Robert Puskaric says, "Despite
our many go-to-market partnerships around the globe and 50+ dialogues with
issuers, market adoption of biometric payment cards in 2023 simply did not
happen as Zwipe or anyone else in the industry expected. Issuers continue to be
slow-moving meaning that commercial orders from our SCM customers and revenues
for Zwipe Pay were far lower than anticipated at the start of the year."

Progress in Zwipe Access has been much more positive, with Puskaric continuing,
"Much more optimistically, we have seen considerable interest in biometric
access control technology throughout 2023. Across the USA and Europe, we have
more than 35 Zwipe Access go-to-market partnerships, and these partners are
currently carrying out more than 65 proofs of concept." These proofs of concept
("PoCs") of Zwipe Access technology include end-user enterprises including
Fortune 100 companies, Top 3 cloud service providers, healthcare facilities,
airports, data centers, government agencies, and critical infrastructure
operators. [DG1] These PoCs are expected to translate into commercial orders and
meaningful revenue in the short term, with an additional, powerful growth
catalyst deriving from the EU NIS2 Directive on cybersecurity requirements in
critical infrastructure sectors.

In the USA, Zwipe Access completed a critical operational test and evaluation by
National Safe Skies Alliance, Inc. (Safe Skies) at Richmond International
Airport (RIC) early in 2024. The Safe Skies team's report offers a positive
assessment of Zwipe Access technology in airports and is expected to motivate
airports across the Americas to evaluate Zwipe Access technology. Zwipe
continues to make positive progress with our key GTM partners including
Schneider Electric, MC Dean, Matrix Systems and NCS in the Americas and in AWT,
Assa Abloy, Certego and others in Europe.

Fundraising and new strategic direction

The negative developments in Zwipe Pay and positive developments in Zwipe Access
during the second half led to our January 2024 announcement of a new strategic
direction for Zwipe, which will see the company focus our resources almost
exclusively on commercialization of Zwipe Access where the near-term commercial
opportunity is clear.

Just before the January 2024 announcement, Zwipe completed a rights issue in
December 2023 raising NOK 35 million in gross capital, with additional capital
possible from an exercise of warrants in December 2024. Funds raised in addition
to cash on hand will now be directed primarily to accelerating Zwipe Access
commercialization, with substantially less required to support additional
technology development or supply chain purchases associated with Zwipe Pay. When
combined with the June 2023 restructuring, Zwipe expects operational costs to be
more than NOK 40 million lower than in 2023. Total cash flow over the coming two
years is also expected to be more than NOK 40 million better than if Zwipe had
continued to focus on both business lines, giving Zwipe longer runway and
greater financial flexibility.  These decisive actions alongside funds raised
from the rights issue should put Zwipe on a path towards cashflow breakeven,
which we hope to reach in 2025.

H2 2023 financial review

Zwipe reported total revenues of NOK 1.2 million during H2 2023, lower than the
NOK 3.1 million reported in H2 2022 and the NOK 1.7 million reported in H1 2023.
 Total operating expenses totalled NOK 44.6 million in H2 2023, down NOK 15.1
million compared to H2 2022, and down NOK 12.9 million compared to the first
half of 2023. The above resulted in net income for H2 2023 of NOK -43.9 million,
substantially better than NOK -57.1 million reported in H2 2022 and NOK -56.1
million in H1 2023.

Total net cash flow for H2 2023, including cash flow from financing and
investing activities, was NOK -33.7 million compared to NOK -59.3 million in H2
2022.

On 31 December 2023, cash and cash equivalents were NOK 42.2 million, compared
to NOK 50.5 million on 31 December 2022 and NOK 76.0 million on 30 June 2023.
With the remaining outstanding funds from the rights issue of NOK 24.4 million
received in early January 2024, the effective "turn of year" cash position was
NOK 66.6 million.

Going forward

Zwipe's priorities for 2024 all involve accelerating Zwipe Access
commercialization and maximizing Zwipe's financial flexibility:

  · Close deals and announce major Access pilots and commercial deployments
during H1 2024, demonstrating commercial traction
  · Achieve triple-digit growth in Zwipe Access in volumes and revenues in H2
2024 compared to H1 2024
  · Launch new Zwipe Access products for a wider range of technology protocols
  · Extend Zwipe's runway to get to cash flow breakeven in 2025.

Results presentation

CEO Robert Puskaric and CFO Hugo Petit will present the H2 2023 results by
webcast today, February 22nd, at 13:00 CEST.

Webcast details:

Date: 22 February, 13.00 CET

Format: webcast and Q&A

Language: English

Link:

https://app.webinar.net/bEArXRLNvJG (https://www.google.com/url?q=https%3A%2F%2F
a
pp.webinar.net%2FbEArXRLNvJG&sa=D&ust=1708187580000000&usg=AOvVaw3p5PowvnOfbn9Ef
x
uDmaNX)

Participants will be required to register to view the webcast and participate in
the Q&A, and are encouraged to submit their questions before the webcast to
ir@zwipe.com.

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This information is subject to the disclosure requirements in the Market Abuse
Regulation (EU 596/2014) and the Norwegian Securities Trading Act section 5-12,
and is information that Zwipe AS is obligated to make public pursuant to the
continuing obligations of companies admitted to trading on Euronext Growth Oslo
(Euronext Growth Oslo Rule Book - Part II) and on Nasdaq First North Growth
Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se.
The information was submitted for publication, through the agency of the contact
person set out below, at 08:00 on 22 February 2024.

###

About Zwipe

Zwipe believes the inherent uniqueness of every person is the key to a safer
future. We work with great passion across networks of international
organizations, industries and cultures to make convenience safe and secure. We
are pioneering next-generation biometric card and wearables technology for
payment and physical & logical access control and identification solutions. We
promise our customers and partners deep insight and frictionless solutions,
ensuring a seamless user experience with our innovative biometric products and
services. Zwipe is headquartered in Oslo, Norway, with a global presence.  To
learn more, visit http://www.zwipe.com.

For more information, please contact:

Hugo Petit, CFO and Head of IR
ir@zwipe.com

 [DG1]Final number of PoCs and GTM partnerships at the end of Q4 needs to be
confirmed by ZA sales team. These are the numbers from end Q3