Hello, and welcome to Zwipe's presentation of our third quarter operational update for 2022. I'm Robert Puskaric, the CEO, and with me here today, I have our CFO, Danielle Glenn. If we can get a few slides forward here. One more. Okay. Our agenda today is pretty straightforward. I just think that we should dive into it. If we start off with the Q3 highlights, if we take the next slide. Okay. Here, the highlights that we would like to bring to highlight then, the first one I think is from an operational perspective, the big news in the third quarter was the Mastercard certification of the Zwipe biometric payment card platform that happened in August. This was then followed almost immediately by Tag obtaining the LOA from Mastercard as well. That became the first of our SCM customers to have been certified on both Visa and Mastercard. We also saw our SCM customers expanding their issuer pipeline significantly, meaning that they are interacting with their customers and we see engagement with 10 new large global issuers, primarily in the Asia-Pacific and Latin America regions. When it comes to Zwipe Access, we continue to see strong momentum. In July, as we have talked about before, Fraport announced a successful conclusion of the pilot on biometric access control at Frankfurt Airport, and we, Zwipe, succeeded with this pilot, and was shortlisted as a potential end provider as Fraport will move forward and select the next generation access control solutions, which we then expect will happen within next year. Also, as we had closed the quarter, we then announced great news with Civix, a major provider of security solution for airports in the USA and elsewhere in North and South America, that they have chosen us and Zwipe's access control technology to be part of their offering to airports, which of course then is further strengthening our position in the airport vertical where we want to play. After big changes in the leadership team in the first half, we also created a dedicated customer success unit in Q3. This is dedicated to accelerate the pilot execution, but also to get our SCMs production ready in order to be able to scale up. We named Jens Hansen, formerly eBay and Ericsson executive, to lead this unit, and we have moved a number of employees to be dedicated into the customer success team and working outbound with our customers and issuers to bring them up to speed and make them successful. A few hires have happened in that arena as well. Finally, Zwipe ended the year with a strong momentum when it comes to commercial. Just after we ended the quarter, actually, we announced the single biggest deal in a quarter, a commercial order that was received of $225,000. This was from a large European SCM, and we expect that there will be coming more orders from the same SCM during 2023. If we move forward in the presentation. Okay. A little bit of repetition on what we do and who we are, Zwipe. As you know, Zwipe has a single silicon platform, which is a big step forward, when it comes to previous technologies and what has been available before. This is the most integrated component design that is to date certified on both Mastercard and Visa and available commercially on the market today. As you can see, in the small picture we have here in the slide, it consists of an inlay, the fingerprint sensor, and a contact plate module. This is a complete solution that we are then offering to the SCMs. Our card delivers a long reading range, which is great, because it's better performance and excellent biometric performance at a low unit cost level for our customers. I would say that the key differentiator for us is that we have enabled mobile enrollment, which of course makes it much easier both for the issuing bank, but also for the end user to enroll their cards simply by using their mobile phones instead of having to visit a physical location and to enter an office somewhere, or use an envelope or a sleeve to enroll. A little bit more about that a little bit later in the presentation as well. If we move one slide forward, we have also then said to you before that with one technology, you can actually address two different businesses. For us, that means Zwipe Pay, where we use our technology for biometric payment cards, and then you have Zwipe Access, which is for access control solutions. We refer to our technology as a complete biometric system-on-card. What is that? That is both hardware, it's the software that is loaded on the card, it's the power management system that is also on the card, including the biometric algorithms, but it's also our manufacturing and packaging methods in order to create good yield for our customers. When it comes to Zwipe Pay, beyond only kind of providing the biometric payment card and the associated hardware, software, power management, and algorithms, we also offer services to personalization bureaus, the payment processors, and the issuers themselves. This is all in order to help everyone in the value chain to accelerate the adoption of biometric payment cards and successfully come to the point of commercial launch in a pretty complex value chain that is around payments. The same technology that we are using for Zwipe Pay is also used for access control solutions, and I would say that basically the only difference is the applet that you load that you deploy on the card that is the difference. Where can Zwipe Access be used? It's a wide range of use cases, I would say, and of course, it's extremely well-suited to security-sensitive segments such as airports, nuclear power plants, hospitals, data centers, and so on. There are, I mean, a number of things that play well into what we offer, and if you just think about GDPR and the kind of strong data privacy controls that are in place, a card like the one we provide works really well because there is no data stored in any external database or background system. Everything's actually stored on the card and doesn't leave the card. Another key thing is that our cards are then fully compatible with existing access control systems, so there is basically no upgrade that needs to take place in the infrastructures already deployed. You only need the card itself and to enroll the users, which means that you can quickly deploy it at a very competitive cost. That works in our favor, and when it comes to Zwipe Access, our technology and card has already been validated and integrated into the HID Global and LEGIC access control systems, and these two companies together and systems are deployed in thousands of enterprises around the world. That works really well. If we jump to the next slide. A bit of an operational review, and if we start off with Zwipe Pay, we have already mentioned some of this, so not to dwell on it, but the highlights then of course again include the certification that we have received from Mastercard, being Zwipe together with Tag receiving the LOA from Mastercard as well shortly thereafter. These are big milestones that we have nailed in our journey of the Zwipe Pay platform. Our SCMs, as I also stated before, have seen a strong interest, and they are filling their pipeline with engagements, and we see 10 large issuers that have shown interest and that they are, I mean, our customers are engaging with right now. So of course it's important to the SCMs to get connected with issuers and onboard them on all the work we have already done. It's their customers, so to say. We have talked about the pilots. Seven pilots are progressing according to plan, including the three pilots previously announced. We have one with a Scandinavian bank, a global tier one bank and MEPS. To round off then on Zwipe Pay, shortly after the end of Q3, we received the single biggest order in a quarter so far of $225,000. We expect to see further momentum of large orders from the same SCM and other SCMs during 2023. If we move into Zwipe Access and operational review, Fraport, of course, which is a major happening that we succeeded with the proof of concept, and that we are now shortlisted as a potential solution provider for Fraport when they go into tender, which is then expected to happen in the first half of 2023. Along those lines, Civix, that we also announced after the closing of Q3, that they are bringing Zwipe Access control technologies to the airports in U.S. and further out in Americas, which is of course strengthening our position in the airport vertical. Finally, we are working with the system integrators and distributors and signing those up so that we can improve our go-to markets when it comes to Zwipe Access, because the ecosystem and works slightly in a different way than for Zwipe Pay. On the technology side, we continue to make good progress, and that is primarily on mobile enrollment, where we think that we have a huge differentiator when it comes to our solution for mobile enrollment. We are very happy and proud that we will be able to demo our mobile enrollment primarily for iOS at Money20/20 in Las Vegas, which is basically happening now as we speak. That we have then built demo cards with both LEGIC and HID so that we can have fully functional cards to demo also wherever we are showing our technology. Finally, on the organizational side, as I mentioned, we have now created a customer success unit with the purpose of accelerating execution of pilots. This has been a cornerstone in my work because that is where we think that we can make the biggest difference in moving forward at the moment. It's also getting the SCM's production ready for high-volume productions. In total, we have added eight full-time employees during Q3. It's both in R&D and supply chain, but also in customer success, of course, a newly formed unit. This is fully in line with our operational plan that we have laid for the second half of this year. If we move on to the financial review, which is the next picture, as this quarterly report is simply an operational update, the financial review will be very simple and pretty limited. The revenues totaled at NOK 800 thousand versus NOK 400 thousand for the same period last year. Cash flow from operating activities in Q3 was -NOK 24.2 million, which is then driven mainly by the negative operating result of some -NOK 22 million. At the end of Q3, we had NOK 85.8 million in cash and equivalents on hand. For this quarterly report in Q3, this is the financial review. If we move over to goals and priorities in the near term. If we start with Zwipe Pay, there is in reality no changes in the priorities, so we are keeping our focus. As you are aware, we have announced a number of pilots, and our first priority is speeding up these announced pilots and getting them to commercial launch as fast as possible. On the SCM side, as we said before, it's getting our customers certified and also ready for mass production. Of course, we are not sitting still. We are working with expanding and adding SCMs, meaning our direct customers, and even more so working with our current SCMs in order to filling the pipeline of issuers, meaning primarily banks, then. I also mentioned mobile enrollment, which we believe is a key differentiator for us. Here it has been a focus to get that ready to show it at the trade show in Las Vegas called Money20/20. Here it's one of our SCMs and partners that will demo and show our solution, which we're very proud of. It is to get the mobile enrollment not only as a demo, but commercially available out there, because that is in high demand for commercial rollouts. For Zwipe Access, we will work to accelerate the commercialization, very much what we have said before as well, of our access control solution, because we see a lot of interest in this space, and we think that deployments can happen much more rapidly compared to the pay area. I mean, we are then focusing on winning reference deals, like Fraport. We see that we have traction in that area, and it is for the segments that we have named before, transportation and data centers primarily, but even other engagements that we are in right now. For us, it's also, you know, defining a coherent strategy of expansion into other security-sensitive segments in a controlled way, where we see that we have traction and where we have strong interest. As I briefly mentioned, access is all about having the right partners in terms of system integrator partners and value-added distributors in the geographies where you want to play in order to reach the different segments and verticals. You need to pair the system integrator with the actual segment that you want to reach, if that is, you know, a vertical called airports. That we're working hard on signing up those system integrators and distributors around in the world where we want to play. Organization and financials, the final part here. The monthly net burn rate, we will have a small increase, but it will be a minimum of an increase over the coming quarters versus what we have seen in Q3. Then we are working with also establishing the Zwipe 2026 vision, as we call it, and the associated business execution plan from all angles in order to realize that vision. I hope I can tell you more about that next time. Operational excellence should be on top of our agenda in everything we do in order to keep up the efficiency and the cost down. This is, of course, very much related to ways of working and processes as we are now moving from a startup to a scale-up, if we put it that way. This will become increasingly important. Okay, that was our near term goals and priorities. The final part here, if I conclude, the Zwipe summary, where we first have, you know, Zwipe Pay, which is an innovative and complete turnkey solution for biometric payment cards, by adding then the biometric authentication control in form of fingerprint recognition to a card, which means that only you can use that card, and there is no need for a PIN code anymore. This, of course, should be much easier and more intuitive to use and is then significantly stronger than having the PIN code solutions that we have today. We also see that we are playing in an arena with a, when it comes to Zwipe Pay, that has an enormous potential. It's a huge potential addressable market with as many as estimated 700 million biometric payment cards expected to be in circulation by 2030. On top of that, we have Zwipe Access that we see an interesting demand and good demand, increasing demand for this type of solutions in security sensitive areas. We are well-positioned with our technology here because it's quick to deploy at very affordable cost levels versus other type of biometric entrance solutions. Our technology is built on the—Our two solutions are built on the same technology. It's fundamentally the same type of underlying technology for both access and pay. We act as a system integrator, so we are able to deliver superior solutions at an excellent unit cost level, in the way we are bringing our technology forward. As I mentioned, we don't only just provide cards, we provide services, technical advice, implementation support. We also do market research that we then support and help the different players in their complex value chains where we operate in order for them to move forward and to come to commercial deployments. We have adapted a both push and pull strategy on the market where we don't only focus on our customers, which are definitely the SCMs, but also on their customers in order to explain the advantage of deploying biometric payment cards or using access cards that are biometric for different type of access solutions. We have for that purpose then, of course, established a global network of implementation delivery partners. We are also working now in doing the same with system integration partners and distributors when it comes to the Zwipe Access solutions. Finally, I would say that we have a strong management with both very specific biometric and card experience, long experience, focused experience, but we also have broad experiences from R&D and when it comes to bringing complex technology to customers around the world. I feel very confident that we have extremely skilled and talented people working in Zwipe to make our vision become a reality. Okay. If we take the next slide. We have arrived at the point where we now go into Q&A. I hope that you have enjoyed the presentation that we had in store, telling you all about where we are and what we have been able to achieve, even if some things happened shortly after closing Q3. Now it's over to the Q&A part. We do see, talking to our partners, that they are having good engagements. Recently we talked to a few executives in IDEMIA, which is our partner, and about the traction that they are having in the market, and where they have deployed their technology and the uptake of that technology when it comes to biometric payment cards. It's very encouraging to see what's happening in the market in general. It has started to move and we will see that it will continue to move in a positive direction in 2023 with, you know, more of an uptake and scale-up when it comes to 2024. Over to the Q&A session. Danielle, I think you will act as a moderator here, right? Yes, I will. I'm Danielle Glenn. I'm the CFO of Zwipe. I will act as the moderator. Most of the questions that have come through are for Robert, a few are for me. Robert, the first question is, when can we expect orders for Zwipe Access? Orders for Zwipe Access, I think it's a little bit as I said. I mean, we have then of course adjusted the expectations when it comes to 2023. No, 2022, I mean, as we clarified in the first half report, that the market is slower than expected. We see a strong commitment from the SCMs and issuers, and then we expect a more substantial commercial traction during next year, and a true scale up in 2024. We continue to stay confident and be optimistic in the fundamental value drivers of biometric payment cards in the first place. All right. I think you answered the next question, which was really on when do you expect commercial breakthrough for Zwipe Pay? Thank you for that. Now we can go to Access and when we can expect orders for Access. I think that, I mean, we have engagements, we have talked about Fraport more than once. When it comes to Zwipe Access in general, I think that we will see the initial orders during first half in 2023, meaning next year. Okay. Good healthy engagements, for the time being. Cool. The next question is for me, and that is, will Zwipe be at about a NOK 8 million burn rate per month in the future? What I would just point out there is our burn rate in Q3 was essentially the same as it was in the first half of this year, despite adding eight new employees. We expect a slightly higher burn rate in the coming quarters, as we do need to make investments in people and R&D, to get the product ready and commercialized. However, any increase in burn rates will be kept to a minimum and not be very substantial. The next question is also for me, and this is kind of a long question but I will read it. Just before summer, Zwipe announced that André resigned and Robert was to take on the role of CEO at Zwipe. After that, almost no news has been published. Over the last few years, André was very visible on various platforms informing about the developments and ongoing projects at Zwipe. It gave the sense that something was happening in the company. Why did you change your news strategy? On this I will point out that this is part of our strategic shift away from market share capture or land grab to execution first. There are simply fewer pilots to announce. We have a long list of strong issuer brands, and a lot of SCMs who are committed to bringing payment cards to market. I think it's important to point out here that we will continue to publish all important news via our website and LinkedIn and media channels, but simply be more selective in what becomes a stock exchange release. Whether it's a stock exchange release or regular news, our announcements will be focused on real execution of issuer, and SCM pilots and launches, platform certifications, and meaningful commercial orders. We do believe that investors will understand that when we do publish news, that, you know, that news is meant to be meaningful, and I think we have already seen this play out, in our most recent two communications on the commercial order and the Civix partnership. Next question is for Robert, and that is. When will the tier one bank pilot end? I mean, ultimately, everything that has to do with pilots is in reality to the issuer, the bank to decide, right? It's not us who are deciding neither when the pilots really start and when they really end. We can have recommendations and opinions and provide advice, but the tier one pilots, bank pilots, the current plan for that is late in Q1, 2023, according, again, to this specific bank's current plan. Okay. The next question is, I'm gonna translate this question a little bit because is it possible to get orders from Civix right now, or do we have to wait for more pilots? I mean, you can never tell, but I would say like this. In the short term, of course, this engagement, we do expect that at the minimum, we will get initial orders for pilots at airports in North America. We will get orders for pilots, and the size of those you can always debate. Of course, like Fraport, people will like to test the technology, right? It's not that Civix doesn't work, how our card works. They know that, but it's, you know, the airports who need to feel and use the technology as well. We definitely think that we will see smaller orders to start with and then as we move forward, of course, larger orders. Okay. Next question. Just to kind of add to that, Danielle, I think that these smaller orders we will see already, you know, the next coming quarters, meaning hopefully Q4 and Q1, while the more kind of commercially viable orders will come probably at the later end of first half of 2023. The next question, I'm trying to keep track of things that are coming in now. When Fraport evaluation is ready, do we have to wait for more pilots on every 31 airport? I mean, each airport is still kind of deciding for their own right. We have been pre-tested, pre-verified, and pre-approved by Fraport, meaning that we are good to go from a technology point of view. Fraport cannot force every airport to take our technology. We are, of course, hopeful that the collaboration that we have with Fraport and the pre-qualification will put us in a much stronger position to convert to kind of commercial deals when it comes to, you know, biometric card access for all the airports. We can't tell. It's up to every airport to make their individual decisions, but we are very hopeful that we will be able to close many of these deals, of course. Not kind of new pilots in the form and fashion that we have done with Fraport already. No, that phase is over. Okay. We have another question. This one is from an analyst, and all the previous questions were coming from investors. This one is: How did the engagement with Civix start? Did this come about after your pilot with Fraport? Also, what can you say on long-term volumes with Civix should the initial deployment and trial be successful? Whoa. No, but we have of course multiple engagements in the kind of verticals where we have decided to play so far, and the airport vertical is of course one of those. That kind of led us to a Civix. What was the following question on that? How did the engagement with Civix start? Did this come about after your pilot with Fraport? Can we say anything on long-term volumes with Civix should the initial deployment trial be successful? I mean, on the latter point, I would just say that we can't say anything about long-term volumes. You know, we can say that we expect pilots to launch in the first half of 2023, and that Civix serves over 100 airports in the USA, large airports. Again, Civix is not only airports, but they are a main player in airport security. Fraport is around 30+ airports. Civix is 100+ airports. Yeah ... so of course, we are extremely proud and grateful to have the partnership and engagement that we have now announced with Civix because we think that long-term, that will bring us good volumes in an extremely security sensitive country, I would say, being United States of America then. Of course, long-term, we will work with Civix also for other verticals where they and us think that our technology can be of use and well-received. Definitely a key partner to have in North America. Okay. This is another question from an investor. Is mobile enrollment done together with IDEX? Answer no. Correct. Simple. I mean, mobile enrollment is something that we have developed, right? Yep. It has nothing to do in particular with the fingerprint sensor that is a part of our solution. This is a development that R&D, together of course with input from product management, have done. Yep We know that not all our competitors have been able to master mobile enrollment. Of course, for us, it's key that we have been able to bring a solution forward both for Android and iOS, which we think is a major differentiator if you want to move from smaller deployments to mass deployments, that people can't be kind of running into the bank office in order to enroll and you know, shipping sleeves and enrollment sleeves and envelopes to enroll is maybe not seen as positive from the banks because mobile enrollment have been the request from engagements that we have done and seen for mass deployments. Yeah. Absolutely. I mean, the mobile enrollment. It's our solution 100% developed by Zwipe, the mobile enrollment. Yep. This is more a comment than a question, but it's a kind of correction from a former Zwipe employee saying, "Robert, you mentioned that by 2030 there will be 700 million biometric cards in circulation, representing 15%-20% of 3.5 billion payment cards issued annually. Isn't it then 700 million biometric payment cards issued annually by 2030?" The answer is yes. The next question is from one of our largest investors, and this is, will you continue to discuss with end customers in access control, or will it be done by integrators? I think this question really just goes to what the go-to-market strategy is for access in terms of direct versus indirect sales. Yeah. Here, I mean, the access market does not work as the pay market, right? Here, in order to get the reach that you want, even to the kind of security sensitive segments and verticals, you need to identify who are the system integrator partners of those verticals, specific per country and per kind of vertical, in order to get your solution in. Zwipe will never be able to work with, directly with all the airports in the world. We need a company like Civix to be our partner in order to reach the airports, right? You can just imagine the amount of data centers and ports and nuclear power plants and, you know, and so on. Definitely partners, meaning system integrators, but also distributors are extremely important to sign up in the different corners of the world where we want to play. That's happening as we speak. Okay. I think what I will say now, so we're coming to the kind of end of the planned time for this, if there are other questions from investors or analysts or anyone really, I would encourage you to just send an email to ir@zwipe.com, and we will do our best to respond as quickly as we can. I guess I would just hand it back over to you, Robert, for anything in conclusion that you wanna say. Thank you, Danielle. Conclusion is we have made good progress in many areas as we described. We are looking forward to you know, an interesting Q4 that we're into right now. We have a lot of good momentum on both pay and access. I feel very confident for you know, both how the market looks like and what we have been able to achieve and progress. Hope that you have enjoyed this presentation and looking forward talking to you again. As Danielle said, if you have more questions, please send them to our IR inbox. With that, thank you very much and talk to you soon.