Hello, this is Robert Puskaric. Welcome to Zwipe's Q1 2023 operational update. I'm terribly sorry for the technical issues we have been having here for the past 10 minutes. I hope that all of you can hear me loud and clear now, and that we can embark on this presentation that we are about to give. With me, I also have Danielle Glenn, our CFO. We are going to give you the highlights of the first quarter of this year. If we can, please move forward into this presentation. The agenda for today is pretty straightforward. It's an operational review followed of a financial review. We're going to talk about near-term goals and priorities. After that, we are going to open up for a Q&A. If we start with the operational update. Can I get the next slide? Yes. We have chosen to do this in two parts. One part only for pay, and then we move into access. On the pay side, as you have hopefully followed, we have announced two new SCMs also being personalization bureaus that we have signed. Wahyukartu in Indonesia. That is an SCM and a personalization bureau. In Saudi Arabia, we have signed with Unicard, who is also a personalization bureau and SCM. This is, of course, for us to be able to reach further out in the world and have more customers, meaning also reaching then more issuers and banks out there. We have also communicated that we have signed with two go-to-market partners, one in India being Antworks Money, and in Vietnam, we have then signed with the largest personalization bureau in the booming market of Vietnam being TBHP. This is also important for us to work with, as we have said, we are active in the whole value chain, not only with card makers, but also with personalization bureaus and payment processors and issuers. This follows the strategy on how we go to market on pay. We have also earlier stated that in order to get this market going and to create a mass deployment of biometrical payment cards, mobile enrollment is absolutely necessary. We have said earlier that we have demonstrated that both, at TRUSTECH in Paris, but also through partners and customers, at the, at the Las Vegas show of Money20/20 last year. We have now reached the stage where our mobile enrollment is fully commercially released, meaning that the app is available for download by anyone on Apple App Store and Google Play. We have also to a few customers shipped the SDK that then they can supply to their issuing customers, the banks, so that they can start integrating the app into their normal banking apps that their customers are using on an everyday basis. Go and look for yourself, Google Play and App Store, and you can follow a bit of tutorial there as well on how you enroll. We can all become more knowledgeable on how we'll become biometric payment card users. On the SCM side, we are also working heavily with getting SCMs production ready. That means that helping them both on achieving certifications of course, but also supporting them in their production processes to achieve a high yield and high throughput. We have released a set of new guidelines that we have shared with our customers regarding milling and implanting to achieve exactly that. Now, the throughput is high enough or high so that you can actually do mass production if you wish to do so. On the pilot side, we have talked about seven pilots and it remains seven pilots in active execution phase. We have several issuers that are now indicating that they feel so confident that they want to go for soft launches rather than a full set of piloting phase. This of course then results in that when this new kind of way of going to market when it comes to piloting and trying out the card in specific markets will of course shorten the time to a truly commercial launch. That, of course, is good for us because the pilots will not be so lengthy going forward. It will be rather soft launches. The interest out there with whoever we talk to, if it's issuing bank, if it's existing and potentially new SCMs, if it's personalization bureaus or payment processors. People are extremely interested in what biometric payment cards can do for their clients and customers. The interest is very high. However, the pace of pilots reaching commercial launches and market adaptations actually remains slower than expected, not only for us, but I will say across the industry. The takeaway on the Pay side at the moment is that we have very good progress when it comes to doing the things that we can do on our side, signing up new SCMs, personalization bureaus, releasing mobile enrollment, progressing as much as we can with our pilots and getting our SCMs, our customers ready for mass production and getting them certified. We are shaking the market as much as we can, but market adaptations remains a bit slower than earlier expected. If we move over to Access, here we see also a very huge interest, and it's to the extent that we are planning for a number of Proof of Concepts across Zwipe Access. That's the way the market will go in access in many aspects, that people want to try it out. The Proof of Concept is not like a full-fledged pilot, like it has been in pay. It's could be a matter of just a few weeks in order to try out how the new technology works. This Proof of Concepts, we are counting to more than 15 that will commence during Q2, and it's primarily in the U.S. and the Nordics in the coming months. It is around data centers, airports, and other type of critical infrastructure or high-value companies that need this type of enhanced security on their access solutions. We as a company participated in a trade show called ISC West, which is the largest trade show in this space in North America. Again, huge interest in what we bring to the market and the type of solution that we offer. We have counted to more than 20 new qualified leads only coming out from attending this event. This is like collaborations and engagements with the type of players that are forming our go-to-market strategy, meaning large system integrators, security engineering companies, value-added distributors, but also a number of companies that will adapt and want to adapt these type of security solutions straight off into their enterprises and the locations where they have offices and research centers. Huge interest and very good traction in North America, I would say in all aspects. Even if the kind of Proof of Concepts is not, you know, a huge revenue source, there is a substantial revenue potential coming out of all these engagements and Proof of Concepts when they have been carried out. We are very confident that from performance and functionality point of view, the Proof of Concepts will prove that this works. We, of course, are looking forward to engage commercially as an outcome of successful Proof of Concepts. It's very simple for people to understand the value proposition for an enterprise in increasing security. Instead of going, you know, for very expensive biometric entrance solutions, they will go for just replacing the card and, and keeping the infrastructure that they have. From a, you know, GDPR, security, cost saving point of view, it's very easy to understand. Of course, it's also much easier for the distributor and system integration partners to also understand that here they can actually make money and they want to be our partners and push the solutions going forward. That, that is very encouraging and pretty straightforward on the value proposition. During the quarter, we announced the partnership with CardLogix. This is a smart card manufacturer in North America. They are actually present even outside North America, but let's say in North America. They provide access control solutions also to airports and data centers and other critical infrastructure. This is, this is a very good addition to the existing partnerships that we have formed in North America in order to bring our Zwipe solution and cards to the market. We're very happy for this new partnership that we have announced, and that will probably carry fruit in the near term. We also have our partner, Civix, that have done a partnership with Richmond, where we're doing a Proof of Concept, and this is, this is then in collaboration with the National Safe Skies Alliance, where most airports in the U.S. are members. The outcome of this Proof of Concept at Richmond Airport will then be shared with all airports in U.S. with recommendations on how they can increase security going forward. We are very excited of being part of this study and the report that will be issued as a recommendation to all alliance members, which is most airports in North America. On access, the key takeaway I would say is like lot of excitement, lot of engagements, lot of interest, and a number of PoCs, Proof of Concepts, that are starting up in U.S. and the Nordics that we haven't talked so much about before in Q2, next month. That was a operational update on what we are working on and a little bit on kind of the market traction. With that, over to you, Danielle, for a financial update. Revenue in the first quarter totaled NOK 1.7 million compared to NOK 600,000 in the same period last year. As Robert alluded to, you know, basically, market adoption remains slower than we would like, and revenue was slightly lower than we expected in the first quarter, but we do expect revenue to pick up sequentially throughout the year in both Pay and Access. Cash flow from operating activities was -NOK 24.7 million in the first quarter, roughly the same as -NOK 25.4 million in the same period last year. This equated to an average net monthly burn rate of -NOK 8.2 million in the first quarter compared to -NOK 8.5 million in the same quarter last year. As is usual, the main contributor to operational expenses remains personnel costs. Obviously, we successfully completed the fundraise in the first quarter and raised approximately NOK 100 million in new capital. So that meant that the cash position at the end of the first quarter was NOK 122 million, roughly. That compares to NOK 130.6 million at the end of Q1 2022, and NOK 50.5 million at the end of 2022. We will certainly talk about this in more detail probably in the Q&A based on the questions that are coming in, but the funds from this capital raise that we did will be used to accelerate our go-to-market strategy, with a small percentage also used to execute on our technology roadmap. That was a very quick financial review, and I am now gonna hand it back to Robert to talk about our priorities and what we are doing the rest of the year. Okay, thank you, Danielle. Goals and priorities going forward on Zwipe Pay, I would say our goals and priorities are not kind of shifting a lot from quarter to quarter, some updates. On Pay, it is about speeding up the execution of issuer pilots and soft launches, because we want to have more traction in the market. Of course that is a very important goal for us. At the same time, we're, of course, very happy for the trust that existing customers have given us, in order to bring our biometric payment card solution to the market. At the same time, we are of course signing more SCMs and personalization bureaus. In Q1, we signed two and one pure more personalization bureau than in Vietnam. We are going to continue hunting and chasing SCMs and sign them up so that we can have a broader reach out in the markets. We are also continuing supporting the SCMs we have getting the certifications from Mastercard and Visa and also for being able to scale up production and manufacturing so that they can bring cards to the market in high volumes when the market gets going. We are also then working in expanding our pipeline. We want to have more pilots lined up, not only the ones we have and the soft launches. Of course, this is working through the SCMs and personalization bureaus, but also with a pool that we're doing ourselves with the relationships that we have with issuers, issuing banks around the world. I mean, ultimately it is to achieve a large scale commercialization of our solution. That's on Zwipe Pay. On Zwipe Access, of course, now when we have had a very nice traction, attending different events and making new partnerships and also engaging in different proof of concepts here, it is to execute all these proof of concepts that are lined up, and do it successfully, and reach a stage where we can conclude with our potential clients then that this works and that they actually want to deploy this commercially. Win reference deals. Yes, we are going to market via value-added distributors and system integrators and different type of security companies. We have also a number of identified reference deals that we are hunting together with our partners, that we want to showcase how well this works in everyday life, increasing security at strategic places, right? We, in order to reach further out, we of course need more system integrators and distributors and different type of security engineering companies, to be able to reach more verticals, in more countries going forward. That is something that is ongoing in parallel as well. Achieve large-scale commercialization is also, of course, of utmost importance on Zwipe Access. This is also something that eventually, when you work with all the proof of concepts and you have done your homework and go to market with signing up all the different partners that you have, eventually you will achieve large-scale commercialization as well. That is something we're working on really, really hard. Given the overall situation that we have, and especially I would say on pay where interest is high, but the uptake in the market is not really where we wanted it to be and where we expected it to be, we are going to streamline our cost compared to previous 2023 plans. We are lowering the net average monthly burn rate in order to prolong the money that we have just received, the funding that we have towards the inflection point when true commercialization is expected to happen. And all, of course, all of that is done in that we work in a operational excellent way. We are putting a lot of focus on that as well, so that we do not only the things right, but doing the right things as well. All in all, we feel that we have to take a responsibility to lower our burn rate, given the current situation. That was the summary of goals and priorities. Not much have changed, I would say. We are working very, very hard to get this market going, and to achieve the commercial inflection points this year, 2023. Again, as we stated, in our Q4 report, there is a lot of traction in the market. It's a lot of different companies that are working with the same goals as us. Whatever happens in the market, and we get the market going jointly, that is eventually good for Zwipe as well. With that, we end the formal part of the presentation, and we go into the Q&A session. Over to you, Danielle, to see what type of questions we have received, and that we need to answer. Okay. I'll try to structure these, I guess, maybe generic down to specific. I think some of this was actually kind of answered in the presentation just now. The first question is, what is your focus for 2023? It's, it's basically what I said. I mean, we are the biggest focus we have as a company is, of course, to go to market for pay and access. We need to achieve commercial traction. We have commercial traction because that is evident in the agreements that we are signing with different type of partners, the personalization bureaus or smart card manufacturers, and the news flow that we are then releasing towards the market as well. Also the commercial traction that we're seeing also in access with all the different PoCs that we now have lined up. I mean, the market is slower, so we just need to work harder, right? The bottom line is still that we expect 2023 to be a critical year for us. It will be a milestone year where we will and aim to achieve meaningful commercial traction. I mean, go to market and focus for 2023 is executing the pilots that we have, the soft launches that are in front of us, and getting the SEMs up faster, being certified, and also sign more customers, both on on pay, but also on access, where we have these reference deals that we're talking about. Lining up more partners on access as well, being system integration companies and value-added distributors. Okay. I think the next question is also for you. Your Q1 report seems to show a lot of excitement about access. What is your view on the access market in the short, medium, and long term? I think that this company, I mean, Zwipe has talked a lot about Pay for the last years, and rightfully so. We are also then, I mean, as you see, we see a huge, tremendous potential for Zwipe Access. The first thing that one has to bear in mind that the go-to-market for Pay for Access is completely different than for Pay. Here you work through a different kind of layer of system integrators and value-added distributors to leverage basically their connections and their network and reselling capabilities to reach their kind of existing customers of what they are selling today. Our solution is an add-on solution to what they are already selling, right? Many of these companies that we are engaging with is, of course, already selling access cards, but they are not biometric. They are selling access reader solutions. They are selling real entrance solutions and other type of kind of security entrance solutions. This is like a complement to what they're already doing. It's not so that they need to establish new business relationships in order to bring our card to customers. They are complementing their offering with what they're already selling. Second, I would say that the market itself is a lot more fragmented. I mean, it's not like in the pay space where you have, you know, large global or regional banks that dominate the sector. If you have one customer, you can reach, in some cases, you know, different parts of the world, but complete countries and all their branch offices. That's not really the way it works in access, right? That's why we need many different partners in all the countries where we want to be present. However, the decision-making is also completely different, right? There is not this type of certification like you have from Mastercard and Visa. That's why also the kind of the decision-making can go much faster. When a POC is completed, you can come to kind of commercial discussions and buy decisions much faster. Thirdly, I mean, the good thing is that our solution is now certified and validated with both HID and Legic, which means that it works with the leading access control technology around in the world. Meaning that it's also faster to roll out because you don't need to change the in-infrastructure. You can just kind of replace the cards. Basically, time to deployment when you have made a decision is fast. It's very fast. Of course, the cost is at a much lower point. I would say as a final point, when we talk about access, in access, we are selling complete cards. It's like finished or, yeah, fully made cards where we, as a company, enjoy a higher ASP and a higher gross margin than selling a chipset, basically. That's also why this business segment is very important for Zwipe going forward, because it's going to contribute quite well to our financials. We see a lot of interest and a lot of confirmation on that our product is highly appreciated out there in the market. I think we have a lot of good traction there for the future. Bear with us. Yes, Danielle. Okay. I think the next question is for me. It says: Your burn rate decreased from the second half to 2022. Is that expected to continue? I would say the short answer is yes. 2023 was always envisioned to have a lower monthly burn rate than 2022. Obviously, as market adoption for Zwipe Pay has not yet happened as fast as we would like, we are taking preemptive decisions to cut costs versus our budget in 2023. As Robert alluded to in his presentation, the goal is to prolong our funding for as long as possible towards the commercial inflection points. Again, I don't wanna sound too pessimistic in any of this because the bottom line is we still do believe that revenue is going to pick up quite substantially and sequentially throughout the year. I think that's an important factor to bear in mind. Yes, the decrease in monthly burn rate is expected to continue. I think the next question is for you, and this is kind of a short one, Robert. What is the status on Fraport? The status on Fraport is that we're still waiting for the RFQ process to start. We of course, hope it will start either at the end of Q2 or during Q3, but we don't have a definite date on when the RFQ is starting. However, we are not sitting still waiting for the RFQ only because you can do a lot of activities to prepare and increase your likelihood to win this RFQ. That is what we have done. And by that, we have then established important partnerships in this arena, primarily in Germany, Austria and Switzerland, so that we can, you know, in a very confident way, show Fraport that we are the preferred business partner through our partnerships that we have established on their home turf. That is what we have done. No RFQ have started. Okay. Danielle? yep. Next question. How many pilots are ongoing? I guess this is referring to Zwipe Pay. Yes, I assume so. We have still seven active pilots. There are more pilots, hopefully, that we are going to start during Q2. Middle East and Africa looks like a promising geography. The signals that we are picking up from there is that they want to kind of skip the more formal pilots and go more for what you would call a soft launch, which is typically higher quantities of cards being deployed early on than a traditional pilot. I hope that answer answers the question. Yep. Next question for me. You mentioned that you were cutting costs. What kind of costs? I would say we have frozen any planned new hiring that we had. We have decided to postpone certain development projects, and we have cut planned operating expenditures in most categories kind of across the board. That hopefully answers that question. Next question. also an intent to make the funds last longer. Yeah. If the inflation continues. And as market. For us. Yeah, I mean, as market adoption happens, we, you know, certainly will react to that as well. Are you starting to see revenues in access? When do you expect, I mean, I guess, when do you expect to see revenues in access? On access, I think that the most important takeaway in this presentation is that we see a number of Proof of Concepts being lined up. That is not what I would call revenue, but promising engagements. It's too early to see revenue. As we are executing these 15 Proof of Concepts in the coming months, we do expect that, you know, those will bring more substantial revenues on access in the second half, with then smaller revenues in the first half. It's kind of more second half access where we will see real commercial traction on revenue. Yes. Okay. I guess this question is for me. Will this be the last fundraise for Zwipe? I certainly hope so, you know, we can honestly not answer that question yet, as it remains dependent on the pace of commercial adoption. As we've continuously alluded to in this presentation, we are taking the steps to ensure that this money lasts as long as possible, and certainly towards the point at which, you know, revenue is growing at a very strong trajectory. I'm sorry, I'm trying to read the questions as they are coming in here. There's one here on what's the selling price for Zwipe Pay cards and Zwipe Access cards, margins on different cards, better on access. I don't think we're gonna specifically say what the sales price is. Margins on Zwipe Pay cards are around 35%, they're around 60% on Zwipe Access cards with the finish card solution. Robert, I think the next question is for you. Can you elaborate on the ongoing Proof of Concept at Richmond Airport? How many people work at the airport? Does that make up the potential for this specific customer in terms of units sold? I don't know if I have a straight answer on that. What was the second part of the question? I think it's around 20,000 employees that work at Richmond International Airport. Right. We know. For sure, not a small airport, even if it's maybe not the biggest one in the U.S., but the security is as high. It's a Proof of Concept. Again, this National Safe Skies Alliance, Inc. have selected to do this Proof of Concept in that particular airport, but the recommendations that they give will of course go out to all the airports in the U.S. Okay. I think the next two questions are kind of linked. Robert, you said in the Q4 presentation that during previous pilots, some technical problems were discovered with the software and the card's robustness. I don't know if that's entirely accurate, and I'll let you talk to that. Can you confirm that all the problems have been fixed and that the Zwipe Pay solution now works as it should? How does that affect the schedule of previously announced pilots? I mean, as we communicated earlier, we have done a few adaptations and changes of settings on the cards on how they work in order to increase the performance. Now the performance is up on the same level as normal kind of contactless cards. Since we communicated the kind of the updates that we have done, the cards works really fine. Yeah, you can say that we can reconfirm that the performance of our products is high. Good. I think the last question that we will take, I mean, again, I think you've already talked about this, but when do you expect commercial breakthrough for Zwipe Pay? I mean, as we have said, it's always kind of what do you mean with commercial breakthrough? I think that we have very good traction in all the engagements that we are doing right now, it's slower than expected. I think that as we stated in our previous report, 2023 will be a very important year where you will see commercial traction. It's just happening slightly later than we have expected. Definitely 2023 will be a very important year for the industry when it comes to biometric payment cards. I think I covered most of the Q&A that came in before and during the presentation. I think with that, we can conclude and always point out that if you have additional questions, you can send those to ir@zwipe.com, and we will hopefully respond to you if we can in short order. Robert, do you have any concluding remarks? No. I would just say thank you for listening to our Q1 2023 operational update. I hope that we managed to answer most of your questions. I feel that we are on the right track as a company. I think that we have many good engagements both on pay and a huge, I would say, increasing interest and outlook on the Zwipe Access. With that, I'm of course looking forward to the time ahead when we can disclose more of all the exciting things and the progress that we will be having going forward in Q2 and for the rest of this year. Thank you very much, and thank you to all Zwipers for doing a great job every day. Thank you very much.