Zwipe has issued its results for the 2018 fiscal year, and it appears that sales were way up, coming in at NOK 2,276,000, compared to sales of NOK 1,073,000 in 2017. But operating expenses were up too, at NOK 72,622,000 against NOK 53,331,000 in 2017; and the company’s net result for 2018 came in at a loss of NOK 74,100,000, compared to a loss of NOK 54,877,000 in 2017.

In its fiscal report, Zwipe attributed the higher costs primarily to payroll for new hires and a share-based remuneration program, as well as increased R&D expenses. But the company emphasized developments in its efforts to develop and commercialize technology for biometric cards and biometric payment cards in particular, including real-world trials of the technology conducted in collaboration with Gemalto, Mastercard, and Visa.

“Zwipe is at the forefront of a global shift towards more secure and convenient contactless payments and the market is primed for growth,” the report asserted. “The company’s ambition is that Zwipe’s industry leading technology and partnerships will secure a strong market position both in the short and long-term.”

Zwipe added that its successful share offering in January and its admission to the Oslo Stock Exchange’s Merkur Market were “important milestones” along this trajectory.

(Originally posted on FindBiometrics)