Stage 1 is a casual telephone interview, stage 2 is a technically interesting but not extremely hard offline test.
Stage 2 was a real disappointment, a disheartening experience. The review of the test was very shallow, it was obvious the did not care to provide any constructive feedback to the candidate, despite the fact that it was apparent that the candidate had spent a reasonable amount of time working on it. It also took them 17 days to provide this thin feedback, which was in the lines of: "good try, it is obvious you did quite an OK job and that your solution can be extended but we had many applications and in the end we went for someone else."
If you are a candidate for this company, think twice before investing your time, or at least make them promise they'll come back with some meaningful feedback later on.