SEALSQ Reports H1 2023 Unaudited Revenue of $14.8 Million, a 38% Year-Over-Year Increase
July 06 2023 - 1:00AM
During 2023, SEALSQ Launched its First Demonstrator of
Quantum Resistant Technology, a New Generation of Quantum Resistant
Algorithms Running on One of its Common Criteria EAL5+ Tamper
Resistant Secure Arm Platforms
Tortola, British Virgin Islands – July 6, 2023:
SEALSQ Corp (Nasdaq: LAES) (“SEALSQ” or “Company”), a company that
focuses on developing and selling Semiconductors, PKI and
Post-Quantum technology hardware and software products, today
announced its unaudited revenue for the first half (H1) 2023 period
ending June 30, 2023.
H1 2023
Operational Highlights:
For H1 2023 SEALSQ reported unaudited revenue of
$14.8 million, an increase of 38% as compared to the same period of
last year. The year-over-year increase was driven by several
factors, including:
- Efforts to increase production
capacity and improve the efficiency of the supply chain to benefit
from higher demand on existing lines with historical customers,
mainly in the IT network infrastructure segment.
- Capture of several new significant
business opportunities due to the success of its advanced MS600X
secure platform, with applications in remote logical access
control.
- The growing Trust Services business
pipeline around Semiconductor provisioning and managed PKI, which
is now starting to materialize into recurring revenues.
- Larger and stronger footprint in
the United States following the expansion of sales team and the
signing of four sales distribution agreements aiming to gain market
share.
- Investments in a new generation of
Post-Quantum semiconductors (Quasar) to provide Provisioning and
Managed-PKI services within a unique vertically integrated value
proposition including the Matter PAA. Of note, SEALSQ was recently
approved by the Connectivity Standards Alliance (CSA) for Matter
device attestation and became part of the very few providers of
Matter PAA.
Carlos Moreira, CEO of SEALSQ noted, “The
impressive year-over-year revenue growth is a continuation of the
trend SEALSQ exhibited in 2022 financial year, during which we
reported solid revenue of $23.2 million with a growth rate of more
than 36% compared to FY 2021, and EBITDA of $3.0 million. We
believe that SEALSQ’s revenue growth has reached a tipping point
where previous year investments are starting to pay off. One of the
key external drivers of this success story has been the strong
global momentum we have seen in almost all IoT segments, now
massively demanding the type of secure semiconductors SEALSQ is
specialized in providing. SEALSQ continues to take advantage of its
solid supply chain and vertical value proposition to gain market
share in this context. We have a strong business pipeline in new
segments and are well positioned to deliver growth and
profitability this year and beyond.”
Moving forward, SEALSQ is well positioned to
capture additional opportunities arising from higher demand for
semiconductors due to significant investments the Company made in
developing state-of-the-art technologies. Specifically….
- Recently, SEALSQ’s engineering team
produced a demonstrator able to run both Kyber and Dilithium
CRYSTAL quantum-resistant NIST selected algorithms and the
appropriate APIs on the MS6003, a Common Criteria EAL5+ Certified
secure hardware platform, and created the first Quantum-Resistant
USB Token demonstrator. This demonstrator marks a significant
milestone for the QUASARS (QUAtum resistant Secure ARchitectureS)
project and takes the Company one step closer to achieving its goal
of being among the first players to build a Post-Quantum Hardware
Security Module and Root-of-Trust.
- SEALSQ offers a unique combination
of provisioning services with the GSMA Root-of-Trust CI, by issuing
GSMA PKI Certificates to GSMA eSIM compliant version 3 Consumer
products. The growing adoption of eSIM standards and the remote SIM
provisioning will greatly improve interoperability between devices
and security-by-design in the cellular industry, creating a more
efficient and safer experience for consumers. This is in full
alignment with SEALSQ’s mission to contribute into building a safer
connected world.
As is the case with SEALSQ, semiconductors are
at the heart of technological advancements such as artificial
intelligence (AI), Post-Quantum, Internet of Things (IoT), cloud
computing, and 5G. These emerging technologies require advanced
semiconductor chips to power their functionality. As the adoption
of these technologies accelerates, the demand for semiconductors
and the companies that produce them naturally increases. With the
proliferation of data-intensive applications and the expansion of
cloud computing services, there is a growing need for data centers
to process and store large volumes of data. Data centers rely
heavily on semiconductors for servers, storage systems, and
networking equipment. The rising demand for data centers has
consequently fueled the demand for semiconductors.
Many governments worldwide, including the EU and
US with their e-Chip Act, recognize the strategic importance of the
semiconductor industry and are actively supporting its growth.
Governments are investing in research and development, providing
incentives to semiconductor companies, and promoting domestic
semiconductor manufacturing. These initiatives have created a
favorable environment for semiconductor companies, attracting
investors’ interest.
About SEALSQ:SEALSQ focuses on
selling integrated solutions based on Semiconductors, PKI and
Provisioning services, while developing Post-Quantum technology
hardware and software products. Our solutions can be used in a
variety of applications, from Multi-Factor Authentication tokens,
Smart Energy, Smart Home Appliances, and IT Network Infrastructure,
to Automotive, Industrial Automation and Control Systems.
Post-Quantum Cryptography (PQC) refers to
cryptographic methods that are secure against an attack by a
quantum computer. As quantum computers become more powerful, they
may be able to break many of the cryptographic methods that are
currently used to protect sensitive information, such as RSA and
Elliptic Curve Cryptography (ECC). PQC aims to develop new
cryptographic methods that are secure against quantum attacks.
For more information please
visit www.sealsq.com.
Forward-Looking Statements
This communication expressly or implicitly
contains certain forward-looking statements concerning SEALSQ Corp
and its businesses. Forward-looking statements include statements
regarding our business strategy, financial performance, results of
operations, market data, events or developments that we expect or
anticipates will occur in the future, as well as any other
statements which are not historical facts. Although we believe that
the expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates which are inherently subject to significant uncertainties
and contingencies, many of which are beyond our control. Actual
results may differ materially from those expressed or implied by
such forward-looking statements. Important factors that, in our
view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the expected
benefits and costs of the intended spin-off transaction, the
expected timing of the completion of the spin-off transaction and
the transaction terms, SEALSQ’s ability to implement its growth
strategies, SEALSQ’s ability to continue beneficial transactions
with material parties, including a limited number of significant
customers; market demand and semiconductor industry conditions; and
the risks discussed in SEALSQ’s filings with the SEC. Risks and
uncertainties are further described in reports filed by SEALSQ with
the SEC.
SEALSQ Corp is providing this communication as of this date and
does not undertake to update any forward-looking statements
contained herein as a result of new information, future events or
otherwise.
SEALSQ
Corp.Company Contact: Carlos MoreiraChairman & CEOTel:
+41 22 594 3000info@sealsq.com |
SEALSQ Investor Relations
(US)Contact: Lena CatiThe Equity Group Inc.Tel: +1 212
836-9611lcati@equityny.com |
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