WISeKey Semiconductors Segment SEALSQ Announces Q1 2023 Non-Audited
Revenue of $7.2 Million, a 91% Year-Over-Year Increase
WISeKey Semiconductors Segment SEALSQ
Announces Q1 2023 Non-Audited Revenue of $7.2 Million, a 91%
Year-Over-Year Increase
In Q1 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
Zurich and
BVI – May
11, 2023: Ad-Hoc
announcement pursuant to Article 53 of SIX Listing
Rules – WISeKey International Holding Ltd (NASDAQ:
WKEY / SIX: WIHN) (“WISeKey” or the “Company”), a leading Swiss
cybersecurity and IoT company announces Q1 2023 unaudited revenues
for its wholly owned semiconductors subsidiary WISeKey
Semiconductors SAS which is the predecessor of SEALSQ Corp
(“SEALSQ”) (www.sealsq.com).
Q1 FY23
Highlights:
- Total revenue of $7.2 million, up 91% year-over-year.
- Experienced strong
revenue growth in all semiconductors target
markets across network infrastructure, smart building, health
IoT, two-factors-authentication USB token.
The Q1 2023 total revenue year-over-year
increase of 91% was driven by higher demand coming from of our
existing customers mainly in the Network IT infrastructure and Home
Automation, as well as with new designs captured in 2022 which
ramped up in the later part of 2022 and deployed in 2023.
This builds on the growth SEALSQ exhibited in
2022 financial year during which it 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. This was reflective of steady
semiconductors demand and an ambitious roadmap to develop the next
generation of post-quantum chips.
Carlos Moreira CEO of WISeKey noted, “SEALSQ
made significant progress in its strategic transformation, and this
progress is reflected in both its top-line and bottom-line results
for FY 2022, a growth which has continued in Q1 2023. We believe
that SEALSQ's revenue growth and profitability have reached a
tipping point where investments we made in the previous years are
starting to pay off. One of the key drivers of this success story
is the strong global momentum we have seen in the IoT sector
requiring the type of secure semiconductors SEALSQ is specialized
in providing. SEALSQ semiconductors have been gaining traction and
contributing significantly to its revenue growth and
profitability.”
Mr. Moreira continued, “This growth in the
semiconductors post quantum has been achieved through various
strategies, including steps we took to expand SEALSQ's presence in
the North American market, invest in new generation of
semiconductors (Quasar), and the on-chip cloud-based solutions, and
offer provisioning services with the Matter Root-of-Trust PAA to
help our customers save time and money in achieving Matter security
compliance. Furthermore, we invested in bringing in new talent and
enhancing our sales team capabilities.”SEALSQ’s success in the
cloud sector has resulted in strong revenue growth in the current
quarter. This demonstrates that the company's efforts in
transforming its business strategy are yielding positive results
and that it is well positioned for future growth and success.
SEALSQ achieved major milestones with the
Post-Quantum engineering team being able to carry both Kyber and
Dilithium CRYSTAL quantum-resistant NIST selected algorithms and
the appropriate APIs on the MS6003, a WISeKey Common Criteria EAL5+
Certified secure hardware platform powered by an ARMSC300 core and
featuring an USB interface, thus creating the first
Quantum-Resistant USB Token demonstrator. This demonstrator marks a
significant milestone for the QUASARS (QUAntum resistant Secure
ARchitectureS) project and takes us one step closer to achieving
our goal of building a Post-Quantum Hardware Security Module and
Root-of-Trust.
SEALSQ has also taken affirmative steps to
implement its QUASARS project. The QUASARS project, is a radically
innovative solution, based upon the new WISeKey Secure RISC V
platform that is paving the way for the Post Quantum Cryptography
era, offering hybrid solutions compliant with ANSSI’s (“Agence
nationale de la sécurité des systèmes d’information,” the National
Cybersecurity Agency of France) recommendations. Of note, SEALSQ
has received strong support from the French SCS (Secured
Communicating Solutions) Cluster for its QUASARS project. This
project is expected to generate new revenue streams in the medium
term.
SEALSQ is using AI capabilities to increase the
performance of post-quantum semiconductors by assisting in the
design and optimization of these materials. AI can be used to
simulate and model the behavior of these semiconductors, which can
help researchers to identify the most promising materials for use
in quantum devices.
The market for semiconductors is currently
witnessing a renewed interest as there has been a significant
global shortage of semiconductors during COVID, which has affected
various industries, including automotive, consumer electronics, and
telecommunications. This shortage has created a sense of urgency
among companies to secure a stable and reliable supply of
semiconductors, leading to increased demand for semiconductor
companies.
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 heavily
rely 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 investor interest.
As per our recent Extraordinary General Meeting,
WISeKey International Holding (WIHN) has approved a special
dividend-in-kind to be paid to all of its shareholders in the form
of shares in its subsidiary, SEALSQ Corp., a company that will
(subject to certain approvals) be listed on the Nasdaq. In
order to ensure that no withholding tax is levied on the
distribution, shareholders are required to complete a Tax
declaration that confirms they are not US citizens and therefore
can receive the dividend free of withholding tax. We would
therefore ask that you proceed with the process. You can find
more information on the following website regarding the Spin-off at
https://www.wisekey.com/company/investors/.
As previously announced, SEALSQ Ordinary Shares
are currently expected to begin trading on a “when-issued” basis on
the Nasdaq from market open on May 19, 2023, and continue up to and
including May 23, 2023 under the ticker “LAESV.” Trades in the
“when-issued” market are expected to settle on May 26, 2023. SEALSQ
Ordinary Shares are expected to commence “regular-way” trading on
May 24, 2023 under the ticker symbol “LAES”. Trades in the
“regular-way” market are expected to settle within the standard
settlement cycle, which is the second business day after the
trade.
About SEALSQSEALSQ is a wholly
owned subsidiary of the WISeKey Group that focuses on developing
and selling Semiconductors, PKI and Post-Quantum technology
hardware and software products. Our Post-Quantum solutions include
Post-Quantum microchips and devices that can be used in a variety
of applications, from Multi-Factor Authentication devices, Home
Automation, 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.
About WISeKeyWISeKey (NASDAQ:
WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity
company currently deploying large scale digital identity ecosystems
for people and objects using Blockchain, AI and IoT respecting the
Human as the Fulcrum of the Internet. WISeKey microprocessors
secure the pervasive computing shaping today’s Internet of
Everything. WISeKey IoT has an install base of over 1.5 billion
microchips in virtually all IoT sectors (connected cars, smart
cities, drones, agricultural sensors, anti-counterfeiting, smart
lighting, servers, computers, mobile phones, crypto tokens
etc.). WISeKey is uniquely positioned to be at the edge of
IoT as our semiconductors produce a huge amount of Big Data that,
when analyzed with Artificial Intelligence (AI), can help
industrial applications to predict the failure of their equipment
before it happens.
Our technology is Trusted by the OISTE/WISeKey’s
Swiss based cryptographic Root of Trust (“RoT”) provides secure
authentication and identification, in both physical and virtual
environments, for the Internet of Things, Blockchain and Artificial
Intelligence. The WISeKey RoT serves as a common trust anchor to
ensure the integrity of online transactions among objects and
between objects and people. For more information,
visit www.wisekey.com.
Forward-Looking Statements
This communication expressly or implicitly
contains certain forward-looking statements concerning WISeKey
International Holding Ltd, SEALSQ Corp and their respective
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; the
approval of SEALSQ’s listing of its Ordinary Shares on NASDAQ and
the risks discussed in WISeKey’s and SEALSQ’s filings with the SEC.
Risks and uncertainties are further described in reports filed by
WISeKey and 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@wisekey.com |
WISeKey & SEALSQ Investor Relations
(US)Contact: Lena CatiThe Equity Group
Inc.Tel: +1 212
836-9611lcati@equityny.com |
Press and investor contacts:This press release,
or referenced documents, do not constitute an offer to sell, or a
solicitation of an offer to buy, any securities, and do not
constitute an offering prospectus within the meaning of the Swiss
Financial Services Act of June 15, 2018, as amended (“FinSA”) or
advertising within the meaning of the FinSA. Investors must rely on
their own evaluation of WISeKey and their subsidiaries, including
SEALQ and their securities, including the merits and risks
involved. Nothing contained herein is, or shall be relied on as, a
promise or representation as to the future performance of WISeKey
or its subsidiaries, including SEALQ.
The registration statement referred to above, including the
prospectus contained therein, constitutes a foreign prospectus
within the meaning of article 54 paras. 2 and 3 of the FinSA and
article 70 paras. 2-4 of the Swiss Financial Services Ordinance of
November 6, 2019, as amended.
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