SEALSQ Updates on 2024 Strategic Initiatives and Major Milestones
SEALSQ Corp (NASDAQ: LAES) reports progress on strategic initiatives in H1 2024, despite a temporary slowdown. Key highlights include:
1. H1 2024 unaudited revenue of ~$5 million, with expectations for a stronger H2 and growth in 2025.
2. New business pipeline valued at $71 million.
3. Strong cash position of $19 million.
4. Launch of Quantum-Resistant Secure Chips (QS7001 and QVault TPM) by Q4 2024.
5. Strategic partnerships for custom quantum-resistant chips.
6. Negotiations for semiconductor design and customization centers in Spain, USA, Middle East, and Far East.
7. Root Certificate Authority approval for Matter device attestation.
SEALSQ anticipates growth in Matter certification, SSL certificate injection services, and alignment with new IoT security standards. The company is positioned to leverage the expanding IoT market and convert initiatives into revenue streams over the next five years.
SEALSQ Corp (NASDAQ: LAES) riporta progressi nelle iniziative strategiche nel primo semestre del 2024, nonostante una temporanea rallentamento. I punti salienti includono:
1. Fatturato non verificato per H1 2024 di circa 5 milioni di dollari, con aspettative per un secondo semestre più forte e crescita nel 2025.
2. Pipeline di nuovi affari valutata 71 milioni di dollari.
3. Forte posizione finanziaria con 19 milioni di dollari.
4. Lancio di Chip Sicuri Resistenti al Quantistico (QS7001 e QVault TPM) entro il quarto trimestre del 2024.
5. Partnership strategiche per chip personalizzati resistenti al quantistico.
6. Negoziazioni per centri di progettazione e personalizzazione di semiconduttori in Spagna, USA, Medio Oriente e Estremo Oriente.
7. Approvazione dell'Autorità del Certificato Radice per l'attestazione dei dispositivi Matter.
SEALSQ prevede una crescita nella certificazione Matter, nei servizi di iniezione dei certificati SSL e nell'allineamento con i nuovi standard di sicurezza IoT. L'azienda è posizionata per sfruttare il mercato IoT in espansione e trasformare le iniziative in fonti di reddito nei prossimi cinque anni.
SEALSQ Corp (NASDAQ: LAES) informa sobre el progreso en sus iniciativas estratégicas en la primera mitad de 2024, a pesar de una desaceleración temporal. Los puntos destacados incluyen:
1. Ingresos no auditados del H1 2024 de aproximadamente 5 millones de dólares, con expectativas de un segundo semestre más fuerte y crecimiento en 2025.
2. Nueva cartera de negocios valorada en 71 millones de dólares.
3. Fuerte posición de efectivo de 19 millones de dólares.
4. Lanzamiento de Chips Seguros Resistentes a Cuantum (QS7001 y QVault TPM) para el cuarto trimestre de 2024.
5. Alianzas estratégicas para chips personalizados resistentes a cuánticos.
6. Negociaciones para centros de diseño y personalización de semiconductores en España, EE. UU., Medio Oriente y Lejano Oriente.
7. Aprobación de la Autoridad de Certificación Raíz para la atestación de dispositivos Matter.
SEALSQ anticipa un crecimiento en certificación Matter, servicios de inyección de certificados SSL y alineación con nuevos estándares de seguridad IoT. La empresa está posicionada para aprovechar el mercado IoT en expansión y convertir iniciativas en fuentes de ingresos durante los próximos cinco años.
SEALSQ Corp (NASDAQ: LAES)는 2024년 상반기 전략적 이니셔티브의 진행 상황을 보고하며, 일시적인 둔화에도 불구하고 주요 하이라이트는 다음과 같습니다:
1. 2024년 상반기 비감사 수익 약 500만 달러, 하반기 강세 및 2025년 성장 기대.
2. 7,100만 달러로 평가된 새로운 비즈니스 파이프라인.
3. 1,900만 달러의 강력한 현금 보유.
4. 2024년 4분기까지 양자 저항 안전 칩(QS7001 및 QVault TPM) 출시.
5. 맞춤형 양자 저항 칩을 위한 전략적 파트너십.
6. 스페인, 미국, 중동 및 극동에 반도체 설계 및 커스터마이징 센터 협상.
7. Matter 장치 인증을 위한 루트 인증 기관 승인.
SEALSQ는 Matter 인증, SSL 인증서 주입 서비스 및 새로운 IoT 보안 표준과의 정렬에서 성장을 예상하고 있습니다. 이 회사는 확대되는 IoT 시장을 활용하여 향후 5년 동안 이니셔티브를 수익원으로 전환할 수 있는 위치에 있습니다.
SEALSQ Corp (NASDAQ: LAES) fait état des progrès réalisés sur ses initiatives stratégiques au premier semestre 2024, malgré un ralentissement temporaire. Les points forts incluent :
1. Chiffre d'affaires non audité de ~5 millions de dollars pour le H1 2024, avec des attentes pour un H2 plus fort et une croissance en 2025.
2. Nouveau portefeuille commercial évalué à 71 millions de dollars.
3. Position de trésorerie solide de 19 millions de dollars.
4. Lancement de puces sécurisées résistantes aux quantiques (QS7001 et QVault TPM) d'ici le Q4 2024.
5. Partenariats stratégiques pour des puces personnalisées résistantes aux quantiques.
6. Négociations pour des centres de conception et de personnalisation de semi-conducteurs en Espagne, aux États-Unis, au Moyen-Orient et en Extrême-Orient.
7. Approbation de l'Autorité de Certification Racine pour l'attestation des dispositifs Matter.
SEALSQ anticipe une croissance dans la certification Matter, les services d'injection de certificats SSL et l'alignement avec les nouveaux standards de sécurité IoT. L'entreprise est positionnée pour profiter du marché IoT en expansion et transformer les initiatives en sources de revenus au cours des cinq prochaines années.
SEALSQ Corp (NASDAQ: LAES) berichtet über Fortschritte bei strategischen Initiativen im ersten Halbjahr 2024, trotz vorübergehenden Rückgangs. Die wichtigsten Highlights sind:
1. Ungeprüfter Umsatz von ca. 5 Millionen US-Dollar im ersten Halbjahr 2024 mit Erwartungen auf ein stärkeres zweites Halbjahr und Wachstum im Jahr 2025.
2. Neue Geschäftspipeline mit einem Wert von 71 Millionen US-Dollar.
3. Starke Liquiditätsposition von 19 Millionen US-Dollar.
4. Einführung von Quantensicheren Chips (QS7001 und QVault TPM) bis zum vierten Quartal 2024.
5. Strategische Partnerschaften für maßgeschneiderte quantensichere Chips.
6. Verhandlungen über Design- und Anpassungszentren für Halbleiter in Spanien, USA, Nahost und Fernost.
7. Genehmigung der Root-Zertifizierungsstelle für die Matter-Gerätezertifizierung.
SEALSQ erwartet Wachstum in der Matter-Zertifizierung, in SSL-Zertifikatsinjektionsdiensten und in der Angleichung an neue IoT-Sicherheitsstandards. Das Unternehmen ist in der Lage, den wachsenden IoT-Markt zu nutzen und Initiativen in Einnahmequellen in den nächsten fünf Jahren umzuwandeln.
- New business pipeline valued at $71 million, expected to impact revenues from Q2 2025
- Strong cash position of $19 million to support development through revenue slowdown
- Launch of Quantum-Resistant Secure Chips (QS7001 and QVault TPM) by Q4 2024
- Strategic partnerships initiated for custom quantum-resistant chip development
- Root Certificate Authority approved by CSA for Matter device attestation
- Conversion of entire first tranche and 90% of second tranche of Convertible Loan Notes
- Reduction of debt to related parties by $5 million during H1 2024
- Preliminary unaudited revenue for H1 2024 of approximately $5 million, reflecting slowdown
- Temporary decline in orders for legacy products due to customer deferrals
- Excess component inventories at legacy customers affecting demand
SEALSQ's update reveals a challenging H1 2024 with preliminary unaudited revenue of approximately
The company's robust new business pipeline, valued at
Notably, SEALSQ has made significant progress in debt reduction, converting the entire first tranche and
While the short-term outlook appears challenging, the company's strategic initiatives, including the launch of quantum-resistant secure chips and partnerships for chip design centers, position it well for long-term growth. The anticipated market recovery and SEALSQ's focus on emerging post-quantum cybersecurity requirements could drive substantial revenue streams over the next five years.
SEALSQ's strategic initiatives for 2024 showcase a strong focus on quantum-resistant technology, positioning the company at the forefront of cybersecurity innovation. The planned launch of Quantum Resistant Secure Chips, including the QS7001 and QVault TPM, by Q4 2024 is a significant milestone. These chips, based on a RISC-V Quantum Resistant and CCEAL5+ hardware platform, are optimized for Kyber and Dilithium quantum-resistant algorithms, addressing the growing concern of quantum computing threats to current encryption methods.
The company's approach to offering both open firmware (QS7001) and pre-provisioned FIPS 140-3 and TCG certified Trusted Platform Module stack (QVault TPM) demonstrates flexibility in meeting diverse market needs. This strategy could appeal to a wide range of customers, from those requiring customization to those seeking out-of-the-box security solutions.
SEALSQ's initiatives to establish Semiconductor Design and Personalization centers in various global locations, including Spain and potentially the US and Middle East, indicate a strong push towards vertical integration and localized production. This aligns with global trends of semiconductor supply chain resilience and could provide SEALSQ with a competitive edge in customization and rapid prototyping.
The approval of SEALSQ's Root Certificate Authority for Matter device attestation is another technical achievement, enabling the company to offer Device Attestation Certificates (DACs) through their PKI as a Service platform. This positions SEALSQ well in the growing IoT security market, particularly as global IoT security standards like the US Cyber Trust Mark and EU Cyber Resilience Act come into force.
SEALSQ's strategic positioning in the post-quantum cryptography and IoT security markets shows foresight in addressing emerging cybersecurity needs. The global push towards quantum-resistant technologies, driven by the looming threat of quantum computers to current encryption methods, presents a significant market opportunity for SEALSQ's new chip offerings.
The company's focus on the Matter protocol and its certification as a Product Attestation Authority (PAA) aligns well with the growing smart home and IoT markets. As Matter gains traction as a unifying standard for smart home devices, SEALSQ's ability to provide Device Attestation Certificates could become a valuable revenue stream.
The initiative to establish chip design and customization centers in various global locations is strategically sound, considering the current geopolitical climate and the push for semiconductor supply chain resilience. This aligns with government initiatives like the US CHIPS Act and the EU Chips Act, which collectively represent over
However, the current slowdown in traditional semiconductor demand presents near-term challenges. The company's projection of a stronger H2 2024 and return to growth in 2025 hinges on the resolution of supply chain issues and the successful launch of next-generation products. The
Overall, SEALSQ's strategic initiatives position it well for the long term, particularly in high-growth areas like quantum-resistant semiconductors, IoT security and PKI services. The success of these initiatives could potentially transform SEALSQ from a traditional semiconductor player to a leader in next-generation cybersecurity solutions.
Geneva, Switzerland, July 25, 2024 (GLOBE NEWSWIRE) -- Strategic Initiatives Include the Launch of Quantum-Resistant Secure Chips and Partnerships to Establish Chip Design and Customization Centers
Despite Temporarily Slowdown in H1 2024, Expects a Stronger H2 and Return to Growth in 2025
SEALSQ Corp ("SEALSQ" or "Company") (NASDAQ: LAES), a leader in developing and selling semiconductors, PKI, and post-quantum technology hardware and software products, announces significant progress made on strategic initiatives in the first half of 2024. These developments underscore SEALSQ’s commitment to innovation and its strategic positioning for future growth in the rapidly evolving cybersecurity landscape.
Financial Highlights and Business Pipeline
As previously stated, 2024 was always expected to be a transitional year for SEALSQ. Preliminary unaudited revenue for H1 2024 of approximately
The Company anticipates a stronger H2 2024 and a return to growth in 2025, as it expects supply chain issues and inventory issues to be resolved thus the demand from legacy customers to return to pre-shortage levels. Additionally, as reported in the Company’s H1 update, SEALSQ’s robust new business pipeline is valued at
SEALSQ’s strong cash position of
The new business pipeline is expected to positively impact revenues as early as Q2 2025. In addition to its solid cash position, the Company has converted the entire first tranche and
Launch of Quantum-Resistant Secure Chips
SEALSQ remains set to launch its new range of Quantum Resistant, or Post-Quantum Secure Chips, including the QS7001 and QVault TPM, by Q4 2024. The QS7001 engineering samples are expected to be available for order by Q4 2024, with the TPM version ready by year-end 2024. These secure chips are based on a RISC-V Quantum Resistant and CCEAL5+ hardware platform, offering CC EAL 5+ certified security optimized for Kyber and Dilithium quantum-resistant algorithms. The QS7001 will be open for customers to develop and load their own firmware, while the QVault TPM will feature a pre-provisioned FIPS 140-3 and TCG certified Trusted Platform Module stack.
Strategic Partnerships and Custom Solutions
SEALSQ has initiated strategic discussions with several large electronic manufacturers to develop custom quantum-resistant chips derived from the QS7001, integrating application-specific customer requirements. This move is a pivotal step in SEALSQ’s commercial and industrial strategy, creating a new pipeline of business opportunities and revenues. This initiative aligns with SEALSQ’s project to build a Semiconductor Design and Personalization center, fueling the company’s upcoming customization activity.
OSAT Developments
SEALSQ is in final negotiations with the Spanish government to establish a high-performance cybersecurity chip design and customization center in the Region of Murcia. This collaboration with WISeKey, Odin, and T-Protege leverages their specialization in cybersecurity research projects and aligns with the Strategic Project for the Economic Recovery and Transformation of Microelectronics and Semiconductors in Spain (PERTE Chip), which aims to mobilize 12.25 billion euros by 2027.
SEALSQ continue to aim to develop an OSAT in the United States and has incorporated SEALSQ USA Ltd to support this project. The Company continues to explore funding opportunities relating to this project including those available under Government incentive schemes. The US-based Outsourced Semiconductor Assembly and Test (OSAT) facility is anticipated to provide comprehensive testing services, including wafer tests and final tests, as well as assembly services such as QFN, BGA, and WLCSP. This facility will focus on SEALSQ's semiconductor technologies, including post-quantum cryptography and artificial intelligence, heralding a transformative era for semiconductor technology by integrating quantum-resistant cryptographic capabilities directly into semiconductor architectures.
SEALSQ is also in negotiations for two major projects in the Middle East, and the Far East to develop Semiconductor Personalization Centers through Public-Private Partnerships (PPP). These centers will implement similar processes, run by experienced hardware designers using RISC-V technology, ensuring the highest security standards and certifications from bodies such as Common Criteria and NIST.
Governments, including the US and EU, are currently establishing incentives to increase supply chain resilience, emphasizing the need for SEALSQ’s expanded operations. In the US, the International Technology Security and Innovation (ITSI) Fund, under the CHIPS Act of 2022, provides
Root Certificate Authority Approval and PKI Services
In 2024, SEALSQ’s Root Certificate Authority (CA) was approved by the CSA for Matter device attestation, becoming a Product Attestation Authority (PAA). SEALSQ enables companies to access Device Attestation Certificates (DACs) through the INeS managed “PKI as a Service” platform, without investing in hardware infrastructure. SEALSQ will offer a complete range of FIPS Certified Secure Elements with pre-provisioned keys and DACs for authentication under the Matter Protocol.
Market Outlook and Growth Projections
We believe that the market is regaining strength as global chip demand increases, positioning SEALSQ’s new generation semiconductors to meet emerging post-quantum cybersecurity requirements.
SEALSQ is strategically positioned to convert its new initiatives into substantial revenue streams over the next five years, leveraging the expanding IoT market. Key areas of growth include:
- Quantum-Resistant Semiconductor Sales: With the growing demand for secure IoT devices, SEALSQ’s post-quantum chips will be integral to smart homes, autonomous vehicles, and industrial IoT applications. Significant sales growth is anticipated starting in 2025 as the new chips enter full-scale production and distribution.
- PKI and RoT Services: Increased demand for secure identity verification and data encryption will drive recurring revenue from device attestation and certificate lifecycle management services.
- Consulting and Custom Solutions: Strategic partnerships for custom quantum-resistant chips will generate revenue through development contracts and licensing fees.
SEALSQ’s commitment to innovation and security ensures it remains at the forefront of the digital transformation landscape, driving growth and maintaining its leadership in the industry.
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. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.
All forward-looking statements, if any, in this release represent the Company’s judgment as of the date of this release. SEALSQ Corp does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
SEALSQ Corp Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@sealsq.com | SEALSQ Investor Relations (US) The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 / lcati@equityny.com Katie Murphy Tel: +212 836-9612 / kmurphy@equityny.com |
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FAQ
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