WISeKey International Holding AG American Depositary Shares - WKEY STOCK NEWS

WISeKey International Holding welcomes the Swiss Federal Council's decision to establish the 'Swiss Government Cloud' by early 2026. This independent digital infrastructure will support the digital transformation of Switzerland's federal government and local governmental bodies, with a budget of approximately 319.4 million Francs. The initiative underscores Switzerland's emphasis on digital sovereignty and leveraging data-based innovation.

WISeKey, a leader in cybersecurity, digital identity, and IoT, has been operating its WISeID Cloud Storage service since 2019, utilizing advanced technologies to secure data and ensure privacy. The company proposes a partnership with local businesses for a robust and sovereign cloud ecosystem, integrating AI and blockchain solutions.

Switzerland's political neutrality, strict data protection laws, and geographical security make it an ideal data hub. WISeKey leverages these advantages by operating high-security data centers in the Swiss Alps, storing cryptographic root keys to maintain data integrity and confidentiality.

WISeKey International Holding has announced key agenda items for the 2024 Annual General Meeting (AGM) on June 27. Shareholders will vote on several proposals including the reduction of the registered share capital by CHF 8,461,555.20 without impacting the company's current equity. The reduction involves lowering the nominal value of Class B and Class A shares. Shareholders will also vote on the re-election of several board members and the election of new members for a term until the 2025 AGM. Additional proposals include approval of maximum compensation for the board and executive management, the 2023 compensation report, discharge from liability for 2023 activities, and the 2023 Annual Report.

WISeKey International shared key points from its FY 2023 Results Conference Call held on May 21, 2024. The firm, a leader in cybersecurity and IoT, reported a 30% increase in revenue to $31 million, a $5 million improvement in gross profit to $15 million, and a robust balance sheet with $48 million in total assets. Key subsidiaries include SEALSQ Corp, WISeKey SA, WISeSat.Space, and WISe.ART, focusing on various technological domains. Strategic initiatives for 2024 include developing a post-quantum chip, expanding into Web3, and deploying IoT satellites. Geographic expansion includes establishing an OSAT Center in Arizona by 2025.

WISeKey’s WISeSAT.Space, in collaboration with FOSSA Systems, has launched 17 low-orbit satellites as part of a project to create an IoT satellite constellation for climate change monitoring. The company plans to develop 88 additional satellites and launch an enhanced WISeSat satellite with SpaceX in Q3 2024. WISeSat AG focuses on cost-effective, secure IoT connectivity using picosatellites and low-power sensors for various sectors, including smart farming and logistics. The initiative aims to provide global coverage and secure communication, aiding in environmental monitoring, disaster management, and policy formation. Challenges include financial, communication, policy, and technological barriers.

WISeKey International Holding reported strong financial results for FY 2023, with revenues reaching $31 million, a 30% increase from FY 2022. The company achieved a gross profit of $15 million, reflecting a 48% profit margin. Net losses were reduced to $15 million, down from $29 million the previous year, mainly due to the disposal of arago GmbH in 2022 and strategic cost management. WISeKey maintains a robust balance sheet with $48 million in total assets and $15 million in cash.

Strategic initiatives include significant investments in SEALSQ Corp for quantum-ready semiconductors and partnerships in WISe.ART's NFT space with Hedera. The company anticipates new revenue streams from projects like Low Orbit satellite initiatives and semiconductor personalization centers in Spain and the US.

WISeKey International Holding received an extension for its FY 2023 Annual Report publication due to the complexity of financial statements resulting from a partial spin-off in 2023. The unaudited financial metrics for FY 2023 include a $31 million revenue increase (30% growth), $15 million gross profit (48% profit margin), and a $15 million net loss improvement from the previous year. The balance sheet total stood at $48 million with a $13 million cash position.

WISeSAT.Space, a subsidiary of WISeKey, a global leader in cybersecurity, Blockchain, and IoT platforms, has announced a strategic partnership with the Swiss Armed Forces in the space sector for 2024 and beyond. The partnership includes plans to launch an enhanced WISeSat satellite in Q3 2024 using SpaceX. The satellite will be equipped with SEALSQ semiconductor technology and WISeKey cryptographic keys to secure the new FOSSASAT-2E satellite. WISeSAT.Space is focused on providing secure IoT connectivity as a service, offering a comprehensive SaaS solution for low-power, secure space-based IoT connectivity. The partnership aims to advance the findings of a 2023 study on space technologies and explore the feasibility of utilizing space segments for electronic reconnaissance purposes. The partnership is part of the private/public cooperation applied to the space sector, aligning with the Swiss Armed Forces' strategy for defense.

WISeKey has been awarded a project by the Government of Seychelles to deliver the SeyID digital identity platform, integrating eGovernment, eTourism, and eHealth initiatives. WISeID, the foundation for SeyID, offers robust authentication methods, online KYC onboarding, OTP authentication, and secure login through QR codes. The platform incorporates blockchain tech for secure identity distribution and ecosystem building. SeyID now includes an e-wallet for storing National ID and Driver's license digitally, with plans to introduce a Document Wallet for secure document sharing. This initiative aims to enhance digital security and streamline identity verification processes in Seychelles.

WISeKey International Holding announced WISe.ART's hosting of the Mayte Spínola Gold Medals 2023 at the Nasdaq MarketSite in New York City. Marina Fita was awarded the Spinola medal, recognizing her musical achievements and training. WISe.ART's event showcased Marina's talent to a prestigious audience, solidifying her position as a promising soprano.