WISeKey Shares Key Discussion Points From Its FY 2023 Results Conference Call
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.
- Revenue increased by 30% to $31 million.
- Gross profit rose by $5 million to $15 million, with a 48% profit margin.
- Total assets amount to $48 million, with a healthy $15 million cash position.
- Investment in post-quantum chip development to ensure future-proof security.
- Deployment of a constellation of IoT satellites for global connectivity.
- Expansion into Web3 and blockchain tokenization via WISeART.
- Plans to establish high-performance cybersecurity chip centers in Spain, Saudi Arabia, and the USA.
- Geographic expansion in the U.S. market with a new OSAT Center in Arizona by 2025.
- Continued investment in advanced Large Language Models (LLMs) for cybersecurity and IoT.
- No detailed financial breakdown of each subsidiary provided.
- Future investments may increase operational expenses in the short term.
- Potential delays in establishing the OSAT Center in Arizona, impacting projected timelines.
- No immediate returns expected from the QUASAR program until at least 2025/2026.
WISeKey Shares Key Discussion Points From Its FY 2023 Results Conference Call
Geneva, Switzerland – May 21, 2024: WISeKey International Holding Ltd. (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, digital identity, and Internet of Things (IoT) innovations, operating as a holding company, shares key discussion points from its FY 2023 Results Conference Call held on May 21, 2024.
The call covered FY 2023 financial and operational results, as well as significant projects and strategic initiatives that WISeKey is executing to drive innovation and growth in 2024 and beyond, including steps taken towards transitioning into a recurring revenue business while maintaining operational efficiency and technological advancement.
Investors can access the archived webcast of the call at https://www.wisekey.com/wisekey-events/.
Holding Company Structure
WISeKey operates as a holding company of several distinctive operational companies, each covering a full spectrum of WISeKey-related technologies. This structure, established in 2022, is comprised of the following subsidiaries:
- SEALSQ Corp: Formerly known as WISeKey Semiconductors, SEALSQ is a leader in semiconductor, PKI, and Post-Quantum technology development, and was listed on the Nasdaq in 2023 under the symbol LAES.
- WISeKey SA: Focuses on the Root of Trust and PKI segment.
- WISeSat.Space: Specializes in space technology using Picosatellites.
- WISe.ART: Dedicated to the Trusted Blockchain NFT segment.
Each subsidiary contributes meaningfully to the overall mission of WISeKey, operating independently with a specific focus on their particular area of R&D and expertise, while integrating their respective technologies into the WISeKey platform. This structure allows WISeKey to focus resources on the most promising opportunities and diversify revenue sources.
Financial Highlights for FY 2023, as compared to FY 2022:
- Revenue growth: A
30% increase in revenue to$31 million . - Gross profit: A
$5 million improvement to$15 million , with a profit margin of48% . - R&D investments: Continued investments in developing the post-quantum chip and exploring new revenue streams.
- Robust balance sheet: Total assets of
$48 million and a healthy cash position of$15 million at year-end 2023.
These results underscore the strength of WISeKey's business strategy and investments in the past year, as well as continued progress in growth initiatives.
Strategic Investments, Growth Initiatives and Major Projects Planned for 2024:
With 2024 being a transitional year, WISeKey continues to invest in new initiatives to increase revenues, improve profitability, expand geographic footprint and client base: all seeking to generate higher returns for shareholders.
- SEALSQ Post-Quantum Chip: Developing a chip designed to withstand quantum computing attacks, ensuring future-proof security.
- OSAT Centers: Developing high-performance cybersecurity chip design and customization centers in Spain, Saudi Arabia, and the USA to enhance production and customization capabilities.
- Project SEALCOIN: Introducing the hybrid payment and utility token with a Proof of Concept demonstration planned for mid-July 2024.
- WISeSat Constellation: Deploying a constellation of IoT satellites to expand global connectivity and secure data transmission.
- WISeID Advanced LLM Development: Ongoing development of advanced Large Language Models (LLMs) for cybersecurity and IoT, cementing WISeKey's leadership in Industry 4.5.
- Blockchain Tokenization: Expanding WISeART’s platform into Web3.
- Smart Containers: Leveraging SEALSQ’s asset tracking capabilities for smart containers.
- QUASAR Program: Investing in post-quantum resistant technology for semiconductors, with returns expected starting in 2025/2026.
Geographic Expansion
WISeKey has broadened its footprint in the competitive United States market by expanding its sales team and establishing key sales distribution agreements. The Company also announced plans to establish an OSAT Center in Arizona, expected to be operational by the end of 2025. This strategic decision leverages Arizona’s prominent position in the global semiconductor industry and opens the door to numerous growth opportunities.
WISeKey’s strategic investments and focused execution continue to drive improved financial performance and operational results. The company is well-positioned for long-term success, supporting customers across all subsidiaries and advancing technological innovation in the cybersecurity landscape.
About WISeKey
WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on selling integrated solutions based on semiconductors, PKI, and Provisioning services, while developing Post-Quantum technology hardware and software products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, and (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions.
Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.
Press and investor contacts:
| WISeKey International Holding Ltd Company Contact: Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@wisekey.com | WISeKey Investor Relations (US) The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 / lcati@equityny.com Katie Murphy Tel: +1 212 836-9612 / kmurphy@equityny.com |
Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd 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.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FInSa's predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its 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.
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