As Expected, Preliminary Unaudited H1
2024 Revenue Reflects Transition Period; the Company Anticipates a
Stronger H2 2024 and a Return to Growth in 2025
Strong Cash Position of $19 Million and
Robust New Business Pipeline of $71 Million at June 30, 2024,
Combined with the Development of Post-Quantum Solutions, Position
the Company Well for Future Growth
SEALSQ Corp ("SEALSQ" or "Company") (NASDAQ:
LAES), a leader in the development and sales of semiconductors,
PKI, and post-quantum technology hardware and software products,
announces preliminary financial and operational highlights for H1
2024, updates on growth opportunities and expectations for the
remainder of 2024 and 2025.
As of June 30, 2024, the Company’s robust new
business pipeline stood at $71 million, with a strong cash position
of $19 million. Preliminary unaudited revenue of $5 million for H1
2024 is reflective of the expected slowdown in traditional
semiconductor demand.
"As previously stated, we expect 2024 to be a
transitional year for SEALSQ, with a combination of excess
inventories of components at legacy customers following the
capacity shortage crisis, a temporary decline in orders for our
legacy products as our largest customers work with us on the
development of our next generation chips, and the impact of the
global economic slowdown. These factors caused a temporary slowdown
in revenue growth for the first half of 2024,” noted Carlos
Moreira, CEO of SEALSQ. “However, we expect demand from legacy
customers to return to pre-shortage levels beginning in 2025. In
addition to this customer base, we are also looking at a robust
pipeline of new customers awaiting the expected availability of our
next generation of semiconductors in 2025. Our optimism for the
future is compounded by our belief that revenue growth will be
supported by further growth in Matter certification, the SSL
certificate injection service at device level that we expect to
launch, and, on a global level, by the enforcement of new IoT
security standards worldwide like the US Cyber Trust Mark or the EU
Cyber Resilience Act.”
Mr. Moreira continued, “Our strong cash position
of $19 million is more than sufficient to support us through the
current slow-down in revenues, whilst also encompassing the
development of our Post-Quantum chip (QUASARS). As we expected 2024
to be a challenging year, we took proactive steps to ensure
uninterrupted project development and advancement towards the
commercial launch of our next generation of products. I am excited
by the current new business pipeline, which could begin to impact
revenues as early as Q2 2025. In addition to our strong cash
position, the Company has converted the full first tranche and 90%
of the second tranche of the Convertible Loan Notes entered into
during 2023, as well as having reduced its debt to related parties
by a further $5M during H1 2024. Overall, the Company remains well
positioned to continue our pursuit of long-term value for our
shareholders.”
NEW BUSINESS OPPORTUNITIES
1. QUASARS post-quantum
project
As a result of the Company’s investments and
focus on the QUASARS post-quantum project, the engineering team is
progressing at a fast pace on the development roadmap. Following
completion of the design phase, initiation of the production of the
first engineering samples has begun. Samples are expected to be
delivered to SEALSQ by suppliers before 2024 year-end.
The QS7001™ RISC V quantum-resistant platform,
which results from the QUASARS project, will serve as the base for
SEALSQ’s next-generation Post Quantum Secure Microcontroller and
TPM products: QVaultQ™. The chip’s hardware will be compliant with
the demanding Common Criteria EAL5+ certification level, while the
firmware running CRYSTAL’s post-quantum algorithms “Kyber” and
“Dilithium” will be NIST FIPS 140-3 certified.
2. Trust Platform Module
(“TPM”)
The Company expects to begin sampling customers
and prospects in Q2 2025 with the new post-quantum semiconductor
platform, which will provide it with access to the TPM market. The
TPM market consisted of 400 million units in 2024, with 11% CAGR
(ABI Research), from which the Company aims to capture a 10% market
share.
3. Application-Specific Integrated
Circuit (“ASIC”)
SEALSQ has also initiated a strategic move to
leverage the new chip’s powerful hardware architecture capabilities
by approaching select large electronic manufacturers to discuss
development of custom quantum-resistant chips derived from the
QS7001 and integrating ASIC customer requirements. By entering the
segment of post-quantum ASICs, the Company is taking a strategic
step in its commercial and industrial strategy, paving the way for
a significant new pipeline of business opportunities and
revenue.
From a financial point of view, ASIC development
contracts typically feature payoff by the customer to cover
non-recurring expenses corresponding to engineering development
fees. From an industrial perspective, this initiative is
particularly aligned with SEALSQ’s current project to build a
Semiconductor Design and Personalization center as its engineering
resources will fuel the Company’s upcoming ASICs activity.
Resultingly, SEALSQ is in final stage
negotiations with a major player in the technology space for a
multi-year, multimillion dollar revenue ASIC project which is
expected to be finalized before 2024 year-end.
4. Design and Personalization
Centers
SEALSQ is currently in negotiation for three
major projects in Europe, Middle East and Far East to implement a
process known as Personalization Centers at Wafer and final Test
level which are run by experienced hardware designers to create the
chip design using SEALSQ’s RISC-V technology. The chips will be
built locally at the SEALSQ centers to meet the highest security
standards and certifications from bodies such as Common Criteria
and NIST.
The Company also expects to generate revenue
from the commencement of --its proposed Design and Personalization
Center development in Spain as it anticipates the project to start
in H2 2024.
As a result of the aforementioned factors, the
Company anticipates a stronger second half of 2024 in terms of
revenue and expects a return to growth in 2025.
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 SEALSQ's
ability to implement its growth strategies; SEALSQ’s ability to
generate revenue from emerging new semiconductors; SEALSQ’s ability
to generate revenue from Matter certification and the new cyber
trust mark standards; the successful introduction of the WISeSat
picosatellite constellation; the success of SEALCOIN; the
development of the Trust Services division; 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.
Press and Investor Contacts
SEALSQ Corp.Carlos
MoreiraChairman & CEOTel: +41 22 594 3000info@sealsq.com |
SEALSQ Investor Relations (US)The
Equity Group Inc.Lena CatiTel: +1 212 836-9611 /
lcati@equityny.comKatie MurphyTel: +212 836-9612 /
kmurphy@equityny.com |
SEALSQ (NASDAQ:LAESV)
過去 株価チャート
から 9 2024 まで 10 2024
SEALSQ (NASDAQ:LAESV)
過去 株価チャート
から 10 2023 まで 10 2024