Schedules Conference Call and Webcast for
- Reports 29% increase in revenue and 43% higher gross profit, as compared to FY 2022.
- Ends the year with a strong cash position of
$6.9 million . - Continues to tap into new revenue streams through increased investments in next generation post-quantum technologies. Aims to launch these groundbreaking products by late 2025 or early 2026.
- SEALCOIN, expected to launch in Q2 2024, is expected to be transformational in the Machine-to-Machine (M2M) economy.
- Implementation of QUASARS project is paving the way for the Post Quantum Cryptography era.
- Continues geographic expansion: currently in negotiations to establish three new OSAT (
Open Semiconductor Assembly and Test) centers inSpain , theUSA , andSaudi Arabia . - Driving change: while 2024 is expected to be a transitional year, it's just the beginning of a journey towards leading the next wave of semiconductor technology.
2023: A YEAR OF EXPANSIVE GROWTH AND OPERATIONAL ACHIEVEMENTS
FY 2023 Financial Highlights:
- Reported revenue of
$30 million , a 29% increase as compared to FY 2022. The increase was driven by robust demand for Secure Elements, Matter-related products, and the integration of semiconductors with cutting-edge technologies including IoT security, identity protection, and cloud services. - Gross profit of
$14.0 million in FY 2023,$4.2 million higher than the gross profit of$9.8 million in FY 2022. - Continued to invest in R&D for the development of post-quantum chips and next generations. A total of
$3.9 million was invested in R&D during FY 2023, representing a$1.6 million increase as compared to$2.3 million invested in FY 2022. - Higher operating expenses related to the US expansion, development of the new generation post-quantum chip and Nasdaq listing costs resulted in an operating loss of
$4.1 million for the year. - Ended the year with a strong cash and cash equivalents position of
$6.9 million . Well-positioned to support continued investments in strategic R&D and growth initiatives.
FY 2023 Operational Excellence:
During the year, SEALSQ introduced several new products and made investments in new technologies that paved the way for continued growth. These include:
- SEALSQ continues to drive growth in its pipeline of projects and during the year was successful with 28 new Design-Win projects and 15 new Design-In projects which are expected to lead to additional revenue streams with new products moving forward. The pipe growth is driven by both existing customers and new customers including a large number of Matter device makers who have selected SEALSQ’s Matter-certified PKI offer, EV Charger suppliers and Smart Meter companies.
- SEALSQ continued the development of 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 theFrench SCS (Secured Communicating Solutions) Cluster for its QUASARS project. The development reached a critical step inDecember 2023 with the delivery of an FPGA (an emulator chip). SEALSQ’s new secure microcontroller design, which is expected to be completed in Q2 2024 (currently on target to receive the first engineering samples in Q4 2024), should generate new revenue streams in the medium term. SEALSQ’s investment in post-quantum resistant technology research and development is anticipated to yield strong returns from late 2025 onwards. - SEALSQ introduced two new Secure Elements to the market in 2023. The VaultIC292™, a new secure element specifically designed for IoT devices and sensors, and The VaultIC408™, a new Secure Element specifically designed to enhance the security and protect user’s data in highly sensitive IoT applications like Smart Meters, Electric Vehicle Chargers, Medical Devices and Industrial IoT components.
- SEALSQ also made significant product developments on the side of its Certificate and Key Management SaaS platform INeS™, with the WISeKey group’s Root-of-Trust accredited as a
Product Attestation Authority by theConnectivity Standards Alliance defining the “Matter” smart home standard and the introduction of a Zero-Touch Provisioning Solution, an automatic and secure way to onboard devices in any IoT cloud platform that uses X.509 authentication technology. - SEALSQ identified and established new use cases and market opportunities for its products, in the realms of Consumer IoT and Electric Vehicle Charging.
LOOKING AHEAD TO 2024:
Moving into 2024, SEALSQ is poised for a year of evolution, despite anticipating a temporary dip in traditional semiconductor sales. The Company’s focus on cutting-edge post-quantum semiconductor technology, strategic expansions, and tapping into new revenue streams underscores its commitment to being at the forefront of the next wave of semiconductor technology.
As the tech world pivots towards advanced semiconductor technologies, SEALSQ is actively addressing its future strategy with the introduction of cutting-edge post-quantum semiconductor technology. The timeline to launch these groundbreaking products aims for late 2025 or early 2026.
Despite the expected slowdown, SEALSQ is not standing still. The Company is tapping into new revenue streams that aim not only to bridge the gap but also to fuel future growth. These include developing products that support emerging standards in cyber security and Matter certification, as well as recent wins in OSAT (
SEALSQ is also expanding its global footprint. The Company is in negotiations to establish three new OSAT (
The global push for more resilient supply chains, supported by incentives from governments such as the EU's Chips Act, aligns with SEALSQ’s strategic initiatives, promising a robust framework for continued growth and innovation.
SEALSQ recently announced the introduction of SEALCOIN, which it believes will positively change the Machine-to-Machine (M2M) economy, facilitating seamless data and currency exchanges among IoT devices, thereby expanding the ecosystem of IoT-enabled transactions and services. SEALCOIN, an exciting development in the realm of Tokenization, is currently in its pre-registration stage and expected to be available by the end of Q2 2024.
SEALCOIN has garnered considerable interest in the semiconductor and IoT sectors since the announcement of its forthcoming deployment as an ideal mechanism to facilitate a Machine-to-Machine (M2M) economy, enable seamless data, certificates, and transaction exchanges among billions of Internet-connected devices. The official launch of SEALCOIN will represent a critical juncture in the evolution of M2M transactions, which is expected to revolutionize the digital transaction landscape within the IoT domain.
SEALSQ has engaged into a consortium—Smart Container Consortium—gathering various players within the logistic industry and aiming at transforming this industry through innovative technology. Members of the consortium include
The consortium aims to deploy IoT-enabled devices and sensors in containers for real-time, global tracking via the WISeSat Satellite constellation. The solution will integrate IoT-enabled devices and IoT sensors secured by SEALSQ microchips into smart containers that become traceable anywhere on earth seamlessly via both the WISeSat constellation and traditional land-based communication infrastructures. This initiative will create a seamless, secure platform with hybrid IoT communications and is expected to generate revenues in 2024.
CONFERENCE CALL
The company will host a conference call to review its results on
- Toll-Free Dial-In Number: 877-445-9755
- International Dial-In Number: 201-493-6744
A simultaneous webcast of the call may be accessed online via the Investors section of the company’s website, https://www.sealsq.com/investors/events.
The archived call will also be available on the Investors section of the company's website, https://www.sealsq.com/investors/events.
FILING OF 2023 ANNUAL REPORT ON FORM 20-F
SEALSQ filed its annual report on Form 20-F (the "Form 20-F") for the year ended
In addition, the Company's stockholders may receive a hard copy of the Form 20-F, which includes complete audited financial statements, free of charge by contacting its Investor Relations Representative at lcati@equityny.com or +1 212 836-9611.
ADDITIONAL FINANCIAL & OPERATIONAL DATA
Consolidated Statements of Comprehensive Income/(Loss) [as reported]
12 months ended | ||||||||
USD'000, except earnings per share | 2023 | 2022 | 2021 | |||||
Net sales | 30,058 | 23,198 | 16,995 | |||||
Cost of sales | (15,589 | ) | (13,267 | ) | (9,547 | ) | ||
Depreciation of production assets | (420 | ) | (132 | ) | (301 | ) | ||
Gross profit | 14,049 | 9,799 | 7,147 | |||||
Other operating income | 48 | 2,007 | 91 | |||||
Research & development expenses | (3,946 | ) | (2,308 | ) | (3,050 | ) | ||
Selling & marketing expenses | (5,648 | ) | (3,824 | ) | (4,245 | ) | ||
General & administrative expenses | (8,644 | ) | (3,091 | ) | (4,984 | ) | ||
Total operating expenses | (18,190 | ) | (7,216 | ) | (12,188 | ) | ||
Operating (loss) / income | (4,141 | ) | 2,583 | (5,041 | ) | |||
Non-operating income | 2,442 | 935 | 483 | |||||
Interest and amortization of debt discount | (689 | ) | (355 | ) | (167 | ) | ||
Non-operating expenses | (655 | ) | (638 | ) | (96 | ) | ||
(Loss) / income before income tax expense | (3,043 | ) | 2,525 | (4,821 | ) | |||
Income tax (expense) / income | (225 | ) | 3,245 | (6 | ) | |||
Net (loss) / income | (3,268 | ) | 5,770 | (4,827 | ) | |||
Earnings per ordinary share (USD) | ||||||||
Basic | (0.21 | ) | 0.41 | (0.34 | ) | |||
Diluted | (0.21 | ) | 0.41 | (0.34 | ) | |||
Earnings per F share (USD) | ||||||||
Basic | (1.07 | ) | 2.04 | (1.71 | ) | |||
Diluted | (1.07 | ) | 2.04 | (1.71 | ) | |||
Other comprehensive income / (loss), net of tax: | ||||||||
Foreign currency translation adjustments | (2 | ) | (15 | ) | (8 | ) | ||
Defined benefit pension plans: | ||||||||
Net gain / (loss) arising during period | 11 | 170 | 142 | |||||
Other comprehensive income / (loss) | 9 | 155 | 134 | |||||
Comprehensive (loss) / income | (3,259 | ) | 5,925 | (4,693 | ) |
Consolidated Balance Sheets [as reported]
As at | As at | |||||
USD'000, except par value | 2023 | 2022 | ||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | 6,895 | 4,057 | ||||
Accounts receivable, net of allowance for doubtful accounts | 5,053 | 2,219 | ||||
Inventories | 5,231 | 7,510 | ||||
Prepaid expenses | 605 | 394 | ||||
Government assistance | 1,718 | 692 | ||||
Other current assets | 765 | 1,252 | ||||
Total current assets | 20,267 | 16,124 | ||||
Noncurrent assets | ||||||
Deferred income tax assets | 3,077 | 3,296 | ||||
Property, plant and equipment, net of accumulated depreciation | 3,230 | 782 | ||||
Intangible assets, net of accumulated amortization | - | 1 | ||||
Operating lease right-of-use assets | 1,278 | 1,379 | ||||
Other noncurrent assets | 83 | 77 | ||||
Total noncurrent assets | 7,668 | 5,535 | ||||
TOTAL ASSETS | 27,935 | 21,659 | ||||
LIABILITIES | ||||||
Current Liabilities | ||||||
Accounts payable | 6,963 | 6,735 | ||||
Indebtedness to related parties, current | 1,278 | 3,374 | ||||
Current portion of obligations under operating lease liabilities | 336 | 324 | ||||
Income tax payable | 2 | 47 | ||||
Other current liabilities | 138 | 148 | ||||
Total current liabilities | 8,717 | 10,628 | ||||
Noncurrent liabilities | ||||||
Bonds, mortgages and other long-term debt | 1,654 | 1,489 | ||||
Convertible note payable, noncurrent | 1,519 | - | ||||
Indebtedness to related parties, noncurrent | 9,695 | 7,946 | ||||
Operating lease liabilities, noncurrent | 893 | 988 | ||||
Employee benefit plan obligation | 426 | 396 | ||||
Total noncurrent liabilities | 14,187 | 10,819 | ||||
TOTAL LIABILITIES | 22,904 | 21,447 | ||||
Commitments and contingent liabilities | ||||||
SHAREHOLDERS' EQUITY | ||||||
Common stock - Ordinary shares | 154 | 75 | ||||
Par value - | ||||||
Authorized - 200,000,000 and 200,000,000 | ||||||
Issued and outstanding - 15,446,807 and 7,501,400 | ||||||
Common stock - F shares | 75 | 75 | ||||
Par value - | ||||||
Authorized - 10,000,000 and 10,000,000 | ||||||
Issued and outstanding - 1,499,700 and 1,499,700 | ||||||
Additional paid-in capital | 24,730 | 16,731 | ||||
Accumulated other comprehensive income / (loss) | 784 | 775 | ||||
Accumulated deficit | (20,712 | ) | (17,444 | ) | ||
Total shareholders' equity | 5,031 | 212 | ||||
TOTAL LIABILITIES AND EQUITY | 27,935 | 21,659 |
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
Chairman & CEO Tel: +41 22 594 3000 info@sealsq.com | SEALSQ Investor Relations (US) Tel: +1 212 836-9611 / lcati@equityny.com Tel: +212 836-9612 / kmurphy@equityny.com |
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