SEALSQ Provides Business Update and Announces attorney Preliminary Financial Metrics for H1 2024 – Notice Today Online

Geneva, Switzerland, July 03, 2024 (GLOBE NEWSWIRE) —

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 cheater in the utilization and income of semiconductors, PKI, and post-quantum profession element and code products, announces origin playing and effective highlights for H1 2024, updates on ontogeny opportunities and expectations for the residual of 2024 and 2025.

As of June 30, 2024, the Company’s burly newborn playing scuttlebutt stood at $71 million, with a brawny change function of $19 million. Preliminary unaudited income of $5 meg for H1 2024 is specular of the due delay in tralatitious conductor demand.

“As previously stated, we wait 2024 to be a transitional assemblage for SEALSQ, with a compounding of immoderateness inventories of components at heritage customers mass the power insufficiency crisis, a temporary fall in orders for our heritage products as our maximal customers effect with us on the utilization of our incoming procreation chips, and the effect of the orbicular scheme slowdown. These factors caused a temporary delay in income ontogeny for the prototypal half of 2024,” noted Carlos Moreira, CEO of SEALSQ. “However, we wait obligation from heritage customers to convey to pre-shortage levels prototypal in 2025. In constituent to this client base, we are also hunting at a burly scuttlebutt of newborn customers awaiting the due availability of our incoming procreation of semiconductors in 2025. Our optimism for the forthcoming is compounded by our belief that income ontogeny module be supported by boost ontogeny in Matter certification, the SSL credential shot assist at figure take that we wait to launch, and, on a orbicular level, by the enforcement of newborn IoT section standards worldwide same the US Cyber Trust Mark or the EU Cyber Resilience Act.”

Mr. Moreira continued, “Our brawny change function of $19 meg is more than decent to hold us finished the underway slow-down in revenues, whilst also close the utilization of our Post-Quantum defect (QUASARS). As we due 2024 to be a hard year, we took proactive steps to bonded uninterrupted send utilization and utilization towards the advertizement move of our incoming procreation of products. I am agog by the underway newborn playing pipeline, which could begin to effect revenues as primeval as Q2 2025. In constituent to our brawny change position, the Company has regenerate the flooded prototypal tranche and 90% of the ordinal tranche of the Convertible Loan Notes entered into during 2023, as substantially as having low its debt to attendant parties by a boost $5M during H1 2024. Overall, the Company relic substantially positioned to advise our motion of long-term continuance for our shareholders.”

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NEW BUSINESS OPPORTUNITIES

1.   QUASARS post-quantum project

As a termination of the Company’s investments and pore on the QUASARS post-quantum project, the field aggroup is progressing at a alacritous measure on the utilization roadmap. Following termination of the organisation phase, institution of the creation of the prototypal field samples has begun. Samples are due to be delivered to SEALSQ by suppliers before 2024 year-end.

The QS7001™ structure V quantum-resistant platform, which results from the QUASARS project, module help as the humble for SEALSQ’s next-generation Post Quantum Secure Microcontroller and TPM products: QVaultQ™. The chip’s element module be willing with the rigorous Common Criteria EAL5+ authorisation level, patch the code streaming CRYSTAL’s post-quantum algorithms “Kyber” and “Dilithium” module be bureau FIPS 140-3 certified.

2.   Trust Platform Module (“TPM”)

The Company expects to begin distribution customers and prospects in Q2 2025 with the newborn post-quantum conductor platform, which module wage it with admittance to the TPM market. The TPM mart consisted of 400 meg units in 2024, with 11% CAGR (ABI Research), from which the Company aims to getting a 10% mart share.

3.   Application-Specific Integrated Circuit (“ASIC”)

SEALSQ has also initiated a strategic advise to investment the newborn chip’s coercive element structure capabilities by forthcoming superior super electronic manufacturers to handle utilization of bespoken quantum-resistant chips derivative from the QS7001 and desegregation ASIC client requirements. By incoming the portion of post-quantum ASICs, the Company is attractive a strategic travel in its advertizement and industrialized strategy, covering the artefact for a momentous newborn scuttlebutt of playing opportunities and revenue.

From a playing saucer of view, ASIC utilization contracts typically feature payment by the client to counterbalance non-recurring expenses same to field utilization fees. From an industrialized perspective, this move is specially allied with SEALSQ’s underway send to physique a Semiconductor Design and Personalization edifice as its field resources module render the Company’s upcoming ASICs activity.

Resultingly, SEALSQ is in test initiate negotiations with a field contestant in the profession expanse for a multi-year, multimillion note income ASIC send which is due to be finalized before 2024 year-end.

4.   Design and Personalization Centers

SEALSQ is currently in word for threesome field projects in Europe, Middle East and Far East to compel a impact famous as Personalization Centers at Wafer and test Test take which are separate by old element designers to create the defect organisation using SEALSQ’s RISC-V technology. The chips module be shapely locally at the SEALSQ centers to foregather the maximal section standards and certifications from bodies much as Common Criteria and NIST.

The Company also expects to create income from the outset of –its planned Design and Personalization Center utilization in Espana as it anticipates the send to move in H2 2024.

As a termination of the same factors, the Company anticipates a stronger ordinal half of 2024 in cost of income and expects a convey to ontogeny in 2025.

About SEALSQ:

SEALSQ focuses on commerce desegrated solutions supported on Semiconductors, PKI and Provisioning services, patch nonindustrial Post-Quantum profession element and code products. Our solutions crapper be utilised in a difference 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 cryptological methods that are bonded against an move by a quantum computer. As quantum computers embellish more powerful, they haw be healthy to fortuity some of the cryptological methods that are currently utilised to protect huffy information, much as RSA and Elliptic Curve Cryptography (ECC). PQC aims to amend newborn cryptological methods that are bonded against quantum attacks.

For more aggregation gratify meet www.sealsq.com.

Forward-Looking Statements

This act expressly or implicitly contains destined forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements allow statements regarding our playing strategy, playing performance, results of operations, mart data, events or developments that we wait or anticipates module become in the future, as substantially as some another statements which are not arts facts. Although we conceive that the expectations echolike in much forward-looking statements are reasonable, no sureness crapper be presented that much expectations module establish to hit been correct. These statements refer famous and uncharted risks and are supported upon a sort of assumptions and estimates which are inherently person to momentous uncertainties and contingencies, some of which are beyond our control. Actual results haw dissent materially from those spoken or tacit by much forward-looking statements. Important factors that, in our view, could drive actualised results to dissent materially from those discussed in the forward-looking statements allow SEALSQ’s knowledge to compel its ontogeny strategies; SEALSQ’s knowledge to create income from aborning newborn semiconductors; SEALSQ’s knowledge to create income from Matter authorisation and the newborn cyber consortium evaluation standards; the flourishing launching of the WISeSat picosatellite constellation; the success of SEALCOIN; the utilization of the Trust Services division; SEALSQ’s knowledge to advise advantageous transactions with touchable parties, including a restricted sort of momentous customers; mart obligation and conductor business conditions; and the risks discussed in SEALSQ’s filings with the SEC. Risks and uncertainties are boost described in reports filed by SEALSQ with the SEC.

SEALSQ Corp is providing this act as of this fellow and does not consent to update some forward-looking statements contained herein as a termination of newborn information, forthcoming events or otherwise.

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