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WISeKey Re-affirms its 2023 Growth Forecast; Expects to Exceed FY 2022 Revenue Guidance due to Steady Demand for Semiconductors
Projects FY 2022 revenue of over $24.5 million, an increase of more than 10% as compared to FY 2021, despite divestiture of arago GmbH
Semiconductors order growth accelerates; backlog of $36 million for IoT Semiconductor products stretches into 2024 and pipeline of opportunities totals $100 million
ZUG, Switzerland – December 21, 2022: Ad-Hoc announcement pursuant to Article 53 of SIX Listing Rules – WISeKey International Holding Ltd (NASDAQ: WKEY / SIX: WIHN) (“WISeKey” or the “Company”), a leading Swiss cybersecurity and IoT company re-affirmed its fiscal 2022 revenue forecasts as it reported solid 2022 revenue results of over $24.5 million, an increase of more than 10% compared to FY 2021, due to steady semiconductors demand and an ambitious roadmap to develop the next generation of post-quantum chips.
Carlos Moreira, WISeKey’s Founder and CEO, noted: “We continue to see solid demand for our semiconductors and next generation post-quantum chips roadmap. We are making substantial progress in the implementation of our post-quantum algorithms in Secure Semiconductors MS6001/MS6003. During the last two years, WISeKey has made considerable advancements in developing post-quantum resistant algorithms by establishing strategic R&D partnerships with MINES Saint-Etienne Research Institute (“MINES Saint-Etienne”), an internationally renowned multidisciplinary university and lab created in 1816, aiming to help the international community find cryptography algorithms that will resist future quantum computing based cyber-attacks.”
Mr. Moreira added, “For FY 2022 we expect total group revenue to exceed $24.5 million, an increase of more than 10%, as compared to $22.3 million in 2021, despite the divestiture of our AI segment. Also, we expect our revenue to continue to grow in 2023, driven by a projected sales growth for the IoT segment of at least 40%. We believe that due to our large backlog of $36 million, which we expect to deliver within the next 48 months, our $100 million pipeline of opportunities, and the significant investments we have made into expanding our salesforce, we are well positioned to continue to gain market share and expand our geographic footprint. Furthermore, the divestiture of arago GmbH had a positive impact on our liquidity, as it reduced cash burn by approximately 40% and allowed us to focus on revenue generating investments . ”
Several revenue streams which are reaching maturity should contribute to our expected revenue growth for 2023, driven by our $36 million backlog and our pipeline of opportunities which totals $100 million. These include:
About WISeKey:
WISeKey (NASDAQ: WKEY / SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey Microprocessors Secures the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an install base of over 1.6 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, 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) Contact: Lena Cati The Equity Group Inc. Tel: +1 212 836-9611 lcati@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 article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. 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.