WISeKey Releases 2024 Audited Financial Results and Outlines its 2025 Vision for Post Quantum Technology Convergence
WISeKey (NASDAQ: WKEY) has released its 2024 financial results and 2025 strategic vision. The company reported $11.9 million in revenue for FY 2024, down from $30.1 million in FY 2023, due to semiconductor customers transitioning to quantum-resistant solutions. The company maintains a strong cash position of $90.6 million and invested $7.0 million in R&D.
Key developments include: delivery of quantum-resistant secure microcontroller samples in Q4 2024, a landmark agreement with Swiss Army for cybersecurity capabilities, and a $115 million pipeline of opportunities for 2026-2028. The company plans six more satellite launches during 2025-2026, with the next scheduled for June 2025.
WISeKey's 2025 strategy focuses on four pillars: semiconductors, satellites, blockchain, and digital identity. Major initiatives include the Quantix Edges semiconductor center in Spain, potential IC'ALPS acquisition, SEALCOIN's commercial launch, and expansion of quantum-resistant technologies through SEALSQ subsidiary.
WISeKey (NASDAQ: WKEY) ha pubblicato i risultati finanziari del 2024 e la visione strategica per il 2025. L'azienda ha registrato un fatturato di 11,9 milioni di dollari per l'anno fiscale 2024, in calo rispetto ai 30,1 milioni di dollari del 2023, a causa della transizione dei clienti del settore semiconduttori verso soluzioni resistenti al quantum. L'azienda mantiene una solida posizione di cassa di 90,6 milioni di dollari e ha investito 7,0 milioni di dollari in ricerca e sviluppo.
Gli sviluppi principali includono: la consegna di campioni di microcontrollori sicuri resistenti al quantum nel quarto trimestre del 2024, un accordo storico con Swiss Army per capacità di cybersecurity e un portafoglio opportunità da 115 milioni di dollari per il periodo 2026-2028. L'azienda prevede sei ulteriori lanci satellitari tra il 2025 e il 2026, con il prossimo previsto per giugno 2025.
La strategia di WISeKey per il 2025 si concentra su quattro pilastri: semiconduttori, satelliti, blockchain e identità digitale. Le iniziative principali includono il centro per semiconduttori Quantix Edges in Spagna, la possibile acquisizione di IC'ALPS, il lancio commerciale di SEALCOIN e l'espansione delle tecnologie resistenti al quantum tramite la controllata SEALSQ.
WISeKey (NASDAQ: WKEY) ha publicado sus resultados financieros de 2024 y su visión estratégica para 2025. La compañía reportó 11,9 millones de dólares en ingresos para el año fiscal 2024, una disminución respecto a los 30,1 millones de dólares de 2023, debido a que los clientes del sector de semiconductores están migrando a soluciones resistentes a la computación cuántica. La empresa mantiene una sólida posición de efectivo de 90,6 millones de dólares e invirtió 7,0 millones de dólares en I+D.
Los desarrollos clave incluyen: entrega de muestras de microcontroladores seguros resistentes a la computación cuántica en el cuarto trimestre de 2024, un acuerdo histórico con Swiss Army para capacidades de ciberseguridad y un pipeline de oportunidades por 115 millones de dólares para 2026-2028. La compañía planea seis lanzamientos satelitales adicionales durante 2025-2026, con el próximo programado para junio de 2025.
La estrategia de WISeKey para 2025 se centra en cuatro pilares: semiconductores, satélites, blockchain e identidad digital. Las iniciativas principales incluyen el centro de semiconductores Quantix Edges en España, la posible adquisición de IC'ALPS, el lanzamiento comercial de SEALCOIN y la expansión de tecnologías resistentes a la computación cuántica a través de la subsidiaria SEALSQ.
WISeKey (NASDAQ: WKEY)는 2024년 재무 실적과 2025년 전략 비전을 발표했습니다. 회사는 2024 회계연도에 1,190만 달러의 매출을 기록했으며, 이는 반도체 고객들이 양자 내성 솔루션으로 전환함에 따라 2023년의 3,010만 달러에서 감소한 수치입니다. 회사는 강력한 현금 보유액 9,060만 달러를 유지하며 연구개발에 700만 달러를 투자했습니다.
주요 발전 사항으로는 2024년 4분기에 양자 내성 보안 마이크로컨트롤러 샘플을 제공한 것, 스위스 아미와의 사이버 보안 역량에 관한 획기적인 계약 체결, 그리고 2026년부터 2028년까지 1억 1,500만 달러 규모의 기회 파이프라인이 포함됩니다. 회사는 2025년부터 2026년 사이에 위성 6기를 추가로 발사할 계획이며, 다음 발사는 2025년 6월로 예정되어 있습니다.
WISeKey의 2025년 전략은 반도체, 위성, 블록체인, 디지털 신원이라는 네 가지 핵심 축에 집중하고 있습니다. 주요 이니셔티브로는 스페인에 위치한 Quantix Edges 반도체 센터, IC'ALPS 인수 가능성, SEALCOIN의 상업적 출시, 그리고 SEALSQ 자회사를 통한 양자 내성 기술 확장이 포함됩니다.
WISeKey (NASDAQ : WKEY) a publié ses résultats financiers pour 2024 ainsi que sa vision stratégique pour 2025. L'entreprise a déclaré un chiffre d'affaires de 11,9 millions de dollars pour l'exercice 2024, en baisse par rapport à 30,1 millions de dollars en 2023, en raison de la transition des clients du secteur des semi-conducteurs vers des solutions résistantes au quantique. L'entreprise conserve une solide trésorerie de 90,6 millions de dollars et a investi 7,0 millions de dollars en recherche et développement.
Les développements clés comprennent : la livraison d’échantillons de microcontrôleurs sécurisés résistants au quantique au quatrième trimestre 2024, un accord historique avec Swiss Army pour des capacités en cybersécurité, et un pipeline d’opportunités de 115 millions de dollars pour 2026-2028. L’entreprise prévoit six lancements de satellites supplémentaires entre 2025 et 2026, le prochain étant prévu pour juin 2025.
La stratégie de WISeKey pour 2025 s’appuie sur quatre piliers : semi-conducteurs, satellites, blockchain et identité numérique. Les initiatives majeures incluent le centre de semi-conducteurs Quantix Edges en Espagne, l’acquisition potentielle d’IC'ALPS, le lancement commercial de SEALCOIN, ainsi que l’expansion des technologies résistantes au quantique via la filiale SEALSQ.
WISeKey (NASDAQ: WKEY) hat seine Finanzergebnisse für 2024 und die strategische Vision für 2025 veröffentlicht. Das Unternehmen meldete einen Umsatz von 11,9 Millionen US-Dollar für das Geschäftsjahr 2024, was einen Rückgang gegenüber 30,1 Millionen US-Dollar im Geschäftsjahr 2023 darstellt, bedingt durch den Übergang der Halbleiterkunden zu quantensicheren Lösungen. Das Unternehmen hält eine starke Barkasse von 90,6 Millionen US-Dollar und investierte 7,0 Millionen US-Dollar in Forschung und Entwicklung.
Wichtige Entwicklungen umfassen: Lieferung von quantensicheren sicheren Mikrocontroller-Mustern im vierten Quartal 2024, eine bahnbrechende Vereinbarung mit Swiss Army für Cybersicherheitsfähigkeiten und eine Pipeline von 115 Millionen US-Dollar an Chancen für 2026-2028. Das Unternehmen plant sechs weitere Satellitenstarts in den Jahren 2025-2026, der nächste ist für Juni 2025 vorgesehen.
Die Strategie von WISeKey für 2025 konzentriert sich auf vier Säulen: Halbleiter, Satelliten, Blockchain und digitale Identität. Zu den wichtigsten Initiativen gehören das Quantix Edges Halbleiterzentrum in Spanien, die mögliche Übernahme von IC'ALPS, der kommerzielle Start von SEALCOIN und die Erweiterung quantensicherer Technologien über die Tochtergesellschaft SEALSQ.
- Strong cash position of $90.6 million as of December 2024
- $115 million pipeline of business opportunities for 2026-2028
- Strategic partnership secured with Swiss Army for cybersecurity development
- Successful development of quantum-resistant microcontroller samples
- 17 secure satellites launched in partnership with SpaceX
- Revenue declined 60.5% to $11.9 million in FY 2024 from $30.1 million in FY 2023
- Increased R&D expenses to $7.0 million impacting operational costs
Insights
WISeKey reported 60.5% revenue drop but maintains $90.6M cash position with $115M future pipeline, balancing current weakness against strategic investments.
WISeKey's 2024 financial results reveal significant transitional challenges alongside strategic positioning for future growth. The company reported
Despite revenue contraction, WISeKey maintains a remarkably strong balance sheet with
Looking forward, WISeKey has secured a
The company's diversification strategy is evident through strategic initiatives including the Quantix Edges semiconductor center in Spain, potential IC'ALPS acquisition, continued satellite launches, and SEALCOIN's commercial deployment. However, these future revenue streams remain largely unproven, making 2025 a critical execution year.
WISeKey's current valuation appears disconnected from present financial performance, instead reflecting investor expectations for future technology commercialization across quantum-resistant security, satellite infrastructure, and blockchain systems. The substantial gap between current revenue and market capitalization indicates high execution risk despite the strong cash position.
WISeKey's transition toward quantum security shows promising technological advancement but faces near-term commercialization challenges amid significant revenue decline.
WISeKey's 2024 results highlight a company in technological transition, pivoting toward post-quantum security solutions while experiencing revenue deceleration. The delivery of engineering samples for quantum-resistant secure microcontrollers in Q4 2024 represents a significant technical milestone, with full commercialization targeted for Q4 2025 through the QVault-TPM built on RISC-V architecture. This development cycle aligns with global cybersecurity trends as organizations prepare for quantum computing threats.
The company's technological strategy follows a four-pillar convergence approach—semiconductors, satellites, blockchain, and digital identity—creating an integrated ecosystem rather than isolated products. This architecture enables WISeKey to deliver end-to-end security solutions with substantial differentiation in the increasingly competitive cybersecurity market.
The satellite deployment progress (17 secure satellites launched with SpaceX) demonstrates WISeKey's capability to execute complex technology initiatives, with six additional launches planned for 2025-2026. The partnership with the Swiss Army for secure space-based capabilities adds credibility and potential revenue stability to these efforts. The successful testing of blockchain cryptocurrency transactions from space in Q1 2025 represents genuine innovation at the intersection of distributed ledger technology and satellite communications.
On the semiconductor front, SEALSQ's targeting of
The technological portfolio diversification across quantum-resistant chips, secure satellites, and blockchain solutions creates multiple potential growth vectors, but also risks resource dilution across too many initiatives simultaneously.
WISeKey Releases 2024 Audited Financial Results and Outlines its 2025 Vision for Post Quantum Technology Convergence
Schedules Conference Call and Webcast for Tuesday, April 22 at 10:00 am ET (4:00 pm CET)
Geneva, Switzerland – April 17, 2025 – Ad-Hoc announcement pursuant to Art. 53 of SIX Listing Rules - WISeKey International Holding Ltd (NASDAQ: WKEY / SIX: WIHN) ("WISeKey" or "the Company"), a global leader in cybersecurity, digital identity, and IoT technologies, today announced its audited financial results for the year ended December 31, 2024, and shared its strategic vision for 2025, a year expected to be defined by the convergence of foundational technologies and the emergence of Sovereign AI.
Carlos Moreira, Founder and CEO of WISeKey, commented: “2024 has been a pivotal year for WISeKey. We ended the year with a very strong balance sheet, strategic technological milestones, and a clear roadmap to take advantage of new opportunities ahead. From launching 17 secure satellites in partnership with SpaceX and further advancing negotiations on our semiconductor personalization center strategy, to scaling our blockchain platforms and developing post-quantum chips, we have created a solid foundation across every layer of digital trust infrastructure.
We started 2025 on a very strong note and have now entered what I define as the ‘Year of WISeKey Convergence.’ This is more than a strategy, it is a paradigm shift. We are bringing together four foundational pillars: semiconductors, satellites, blockchain, and digital identity, into unified and interoperable ecosystems. This convergence allows us to offer end-to-end solutions where each component reinforces the other, enabling exponential innovation and resilience.
For instance, our post-quantum secure chips, developed by our semiconductor subsidiary SEALSQ Corp (Nasdaq: LAES), are now being embedded into WISeSat satellites to create a secure foundation for a decentralized IoT infrastructure. Blockchain and identity platforms like SEALCOIN and WISeID are being deployed to power autonomous, tamper-proof transactions between machines, satellites, and users. Combining this with our partnership with the Hedera distributed ledger, brings transparency and immutability to these transactions. Additionally, our work with the Swiss Army is proceeding with the testing of a secure smartphone and secure communications with our WISeSat Satellites.
This convergence approach positions WISeKey at the intersection of some of the most critical transformations of our time, such as quantum-resilient security, space-based connectivity, and the decentralized economy. We are not just adapting to the digital future, we are building it. For WISeKey, 2025 is expected to be a year of execution and scale, where our integrated business units aim to deliver tangible impact.”
FY 2024 HIGHLIGHTS
$90.6 million cash balance (as of December 31, 2024) alongside a much cleaner balance sheet.$11.9 million FY 2024 revenue, down from$30.1 million in FY 2023, reflects an expected decrease as a result of a transitional year with semiconductors customers gradually shifting to our next-generation quantum-resistant solutions and delayed building inventory until the release alongside the impact of the excess inventory accumulation by customers in 2023.$7.0 million investments in R&D for the development of new projects and technologies, including SEALSQ’s post-quantum chip, SEALCOIN, and our WISeSat next generation satellites.- First engineering samples of our new quantum resistant secure microcontroller delivered in Q4 2024, in line with our semiconductors’ R&D plan initiated in 2022. We are on target to make our QVault-TPM, the next generation of secure microcontrollers built by SEALSQ on our new Secure RISC-V CPU, available on the market in Q4 2025.
- Signed a landmark agreement with the Swiss Army to co-develop advanced cybersecurity and space-based capabilities. The first new generation WISeSat satellite under this initiative was launched in January 2025.
$115 million pipeline of secured and pending business opportunities over the period from 2026 to 2028 as of April 15, 2025.
LOOKING AHEAD TO 2025
Strong Financial Foundation to Support Strategic Growth
WISeKey’s 2024 year-end solid cash position in excess of
Despite certain sector-wide headwinds, the Company’s overall outlook remains robust with a pipeline of secured and pending business opportunities exceeding
WISeKey anticipates strong growth in 2025, propelled by SEALSQ’s quantum-resistant technology developments and expanding IoT security demand. This growth is expected to be driven by the integration of chip revenue from new sources, an expansion in chip personalization services, additional revenue generated by WISeSat, and the consolidated revenue from our planned investments.
In our semiconductors vertical, SEALSQ has been the main revenue contributor in 2024 and in prior years. We anticipate that our new Quantum-Resistant chips will be available on the market in Q4 2025. WISeKey foresees generating substantial returns from the full-scale commercial deployment of this quantum resistant chip starting in 2026.
WISeKey has therefore taken several initiatives to develop new revenue streams and strengthen net results.
These initiatives include:
- Quantix Edges: Semiconductor Personalization & Design Center in Spain
WISeKey and SEALSQ jointly, together with OdinS and TProtege, two Spanish companies with extensive experience in R&D&I (Research & Development & Innovation) worldwide and in the design and manufacturing of IoT devices and solutions, plan to establish in the Region of Murcia a “Center of Excellence in Cybersecurity and Microchips” under the financial umbrella of the Microelectronics and Semiconductors Plan (PERTE CHIP) initiated by Spain. The project called Quantix Edges is in the final stages of the approval process by SETT, the Spanish government’s entity responsible for funding under the PERTE budgets.
- Consolidated revenue from acquisition opportunities
The potential IC’ALPS acquisition, if completed, would bolster SEALSQ’s Application-Specific Integrated Circuit (ASIC) development, and further strengthen WISeKey’s portfolio of products.
- WISeSat’s new generation satellites
Six more launches are planned during 2025 and 2026, with the next one currently scheduled for June 2025.
- SEALCOIN’s TIoT commercial launch
Following on from the successful Proof of Concept carried out in Q1 2025, SEALCOIN is working to identify partners to perform other PoCs and further demonstrate its readiness for industrialization of its TIoT solution.
- Quantum as a Service
In 2025, WISeKey advanced its commitment to quantum computing by investing in ColibriTD, a pioneering quantum technology company, aiming to integrate ColibriTD's Quantum-as-a-Service (QaaS) platform into its Quantum Roadmap.
- Scaled Up Global Footprint
WISeKey continues to strategically expand its global presence, secure key partnerships with renowned distributors and sales representatives in crucial markets. These alliances have strengthened WISeKey’s market position while fueling growth by leveraging each partner's expertise and established networks.
KEY DEVELOPMENTS BY SUBSIDIARY
SEALSQ: Leadership in IoT and Post-Quantum Cryptography Era
SEALSQ advanced the Company’s mission to secure the connected world by focusing on post-quantum cryptography (PQC) and IoT security. Through its QUASAR platform, SEALSQ developed quantum-resistant technologies to protect data against future quantum threats, aligning with global standards like those from NIST. SEALSQ’s future strategy is built around four key priorities:
1. Commercial Launch of Post-Quantum Chips
- Commercial launch of two new post-quantum semiconductors, targeting IoT, PC, Tablets, and various industrial applications including medical, military and automotive sectors.
- Expansion of chip fabrication partnerships to increase output for enterprise and government security solutions.
- SEALSQ has set an ambitious five-year target to capture
20% of the Trusted Platform Module (TPM) market, a goal supported by strong market engagement. By the end of 2024, SEALSQ had secured over 60 qualified leads and one Design-IN for its TPM products, which are slated for commercial launch in 2025. - Developing Quantum resistant ASIC (custom design secure chips) for specific large client needs.
2. Executing Targeted Acquisitions, Investments and Joint Ventures
- Advanced and exclusive negotiations to acquire
100% of IC’ALPS; expected to be finalized in 2025. - As part of its global expansion strategy, SEALSQ is in final stage negotiations with Spanish authorities to establish an Outsourced Semiconductor Personalization and Test Center (OSPTC) in Spain. SEALSQ is exploring the development of similar OSPTCs in India, the United States, and the Middle East and Africa (MEA).
- Planned continuing investment in startups engaged in quantum computing and AI initiatives as part of the SEALQUANTUM Initiative.
3. R&D and Strategic Investments in Post-Quantum Security
- SEALSQ is investing in the final development, qualification, certification (Common Criteria EAL5+ and FIPS 140-3 Level 3) process and the Industrialization (Wafer Test, Final Test, Packaging, Key Injection) of its Quantum-Resistant TPM 2.0 chip with a commercial launch target date set for Q4 2025. We are in discussions with over 60 interested potential customers, including major electronics manufacturers.
- Scaling the first TPM PQC chip in broader ASIC offer for addressing the Medical, Defense, and IoT market segments.
- First deployment of SEALSQ’s Quantum Resistant IoT chips on the WISeSat picosatellite constellation, enhancing secure connectivity in remote regions.
4. Expanding Trust Services
- Scaling managed PKI solutions for Matter IoT and enterprise security.
- Expanding SSL/TLS and GSMA certificate offerings to reinforce global digital trust ecosystems.
- Pushing adoption of INeS PKI Post quantum Cryptography latest features.
WISeSat: Expanding Secure Space Capabilities
WISeKey advanced its WISeSat.Space project, deploying low-earth-orbit picosatellites to provide secure IoT connectivity for remote applications. The Company continued to invest in this innovative satellite network, aiming to enhance global coverage for IoT ecosystems. With further deployments planned for 2025, WISeSat.Space is poised to address growing market demand for secure, satellite-based communication solutions, supporting critical infrastructure and underserved regions.
Strategic Partnership with Swiss Armed Forces in the Space Sector
In 2024, the WISeSat.Space division not only reinforced its strategic partnership with the Swiss Armed Forces in the space sector through the initiation of new projects, but it also formalized agreements with RUAG, the strategic integrator for the Swiss Armed Forces, for a national defence project focused on device-to-device communications.
European Low Earth Orbit Satellite Constellation
To date, WISeSat.Space has launched 17 mini-satellites with Space X into orbit through a strategic investment and partnership with FOSSA Systems, aimed at expanding its portfolio of space technology assets. Over the next 36 months, WISeSat.Space plans to deploy 88 next-generation satellites, following the January 2025 launch from California, which should significantly enhance global IoT connectivity and environmental monitoring capabilities, supporting applications such as climate change analysis, disaster response, and precision agriculture.
Pioneering Blockchain and Cryptocurrency Transactions from Space
In 2024, we took steps to launch a groundbreaking mission that harnesses WISeKey’s advanced security solutions in conjunction with the Hedera network to pioneer the exchange of SEALCOIN from space. Successfully tested in Q1 2025, this initiative marked the first-ever demonstration of secure digital cryptocurrency transactions conducted from orbit and established a proof-of-concept redefining boundaries of blockchain integration, a new era of space-based digital economies. Through this innovative endeavour, we reaffirmed our commitment to leading the development of digital currencies in an expanding technological landscape.
Blockchain Ecosystem: SEALCOIN and WISe.ART
SEALCOIN, WISeKey’s transactional IoT platform, made significant progress toward deploying decentralized digital identity solutions, leveraging blockchain to enable secure Web 3.0 transactions using our WISelD platform to incorporate Distributed Identity capabilities. With a development timeline set for key milestones in 2025, SEALCOIN aims to deliver scalable solutions for secure, trust-based interactions across digital networks, enhancing user control over identity and data.
WISe.ART advanced its blockchain-based ecosystem for digital art and NFTs, integrating Web 3.0 technologies to ensure secure authentication and tokenization, capitalizing on the digital collectibles market. The WISe.ART platform has been developed to serve galleries, museums, and collectors, backed by WISeKey’s root-of-trust and blockchain compatible certificates of authenticity.
WISeID: Empowering Private Digital Identity
WISeID, WISeKey’s flagship digital identity platform, introduced biometric authentication, self-sovereign identity (SSI), and post-quantum cryptographic protocols, making it one of the world’s most secure digital identity systems.
Complementing this, during 2024 WISeKey announced the ongoing development and planned launch of the SEALPhone, an ultra-secure smartphone designed with a privacy-by-design architecture. Currently in testing mode with several strategic clients, SEALPhone integrates WISeID and SEALCOIN, enabling secure communication, identity protection, and digital asset storage on a single hardware platform.
FILING OF 2024 ANNUAL REPORT ON FORM 20-F
WISeKey filed its Condensed Consolidated Financial Statements in the Form 20-F for the full year period ended December 31, 2024, with the U.S. Securities and Exchange Commission on April 17, 2025. The Form 20-F can be accessed by visiting the Company’s website at www.wisekey.com.
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.
CONFERENCE CALL
The Company will host a conference call to review its results on Tuesday, April 22, 2025, at 10:00 am ET (4:00 pm CET). To join, please use the following dial-in numbers:
- Toll-Free Dial-In Number: 877-445-9755
- International Dial-In Number: 201-493-6744
The webcast of the call can be accessed through the Investor Relations section of WISeKey’s website at www.wisekey.com. An archived version of the call will also be made available.
ADDITIONAL FINANCIAL & OPERATIONAL DATA
Consolidated Statements of Comprehensive Income/(Loss) [as reported]
| 12 months ended December 31, | ||||||
| USD'000, except earnings per share | 2024 | 2023 | 2022 | |||
| Net sales | 11,875 | 30,918 | 23,814 | |||
| Cost of sales | (7,104) | (15,754) | (13,588) | |||
| Depreciation of production assets | (478) | (420) | (132) | |||
| Gross profit | 4,293 | 14,744 | 10,094 | |||
| Other operating income | 184 | 167 | 2,073 | |||
| Research & development expenses | (7,026) | (4,398) | (3,862) | |||
| Selling & marketing expenses | (8,550) | (6,523) | (7,275) | |||
| General & administrative expenses | (16,324) | (17,290) | (11,466) | |||
| Total operating expenses | (31,716) | (28,044) | (20,530) | |||
| Operating loss | (27,423) | (13,300) | (10,436) | |||
| Non-operating income | 1,629 | 2,374 | 3,937 | |||
| Debt conversion expense | (32) | (562) | (827) | |||
| Interest and amortization of debt discount | (1,013) | (624) | (168) | |||
| Non-operating expenses | (2,018) | (3,107) | (5,551) | |||
| Loss before income tax expense | (28,857) | (15,219) | (13,045) | |||
| Income tax income / (expense) | (3,086) | (230) | 3,238 | |||
| Loss from continuing operations, net | (31,943) | (15,449) | (9,807) | |||
| Discontinued operations: | ||||||
| Net sales from discontinued operations | - | - | 1,805 | |||
| Cost of sales from discontinued operations | - | - | (978) | |||
| Total operating and non-operating expenses from discontinued operations | - | - | (5,274) | |||
| Income tax recovery from discontinued operations | - | - | 25 | |||
| Loss on disposal of a business, net of tax on disposal | - | - | (15,026) | |||
| Income / (loss) on discontinued operations | - | - | (19,448) | |||
| Net loss | (31,943) | (15,449) | (29,255) | |||
| Net loss attributable to noncontrolling interests | (18,497) | (89) | (1,780) | |||
| Net loss attributable to WISeKey International Holding Ltd | (13,446) | (15,360) | (27,475) | |||
| Earnings per Class A Share (USD) | ||||||
| Earnings per Class A Share from continuing operations | ||||||
| Basic | (0.92) | (0.50) | (0.44) | |||
| Diluted | (0.92) | (0.50) | (0.44) | |||
| Earnings per Class A Share from discontinued operations | ||||||
| Basic | - | - | (0.87) | |||
| Diluted | - | - | (0.87) | |||
| Earning per Class A Share attributable to WISeKey International Holding Ltd | ||||||
| Basic | (0.39) | (0.51) | (1.22) | |||
| Diluted | (0.39) | (0.51) | (1.22) | |||
| Earnings per Class B Share (USD) | |||||
| Earnings per Class B Share from continuing operations | |||||
| Basic | (9.17) | (5.01) | (4.36) | ||
| Diluted | (9.17) | (5.01) | (4.36) | ||
| Earnings per Class B Share from discontinued operations | |||||
| Basic | - | - | (8.65) | ||
| Diluted | - | - | (8.65) | ||
| Earning per Class B Share attributable to WISeKey International Holding Ltd | |||||
| Basic | (3.86) | (5.06) | (12.22) | ||
| Diluted | (3.86) | (5.06) | (12.22) | ||
| Other comprehensive income / (loss), net of tax: | |||||
| Foreign currency translation adjustments | 287 | (842) | (1,434) | ||
| Reclassifications out of the OCI arising during period | - | - | 1,156 | ||
| Defined benefit pension plans: | |||||
| Net gain (loss) arising during period | (1,206) | (1,151) | 2,934 | ||
| Other comprehensive income / (loss) | (919) | (1,993) | 2,656 | ||
| Comprehensive income / (loss) | (32,862) | (17,442) | (26,599) | ||
| Other comprehensive income / (loss) attributable to noncontrolling interests | (28) | (99) | (964) | ||
| Other comprehensive income / (loss) attributable to WISeKey International Holding Ltd | (891) | (1,894) | 3,620 | ||
| Comprehensive income / (loss) attributable to noncontrolling interests | (18,525) | (188) | (2,744) | ||
| Comprehensive income / (loss) attributable to WISeKey International Holding Ltd | (14,337) | (17,254) | (23,855) |
The notes are an integral part of our consolidated financial statements.
Consolidated Balance Sheets [as reported]
| As at December 31, | As at December 31, | ||
| USD'000 | 2024 | 2023 | |
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | 90,600 | 15,311 | |
| Accounts receivable, net of allowance for credit losses | 4,285 | 5,471 | |
| Notes receivable, current | 13 | 63 | |
| Inventories | 1,418 | 5,230 | |
| Prepaid expenses | 1,364 | 1,290 | |
| Government assistance | 2,247 | 1,718 | |
| Other current assets | 573 | 1,008 | |
| Total current assets | 100,500 | 30,091 | |
| Noncurrent assets | |||
| Notes receivable, noncurrent | 32 | - | |
| Deferred income tax assets | - | 3,077 | |
| Deferred tax credits | 250 | 15 | |
| Property, plant and equipment net of accumulated depreciation | 3,275 | 3,392 | |
| Intangible assets, net of accumulated amortization | 96 | 96 | |
| Operating lease right-of-use assets | 1,502 | 2,052 | |
| Goodwill | 8,317 | 8,317 | |
| Equity securities, at cost | 455 | 486 | |
| Other noncurrent assets | 261 | 275 | |
| Total noncurrent assets | 14,188 | 17,710 | |
| TOTAL ASSETS | 114,688 | 47,801 | |
| LIABILITIES | |||
| Current Liabilities | |||
| Accounts payable | 13,496 | 12,863 | |
| Notes payable | 5,900 | 4,085 | |
| Indebtedness to related parties, current | 78 | 79 | |
| Convertible note payable, current | 9 | 190 | |
| Deferred revenue, current | 93 | 217 | |
| Current portion of obligations under operating lease liabilities | 607 | 638 | |
| Income tax payable | 2 | 4 | |
| Other current liabilities | 1,135 | 832 | |
| Total current liabilities | 21,320 | 18,908 | |
| Noncurrent liabilities | |||
| Bonds, mortgages and other long-term debt | 102 | 1,820 | |
| Convertible note payable, noncurrent | - | 1,519 | |
| Deferred revenue, noncurrent | 21 | 24 | |
| Indebtedness to related parties, noncurrent | 1,387 | - | |
| Operating lease liabilities, noncurrent | 853 | 1,443 | |
| Employee benefit plan obligation | 3,877 | 3,001 | |
| Other noncurrent liabilities | 4 | 2 | |
| Total noncurrent liabilities | 6,244 | 7,809 | |
| TOTAL LIABILITIES | 27,564 | 26,717 |
| Commitments and contingent liabilities | |||
| SHAREHOLDERS' EQUITY | |||
| Common stock - Class A | 16 | 400 | |
| Par value – CHF 0.01 and CHF 0.25 | |||
| Authorized - 2,000,880 and 2,000,880 shares | |||
| Issued and outstanding - 1,600,880 and 1,600,880 shares | |||
| Common stock - Class B | 359 | 8,170 | |
| Par value – CHF 0.10 and CHF 2.50 | |||
| Authorized - 6,194,267 and 6,194,267 | |||
| Issued - 3,365,560 and 3,076,150 | |||
| Outstanding - 3,309,052 and 2,954,097 | |||
| Share subscription in progress | 1 | - | |
| Treasury stock, at cost (56,508 and 122,053 shares held) | (502) | (691) | |
| Additional paid-in capital | 316,431 | 289,448 | |
| Accumulated other comprehensive income / (loss) | 3,150 | 4,041 | |
| Accumulated deficit | (294,407) | (280,961) | |
| Total shareholders' equity attributable to WISeKey shareholders | 25,048 | 20,407 | |
| Noncontrolling interests in consolidated subsidiaries | 62,076 | 677 | |
| Total shareholders' equity | 87,124 | 21,084 | |
| TOTAL LIABILITIES AND EQUITY | 114,688 | 47,801 |
The notes are an integral part of our consolidated financial statements.
Our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures as of the end of the period covered by the 2024 annual report, identified a material weakness in our internal control over financial reporting relating to an ineffective review control that was identified by the auditor. As a result, an adjustment was made to the additional paid-in capital and noncontrolling interest in the equity accounts by the Company prior to the issuance of the financial statements ended December 31, 2024, which did not impact upon the total equity. See Note 3 to the consolidated financial statements.
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 semiconductors, PKI, and post-quantum technology 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, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.
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. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. 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.
Disclaimer
Forward-Looking Statements
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, as well as any other statements which are not historical facts and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or similar words. 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 WISeKey’s ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; the growth of the post-quantum cryptography market; the adoption by developers and customers of quantum computing; the successful launch our post-quantum chips; our ability to sell post-quantum cryptography products to consumers; our ability to develop NIST-approved algorithms for our post-quantum semiconductor technologies; our ability to expand our chip personalization services; our ability to derive consolidated revenue from our planned investments; growth in our cybersecurity certificate and managed PKI services and acquisitions; our ability to expand our Semiconductor personalization and design facilities and semiconductor production; our ability to grow our U.S., Middle East and Asia-Pacific market presence; our ability to expand our Trust services; our development and tokenization of WISe.ART; our expansion of the WISeSat.Space project and the deployment of our next generation satellites; our proposed expansion into EMEA, North America and Asia; the deployment and commercialization of SEALCOIN and TIoT; the ongoing development and adopted of WISeID; and the risks discussed in WISeKey’s filings with the SEC. Risks and uncertainties are further described in reports filed by WISeKey with the SEC.
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.
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 |
FAQ
What caused WISeKey's revenue decline in FY 2024?
When will WISeKey's quantum-resistant chips be available commercially?
How many satellite launches does WISeKey plan for 2025-2026?
What is the size of WISeKey's business opportunity pipeline for 2026-2028?
How much did WISeKey invest in R&D during 2024?
