Conference Call Scheduled for May 21 at
10:00am ET (4:00pm CET)
Zug, Switzerland – May 15, 2024 – – Ad-Hoc announcement
pursuant to Art. 53 of SIX Listing Rules – WISeKey
International Holding Ltd (“WISeKey”) (NASDAQ: WKEY; SIX: WIHN), a
leading global cybersecurity, Semiconductors and Web 3.0 company,
today announced its audited financial results for the full year
ended December 31, 2023 (“FY 2023”).
FY 2023 Key Financial
Highlights:
- Revenue of $31 million represents a significant increase of 30%
compared to the $24 million reported in FY 2022. This significant
growth reflects the Company’s successful expansion in its key
markets and the underlying demand for its advanced cybersecurity
solutions.
- Gross profit of $15 million with a profit margin of 48%, shows
an improvement of $5 million from the $10 million reported in FY
2022. This growth is directly attributable to higher revenue and
enhanced operational efficiencies.
- Net loss of $15 million, a substantial improvement compared to
the $29 million net loss reported in the prior year. This positive
change is primarily due to the disposal of the loss-making
subsidiary, arago GmbH, completed in 2022, alongside strategic cost
management initiatives.
- Balance sheet remains robust with total assets of $48 million
and a healthy cash position of $15 million, indicating strong
financial stability and the capability to fund future growth
initiatives.
Carlos Moreira, Chairman and CEO of WISeKey, stated, "Our solid
results in 2023 are a demonstration of our sound business strategy,
growth initiatives and strategic investments we made during the
year. Our focus remains on fully aligning these investments with
future growth opportunities. Our innovations are central to the
increasingly connected ecosystem and will play a critical role as
our customers adopt IoT, Post-Quantum, and Web 3.0 technologies to
secure their assets."
Peter Ward, CFO of WISeKey, added, "Focused execution and
operating discipline were key drivers of our strong results in
2023. We are making significant progress in transitioning our
business model towards more recurring revenue while maintaining our
commitment to financial discipline, operational leverage, and
shareholder returns."
Strategic and Operational Highlights: Since
2020, WISeKey has operated as a diversified holding company and now
counts four principal operational divisions: SEALSQ Corp (Nasdaq:
LAES), WISeKey SA, WISeSat.Space, and WISe.ART. Each division is
dedicated to a unique aspect of WISeKey’s expansive technology
portfolio.
SEALSQ Corp:Listed on the Nasdaq in May 2023,
SEALSQ completed an initial $10 million private placement in 2023
and subsequently raised another$20 million in a private placement
during Q1 2024. The funds are allocated for enhancing our SEALSQ
R&D in developing a new wave of quantum-ready semiconductors
together with the establishment of an Open Semiconductors Assembly
and Test (“OSAT”) Center that would provide testing services such
as the wafer test and final test, in addition to assembly services
such as QFN, BGA, WLCSP, and more. This strategic move is poised to
bolster WISeKey’s position in the burgeoning post-quantum
cryptography market, addressing the increasing threats posed by
quantum computing to existing encryption models.
WISeKey SA:WISeKey SA, through its WISeID
platform, is at the forefront of digital communications protection.
The company specializes in providing advanced security solutions
that are essential for safeguarding digital interactions. At the
core of WISeKey's offerings are cryptographic root keys, which are
foundational elements in ensuring secure communications.
Additionally, WISeKey excels in Public Key Infrastructure (PKI)
management, a critical aspect of establishing and maintaining
secure networks and transactions. The company's expertise also
extends to the generation and management of trusted digital
identities, enabling secure access and authentication in various
digital environments. Through these comprehensive security
measures, WISeKey plays a pivotal role in protecting digital
communications against potential threats and breaches.
WISeSat.Space:Emphasizing cost-effective
satellite deployment through picosatellites, WISeSat.Space is
positioned for growth in sectors such as agriculture, logistics,
and environmental monitoring. The subsidiary’s innovative approach
to satellite technology is designed to meet the growing demand for
satellite services, providing reliable and scalable solutions to a
variety of industries. WISeKey is expanding its cooperation with
the Swiss Armed Forces in the field of space travel and it plans on
launching a communications satellite into space with SpaceX in
2024.
WISe.ART:WISe.ART is advancing in the NFT space
and recently announced a partnership with Hedera. This strategic
investment underscores the transformative potential of blockchain
technology in shaping the next generation of the internet. In 2023,
WISe.ART reached new heights with new partnerships and several
major charity events, doubling its community of participating
artists from around the world with over 2,000 works uploaded on the
platform 50% of which are digital artworks with an even balance of
phygital packages (blending digital and physical experiences)
averaging a total value of artwork of over $30 million.
Moving ForwardEach of these divisions
contributes uniquely to our diverse technology portfolio, which
positions us at the forefront of innovation and industry
leadership, and we are particularly encouraged by the pipeline of
opportunities emerging for IoT semiconductors products, totaling
over $60 million. This underscores the growing demand for our
solutions and the promising trajectory of our business.
Our diversified growth strategy is yielding tangible results,
with accelerated progress in sectors such as semiconductors,
cybersecurity, and emerging ventures. Projects like the innovative
Smart Container initiative and investments in WISeSat.Space and
blockchain tokenization for the WISe.ART Digital Platform are
emblematic of our forward-thinking approach and commitment to
driving value for our stakeholders.
We are witnessing a strong and consistent customer demand for
our cybersecurity, semiconductor products, including the CyberTrust
Mark and Matter-related offerings, along with a growing market
share.
While 2024 may entail a temporary slowdown in growth due to
market shifts, we are poised to introduce new revenue streams and
capitalize on emerging opportunities.
In 2024, we anticipate generating revenue from innovative
initiatives such as Low Orbit satellite projects, cybersecurity and
IoT Semiconductors personalization centers, and the maturation of
the WISe.ART platform. These endeavors underscore our
commitment to driving innovation, enhancing our service offerings,
and meeting the evolving needs of our clients.
We anticipate additional revenue streams to emerge from the
semiconductor personalization centers. Currently, we are in the
process of establishing centers in Spain and the United States,
where two highly advanced projects are underway, with government
financing earmarked for allocation. These centers will not only
decentralize our semiconductor capabilities but also enable us to
serve a broader spectrum of clients previously inaccessible within
our existing centralized structure.
While the activities of WISeKey may appear disparate at first
glance, when you consider the combination of our security, space,
satellite, blockchain, and IoT activities, it becomes evident that
they are intricately interconnected. Each facet reinforces the
others, culminating in the formation of a robust Web 3.0 platform
that leverages synergies across diverse domains.
Furthermore, our sustained investments in research and
development, particularly in post-quantum resistant technology, are
poised to yield substantial returns in the coming years. This
advancement is pivotal in maintaining our leadership position and
delivering secure, cutting-edge solutions in an increasingly
digital landscape.
Conference Call
The company will host a conference call to
review its results on Tuesday, May 21, at 10:00 am ET (4:00 pm
CET). If you wish to join the conference call, please use the
dial-in information below:
- 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 Investor Relations section of the company’s
website, https://www.wisekey.com/company/investors/.
The archived call will also be available on the
Investor Relations section of the company’s website.
Of note, the Company has filed its Form 20-F with the Securities
and Exchange Commission (available here). Additionally, the
Form 20-F is available on the company’s website, under the Investor
Relations section https://www.wisekey.com/company/investors/.
Upon request, shareholders can also obtain hard copies of the
Form 20-F, free of charge.
ADDITIONAL FINANCIAL & OPERATIONAL DATA
Consolidated Statements of Comprehensive Income/(Loss)
[as reported]
|
12 months ended December 31, |
USD'000, except earnings per
share |
2023 |
|
2022 |
|
2021 |
|
|
|
|
|
|
Net sales |
30,918 |
|
23,814 |
|
17,646 |
Cost of
sales |
(15,754) |
|
(13,588) |
|
(9,893) |
Depreciation of
production assets |
(420) |
|
(132) |
|
(301) |
Gross
profit |
14,744 |
|
10,094 |
|
7,452 |
|
|
|
|
|
|
Other operating
income |
167 |
|
2,073 |
|
183 |
Research &
development expenses |
(4,398) |
|
(3,862) |
|
(5,618) |
Selling &
marketing expenses |
(6,523) |
|
(7,275) |
|
(9,111) |
General &
administrative expenses |
(17,290) |
|
(11,466) |
|
(14,066) |
Total
operating expenses |
(28,044) |
|
(20,530) |
|
(28,612) |
Operating
loss |
(13,300) |
|
(10,436) |
|
(21,160) |
|
|
|
|
|
|
Non-operating
income |
2,374 |
|
3,937 |
|
2,509 |
Debt conversion
expense |
(562) |
|
(827) |
|
(325) |
Interest and
amortization of debt discount |
(624) |
|
(168) |
|
(1,057) |
Non-operating
expenses |
(3,107) |
|
(5,551) |
|
(3,426) |
Loss
before income tax expense |
(15,219) |
|
(13,045) |
|
(23,459) |
|
|
|
|
|
|
Income tax income
/ (expense) |
(230) |
|
3,238 |
|
(13) |
Loss from
continuing operations, net |
(15,449) |
|
(9,807) |
|
(23,472) |
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
Net sales from
discontinued operations |
- |
|
1,805 |
|
4,612 |
Cost of sales
from discontinued operations |
- |
|
(978) |
|
(2,976) |
Total operating
and non-operating expenses from discontinued operations |
- |
|
(5,274) |
|
(2,364) |
Income tax
recovery from discontinued operations |
- |
|
25 |
|
106 |
Loss on disposal
of a business, net of tax on disposal |
- |
|
(15,026) |
|
- |
Income /
(loss) on discontinued operations |
- |
|
(19,448) |
|
(622) |
|
|
|
|
|
|
Net
income / (loss) |
(15,449) |
|
(29,255) |
|
(24,094) |
|
|
|
|
|
|
Net income /
(loss) attributable to noncontrolling interests |
(89) |
|
(1,780) |
|
(3,754) |
Net
income / (loss) attributable to WISeKey International
Holding Ltd |
(15,360) |
|
(27,475) |
|
(20,340) |
|
|
|
|
|
|
Earnings per Class A Share (USD) |
|
|
|
|
|
Earnings per Class A Share from continuing
operations |
|
|
|
|
|
Basic |
(0.50) |
|
(0.44) |
|
(1.64) |
Diluted |
(0.50) |
|
(0.44) |
|
(1.64) |
Earnings per Class A Share from discontinued
operations |
|
|
|
|
|
Basic |
- |
|
(0.87) |
|
(0.04) |
Diluted |
- |
|
(0.87) |
|
(0.04) |
|
|
|
|
|
|
Earning per Class A Share attributable to WISeKey
International Holding Ltd |
|
|
|
|
|
Basic |
(0.51) |
|
(1.22) |
|
(1.42) |
Diluted |
(0.51) |
|
(1.22) |
|
(1.42) |
|
|
|
|
|
|
Earnings per Class B Share (USD) |
|
|
|
|
|
Earnings per Class B Share from continuing
operations |
|
|
|
|
|
Basic |
(5.01) |
|
(4.36) |
|
(16.38) |
Diluted |
(5.01) |
|
(4.36) |
|
(16.38) |
Earnings per Class B Share from discontinued
operations |
|
|
|
|
|
Basic |
- |
|
(8.65) |
|
(0.44) |
Diluted |
- |
|
(8.65) |
|
(0.44) |
|
|
|
|
|
|
Earning
per Class B Share attributable to WISeKey International Holding
Ltd |
|
|
|
|
|
Basic |
(5.06) |
|
(12.22) |
|
(14.20) |
Diluted |
(5.06) |
|
(12.22) |
|
(14.20) |
|
|
|
|
|
|
Other
comprehensive income / (loss), net of tax: |
|
|
|
|
|
Foreign
currency translation adjustments |
(842) |
|
(1,434) |
|
(1,534) |
Change in
unrealized gains related to available-for-sale debt securities |
- |
|
- |
|
1,965 |
Reclassifications out of the OCI arising during period |
- |
|
1,156 |
|
- |
Defined benefit
pension plans: |
|
|
|
|
|
Net gain (loss)
arising during period |
(1,151) |
|
2,934 |
|
1,572 |
Reclassification adjustments |
- |
|
- |
|
(7,350) |
Other
comprehensive income / (loss) |
(1,993) |
|
2,656 |
|
(5,347) |
Comprehensive income / (loss) |
(17,442) |
|
(26,599) |
|
(29,441) |
|
|
|
|
|
|
Other
comprehensive income / (loss) attributable to noncontrolling
interests |
(99) |
|
(964) |
|
187 |
Other
comprehensive income / (loss) attributable to WISeKey International
Holding Ltd |
(1,894) |
|
3,620 |
|
(5,534) |
|
|
|
|
|
|
Comprehensive
income / (loss) attributable to noncontrolling interests |
(188) |
|
(2,744) |
|
(3,567) |
Comprehensive income / (loss) attributable
to WISeKey International Holding Ltd |
(17,254) |
|
(23,855) |
|
(25,874) |
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 |
2023 |
|
2022 |
|
|
|
|
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash
equivalents |
15,311 |
|
20,706 |
Restricted
cash, current |
- |
|
108 |
Accounts
receivable, net of allowance for credit losses |
5,471 |
|
2,573 |
Notes
receivable, current |
63 |
|
67 |
Inventories |
5,230 |
|
7,510 |
Prepaid
expenses |
1,290 |
|
831 |
Government
assistance |
1,718 |
|
692 |
Other current
assets |
1,008 |
|
1,380 |
Total
current assets |
30,091 |
|
33,867 |
|
|
|
|
Noncurrent assets |
|
|
|
Notes
receivable from related parties, noncurrent |
- |
|
64 |
Deferred
income tax assets |
3,077 |
|
3,295 |
Deferred tax
credits |
15 |
|
2 |
Property,
plant and equipment net of accumulated depreciation |
3,392 |
|
842 |
Intangible
assets, net of accumulated amortization |
96 |
|
98 |
Operating
lease right-of-use assets |
2,052 |
|
2,289 |
Goodwill |
8,317 |
|
8,317 |
Equity
securities, at cost |
486 |
|
472 |
Equity
securities, at fair value |
- |
|
1 |
Other
noncurrent assets |
275 |
|
249 |
Total
noncurrent assets |
17,710 |
|
15,629 |
TOTAL
ASSETS |
47,801 |
|
49,496 |
|
|
|
|
LIABILITIES |
|
|
|
Current Liabilities |
|
|
|
Accounts
payable |
12,863 |
|
13,401 |
Notes
payable |
4,164 |
|
4,196 |
Convertible
note payable, current |
190 |
|
- |
Deferred
revenue, current |
217 |
|
174 |
Current
portion of obligations under operating lease liabilities |
638 |
|
592 |
Income tax
payable |
4 |
|
57 |
Other current
liabilities |
832 |
|
409 |
Total
current liabilities |
18,908 |
|
18,829 |
|
|
|
|
Noncurrent liabilities |
|
|
|
Bonds,
mortgages and other long-term debt |
1,820 |
|
1,850 |
Convertible
note payable, noncurrent |
1,519 |
|
1,267 |
Deferred
revenue, noncurrent |
24 |
|
23 |
Operating
lease liabilities, noncurrent |
1,443 |
|
1,727 |
Employee
benefit plan obligation |
3,001 |
|
1,759 |
Other deferred
tax liabilities |
0 |
|
8 |
Other
noncurrent liabilities |
2 |
|
8 |
Total
noncurrent liabilities |
7,809 |
|
6,642 |
TOTAL
LIABILITIES |
26,717 |
|
25,471 |
Commitments and contingent liabilities |
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
Common stock -
Class A |
400 |
|
400 |
CHF
0.25 par value |
|
|
|
Authorized -
2,000,880 and 2,000,880 shares |
|
|
|
Issued and
outstanding - 1,600,880 and 1,600,880 shares |
|
|
|
Common stock -
Class B |
8,170 |
|
5,334 |
CHF 2.50 par
value |
|
|
|
Authorized -
6,194,267 and 3,548,392 |
|
|
|
Issued -
3,076,150 and 2,005,890 |
|
|
|
Outstanding - 2,954,097 and 1,996,745 |
|
|
|
Treasury
stock, at cost (122,053 and 9,145 shares held) |
(691) |
|
(371) |
Additional
paid-in capital |
295,716 |
|
280,597 |
Accumulated
other comprehensive income / (loss) |
4,041 |
|
5,935 |
Accumulated
deficit |
(280,961) |
|
(265,635) |
Total
shareholders' equity attributable to WISeKey
shareholders |
26,675 |
|
26,260 |
Noncontrolling
interests in consolidated subsidiaries |
(5,591) |
|
(2,235) |
Total
shareholders' equity |
21,084 |
|
24,025 |
TOTAL
LIABILITIES AND EQUITY |
47,801 |
|
49,496 |
The notes are an integral part of our consolidated financial
statements.
About WISeKeyWISeKey
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 selling integrated
solutions based on semiconductors, PKI, and Provisioning services,
while developing Post-Quantum technology hardware and software
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, and (iv) WISe.ART Corp which focuses on trusted
blockchain NFTs and operates the WISe.ART marketplace for secure
NFT transactions.
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. 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.
Press and investor contacts:
WISeKey
International Holding Ltd Company Contact:
Carlos MoreiraChairman & CEOTel: +41 22 594
3000info@wisekey.com |
WISeKey
Investor Relations (US) The Equity Group Inc.Lena
CatiTel: +1 212 836-9611 / lcati@equityny.comKatie MurphyTel: +1
212 836-9612 / kmurphy@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
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.
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