SEALSQ Raises FY 2023 Revenue Guidance to Approximately $30 Million, Up by 29% as Compared to FY 2022
03 November 2023 - 4:00PM
November 03, 2023 -- SEALSQ Corp (NASDAQ: LAES) ("SEALSQ" or
"Company"), a company that focuses on developing and selling
Semiconductors, PKI and Post-Quantum technology hardware and
software products, today announced that due to strong demand on for
its semiconductors and Matter certification it expects revenue for
FY 2023 to be approximately $30 million, up 29% as compared to FY
2022, exceeding initial expectations of 20% growth.
For the first nine months of 2023, SEALSQ
reported unaudited revenue of $22.1 million, marking an impressive
20.4% growth compared to the same period of last year.
Carlos Moreira, CEO of SEALSQ, said, “We are
encouraged by this evolution on our revenue as we witnessed a
robust and consistent customer demand for our semiconductors and
Matter-related products, coupled with an upward trajectory in our
market share. Notably, we're driving innovation in pivotal domains
such as the integration of semiconductors with post-quantum
technologies, artificial intelligence, security, and cloud
services. This forward momentum fortifies our confidence in our
capacity to seize the abundant opportunities on the horizon."
Mr. Moreira reiterated, “As previously
announced, we anticipate 2024 to be a transitional period for
SEALSQ, with a temporary dip in growth due to a market shift
towards emerging new semiconductors. The full production and
subsequent revenue uplift from these new semiconductors is expected
in 2025/2026. That said, in 2024 we expect to start generating
revenues from Matter certification and the new cyber trust mark
standards. The introduction of the WISeSat picosatellite
constellation, which facilitates satellite-IoT device connections
for authentication, particularly in areas with limited
connectivity, is also expected to open a new revenue channel,
leveraging SEALSQ's semiconductor technology. Moreover, investments
in research and development of post-quantum resistant technology
are expected to yield returns starting in 2025/2026.”
Our strategy is focused on several pillars including:
- Amplification of Production
and Supply Chain Efficacy: We have vigorously
expanded our production capacity and honed the efficiency of our
supply chain, particularly to leverage the augmented demand from
our existing, historically steadfast customers, predominantly
within the IT network infrastructure segment.
- Acquisition of New,
Significant Business Ventures: Our advanced MS600X
secure platform has not only proved its technological prowess but
also acted as a catalyst in capturing several monumental business
opportunities, especially in the realm of remote logical access
control, further solidifying our market position.
- Maturation of Trust
Services Business: Our evolving Trust Services
business, especially concerning Semiconductor provisioning and
managed Public Key Infrastructure (PKI), is steadily morphing into
a reliable stream of recurring revenues, indicating a secure and
growth-oriented future trajectory.
- Expansion of U.S. Market
Presence: We have decisively broadened our footprint
in the competitive United States market through a two-pronged
approach: firstly, by expanding our sales team to ensure a greater
on-ground presence and, secondly, by inking four pivotal sales
distribution agreements, all strategically aimed to bolster our
market share.
- Investment in Next-Gen
Semiconductor Technology: We've channelized
investments into the development of a new generation of
Post-Quantum semiconductors, namely Quasar, designed to deliver
Provisioning and Managed-PKI services within a uniquely vertically
integrated value proposition, which also includes the Matter PAA.
Notably, SEALSQ has recently achieved a significant milestone by
gaining approval from the Connectivity Standards Alliance (CSA) for
Matter device attestation, positioning us amongst a select few
providers of Matter PAA.
Mr. Moreira added, “SEALSQ’s focus remains
laser-sharp. Our goal is to persistently drive innovation, secure
and nurture lucrative business opportunities, and consistently
deliver stellar products and services to our esteemed clientele,
thereby fortifying our market presence and ensuring sustainable
growth.”
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 StatementsThis
communication expressly or implicitly contains certain
forward-looking statements concerning SEALSQ Corp and its
businesses. Forward-looking statements include statements regarding
our business strategy, financial performance, results of
operations, market data, events or developments that we expect or
anticipates will occur in the future, as well as any other
statements which are not historical facts. 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 SEALSQ's
ability to implement its growth strategies; SEALSQ’s ability to
generate revenue from emerging new semiconductors; SEALSQ’s ability
to generate revenue from Matter certification and the new cyber
trust mark standards; the successful introduction of the WISeSat
picosatellite constellation; SEALSQ's ability to continue
beneficial transactions with material parties, including a limited
number of significant customers; market demand and semiconductor
industry conditions; and the risks discussed in SEALSQ's filings
with the SEC. Risks and uncertainties are further described in
reports filed by SEALSQ with the SEC.
SEALSQ Corp 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.
SEALSQ Corp.Carlos
MoreiraChairman & CEOTel: +41 22 594 3000info@sealsq.com |
SEALSQ Investor Relations (US)The
Equity Group Inc.Lena CatiTel: +1 212 836-9611 /
lcati@equityny.comKatie MurphyTel: +212 836-9612 /
kmurphy@equityny.com |
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