UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under the
Securities Exchange Act of 1934
Date of report: July 25, 2024
Commission File Number: 001-41709
SEALSQ CORP
(Exact Name of Registrant as Specified in Charter)
N/A
(Translation of Registrant’s
name into English)
| British Virgin Islands |
Avenue Louis-Casaï 58
1216 Cointrin, Switzerland |
Not Applicable |
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| (State or other jurisdiction of incorporation or organization) |
(Address of principal executive office) |
(I.R.S. Employer Identification No.) |
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
☒ Form 20-F ☐ Form 40-F
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Date: July 25, 2024 |
SEALSQ CORP |
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By: |
/s/ Carlos Moreira |
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Name: Carlos Moreira |
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Title: Chief Executive Officer |
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By: |
/s/ John O’Hara |
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Name: John O’Hara |
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Title: Chief Financial Officer |
SEALSQ Updates on 2024 Strategic Initiatives
and Major Milestones
Strategic Initiatives Include the Launch of
Quantum-Resistant Secure Chips and Partnerships to Establish Chip Design and Customization Centers
Despite Temporarily Slowdown in H1 2024, Expects
a Stronger H2 and Return to Growth in 2025
Geneva, Switzerland – July 25, 2024: SEALSQ Corp ("SEALSQ"
or "Company") (NASDAQ: LAES), a leader in developing and selling semiconductors, PKI, and post-quantum technology hardware and
software products, announces significant progress made on strategic initiatives in the first half of 2024. These developments underscore
SEALSQ’s commitment to innovation and its strategic positioning for future growth in the rapidly evolving cybersecurity landscape.
Financial Highlights and Business Pipeline
As previously stated, 2024 was always expected to be a transitional
year for SEALSQ. Preliminary unaudited revenue for H1 2024 of approximately $5 million is reflective of this anticipated slowdown in traditional
semiconductor demand. The temporary slowdown is attributable to two main factors: the excess component inventories at legacy customers
post-capacity shortage crisis (a global issue affecting all semiconductor companies), and the decline in orders for legacy products as
select large SEALSQ customers are deferring new orders until after the development of next-generation chips.
The Company anticipates a stronger H2 2024 and a return to growth in
2025, as it expects supply chain issues and inventory issues to be resolved thus the demand from legacy customers to return to pre-shortage
levels. Additionally, as reported in the Company’s H1 update, SEALSQ’s robust new business pipeline is valued at $71 million,
reflective of new customers awaiting the Company’s next-generation semiconductors, which it expects to be available in 2025. Optimism
is further strengthened by expected growth in Matter certification, the launch of the SSL certificate injection service at the device
level, and global enforcement of new IoT security standards such as the US Cyber Trust Mark and the EU Cyber Resilience Act.
SEALSQ’s strong cash position of $19 million is sufficient to
support the Company through the current revenue slowdown and fund the development of its Post-Quantum chip (QUASARS). Anticipating a challenging
2024, the Company took proactive measures to ensure uninterrupted project development and progress towards the commercial launch of next-generation
products.
The new business pipeline is expected to positively impact revenues
as early as Q2 2025. In addition to its solid cash position, the Company has converted the entire first tranche and 90% of the second
tranche of the Convertible Loan Notes issued in 2023, and reduced debt to related parties by $5 million during H1 2024. Overall, SEALSQ
remains well-positioned to pursue long-term value for shareholders.
Launch of Quantum-Resistant Secure Chips
SEALSQ remains set to launch its new range of Quantum Resistant, or
Post-Quantum Secure Chips, including the QS7001 and QVault TPM, by Q4 2024. The QS7001 engineering samples are expected to be available
for order by Q4 2024, with the TPM version ready by year-end 2024. These secure chips are based on a RISC-V Quantum Resistant and CCEAL5+
hardware platform, offering CC EAL 5+ certified security optimized for Kyber and Dilithium quantum-resistant algorithms. The QS7001 will
be open for customers to develop and load their own firmware, while the QVault TPM will feature a pre-provisioned FIPS 140-3 and TCG certified
Trusted Platform Module stack.
Strategic Partnerships and Custom Solutions
SEALSQ has initiated strategic discussions with several large electronic
manufacturers to develop custom quantum-resistant chips derived from the QS7001, integrating application-specific customer requirements.
This move is a pivotal step in SEALSQ’s commercial and industrial strategy, creating a new pipeline of business opportunities and
revenues. This initiative aligns with SEALSQ’s project to build a Semiconductor Design and Personalization center, fueling the company’s
upcoming customization activity.
OSAT Developments
SEALSQ is in final negotiations with the Spanish government to establish
a high-performance cybersecurity chip design and customization center in the Region of Murcia. This collaboration with WISeKey, Odin,
and T-Protege leverages their specialization in cybersecurity research projects and aligns with the Strategic Project for the Economic
Recovery and Transformation of Microelectronics and Semiconductors in Spain (PERTE Chip), which aims to mobilize 12.25 billion euros by
2027.
SEALSQ continue to aim to develop an OSAT in the United States and
has incorporated SEALSQ USA Ltd to support this project. The Company continues to explore funding opportunities relating to this project
including those available under Government incentive schemes. The US-based Outsourced Semiconductor Assembly and Test (OSAT) facility
is anticipated to provide comprehensive testing services, including wafer tests and final tests, as well as assembly services such as
QFN, BGA, and WLCSP. This facility will focus on SEALSQ's semiconductor technologies, including post-quantum cryptography and artificial
intelligence, heralding a transformative era for semiconductor technology by integrating quantum-resistant cryptographic capabilities
directly into semiconductor architectures.
SEALSQ is also in negotiations for two major projects in the Middle
East, and the Far East to develop Semiconductor Personalization Centers through Public-Private Partnerships (PPP). These centers will
implement similar processes, run by experienced hardware designers using RISC-V technology, ensuring the highest security standards and
certifications from bodies such as Common Criteria and NIST.
Governments, including the US and EU, are currently establishing incentives
to increase supply chain resilience, emphasizing the need for SEALSQ’s expanded operations. In the US, the International Technology
Security and Innovation (ITSI) Fund, under the CHIPS Act of 2022, provides $500 million to promote secure and trustworthy telecommunications
networks and ensure semiconductor supply chain security. The EU Chips Act, with a 45 billion euro budget, aims to increase supply chain
resilience and safeguard European sovereignty. In today's tech-driven world, control over semiconductor supply is not just an economic
advantage, it is a national security imperative. SEALSQ’s initiative empowers countries to establish local semiconductor personalization
centers, ensuring uninterrupted access to these critical components.
Root Certificate Authority Approval and PKI Services
In 2024, SEALSQ’s Root Certificate Authority (CA) was approved
by the CSA for Matter device attestation, becoming a Product Attestation Authority (PAA). SEALSQ enables companies to access Device Attestation
Certificates (DACs) through the INeS managed “PKI as a Service” platform, without investing in hardware infrastructure. SEALSQ
will offer a complete range of FIPS Certified Secure Elements with pre-provisioned keys and DACs for authentication under the Matter Protocol.
Market Outlook and Growth Projections
We believe that the market is regaining strength as global chip demand
increases, positioning SEALSQ’s new generation semiconductors to meet emerging post-quantum cybersecurity requirements.
SEALSQ is strategically positioned to convert its new initiatives into
substantial revenue streams over the next five years, leveraging the expanding IoT market. Key areas of growth include:
| 1. | Quantum-Resistant Semiconductor Sales: With the growing demand for secure IoT devices, SEALSQ’s post-quantum chips will
be integral to smart homes, autonomous vehicles, and industrial IoT applications. Significant sales growth is anticipated starting in
2025 as the new chips enter full-scale production and distribution. |
| 2. | PKI and RoT Services: Increased demand for secure identity verification and data encryption will drive recurring revenue from
device attestation and certificate lifecycle management services. |
| 3. | Consulting and Custom Solutions: Strategic partnerships for custom quantum-resistant chips will generate revenue through development
contracts and licensing fees. |
SEALSQ’s commitment to innovation and security ensures it remains
at the forefront of the digital transformation landscape, driving growth and maintaining its leadership in the industry.
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
Statements
This
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. Risks and uncertainties are further described
in reports filed by SEALSQ with the SEC.
All
forward-looking statements, if any, in this release represent the Company’s judgment as of the date of this release. SEALSQ Corp
does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
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SEALSQ Corp
Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@sealsq.com |
SEALSQ Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611 / lcati@equityny.com
Katie Murphy
Tel: +212 836-9612 / kmurphy@equityny.com |
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