WISeKey Announces Q1 2021unaudited Income of $4.9 million and ends the quarter with a strong cash position of $25 million
Record demand and order book, new revenue streams and strategic partnerships have positioned WISeKey good for a strong 2022
GenevaSwitzerland, May 11202two – Ad-hoc announcement in accordance with art. 53 of the SIX Listing Rules – WISeKey International Holding Ltd: WISeKey International Holding Ltd. (“WISeKey” or “Company”) (SIX: WIHN, WKEY), a leading global cybersecurity, AI, Blockchain and IoT company, today announced its first quarter unaudited revenue from 2022 of $4.9 million, an increase of more than 4%, from the same period last year. Additionally, WISeKey ended the quarter with a strong cash position of $25 million as of March 31, 2022.
In 2022, WISeKey will continue to make significant investments in the IoT chip segment to maintain its position as a strategic player in Europe and the US and to increase the production volume of semiconductors. Of note, the global IoT chip market was valued at $12.2 billion in 2021 and was projected to reach $32.1 billion by 2030, growing at a CAGR of 14.8% over the forecast period , 2022-2030.
Carlos Moreira, CEO of WISeKey, noted: “The first quarter of 2022 was a strong quarter for WISeKey despite volatile macro and geopolitical conditions and demonstrates our ability to maintain sustainable growth. In particular, our core IoT business grew 15% in the first quarter of 2022, from $3.3 million in the first quarter of 2021 to $3.8 million in the first quarter of 2022, as we continue to meet the growing demand for our IoT products. We are now in a very strong position to handle the growing demand from our customers. Our order book at the end of April was up more than 170%, compared to the same period last year, and was higher than our revenue for the full year of 2021. Higher demand, increased order book and various New customers now have a positive impact on revenue. and the company’s expectations for the full year 2022, which will be another strong year for WISeKey on several fronts. Demand for our IoT products remains very high and we have already started scheduling deliveries for 2023. While we continue to face shortages in the semiconductor supply chain, we are exploring all options to further shorten delivery times to customers. WISeKey is positioning itself as a strong, reliable and customer-focused provider. We are making good progress on our two new revenue streams with the launch of the first WISeSat PocketQube satellite in January 2022 and the expansion of the NFT portfolio available on our WISe.ART NFT platform which already includes over 300 artists.”
“We expect strong demand for our cybersecurity IoT products during calendar year 2022 and sustained revenue from increased demand for our technology. Cyber security companies like WISeKey with strong IP technology assets are anticipated to recover much faster from the current crisis. Overall, the continued adoption of secure cloud-connected IoT technologies, and ultimately 5G, will be tremendous catalysts for security companies given the risk associated with adoption,” concluded Mr. Moreira.
WISeKey’s strong financial position of $25 million in cash at the end of Q1 2022 enables the company to support investments in new products, IP, and faster growing cybersecurity/IoT markets. During 2021, WISeKey made significant investments in R&D and design of new microchips to maintain its leading technology position and competitive advantage of product offerings. WISeKey is also making progress with its investment in FOSSA Systems, enabling its satellite technology to be integrated into the WISeKey IoT platform that connects all IoT sectors through the development of a WISeSat PocketQube satellite. The WISeSat satellite will be an IoT Security Hardened FOSSASAT-2E satellite designed to further reduce satellite costs for the already small size of Cubesat.
WISeKey will offer this technology to its IoT customers in a SaaS model that will enable remote and redundant urban IoT communications for businesses looking to securely connect their assets. WISeKey Trust and Security solutions offer a unique integration into an end-to-end platform that communicates in real time with the WISeSat satellite, ensuring the authenticity, confidentiality and integrity of devices, objects, data and transactions.
Finally, after the successful implementation of several NFT Luxury watch projects, WISeKey has developed WISe.ART, one of the most trusted and secure NFT platforms for businesses, in a strategic partnership to build trust in NFT. This NFT platform will provide a secure and dedicated marketplace for buying and selling NFTs, including fine art and luxury items.
2022 KEY GROWTH AREAS
- The launch of WISe.ART NFT-platform in 2021 it is expected to provide new revenue streams for WISe.ART in the form of commissions on sales made on the platform, and the sale of a white-label version of the WISe.ART platform for customers who wish to have their own brand platform for auctions and sales.
- The launch of the first WISE PocketQube satelite in January 2022 is the result of WISeKey’s investment in FOSSA Systems to integrate its picosatellite technology into the WISeKey IoT Connect & Trust model and improve IoT communication in remote and poor connectivity areas.
- New strategic alliances to strengthen its position as an IoT cybersecurity provider and develop new use cases based on our established technologies (see page 29 of the FY2021 financial report for more details).
- Investments in post-quantum cryptography resistant to quantum cryptanalysis to anticipate future cybersecurity threats, working in collaboration with the US National Institute of Standards and Technology (NIST) and the European Union Cybersecurity Agency (ENISA).
- Significant planned investment in new equipment to increase the volume of semiconductor production.
- Investment in R&D to expand your patent portfolio.
More information about WISeKey’s fiscal year 2021 financial results and new business initiatives is available at https://cdn.wisekey.com/uploads/WISeKey-International-Holding.mp3
WISeKey (WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently implementing large-scale digital identity ecosystems for people and things using Blockchain, AI and IoT while respecting humans as the Internet’s foothold. WISeKey microprocessors ensure the pervasive computing that shapes today’s Internet of Everything. WISeKey IoT has an installed base of over 1.6 billion microchips in virtually every IoT sector (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 forefront of IoT as our semiconductors produce a wealth of Big Data which, when analyzed with Artificial Intelligence (AI), can help industrial applications predict their equipment failure sooner. of it happening
Our technology is trusted by OISTE/WISeKey, the Swiss-based Cryptographic Root of Trust (“RoT”), which provides secure authentication and identification, both in physical and virtual environments, for Internet of Things, Blockchain and Intelligence artificial. WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions between 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
President and CEO
Telephone: +41 22 594 3000
|WISeKey Investor Relations (US)
Contact: Lena Cati
The Equity Group Inc.
Phone: +1 212 836-9611
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