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SEALSQ Announces Substantially Improved H1 2023 Financial Results as Compared to H1 2022: Reports 38% Growth in Revenue and 63% Higher Gross Profit
Schedules Conference Call for Wednesday, September 13 at 9:00am ET Tortola, British Virgin Islands , Sept. 11, 2023 (GLOBE NEWSWIRE) -- SEALSQ Announces
About this update from Sealsq Corp
[{"type":"text","content":"Schedules Conference Call for Wednesday, September 13 at 9:00am ET\nTortola, British Virgin Islands , Sept. 11, 2023 (GLOBE NEWSWIRE) -- SEALSQ Announces Substantially Improved H1 2023 Financial Results as Compared to H1 2022: Reports 38% Growth in Revenue and 63% Higher Gross Profit Schedules Conference Call for Wednesday, September 13 at 9:00am ET Improved results for H1 2023 were due to the higher demand for semiconductors across all geographic regions, following semiconductor shortages triggered by the Covid pandemicExpects H2 2023 revenue growth to remain strong, with FY 2023 revenue to increase by 20% as compared to FY 20222024 to be a transitional year; introduction of several next generation products to set the stage for continued growth in 2025/2026 Tortola, British Virgin Islands – September 11, 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 its financial and operational results for the first half (H1) 2023 period ended June 30, 2023, expectations for the second half (H2) of the year, and growth initiatives for 2024-2026. Carlos Moreira, CEO of SEALSQ noted, “We delivered strong H1 2023 financial and operational performance with 38% increase in revenue, 63% higher gross profit and expanded operations across all regions. These improved results can be primarily attributed to the successful implementation of our business strategy aiming to take advantage of higher demand for semiconductors due to supply chain disruption and inventory shortages related to Covid-19 pandemic. While supply chains have somewhat stabilized and are expected to return to pre-pandemic levels, we're observing a resurgence in the industry's competitive spirit as customers have the freedom to diversify their semiconductor sources without being hampered by supply shortages. That said, we remain confident and optimistic about our growth trajectory. We anticipate strong growth in revenue to continue and project our FY 2023 revenue to increase by over 20% as compared to FY 2022, but we see growth rates in H2 2023 to be somewhat slower than the first half of the year.” Mr. Moreira continued, “We remain committed to innovation and meeting the needs of our customers in this rapidly evolving landscape. Du...