Business
SEALSQ Announces Unaudited First Half 2024 Financial Results and Updates on Strategic Business Initiatives
Geneva, Switzerland, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Schedules Conference Call and Webcast for Thursday, September 26 at 9:00 am ET (3:00 pm CET) Strategic
About this update from Sealsq Corp
[{"type":"text","content":"Geneva, Switzerland, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Schedules Conference Call and Webcast for Thursday, September 26 at 9:00 am ET (3:00 pm CET) Strategic initiatives include launch of Quantum-Resistant Secure Chips and partnerships to establish several OSAT Chip Design and Customization Centers.Despite temporary slowdown in H1 2024, SEALSQ expects an improved performance in H2 2024 and return to growth in 2025. Expected growth supported by $2.4 million investments made during H1 2024 in research and development initiatives.With a strong cash position of $18.9 million at June 30, 2024, SEALSQ is well-equipped to weather the current slowdown and continue funding its strategic initiatives.Release of engineering samples of SEALSQ’s QS7001 Quantum-Resistant Secure Chips is expected before the end of 2024.Robust pipeline of current and new business opportunities valued at $71 million as of September 20, 2024 is driven by the launch of the next generation of semiconductors, which SEALSQ expects to release in 2025. 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 announces its unaudited financial results for the six month period ending June 30, 2024 (H1 2024) and provides updates on strategic business initiatives highlighting its continued commitment to innovation, including the launch of quantum-resistant secure chips set to position the Company for future growth in the cybersecurity industry. H1 2024 FINANCIAL AND OPERATIONAL HIGHLIGHTS As anticipated, 2024 has been a transitional year for SEALSQ. Revenue for H1 2024 was $4.8 million, reflecting the expected slowdown in traditional semiconductor demand, mainly due to two key factors: excess component inventories post-capacity shortage at legacy customers and a decrease in orders for legacy products from large customers as they await ordering availability for next-generation chips. Despite this temporary downturn, SEALSQ expects improved financial and operational performance in H2 2024, subject to the finalization of previously announced projects and partnerships, and a return to growth in 2025. Of note, the Company’s robust pipeline of current and new business opportunities valued at $71 million as of September 20, 2024, is driven by the la...