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SEALSQ Updates on 2024 Strategic Initiatives and Major Milestones
Geneva, Switzerland, July 25, 2024 (GLOBE NEWSWIRE) -- Strategic Initiatives Include the Launch of Quantum-Resistant Secure Chips and Partnerships to
About this update from Sealsq Corp
[{"type":"text","content":"Geneva, Switzerland, July 25, 2024 (GLOBE NEWSWIRE) -- 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 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 PipelineAs 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 ...