NEW YORK, May 12, 2023 [crocon media – mschro] WISeKey International Holding Ltd (NASDAQ: WKEY / SIX: WIHN), a leading global cybersecurity and IoT company, has announced impressive Q1 2023 unaudited revenues for its wholly owned semiconductors subsidiary, WISeKey Semiconductors SAS, and its successor SEALSQ Corp. The company revealed a total revenue of $7.2 million, marking a 91% increase year-over-year.
This remarkable increase was driven by higher demand from existing customers, particularly in the Network IT infrastructure and Home Automation sectors, as well as new designs introduced in 2022, which saw full deployment in 2023.
WISeKey’s CEO, Carlos Moreira, stated that the growth and profitability of SEALSQ reached a tipping point where investments made in previous years began to yield significant returns. This success was largely attributed to the global momentum in the IoT sector, which required the secure semiconductors that SEALSQ specializes in providing.
Another notable highlight of Q1 2023 was SEALSQ’s launch of its first demonstrator of Quantum Resistant Technology. This new generation of quantum-resistant algorithms runs on one of its Common Criteria EAL5+ tamper-resistant secure Arm platforms.
SEALSQ’s achievement with the Post-Quantum engineering team in being able to carry both Kyber and Dilithium CRYSTAL quantum-resistant NIST selected algorithms marks a significant milestone for the QUASARS (QUAntum resistant Secure ARchitectureS) project. The project aims to build a Post-Quantum Hardware Security Module and Root-of-Trust.
The company also announced that it is leveraging AI capabilities to enhance the performance of post-quantum semiconductors. By simulating and modelling the behaviour of these semiconductors, researchers can identify the most promising materials for use in quantum devices.
Notably, the QUASARS project received strong support from the French SCS (Secured Communicating Solutions) Cluster, and is expected to generate new revenue streams in the medium term.
SEALSQ Corp’s shares are expected to start trading on a “when-issued” basis on the Nasdaq from May 19, 2023, under the ticker “LAESV.” Regular trading is slated to commence on May 24, 2023, under the ticker symbol “LAES”.
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