WISeKey International (WIHN) H2 2024 earnings summary

Executive summary

• 2024 marked a pivotal year with a strong balance sheet, strategic technology milestones, and a convergence strategy unifying semiconductors, satellites, blockchain, and digital identity.

• Subsidiaries SEALSQ, WISeID, WISeSat, WISeArt, and Sealcoin AG advanced initiatives in post-quantum chips, secure satellites, blockchain, and digital identity.

• Strategic partnerships included the Swiss Army, RUAG, Fossa Systems, and Hedera, with successful proof-of-concept for blockchain transactions from space.

Financial highlights

• 2024 revenue was CHF 11.9 million, down from CHF 30.1 million in 2023, reflecting a transitional year and customer inventory adjustments.

• Year-end cash exceeded CHF 90 million, bolstered by over CHF 80 million capital raised by SEALSQ in December 2024.

• R&D investment totaled CHF 7 million, focused on post-quantum chips, Sealcoin, and next-gen satellites.

• Inventory reduction and one-off cost of sales charges impacted margins in 2024, but margins are expected to recover to 2023 levels in 2025.

Outlook and guidance

• 2025 is expected to be a year of execution and scale, with substantial performance improvement anticipated.

• Commercial launch of post-quantum chips targeted for Q4 2025, with first revenues expected in 2026.

• Pipeline of secured and pending business opportunities exceeds CHF 115 million for 2026–2028.

• Expansion into high-growth areas: post-quantum security, semiconductors, satellite infrastructure, and blockchain.