Core Viewpoint - WISeKey's subsidiaries SEALSQ and SEALCOIN AG are collaborating to enhance the security of AI agents against quantum computing threats by introducing post-quantum cryptography solutions [1][2][3] Group 1: Company Initiatives - SEALSQ is launching a suite of solutions that integrate post-quantum cryptography to protect AI operations from quantum attacks, utilizing NIST-recommended algorithms and secure element chips [2][8] - SEALCOIN AG is embedding quantum-resistant cryptography into its infrastructure, covering identity certificates, wallet authorizations, and smart contract execution [2][5] - The collaboration aims to ensure AI agents can operate securely across various sectors, including IoT, autonomous vehicles, and healthcare [2][9] Group 2: Educational Efforts - SEALCOIN AG has released an educational video series on Secure AI Agents, emphasizing the importance of cryptographic identity and trusted transactions for AI autonomy [3][4] - The series discusses the foundational principles of secure agent autonomy and the role of quantum-resilient infrastructure in maintaining trust and autonomy in AI systems [4][5] Group 3: Company Roles and Focus - SEALCOIN AG clarifies its role as a provider of infrastructure for AI agents rather than developing AI models or solutions, focusing on enabling secure and autonomous operations [5][6] - The company emphasizes its technology as essential building blocks for developers and enterprises to create meaningful AI applications [6][7] Group 4: Industry Context - The rise of quantum computing poses significant threats to current cryptographic systems, necessitating advancements in quantum-resistant technologies [2][8] - SEALSQ is at the forefront of developing post-quantum semiconductors to protect sensitive data across various applications, ensuring resilience against quantum threats [9][8]

Core Insights - WISeKey's subsidiaries SEALSQ and SEALCOIN AG are collaborating to enhance the security of AI agents against quantum computing threats by introducing post-quantum security solutions [1][2][3] Group 1: Company Initiatives - SEALSQ is launching a suite of solutions that integrate post-quantum cryptography (PQC) to protect AI operations from quantum attacks, utilizing NIST-recommended algorithms and secure element chips [2][8] - SEALCOIN AG is embedding quantum-resistant cryptography into its infrastructure, ensuring secure identity certificates, wallet authorizations, and smart contract executions [2][4] - The collaboration aims to future-proof AI agents, making them reliable even in the quantum era, as stated by WISeKey's CEO Carlos Moreira [3][4] Group 2: Educational Efforts - SEALCOIN AG has released an educational video series on Secure AI Agents, with the latest episode focusing on post-quantum security [3][4] - The series outlines the importance of cryptographic identity and secure transactions for AI agents, emphasizing the need for a secure infrastructure [4][5] Group 3: Technology Overview - SEALCOIN AG provides essential infrastructure for AI agents, including verifiable identity, cryptographic wallets, and decentralized execution capabilities [5][6] - SEALSQ specializes in post-quantum technology, developing semiconductors and cryptographic solutions to address security challenges posed by quantum computing [8][9] Group 4: Market Positioning - SEALCOIN AG clarifies its role as a provider of infrastructure rather than AI solutions, focusing on enabling secure and autonomous AI operations [5][6] - The company positions itself as a foundational technology provider, akin to supplying tools for developers to create secure AI applications [6][7]

Core Insights - SEALSQ Corp has announced a collaboration with SEALCOIN AG to develop solutions that protect AI agents from quantum computing threats, leveraging post-quantum cryptography and trusted semiconductor technologies [1][2][3] Group 1: Company Overview - SEALSQ focuses on developing and selling semiconductors, PKI, and post-quantum technology hardware and software products [1][10] - SEALCOIN AG is a subsidiary of WISeKey International Holding Ltd, concentrating on decentralized physical internet and the development of the SEALCOIN platform [1][8] - WISeKey is a global leader in cybersecurity, digital identity, and IoT solutions, with over 1.6 billion microchips deployed across various IoT sectors [8][9] Group 2: Technological Innovations - The collaboration aims to embed quantum-resistant cryptography into all layers of AI agent infrastructure, ensuring secure identity certificates, wallet authorizations, and smart contract execution [2] - SEALSQ's post-quantum secure AI framework integrates NIST-recommended PQC algorithms with secure element chips, providing robust identity and authentication [2][11] - The technology includes homomorphic encryption optimized for SEALSQ hardware, enabling confidential inference and trusted execution environments against both classical and quantum-level attacks [2][11] Group 3: Educational Initiatives - The announcement coincides with the release of Episode 6 in SEALCOIN AG's educational video series on Secure AI Agents, which discusses the importance of quantum-resilient infrastructure [3][4] - The series emphasizes the need for cryptographic identity and verifiable transactions to prevent spoofing and manipulation in AI agents [4] Group 4: Market Positioning - SEALCOIN AG clarifies its role as a provider of infrastructure for AI agents rather than developing AI models or solutions, focusing on enabling secure and autonomous operations [5][6] - The company positions itself as a foundational technology provider, akin to supplying essential tools for developers and enterprises to build secure AI applications [6]

Core Viewpoint - Maxim has raised the price target for WISeKey (WKEY) to $11 from $10 while maintaining a Buy rating, anticipating significant revenue growth in the latter half of 2025 and 2026 due to quantum-safe products and other strategic initiatives [1] Group 1 - The new price target reflects a strengthened balance sheet for WISeKey [1] - Revenue scaling is expected to be driven by the availability of quantum-safe products and semiconductor customization centers [1] - Revenue synergies between segments are anticipated to contribute to overall growth [1]

Financial Data and Key Metrics Changes - For the first half of 2025, revenues grew slightly by $0.1 million to $5.3 million, reflecting a continued transition period ahead of expected growth in the second half [19] - Operating losses increased by $13.2 million to $27.3 million, primarily due to a one-off stock-based compensation charge and increased investments in R&D and administrative costs [20] - The net loss for the six months ending June 2025 was $22.3 million, an increase of $6.8 million compared to the same period last year [21] - The company has a strong cash balance of $124.6 million as of June 30, 2025, allowing for accelerated technological development and strategic investments [21] Business Line Data and Key Metrics Changes - The company is focusing on next-generation quantum-resistant chips, the SealCoin transactional IoT platform, and the WISe.ART expansion [21] - The backlog of booked orders for 2026 is approximately 300% higher than at the end of 2025, indicating strong future demand [19] Market Data and Key Metrics Changes - The company expects full-year revenues to be in the range of $18 to $21 million, driven by a return to growth in demand for traditional semiconductor products and the consolidated revenue of IC'ALPS [22] - A robust pipeline of revenue opportunities amounting to $170 million for the period 2026 to 2028 has been established [17] Company Strategy and Development Direction - The company is executing a quantum convergence strategy that combines traditional identity security methods with emerging quantum-safe technologies [6][7] - Strategic partnerships, such as the QuantumX security initiative in Spain, are being developed to enhance shareholder value and create new addressable markets [13] - The company is also focusing on scaling execution and expanding its operational capabilities in the second half of 2025 [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong growth in the second half of the year, with expectations of increased demand for quantum-resistant solutions due to regulatory pressures [22][36] - The company is positioning itself to shape the future of digital trust and security, emphasizing the importance of quantum resilience in critical infrastructures [17][36] Other Important Information - The company is pioneering the integration of post-quantum cryptography into its semiconductor products, with the first post-quantum chip expected to be launched in November 2025 [8][10] - The WISe.ART platform is evolving to include digital twin technology and is expected to generate new revenue streams through tokenization and machine-to-machine transactions [40][42] Q&A Session Summary Question: Contribution from Quantix and margin expectations - The contribution from Quantix is expected to be $25 million over three years, with varying margins depending on the nature of the project [24] - Product revenues are anticipated even before the personalization center is fully operational [25] Question: Breakdown of the $170 million pipeline - The pipeline includes contributions from the Quantum Shield QS7001 chip, Trusted Platform Model (TPM) chips, and revenue from personalization centers [33][37] Question: Path to commercializing WISe.ART and SealCoin - The commercialization of WISe.ART is focused on creating digital twins and integrating SealCoin as a payment method for transactions between devices [39][42]

Financial Data and Key Metrics Changes - For the first half of 2025, revenues grew slightly by $0.1 million to $5.3 million, reflecting a continued transition period ahead of expected growth in the second half [19] - Operating losses increased by $13.2 million to $27.3 million, largely due to a one-off stock-based compensation charge and increased investments in R&D and infrastructure [20] - Net loss for the six months ended June 2025 was $22.3 million, an increase of $6.8 million compared to the same period last year [21] - The company has a strong balance sheet with a cash balance of $124.6 million as of June 30, 2025, allowing for accelerated technological development [21] Business Line Data and Key Metrics Changes - The company is focusing on next-generation quantum-resistant chips, the SealCoin transactional IoT platform, and the WISe.ART expansion [21] - The backlog of booked orders for 2026 is approximately 300% higher than at the end of 2025, indicating strong demand for CLSQ's products [19] Market Data and Key Metrics Changes - The company expects full-year revenues to be in the range of $18 to $21 million, driven by demand for CLSQ's semiconductor products and the consolidated revenue of IC'ALPS [22] - A robust pipeline of revenue opportunities amounting to $170 million for the period 2026 to 2028 has been established [17] Company Strategy and Development Direction - WISeKey is executing a quantum convergence strategy that combines traditional identity security methods with emerging quantum-safe technologies [6][7] - The company is building a decentralized value model through strategic partnerships, such as the QuantumX security initiative in Spain, which has secured €25 million in committed revenue over three years [13] - The focus is on scaling execution and expanding the WISe.ART constellation to increase coverage and open new subscriptions [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong growth in the second half of 2025, with expectations of increased demand for quantum-resistant solutions due to regulatory pressures [22][36] - The company is positioning itself to shape the future of digital trust and security, emphasizing the importance of quantum resilience in critical infrastructures [17][36] Other Important Information - The Quantum Shield QS7001 chip, set to launch in November 2025, aims to secure critical applications against quantum computing threats [8][9] - The company is also developing a Trusted Platform Model version of the QVAULT TPM, which is expected to enhance security and efficiency [10] Q&A Session Summary Question: Contribution from Quantix and margins on project revenue - The project is expected to contribute $25 million over three years, with varying margins depending on the type of revenue recognized [24] - Product revenues are anticipated even before the personalization center is fully operational [25] Question: Breakdown of the $170 million pipeline - The pipeline includes contributions from the Quantum Shield QS7001 chip, Trusted Platform Model chips, and revenue from personalization centers [33][37] Question: Path to commercializing WISe.ART and expectations for 2026 - WISe.ART aims to create digital twins of secured objects, with SealCoin as the payment method for transactions between devices [40][42] - The company is working on bringing SealCoin to a top exchange, which will diversify revenue streams [42]

Financial Data and Key Metrics Changes - For the first half of 2025, revenues grew slightly by $0.1 million to $5.3 million, reflecting a continued transition period ahead of expected growth in the second half [19] - Operating losses increased by $13.2 million to $27.3 million, largely due to a one-off stock-based compensation charge and increased investments in R&D and administrative costs [20] - The net loss for the six months ended June 2025 was $22.3 million, an increase of $6.8 million compared to the same period last year [21] - A strong balance sheet with a cash balance of $124.6 million as of June 30, 2025, allows for accelerated technological development and strategic investments [21] Business Line Data and Key Metrics Changes - The company is focusing on next-generation quantum-resistant chips, the SealCoin transactional IoT platform, and the expansion of the WISe.ART constellation [21] - The backlog of booked orders for 2026 is approximately 300% higher than at the end of 2025, indicating strong demand and confidence in future growth [19] Market Data and Key Metrics Changes - The company expects full-year revenues to be in the range of $18 to $21 million, driven by a return to growth in demand for traditional semiconductor products and the consolidation of IC'ALPS revenue [22] - A robust pipeline of revenue opportunities amounting to $170 million for the period 2026 to 2028 has been established, indicating strong market potential [17] Company Strategy and Development Direction - The company is executing a quantum convergence strategy that combines traditional identity security methods with emerging quantum-safe technologies [6][7] - Strategic partnerships, such as the QuantumX security initiative in Spain, are being developed to enhance shareholder value and create new addressable markets [13] - The company is also focusing on building personalization centers in various countries to reduce dependency on semiconductor supply chains [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, emphasizing the importance of transitioning to quantum-resilient security solutions ahead of regulatory changes expected by 2027 [36] - The company is shaping the future of digital trust and cybersecurity, positioning itself to capitalize on the growing demand for quantum-safe technologies [17] Other Important Information - The Quantum Shield QS7001 chip, set to be launched in November 2025, aims to secure critical applications against quantum computing threats [8][9] - The company is pioneering the integration of post-quantum cryptography into its products, ensuring backward compatibility and avoiding disruption [6] Q&A Session Summary Question: Contribution from Quantix and revenue recognition - The project is expected to contribute $25 million over three years, with varying margins depending on the type of revenue recognized [24] - Product revenues are anticipated even before the center is fully operational [25] Question: Breakdown of the $170 million pipeline - The pipeline includes contributions from the Quantum Shield QS7001 chip, Trusted Platform Model (TPM) chips, and revenue from personalization centers [33][36] Question: Path to commercializing WISe.ART and SealCoin - The commercialization involves creating digital twins of secured objects and integrating SealCoin as a payment method for transactions between devices [40][42]

Financial Data and Key Metrics Changes - For the first half of 2025, revenues grew slightly by $0.1 million to $5.3 million, reflecting a continued transition period ahead of expected growth in the second half [21][22] - Operating losses increased by $13.2 million to $27.3 million, largely due to a one-off stock-based compensation charge and increased investments in R&D and infrastructure [23] - Net loss for the six months ended June 2025 was $22.3 million, an increase of $6.8 million compared to the same period last year [24] - Cash balance stood at $124.6 million as of June 30, 2025, allowing for accelerated technological development and strategic investments [24] Business Line Data and Key Metrics Changes - The company is focusing on next-generation quantum-resistant chips, the SealCoin transactional IoT platform, and the expansion of the WISe.ART constellation [24] - CLSQ, a major subsidiary, is expected to drive significant revenue growth with a 300% higher backlog of booked orders for 2026 compared to the end of 2025 [22] Market Data and Key Metrics Changes - The company has a robust pipeline of revenue opportunities amounting to $170 million for the period 2026 to 2028, indicating strong future growth potential [19] - The expected full-year revenues for 2025 are projected to be in the range of $18 to $21 million, driven by demand for CLSQ's semiconductor products and other business divisions [25] Company Strategy and Development Direction - The company is executing a quantum convergence strategy that integrates traditional identity security methods with emerging quantum-safe technologies [6][8] - Strategic partnerships, such as the QuantumX security initiative in Spain, are being developed to enhance shareholder value and create new addressable markets [15] - The company aims to build a neural sovereign trusted digital infrastructure, addressing the growing dependency on technology in a few countries [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong growth in the second half of 2025, with a focus on scaling execution and expanding the WISe.ART constellation [17][25] - The regulatory push for quantum resilience is expected to drive demand for the company's products, as companies prepare for upcoming legislation [39] Other Important Information - The company is pioneering the transition to post-quantum cryptography, with the launch of the QS7001 chip expected in November 2025 [9][10] - The company is also involved in a world-first space-based cryptocurrency transaction, showcasing the integration of satellite technology and blockchain [12] Q&A Session Summary Question: Contribution from Quantix and margin expectations - The project revenue from Quantix is expected to be $25 million over three years, with varying margins depending on the type of work involved [27] - Product revenues are anticipated even before the center is fully operational [28] Question: Personalization centers and their significance - The personalization center in Spain is part of a broader strategy to reduce dependency on semiconductor imports and enhance national capabilities [30] - Similar centers are being negotiated in other countries, including the U.S. and South Korea [33] Question: Breakdown of the $170 million pipeline - The pipeline includes contributions from the Quantum Shield QS7001 chip, Trusted Platform Model chips, and revenue from personalization centers [36][41] Question: Commercializing WISe.ART and SealCoin - The commercialization path for WISe.ART involves creating digital twins of secured objects, with SealCoin serving as a payment method for transactions between devices [43][45]

Core Insights - WISeKey's subsidiary SEALCOIN AG is set to launch a Low Earth Orbit (LEO) satellite in late 2025, enabling the first-ever satellite-enabled blockchain transaction using SEALCOIN [3][4] - This initiative marks a significant advancement in decentralized IoT economies, allowing secure value exchanges directly from space, which is a world first [4][10] - The upcoming satellite launch is part of SEALCOIN's roadmap to integrate blockchain capabilities within satellites, enhancing autonomous spaceborne infrastructure [10][11] Company Developments - SEALCOIN has successfully demonstrated the integration of blockchain-based value exchange with IoT devices through satellite communications, utilizing the WISeSat LEO constellation and the FOSSA IoT platform [5][10] - The transaction process involves an off-grid IoT device initiating a transaction, which is then relayed via satellite to a connected peer for verification and execution on the Hedera network [6][8][9] - The launch will enhance WISeKey's leadership in cybersecurity, blockchain, IoT, and space technology, with advanced features such as software-defined radio technology and higher data rate communications [12][13] Industry Impact - The ability to conduct secure, decentralized transactions from space opens new applications in sectors like smart agriculture, environmental monitoring, autonomous logistics, and defense systems, particularly in areas lacking reliable connectivity [10] - SEALCOIN's modular architecture supports interoperability with various sensors and satellite operators, positioning it as a backbone for a global, resilient, and borderless IoT economy [11][12] - The integration of satellite data with climate models through WISeSat's IoT satellite constellation is expected to enhance understanding and strategies to combat climate change [14]

Core Viewpoint - WISeKey's subsidiary WISeSat AG has successfully installed its third ground station in Lausanne, Switzerland, enhancing its global ground infrastructure for secure satellite communication focused on IoT applications [3][5]. Group 1: Company Developments - The new ground station in Lausanne will serve as a control base for managing IoT satellites, positioning the region as a critical hub for satellite communication [5][6]. - This installation follows the deployment of WISeSat's European antenna in La Línea de la Concepción, Spain, contributing to a robust satellite connectivity backbone across Europe [4][6]. - The partnership with the Space Campus at the Ecole Polytechnique Fédérale de Lausanne aims to foster collaboration across academia, startups, industry, and government, driving innovation in satellite systems and space communications [6]. Group 2: Strategic Importance - The expansion of WISeSat's ground station network is aligned with Europe's strategic goals for digital and space independence, establishing a fully European-controlled satellite connectivity system [6]. - WISeSat provides reliable IoT connectivity solutions for various critical applications, including smart cities, agriculture, logistics, energy, and environmental monitoring [6][8]. - WISeKey has deployed over 1.6 billion microchips across various IoT sectors, playing a vital role in securing the Internet of Everything [8].