Core Viewpoint - The company anticipates a stronger second half of 2024 and a return to growth in 2025, driven by the resolution of supply chain and inventory issues, alongside a robust new business pipeline valued at 5 million, reflecting a temporary slowdown due to excess component inventories and deferred orders from legacy customers [15]. - The company has a strong cash position of $19 million, which is sufficient to support operations during the current slowdown and fund the development of its Post-Quantum chip [16]. - The new business pipeline is expected to positively impact revenues as early as Q2 2025 [2]. Product Development and Launches - SEALSQ plans to launch its new range of Quantum Resistant chips, including the QS7001 and QVault TPM, by Q4 2024, with engineering samples available for order by the same period [3]. - The QS7001 will allow customers to develop and load their own firmware, while the QVault TPM will feature a pre-provisioned Trusted Platform Module stack [3]. Strategic Partnerships and Initiatives - The company has initiated discussions with large electronic manufacturers to develop custom quantum-resistant chips, creating new business opportunities [4]. - SEALSQ is in negotiations with the Spanish government to establish a high-performance cybersecurity chip design center, collaborating with WISeKey, Odin, and TProtege [5]. - The company aims to develop an OSAT facility in the United States, focusing on semiconductor technologies, including post-quantum cryptography and AI [6]. Market Outlook and Growth Projections - Governments, including the US and EU, are establishing incentives to enhance supply chain resilience, which aligns with SEALSQ's expanded operations [7]. - The company is strategically positioned to convert new initiatives into substantial revenue streams over the next five years, particularly in the expanding IoT market [21]. - Significant sales growth for SEALSQ's post-quantum chips is anticipated starting in 2025 as they enter full-scale production [10].
SEALSQ Updates on 2024 Strategic Initiatives and Major Milestones