WISeKey Reports First Half 2018 Results

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WISeKey Cybersecurity & IoT Business Increases Revenue of 35% and Reduces Losses

WISeKey International Holding Ltd. announced yesterday its audited financial results for the six-month period ended June 30, 2018 ("H1 2018"). WISeKey's revenue increased by 35% to $25.9 million from $19.2 million adjusted revenue in H1 2017, driven by higher revenues for both Cybersecurity IoT and Semiconductors.


Within the Cybersecurity revenue growth accelerates, up 30%, outpacing competition. Within the Secure IoT Semiconductors group, half-year revenue was $25.9 million, up 35 percent year on year driven by demand for both IoT Semiconductors and IoT applications with new patents in anti-counterfeiting and identity management.

WISeKey expects to report full year 2018 revenue of approximately $60 million ($43,1 million in 2017).
 
OPERATIONAL HIGHLIGHTS

    •    Gross profit margins increased by 6% from 44% in H1 2017 to 50% in H1 2018, hence an increase in gross profit by $4.5 million.


    •    Good liquidity and financial position with $7.9 million in cash on June 30, 2018, up $1.6 million from June 30, 2017, due to improved operating performance.  

    •    New agreements for the smart car, pharmaceutical and fintech industries, and consumer products which, in the aggregate, are broadening the ecosystem for WISeKey IoT chips.


    •    Further expansion of our vertical platform solution portfolio in Blockchain and Artificial Intelligence ("AI") following the acquisition of QuoVadis for managed cybersecurity and Identity Management services.


    •    Expansion of patent portfolio with new IP and patents with the aggregation of 39 IoT / Semiconductors patent families (more than 200 patents in total) to its portfolio.  

 
KEY REVENUE FIGURES 


US GAAP 

(Million US$)
H1 2018 H1 2017
 Net revenue  25.9  19.2
 Gross profit  12.9  8.4
 Operating loss as reported  (7.3)  (3.7)
 Net loss attributable to WISeKey as reported
(11.8)
 (11.8)  (7.3)


 

Non-US GAAP 

(Million US$)
H1 2018 H1 2017
Adjusted Operating loss (2.5)  (0.8)
Adjusted Net loss attributable to WISeKey  (5.6) (0.6)

 

Non-GAAP Financial Measures ?
« In managing WISeKey's business on a consolidated basis, WISeKey management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses.

We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company's results of operations and the factors and trends affecting WISeKey's business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, certain non-cash expenses related to acquisitions and share-based compensation expense, which may obscure trends in WISeKey's underlying performance.  This information also enables investors to compare financial results between periods where certain items may vary independent of business performance and allow for greater transparency with respect to key metrics used by management.
 
These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in WISeKey's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual.  Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled "Financial Reconciliation of GAAP to non-GAAP Results (unaudited). »