WISeKey Announces Strong Q1 2021 Unaudited Revenues

WISeKey Announces Strong Q1 2021 Unaudited Revenues

WISeKey expects 2021 to be a year of strong operational and financial performance

Zug, Switzerland, May 10, 2021 – WISeKey International Holding Ltd. (“WISeKey” or “Company”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity and IoT company, announced today Q1 2021 unaudited revenues of $4.7 million, an increase of more than 7%, from the same period of last year (of note, Q1 2021 revenue number includes revenues generated from arago; WISeKey acquired 51% controlling interest on February 1, 2021). Furthermore, WISeKey ended the quarter with a strong financial position of $23 million cash and restricted cash, at March 31, 2021.

“COVID-19 pandemic affected every company in the technology sector making 2020 a challenging year. Since the beginning of the pandemic, we took steps to quickly manage our business, strengthen of our balance sheet, and we were able to re-position ourselves, efficiently manage our supply chain and manufacturing process to continue on-time deliveries. Thus Q1 2021 was a very strong quarter, as compared to a pre-COVID Q1 2020, followed by a similar strong performance during the month of April. We are now in a very strong position to handle the increased demand from our clients. Our backlog at the end of April, not including arago, increased by more than 155%, as compared to the same period of last year, and was higher than our revenues for full year 2020. The higher demand, increased backlog and several new customers are now positively impacting revenues and the Company’s forecast for 2021. In addition to the positive growth from the core WISeKey business, the recent acquisition of arago is expected to further improve our operational performance for 2021,” commented Carlos Moreira, CEO of WISeKey.

“I could not be more pleased with our progress made since the beginning of the year. We expect strong demand for our cybersecurity products during 2021 calendar year and sustained revenue derived from the increase in demand for our technology. It is anticipated that Cybersecurity companies like WISeKey with strong technology-IP assets will recover much faster from the current crisis. Overall, continued adoption of IoT technologies connected to secure clouds, and ultimately 5G, will be tremendous catalysts for security companies given the related risk of adoption,” concluded Mr. Moreira.