WISeKey Reports Record Q3 2017 Consolidated Preliminary Revenue of Approximately $14.4 Million
OREANDA-NEWS. WISeKey International Holding Ltd ("WISeKey") (SIX: WIHN), a provider of Cybersecurity and IoT solutions, today announced that its consolidated preliminary revenue for the 3 month-period ending September 30, 2017 ("Q3 2017") is expected to be approximately $14.4 million (unaudited), due primarily due to strong demand for the company's IoT Technology and Cybersecurity SaaS products, and a larger client base resulting from strong synergies between these two main verticals. In Q3 2017, the Semiconductor IoT Segment generated revenue of approximately $8.4 million while revenue from the Cybersecurity SaaS Segment was $6.0 million.
By way of comparison, revenue for the first six months of 2017 ("H1 2017") was $21.2 million
Carlos Moreira, Chief Executive Officer of WISeKey, noted, "Q3 2017 was another strong quarter for WISeKey as we continued to deliver exceptional results. H1 2017 consolidated revenue of $21.2 million was an increase of over 1500% as compared to H1 2016 due to the successful integration of the recently acquired IoT and Cybersecurity assets. Our consolidated revenue for the first nine months of 2017 is expected to be approximately $35.6 million. Thus, we are confirming our previously announced full year 2017 revenue guidance of $50.0 million, which includes revenue generated by the QuoVadis assets from April 3, 2017 onwards. On a pro forma basis, WISeKey projects revenue of approximately $54.0 million for the year ending December 31, 2017."
The vertical integration of WISeKey's unique Root of Trust and Identity technology with VaultIC's hardware & software, system certification, provisioning and up to management services, created the first ever comprehensive trusted end-to-end cybersecurity platform for people and objects (IoT) and gave WISeKey the unique ability to deliver the most secure Platform to its customers. WISeKey is now generating strong sales in new areas such as chip-based IoT, anti-counterfeiting, brand protection, EMV payment card and secure access to building IT equipment.
WISeKey has seen a strong demand across this combined product portfolio as the market for IoT chips associated with PKI and Cybersecurity is increasing globally. We experienced substantial revenue growth with the combination of our IoT and Cybersecurity technologies in new markets, such as the smart automobile with our Secure Connected car technology.
Q3 2017 results reflect the increased trust customers are placing in the WISeKey Cybersecurity SaaS and Semiconductor IoT segments. Currently, over 3500 organizations ranging from large multi-nationals, to small- and medium-size businesses, to non-profits all over the world are using the WISeKey Platform to secure their digital assets. The integration of chips, smart metering and identification token technology provides us with substantial synergistic cross-selling opportunities for several clients, including world leaders in IT infrastructure.
The IoT revenue generated by WISeKey is premium revenue, as many of our competitors that have invested in similar projects have yet to derive any significant revenue from their solutions. Business models are changing from transactional to collaborative, transactions are evolving from simple one-off payments to complex variants of usage-based billing. WISeKey's success is based on our clear vision and business strategy that allows us to generate revenue from IoT devices, cybersecurity services, data and, more importantly, our Trusted Ecosystem and Vertical Platform.
While the IoT security landscape is still evolving and the IoT adoption is expected to revolutionize how enterprises do business, early movers such as WISeKey stand to gain substantial market share, since Root of Trust ("RoT") is required for secure communication over IoT. WISeKey's unique RoT serves as a common trust anchor, which is recognized by operating systems (OS) and backed by multiple independent accreditations and IoT applications to ensure the authenticity, confidentiality and integrity of on-line transactions. We believe these features will be vital in creating significant business opportunities with various governments, international bodies, and industrial entities which are wary of foreign government oversight and centralization of data on servers outside their jurisdiction.
Multinational corporations that need to comply with International Standards on the deployment of their IoT infrastructural are ideal candidates for the WISeKey Trust Model. Amidst the threat of increasingly sophisticated data and online identity thefts, WISeKey's robust solutions ensure data protection for individuals, enterprises, IoT objects and government organizations.
Mr. Moreira, concluded, "Since early 2016, WISeKey has been increasing its focus on the IoT segment, and we are currently offering various solutions (both hardware and software) supporting customers using IoT-based systems. At the same time, we are working on a future wave of WISeKey Cybersecurity IoT Technologies, extended with blockchain and Artificial Intelligence."
WISeKey (SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying via a Virtual Platform large scale digital identity ecosystems. WISeKey's Swiss based cryptographic Root of Trust ("RoT") and IoT Microchips provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people.