WISeKey International Holding Ltd Receives Extension of the Deadline for the Publication of its FY 2023 Annual Report and Releases Unaudited FY 2023 Key Metrics
30 Abril 2024 - 2:00AM
Also Files Form 12b-25 with SEC Related to Annual Report on
Form 20-F
Ad hoc announcement pursuant to Art. 53
of SIX Listing Rules – WISeKey International Holding Ltd.
(“WISeKey” or the “Company”) (SIX: WIHN, NASDAQ: WKEY), a leading
global cybersecurity and IoT company, announced today that on April
29, 2024, SIX Exchange Regulation AG approved an extension of the
deadline for the publication of its Annual Report for the fiscal
year ended December 31, 2023 (FY 2023) until May 31, 2024.
The Company requested and received an extension
based on the following reasons:
- Financial statements for FY 2023
were particularly complex to prepare due to several factors
including, but not limited to, the partial spin-off of SEALSQ Corp
(Nasdaq: LAES) carried out in 2023 and the dependency of the
Company on the completion of the audit of the SEALSQ Corp financial
statements.
- The letter received from the SIX
Exchange Regulation AG required management attention in order to
respond to a preliminary inquiry about certain accounting
treatments in relation to its Annual Report for FY 2022. The
preliminary inquiry has only recently been closed without giving
rise to a formal investigation, and management and the Company’s
auditors are now able to finalize FY 2023 financials.
- The SIX Exchange
Regulation AG preliminary inquiry also required the Company’s
auditors to perform additional procedures and reviews to address
the comments and formally document their position before releasing
their opinion on the Company’s FY 2023 financial statements.
Auditors confirmed to the Company that this could not be completed
by April 30, 2024.
In its decision, SIX Exchange Regulation AG
requested that WISeKey publishes certain unaudited financial
metrics for FY 2023. These unaudited financial metrics are as
follows:
- Revenue for the year ended December
31, 2023 reached $31 million, representing an increase of 30%
from FY 2022.
- Gross profit of $15 million
(profit margin reached 48%) showed an improvement of
$5 million as compared to $10 million of gross profit
reported for FY 2022, which is directly attributable to the revenue
growth.
- The expected unaudited net loss of
$15 million for FY 2023 compares positively to the net loss of
$29 million reported in the prior year. The main factor behind
this improvement is the disposal of loss-making subsidiary, arago
GmbH, which was completed in 2022.
- WISeKey’s balance sheet total
remains stable at $48 million displaying a healthy cash
position of $13 million.
Carlos Moreira, Chief Executive Officer of
WISeKey, noted, “While the reasons behind this delay included
certain factors that were outside of our control, our team is
diligently working with auditors to complete the auditing of our FY
2023 financial results. We remain committed to maintaining the
highest standards of transparency and accuracy in our financial
reporting.”
In its decision of April 29, 2024, SIX Exchange
Regulation AG requested WISeKey to include the following excerpt in
this ad hoc announcement:
"I.
The exemption
request of WISeKey International Holding AG (Issuer) dated 26 April
2024 regarding an extension of the deadline to publish its 2023
annual report and to file such report with SIX Exchange Regulation
AG until 31 May 2024 at the latest is granted with the following
reservation (lit. a) and under the following conditions (lit.
b):
- SIX Exchange Regulation AG reserves
the right to suspend trading of the registered shares of the Issuer
in case its 2023 annual report is not published in accordance with
the provisions on ad hoc publicity (Art. 53 of the Listing Rules
[LR] in connection with the Directive on Ad hoc Publicity [DAH])
and not filed with SIX Exchange Regulation AG until Friday, 31 May
2024, 11.59 pm CET, at the latest.
- WISeKey is required to publish a
notice in accordance with the provisions on ad hoc publicity (Art.
53 LR in connection with the DAH) concerning this decision until
Tuesday, 30 April 2024, 7.30 am CET, at the latest. The notice must
contain:
- the unaltered reproduction of the
wording of para. I. of this decision, placed in a prominent
position;
- the reasons for the application of
the Issuer requesting an extension of the deadline to publish its
2023 annual report and to file such report with SIX Exchange
Regulation AG;
- the unaudited key figures such as
net revenues, EBITDA, EBIT, profit/loss, balance sheet total,
equity etc. for the annual results 2023."
In addition, the Company announced that it has
filed a Form 12b-25, Notification of Late Filing, with the U.S.
Securities and Exchange Commission (“SEC”) related to the Company’s
Annual Report on Form 20-F for FY 2023. The Company is working
diligently to finalize its financial statements and intends to file
its Annual Report on Form 20-F as soon as practicable; May 15, 2024
marks the end of the 15-day extension period.
About WISeKeyWISeKey
International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a
global leader in cybersecurity, digital identity, and IoT solutions
platform. It operates as a Swiss-based holding company through
several operational subsidiaries, each dedicated to specific
aspects of its technology portfolio. The subsidiaries include (i)
SEALSQ Corp (Nasdaq: LAES), which focuses on selling integrated
solutions based on semiconductors, PKI, and Provisioning services,
while developing Post-Quantum technology hardware and software
products, (ii) WISeKey SA which specializes in RoT and PKI
solutions for secure authentication and identification in IoT,
Blockchain, and AI, (iii) WISeSat AG which focuses on space
technology for secure satellite communication, specifically for IoT
applications, and (iv) WISe.ART Corp which focuses on trusted
blockchain NFTs and operates the WISe.ART marketplace for secure
NFT transactions.
Each subsidiary contributes to WISeKey’s mission of securing the
internet while focusing on their respective areas of research and
expertise. Their technologies seamlessly integrate into the
comprehensive WISeKey platform. WISeKey secures digital identity
ecosystems for individuals and objects using Blockchain, AI, and
IoT technologies. With over 1.6 billion microchips deployed across
various IoT sectors, WISeKey plays a vital role in securing the
Internet of Everything. Trusted by the OISTE/WISeKey cryptographic
Root of Trust, WISeKey provides secure authentication and
identification for IoT, Blockchain, and AI applications. The
WISeKey Root of Trust ensures the integrity of online transactions
between objects and people. For more information on WISeKey’s
strategic direction and its subsidiary companies, please visit
www.wisekey.com.
Press and investor contacts:
WISeKey
International Holding Ltd Company Contact:
Carlos MoreiraChairman & CEOTel: +41 22 594
3000info@wisekey.com |
WISeKey
Investor Relations (US) The Equity Group Inc.Lena
CatiTel: +1 212 836-9611 / lcati@equityny.comKatie MurphyTel: +1
212 836-9612 / kmurphy@equityny.com |
Disclaimer:This communication
expressly or implicitly contains certain forward-looking statements
concerning WISeKey International Holding Ltd and its business. Such
statements involve certain known and unknown risks, uncertainties
and other factors, which could cause the actual results, financial
condition, performance or achievements of WISeKey International
Holding Ltd to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. WISeKey International Holding Ltd is
providing this communication as of this date and does not undertake
to update any forward-looking statements contained herein as a
result of new information, future events or otherwise.
This press release does not constitute an offer
to sell, or a solicitation of an offer to buy, any securities, and
it does not constitute an offering prospectus within the meaning of
the Swiss Financial Services Act (“FinSA”), the FInSa's predecessor
legislation or advertising within the meaning of the FinSA.
Investors must rely on their own evaluation of WISeKey and its
securities, including the merits and risks involved. Nothing
contained herein is, or shall be relied on as, a promise or
representation as to the future performance of WISeKey.
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