LAES SEALSQ Corporation

SEALSQ Issues CEO Letter to Shareholders

Geneva, Switzerland, March 4, 2025 -- SEALSQ Corp (NASDAQ: LAES) ("SEALSQ" or "Company"), a company that focuses on developing and selling Semiconductors, PKI, and Post-Quantum technology hardware and software products, today issues a CEO Letter to Shareholders.

Dear Shareholders,

We are pleased to share an update on SEALSQ’s financial and strategic progress, highlighting significant advancements that strengthened its balance sheet and positioned the Company for sustained growth.Upcoming Release of SEALSQ's 2024 Audited Financial ResultsSEALSQ will release its audited 2024 financial results on or before March 21, 2025. This will provide shareholders with a comprehensive overview of our financial performance, operational achievements, and strategic outlook for the year ahead.

A Clean Balance Sheet and Strong Financial Foundation

The robust performance of SEALSQ Ordinary Shares in December 2024 and January 2025 has enabled us to fully eliminate all convertible debt balances and all warrants previously issued in conjunction with the convertible debt. As a result, SEALSQ now has no outstanding warrants containing anti-dilution clauses which can strengthen our ability to attract new investment.  By successfully cleaning our balance sheet, we have removed any obligation to secure additional convertible loans, further enhancing our financial flexibility and positioning SEALSQ for a future centered on innovation, strategic growth, and operational excellence.

A $93 Million Sales Opportunities Pipeline Supporting Long-Term Growth

SEALSQ continues to make strides in semiconductor development, PKI, and post-quantum security, reinforcing our leadership in these vital sectors. As we transition toward next-generation quantum-resistant semiconductor technologies, we are strategically positioned to capitalize on industry-wide transformation.

Our robust sales opportunities pipeline of $93 million, on top of clients and projects that we have already won, over the next four years through to the end of 2028 reflects our confidence in the growing demand for SEALSQ solutions. Of these opportunities, over 40 of them relate to our TPM quantum-resistant technology.  The increasing adoption of quantum-resistant security technologies will be a key driver of our long-term growth strategy.

Exclusive Agreement to Acquire IC’Alps

In a strategic move to enhance our semiconductor design capabilities, SEALSQ has entered into an exclusivity agreement to acquire IC’Alps, subject only to due diligence and government approval.

IC’Alps' expertise in ASIC design will significantly enhance our ability to deliver state-of-the-art security solutions, expanding both our technological capabilities and market reach. This acquisition aligns with our vision of positioning SEALSQ at the forefront of semiconductor innovation and strengthening our long-term industry leadership.

Pioneering the Future with the SEAL Quantum Roadmap

A major milestone of 2024 was the official launch of the SEAL Quantum Roadmap, setting the stage for our next-generation post-quantum platform and semiconductors.

We anticipate the full rollout of the SEAL Quantum-as-a-Service platform in 2025, eliminating hardware barriers and accelerating the widespread adoption of quantum computing. By fostering collaborations with leading quantum computing companies, we aim to provide customers with access to a cutting-edge security technology ecosystem.

Advancing Quantum-Resistant Security for AI and IoT

The rapid advancement of artificial intelligence (AI) has intensified the demand for robust post-quantum security solutions. SEALSQ’s quantum-resistant semiconductors will play a pivotal role in securing AI-driven applications, ensuring:

• Trusted data exchange
• Protection of intellectual property
• Compliance with evolving cybersecurity regulations

Our secure AI infrastructure will address critical industries, including healthcare, finance, and autonomous systems. Additionally, our collaboration with WISeSat.Space to develop a dedicated satellite-IoT connectivity ecosystem will further strengthen our global presence in IoT security.

Financial Strength and Future Outlook: Cash Reserve of $85 Million at the year end

As of early 2025, SEALSQ had built an unprecedented cash reserve that peaked at over $90 million in January 2025, providing a strong financial foundation to support innovation, operational scalability, and global expansion.

In 2024, we invested $5 million in research and development, underscoring our commitment to pioneering post-quantum security solutions. We anticipate increased revenues from these innovations beginning in 2026.

A Strong Path Forward

Looking ahead, SEALSQ is well-positioned to:

• Expand its international footprint
• Secure additional key partnerships
• Scale production capacity
• Develop post-quantum ASICs
• Strengthen cybersecurity ecosystem

We remain fully committed to driving long-term value for our shareholders and executing our vision of securing the digital future through cutting-edge semiconductor and quantum-resistant technologies.

We sincerely appreciate your continued support and confidence as we advance our mission.

Sincerely,Carlos MoreiraChairman & CEOSEALSQ Corp

About SEALSQ:SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable.

SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries.

For more information on our Post-Quantum Semiconductors and security solutions, please visit www.sealsq.com.

Forward-Looking StatementsThis communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipates will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ's ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.

SEALSQ Corp 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.

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