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

Zug, Switzerland, April 30, 2024 (GLOBE NEWSWIRE) -- 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.”