Sealsq Corp (LAES) 2024 Q4 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the SEALSQ full-year 2024 financial results earnings conference call. As a reminder, this conference call contains forward-looking statements. Such statements involve certain known and unknown risks, uncertainties, and other factors, which can cause the actual results, financial condition, performance, or achievements of SEALSQ to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements.

女士們、先生們，大家好，歡迎參加 SEALSQ 2024 年全年財務業績收益電話會議。提醒一下，本次電話會議包含前瞻性陳述。此類聲明涉及某些已知和未知的風險、不確定性和其他因素，可能導致 SEALSQ 的實際結果、財務狀況、業績或成就與此類前瞻性聲明表達或暗示的任何未來結果、業績或成就存在重大差異。

SEALSQ 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. These risks are also discussed in our filings made with the Securities and Exchange Commission.

SEALSQ 自此日期起提供此通訊，並未承諾根據新資訊、未來事件或其他情況更新此處包含的任何前瞻性陳述。我們向美國證券交易委員會提交的文件中也討論了這些風險。

Please be advised that our full-year 2024 earnings release was issued on Thursday, March 20, 2025. Also, our Form 10-K for the full year ended December 31, 2024, which was filed with the SEC on Thursday, March 20, 2025, can be found by visiting the Investors section of the SEALSQ website at investors.sealsq.com.

請注意，我們的 2024 年全年收益報告於 2025 年 3 月 20 日星期四發布。此外，我們於 2025 年 3 月 20 日星期四向美國證券交易委員會 (SEC) 提交的截至 2024 年 12 月 31 日的全年 10-K 表格可在 SEALSQ 網站 investors.sealsq.com 的投資者部分找到。

(Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Carlos Moreira, Founder and Chief Executive Officer of SEALSQ. Mr. Moreira, you may begin.

（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹 SEALSQ 的創始人兼執行長 Carlos Moreira。莫雷拉先生，您可以開始。

Thank you very much and good afternoon to all of you joining us from both Europe, and good morning for everybody joining from the United States. So we will start this call by discussing the business highlights of the full-year 2024. Then John O'Hara, our CFO, will provide an overview of our financial performance. Then I will close the prepared remarks by discussing our growth initiatives and also the outlook for 2025 and going forward.

非常感謝來自歐洲的各位，大家午安！來自美國的各位，大家早安！因此，我們將從討論 2024 年全年的業務亮點開始本次電話會議。然後，我們的財務長約翰·奧哈拉 (John O'Hara) 將概述我們的財務表現。然後，我將透過討論我們的成長計畫以及 2025 年及未來的展望來結束準備好的發言。

So we had a financial year 2024 with revenue of $11 million. It's a bit disappointed about this reduction of revenue from the $30 million we had in 2023, but actually reflects the company transition from traditional semiconductors, the legacy semiconductors that we were selling for many years, to now the next-generation Quantum Resistant chips, which is the next generation that we started to develop two years ago and we are reaching maturity now.

因此，2024 財年我們的營收為 1,100 萬美元。營收較 2023 年的 3,000 萬美元有所減少，這讓人有點失望，但實際上反映了公司從傳統半導體（我們銷售多年的傳統半導體）向現在的下一代抗量子晶片的轉型，這是我們兩年前開始開發的下一代產品，現在已經趨於成熟。

So we are still early stage on the post-quantum market potential, alongside the impact of market normalization following the semiconductor supply chain disruption that was caused by the COVID-19 pandemic. Also, the excess inventory accumulation by customers in 2023, we sold the lower 2024 orders volume as clients utilize existing stock before making new purchases commitment.

因此，我們仍處於後量子市場潛力的早期階段，同時也面臨新冠疫情造成半導體供應鏈中斷後市場正常化的影響。此外，由於客戶在 2023 年累積了過多的庫存，我們銷售了較低的 2024 年訂單量，因為客戶在做出新的購買承諾之前會利用現有庫存。

Basically they are waiting to finalize the use of those stocks before we are able to deploy the next-generation chip with them. That say, as we are preparing to take advantage of numerous growth opportunities, we scale post-quantum security technology by investing $5 million during 2024 with another $7.2 million plans for 2025.

基本上，他們正在等待最終確定這些庫存的用途，然後我們才能與他們一起部署下一代晶片。也就是說，當我們準備利用眾多成長機會時，我們將擴大後量子安全技術的規模，計劃在 2024 年投資 500 萬美元，並在 2025 年再投資 720 萬美元。

So 2024, as previously discussed, was a transformational year for SEALSQ. As we scale post-quantum security technology, started the process to execute strategic acquisitions, raised over $80 million in funding, and expanded into a high-growth markets. With a strong cash position, no bank debt or convertible loans, and accelerating demand for post-quantum and quantum cybersecurity solution, we are very well-positioned to drive sustainable long-term growth and technology leadership in the quantum era.

因此，如同先前所討論的，2024 年對於 SEALSQ 來說是一個轉型之年。隨著我們擴大後量子安全技術，開始執行策略性收購的流程，籌集了超過 8,000 萬美元的資金，並擴展到高成長市場。憑藉強大的現金狀況、無銀行債務或可轉換貸款以及對後量子和量子網路安全解決方案的不斷增長的需求，我們完全有能力推動量子時代的可持續長期成長和技術領先地位。

Thus, we enter, in 2025, when a very strong financial position and we are well-positioned to execute a multi-faceted organic growth, investment, and acquisition strategy. Demand for our post-quantum and quantum cybersecurity solution should drive sustainable long-term growth and technology leadership in the quantum era.

因此，到 2025 年，我們的財務狀況將非常強勁，我們有能力執行多方面的有機成長、投資和收購策略。我們對後量子和量子網路安全解決方案的需求應該推動量子時代的可持續長期成長和技術領先地位。

We anticipate also a significant revenue increase in 2025 compared to 2024 due the steps we took to bolster our position in the market we serve on a global scale. I will discuss all these initiatives shortly, but I would like to emphasize how our combined bookings are now $6.8 million, reflecting strong year-to-year growth, while our projected contract pipelines over the next three years stands already at $93 million.

由於我們採取措施鞏固我們在全球範圍內所服務的市場地位，我們預計 2025 年的收入將比 2024 年大幅增長。我將很快討論所有這些舉措，但我想強調的是，我們的合併預訂額現在為 680 萬美元，反映了強勁的同比增長，而我們預計未來三年的合約金額已經達到 9300 萬美元。

The post-quantum cybersecurity market driven by the need for securing systems against quantum computer attacks that they are becoming available within the next three to five years is projected to grow significantly with an estimated market size of $302.5 million in 2024, which is then expected to reach $1.8 billion by 2025 at a CAGR of 44.2%. So due the highly entry level barriers, we believe very few players will have the required expertise, technology, and IP to build quantum resistance security chips in the short-term, which will position SEALSQ as a leading player in this space, especially on a very high growth market which is the TPM segment. We believe that this factor positions SEALSQ to strengthen its market leadership and capitalize on emerging opportunities in post-quantum security.

後量子網路安全市場受保護系統免受量子電腦攻擊的需求所驅動，預計未來三到五年內將出現，並將大幅增長，2024 年市場規模估計為 3.025 億美元，預計到 2025 年將達到 18 億美元，複合年增長率為 44.2%。因此，由於進入門檻很高，我們認為短期內很少有參與者能夠擁有構建量子抗性安全晶片所需的專業知識、技術和 IP，這將使 SEALSQ 成為該領域的領先者，尤其是在 TPM 領域這個高成長市場。我們相信這一因素將使 SEALSQ 加強其市場領導地位並利用後量子安全領域的新興機會。

So in terms of giving a financial year 2025 outlook, although it's very early in the year to provide a definitive outlook number due to the major projects under discussion, SEALSQ anticipate a significant revenue increase in 2025 compared to 2024. This growth is expected to be driven by the integration of chip revenue from new sources of revenue and expansion in chip personalization services, as announced during the year and the consolidated revenue for planned investment.

因此，就 2025 財年展望而言，儘管由於正在討論的重大項目而現在提供明確的展望數字還為時過早，但 SEALSQ 預計 2025 年的收入將比 2024 年大幅增加。預計這一增長將受到新收入來源的晶片收入整合和晶片個性化服務的擴展（如年內宣布的）以及計劃投資的綜合收入的推動。

We expect the full impact of our growth to arrive in 2026 with the commercial launch of our new products scheduled for Q4 2025. We anticipate that the growth in 2025 and beyond will be fueled by the increased demand of post-quantum process platform models, what we call TPMs. The successible securing new large scale contracts with government and enterprise adopting post-quantum cryptographic solution, and this includes also some of the new defense contracts and they are being negotiated now in Europe.

我們預計，我們的成長將在 2026 年全面顯現，屆時我們的新產品將於 2025 年第四季正式上市。我們預計，2025 年及以後的成長將受到後量子製程平台模型（我們稱之為 TPM）需求成長的推動。成功與採用後量子加密解決方案的政府和企業簽訂了新的大規模合同，其中還包括一些新的國防合同，目前正在歐洲進行談判。

The growth in SEALSQ's cybersecurity certificate and managed PKI services, which is a recurring revenue on the software side. And the consolidated revenue for strategic acquisitions, some of them being already announced since the beginning of the year.

SEALSQ 的網路安全憑證和託管 PKI 服務的成長，這是軟體方面的經常性收入。以及策略性收購的綜合收入，其中一些已經在今年年初宣布。

So the post-quantum cryptography market driven by the need for securing system against quantum computer attacks is projected to grow significantly, as I mentioned before, by $1.8 billion. So we believe that this factor positions SEALSQ to strengthen its market leadership and capitalize on emerging opportunity in post-quantum security.

因此，正如我之前提到的，受保護系統免受量子電腦攻擊的需求驅動的後量子密碼市場預計將大幅增長 18 億美元。因此，我們相信這一因素將使 SEALSQ 加強其市場領導地位並利用後量子安全領域的新興機會。

I will now turn the call over to John O'Hara, our CFO, who will provide details on the 2024 financial results. So John, please go ahead.

現在我將電話轉給我們的財務長約翰·奧哈拉 (John O'Hara)，他將提供有關 2024 年財務業績的詳細資訊。那麼約翰，請繼續。

Thanks, Carlos. As Carlos just mentioned, I will now go into a bit more detail on our FY24 financial results. Firstly, to highlight, we finished the year with an unprecedented balance sheet that was far stronger and bank debt free relative to previous years. Our cash reserves peaked at over $90 million on January 6, 2025, which was up from the approximately $85 million at the end of '24, finding a solid foundation for investments, acquisitions, and scaling production.

謝謝，卡洛斯。正如卡洛斯剛才提到的，我現在將更詳細地介紹我們的 24 財年財務表現。首先，需要強調的是，我們以前所未有的資產負債表結束了這一財年，與前幾年相比，這項資產負債表更加強勁，而且沒有銀行債務。我們的現金儲備在 2025 年 1 月 6 日達到高峰 9,000 多萬美元，高於 24 年底的約 8,500 萬美元，為投資、收購和擴大生產奠定了堅實的基礎。

We had a clean balance sheet at December 31, '24, showing no bank debt or convertible loans along with no overhanging warrants following the elimination of the convertible debt and associated warrants in late 2024 and the first days of 2025. This significantly enhanced our ability to fund growth without dilution risks. We raised over $80 million capital during 2024, even strengthened capital resources to support our expansion into post-quantum cybersecurity markets.

截至 2024 年 12 月 31 日，我們的資產負債表乾淨整潔，沒有銀行債務或可轉換貸款，而且在 2024 年底和 2025 年初消除可轉換債務和相關認股權證後，也沒有任何懸而未決的認股權證。這大大增強了我們在沒有稀釋風險的情況下為成長提供資金的能力。我們在 2024 年籌集了超過 8000 萬美元的資金，甚至加強了資本資源以支持我們向後量子網路安全市場的擴張。

Carlos has already mentioned FY24 revenue of approximately was approximately $11 million down from $30 million in 2023. And this reflects the company transition from traditional semiconductors to next-generation Quantum Resistant chips.

卡洛斯已經提到，2024 財年的收入約為 1,100 萬美元，低於 2023 年的 3,000 萬美元。這體現了該公司從傳統半導體向下一代抗量子晶片的轉變。

And the still early stage of the post-quantum market potential, alongside the impact of market normalization following the semiconductor supply chain disruptions caused by the COVID-19 pandemic. The excess inventory accumulation by customers in 2023 results in lower 2024 order volumes as clients utilize existing stock before making new purchasing commitments.

後量子市場潛力仍處於早期階段，同時受到新冠疫情導致的半導體供應鏈中斷對市場正常化的影響。由於客戶在做出新的採購承諾之前會利用現有庫存，因此 2023 年客戶累積的過剩庫存將導致 2024 年訂單量下降。

As a final highlight point, I would like to highlight the research and development and strategic investments in post-quantum security. We increased our research and development expenditure by $1 million year on year, so a 26% increase against 2023, despite the reducing revenue year on year. This demonstrates the strategic importance of the development of our next-generation cutting-edge Quantum Resistant technology.

最後一個亮點，我想強調後量子安全的研發和戰略投資。儘管收入逐年減少，但我們的研發支出比去年同期增加了 100 萬美元，因此與 2023 年相比成長了 26%。這體現了我們開發下一代尖端抗量子技術的戰略重要性。

Our investments in research and development included the high costs associated with certification, which are treated as R&D expenses, emphasizing SEALSQ's commitment to staying at the forefront of post-quantum innovation. The $7.2 million we are planning for 2025 demonstrate our commitment to staying at the forefront of this post-quantum innovation. All of this resulted in a net loss of $21 million for the year, which was primarily due to the migration from traditional semiconductor products to post-quantum semiconductor technologies and the associated reduction in demand for our products during the year.

我們在研發方面的投資包括與認證相關的高昂成本，這些成本被視為研發費用，並強調了 SEALSQ 致力於始終處於後量子創新前沿的承諾。我們計劃在 2025 年投入 720 萬美元，這表明我們致力於始終站在後量子創新的前沿。所有這些導致該年度淨虧損 2,100 萬美元，這主要是由於從傳統半導體產品轉向後量子半導體技術的轉變以及我們產品需求的減少。

I'll now send it back to Carlos, who will provide additional details on our outlook and growth strategy. Carlos, please go ahead.

我現在將其發回給卡洛斯，他將提供有關我們的前景和成長策略的更多細節。卡洛斯，請繼續。

So thank you, John. So as I mentioned before, we really expect the full impact of our growth to arrive in 2026, although we will see an improvement in our revenue in 2025 already. One of the reason of the 2026 timetable is that this new chips require certifications. So the SEALSQ Post-Quantum TPM are aimed to achieve the highest potential level of security in the market with the NIST FIPS 140-3 and the TCG 2.0 compliance, which positioning the company as a leading supplier for post-quantum cybersecurity infrastructure at that level of security and certification.

所以謝謝你，約翰。因此，正如我之前提到的，我們確實預計成長的全面影響將在 2026 年到來，儘管我們在 2025 年就已經看到收入的成長。2026 年時間表的原因之一是這種新晶片需要認證。因此，SEALSQ 後量子 TPM 旨在透過 NIST FIPS 140-3 和 TCG 2.0 合規性實現市場上最高的潛在安全級別，這使公司成為該安全和認證級別的後量子網路安全基礎設施的領先供應商。

Also, the providing compliance solutions to the European Union Cyber Resilience Act and the US Cyber Trust Mark for device manufacturing, supporting the implementation of the next-generation security mandates. Also, the renew ISO 27001 and the ISO 9001 certification across chip fabrication and PKI operation.

此外，也為設備製造提供符合歐盟網路彈性法案和美國網路信任標誌的解決方案，以支持下一代安全法規的實施。此外，也更新了晶片製造和 PKI 營運的 ISO 27001 和 ISO 9001 認證。

And lastly, the consolidation of revenue for the strategic acquisitions. So let me provide a few additional details on those initiatives. So, as was announced at the beginning of the year, we have allocated a fund of $20 million focused on investing in a startup engaged in quantum computing and AI initiatives that could be integrated into all-quantum growth map.

最後，合併策略收購的收入。因此，請允許我提供一些有關這些舉措的更多細節。因此，正如年初宣布的那樣，我們已撥出 2000 萬美元的資金，重點投資於從事量子計算和人工智慧計劃的新創公司，這些計劃可以融入全量子增長圖。

So quantum is a very complex market. It requires many small components to fully integrated quantum platform and what we are doing is investing in companies that can accelerate this deployment. So one of them is Colibri, a French company which provides state-of-the-art Quantum cloud computing services for industrial and scientific research applications.

所以量子是一個非常複雜的市場。完全整合的量子平台需要許多小組件，而我們正在做的是投資能夠加速這項部署的公司。其中之一就是法國公司 Colibri，它為工業和科學研究應用提供最先進的量子雲端運算服務。

So with this company, now, we are able, for instance, to simulate a quantum attack on a cyber security infrastructure and see how we can with the TPM chips being able to mitigate that attack in real time. It also provides for organizations that they want to benefit from quantum computers without the need to enter into the complexity to operate a quantum computer to be able to plug and play in a managed quantum service.

因此，與這家公司合作，我們現在能夠模擬對網路安全基礎設施的量子攻擊，並了解如何利用 TPM 晶片即時緩解這種攻擊。它還為想要從量子電腦中受益的組織提供了便利，而無需進入操作量子電腦的複雜性，即可在託管量子服務中即插即用。

The second is an exclusive negotiation we enter to acquire 100% of IC'ALPS, a leading ASIC design and supply French company with revenue in areas related to the design of new chips. This is a mature company, which basically adds 100 people in Grenoble, which is a short distance between our development center in France, southern part of France. And it's a company that has a strong client base, a very strong expertise in areas such as ASIC design for the car industry.

第二項是我們達成的一項獨家談判，將收購法國領先的 ASIC 設計公司 IC'ALPS 100% 的股份，並為該公司在新晶片設計相關領域提供收入。這是一家成熟的公司，在格勒諾布爾基本上有 100 名員工，距離我們在法國南部的開發中心不遠。該公司擁有強大的客戶基礎，在汽車行業的 ASIC 設計等領域擁有非常強大的專業知識。

The third was just announced today with a 30% ownership of SEALSQ on WeCanGroup, which is a blockchain financial company used mainly by private banks here in Switzerland, providing KYC on a blockchain. So a system that allows many multiple banks to share the KYC compliant process by assessing the blockchain and verifying the identity of the bank holder.

第三家公司今天剛剛宣布，其擁有 WeCanGroup 上 SEALSQ 30% 的所有權，這是一家主要由瑞士私人銀行使用的區塊鏈金融公司，在區塊鏈上提供 KYC 服務。因此，該系統允許多家銀行透過評估區塊鏈和驗證銀行持有人的身份來共享 KYC 合規流程。

The same technology is now being expanding is something we call KYO, which is Know Your Object, which basically replicates the KYC by the object level. So the verification of the object is done before the object can connect to the internet.

目前正在擴展的相同技術是我們稱為 KYO 的技術，即 Know Your Object，它基本上會以物件層級複製 KYC。因此，在物件連接到互聯網之前，需要對物件進行驗證。

So let me move on the expansion of testing and personalization facilities on Semiconductor production that has been announced during the last year and the beginning of also of this year. So those are facilities that basically personalized Semiconductor on national level and we expect to enter into a formal agreement to commence the construction of the first Semiconductor personalization and design center in Spain.

因此，讓我來談談去年和今年年初宣布的半導體生產測試和個人化設施的擴展。因此，這些設施基本上是在國家層級上對半導體進行個人化的，我們希望達成正式協議，開始在西班牙建造第一個半導體個人化和設計中心。

And we are in the final stages for the approval process by the Spanish government entity responsible for the funding under the PERTE budgets, which the name is SETT. So this government company, 100% owned by the Spanish government, allocates the budget in a share format with the investors then they basically develop semiconductor facilities in Spain.

目前，我們正處於西班牙政府負責 PERTE 預算資金的實體（名稱為 SETT）的審批流程的最後階段。因此，這家由西班牙政府全資擁有的政府公司以與投資者共享的形式分配預算，然後他們基本上在西班牙開發半導體設施。

In the US, we are expanding direct sales team with a target to enhance our sales pipeline and develop government partnerships in the US, available now to us through the Semiconductor localization strategy in the United States with a goal to secure a large-scale cybersecurity infrastructure projects. Some of them has been announced as we are looking into the possibility to establish those centers in Arizona as was one of the candidates and another now emerging now is New York.

在美國，我們正在擴大直銷團隊，目標是增強我們的銷售管道並發展美國政府合作夥伴關係，現在我們可以透過美國半導體在地化策略來實現這一目標，以確保大規模網路安全基礎設施專案的安全。我們正在研究在亞利桑那州建立這些中心的可能性，亞利桑那州是其中一個候選城市，而另一個正在興起的城市是紐約州。

In the Middle East, we're also working to finalize a joint venture to establish a quantum-ready chip personalization center. In Asia Pacific, I just came from Singapore and we are in the same process to leveraging the infrastructure already available on Semiconductor as we manufacture our Semiconductors in Singapore to being able also to attach to it a personalization center.

在中東，我們也正在努力完成一項合資企業，以建立量子晶片個人化中心。在亞太地區，我剛從新加坡來到這裡，我們正在利用半導體領域現有的基礎設施，因為我們在新加坡生產半導體，並且還能夠在其上附加一個個人化中心。

And we are leveraging on its later partnerships with leading semiconductor distributions such as DigiKey, Symmetry, OKAYA, and other companies and they are adding to our increased sales. We have made significant progress in all of these initiatives, and I am proud to say that we started 2025 on a very strong note with an improved backlog and a strong pipeline, together with a very strong, as John just mentioned, financial position.

我們正在利用其與 DigiKey、Symmetry、OKAYA 等領先半導體分銷商和其他公司建立的合作夥伴關係，它們正在增加我們的銷售額。我們在所有這些舉措中都取得了重大進展，我很自豪地說，我們在 2025 年取得了非常強勁的開局，積壓訂單有所改善，渠道強勁，而且正如約翰剛才提到的，財務狀況也非常強勁。

So specifically we have confirmed bookings of $6.8 million as March 20, 2025, reflecting a strong year to year growth. Our projected contract pipeline is over $93 million for the next three years with active discussion with 60 new Post-Quantum TPM customers.

具體來說，截至 2025 年 3 月 20 日，我們已確認預訂額為 680 萬美元，這反映了強勁的同比增長。我們預計未來三年的合約總額將超過 9,300 萬美元，我們正在與 60 個新的後量子 TPM 客戶進行積極討論。

It's important to note that any customer that is running major infrastructure, whether it comes from hospitality, or whether it comes from hotels, and client security, whatever, requires for airports, medical facility, government facility, all of them, they are now looking into upgrade their facility to TPM levels to be able to defend a quantum attack. It will be too late if these organizations wait until the quantum computers are available to start defending their infrastructure. So the Quantum Resistant strategy will soon be forced and not only a nice to have but a must to have in order to comply with many of the current cybersecurity criteria.

值得注意的是，任何運行主要基礎設施的客戶，無論是來自酒店業，還是來自旅館，以及客戶安全，無論是機場、醫療設施、政府設施，所有這些，他們現在都在考慮將其設施升級到 TPM 級別，以便能夠防禦量子攻擊。如果這些組織等到量子電腦可用時才開始保護其基礎設施，那就太晚了。因此，抗量子策略很快就會被強制實施，這不僅是一件好事，而且是必須的，以符合當前的許多網路安全標準。

So we have secured several significant new business on public key infrastructure for Matter, which is a certification process for homes and anything related to what is inside your homes, cameras, smoke detectors, anything connects to the internet. Those devices, which are provided by IoT manufacturer, and they are starting to be delivered together with a VaultIC408 IoT secure chip.

因此，我們為 Matter 確保了公鑰基礎設施方面的幾項重要新業務，這是一種針對家庭以及與家庭內部相關事物的認證流程，包括攝影機、煙霧偵測器以及任何連接到網路的東西。這些設備由物聯網製造商提供，並開始與 VaultIC408 物聯網安全晶片一起交付。

And companies like Toshiba and Landis & Gyr are using this technology already and expanding the use in smart meters, like the case of Landis & Gyr. And also on parking meters, in the case of Toshiba, in very large projects being announced during the year.

東芝和 Landis & Gyr 等公司已經在使用這項技術，並且正在擴大其在智慧電錶中的應用，Landis & Gyr 就是其中的代表。就停車收費表而言，東芝在今年宣布了多項大型項目。

So our 2025 strategy is built around four key priorities. One is commercial launch of the Post-Quantum chip. This is priority for us, as I mentioned before, there are only five companies in the world that they are able to deploy this technology.

因此，我們的 2025 年策略圍繞著四個關鍵優先事項制定。一是後量子晶片的商業化落地。這是我們的首要任務，正如我之前提到的，世界上只有五家公司能夠部署這項技術。

The entry level is very high and we are one of them. And maybe one with the most mature technology and with a chip already operational to be tested in the following months.

門檻很高，我們就是其中之一。也許其中一項技術最成熟，並且晶片已經可以投入運行，並在接下來的幾個月內進行測試。

Also the expansion of the chip fabrication partnerships to increase output and development of Quantum Resistant ASICs for specific larger client needs. And our acquisition of IC'ALPS will accelerate big time as they are one of the leading ASIC providers.

同時也擴大晶片製造合作夥伴關係，以增加產量並開發抗量子 ASIC，滿足特定的更大客戶需求。由於 IC'ALPS 是領先的 ASIC 提供者之一，我們對它的收購將大大加速。

Executing targeted acquisitions. We expect to be able to complete the acquisition of IC'ALPS, as I mentioned before, once we have the government approval as there's a requirement for companies and they are integrating crypto and high level security to have this government approval in France.

執行有針對性的收購。正如我之前提到的，我們預計一旦獲得政府批准就能完成對 IC'ALPS 的收購，因為法國政府要求公司在整合加密和高階安全性時獲得批准。

So this is something we'll take a few months, but we expect that to be finalized within the summer in in 2025. And this will allow us to design new chip for clients and we'll add, as I mentioned before, top engineers to organizations together with an important amount of revenue, which we are qualifying now will be communicated in the weeks to come.

所以這需要幾個月的時間，但我們預計將在 2025 年夏天完成。這將使我們能夠為客戶設計新的晶片，正如我之前提到的，我們將為組織增加頂尖工程師，同時帶來大量收入，我們現在正在進行資格審查，並將在未來幾週內公佈。

Continue to invest in R&D with more than $7 million has been allocated for 2024 (sic - see press release, "2025") and from $5 million in 2025 (sic - see press release, "2024"). This is actually a small amount for that level of security that the chips have and the design requirements, but the good news is that we are already invested on them so there's no further investment beyond that revenue -- that investment that we are making that is required. So well, we are in a very strong position because normally this technology takes important investments that have already been achieved and done during the last years.

繼續投資於研發，為 2024 年（原文如此 - 參見新聞稿“2025 年”）撥款超過 700 萬美元，為 2025 年（原文如此 - 參見新聞稿“2024 年”）撥款 500 萬美元。對於晶片的安全等級和設計要求來說，這實際上是一筆小數目，但好消息是我們已經對其進行了投資，因此除了這筆收入之外，不需要進一步的投資——這是我們正在進行的必要投資。因此，我們處於非常有利的地位，因為通常這項技術需要大量投資，而這些投資在過去幾年中已經實現並完成了。

So expanding and scaling the managed PKI. This is recurring revenue that can be added to the chip revenue, and we are making good insights into the matter compliance process, and now you think price security.

因此擴大並擴展了管理的 PKI。這是可以添加到晶片收入中的經常性收入，我們正在對合規流程進行深入的了解，現在您考慮價格安全。

So before closing, I would like to emphasize that SEALSQ remains committed to leading the evolution of cybersecurity and semiconductor security, ensuring trusted digital ecosystem for enterprise government and next-generation AI applications. In terms of AI, we are training AI with the data that is collected by those Semiconductors. There's important developments there.

因此，在結束之前，我想強調的是，SEALSQ 仍然致力於引領網路安全和半導體安全的發展，確保企業政府和下一代人工智慧應用擁有值得信賴的數位生態系統。在人工智慧方面，我們正在利用這些半導體收集的數據來訓練人工智慧。那裡有重要的發展。

As everybody knows, AI requires good data and the data comes from the authenticated devices, the best quality possible data. We are not yet adding that into our revenue generation that will be out very, very soon. And as we all know, quantum computers will accelerate AI and that will have, obviously, consequences on many areas, new areas and they will need to be considered in the future.

眾所周知，人工智慧需要良好的數據，而這些數據來自經過認證的設備，是盡可能高品質的數據。我們尚未將其添加到我們的收入來源中，但很快就會將其添加到我們的收入來源中。眾所周知，量子電腦將加速人工智慧的發展，這顯然會對許多領域、新領域產生影響，這些都需要在未來加以考慮。

So with that, I am finalizing my prepared remarks. I would like to open out the call for Q&A, and thank you very much for your attention.

至此，我完成了我準備好的發言。我想開始問答環節，非常感謝大家的關注。

(Operator Instructions) Matthew Galinko, Maxim Group.

（操作員指示）Matthew Galinko，Maxim Group。

Carlos, you mentioned 2025 revenue growth will come from new sources of chip revenue and chip personalization services. Should we understand that to mean that we're not going to see a lot of 2023 customers coming back into 2025 revenue? Or are we going to see some level of normalization or what do you expect in terms of normalization in 2025?

卡洛斯，您提到 2025 年的收入成長將來自新的晶片收入來源和晶片個人化服務。我們是否應該理解為，我們不會看到很多 2023 年的客戶在 2025 年帶來收入？或者我們會看到某種程度的正常化，或者您對 2025 年的正常化有何期待？

Yeah, so basically there's not really normalization per se because what is happening is, as John said, some of these customers, which will be on the TPM as well, customer will continue to be customers, are sitting on a very strong inventory on the previous generation chips, right? During COVID time, companies, because they were concerned about the supply chain, acquire a lot of chips, and that's one of the reasons we have $30 million revenue on your chips during that time. And this is actually being normalized now.

是的，所以基本上沒有真正的正常化，因為正如約翰所說，其中一些客戶（也將使用 TPM）將繼續是客戶，並且擁有上一代晶片的大量庫存，對嗎？在疫情期間，企業因為擔心供應鏈而購買了大量晶片，這也是我們在那段時間晶片收入達到 3,000 萬美元的原因之一。而這實際上現在正在正常化。

We never know what's going to happen. As you know, it's just the situation in Taiwan and the Asian region is uncertain and that could be at any time become again a very high growth on revenue because the company will start to buy chips.

我們永遠不知道會發生什麼事。如您所知，台灣和亞洲地區的情況尚不確定，而且由於公司將開始購買晶片，因此收入隨時可能再次出現非常高的增長。

But this is one area on where 2025, we will still start to see normalization because those clients are coming back. And new customers are coming back to the personalization center.

但到 2025 年，我們仍將開始看到這一領域正常化，因為那些客戶正在回歸。新客戶也紛紛回到個人化中心。

The personalization center advances is that they localize the technology at national level. So some clients that normally don't buy chips if they are not being personalized at national level. They have now an option to become customers.

個人化中心的優勢在於，他們在國家層級實現了科技的在地化。因此，如果晶片沒有在國家層面進行個人化定制，一些客戶通常不會購買晶片。他們現在可以選擇成為客戶。

And that implies, for instance, in Spain we have now companies and they are putting chips on solar panels, the new technology, because they want to use the chips to secure the solar panel but also to collect [pop cans] then they are being able to exchange energy sockets between the solar panel and the smart meter. So those are new usage and they emerge at national level.

這意味著，例如在西班牙，我們現在有一些公司，他們正在將晶片放在太陽能電池板上，這是新技術，因為他們想用晶片來保護太陽能電池板，同時也收集[汽水罐]，然後他們能夠在太陽能電池板和智慧電錶之間交換電源插座。這些都是新用法，而且是在國家層級出現的。

The other aspects and companies that could buy more chips for the future, they are waiting for the new post-quantum chip to be available. And we already have the chips, so the chip was demonstrated in New York at the Nasdaq event that we organized, but as I mentioned before, that chip is now being tested and it has to go very strict certification process like FIPS compliance and it's nothing we can do there.

其他方面以及未來可能會購買更多晶片的公司，都在等待新的後量子晶片的上市。我們已經有了晶片，我們在紐約納斯達克活動上進行了演示，但正如我之前提到的，該晶片現在正在接受測試，必須經過非常嚴格的認證流程，例如符合 FIPS 標準，而我們在那裡無能為力。

I mean we have to wait until those evaluations are finalized in order to be able to sell the chip because that's part of the requirement. But the good news is that we are letting our clients to test the current chip, the post-quantum chip, as a way to accelerate the sales process. Then as I mentioned before, we'll start in Q4 this year, and we'll strongly accelerate in 2025 and 2026, sorry.

我的意思是我們必須等到這些評估最終完成才能銷售晶片，因為這是要求的一部分。但好消息是，我們正在讓客戶測試目前的晶片，即後量子晶片，以加速銷售流程。然後就像我之前提到的，我們將在今年第四季開始，並將在 2025 年和 2026 年強力加速，抱歉。

So that's the situation. I mean, it's like, you basically wait for the iPhone 17 to be in the market before you make a decision on upgrading from the 16, and maybe you just wait the next year. So we are in this kind of a scenario on this technology.

情況就是這樣。我的意思是，你基本上要等到 iPhone 17 上市後才能決定是否從 16 升級，也許你只需要等到明年。所以我們在這項技術上就處於這樣的場景。

TPM is very new. The post-quantum chips are totally new concept in the market. That's why SEALSQ, if you see the progression of the quantum stocks and you compare that with the SEALSQ stock, you will see that they are progressing the same way.

TPM 非常新。後量子晶片是市場上全新的概念。這就是為什麼 SEALSQ，如果你看到量子股票的進展並將其與 SEALSQ 股票進行比較，你會發現它們以相同的方式進展。

It's just you have that, one CEO says that this is going to be a 30 years' time, and the market crashes on Quantum. The other says no, actually we have already a chip like happened with Google and with Microsoft, a quantum chip for the quantum computers. So that immediately brings the attention to the people of the post-quantum chip, which is the defense of that quantum chip, right?

只是有一位執行長說這將是 30 年後，量子市場就會崩潰。另一個人說不，實際上我們已經有了像谷歌和微軟那樣的晶片，用於量子電腦的量子晶片。那麼這就立刻引起了人們對後量子晶片的關注，也就是對那個量子晶片的防禦，對吧？

So it's a very emotional market now. It goes up and down. But what is 100% -- 1,000% clear is that we are entering into this quantum era and we are players in that era. And the technology is going to be growing and growing as the market is phenomenal.

所以現在的市場非常情緒化。它上下波動。但可以 100% 到 1000% 確定的是，我們正在進入這個量子時代，我們是這個時代的參與者。隨著市場規模的擴大，技術也將持續發展。

Got it. I appreciate that color. My follow up question is on the 2025 R&D spending, that's incremental really up from 2024. Is a meaningful portion of that in additional certification costs and is that hitting 2025 or are you adding engineers or what is the -- can you explain a little bit more behind the ramp-up in R&D spending?

知道了。我很欣賞那個顏色。我的後續問題是關於 2025 年的研發支出，這實際上是從 2024 年開始增加的。這其中很大一部分是額外的認證成本嗎？這是否會持續到 2025 年？或者您會增加工程師？或者是什麼—您能否進一步解釋研發支出增加背後的原因？

Yeah, as you rightly say, it is actually the certification process is very expensive. Just for instance, a certification might be $2 million and you have to do it per country, right? So you have to go market by market.

是的，正如您所說，認證過程實際上非常昂貴。舉個例子，一次認證可能要花費 200 萬美元，而且你必須針對每個國家進行認證，對嗎？所以你必須逐一去尋找。

The other element is what we call a SEALQUANTUM.com, which is a platform that we are building with the IP that is being integrated into the platform, which is our platform, from other companies. So our model has been -- that's why we allocated a $20 million investment fund to acquire and invest in startups that could integrate their technology into our quantum platform.

另一個元素是我們所謂的 SEALQUANTUM.com，這是我們利用來自其​​他公司的 IP 建立的平台，該 IP 被整合到我們的平台中。所以我們的模式是——這就是為什麼我們撥出 2000 萬美元的投資基金來收購和投資那些可以將其技術整合到我們的量子平台中的新創公司。

So the first one was Colibri, as I mentioned, is a Quantum cloud play, very niche. They are French also. A lot of this technology, by the way, is available in France.

因此，第一個是 Colibri，正如我所提到的，它是一種量子雲遊戲，非常小眾。他們也是法國人。順便說一句，很多這類技術在法國都有。

Reason why other companies like Sandbox, AQ, and others, they started to acquire French companies, right? It's very fragmented, but this is -- if you are able to put them integrating into the quantum platform, you advance very fast.

其他公司如 Sandbox、AQ 等人開始收購法國公司的原因是什麼？它非常分散，但是如果你能夠將它們整合到量子平台中，你就會進步得非常快。

So this is part of the R&D as well to once we make the investment and then you obviously bring -- need to recruit people and this is a very high level expertise area. So it's expensive people that will help you to integrate that specific platform into the SEALQUANTUM platform.

因此，這也是研發的一部分，一旦我們進行投資，那麼顯然就需要招募人才，這是一個非常高階的專業領域。因此，需要花費高昂的人力來幫助您將該特定平台整合到 SEALQUANTUM 平台中。

The -- another example is IC'ALPS. IC'ALPS is a $10 million revenue company. They have very good client of ASIC. This company, as I mentioned, we have signed an exclusivity agreement to acquire them where everything is being agreed to be acquired.

另一個例子是 IC'ALPS。IC'ALPS 是一家收入達 1000 萬美元的公司。他們擁有非常好的 ASIC 客戶。正如我所提到的，我們已經簽署了收購這家公司的獨家協議，其中同意收購所有內容。

Just waiting now for the French government to give us the go ahead. And then we integrate 100 people, around 80 engineers, very specialized on ASIC. ASIC is the design for new chips around the customer specifications.

現在只需等待法國政府的批准。然後我們整合了 100 人，其中大約 80 名工程師，非常專注於 ASIC。ASIC 是根據客戶規格設計的新晶片。

And because we are integrating that into the quantum and post-quantum back end, it will be basically the first [Q-ASIC], first quantum ASIC developed and integrated into an existing company. Those are companies like a car company that they want to develop their own chip, and before, we might not necessarily have everything they wanted to have, and now, we can design a chip for them.

因為我們將其整合到量子和後量子後端，所以它基本上是第一個 [Q-ASIC]，第一個開發並整合到現有公司的量子 ASIC。那些公司，像是汽車公司，他們想要開發自己的晶片，以前，我們不一定能提供他們想要的所有東西，而現在，我們可以為他們設計晶片。

So (spoken in French) as you say in French, right? So those are the new areas where obviously, we will require investing R&D investment to keep going and keep adapting to the quantum requirements.

所以（用法語說）就像你用法語說的，對嗎？因此，這些都是新領域，顯然我們需要投入研發資金來繼續發展並不斷適應量子要求。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions) [Mihal Shaski, North End Capital Markets].

（操作員說明）[Mihal Shaski，North End Capital Markets]。

Carlos, the $93 million pipeline, typical duration of that contracts are being discussed is three years. Is that correct?

卡洛斯，這條價值 9300 萬美元的管道，正在討論的合約典型期限為三年。對嗎？

Yeah, correct. Three years.

是的，正確。三年。

Okay. And so what's, historically, SEALSQ's win rate of pipeline. I realized that, historically, the competitive landscape was probably a lot more intense than what the current post-quantum cryptography markets landscape looks like right now, but at least for some sort of anchor point, that would be helpful.

好的。那麼，從歷史上看，海豹突擊隊管道的成功率是多少？我意識到，從歷史上看，競爭格局可能比現在的後量子密碼市場格局要激烈得多，但至少對於某種錨點來說，這將是有幫助的。

So maybe I have a chance to go into the first part. On the competition, as you rightly say, the fact then that we very early enter into the post-quantum play and we also integrated, not only the new quantum crypto, but also some of the other components brought by WISeKey, like quantum root key. WISeKey has developed a unique quantum root key that is now being used to digitally sign quantum CAs.

所以也許我有機會進入第一部分。關於競爭，正如您所說，我們很早就進入了後量子時代，我們不僅整合了新的量子加密技術，還整合了 WISeKey 帶來的一些其他元件，例如量子根金鑰。WISeKey 已經開發出一種獨特的量子根金鑰，目前用於對量子 CA 進行數位簽署。

Then they are able to issue quantum certificates then they can be embedded into the object with basically like, a unique quantum identifier. So all that has put SEALSQ in a very interesting strategic position because we don't have a competitor yet that integrates all those elements.

然後他們能夠頒發量子證書，然後將其嵌入到物件中，基本上就像一個唯一的量子識別碼。因此，所有這一切都使 SEALSQ 處於一個非常有趣的戰略地位，因為我們還沒有一個競爭對手能夠整合所有這些元素。

And I'd like John to cover the second part.

我希望約翰來負責第二部分。

So just quickly, how high -- just quickly, I think on the pipeline is, as you might point out, that's the pipeline valued over three years. But of course, there are some prospects in there where we believe that the project is going to take maybe until year two or even into year three before it comes online.

那麼，很快，我認為管道有多高 - 很快，正如你可能指出的那樣，這是三年內管道的價值。但當然，我們認為該項目可能要到第二年甚至第三年才能上線，這是有前景的。

So in that instance, the valuation attributed to it will only be for the final year. It's a three-year operational pipeline for us.

因此在這種情況下，其估值僅針對最後一年。對我們來說，這是一個為期三年的營運管道。

When we win clients in this domain, we tend to find that they become very sticky, so we keep them for a long period of time. So although we're working on a three-year pipeline there, we believe that once clients are one, they will become clients for five, 10 years, depending on how long products.

當我們在這個領域贏得客戶時，我們往往會發現他們變得非常忠誠，所以我們會長期留住他們。因此，儘管我們正在那裡進行為期三年的管道工作，但我們相信，一旦客戶成為我們的客戶，他們就會成為五年、十年的客戶，這取決於產品的期限。

And the way it works actually on post-quantum chips is that the client will not necessarily take immediately a decision to put the chips everywhere in their ecosystem. They might start with one product and/or hardware. And then they scale, like with the case of Cisco, right?

後量子晶片的實際工作方式是，客戶不一定會立即決定將晶片放置在其生態系統的任何地方。他們可能從一種產品和/或硬體開始。然後它們就會擴大規模，就像思科的情況一樣，對嗎？

Cisco has acquired [175 million] microchips from us, historically. And the Cisco is actually one of the leading company testing the post-quantum chip. Obviously, once the chip is certified and they're happy, they will expand the usage of that chip into their entire ecosystem, right?

從歷史上看，思科已經從我們這裡購買了[1.75億]塊微晶片。而思科實際上是測試後量子晶片的領先公司之一。顯然，一旦晶片通過認證並且他們滿意，他們就會將該晶片的使用擴展到整個生態系統中，對嗎？

So this projection, as I say, revenue can ramp up very fast here as post-quantum is going to be compulsory. I mean, in September this year, there's going to be a regulatory moves by forcing companies to be quantum resilient compliant.

因此，正如我所說，由於後量子時代將成為強制性的，因此這個預測的收入可以快速增長。我的意思是，今年 9 月，我們將採取監管措施，強制公司遵守量子彈性標準。

Otherwise, their insurance premium will be increased and they might be, in some cases, they're not even able to sell their object anymore. So this is becoming like the airbag in the car. You have it. If not, you don't sell the car. So we are moving towards that scenario.

否則，他們的保險費將會增加，在某些情況下，他們甚至可能無法再出售他們的物品。所以這變得像汽車裡的安全氣囊一樣。你擁有它。如果不是，你就不要賣車。因此，我們正在朝著這一目標邁進。

And so just to then come back and answer your actual question following that extra background information. So the pipeline obviously that includes clients at various stages, so it goes everything from where we have identified an opportunity through to having the conversation sort of identified, qualified, designing, and design-in.

因此，我們再根據這些額外的背景資訊來回答您的實際問題。因此，流程顯然包括處於不同階段的客戶，它涵蓋了從我們發現機會到進行對話（例如確定、鑑定、設計和設計）的所有環節。

And we apply different percentages to the livelihood with design-ins being where we've already received a purchase order to develop the initial product. At which point we apply around about say 50% success rate because once we start developing the proof of concept, then generally we find that means we've been selected as the preferred supplier. And then that reduces down to sort of 20% to 30% on design-ins and so on and then we obviously weight the pipeline accordingly.

並且，我們將不同的百分比應用於生計，其中設計是我們已經收到開發初始產品的採購訂單。此時我們的成功率約為 50%，因為一旦我們開始開發概念驗證，我們通常會發現這意味著我們已被選為首選供應商。然後，設計導入的比例會減少到 20% 到 30% 左右，然後我們顯然會相應地對管道進行加權。

That's very helpful. Thank you, John.

這非常有幫助。謝謝你，約翰。

(Operator Instructions) I'm showing no further questions at this time. I would like to hand the call back over to Carlos Moreira for any closing comments.

（操作員指示）我現在沒有其他問題了。我想將電話轉回給卡洛斯·莫雷拉 (Carlos Moreira)，請他發表最後評論。

So thank you very much. And thanks, everybody, for joining the call and your interest on SEALSQ. So please feel free to contact us anytime you need more information. You have an Investor site on sealsq.com with all the information including the annual report.

非常感謝。感謝大家參加電話會議以及對 SEALSQ 的關注。因此，如果您需要更多信息，請隨時與我們聯繫。您在 sealsq.com 上有一個投資者網站，其中包含年度報告等所有資訊。

And we are available for any one-to-one call with investors or shareholders or anybody that will like to learn more about our development and company. Thank you very much for the moderation and organizing. And Lina and Jen for organizing this call.

我們可以與投資者、股東或任何想要了解更多有關我們的發展和公司資訊的人進行一對一通話。非常感謝您的主持和組織。感謝 Lina 和 Jen 組織這次電話會議。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。享受剩餘的一天。