Sealsq Corp (LAES) 2025 Q2 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the SEALSQ first-half 2025 financial results earnings conference call.

女士們、先生們，大家好，歡迎參加 SEALSQ 2025 年上半年財務業績電話會議。

As a reminder, this conference call contains forward-looking statements. Such statements involve certain known and unknown risks, uncertainties, and other factors which could 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.

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聲明。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 first-half 2025 earnings release was issued on Tuesday, September 9, 2025. Also, our Form 6-K for the six-month period ended June 30, 2025, which was filed with the SEC on Tuesday, September 9, 2025, can be found by visiting the Investors section of the SEALSQ website at investor.sealsq.com.

請注意，我們的 2025 年上半年收益報告於 2025 年 9 月 9 日星期二發布。此外，您可以透過造訪 SEALSQ 網站 investor.sealsq.com 的投資者部分找到我們於 2025 年 9 月 9 日星期二向美國證券交易委員會提交的截至 2025 年 6 月 30 日的六個月的 6-K 表格。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to introduce Carlos Moreira, Founder and Chief Executive Officer of SEALSQ. Mr. Moreira, you may begin.

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, Kevin. Good afternoon to those joining us from Europe and good morning to those joining us from the United States. I will begin today, the call by discussing our business milestone for the first half of 2025. Then, I will provide our growth initiatives and outlook for the second half of '25 and beyond, and hand over to John to provide our financial performances of the year -- for the half year.

非常感謝，凱文。來自歐洲的與會者下午好，來自美國的與會者早安。今天，我將首先討論我們 2025 年上半年的業務里程碑。然後，我將提供我們 2025 年下半年及以後的成長計畫和展望，並交給約翰提供我們今年（半年）的財務表現。

So 2025 was a transformative year. It has been a pivotal year for SEALSQ as we accelerated our mission to deliver quantum-resistant semiconductor solutions and secure digital infrastructure for our rapidly evolving global market.

因此，2025 年是變革的一年。對於 SEALSQ 來說，這是關鍵的一年，我們加快了為快速發展的全球市場提供抗量子半導體解決方案和安全的數位基礎設施的使命。

The first half of the year confirmed the strength of our strategy, the resilience of our operations, and the scale of opportunities ahead. As a fabless semiconductor innovator, SEALSQ design and market secure microcontrollers, both off-the-shelf and custom designed, integrated within a vertical trust service ecosystem featuring a post-quantum root of trust managed by public infrastructure services and secure chip personalization.

今年上半年證實了我們策略的實力、營運的彈性以及未來機會的規模。作為無晶圓廠半導體創新者，SEALSQ 設計並銷售安全微控制器，包括現成的和客製化設計的，並整合在垂直信任服務生態系統中，該生態系統具有由公共基礎設施服務和安全晶片個性化管理的後量子信任根。

Our solutions protect industries such as IoT, energy, automobile, and smart homes, as well as sensitive applications in health care, government, and defense. While the global embedded security chip market is projected to reach nearly $10 billion by 2028, suppliers offering certified secure products remain scarce. This create a significant opportunity for SEALSQ, uniquely positioned to deliver both regulatory compliance and resilience against emerging threats such as quantum computers.

我們的解決方案保護物聯網、能源、汽車和智慧家庭等產業，以及醫療保健、政府和國防領域的敏感應用。雖然預計到 2028 年全球嵌入式安全晶片市場規模將達到近 100 億美元，但提供經過認證的安全產品的供應商仍然很少。這為 SEALSQ 創造了重要機遇，使其具有獨特的優勢，既能滿足法規要求，也能抵禦量子電腦等新興威脅。

Our strength market recognition, bolstered by the urgent need for secure microcontrollers to defend against post-quantum threat, has attracted a strong investors' confidence. Since November 2024, we have raised over $140 million in additional capital to accelerate our product road map, execute strategic investments, and expand our growth pipeline.

我們強大的市場認可度，加上對安全微控制器的迫切需求以抵禦後量子威脅，吸引了強大的投資者信心。自 2024 年 11 月以來，我們已籌集超過 1.4 億美元的額外資金，以加速我們的產品路線圖、執行策略性投資並擴大我們的成長管道。

So in terms of the product and technology milestones, in the first half of '25, we achieved tangible progress on innovation and commercialization. The first one is with QUASAR Program, engineering sample of the QS7001, which is a post-quantum microcontroller delivered to initial partners in Q2 2025 for testing.

因此，就產品和技術里程碑而言，在 25 年上半年，我們在創新和商業化方面取得了實際的進展。第一個是 QUASAR 計劃，QS7001 的工程樣品，這是一款後量子微控制器，將於 2025 年第二季交付給初始合作夥伴進行測試。

Production samples and development kits are scheduled for Q3 '25, with initial revenue expected in 2026. It is important to mention here that we are one of the first companies in the world with that type of aggressive road map, and this can be transformed into a very important business opportunity and revenue generation in 2026.

生產樣品和開發套件計劃於 2025 年第三季推出，預計初始收入將於 2026 年實現。值得一提的是，我們是世界上第一批擁有這種積極路線圖的公司之一，這可以在 2026 年轉化為非常重要的商業機會和創收機會。

The QVault TPM, which is a pilot-customer sampling for QVault TPM V183, it is expected in Q4 '25, followed by V185 in Q1 '26. Initial revenues are projected for '26. The VaultIC408 secure microcontroller, which is an advance to FIPS 140-3 Level 3 validation, has been confirmed by UL independent lab tests, which is NIST review ongoing now. The MS6003 Secure Element launched with FIDO2 passwordless authentication to meet demand in the fast-growing authentication market.

QVault TPM 是 QVault TPM V183 的試點客戶樣品，預計將於 2025 年第四季推出，隨後 V185 將於 2026 年第一季推出。初始收入預計在 26 年實現。VaultIC408 安全微控制器是 FIPS 140-3 3 級驗證的進步，已通過 UL 獨立實驗室測試確認，目前正在接受 NIST 審查。MS6003 安全元件採用 FIDO2 無密碼身份驗證，以滿足快速成長的身份驗證市場的需求。

Also INeS Box, which is deployed for factory IoT identification injection and in larger scale projects, ensuring compliance with Matter, which is the Homeland Certification for Home Appliances in the United States and the US Cyber Trust Mark.

此外，INeS Box 還部署用於工廠物聯網識別注入和更大規模的項目，確保符合 Matter 標準，即美國家用電器國土安全認證和美國網路信任標誌。

Also the Quantum RootCA, very important development achieved during the first year, introduced by the OISTE Foundation as the first PQC-integrated PKI system to safeguard IoT, financial, and defense infrastructure against quantum encryption.

此外，OISTE 基金會還推出了 Quantum RootCA，這是第一年取得的非常重要的進展，它是第一個整合 PQC 的 PKI 系統，用於保護物聯網、金融和國防基礎設施免受量子加密的侵害。

Commercial achievement. So the commercial momentum mirror our technology progress. Revenue is on track to increase 59% to 82% in 2025 versus 2024, supported by a strong demand for PKI services, secure hardware, and custom ASICs. Our TPM engagement more than doubled from 35 customers at the end of 2024 to 82 customers by mid-'25, validating the relevance of our road map. We also secured a multiyear supply agreement with global leaders such as the Hager Group, Dyson, MIWA, and Delta Dore.

商業成就。因此，商業動能反映了我們的技術進步。受 PKI 服務、安全硬體和客製化 ASIC 強勁需求的推動，2025 年營收預計將比 2024 年成長 59% 至 82%。我們的 TPM 參與度從 2024 年底的 35 位客戶增加到 2025 年中期的 82 位客戶，增加了一倍多，驗證了我們的路線圖的相關性。我們也與 Hager Group、Dyson、MIWA 和 Delta Dore 等全球領先企業達成了多年供應協議。

Expanding collaboration with Landis+Gyr, which is one of the leading provider of smart meters in the world, including PKI deployment for 30 million utilities users in Asia and for the development for the US market. Smart meters is one of the potential hardware that can be in real trouble if they are not post-quantum ready, and this company is taking the right step to make resilient at the product level with our technology.

擴大與全球領先的智慧電錶供應商之一 Landis+Gyr 的合作，包括為亞洲 3,000 萬公用事業用戶部署 PKI 以及開發美國市場。智慧電錶是潛在的硬體之一，如果沒有做好後量子準備，可能會面臨真正的麻煩，而該公司正在採取正確的措施，利用我們的技術在產品層面實現彈性。

Advance on Card Reader business in Asia with new customers committing to several hundred thousand annual units, expanding our global footprint by opening a sales office in India and appointing distribution in Asia, Europe, and Turkey.

隨著新客戶承諾每年購買數十萬台讀卡器，我們在亞洲的讀卡機業務取得了進展，透過在印度開設銷售辦事處並在亞洲、歐洲和土耳其指定分銷商來擴大我們的全球影響力。

So now talking about the strategic investment and partnership. So 2025 has also marked a transformational phase in our growth strategy. The IC'ALPS acquisition, bringing 100 engineers to our staff force, in August 2025, we completed the acquisition of 100% of IC'ALPS, a French company located in Grenoble, which are ASIC design specialists, bringing, as I mentioned, 100 skilled engineers into the SEALSQ force.

現在談論策略投資和合作夥伴關係。因此，2025年也標誌著我們成長策略的轉型階段。IC'ALPS 的收購為我們的員工隊伍帶來了 100 名工程師，2025 年 8 月，我們完成了對位於格勒諾布爾的法國公司 IC'ALPS 100% 的收購，該公司是 ASIC 設計專家，正如我所提到的，為 SEALSQ 團隊帶來了 100 名熟練的工程師。

This has strengthened our common and custom post-quantum ASIC capability for medical, automobile, and IoT industry, as this company has been provided this technology to leading health companies and automobile companies in Europe, all of them requiring new and specialized generation of chips.

這增強了我們針對醫療、汽車和物聯網行業的通用和定制後量子 ASIC 能力，因為該公司已向歐洲領先的醫療公司和汽車公司提供了這項技術，這些公司都需要新一代專門的晶片。

Quantix Edge Security facility, which executed a EUR40 million investment in Murcia, Spain with EUR20 million from the Spanish government, which is sitting now in $18 billion of investment in semiconductor in Spain, and we were one of the first projects authorized by them with a EUR10 million investment from WISeKey and SEALSQ and EUR10 million investment from partners localized in Spain like OdinS and TProtege.

Quantix Edge Security 設施在西班牙穆爾西亞投資了 4000 萬歐元，其中西班牙政府投資了 2000 萬歐元，目前西班牙在半導體領域的投資額已達 180 億美元，我們是首批獲得其授權的項目之一，WISeKey 和 SEALSQ 投資了 1000 萬歐元，OdinS 和本地 TProgeOdin也投資了 10 萬歐元，OdinS 和

This facility, aligned with the EU Chips Act, will focus on post-quantum RISC-V chip design and secure semiconductor personalization, with revenue expected already in 2026. Quantum Investment Fund was launched -- initially launched at $20 million in late 2024, which has been expanded to $35 million in March '25.

該工廠符合歐盟晶片法案，將專注於後量子 RISC-V 晶片設計和安全半導體個性化，預計 2026 年將產生收入。量子投資基金已啟動—最初於 2024 年底啟動，規模為 2,000 萬美元，並於 2025 年 3 月擴大至 3,500 萬美元。

The first investment was ColibriTD, a French Quantum-as-a-Service company with whom we are codeveloping a quantum simulation approach to improve semiconductor wafer yields, potentially increased yield from 50% to 80%, and reducing per chip cost by up to 50% in order to be more competitive in the market.

第一項投資是法國量子即服務公司 ColibriTD，我們正在與其共同開發一種量子模擬方法，以提高半導體晶圓的產量，潛在地將產量從 50% 提高到 80%，並將每塊晶片的成本降低高達 50%，從而提高市場競爭力。

This Quantum Investment Fund is now looking into other companies, as our vision is that both quantum technologies will merge very soon with quantum capability and quantum computer companies, creating major leaders in this sector, therefore, the requirement of this aggressive road map and investment fund that has been created within the company.

這檔量子投資基金目前正在研究其他公司，因為我們的願景是量子技術很快就會與量子能力和量子電腦公司合併，從而創造出該領域的主要領導者，因此，需要在公司內部創建這個積極的路線圖和投資基金。

We also invested, as has been discussed in the last call, in space technologies. So we -- in cooperation with WISeSat, we have been deploying a constellation which is now sitting on 22 satellites. And SEALSQ has invested $10 million to expand our secure quantum-ready satellite constellation.

正如上次電話會議所討論的，我們也對太空技術進行了投資。因此，我們與 WISeSat 合作部署了一個星座，目前該星座由 22 顆衛星組成。SEALSQ 已投資 1000 萬美元來擴大我們的安全量子衛星星座。

So from the next launch of the satellites in November this year, we will have the capability of securing post-quantum connections from the space all the way down to objects on Earth in what is going to be one of the first-ever secure post-quantum communication, connecting mobile phones with all satellite.

因此，從今年 11 月下一次衛星發射開始，我們將有能力確保從太空一直到地球物體的後量子連接，這將是有史以來第一次安全的後量子通信，將手機與所有衛星連接起來。

With two launches completed already in '25, SEALSQ now has one of the largest constellations in Europe with 22 operational satellites, with plans to scale to 102 satellites by 2027. A strategic project with the Swiss Army has been signed, and we are in full deployment with their own requirements of the use of those satellites.

SEALSQ 於 2025 年已經完成兩次發射，目前擁有 22 顆運行衛星，是歐洲最大的衛星星座之一，並計劃在 2027 年擴大到 102 顆衛星。我們與瑞士軍隊簽署了一項戰略項目，並正在根據他們自己的要求全面部署這些衛星的使用。

Very strong year also in terms of research and development in order to maintain the leading edge. We continue to invest heavily in research and development, allocating $4.7 million in the first half of '25 as part of the $7.2 billion full-year budget. This underscores our commitment to leadership in post-quantum innovation and the commercialization of next-generation chips.

今年我們在研發方面也表現非常強勁，以保持領先優勢。我們繼續大力投資研發，在 2025 年上半年撥款 470 萬美元，作為 72 億美元全年預算的一部分。這強調了我們對後量子創新和下一代晶片商業化的領導承諾。

Also, on the financial strength with a robust cash reserve of $121 million as June 30, '25 and actually $150 million at September 9, '25. So the company is sitting now, $150 million that, combined with a strong balance sheet, positions SEALSQ to capitalize on growing demand for post-quantum resilient technology, potentially look into acquisitions and strategic investment in the post-quantum road map. We are all placed to drive commercialization to our new technologies while funding strategies, growth initiative becomes available.

此外，財務實力雄厚，截至 25 年 6 月 30 日，現金儲備為 1.21 億美元，截至 25 年 9 月 9 日，現金儲備實際為 1.5 億美元。因此，該公司目前擁有 1.5 億美元的資金，加上強勁的資產負債表，SEALSQ 可以利用對後量子彈性技術日益增長的需求，並有可能在後量子路線圖中尋找收購和戰略投資。我們都致力於推動新技術的商業化，同時提供資金策略和成長計畫。

In August '25, SEALSQ unveiled Convergence, a forward-looking initiative integrating AI quantum technology and next-generation solution. The market is converging. All technologies are getting exponential, and they are creating synergies between themselves. And there is a huge market opportunity to develop business model around this Convergence opportunity.

25 年 8 月，SEALSQ 推出了 Convergence，這是一項整合 AI 量子技術和下一代解決方案的前瞻性計劃。市場正在趨同。所有技術都在指數級增長，並且它們之間正在產生協同效應。圍繞著這一融合機會開發商業模式有著巨大的市場機會。

Convergence unify PQC aligned with NIST-standard tokenization, advanced encryption, WISeSat 22 satellite constellation, decentralized physical infrastructure network, DePIN and machine-to-machine, end-to-end communication. Its goal is to build a robust digital trust architecture for the group, protecting over 1.6 billion devices that is already in the market across health care, IoT, financial services, smart cities, and space infrastructure.

融合統一了與 NIST 標準標記化、高級加密、WISeSat 22 衛星星座、分散式實體基礎設施網路、DePIN 和機器對機器、端到端通訊一致的 PQC。其目標是為集團建立強大的數位信任架構，保護醫療保健、物聯網、金融服務、智慧城市和太空基礎設施等領域的超過 16 億台設備。

So the outlook for 2025 is also promising. Revenue is expecting to be in the range of $17.5 million to $20 million, representing already a growth of 59% to 82% year on. As you all know, the revenue on quantum computers is still small because the market is not yet ready, and people are now taking decision in investing in quantum technology.

因此2025年的前景也是光明的。預計營收將在 1,750 萬美元至 2,000 萬美元之間，年增 59% 至 82%。眾所周知，量子電腦的收入仍然很小，因為市場尚未準備好，人們現在正在決定是否要投資量子技術。

But one of the things is coming first even in quantum is the post-quantum, and you need to build their own resilience at the enterprise level, government level, hospital level, airport level so you are ready when those quantums computer arrive in three to five years to be able to defend their attacks. This includes contribution from IC'ALPS following the August acquisition, the Quantix Edge Security project, and renewed demand for traditional products.

但即使在量子時代，後量子時代也是首先要做的事情之一，你需要在企業層面、政府層面、醫院層面、機場層面建立自己的彈性，這樣當量子電腦在三到五年內到來時，你就可以做好準備，抵禦攻擊。其中包括 8 月收購後的 IC'ALPS 的貢獻、Quantix Edge Security 專案以及對傳統產品的重新需求。

So 2023 -- sorry, 2026, the growth will be fueled by a full-year of ICL's revenue, new personalization center project revenue, including Quantix Edge Security, and the launch, and this is the most important part for the year visibility of our quantum-resistant TPM. Initial estimate reflects 50% to 100% revenue growth year on year, which is unseen in this sector for the moment.

因此，2023 年——抱歉，是 2026 年，成長將由 ICL 全年的收入、新的個人化中心專案收入（包括 Quantix Edge Security）和發布推動，這是我們抗量子 TPM 年度可見度的最重要部分。初步估計收入將年增 50% 至 100%，這在該行業目前尚不常見。

Pipeline, so we have a very strong pipeline. Our business pipeline stands at $170 million in opportunities for 2026 to 2028, reflecting a surge in demand for quantum-resistant security solution and sovereign semiconductor expertise.

管道，所以我們有非常強大的管道。我們的業務管道在 2026 年至 2028 年期間擁有價值 1.7 億美元的商機，這反映了對抗量子安全解決方案和主權半導體專業知識的需求激增。

I will now turn the call to John O'Hara, our CFO, who will discuss in detail the financial results for the first half 2025 and our guidance for the second half of the year as a complement of my information provided so far.

現在，我將把電話轉給我們的財務長約翰·奧哈拉 (John O'Hara)，他將詳細討論 2025 年上半年的財務業績以及我們對下半年的指導，以補充我迄今為止提供的資訊。

Please, John, go ahead.

約翰，請繼續。

Good morning, good afternoon, everybody. For the half one 2025 revenue, our revenue of $4.8 million, which was consistent with the first half of 2024, was entirely in line with our expectations. It reflects the anticipated continued strategic transition period ahead of the launch of our new post-quantum technologies, and we expect the second half of the year to start to grow, as we'll come on to shortly.

大家早安，下午好。對於 2025 年上半年的收入，我們的收入為 480 萬美元，與 2024 年上半年一致，完全符合我們的預期。它反映了我們在推出新的後量子技術之前預期的持續策略過渡期，我們預計今年下半年將開始成長，我們很快就會談到這一點。

The gross profit was $1.6 million, and the gross profit margin increased by 15 percentage points from 19% last year to 34% this year. We do expect when the revenues return to a more steady state level and we grow further that, that will settle somewhere around the 45% to 50% margin on our legacy -- on our chip products and with the margin from IC'ALPS is expected to be somewhat higher due to the nature of their revenue and their services.

毛利為160萬美元，毛利率由去年的19%上升至今年的34%，上升了15個百分點。我們確實預計，當收入恢復到更穩定的水平並且進一步增長時，我們的傳統晶片產品的利潤率將穩定在 45% 到 50% 左右，而 IC'ALPS 的利潤率預計會略高一些，因為他們的收入和服務的性質。

We had cash reserves of $121 million as at June 30, 2025, which was up from $19 million at the same point last year and up from $85 million at the end of 2024. Our current estimate is that this -- our cash burn, this gives us sufficient cash flow for a long time now on our cash burn rate. And we, therefore, believe we've got a strong war chest to also take advantage of any investment opportunities, any M&A activity that might come our way.

截至 2025 年 6 月 30 日，我們的現金儲備為 1.21 億美元，高於去年同期的 1,900 萬美元和 2024 年底的 8,500 萬美元。我們目前的估計是——我們的現金消耗，這為我們的現金消耗率提供了長期充足的現金流。因此，我們相信，我們擁有雄厚的資金，可以利用任何可能出現的投資機會和併購活動。

We invested $4.7 million in research and development in the first half of the year, and we continue to have over $7 million allocated in the budget for this area for 2025, which is up from $5 million in the prior year. And that's before we take into account the research and development activities of IC'ALPS, which will also be consolidated in our second half results.

我們在今年上半年投資了 470 萬美元用於研發，並且我們將繼續在 2025 年的預算中為該領域分配超過 700 萬美元，高於上一年的 500 萬美元。這還沒有考慮 IC'ALPS 的研發活動，這些活動也將在我們的下半年業績中整合。

As Carlos has already mentioned, for the full year 2025, we expect our revenue to be between $17.5 million and $20 million, representing between 59% and 82% growth year on year, which is, therefore, noting a return to growth in demand for our current semiconductor products as well as consolidating the revenue of IC'ALPS since acquisition.

正如卡洛斯已經提到的，對於 2025 年全年，我們預計我們的收入將在 1750 萬美元至 2000 萬美元之間，同比增長 59% 至 82%，這意味著我們當前半導體產品的需求將恢復增長，同時 IC'ALPS 自收購以來的收入也將得到鞏固。

We also look forward for a strong 2026, as Carlos has also highlighted with some very early guidance, which will be supported by a new business pipeline of $170 million of identified opportunities for 2026 to 2028 across PQC, ASIC, and sovereign semiconductor markets.

我們也期待 2026 年取得強勁發展，正如卡洛斯在一些非常早期的指導中所強調的那樣，這將得到 2026 年至 2028 年在 PQC、ASIC 和主權半導體市場中已確定的 1.7 億美元新業務渠道的支持。

With that, we have finalized the prepared remarks. And I will pass back to Carlos, so we can open up the call for Q&A. Thank you for your attention.

至此，我們完成了準備好的發言。我會把話題轉回卡洛斯，這樣我們就可以開始問答環節了。感謝您的關注。

So thank you, John. Just as an end of the call remarks before we move into Q&A, just to mention that 2026 is going to be a very important year for the quantum industry and particularly post-quantum as the regulatory and technology landscape is moving in our favor with frameworks such as the European Union Cyber Resilience Act, the US government Cyber Trust Mark, and the UK PSTI Act mandating secure identities, encryption, and life cycle management. So governments and strategic institutions worldwide have published road map requiring PQC adoption within the decade.

所以謝謝你，約翰。在我們進入問答環節之前，作為通話結束的評論，我想說的是，2026 年對於量子行業，尤其是後量子行業來說將是非常重要的一年，因為監管和技術格局正朝著有利於我們的方向發展，例如歐盟網絡彈性法案、美國政府網絡信任標誌和英國 PSTI 法案等框架都要求安全身份、加密和生命週期都要求安全身份。因此，世界各國政府和戰略機構都發布了路線圖，要求在十年內採用 PQC。

So as I mentioned before, this industry is an emerging industry. We are in quantum, what we were on the web in the year 2000. Major players, and they have developed technologies and positions such as SEALSQ will become automatically high demanded companies as they bring a concrete solution for a concrete problem.

正如我之前提到的，這個行業是一個新興產業。我們處於量子時代，就像 2000 年我們在網路上一樣。主要參與者，以及他們開發的技術和職位，例如 SEALSQ，將自動成為高需求的公司，因為他們為具體問題帶來了具體的解決方案。

Insurance companies are already announcing that they will increase their insurance premium if you are not yet PQC-compliant. Government regulations are putting regulations bringing companies and other government institutions to be PQC-compliant. And that will be reflected, obviously, on valuations of companies as the entry level to become a PQC-compliant and quantum company is still very high and requires hundreds of millions of dollars of investment.

保險公司已經宣布，如果您尚未符合 PQC 標準，他們將提高保險費。政府法規正在製定法規，要求公司和其他政府機構遵守 PQC。這顯然會反映在公司的估值上，因為成為符合 PQC 標準的量子公司的門檻仍然很高，需要數億美元的投資。

So with the strong financial resources, then we have the proven innovation and a strategic investment in place, SEALSQ enters the second half of 2025 with a very strong momentum and confidence. Our vision is clear: to lead the world in quantum resilience, cybersecurity and semiconductor innovation while we have a very proven quantum road map in place.

因此，憑藉強大的財務資源、成熟的創新和策略性投資，SEALSQ 將以非常強勁的勢頭和信心進入 2025 年下半年。我們的願景很明確：在量子彈性、網路安全和半導體創新方面引領世界，同時我們擁有非常成熟的量子路線圖。

So we thank our shareholders, employee, partners, and customers for their continued trust and support as we scale SEALSQ into the next phase of growth.

因此，我們感謝股東、員工、合作夥伴和客戶在我們將 SEALSQ 擴展至下一階段成長的過程中給予的持續信任和支持。

So with that, we are finalizing the remarks. I would like to open now the call for Q&A. Thank you very much for your attention.

就這樣，我們完成了最後的發言。我現在開始問答環節。非常感謝您的關注。

(Operator Instructions) Matthew Galinko, Maxim.

（操作員指示）Matthew Galinko，Maxim。

Hi. Thank you for taking my questions. Firstly, just if we could clarify a little bit on the full-year R&D budget. I think you mentioned it was around $7 million. And I think for the first half reported $4.7 million would seem that you're tracking ahead of that. So was there anything unusual in the first half spending that would not repeat in the second half, just ignoring the impact of the consolidation of the acquisition that we might expect?

你好。感謝您回答我的問題。首先，我們能否稍微澄清一下全年研發預算。我想你提到大約是 700 萬美元。我認為，上半年報告的 470 萬美元似乎已經超過了這個數字。那麼，如果不考慮我們可能預期的收購合併的影響，上半年的支出中是否存在一些不尋常的情況，而這些情況在下半年不會重複出現？

Yeah. Hi, Matt. Hope you're well. So yes, so within the first half of the year, there was a bit of an extent to one-off expense for some stock-based compensation that falls under R&D. So that was the main (technical difficulty)

是的。你好，馬特。希望你一切都好。是的，在今年上半年，屬於研發的部分股票薪酬的一次性支出有一定程度的增加。這就是主要的（技術難度）

Got it. Okay. And could you venture a guess for what the annual R&D run rate, taking that out would be when you layer in the acquisition? (technical difficulty)

知道了。好的。您能否猜測一下，當您分層進行收購時，年度研發運行率是多少？（技術難度）

Please stand by. We appear to be having some technical difficulties. Mr. Galinko, we cannot hear your line.

請稍候。我們似乎遇到了一些技術困難。加林科先生，我們聽不到您的聲音。

Hi. Sorry. Can you hear me now?

你好。對不起。現在你能聽到我說話嗎？

Matt, I can hear you, my friend. Carlos, would you mind saying a few words? I do not hear the speaker line.

馬特，我聽得到你的聲音，我的朋友。卡洛斯，你介意說幾句話嗎？我聽不到揚聲器的聲音。

We do apologize for the inconvenience. Everyone, please stand by.

對於造成您的不便，我們深表歉意。各位請稍候。

(technical difficulty)

（技術難度）

(Operator Instructions)

（操作員指示）

Now rejoining the speaker line. Matthew, go ahead. Please go ahead.

現在重新加入發言者隊伍。馬修，繼續。請繼續。

Okay. So Matthew, sorry, we were disconnected. So did you get the answer from John?

好的。馬修，很抱歉，我們斷線了。那麼你從約翰那裡得到答案了嗎？

I'm not sure if you got my second question or not?

我不確定您是否明白我的第二個問題？

No, I didn't.

不，我沒有。

No, no, we didn't. I'm sorry.

不，不，我們沒有。對不起。

Did you get the answer to the first one on the research and development, though, Matt, did you get that answer?

但是，馬特，你找到關於研發的第一個問題的答案了嗎？

Yeah. Yeah. So I want to -- I appreciate the follow-up. So the -- I guess the question is what the run rate or if you could offer a run rate on the revenue -- on the R&D line if you back out that one-time stock-based comp piece under R&D in the first half and later on the R&D consolidation in the second half, what would the annual rate of R&D be?

是的。是的。所以我想——我很感謝你的後續行動。所以——我想問題是運行率是多少，或者如果你可以提供收入的運行率——如果你在上半年退出研發下的一次性股票補償部分，然後在下半年退出研發整合部分，那麼研發的年率是多少？

So on the underlying business down in Provence, we would probably put that around about $500,000, $550,000 per month.

因此，就普羅旺斯的基礎業務而言，我們大概會將其定為每月約 50 萬至 55 萬美元。

Got it. Okay. All right. And then I also wanted to ask about the pipeline. I think you shared $170 million.

知道了。好的。好的。然後我還想問管道的狀況。我認為你們分享了 1.7 億美元。

As far as the prospective customers and prospective-type numbers in that pipeline, is that -- how do you build the pipeline estimate, I guess? Can you provide a little bit more of the process for how you include stuff in the pipeline?

至於該管道中的潛在客戶和潛在類型的數字，我想您是如何建立管道估算的？您能否提供更多有關如何將內容納入管道的過程？

Yeah, sure. So essentially, my understanding is it's a relatively standard process where we go from certainly in the industry, I believe, where we go from identifying an opportunity and evaluating that to the best of our ability, but then applying a relatively low success percentage to that.

是的，當然。因此，從本質上講，我的理解是，這是一個相對標準的過程，我相信，在行業中，我們從識別機會開始，並盡最大努力對其進行評估，但成功率相對較低。

Because obviously, when we've just identified it, we haven't really gone very far, and then we go through the phase of identified, then qualified when we've ratified the opportunity, and we've made at least first contact with the potential client.

因為很明顯，當我們剛剛確定它時，我們並沒有走得太遠，然後我們經歷了確定的階段，然後在我們批准了機會後才獲得資格，並且我們至少與潛在客戶進行了第一次接觸。

Then comes into design in, which is usually when we've signed up to provide them with a a test kit and actually spec out and create a potential solution for a set of clients. And then design win at the end, which is the point where we believe that where we've been mandated to go ahead and produce the product and are in the final stage with that client.

然後進入設計階段，通常是在我們簽約為他們提供測試套件並實際制定規格並為一系列客戶創建潛在解決方案的時候。最後，設計獲勝，這是我們認為我們被授權繼續生產產品並與客戶進入最後階段的時刻。

So obviously, by the time we get to design win, we apply a much heavier percentage because at that point, we're the only people in the game, so we generally expect at that point to get an order unless there is a technical limitation to the product or the client cancels their own internal project.

因此，顯然，當我們的設計獲勝時，我們會應用更大的百分比，因為在那個時候，我們是遊戲中唯一的人，所以我們通常期望在那個時候獲得訂單，除非產品存在技術限製或客戶取消他們自己的內部項目。

So yeah, so we put all that together, apply the weightings and then we tend to look three years into the future. So that $170 million will include revenues over '26, '27, and '28. What it does not include is the revenues for the clients that we've already won.

是的，我們將所有這些放在一起，應用權重，然後我們傾向於展望未來三年。因此，這 1.7 億美元將包括 26、27 和 28 年的收入。其中還不包括我們已經贏得的客戶的收入。

So once we actually have received our first major purchase order of a significant volume, and therefore, we've gone into production, we move that out the pipeline, and then we're operating on a backlog where it's based on them sending and giving us orders.

因此，一旦我們真正收到了第一筆大批量的採購訂單，我們就開始投入生產，將其移出管道，然後根據他們向我們發送的訂單來處理積壓訂單。

Yeah. Just to add on that, the sales cycle is long. On the hardware part, it's around six months. And the reason -- I mean, there's a lot of complexities to introduce those new generation chips into existing hardware that their electronics are now being designed to introduce the chip, and that requires engineering. So that means that you have to first understanding the problem, let's say, a smart meter, or let's say, a connected car or a drone.

是的。補充一點，銷售週期很長。就硬體部分而言，大約需要六個月。原因是——我的意思是，將新一代晶片引入現有硬體有很多複雜性，他們的電子設備現在正在設計以引入晶片，這需要工程技術。這意味著你必須先了解問題，例如智慧電錶，或連網汽車或無人機。

So you have to understand the electronics, you have to redesign some of those components, so you insert the chip, then you have to check the connectivity of the chip with electronics in order to create a post-quantum capability. So all that takes a long time, right?

所以你必須了解電子設備，你必須重新設計其中的一些組件，所以你插入晶片，然後你必須檢查晶片與電子設備的連接性，以創建後量子能力。所以這一切都需要很長時間，對嗎？

And normally, companies, the way they act on that is, as I mentioned in my presentation, post-quantum technology is emerging technology in terms of many customers don't realize the need of moving PQC yet. There are some of them that say quantum computers will be in 30 years, so why we should bother now.

通常，公司對此採取行動的方式是，正如我在演講中提到的那樣，後量子技術是一種新興技術，因為許多客戶還沒有意識到轉移 PQC 的必要性。有些人說量子電腦將在 30 年後出現，所以我們現在為什麼要費心？

So this has been slowly, gradually, the education in the market has been improved by even companies that they have this type of thinking before. So that creates some urgency in our clients. And now they are saying, okay, let's just start with one generation of products. So they don't immediately want to PQC-enable all their products.

因此，市場教育已經慢慢地、逐漸地得到了改善，甚至以前有過這種想法的公司也開始這樣做。這給我們的客戶帶來了一些緊迫感。現在他們說，好吧，讓我們從一代產品開始。因此他們不想立即讓所有產品都支援 PQC。

So they start with one type of products, they test and then they go to the next cycle of expansion internally in the company as you not only need to modify the security of the product, which is the hardware component, but also the software part. So that needs to be integrated into their back end, right?

因此，他們從一種產品開始，進行測試，然後在公司內部進入下一個擴展週期，因為您不僅需要修改產品的安全性（即硬體組件），還需要修改軟體部分。所以這需要整合到他們的後端，對嗎？

So that process as we move forward, will be more -- a more automated process. Actually, AI is helping a lot to create more efficiencies on that cycle so we can reduce the time and we can increase the numbers. So this is the present situation.

因此，隨著我們不斷推進，這個過程將會更加自動化。實際上，人工智慧在提高該週期的效率方面發揮了很大作用，因此我們可以縮短時間並增加數量。這就是目前的情況。

That's why we believe that the revenue of these type of companies make now is not that important because what we are addressing is a much bigger problem in the future, which is when regulation arrives and regulations says, company, you need to have PQC enablement in your products, otherwise, you cannot sell them anymore because your products will not be authorized to enter into a specific territory. So there is the inflection point we believe the big opportunity is for us.

這就是為什麼我們認為這類公司現在的收入並不那麼重要，因為我們正在解決的是未來更大的問題，那就是當法規出台時，法規規定，公司，你需要在你的產品中實現 PQC 支持，否則，你就不能再銷售它們，因為你的產品將不被授權進入特定地區。因此，我們相信拐點已經到來，對我們來說，這是一個巨大的機會。

Great. Thanks, Carlos, and I'll jump back in the queue.

偉大的。謝謝，卡洛斯，我會重新回到隊列。

Thank you.

謝謝。

Thanks, Matt.

謝謝，馬特。

(Operator Instructions) We reached the end of our question-and-answer session. I'd like to turn the floor back to Carlos for any further or closing comments.

（操作員指示）我們的問答環節已經結束。我想將發言權交還給卡洛斯，請他發表進一步的評論或結束評論。

So just to, again, to recapitulate on what we say, huge opportunity ahead of us. 2026 is going to be a critical year, especially once this post-quantum chip will be available in the market. I know that some investors have been disappointed by the latest price of the share. I always say that '26 is the year where you -- everybody needs to be betting on and not '25. So '25 was a transitional year.

所以，再次重申我們所說的，我們面前有巨大的機會。 2026 年將是關鍵的一年，尤其是一旦這種後量子晶片上市。我知道一些投資者對該股的最新價格感到失望。我總是說，26 年是每個人都需要押注的一年，而不是 25 年。所以 25 年是一個過渡年。

Despite that, we managed to end the first quarter -- the first semester of the year with a very strong position and very strong cash position, which is essential in this industry. And we are available for any further discussions, website documentation is available. And our investment relation contacts in New York are available to set up one-to-one meetings.

儘管如此，我們還是成功地在第一季（今年的第一季）結束時保持了非常強勁的地位和非常強勁的現金狀況，這對這個行業來說至關重要。我們可以進行進一步的討論，網站文件可供查閱。我們在紐約的投資關係聯絡人可以安排一對一的會談。

John and I, we're going to be doing a non-deal road show starting the third week of -- sorry, the second week of October. And it will culminate in New York in an event, the Quantum+AI event, where we are providing the keynote, and where we're going to be bringing more results, and we will also be discussing, which we didn't discuss on this call, our US strategy.

約翰和我，我們將從十月的第三週開始進行一場非交易路演——抱歉，是十月的第二週。最後，它將在紐約的「量子+人工智慧」活動中達到高潮，我們將在會上發表主題演講，並帶來更多成果，我們還將討論在這次電話會議上沒有討論的美國戰略。

As we have been informing in the past, SEALSQ is looking to personalize semiconductors in US territory, and this is something that is top priority. We were looking into different locations such as Arizona and others. So we will be giving in a few weeks a full update on that. And I'm sure everybody will be very satisfied to see the progress also in that area.

正如我們過去所告知的，SEALSQ 正在尋求在美國領土上實現半導體個性化，這是當務之急。我們正在尋找不同的地點，例如亞利桑那州和其他地點。因此我們將在幾週後提供完整的更新資訊。我相信每個人都會對這一領域的進展感到非常滿意。

So we'd like to thank our shareholders, employee, partners, and customers, and all the participants on this call for their support as we scale SEALSQ into the next phase of growth. Thank you very much for your attention. Have a great day.

因此，我們要感謝我們的股東、員工、合作夥伴和客戶，以及本次電話會議的所有參與者，感謝他們在我們將 SEALSQ 擴展到下一階段成長時給予的支持。非常感謝您的關注。祝你有美好的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，享受美好的一天。我們感謝您今天的參與。