Wisekey International Holding AG (WKEY) 2022 Q4 法說會逐字稿

Greetings, ladies and gentlemen and welcome to the WISeKey International full-year 2022 financial results earnings conference call.

女士們先生們，大家好，歡迎來到 WISeKey International 2022 年全年財務業績收益電話會議。

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 WISeKey International Holdings 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。此類陳述涉及某些已知和未知的風險、不確定性和其他因素，這些因素可能導致 WISeKey International Holdings 的實際結果、財務狀況、業績或成就與 WISeKey International Holdings 明示或暗示的任何未來結果、業績或成就存在重大差異此類前瞻性陳述。

WISeKey International Holdings 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.

WISeKey International Holdings 截至該日期提供此通訊，不承諾因新信息、未來事件或其他原因更新此處包含的任何前瞻性陳述。

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

（操作員說明）作為提醒，正在錄製此電話會議。現在我很高興向您介紹主持人，WISeKey 的創始人兼首席執行官 Carlos Moreira 先生。莫雷拉先生，您可以開始了。

Thank you very much. Good afternoon to all of you joining us today from both Europe, United State, and in some cases from South America. I am joined today here in our call with our Chief Financial Officer, Peter Ward, that he will be providing a financial briefing after my introduction. Before opening the floor, we will also have a Q&A on which we will discuss growth opportunity for 2023 and beyond.

非常感謝。下午好，來自歐洲、美國，有時來自南美的各位今天加入我們。我今天在這裡與我們的首席財務官彼得沃德通話，他將在我介紹後提供財務簡報。在開始發言之前，我們還將進行問答環節，討論 2023 年及以後的增長機會。

So 2023 was a year of major milestone of WISeKey, but it's also a transitional year as we made the strategic decision to operate as a holding company of several distinctive operational company that has been operated by WISeKey since many years, covering the full spectrum of WISeKey-related technology. So currently holding company structure, WISeKey has four companies. One is WISeKey SA, I mean société anonyme in French, which is the original start-up, which is very much focused on everything, which is cybersecurity, public infrastructure, digital identity with a very famous digital identity project with the name WISeID.

所以 2023 年是 WISeKey 重要里程碑的一年，但它也是一個過渡年，因為我們做出了戰略決策，作為 WISeKey 多年來運營的幾家獨特運營公司的控股公司，涵蓋 WISeKey 的全系列-相關技術。所以目前控股公司結構，WISeKey有四家公司。一個是 WISeKey SA，我的意思是法語中的 société anonyme，它是最初的初創公司，非常專注於一切，即網絡安全、公共基礎設施、數字身份，以及一個非常著名的名為 WISeID 的數字身份項目。

Then we have WISeKey semiconductor, which is the name of this company, has been renamed to SEALSQ, S for semiconductor, Q for Quantum, which is a company that has been a spinoff from the holding company and is now in the process of doing its own listing on the Nasdaq, the May 26th and on which last week, the shareholders approved the spinoff and the listing on the Nasdaq.

然後我們有 WISeKey semiconductor，這是這家公司的名字，已經更名為 SEALSQ，S 代表半導體，Q 代表 Quantum，這是一家從控股公司分拆出來的公司，現在正在做它的自己在納斯達克上市，5 月 26 日和上週，股東批准了分拆並在納斯達克上市。

Then we have two start-ups that they have been added during 2020. One is WISeSat.Space, which is a space technology picosatellite company. So this company has launched in cooperation with another start-up with the name FOSSA, 13 picosatellite (inaudible) space using a SpaceX. So we have now 13 picosatellite in low orbit that they are being used to collect data from the sensors that we are installing in all sort of equipment and we'll come back later to that.

然後我們有兩家初創公司，它們是在 2020 年期間加入的。一家是 WISeSat.Space，這是一家空間技術皮衛星公司。因此，該公司與另一家名為 FOSSA 的初創公司合作，使用 SpaceX 發射了 13 皮衛星（聽不清）空間。所以我們現在有 13 顆皮衛星在低軌道上，它們被用來從我們安裝在各種設備中的傳感器收集數據，我們稍後會回來討論。

And then, we have another company with the name WISe.ART, wise-dot-a-r-t, which is a trusted blockchain NFT platform. So this company acts as a major marketplace for NFT technology, people, organization, art, museums, galleries are using this platform to buy and sell NFTs, which, as you know, is growing very fast. And the reason why those companies are attached to WISeKey and we believe in rich WISeKey is that they act as a platform, means that the products and services of each of them, they are also accelerating the growth and the revenue generation of the others.

然後，我們有另一家公司，名字叫 WISe.ART，wise-dot-a-r-t，這是一個值得信賴的區塊鏈 NFT 平台。因此，這家公司是 NFT 技術的主要市場，人們、組織、藝術、博物館、畫廊都在使用這個平台買賣 NFT，正如你所知，NFT 增長非常快。這些公司依附於 WISeKey 而我們相信 rich WISeKey 的原因是它們作為一個平台，意味著它們每個人的產品和服務也在加速其他公司的增長和創收。

So the decision to operate as a holding company comes from our commitment to provide a very comprehensive and effective cybersecurity platform to our customer. We also believe that diversifying the operation from the holding company position holds much better in the evolving needs of cybersecurity market while maintaining a central focus of our core business on securing the Internet.

因此，作為控股公司運營的決定來自我們為客戶提供非常全面和有效的網絡安全平台的承諾。我們還認為，從控股公司的位置進行多元化經營可以更好地滿足網絡安全市場不斷變化的需求，同時保持我們核心業務的中心重點是確保互聯網安全。

As you know, the cybersecurity is growing very fast worldwide as the number of attacks are exponentially increasing. And there is absolutely no enough cybersecurity companies in the present ecosystem that are able to protect consumers, institutional government against the ever-emerging threats. So that position of WISeKey, which is already a 24-year-old company, so we have a huge amount of experience, and our cryptographic root key has been already expanded downloaded over 6 billion time and positions us in a very strategic position to provide to our clients this cybersecurity service that is badly needed.

如您所知，隨著攻擊數量呈指數級增長，網絡安全在全球範圍內發展非常迅速。在當前的生態系統中，絕對沒有足夠多的網絡安全公司能夠保護消費者、機構政府免受不斷出現的威脅。 WISeKey 已經是一家 24 歲的公司，所以我們擁有豐富的經驗，我們的加密根密鑰已經擴展到超過 60 億次下載，這使我們處於非常具有戰略意義的地位對我們的客戶來說，這是急需的網絡安全服務。

Each subsidiary has its own revenue stream and profitability target. So this is enabling us to focus on its core strength and market opportunity. At the same time, each subsidiary has its own maturity stage. As an example, SEALSQ, which is the company that is going to be listed on the Nasdaq May 26th, it is a company that is already profitable. This was announced a few weeks ago when we announced the 2022 result for SEALSQ.

每個子公司都有自己的收入來源和盈利目標。因此，這使我們能夠專注於其核心優勢和市場機會。同時，每個子公司都有自己的成熟階段。舉個例子，SEALSQ，也就是即將在5月26日在納斯達克上市的公司，它是一家已經盈利的公司。這是幾週前宣布的，當時我們宣布了 SEALSQ 的 2022 年結果。

Other companies like [WISeSpace], WISe.ART, they are still in a start-up mode. That means that they are building their business model and their ecosystem. The way we sell, they are also different. In the case of SEALSQ, we sell microchips, semiconductors, and certification for devices. Whether in the case of WISeSpace, we sell the launch of the satellite manufacturing launch and operation of the satellite. And in WISe.ART, we sell the NFTs inside that platform. So each of them, they have its own business model and revenue model.

其他公司如[WISeSpace]、WISe.ART，他們還處於初創階段。這意味著他們正在構建自己的商業模式和生態系統。我們銷售的方式，他們也不同。就 SEALSQ 而言，我們銷售微芯片、半導體和設備認證。無論是在 WISeSpace 的情況下，我們出售衛星製造發射和衛星運營的發射。在 WISe.ART 中，我們在該平台內出售 NFT。所以他們每個人都有自己的商業模式和收入模式。

Overtime, the objective will be to gradually IPO each independent company as we are doing now with SEALSQ once they reach maturity. This approach will provide each subsidiary with the flexibility to operate independently while benefiting from the resources and support of the parent company, which acts as a holding, as a truly pure holding.

隨著時間的推移，我們的目標將是逐步將每家獨立公司進行 IPO，就像我們現在對 SEALSQ 所做的那樣，一旦它們成熟。這種方法將為每個子公司提供獨立運營的靈活性，同時受益於作為控股的母公司的資源和支持，作為真正的純控股。

For instance, from the holding, we provide financial support, strategic support, marketing, communication, and social media coverage. It will also create a diversified business structure that is better positioned to succeed in the rapidly evolving cybersecurity market.

例如，我們通過控股提供財務支持、戰略支持、營銷、傳播和社交媒體報導。它還將創建一個多元化的業務結構，以便更好地在快速發展的網絡安全市場中取得成功。

That said, our main focus are, and it is, the Internet of Things and the development of SEALSQ semiconductor post-quantum offering through our subsidiary, SEALSQ. With SEALSQ, our goal has been to maximize its potential on the semiconductor, which, as you know, it is a very major issue in our current economy as many governments, including the US government and the European Union, are announcing very big [incentivization] -- incentives to semiconductor companies that they will help both Europe and the United State to reduce the dependency on semiconductor from Asian countries. Everybody is concerned if ever is a war between China and Taiwan, for instance, that we will be in a total disruption situation in order to be able to manufacture those semiconductor.

也就是說，我們的主要重點是物聯網和通過我們的子公司 SEALSQ 開發 SEALSQ 半導體後量子產品。對於 SEALSQ，我們的目標是最大限度地發揮其在半導體方面的潛力，正如您所知，這是我們當前經濟中的一個非常重要的問題，因為包括美國政府和歐盟在內的許多政府都宣布了非常大的[激勵措施] ]——激勵半導體公司，他們將幫助歐洲和美國減少對亞洲國家半導體的依賴。例如，如果中國和台灣之間發生戰爭，每個人都會擔心，為了能夠製造這些半導體，我們將處於完全中斷的情況。

So decentralization and the possibility of using the United State and Europe as new hubs for semiconductor is not only economic reality but also a geopolitical requirement necessity. We are excited about the possibility we see in SEALSQ with increasing demand for the connecting devices. As you all know, something like 1 trillion devices are gradually connected to the Internet.

因此，權力下放以及利用美國和歐洲作為新的半導體中心的可能性不僅是經濟現實，也是地緣政治需求的必然。隨著對連接設備的需求不斷增加，我們對在 SEALSQ 中看到的可能性感到興奮。眾所周知，大約有 1 萬億台設備正在逐漸連接到互聯網。

And every of this -- every one of this device, they require its own security as one device which is not secure can compromise the entire ecosystem. Let's say, your smart detector at home or your ring door opener or any device that is used in your house to provide any type of analytics and services -- digital services can be hacked if it's not secure.

每一個——這個設備的每一個，它們都需要自己的安全性，因為一個不安全的設備可能會危及整個生態系統。比方說，你家裡的智能探測器或你的環形開門器或你家裡用來提供任何類型的分析和服務的任何設備——如果不安全，數字服務可能會被黑客攻擊。

So this strategy will be more explained into my 2023 forecast that will be provided at the end. So as part of this strategy, we're investing in innovation and strong customer demand and execution excellence really put us in a position on the strength for the future. We continue to see a solid demand in the -- as I mentioned, in the post-quantum chip roadmap. So post-quantum is a new generation of chips that they are being developed by WISeKey with -- in view of being able to protect the microchips against a quantum attack.

所以這個策略將更多地解釋到我將在最後提供的 2023 年預測中。因此，作為這一戰略的一部分，我們正在投資於創新、強大的客戶需求和卓越的執行力，這讓我們在未來的實力上處於領先地位。正如我提到的，在後量子芯片路線圖中，我們繼續看到強勁的需求。因此，後量子是 WISeKey 正在開發的新一代芯片——考慮到能夠保護微芯片免受量子攻擊。

So quantum is coming. Quantum computers are about 2 to 3 years to be available and commercially available. And whoever owns and operates a quantum computer will be able to decrypt existing algorithm inside microchips. So being able to provide post-quantum-resistant algorithms, is essential. And for that WISeKey has been very active through the SEALSQ team by establishing our R&D partnerships with leading universities like the Ecole des Mines in France, which is one of the leading quantum universities in the world and also with international community to find cryptographic algorithm will resist future quantum computer-based cyberattack.

所以量子來了。量子計算機大約需要 2 到 3 年的時間才能面市和商用。擁有和操作量子計算機的人將能夠解密微芯片內的現有算法。因此，能夠提供抗後量子算法是必不可少的。為此，WISeKey 一直非常積極地通過 SEALSQ 團隊與領先的大學建立研發合作夥伴關係，例如法國的 Ecole des Mines，它是世界領先的量子大學之一，並且與國際社會一起尋找密碼算法將抵抗未來基於量子計算機的網絡攻擊。

The SEALSQ on-chip, on-cloud solutions are also provided services with Matter. Matter is a new standard for certification in the United State that basically forces company to provide a Matter certificate in order to be able to sell their hardware anywhere in the market. So let's say, a connected device at home. A manufacturer would like to sell to the market through eBay or whatever. If they don't have a Matter certification, that device will not comply with the legislation. So this is an element that accelerates sales as WISeKey has Matter certification plus is a certificate provider of Matter. It's only about 12 companies in the world that has reached the Matter certification. Many of them, they are very large companies in the United States.

SEALSQ 片上雲解決方案也通過 Matter 提供服務。 Matter 是美國的一項新認證標準，基本上強制公司提供 Matter 證書，以便能夠在市場上的任何地方銷售其硬件。比方說，家裡的聯網設備。製造商希望通過 eBay 或其他方式向市場銷售產品。如果他們沒有 Matter 認證，則該設備將不符合法規。因此，這是一個加速銷售的因素，因為 WISeKey 擁有 Matter 認證，而且是 Matter 的證書提供商。全球只有約12家公司達到了Matter認證。其中很多，他們是美國非常大的公司。

So we also -- as I mentioned 2 years ago, we invested substantially in blockchain. Blockchain and AI are elements that basically reinforce our platform. Blockchain because we decentralize identities in the blockchain ledger ecosystem. And we have done amazing projects like the -- for instance, the [Wolfers] where we -- from the space, we minted NFT that was stored into a Casper blockchain. This was announced in New York with Brooke Shields in an amazing event that we organized last year. And it shows basically that in the future, you will be able to NFT any device, any object and with that NFT stored into the blockchain, anyone, anywhere in the world can verify the identity of that object.

所以我們也——正如我 2 年前提到的，我們在區塊鏈上投入了大量資金。區塊鍊和人工智能基本上是加強我們平台的元素。區塊鏈，因為我們在區塊鏈分類賬生態系統中分散了身份。我們已經完成了令人驚嘆的項目，例如 - 例如，[Wolfers] 我們 - 從太空中，我們鑄造了存儲在 Casper 區塊鏈中的 NFT。這是在我們去年組織的一次令人驚嘆的活動中與布魯克·小絲一起在紐約宣布的。它基本上表明，在未來，你將能夠對任何設備、任何物體進行 NFT，並將 NFT 存儲到區塊鏈中，世界上任何地方的任何人都可以驗證該物體的身份。

Obviously, having the space technology in our portfolio allows us to also provide connectivity from the space as only 10% of the earth is connected. We still have 90% which is not connected. And we expect a huge amount of demand on projects that they will like to track and trace objects in the middle of the sea or in the middle of the desert or in the middle of Africa. And for that, this combination between identity satellite and blockchain is very powerful. So everything relates to logistic processes will be facilitated by the geolocalization of the product.

顯然，在我們的產品組合中擁有空間技術使我們還可以提供來自太空的連接，因為地球上只有 10% 是連接的。我們還有 90% 沒有連接。我們預計會有大量的項目需求，他們希望在海中、沙漠中或非洲中部跟踪和追踪物體。為此，身份衛星和區塊鏈之間的這種結合非常強大。因此，與物流流程相關的一切都將通過產品的地理定位得到促進。

So I am turning now the call to Peter, who will discuss the highlights of 2022 results. Before I say that, I will just give some clarification because I have just announced in our press release that another vertical that we started to develop with the name WISeAI, which was WISeKey Artificial Intelligence for which we made an investment into a start-up in Germany with a name arago 2 years ago.

因此，我現在將電話轉給彼得，他將討論 2022 年業績的亮點。在我說之前，我先澄清一下，因為我剛剛在我們的新聞稿中宣布，我們開始開發另一個名為 WISeAI 的垂直領域，即 WISeKey 人工智能，為此我們投資了一家初創公司2 年前的德國，名字為 arago。

It did not evolve as expected as this -- basically, after we realized that the AI algorithm arago provided was mainly focusing on optimization of big data centers and IT department and less into IoT, we decided to sell back this to the founder. The net process from the sale of 51% ownership in arago was EUR25 million, which have not been received yet, which obviously is impacting the company's financial performance during 2020, and Peter will come back into the details.

它並沒有像預期的那樣發展——基本上，在我們意識到 arago 提供的 AI 算法主要側重於大數據中心和 IT 部門的優化而較少關注 IoT 之後，我們決定將其賣回給創始人。出售 arago 51% 股權的淨過程為 2500 萬歐元，尚未收到，這顯然正在影響公司 2020 年的財務業績，Peter 將返回細節。

But the good news is WISeKey is currently assessing enforcement scenarios to turn this -- its pledge on arago $25 million against the full ownership of the arago IP, allowing WISeKey to integrate the AI into the WISeKey platform and eventually spin out into a new company. I just want to make that clarification because that was announced. Maybe it was not clear why this happened. And the reason why we are not getting paid is basically market conditions. I don't think the founder of arago was able to find the right investment that was required to buy our shares. But Peter will give you more information into that in a few minutes. And then, I will come back to you guys to discuss the 2023 -- visibility for 2023. Peter, please go ahead.

但好消息是，WISeKey 目前正在評估執法方案以扭轉這一局面——它以 arago 的 2500 萬美元承諾完全擁有 arago IP，從而使 WISeKey 能夠將 AI 集成到 WISeKey 平台中，並最終分拆成一家新公司。我只是想澄清一下，因為那已經宣布了。也許不清楚為什麼會這樣。我們沒有得到報酬的原因基本上是市場狀況。我不認為 arago 的創始人能夠找到購買我們股票所需的正確投資。但 Peter 會在幾分鐘內為您提供更多信息。然後，我會回到你們討論 2023 年——2023 年的可見性。彼得，請繼續。

Okay. Thanks, Carlos. As Carlos mentioned earlier, 2022 was a year of significant developments, which resulted in improved financial performance for WISeKey. Specifically, our revenue grew by 35% to $23.8 million compared to $17.6 million in 2021. Also, our gross profit for 2022 grew by 35% to $10.1 million as compared to $7.5 million in 2021.

好的。謝謝，卡洛斯。正如卡洛斯之前提到的，2022 年是取得重大發展的一年，這導致 WISeKey 的財務業績得到改善。具體而言，我們的收入增長了 35%，達到 2380 萬美元，而 2021 年為 1760 萬美元。此外，我們 2022 年的毛利潤增長了 35%，達到 1010 萬美元，而 2021 年為 750 萬美元。

We also significantly strengthened our sales and marketing team with a new sales Director in the USA. And the onboarding of seven additional sales reps in the EU region, Israel and South Africa and two representatives, which will cover the eastern states of the United States.

我們還在美國任命了新的銷售總監，顯著加強了我們的銷售和營銷團隊。並在歐盟地區、以色列和南非增加七名銷售代表和兩名代表，這將覆蓋美國東部各州。

We continue to invest in increasing semiconductor production capacity. In 2022, we initiated a 5-year capital expenditure -- CapEx plan, aiming to increase our semiconductor volume by up to 80% over the next 5 years. The plan is supported by a $2 million loan from a third-party client for the purpose of increasing production capacity.

我們繼續投資增加半導體產能。 2022 年，我們啟動了一項為期 5 年的資本支出——CapEx 計劃，目標是在未來 5 年內將我們的半導體產量增加高達 80%。該計劃得到來自第三方客戶的 200 萬美元貸款的支持，目的是提高產能。

At the same time, we took significant steps to improve our cost structure and streamline our operations. As a result, our operating expenses for 2022 decreased by $8.1 million and by $5 million when excluding noncash stock-based compensation in comparison to 2021, while we were still being able to (technical difficulty) revenue.

與此同時，我們採取了重大措施來改善我們的成本結構並簡化我們的運營。因此，與 2021 年相比，我們 2022 年的運營支出減少了 810 萬美元，排除非現金股票補償後減少了 500 萬美元，同時我們仍然能夠（技術困難）獲得收入。

We ended the year with a strong cash position of $20.7 million. And this strong cash position allowed us to continue to make investments in research and development. During the year, we invested $3.9 million mainly in the QUASARS project, a radical innovative solution, paving the way for post-quantum cryptography; launch of 13 security IoT hardened low-orbit picosatellites. WISeSat, as Carlos mentioned, for our new satellite base secure IoT Connectivity-as-a-Service; and our WISe.ART platform, all of which Carlos discussed earlier.

我們以 2070 萬美元的強勁現金頭寸結束了這一年。這種強大的現金狀況使我們能夠繼續在研發方面進行投資。年內，我們投資了 390 萬美元，主要用於 QUASARS 項目，這是一個激進的創新解決方案，為後量子密碼學鋪平了道路；發射 13 顆安全物聯網強化低軌道皮衛星。 WISeSat，正如 Carlos 提到的，用於我們新的衛星基地安全物聯網連接即服務；和我們的 WISe.ART 平台，所有這些都是卡洛斯之前討論過的。

Despite strong revenue growth, we ended the year with $9.8 million in loss due to the aforementioned investments in next-generation semiconductors on the launch of SEALSQ listing process in Nasdaq. The investments in SEALSQ's next-generation semiconductors and AI infrastructure are part of our long-term strategy to stay at the forefront of technological innovation, develop new products and services that will meet the needs of our customers in the years to come, and ultimately result in subsequently -- substantial, sorry -- higher revenues and improved financial performance that comes with operating leverage.

儘管收入增長強勁，但由於上述在納斯達克啟動 SEALSQ 上市程序時對下一代半導體的投資，我們在年底仍虧損 980 萬美元。對 SEALSQ 下一代半導體和 AI 基礎設施的投資是我們長期戰略的一部分，旨在保持技術創新的前沿，開發新產品和服務以滿足未來幾年客戶的需求，並最終取得成果隨後 - 大量，抱歉 - 更高的收入和更高的財務業績來自經營槓桿。

So with that, I will turn the line back to Carlos, who will discuss the 2023 key growth areas. Carlos, please go ahead.

因此，我將把電話轉回卡洛斯，他將討論 2023 年的關鍵增長領域。卡洛斯，請繼續。

Yeah, thank you, Peter. So as I mentioned in my introduction, the demand for WISeKey products and services are substantially increasing. A 35% increase in revenue over 2022, the group is back on a growth path, which was already characterized pre-COVID, supported by investment in R&D, aiming to remain at the age of technology, which, as you know, we have very (technical difficulty) environment where companies with a lot of resources are competing for the same type of clients for the same type of products.

是的，謝謝你，彼得。因此，正如我在介紹中提到的，對 WISeKey 產品和服務的需求正在大幅增加。到 2022 年收入增長 35%，該集團又回到了增長的道路上，這已經是 COVID 之前的特徵，在研發投資的支持下，旨在保持技術時代，正如你所知，我們非常（技術難度）擁有大量資源的公司為同類產品爭奪同類客戶的環境。

So our investment focus on strengthening our salesforce, we -- the group has continued reinforcing sales and marketing team with a new sales Director in the US and the onboarding of seven additional sale representatives in the European Union, Israel, and South Africa and just recently a few days ago, an announcement of reinforcing the team also in Taiwan as it's a critical country in semiconductors.

因此，我們的投資重點是加強我們的銷售隊伍，我們 - 該集團繼續加強銷售和營銷團隊，在美國任命了一名新的銷售總監，並在歐盟、以色列和南非增加了七名銷售代表，就在最近幾天前，台灣也宣布加強團隊，因為它是半導體的關鍵國家。

We -- the strong semiconductor backlog of order and [pipeline] opportunity are valued over $100 million, has given us a great building block that allows our sales team to focus on new opportunities. Now just to explain the $100 million, many of our clients are increasingly asking us to increase the number of connected devices because the way it works in this market is that one of our clients, let's say, Medtronic or Cisco or a medical device manufacturer will be slowly connecting devices to the Internet. Not all the devices are connected to the Internet. Some of them, they are connected to the Internet, and many or all of them will be connected to the Internet as the years progress.

我們——強大的半導體訂單積壓和[管道]機會價值超過 1 億美元，為我們提供了一個偉大的基石，使我們的銷售團隊能夠專注於新的機會。現在只是為了解釋這 1 億美元，我們的許多客戶越來越多地要求我們增加連接設備的數量，因為它在這個市場上的運作方式是我們的一個客戶，比方說，美敦力或思科或醫療設備製造商將緩慢地將設備連接到互聯網。並非所有設備都連接到 Internet。其中一些已連接到 Internet，隨著時間的推移，它們中的許多或全部將連接到 Internet。

And at the moment, you take the decision to connect to the device to the Internet, you have to put a microchip on the device. Otherwise, this device will compromise the rest of the device. And as I mentioned before, with the Matter certification, that is becoming basically a legal obligation to do so.

此刻，您決定將設備連接到互聯網，您必須在設備上放置一個微芯片。否則，此設備將危及設備的其餘部分。正如我之前提到的，有了 Matter 認證，這基本上成為了一項法律義務。

So we will see a growth in the semiconductor business. That growth will be accentuated by, as I mentioned before, the European Union is putting $42 billion into the [E Chip Act], which is mainly designed to invest in semiconductor companies in Europe. And the United States has a similar E Chip Act on where places like Phoenix is booming as the entire semiconductor industry is getting ready for what is coming, which is basically 1 trillion devices connected to the Internet, and they need to supply semiconductor to those devices.

因此，我們將看到半導體業務的增長。正如我之前提到的，歐盟正在向 [E Chip Act] 投入 420 億美元，該法案主要用於投資歐洲的半導體公司，這將加劇這種增長。美國有類似的 E Chip 法案，針對像鳳凰城這樣蓬勃發展的地方，因為整個半導體行業都在為即將到來的事情做好準備，這基本上是 1 萬億台設備連接到互聯網，他們需要為這些設備提供半導體.

The semiconductors of WISeKey has a unique characteristic in that they also include cybersecurity as we are a cybersecurity company. And as I mentioned before, they are getting post-quantum ready. On that, by the way, we are part of the NIST group of companies, and they are working with the US government on post-quantum technology.

WISeKey 的半導體有一個獨特的特點，即它們還包括網絡安全，因為我們是一家網絡安全公司。正如我之前提到的，他們正在為後量子做好準備。順便說一下，我們是 NIST 公司集團的一部分，他們正在與美國政府合作開發後量子技術。

So our main focus for the 2023 will be keeping our SEALSQ growing. The fact that we are doing listing on SEALSQ issue and the Nasdaq issue correct evaluation issue we have because basically, what we did with SEALSQ was to compare the semiconductor business we have with any other semiconductor company and with external evaluators, and they came with a total different figure.

因此，我們 2023 年的主要重點將是保持我們的 SEALSQ 增長。事實上，我們在 SEALSQ 問題和納斯達克問題上進行上市，我們有正確的評估問題，因為基本上，我們對 SEALSQ 所做的是將我們擁有的半導體業務與任何其他半導體公司和外部評估者進行比較，他們帶來了完全不同的數字。

And what concerns the value of that company, which is, as you can read on the F-1 that is published on SEALSQ, they are valuing the entire company at $270 million, which is about 9 times the current value of WISeKey. So obviously -- and this was the main reason in the general assembly -- extraordinary general assembly of WISeKey last week when we asked shareholders to vote for the transaction. We've got an overwhelming vote because there is obviously an opportunity for WISeKey shareholders now to benefit for the incremental valuation that will be eventually achieved through the Nasdaq listing.

關於該公司的價值，正如您在 SEALSQ 上發布的 F-1 上看到的那樣，他們對整個公司的估值為 2.7 億美元，大約是 WISeKey 當前價值的 9 倍。很明顯——這是大會的主要原因——上週 WISeKey 的特別大會，當時我們要求股東對交易進行投票。我們獲得了壓倒性的投票，因為 WISeKey 股東現在顯然有機會受益於最終將通過納斯達克上市實現的增量估值。

Also, on the semiconductor, as I mentioned, 13 satellites. This is very unique. There are not many companies with satellite in orbit. We are one of them. And in corporation with FOSSA by June, we will send in more satellite June of this year. Those new satellites include cameras, so you will be able to provide new services like supply chain, supervision, logistics, and including other services where they will be needed for that level of visibility.

另外，正如我提到的，在半導體方面，有 13 顆衛星。這是非常獨特的。擁有在軌衛星的公司並不多。我們是其中之一。在 6 月之前與 FOSSA 合作，我們將在今年 6 月發送更多衛星。這些新衛星包括攝像頭，因此您將能夠提供新服務，例如供應鏈、監督、物流，並包括其他服務，以達到該級別的可見性。

On the semi -- on the satellite business, we signed an MOU with the Swiss Army, which is a very interesting one because the Swiss Army will be using picosatellites in the future to assess where the equipment is. Switzerland is full of mountains. It's very hard to track and trace equipment because the mountains are in the middle. So having a view from the space optimizes the way they are managing to access that equipment.

在衛星業務方面，我們與瑞士陸軍簽署了一份諒解備忘錄，這是一個非常有趣的諒解備忘錄，因為瑞士陸軍將來會使用皮衛星來評估設備的位置。瑞士到處都是山。很難追踪和追踪設備，因為山在中間。因此，從空間的角度來看可以優化他們設法訪問該設備的方式。

Many new strategic partnerships, as I mentioned, post-quantum is something that we will be putting a huge focus on artificial intelligence. Everybody is talking about artificial intelligence. It is a big force in the market. But at the end of the day, artificial intelligence, in order to be something real and practical, needs to be applied to specific cases.

許多新的戰略合作夥伴關係，正如我提到的，後量子是我們將重點放在人工智能上的東西。每個人都在談論人工智能。它是市場上的一股強大力量。但歸根結底，人工智能要想成為真正實用的東西，還是需要應用到具體的案例中去。

And in our case, we need artificial intelligence and we are using already artificial intelligence to be able to data mine the data that we collect at the object level. So WISeKey, because we track and trace the object that has our microchips, that data, which includes geolocalization; in some cases, temperature; in some cases, activity behavior, if the object has failed or not. All that data is analyzed by our clouds and then with artificial intelligence, we can provide to our clients a very specific monitoring system for their devices.

在我們的案例中，我們需要人工智能，並且我們已經在使用人工智能來對我們在對象級別收集的數據進行數據挖掘。所以 WISeKey，因為我們跟踪和跟踪具有我們的微芯片的對象，該數據包括地理定位；在某些情況下，溫度；在某些情況下，活動行為，如果對象失敗或沒有。所有這些數據都由我們的雲進行分析，然後通過人工智能，我們可以為客戶的設備提供一個非常具體的監控系統。

That's being used already in agricultural devices to monitor trees in the middle of a land or monitoring cattle or monitoring cargo in the middle of the sea or monitoring integrity of pipeline and so on. So we expect a very large number of applications to be developed as we move forward.

這已經在農業設備中用於監測土地中間的樹木或監測牛或監測海中的貨物或監測管道的完整性等。因此，隨著我們的前進，我們預計會開發出大量的應用程序。

So as a result, we believe we are well positioned to continue to grow our business in 2023. We have very strong visibility to the end of the year. This was announced between $25 million and $30 million revenue already at this point of the year. And we believe that with that positioning, we will be able to provide high returns to our shareholders together with what is our objective this year as well to recover the valuation and the stock price in WISeKey, which mainly was -- has been affected by several factors.

因此，我們相信我們有能力在 2023 年繼續發展我們的業務。我們對年底有很強的預見性。今年這個時候已經公佈了 2500 萬到 3000 萬美元的收入。我們相信，憑藉這一定位，我們將能夠為我們的股東提供高回報以及我們今年的目標，以及恢復 WISeKey 的估值和股價，這主要是 - 受到幾個因素的影響因素。

Obviously, the traditional geopolitical, the fact that we are in a war, the fact that the supply chain is stopped during 2 years during COVID, but also the fact that we acquired companies and we acquired them with shares. And obviously, when those shares were sold to the market, created an overhang. But we think that this will be corrected very soon.

顯然，傳統的地緣政治，我們處於戰爭中，供應鏈在 COVID 期間停止了 2 年的事實，還有我們收購公司並以股份收購它們的事實。顯然，當這些股票被出售給市場時，就會造成懸空。但我們認為這將很快得到糾正。

And as I mentioned -- Peter mentioned, we are in a very strong cash position. We have already SEALSQ as a profitable company that is going to grow with profits. So this is a very, very interesting and beneficial activity at the moment. All that together with the fact that cybersecurity, IoT, picosatellite, and NFT; they are not going to get any time soon displaced from the market. To the contrary, those are exponential technologies that are keeping growing put WISeKey in a very strategic position.

正如我提到的——彼得提到，我們的現金狀況非常強勁。我們已經將 SEALSQ 作為一家盈利的公司，它將隨著利潤的增長而增長。所以這是目前非常非常有趣和有益的活動。所有這些，再加上網絡安全、物聯網、皮衛星和 NFT；他們不會很快被市場取代。相反，那些呈指數級增長的技術使 WISeKey 處於非常重要的戰略地位。

So with this, we conclude our remarks. I would like to open the line to questions and answers.

因此，我們結束我們的發言。我想開通問答熱線。

(Operator Instructions) Matthew Galinko, Maxim Group.

（操作員說明）Maxim Group 的 Matthew Galinko。

Hey! Congratulations on the strong 2022, and thanks for taking my questions. Can you maybe provide an opinion or predict how quickly you expect post-quantum chips to displace pre-quantum chips in the overall mix for you and for competitors? And is that something that happens quickly? And is that something that you're in active discussion with existing customers about?

嘿！祝賀 2022 年強勁，並感謝您提出我的問題。您能否提供意見或預測您期望後量子芯片以多快的速度在您和競爭對手的整體組合中取代前量子芯片？這是很快發生的事情嗎？這是您正在與現有客戶積極討論的事情嗎？

Yeah, thank you, Matt. Very good question. So yeah, so we are with post-quantum technology as we were with the bug of the year 2000, as you remember, for the people they are older, if I remember that the entire market started to develop technology that will eventually resist an attack or a failure of what at that time was a very serious threat, right?

是的，謝謝你，馬特。很好的問題。所以是的，所以我們使用後量子技術就像我們使用 2000 年的錯誤一樣，正如你記得的那樣，對於他們年紀較大的人，如果我記得整個市場開始開發最終將抵抗攻擊的技術或者失敗在當時是一個非常嚴重的威脅，對吧？

So we are on that same philosophy here. Our ambition is that quantum has arrived. It's inevitable. It's going to happen. I mean quantum computers are already in place with Google, for instance. There has been a spinoff of Google of Sandbox AQ, which is a spinoff of quantum from Google. So they just raised $500 million, $3.1 billion valuation.

所以我們在這裡遵循同樣的理念。我們的目標是量子已經到來。這是不可避免的。它會發生的。我的意思是，例如，谷歌已經使用了量子計算機。谷歌已經分拆了 Sandbox AQ，這是谷歌對量子的分拆。所以他們剛剛籌集了 5 億美元，估值 31 億美元。

So the quantum industry is getting formed. And every players in that industry will win the battle because there are not many actually. And this is a complex technology that you cannot just invent in a garage. So what we are doing is that our vision was always to have the most secure chip than the market will be able to produce, okay? Secure in two levels: secure because of the technology of the chip design and what we put inside the chip with the cryptographic capability, PKI, cryptographic root key. So all that was very strong innovation from WISeKey that many other competitors, they didn't even have.

所以量子產業正在形成。該行業的每個參與者都會贏得這場戰鬥，因為實際上並不多。這是一項複雜的技術，你不能在車庫裡發明。所以我們正在做的是，我們的願景始終是擁有比市場能夠生產的最安全的芯片，好嗎？安全分為兩個層面：安全是因為芯片設計的技術以及我們在芯片中放入的具有加密功能、PKI、加密根密鑰的內容。因此，所有這些都是來自 WISeKey 的非常強大的創新，許多其他競爭對手甚至都沒有。

Because so many semiconductor companies who are more concerned just to provide low-cost and nonsecure semiconductor just to do electronic functionalities but not our security functionality. WISeKey from day 1 say, no, we want our chips to be secure. And that's the reason our chips are using by Medtronic, for instance, to secure medical devices or by Cisco to secure routers, which are obviously critical infrastructure when you are installing in banks or defense department and so on. So that's been always our vision.

因為很多半導體公司更關心的只是提供低成本和不安全的半導體，只是為了實現電子功能而不是我們的安全功能。 WISeKey 從第一天開始就說，不，我們希望我們的芯片是安全的。這就是我們的芯片被 Medtronic 使用的原因，例如，用於保護醫療設備或被 Cisco 用於保護路由器，當您安裝在銀行或國防部等時，這些顯然是關鍵的基礎設施。所以這一直是我們的願景。

Now because quantum is coming, what we are doing is saying, okay, let's develop technology at the quantum chip level that will resist a quantum attack. And that's what we have done. The chips are now quantum-ready, the current generation of chips. So when we are selling our chips to our clients, those chips that we are selling, they're already post-quantum ready. Means that if anyone comes tomorrow with a quantum computer, they will not be able to break the chip. So this is what is being sold now. And this is why we are growing because our clients are getting more sensibilized to the cybersecurity aspect of the chip than they had before.

現在因為量子來了，我們正在做的是說，好吧，讓我們在量子芯片級別開發技術來抵抗量子攻擊。這就是我們所做的。這些芯片現在是量子就緒的，是當前一代的芯片。因此，當我們向客戶銷售我們的芯片時，我們銷售的那些芯片已經為後量子時代做好了準備。意味著如果明天有人帶著量子計算機來，他們將無法破解芯片。所以這就是現在正在出售的東西。這就是我們成長的原因，因為我們的客戶對芯片的網絡安全方面比以前更加敏感。

But the next thing we are doing is actually developing a new chip. And that new chip is the name of the project is QUASAR. It's a totally quantum chip. And that chip is about 3 years, and maybe we can accelerate the -- that if we raise money on the IPO. And this is one of the reasons why we are listing SEALSQ because that year will be the ultimate defense system mechanism for an object. And that quantum chip, there is where I mentioned before, we team with NIST, N-I-S-T, but also with the French university means, which are very, very knowledgeable institutions on quantum. Plus, we are also teaming with the start-ups than they are working on quantum.

但我們接下來要做的實際上是開發一種新芯片。那個新芯片的項目名稱是 QUASAR。這是一個完全量子芯片。該芯片大約需要 3 年時間，也許我們可以加速——如果我們在 IPO 上籌集資金。這也是我們列出 SEALSQ 的原因之一，因為那一年將是一個對象的最終防禦系統機制。而那個量子芯片，就是我之前提到的地方，我們與 NIST、N-I-S-T 以及法國大學合作，這些機構在量子方面非常非常了解。此外，我們還與初創公司合作，而不是他們正在研究量子。

And what is going to happen is that quantum will feed AI because AI is all about data and capability of the algorithm to perform, but they need a huge computational capability. So an AI -- (sic - ChatGPT) needs huge amount of computational capability to operate. Imagine when that will be backed by quantum technology, right? So you will be able to go to ChatGPT and ask how can I break visa.com, and they will give you that solution. So the chips will need to be ready to resist that type of complexity that we are facing in the years to come.

即將發生的是，量子將為人工智能提供支持，因為人工智能全都與數據和算法的執行能力有關，但它們需要巨大的計算能力。因此，人工智能——（原文如此——ChatGPT）需要大量的計算能力才能運行。想像一下什麼時候量子技術會支持它，對嗎？所以你可以去 ChatGPT 詢問我怎樣才能破解 visa.com，他們會給你那個解決方案。因此，芯片需要準備好抵禦我們在未來幾年面臨的那種複雜性。

Got it. That's helpful. And I guess as a follow-up, just -- again broadly, we're in a different macroenvironment, I think, than we were last time we spoke. And obviously, things have changed very quickly over the last few years. But is the macro-impact having any impact, particularly on the semiconductor business? Are you seeing changes in your customers' patterns? How does it -- how is macro affecting your outlook?

知道了。這很有幫助。我想作為後續行動，我認為，從廣義上講，我們處於與上次談話不同的宏觀環境中。顯然，在過去幾年裡，情況發生了非常迅速的變化。但宏觀影響是否有任何影響，特別是對半導體業務？您是否看到客戶模式發生變化？它是如何——宏觀如何影響你的前景？

Yeah, the main macro-complexity we had was the supply chain, which was totally disrupted during the COVID, right? It was very difficult to provision microchips because the fabs were shut down. That obviously created a situation where we were not able to provide as many chips as our clients wanted. And actually, and I would say our team was very efficient in maintaining the clients satisfied because many other very big companies that they used to sell hundreds of millions of chips they say, well, hey, if you don't buy me 100 million chips, we don't need to talk. And we recover all those clients and they came to us. And those clients, actually, they stay with us because they are very happy to have somebody that is willing to sell to them less than 100 million chips, which obviously is a great business. So we managed to convert the problem into an asset solution.

是的，我們的主要宏觀複雜性是供應鏈，在 COVID 期間完全中斷，對嗎？由於晶圓廠關閉，供應微芯片非常困難。這顯然造成了我們無法提供客戶想要的那麼多芯片的情況。實際上，我想說我們的團隊在保持客戶滿意度方面非常有效，因為許多其他非常大的公司過去曾銷售數億個芯片，他們說，好吧，嘿，如果你不給我買 1 億個芯片，我們不需要說話。我們恢復了所有這些客戶，他們來找我們。實際上，那些客戶之所以留在我們這裡，是因為他們很高興有人願意向他們出售不到 1 億個芯片，這顯然是一項偉大的業務。因此，我們設法將問題轉化為資產解決方案。

The other thing we did is that, obviously, now that the supply chain is being -- concerns are being eased, the clients are less stressed, and they don't necessarily buy as many chip at once or do not maintain the same level of stock than they used to maintain before. So that's why moving to more clients and diversifying the number of clients is our main concern. That's why we increment the sales organization to reach out. We put people in Taiwan. We put people in Japan. We put people in the United States. And many, obviously, leading markets in Europe like Germany just to cope with that necessity to diversify our offer.

我們做的另一件事是，很明顯，現在供應鏈正在 - 擔憂正在緩解，客戶壓力較小，他們不一定一次購買那麼多芯片或不保持相同水平股票比他們以前維持的要多。因此，這就是為什麼轉向更多客戶並使客戶數量多樣化是我們的主要關注點。這就是為什麼我們增加銷售組織來接觸。我們把人放在台灣。我們把人放在日本。我們把人放在美國。顯然，許多歐洲領先市場，如德國，只是為了應對多樣化我們產品的必要性。

Another thing it's getting is that, as you know, electricity is very expensive worldwide due to the Ukraine situation. Obviously, fabs require a huge amount of electricity to manufacture materials that they are required on the chips are more expensive. So those are complexities that they are obviously putting the margins on the stress. The way to react to that is by increasing cybersecurity at the chip level because cybersecurity algorithm injected or a rookie injected at the chip level does not require raw materials is a digital device. So that has been our strategy. I mean maintaining the same price of the chip but providing to the client more services, more technology, more cybersecurity at the chip level than we were doing if it will only be a fight for price.

它得到的另一件事是，如你所知，由於烏克蘭局勢，全世界的電費非常昂貴。顯然，晶圓廠需要大量的電力來製造芯片所需的材料，這些材料更加昂貴。所以這些很複雜，他們顯然把利潤放在了壓力上。對此做出反應的方法是增加芯片級別的網絡安全，因為註入的網絡安全算法或在芯片級別注入的新手不需要原材料是數字設備。這就是我們的策略。我的意思是保持相同的芯片價格，但在芯片級別為客戶提供更多的服務、更多的技術、更多的網絡安全，如果這只是價格戰的話。

I think what is happening -- and we are at the infancy of this industry. I mean our observation when you go around is that a very small number of hardware manufacturers are considering cybersecurity as top #1 priority. That was my observation in the last year. Now it's changing. Now it's totally changed, and Matter is actually helping to that because Matter is -- for the moment, only applies to IoT at home, everything which is connected devices at home, but this is many already. But this is going to evolve in many other industries like health industry, like e-commerce. So we're still trading $2 trillion of fake products on the Internet, right? That could be sold by just putting a microchip at the product level so you can certify it on the product it's not a counterfeited product or not.

我認為正在發生的事情——我們正處於這個行業的起步階段。我的意思是，當你四處走動時，我們的觀察是，極少數硬件製造商將網絡安全視為頭等大事。這是我去年的觀察。現在它正在改變。現在它完全改變了，而 Matter 實際上正在幫助它，因為 Matter 是——目前，只適用於家庭物聯網，所有與家庭連接的設備，但這已經很多了。但這將在許多其他行業發展，如健康行業，如電子商務。所以我們仍在互聯網上交易價值 2 萬億美元的假冒產品，對嗎？這可以通過在產品級別放置一個微芯片來銷售，這樣你就可以在產品上證明它不是假冒產品。

But for the moment, the e-commerce platform has not paid a lot of attention to it. They could do it very easily by putting regulations and say only products and they are authenticated and you can prove the authentication of the product will be sold. Obviously, that will maybe reduce their revenue, but they will provide a better service to their customers. So this is happening. It will take time, but as I mentioned before, this is 1 trillion devices to be connected and will be connected, and we expect that to gradually and exponentially grow now with arrival of new technology.

但就目前而言，電商平台並未對其給予太多關注。他們可以很容易地做到這一點，只要製定規定，只說產品，並且它們是經過認證的，你可以證明產品的認證將被出售。顯然，這可能會減少他們的收入，但他們會為客戶提供更好的服務。所以這正在發生。這需要時間，但正如我之前提到的，有 1 萬億台設備將被連接，我們預計隨著新技術的到來，這個數字將逐漸呈指數級增長。

Perfect. Thank you. I'll jump back in the queue.

完美的。謝謝。我會跳回到隊列中。

Thank you very much, Matt.

非常感謝你，馬特。

Kevin Dede, H.C. Wainwright.

凱文·德德，H.C.溫賴特。

Hi, Carlos. Hi, Peter. Thanks for taking my question. I think the first thing, Carlos, just sort of from a top-down given four business segments now, which one are you the most excited about? I understand SEALSQ is certainly the most mature, but which one do you think offers you the most growth this year?

嗨，卡洛斯。嗨，彼得。感謝您提出我的問題。我認為第一件事，卡洛斯，現在從自上而下的四個業務部門來看，你最感興趣的是哪個？我知道 SEALSQ 肯定是最成熟的，但你認為今年哪一個能給你帶來最大的增長？

So for the moment, for sure, is the semiconductor post-quantum chips. This is the one that is growing faster, and it's the most mature one, right? Because we have already 1.6 billion devices already sold in the market. So you have a huge customer base that needs to be educated to upgrade the chips to the next-generation chip. So that's the most exciting part.

因此，目前可以肯定的是半導體後量子芯片。這是成長速度最快的，也是最成熟的吧？因為我們已經在市場上銷售了 16 億台設備。所以你有一個龐大的客戶群，需要接受教育才能將芯片升級到下一代芯片。所以這是最令人興奮的部分。

But this is creating new industries. This is like the telegraph evolved in the United State when you install the rails on the train because it was easy to put the poles during the rail. So this industry is creating the space industry. If somebody will have told me 5 years ago that I will be sending picosatellite, I will say you're dreaming. Why I need to do that?

但這正在創造新的產業。這就像電報在美國進化而來，當你在火車上安裝鐵軌時，因為很容易在鐵軌中放置電線桿。所以這個行業正在創造太空工業。如果有人在 5 年前告訴我我將發送皮衛星，我會說你在做夢。為什麼我需要這樣做？

Now I do need to do that because those chips are everywhere, including in containers in the middle of the sea. And we have to validate the identity of those containers real-time from space because there's another way to do it from the sea, right? Or in the middle of the desert or in any agricultural region or even in a smart city because 4G and 5G is too expensive to be used to track and trace objects. So this technology of picosatellite, it's amazing because a picosatellite is $150,000 -- between $150,000 to $250,000 end-to-end, including the launch and operational.

現在我確實需要這樣做，因為這些芯片無處不在，包括在海中央的集裝箱中。而且我們必須從太空實時驗證這些集裝箱的身份，因為還有另一種方法可以從海上進行，對吧？或者在沙漠中部或任何農業區甚至智能城市中，因為 4G 和 5G 太昂貴而無法用於跟踪和追踪物體。所以這種皮衛星技術，它是驚人的，因為一顆皮衛星是 150,000 美元——端到端的成本在 150,000 到 250,000 美元之間，包括發射和運營。

This same satellite 10 years ago was $25 million investment. So now that means that companies are willing to send their own satellite and attach that to the WISeKey satellite installation and in some cases, ourselves, selling the satellites we have as a service. So this is going to grow and this is going to accelerate the usage of the chips because if I can track and trace from the space, then I'm going to put it in the container in the middle of the sea. Otherwise, why I'll do that, right?

10 年前，這顆衛星的投資是 2500 萬美元。所以現在這意味著公司願意發送他們自己的衛星並將其附加到 WISeKey 衛星裝置，在某些情況下，我們自己也願意將我們擁有的衛星作為服務出售。所以這將會增長，這將加速芯片的使用，因為如果我可以從太空進行跟踪和追踪，那麼我將把它放在海中央的容器中。否則，我為什麼要那樣做，對吧？

So that is another growth area. We are adding more technology in the satellite, for instance, the communication between satellite and earth station is now being secured with the same technology that we use at the chip level. So in the future, you could do quantum communication from space. I mean this is very, very amazing thing.

所以這是另一個增長領域。我們正在衛星中添加更多技術，例如，衛星和地球站之間的通信現在正在使用我們在芯片級使用的相同技術來保護。所以在未來，你可以從太空進行量子通信。我的意思是這是非常非常了不起的事情。

And the third one, which is a bit different, but at the same time, it is actually a part of the ecosystem is the NFT play, right? The non-fungible token play that for the moment has been used in the industry mainly for art and intellectual property. But the industry, the semiconductor, IoT industry has concluded that the most efficient way to digital identify an object is to issue an NFT of that object and put that NFT in a blockchain ledger. So anyone in the world in a decentralized way can verify the NFT.

第三個有點不同，但同時，它實際上是生態系統的一部分，是 NFT 遊戲，對吧？不可替代的代幣玩法目前在行業中主要用於藝術和知識產權。但行業、半導體、物聯網行業已經得出結論，數字識別對象的最有效方法是發行該對象的 NFT，並將該 NFT 放入區塊鏈分類賬中。所以世界上任何人都可以通過去中心化的方式驗證 NFT。

So we have now inside WISe.ART, which is the -- I mean the art applies for art, but also for the ecosystem that we are building on NFT, it's already growing with something like 2 million NFTs being already recorded there and something like $40 million value -- credible value of the NFT into the platform. And this is going to go exponential.

所以我們現在有 WISe.ART，這是——我的意思是藝術適用於藝術，也適用於我們在 NFT 上構建的生態系統，它已經在增長，其中已經記錄了 200 萬個 NFT 之類的東西價值 4000 萬美元——NFT 進入平台的可信價值。這將呈指數級增長。

I mean the model this is following is something like OpenSea. I'm sure you know them. They are one of the largest NFT platform trading at $6 billion. So that is potential spin-off again in the future for us. We are looking into that possibility maybe next year as well. That will increment again the valuation of WISeKey and will increment the value of the platform because more microchips we manufacture, more identities we generate, more NFT we create, bigger is going to be the platform, bigger is going to be the ecosystem, right?

我的意思是下面的模型類似於 OpenSea。我確定你認識他們。它們是最大的 NFT 平台之一，交易額達 60 億美元。所以這對我們來說是未來的潛在分拆。我們也可能在明年研究這種可能性。這將再次增加 WISeKey 的估值，並將增加平台的價值，因為我們製造的微芯片越多，我們生成的身份越多，我們創造的 NFT 越多，平台就會越大，生態系統就會越大，對吧？

So there are things that [they feed] each other and they are at their infancy, obviously, different maturity levels, but they are all exponential. And sooner or later, they will collide together into a very powerful business model.

所以有些東西 [they feed] 彼此，它們處於嬰儿期，顯然，成熟度水平不同，但它們都是指數級的。遲早，它們會碰撞成一個非常強大的商業模式。

Speaking of business models, could you kind of peel back the onion a little bit on the satellite business? I know you're working with partners there, but do you own those 13 satellites and your -- I guess, is it a service that you're providing? Just run through how the satellite business model works.

說到商業模式，你能稍微談談衛星業務嗎？我知道你正在與那裡的合作夥伴合作，但你是否擁有這 13 顆衛星以及你的 - 我猜，這是你提供的服務嗎？只需了解一下衛星業務模型的運作方式即可。

Yeah, sure. So we don't want to manufacture the satellite because this is a specific area -- it's like manufacturing mobile phones, right? So this is a very specialized area. So we are doing that with a start-up company in Spain with the name FOSSA. Actually, WISeKey is one of the -- it is one of the largest investors in FOSSA. We also made an investment 2 years ago.

好，當然。所以我們不想製造衛星，因為這是一個特定的領域——就像製造手機一樣，對吧？所以這是一個非常專業的領域。因此，我們正在與西班牙一家名為 FOSSA 的初創公司合作。實際上，WISeKey 是 FOSSA 最大的投資者之一。 2年前我們也進行了投資。

And with that investment, we started to develop the WISeSat.Space satellite, which is an upgraded version of traditional satellites that you will use for, I don't know, sending social media data down to earth. Those satellites are specialized for IoT activity. So inside a satellite is WISeKey technology. They have obviously some components from FOSSA for the communication part, but everything which is the cybersecurity encryption, the microchips are powered by WISeKey and secured by WISeKey.

有了這筆投資，我們開始開發 WISeSat.Space 衛星，這是傳統衛星的升級版，我不知道，你會用它來向地球發送社交媒體數據。這些衛星專門用於物聯網活動。所以衛星內部是 WISeKey 技術。他們顯然有一些來自 FOSSA 的組件用於通信部分，但一切都是網絡安全加密，微芯片由 WISeKey 提供支持並由 WISeKey 保護。

Now we do not want to own the satellites. What we are doing is because now we have 13 satellites and we are launching more in June, the current constellation covers the earth every 5 hours. So every 5 hours anywhere in the world, the satellite will detect the chip anywhere in the world. So if any chip is in the middle of the sea every 5 hours, the satellite detects the chip, which is enough for track and trace, making sure that your chip didn't deviate from the path and was designed to be -- this kind of thing. But it's not enough for real-time track-and-trace capability. For that, you will need a faster latency. And for that, we need to launch 88 satellites, which is our target by the end of 2025.

現在我們不想擁有衛星。我們正在做的是因為現在我們有 13 顆衛星，我們將在 6 月發射更多衛星，目前的星座每 5 小時覆蓋地球一次。因此，在世界任何地方，每隔 5 小時，衛星就會在世界任何地方檢測到芯片。因此，如果每 5 小時有任何芯片在海中，衛星就會檢測到該芯片，這足以進行跟踪和追踪，確保您的芯片沒有偏離路徑並且設計為 - 這種的事情。但這還不足以實現實時跟踪和追踪功能。為此，您將需要更快的延遲。為此，我們需要發射 88 顆衛星，這是我們到 2025 年底的目標。

So with 88 satellites, we'll be able to detect a WISeKey chip anywhere in the world every minute. And this is the kind of service that we believe customer needs from the customer we are talking about. And the way we sell that, yes, is as a service. So a customer with containers in the middle of the sea will say, I want to track and trace 100,000 containers because this is my capacity. And I will pay like you pay your mobile phone operator, a fee for having those containers connected to the satellite.

因此，有了 88 顆衛星，我們將能夠每分鐘在世界任何地方檢測到一個 WISeKey 芯片。這就是我們認為客戶需要我們正在談論的客戶提供的服務。是的，我們的銷售方式是作為一種服務。所以一個集裝箱在海中央的客戶會說，我要跟踪追溯100,000個集裝箱，因為這是我的能力。我會像你支付給你的移動電話運營商一樣支付費用，將這些容器連接到衛星上。

We also have a model where we can also team with our constellation. So there are other constellations that they are approaching us and they are saying, I only need 5 satellites, but I would like to benefit from your other satellite because I want to get that level of latency. And then what they are doing is teaming with us to launch those satellite and aggregate those satellites into the constellation.

我們還有一個模型，我們也可以在其中與我們的星座合作。所以還有其他星座正在接近我們，他們說，我只需要 5 顆衛星，但我想從你們的另一顆衛星中受益，因為我想獲得那種水平的延遲。然後他們正在做的是與我們合作發射這些衛星並將這些衛星聚集到星座中。

So do you -- I guess your plan for 2025 and 88 more launches, is that something that WISeKey will need to raise money to accomplish? Or is that something that you hope to partner with in accomplishing?

那麼你 - 我猜你的 2025 年計劃和 88 次發射，是 WISeKey 需要籌集資金來完成的事情嗎？或者這是您希望與之合作完成的事情？

Yeah, I mean we could -- the satellite companies are trading around $100 million and $200 million mark cap, right? We could eventually spin off WISeSaT and raise money on WISeSaT as a private company. That's one scenario. Another one is teaming for -- which is the model. As I mentioned, we can send -- if you use I want to send a satellite today, we can do it in 4 weeks, you could be in space. And that will cost you $250,000, and you will have your own satellite.

是的，我的意思是我們可以——衛星公司的交易額約為 1 億美元和 2 億美元，對吧？我們最終可以剝離 WISeSaT 並作為一家私營公司在 WISeSaT 上籌集資金。那是一種情況。另一個是團隊——這是模型。正如我提到的，我們可以發送——如果你使用我想今天發送一顆衛星，我們可以在 4 週內完成，你可以在太空中。這將花費你 250,000 美元，你將擁有自己的衛星。

So we are doing that as a partnership with organizations, governments. We -- WISeKey is securing drones, so Parrot drones are secured by WISeKey and now the drones are going to be connected through satellite because it's a much efficient way to connect the drones than from Earth. So that's the new business model emerging that will increment -- we don't need to raise money per se because the technology is already there. It's just -- and the -- every time you launch with the SpaceX, you can launch 20 satellites, 30 satellites at the same time, right? That's -- it doesn't happen one by one.

因此，我們正在與組織、政府建立合作夥伴關係。我們——WISeKey 正在保護無人機，所以 Parrot 無人機由 WISeKey 保護，現在無人機將通過衛星連接，因為這是一種比從地球連接無人機更有效的方式。因此，這就是不斷湧現的新商業模式——我們本身不需要籌集資金，因為技術已經存在。只是 - 而且 - 每次你用 SpaceX 發射時，你可以同時發射 20 顆衛星，30 顆衛星，對吧？那是——它不會一個接一個地發生。

What we are competing here is with OpenWeb and those huge, massive investment that requires hundreds of millions of dollars just to have a person in the space. In our model with less than $300,000, you are in space, right? And you are -- with the WISeKey chips, you are able to track and trace your product. Imagine FedEx wants to track parcels real-time from the space or you want to track and trace cars because it -- or bicycles. We got other day somebody wants to track bicycles from space because everybody is stealing bicycles now. It's so easy to steal a bicycle and very difficult to recover. So those are the new usage. Space is going to become like the normal way to verify objects on earth. And this is where we want to be the first one to position ourselves.

我們在這裡競爭的是 OpenWeb 和那些需要數億美元才能讓一個人進入該領域的巨大投資。在我們不到 300,000 美元的模型中，您在太空中，對嗎？而您 - 有了 WISeKey 芯片，您就能夠跟踪和追溯您的產品。想像一下，聯邦快遞想要從太空實時追踪包裹，或者你想要追踪和追踪汽車，因為它——或自行車。我們有一天有人想從太空追踪自行車，因為現在每個人都在偷自行車。自行車很容易被偷，想找回來卻很難。所以這些是新的用法。太空將成為驗證地球上物體的正常方式。這就是我們想成為第一個定位自己的地方。

Okay. Just to make sure -- I apologize for not having this resonate too clearly for me, Carlos, but just to make sure I understand it. You'll partner with a customer to launch a satellite, and the customer will own part of that satellite and WISeKey will own part of it, and that way you can leverage it to sell a service to other customers?

好的。只是為了確保——卡洛斯，我很抱歉沒有讓我產生太明顯的共鳴，只是為了確保我理解它。您將與客戶合作發射衛星，客戶將擁有該衛星的一部分，而 WISeKey 將擁有其中的一部分，這樣您就可以利用它向其他客戶銷售服務？

That's one scenario, yes. If the customer says, we want our exclusive use of our satellite for our own operations, then they will own the satellite. We will provide to them the technology, the satellite, the launch, but they will be the owner of the satellite. But if the client says, I don't need to have my own satellite just for me. I don't mind to share that satellite with the other satellite you have in your constellation because I want to have a larger coverage and I want to be able to track and trace my object anywhere in the world, then you are just adding -- so you just pay a fee and you get involved into the constellation.

那是一種情況，是的。如果客戶說，我們希望我們獨家使用我們的衛星用於我們自己的運營，那麼他們將擁有這顆衛星。我們將向他們提供技術、衛星和發射，但他們將是衛星的所有者。但如果客戶說，我不需要為我自己準備衛星。我不介意與您星座中的另一顆衛星共享該衛星，因為我希望覆蓋範圍更大，並且我希望能夠在世界任何地方跟踪和追踪我的物體，然後您只需添加 -因此，您只需支付費用即可參與星座。

Quick question on the arago sales (multiple speakers) --

關於 arago 銷售的快速問題（多人發言）——

(multiple speakers) sharing.

（多人）分享。

I'm sorry, go ahead, Carlos (multiple speakers) --

對不起，請繼續，卡洛斯（多人發言）--

No, no. I was just giving you the example of carsharing, like a satellite sharing, right? You don't need to own your car. You just share with somebody else then on a similar model but on the space.

不，不。我剛剛給你舉了汽車共享的例子，比如衛星共享，對吧？你不需要擁有你的車。你只需與其他人分享類似的模型，但在空間上。

Right. So you're going to -- WISeKey is going to be the Uber of satellites?

正確的。所以你打算 - WISeKey 將成為衛星領域的優步？

(laughter) Not necessarily, why not. Maybe -- I don't think Uber is a very good business model anymore. So we would like to be a bit different than that.

（笑聲）不一定，為什麼不呢。也許——我認為優步不再是一個很好的商業模式。所以我們希望與此有所不同。

All right. Just quickly on arago, $25 million owed. What are your recourses? And what is your expectation?

好的。很快就上了 arago，欠了 2500 萬美元。你有什麼資源？你的期望是什麼？

I mean this is now in the hands of lawyers, so we cannot comment very much on the process. What -- we waited the right legal time to get paid. We understand that the market has not been the best market for this guy. This purchaser's agreement was backed by a guarantor, which is an energy company in Germany. So we're just telling the guys when you're going to pay it. And if you don't pay in due time, then we would like to take measures.

我的意思是這現在掌握在律師手中，所以我們不能對這個過程發表太多評論。什麼——我們等待了正確的法定時間來獲得報酬。我們知道市場對這個人來說並不是最好的市場。該買方協議由擔保人提供支持，擔保人是德國的一家能源公司。所以我們只是告訴他們你什麼時候付錢。如果您不按時付款，我們將採取措施。

One of the things WISeKey has, as I mentioned in my introduction, and it is also in the press release, is that we have a first call on the IP. Worst-case scenario, they don't pay, we get the IP and we integrate the IP into our platform. But remember that arago got $55 million investment from KKR many years ago. And HIRO is one of the leading artificial intelligence algorithm, what -- I mean this is a very -- AI is booming. I mean they are start-ups with a fraction of that, then they are raising money now in the market, right?

WISeKey 的其中一件事，正如我在介紹中提到的，也在新聞稿中提到的，是我們對 IP 進行了首次調用。最壞的情況是，他們不付錢，我們得到 IP，然後將 IP 整合到我們的平台中。但請記住，arago 多年前從 KKR 獲得了 5500 萬美元的投資。 HIRO 是領先的人工智能算法之一，我的意思是這是一個非常 - AI 正在蓬勃發展。我的意思是他們是初創企業，只有其中的一小部分，然後他們現在正在市場上籌集資金，對嗎？

So worst-case scenario, we will integrate the IP into our operations, and then we'll obviously enrich the entire technology asset that WISeKey has. But I mean the important thing to say around that is and what Peter said is that we have been reducing substantially the losses. It looks like we didn't because we are aggravating with this $25 million loss, but actually it's not $25 million because this is something that we -- in one way or another, we will recover as soon as we can.

所以最壞的情況是，我們會將 IP 整合到我們的運營中，然後我們顯然會豐富 WISeKey 擁有的整個技術資產。但我的意思是圍繞這一點要說的重要一點是，彼得所說的是我們一直在大幅減少損失。看起來我們沒有這樣做，因為我們正在加劇這 2500 萬美元的損失，但實際上它不是 2500 萬美元，因為這是我們——以某種方式，我們將盡快恢復的東西。

But HIRO has been -- it is the same thing I say a lot of start-ups are struggling to raise capital due to the banking situation that has been created and continues to be created now with the FRC, and this is maybe not the end. So for some companies like arago, raising money has been complicated, and that's the consequence of not being able to pay.

但是 HIRO 一直是——我說的是同一件事，由於 FRC 已經創造並繼續創造的銀行業形勢，很多初創企業都在努力籌集資金，這可能還沒有結束.所以對於一些像arago這樣的公司來說，籌集資金一直很複雜，這就是無法支付的後果。

Okay. So as it is now, you're not using arago AI IP in WISeKey systems?

好的。所以現在，您沒有在 WISeKey 系統中使用 arago AI IP？

No, no. We are -- as I mentioned, we are -- we have the right to, but we are waiting until the legal situation is clarified.

不，不。我們——正如我提到的，我們是——我們有權這樣做，但我們正在等待，直到法律情況得到澄清。

Okay, okay. The -- you kind of glanced over the expectations for the year. I think you said $25 million to $30 million so far this year. Just to make sure I understand that correctly, given that we're one-third of the year through, is it fair to assume that you could be in the $75 million to $90 million range? Or I'm just a little confused?

好吧好吧。 - 你有點掃視了今年的期望。我想你今年到目前為止說的是 2500 萬到 3000 萬美元。只是為了確保我理解正確，鑑於我們今年已經過去了三分之一，假設你的收入可能在 7500 萬到 9000 萬美元之間是否公平？或者我只是有點困惑？

You mean -- that's revenue, right, what you're asking?

你的意思是——那是收入，對吧，你問的是什麼？

Correct, correct, correct, correct. Yeah. I know you said, I think, $100 million in backlog on the SEALSQ side.

正確，正確，正確，正確。是的。我知道你說過，我認為 SEALSQ 方面積壓了 1 億美元。

Yeah. No, no. In terms of the revenue, maybe, Peter, you want to comment on this?

是的。不，不。就收入而言，彼得，你想對此發表評論嗎？

Well, we have to be careful actually with the forecasting numbers, but we're talking about a $30 million total revenue for the year potential, not -- the $100 million backlog is for several years because obviously, it's a longer-term sales process. We have got already in the [bag] (technical difficulty) now.

好吧，我們實際上必須小心預測數字，但我們談論的是今年潛在的 3000 萬美元的總收入，而不是 - 1 億美元的積壓訂單是幾年的，因為顯然，這是一個長期的銷售過程.我們現在已經在[bag]（技術難度）中了。

Okay, that's (multiple speakers) --

好的，那是（多個揚聲器）--

When I say $25 million, $30 million, yeah, it was revenue, yeah.

當我說 2500 萬美元、3000 萬美元時，是的，這是收入，是的。

Oh, I see. Okay, okay. I got you. All right. Thank you. The -- I think I'm -- and I apologize for this, Carlos, but could you help me understand -- and maybe Peter can chime in on this, too. Can you help me understand the rights that each share class holds? Because you'll have A and B and then the ADSes and now the new F share class with the SEALSQ spin. I just want to make sure I understand what each share class represents to owners.

我懂了。好吧好吧。我接到你了。好的。謝謝。我想我是 - 對此我深表歉意，卡洛斯，但你能幫我理解嗎 - 也許彼得也可以插話一下。你能幫我了解每個股份類別擁有的權利嗎？因為您將擁有 A 和 B，然後是 ADS，現在是帶有 SEALSQ 旋轉的新 F 共享類。我只是想確保我了解每個股份類別對所有者代表什麼。

You are talking about two different companies, right? I mean the WISeKey and SEAL, they are different companies, different structures. But WISeKey has ever always had, which is two class of shares, A and B shares. And A and B, A is not listed. This is outside the market. B are listed on the Swiss stock market. And then the B shares on the Swiss stock market, they have an ADS in the Nasdaq, which is for every 1 ADS, you have 10 B shares. So that's the structure in WISeKey, right?

你說的是兩家不同的公司，對吧？我指的是 WISeKey 和 SEAL，它們是不同的公司，不同的結構。但是WISeKey一直都有，就是兩類股票，A股和B股。而A和B，A不在列。這是在市場之外。 B 在瑞士證券市場上市。然後是瑞士股市的B股，他們在納斯達克有一個ADS，就是每1個ADS，你就有10股B股。這就是 WISeKey 中的結構，對嗎？

Okay, now (multiple speakers) --

好的，現在（多人發言）——

The structure in SEALSQ, which is a different company, which is the one that's going to be listed and the question about the F shares, those F shares belong to WISeKey. So those F shares, it is very similar to the Palantir type of governance structure. They are designed, at least at the beginning, to avoid a hostile takeover of WISeKey by somebody that will -- because the SEAL shares will be more valuable than the WISeKey shares, they will just eventually buy WISeKey in order to get into SEAL, right? So it's a protection mechanism that has been put in place, so WISeKey basically prevents any potential hostile takeover. And this is very well described on the F-1. By the way, Kevin, I invite you to have a look into the F-1 and review that.

SEALSQ 中的結構，這是一家不同的公司，即將上市的公司和關於 F 股的問題，這些 F 股屬於 WISeKey。所以那些 F 股，它與 Palantir 類型的治理結構非常相似。它們的設計，至少在開始時，是為了避免有人惡意收購 WISeKey——因為 SEAL 股份將比 WISeKey 股份更有價值，他們最終會購買 WISeKey 以進入 SEAL，對吧？所以這是一種已經到位的保護機制，因此 WISeKey 基本上可以防止任何潛在的惡意收購。這在 F-1 上有很好的描述。順便說一句，凱文，我邀請你看一下 F-1 並對其進行審查。

Okay (laughter). Well, I appreciate your handholding, Carlos, because it wasn't so clear for me.

好的（笑聲）。好吧，卡洛斯，我很感謝你的牽手，因為我不是很清楚。

Yeah. Two different companies. I think what you -- you maybe misunderstood that the F are also in WISeKey, and they are not. F is only on SEALSQ.

是的。兩個不同的公司。我想你——你可能誤解了 F 也在 WISeKey 中，但實際上不是。 F 僅在 SEALSQ 上。

Exactly. [No, they're not listed either].

確切地。 [不，它們也沒有列出]。

Okay, okay, okay.

好的，好的，好的。

(multiple speakers) [they are not].

（多個發言者）[他們不是]。

I see, I see. Okay. Peter, since I have your attention, could you tell me what the share count was, the average share count that you used to calculate loss per share for the year? Because I didn't see that.

我明白了，我明白了。好的。彼得，既然我引起了你的注意，你能告訴我股票數量是多少，你用來計算當年每股虧損的平均股票數量嗎？因為我沒有看到。

No. Sorry. Kevin, you've asked me that question, so I can prepare. I don't have that number in my head, sorry.

不，對不起。凱文，你已經問過我這個問題了，所以我可以做好準備。我腦子裡沒有那個數字，抱歉。

Okay.

好的。

I can give it to you.

我可以給你。

We'll come back to you, Kevin on the -- yes, yes. We'll come back to you. We will just --.

我們會回來找你，凱文 - 是的，是的。我們會回來找你的。我們只會——。

Okay. Thank you, gentlemen, for entertaining my questions. I really appreciate the candor.

好的。先生們，謝謝你們回答我的問題。我真的很感激坦率。

Thank you very much, Kevin, for your questions.

凱文，非常感謝你提出的問題。

There are no further questions at this time. I would like to turn the floor back over to Mr. Moreira for closing comments.

目前沒有其他問題。我想將發言權轉回給莫雷拉先生，以徵求結束意見。

Okay, so thank you very much to everyone. As I mentioned, we will be in contact with all of you soon because WISeKey will be celebrating the Nasdaq bell of SEALSQ, and all WISeKey shareholders are now also SEALSQ shareholders as we have been providing 20% of the SEALSQ shares to WISeKey shareholders. And that was approved by the last week extraordinary general meeting. So just use this opportunity to invite you to join us at the 26th at the opening bell in New York at the Nasdaq to celebrate the SEALSQ entrance in the Nasdaq Stock Exchange.

好的，非常感謝大家。正如我提到的，我們將很快與大家聯繫，因為 WISeKey 將慶祝 SEALSQ 在納斯達克的鐘聲，所有 WISeKey 股東現在也是 SEALSQ 股東，因為我們一直向 WISeKey 股東提供 20% 的 SEALSQ 股份。這是上週特別股東大會批准的。因此，請藉此機會邀請您參加 26 日紐約納斯達克開市鐘聲，慶祝 SEALSQ 進入納斯達克證券交易所。

And if you have any question or any concern, you can contact us or contact Lena or investment relations in New York, and we will be happy to answer any question on concern. Thank you very much for participating in today's call, and we look forward to see you soon. And thank you for your organizers of the call as well.

如果您有任何問題或疑慮，可以聯繫我們或聯繫 Lena 或紐約的投資關係，我們將很樂意回答任何疑慮。非常感謝您參加今天的電話會議，我們期待很快見到您。也感謝您的電話會議組織者。

Yes. Thank you.

是的。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。