Wisekey International Holding AG (WKEY) 2024 Q2 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the WISeKey International Holding first half 2024 financial results earnings conference call.

女士們、先生們，大家好，歡迎參加 WISeKey International Holding 2024 年上半年財務業績收益電話會議。

As a reminder, this conference call contains forward-looking statements.

提醒一下，本次電話會議包含前瞻性陳述。

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 Holding Ltd to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements.

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，可能導致WISeKey International Holding Ltd 的實際結果、財務狀況、業績或成就與此類陳述明示或暗示的任何未來結果、業績或成就有重大差異。

WISeKey is providing this communication as of this date does not undertake to update any forward-looking statements contained herein as a result of new information, future events, or otherwise.

截至目前，WISeKey 不承諾因新資訊、未來事件或其他情況而更新本文中包含的任何前瞻性陳述。

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

（操作員指示）謹此提醒，本次會議正在錄製中。

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

現在我很高興向您介紹 WISeKey 的創始人兼首席執行官卡洛斯·莫雷拉 (Carlos Moreira)，莫雷拉先生，請您開始吧。

Thank you very much.

非常感謝。

Good afternoon to all of you joining us today for Europe, and good morning to all of you joining us from the United States.

今天參加歐洲會議的各位下午好，來自美國參加我們會議的各位早安。

I am joined today by our Chief Financial Officer, John O'Hara.

今天我們的財務長約翰·奧哈拉 (John O'Hara) 也加入了我的行列。

And I will start this call by providing highlights on the company's performance and subsidiary level initiatives for the first half of 2024.

我將首先介紹公司 2024 年上半年的業績和子公司層面的舉措，以開始本次電話會議。

Then John will provide commentary and our financial conditions in greater details.

然後約翰將提供更詳細的評論和我們的財務狀況。

And before opening the floor to Q&A, I will discuss growth opportunity for the second half of the year and beyond.

在開始問答之前，我將討論今年下半年及以後的成長機會。

So we continue the gradual restructuring that we announced a few months ago of WISeKey into what we call a compute infrastructure company, which is specialized in different assets, such as cybersecurity, digital identity, blockchain, IoT solution, and now lately post quantum semiconductor.

因此，我們繼續將幾個月前宣布的WISeKey 逐步重組為一家運算基礎設施公司，該公司專注於不同的資產，例如網路安全、數位身分、區塊鏈、物聯網解決方案，以及最近的量子半導體。

As a computer infrastructure provided Wisekey delivers secure platforms for data and devices management across various industries, including finance, health care, government, and also IoT industrial applications.

作為提供的電腦基礎設施，Wisekey 為各行業的數據和設備管理提供安全平台，包括金融、醫療保健、政府以及物聯網工業應用。

Leveraging its robust cybersecurity and public infrastructure of over 25 years, WISeKey insurers traditional encrypted communication and a strong authentication while also focusing on next-generation security through post-quantum cryptography.

WISeKey 利用其超過 25 年的強大網路安全和公共基礎設施，確保傳統加密通訊和強大的身份驗證，同時也專注於透過後量子加密技術實現新一代安全。

WISeKey has evolved into a Swiss holding company encompassing several specialized operational subsidiaries, each covering an area of activity of WISeKey Technology ecosystem and Platform.

WISeKey 已發展成為一家瑞士控股公司，擁有多個專業營運子公司，每個子公司都涵蓋 WISeKey 技術生態系統和平台的活動領域。

Some of them are SEALSQ formerly WISeKey Semiconductor, which was listed on the Nasdaq in 2023, under the symbol LAES.

其中包括 SEALSQ，前身為 WISeKey Semiconductor，該公司於 2023 年在納斯達克上市，代號為 LAES。

SEALSQ focuses on advance conductor technologies.

SEALSQ 專注於先進導體技術。

WISeID, the PTI component, the root of trails, and PKI segment, central to the WISeKey Identity and Trust encryption services.

WISeID、PTI 元件、路徑根和 PKI 區段，是 WISeKey 身分和信任加密服務的核心。

WISeSat.Space, which is a space technology division, which has been now spin off into a full company utilizing Picosatellites for secure communication front space.

WISeSat.Space 是一個太空技術部門，現已分拆為一家完整的公司，利用微微衛星實現前沿空間的安全通訊。

WISe.ART the trusted blockchain and NFT segment, offering secured digital asset solution.

WISe.ART 是值得信賴的區塊鏈和 NFT 領域，提供安全的數位資產解決方案。

And lastly, SEALCOIN AG incorporated this year to develop the SEALCOIN AG platform and focus on the decentralized physical Internet, what you call DPI.

最後，SEALCOIN AG 今年成立，開發 SEALCOIN AG 平台並專注於去中心化實體互聯網，即所謂的 DPI。

Each subsidiary plays a crucial role in the WISeKey ecosystem contributing through independent research development and expertise while integrating their technology into the overall WISeKey platform.

每個子公司在 WISeKey 生態系統中都發揮著至關重要的作用，透過獨立的研究開發和專業知識做出貢獻，同時將其技術整合到整個 WISeKey 平台中。

WISeKey revenue generation strategies focused on combining stable, mature revenue stream with high potential, pre-revenue companies to create a balanced and sustainable business model.

WISeKey 創收策略專注於將穩定、成熟的收入流與高潛力、未獲利公司結合，以創建平衡且可持續的商業模式。

And this approach is actually allowing WISeKey to leverage its diverse portfolio -- technology portfolio capture in both immediate and future revenue opportunity.

這種方法實際上使 WISeKey 能夠利用其多樣化的產品組合——技術組合來捕捉當前和未來的收入機會。

The core of the WISeKey revenue, as you all know, comes from SEALSQ the semiconductor business then spin off into a full company last year and was listed in the Nasdaq -- it is listed in the Nasdaq Stock Exchange, which serves as the company's financial backbone.

WISeKey的營收核心，大家都知道，來自於SEALSQ，半導體業務去年分拆成一家完整的公司，並在納斯達克上市——它在納斯達克證券交易所上市，作為公司的財務骨幹。

This segment provides consistent income, thanks to a strong marketing presence in sectors such as IoT, cybersecurity, digital identity, matter certification, the cyber trust mark in the United States, and many other movements, and they are making IoT devices requiring this level of security.

由於在物聯網、網路安全、數位身分、物質認證、美國網路信任標誌等領域的強大行銷存在以及許多其他運動，該細分市場提供了穩定的收入，並且他們正在製造需要這種水平的物聯網設備安全。

Complementing this stable revenue source, WISeKey is investing in high-growth potential ventures like WISe.Space, although still in development, WISeSat.Space is poisoned to become a significant revenue generator starting in 2025 by leveraging Picosatellites to deliver secure communication solutions, tracking IoT device.

Complementing this stable revenue source, WISeKey is investing in high-growth potential ventures like WISe.Space, although still in development, WISeSat.Space is poisoned to become a significant revenue generator starting in 2025 by leveraging Picosatellites to deliver secure communication solutions, tracking IoT裝置.

It targets industries like logistics, agriculture, defense, drones that require secure IoT services.

它針對的是物流、農業、國防、無人機等需要安全物聯網服務的產業。

Another key component of WISeKey strategy SEALCOIN AG, which is the [zook] based company, created this year, which is scheduled for launch in 2025.

WISeKey 策略的另一個關鍵組成部分 SEALCOIN AG 是一家基於 [zook] 的公司，於今年創建，計劃於 2025 年推出。

SEALCOIN AG aims to capitalize on the growing decentralized economy by providing a secure, blockchain-based platform for digital transaction and asset management.

SEALCOIN AG 旨在透過提供一個安全的、基於區塊鏈的數位交易和資產管理平台，充分利用不斷增長的去中心化經濟。

This venture will create new revenue channels through tokenization, digital asset management, and blockchain services, tapping into the expanding market for blockchain-based solutions.

該合資企業將透過代幣化、數位資產管理和區塊鏈服務創造新的收入管道，進軍基於區塊鏈的解決方案不斷擴大的市場。

By blending this steady income from its established semiconductor business with the future revenue potential of its emerging ventures, WISeKey insurer's financial resilience.

透過將其成熟半導體業務的穩定收入與其新興企業的未來收入潛力相結合，WISeKey 保險公司的財務彈性得以增強。

This approach allows the company to invest in high potential technologies like space-based communication and blockchain platform while maintaining revenue flow from its mature operations.

這種方法使該公司能夠投資天基通訊和區塊鏈平台等高潛力技術，同時保持其成熟營運的收入流。

By 2025, WISeKey expect these new ventures to significantly contribute to overall revenue working alongside its traditional semiconductor business.

WISeKey 預計，到 2025 年，這些新企業將與其傳統半導體業務一起為其整體收入做出重大貢獻。

Before John covers our financial result for the six months period ended in June 30, 2024, I'd like to highlight that WISeKey performance represent our resilience and strategic ability to add amid rapid technology changes and a year of transitional demand.

在 John 介紹我們截至 2024 年 6 月 30 日的六個月期間的財務業績之前，我想強調一下，WISeKey 的業績代表了我們在快速技術變革和一年的過渡需求中增加的彈性和戰略能力。

For the first half of the year, we announced $5.2 million in revenue, reflecting the -- slowdown in traditional semiconductor revenue and demand, $26.3 million in cash and of June 30, 2024, and $2.9 million investors in R&D projects and technology.

今年上半年，我們宣布收入為 520 萬美元，反映出傳統半導體收入和需求放緩、截至 2024 年 6 月 30 日的現金為 2,630 萬美元，以及研發項目和技術投資者為 290 萬美元。

As we expected, 2024 to be a transitional year driven, as mentioned, by a slowdown in traditional semiconductor demand.

正如我們所預期的那樣，2024 年將是過渡年，如前所述，這是由傳統半導體需求放緩驅動的。

We demonstrated our ability to adapt to ever-changing environment through investment across all subsidiaries, in purchase and technology than we expect to drive recurring revenue for the years to come.

我們透過對所有子公司的採購和技術投資，展示了我們適應不斷變化的環境的能力，超越了我們預期在未來幾年推動經常性收入的能力。

And which will solidify WISeKey position at the forefront of the four industrial revolution.

這將鞏固 WISeKey 在第四次工業革命前沿的地位。

Key areas on the investment for this half of 2024 include CL Post (inaudible) and our [SEALCOIN AG] on the next generation of this technology.

2024 年上半年的關鍵投資領域包括 CL Post（聽不清楚）和我們對下一代這項技術的 [SEALCOIN AG]。

Along this line, I would like to briefly highlight the strategic initiative, which we are undertaking in each of the subsidiaries and which we have made progress in the first half of 2024.

為此，我想簡要地強調我們在各子公司正在實施的策略性舉措，以及我們在 2024 年上半年所取得的進展。

Beginning with SEALSQ.

從 SEALSQ 開始。

For which as announced, we secured $20 million in additional funding during the H1 2024 to expand production facility.

為此，我們在 2024 年上半年獲得了 2,000 萬美元的額外資金，用於擴大生產設施。

The funds are earmarked for the development of the post-quantum semiconductor which are increasingly critical as quantum computer process challenges to tradition encryption system.

這些資金專門用於後量子半導體的開發，隨著量子電腦處理對傳統加密系統的挑戰，後量子半導體變得越來越重要。

SEALSQ is preparing to release engineering sample of its QS-7001 quantum resistant secure chip before the end of the year.

SEALSQ正準備在年底前發布其QS-7001抗量子安全晶片的工程樣品。

This will position SEALSQ is one of the few players on the ever increasing industry, which is TPM.

這將使 SEALSQ 成為不斷增長的 TPM 行業中為數不多的參與者之一。

Our semiconductor subsidiary is also expanding its US day sales team made significant progress towards the establishment of several as cybersecurity chip design and consolation centers, unsecured global partnership.

我們的半導體子公司也在擴大其美國日銷售團隊，在建立多個作為網路安全晶片設計和安慰中心、無擔保的全球合作夥伴關係方面取得了重大進展。

More details on these initiatives can be found by accessing the SEALSQ-H1 2024 earnings new release and unarchived website available on its side.

有關這些舉措的更多詳細信息，請訪問 SEALSQ-H1 2024 年收益新發布及其未存檔的網站。

Another one is WISeSat.Space is also working on a variety of projects expected to drive growth in H2 2024 and beyond.

另一個是 WISeSat.Space 也在進行各種項目，預計將在 2024 年下半年及以後推動成長。

This includes launching a constellation of 88 low orbit satellite by the end of 2027, a total of which satellite had been already launched today in partnership with Force Assistant and SpaceX, which is the carrier for the satellite.

其中包括在 2027 年底之前發射由 88 顆低軌道衛星組成的星座，今天已與 Force Assistant 和衛星營運商 SpaceX 合作發射了總共這些衛星。

Utilizing picosatellite to offer a cost-effective IoT connectivity solution from space and launching a new generation of satellite California with the SpaceX expected to take place in early 2025, although we depend on the launching a slot that they are provided by the SpaceX, which we don't have control. (spoken in foreign language) which has been done for Constellation, monitoring and management.

利用皮衛星從太空提供經濟高效的物聯網連接解決方案，並與 SpaceX 一起發射新一代加州衛星，預計將於 2025 年初發射，儘管我們依賴 SpaceX 提供的發射時段，我們沒有控制權。 （外語）這已經完成了星座、監控和管理。

We also have another antenna installed in the southern part of Spain, which is diversifies the monitoring aspect and developing a European-based neutrosatellite constellation, aiming at ensuring data sovereignty and enhancing international co-operation.

我們還在西班牙南部安裝了另一個天線，使監測方面多樣化，並發展歐洲中衛星星座，旨在確保資料主權和加強國際合作。

And lastly, a collaboration with the Swiss Army (inaudible) WISeSat secure IoT connectivity solution for defense and national security purposes on strategic partnership signed last year and reinforced this year during the H1 period.

最後，與瑞士陸軍（聽不清楚）WISeSat 安全物聯網連接解決方案的合作，用於國防和國家安全目的，去年簽署了戰略合作夥伴關係，並在今年上半年得到了加強。

At WISe.ART, we are working towards the development of the WISe.ART 2.0 platform after a very successful launch on the initial platform with over 1,000 artists already using on daily basis this platform to negotiate their digital art, highly secure for trading NFT digital art and even now physical objects and conducting authenticated online transcation.

在 WISe.ART，我們正在致力於 WISe.ART 2.0 平台的開發，初始平台非常成功，已有超過 1,000 名藝術家每天使用該平台來協商他們的數位藝術，該平台對於 NFT 數位交易高度安全藝術，甚至現在的實物，並進行經過身份驗證的線上交易。

WISestar [growth] is further fueled by the strategic investment from the (inaudible) Association, a Swiss nonprofit organization focused on promoting the global adoption of the Hedera network, which as you probably know, is the promoter and deployer of the H bar [token] which is a very accessible token in the digital economy.

WISestar [成長] 得到了（聽不清楚）協會的策略性投資的進一步推動，該協會是一家瑞士非營利組織，致力於促進Hedera 網路的全球採用，正如您可能知道的那樣，它是H bar [代幣] 的推動者和部署者] 這是數位經濟中非常容易獲得的代幣。

This partnership is expected to significantly bolster above their WISe.ART growth by leveraging Hedera decentralized sustainable public ledger.

透過利用 Hedera 去中心化永續公共帳本，此次合作預計將顯著促進 WISe.ART 的成長。

The WISeKey WISeID ledger layer, which is our DTT platform, or INES platform, which is our digital certification platform, offering PKI as a service is gaining significant traction, the platform allows company to manage device at the station certificate without the need to cost infrastructure and investment.

WISeKey WISeID 帳本層，這是我們的DTT 平台，或INES 平台，這是我們的數位認證平台，提供PKI 作為服務正在獲得巨大的吸引力，該平台允許公司在站證書上管理設備，而無需花費基礎設施和投資。

This area will grow substantially again over the next year as this certification of the object level issuing a digital certificate is becoming compulsory in many industries on which IoT devices need to be secured before they are deployed.

這一領域將在明年再次大幅成長，因為在物聯網設備部署前需要確保安全的許多行業中，頒發數位憑證的物件級認證正在成為強制性的。

Telco in AT, which secured $50 million token investment commitment from GEM digital limited during this H1 period to support the SEALCOIN AG project.

AT 電信公司在上半年從 GEM digital Limited 獲得了 5000 萬美元的代幣投資承諾，以支持 SEALCOIN AG 項目。

Additionally, The Hashgraph Group has committed to providing engineering expertise and strategic guidance in the Work 3.0 economy.

此外，Hashgraph Group 致力於為 Work 3.0 經濟提供工程專業知識和策略指導。

SEALCOIN is poised to become a clip player in the transactional IoT ecosystem, expanding semiconductor sales while enabling autonomous unsecured transactions between IoT devices.

SEALCOIN 有望成為交易物聯網生態系統中的重要參與者，擴大半導體銷售，同時實現物聯網設備之間的自主不安全交易。

A proof of concept of the token is already available on our website.

我們的網站上已經提供了代幣的概念證明。

And the SEALCOIN project leverage their LAT decentralized ledger technology is actually targeted to revolutionize the IoT landscape because this technology has not been deployed anywhere by anyone.

SEALCOIN 專案利用其 LAT 去中心化帳本技術實際上旨在徹底改變物聯網格局，因為該技術尚未被任何人部署在任何地方。

So we are the first group that is fully deploying a IoT infrastructure.

所以我們是第一個全面部署物聯網基礎架構的團隊。

The state-of-the-art platform will facilitate autonomous transaction services for payment exchanges among devices, addressing the growth demand for efficient and trustworthy transaction in the IoT sector.

這個最先進的平台將促進設備之間支付交換的自主交易服務，滿足物聯網領域對高效和值得信賴的交易不斷增長的需求。

Key features and time line for the SEALCOIN follow.

SEALCOIN 的主要功能和時間表如下。

Approval concept was successfully executed on July 25, '24, demonstrating the platform capability to handle secure autonomous IoT devices.

批准概念於 2024 年 7 月 25 日成功執行，展示了處理安全自主物聯網設備的平台能力。

This video of the proof of concept is also available on the sealcoin.ai website.

此概念驗證影片也可在 sealcoin.ai 網站上觀看。

Preceding investment was completed with a raise of $2 million in mid-2024, positioning SEALCOIN for ancillary growth and development.

先前的投資於 2024 年中期完成了 200 萬美元的融資，使 SEALCOIN 能夠實現輔助成長和發展。

And FINMA application, which is in process FINMA is the regulatory body in Switzerland, which requires to give the go ahead and non action letter in order to deploy the token.

FINMA 申請正在進行中 FINMA 是瑞士的監管機構，需要給予批准和不採取行動的函才能部署代幣。

SEALCOIN [AG] is about to submit its application to FINMA ensuring full regulatory compliance as the project progresses.

SEALCOIN [AG] 即將向 FINMA 提交申請，確保專案進度時完全符合監管要求。

The platform has been developed, and it was officially launched in Q3 2024, utilizing their Hashgraph technology, for enhanced scalability and security.

該平台已經開發完成，並於 2024 年第三季正式推出，利用他們的哈希圖技術來增強可擴展性和安全性。

The SEALCOIN platform is expected to go live fully commercially by -- with a token by mid-2025.

SEALCOIN 平台預計將在 2025 年中期以代幣形式全面商業化。

In SEALCOIN is also targeting a digital exchange listing by Q3 2025, providing liquidity and accessibility for the token holders worldwide.

SEALCOIN 還計劃在 2025 年第三季之前在數位交易所上市，為全球代幣持有者提供流動性和可近性。

Before that happens, it is the objective of the company to raise prelisting funding, extra funding, then we'll finance its operation without any dependency from the is budget.

在此之前，公司的目標是籌集上市前資金、額外資金，然後我們將為其營運提供資金，而不依賴預算。

With SEALCOIN, we are not only defining the IoT ecosystem, but also unlocking new revenue avenues for WISeKey.

借助 SEALCOIN，我們不僅定義了物聯網生態系統，還為 WISeKey 開闢了新的收入途徑。

This is an ambitious project and position SEALCOIN as a front runner in both the [TIoT] and world free economy.

這是一個雄心勃勃的項目，並將 SEALCOIN 定位為 [TIoT] 和世界自由經濟的領導者。

With that, I will now turn the call over to John, who will provide further insight into the first financial year highlights.

現在，我將把電話轉給約翰，他將進一步介紹第一個財政年度的亮點。

John, please go ahead.

約翰，請繼續。

Thank you, Carlos.

謝謝你，卡洛斯。

As Carlos mentioned earlier, half year 2024 results demonstrated WISeKey's resilience during a transitional year.

正如 Carlos 之前提到的，2024 年半年的業績證明了 WISeKey 在過渡年的韌性。

WISeKey revenue for the 6-month period ended June 30, 2024, was $5.2 million as compared to $15.1 million in the 6 months ended June 30, 2023.

截至2024年6月30日的6個月期間，WISeKey的收入為520萬美元，而截至2023年6月30日的6個月期間的收入為1510萬美元。

This reduction is in line with our previously announced expectation that 2024 would be a year of transition for WISeKey and our subsidiaries.

這項減少符合我們先前宣布的預期，即 2024 年將是 WISeKey 及其子公司的過渡年。

Revenue decline at the WISeKey level is primarily attributable to our semiconductor vertical, SEALSQ, which announced revenue for H1 2024 of $4.8 million compared to $14.8 million in H1 '20.

WISeKey 層級的收入下降主要歸因於我們的半導體垂直產業 SEALSQ，該公司宣布 2024 年上半年收入為 480 萬美元，而 20 年上半年收入為 1,480 萬美元。

This decline was driven by a decrease in traditional semiconductor demand and high levels of supply at many of our legacy customers are left of impact from the supply challenges we and our clients faced in the past year.

這種下降是由於傳統半導體需求的減少以及我們和我們的客戶在過去一年面臨的供應挑戰的影響而導致我們許多傳統客戶的高供應水平。

As customers use their stock, we expect revenue to begin showing signs of recovery in the second half of 2024 with a material that we expected in 2025 and beyond.

隨著客戶使用他們的庫存，我們預計收入將在 2024 年下半年開始顯示出復甦的跡象，而我們預計在 2025 年及以後的材料。

60% of our net sales for half year '24 came from North America, the trend that we have seen increasingly in which we expect to continue.

24 年半年我們淨銷售額的 60% 來自北美，我們已經越來越多地看到這一趨勢，並且預計將繼續下去。

We've there played advancements to far (inaudible) our presence, specifically in the United States by hiring a sales director for SEALSQ and announcing the establishment of SEALSQ USA Limited.

我們在那裡（聽不清楚）取得了進步，特別是在美國，為 SEALSQ 聘請了一名銷售總監，並宣布成立 SEALSQ USA Limited。

Our next largest market was EMEA, which consisted of 23% of our net sales for H1 '24 and Asia Pacific represented the remaining 17%.

我們的第二大市場是歐洲、中東和非洲 (EMEA)，占我們 24 年上半年淨銷售額的 23%，亞太地區佔剩餘的 17%。

Moving on to gross profit.

轉向毛利。

We saw a similar trend to revenues for the first half of the year.

我們看到上半年的收入趨勢類似。

Our gross profit margin decreased from 53.6% in H1 2023 to 21.5% in 2024.

我們的毛利率從2023年上半年的53.6%下降至2024年的21.5%。

This decline is expected to be temporary and is primarily due to high cost of inventory, coupled with some incompressible fixed costs, while our customers are using their previously accumulated stock.

這種下降預計是暫時的，主要是由於庫存成本較高，加上一些不可壓縮的固定成本，而我們的客戶正在使用先前累積的庫存。

As customers stock levels are depleted and they recommend ordering new products, we expect the revenues to grow and the gross margin to return to our traditional levels.

隨著客戶庫存水準耗盡，他們建議訂購新產品，我們預計收入將成長，毛利率將恢復到傳統水準。

The OpEx, our R&D expenses increased by $0.8 million between H1 2024 and H1 2023.

營運支出，我們的研發費用在 2024 年上半年至 2023 年上半年增加了 80 萬美元。

We as we are working on the development of our next-generation products and revenue streams, including our post Quantum QUASARS project and SEALCOIN IoT project, R&D remains a large part of operating expenses with $ 2.9 million spent in the 6 months ended June 30, 2024, which represents 19% of total operating expenses.

我們正在致力於開發下一代產品和收入流，包括我們的後量子QUASARS 項目和SEALCOIN 物聯網項目，研發仍然是營運支出的很大一部分，在截至6 月30 日的6 個月中花費了290 萬美元， 2024 年，佔總營運費用的 19%。

Our G&A expenditure of $8.3 million has increased by $0.4 million in comparison with the G&A expense for six months ended June 30, 2023.

與截至 2023 年 6 月 30 日止六個月的一般管理費用相比，我們的一般管理費用為 830 萬美元，增加了 40 萬美元。

This increase of around 5% is mainly due to additional legal and audit expenditure of $0.9 million and $0.2 million respectively, in relation to various SEC filings required during the first half relating to the financing we raised via our convertible notes with L1 and Anson.

大約 5% 的成長主要是由於上半年我們透過 L1 和 Anson 的可轉換票據籌集的融資所需的各種 SEC 備案所需的額外法律和審計支出分別為 90 萬美元和 20 萬美元。

These additional expenses were partially offset by a reduction in professional fees by $0.5 million relating to one-off costs incurred in 2023 is a partial spinoff and listing on the Nasdaq of our subsidiary SEALSQ Corp. Our net loss half of the year increased to $15.5 million as compared to a net loss of $7.1 million in H1 2023.

這些額外費用被專業費用減少50 萬美元所部分抵消，這些費用與2023 年我們子公司SEALSQ Corp 部分分拆並在納斯達克上市所產生的一次性成本有關。 1,550 萬美元相較之下，2023 年上半年淨虧損為 710 萬美元。

This includes a $1.4 million increase in income tax expenses related to deferred income tax asset by to.

其中包括與遞延所得稅資產相關的所得稅費用增加 140 萬美元。

Additional information on this is available in our [H1 2024] semi annual report.

有關這方面的更多信息，請參閱我們的 [H1 2024] 半年報告。

Our cash and cash equivalents at June 30, 2024, was $26.3 million compared to $15.3 million at December 31, 2023.

截至 2024 年 6 月 30 日，我們的現金和現金等價物為 2,630 萬美元，而 2023 年 12 月 31 日為 1,530 萬美元。

The most significant source of funding was the $ 20 million funded by the share purchase agreements with L1 Capital and Anson Investor fund.

最重要的資金來源是與 L1 Capital 和 Anson Investor 基金簽訂的股份購買協議提供的 2,000 萬美元。

This strong cash position indicates not only our strong financial stability, but the ability to fund strategic initiatives at all our subsidiaries throughout this transitional year.

這種強勁的現金狀況不僅表明我們強大的財務穩定性，而且表明我們有能力在整個過渡的一年中為我們所有子公司的戰略舉措提供資金。

I'll turn the line back to Carlos, who will discuss these initiatives and our growth plan for the second half of 2024 and beyond.

我將把電話轉回卡洛斯，他將討論這些舉措以及我們 2024 年下半年及以後的增長計劃。

Carlos, please go ahead.

卡洛斯，請繼續。

Thanks, John.

謝謝，約翰。

In regard to the outlook, we expect the projects and technology investment previously discussed across subsidiaries to being materialized in the second half of 2024.

就前景而言，我們預計先前在各子公司討論的項目和技術投資將在 2024 年下半年實現。

Offering improved performance at WISeKey subject to that timing.

根據該時間安排，在 WISeKey 上提供改進的效能。

For the remainder of 2024, we anticipate improved performance as compared to H1 '24 subject to the materialization timing of previously announced projects and transition demand for the next-generation semiconductor products.

在 2024 年剩餘時間內，我們預計效能將比 24 年上半年有所改善，具體取決於先前宣布的專案的實現時間和下一代半導體產品的過渡需求。

However, we do expect a return to growth in 2025 and beyond, evidence by our strong business pipeline.

然而，我們確實預期 2025 年及以後將恢復成長，我們強大的業務管道就是證明。

And the fact, as announced earlier in the year, we are in final negotiation process to deploy a full personalization center in Murcia in Spain, with the participation of the Spanish government through their specialized corporate vehicle created with a name [SETT] that has a total of $18 billion to be invested in creating a semiconductor focused industry in Spain on which our project will be one of the first projects to be announced.

事實上，正如今年早些時候宣布的那樣，我們正處於最後的談判過程中，以在西班牙穆爾西亞部署一個完整的個性化中心，西班牙政府透過其名為[SETT] 的專業企業工具參與其中，該企業具有將投資總計 180 億美元在西班牙創建以半導體為重點的產業，我們的項目將是首批宣布的項目之一。

Our pipeline of current and new opportunities stood at $71 million as of September 20, '24, driven by the launch of the next generation of semiconductors mainly, which we expect to release in 2025 the development of WISeSaT satellite-based security solution following the launch of its new picosatellite in the first quarter of 2025 and the introduction of SEALCOIN, machine-to-machine transaction IoT, services and token.

截至 2024 年 9 月 20 日，我們的當前和新機會管道已達 7,100 萬美元，主要是由下一代半導體的推出推動的，我們預計將在 2025 年發布基於 WISeSaT 衛星的安全解決方案的開發2025 年第一季推出新的皮衛星，並推出SEALCOIN、機器對機器交易物聯網、服務和代幣。

On WISeKey, we are gearing up to long-term growth driven by full scale production of next generation post quantum semiconductor further investment in the space satellite technology with a focus of expanding WISeKey market share in the satellite communications sector.

在 WISeKey 上，我們正​​準備透過下一代後量子半導體的全面生產以及對太空衛星技術的進一步投資來推動長期成長，重點是擴大 WISeKey 在衛星通訊領域的市場份額。

The launch of SEALCOIN is expected to drive significant growth in the transaction of ToT services and machine-to-machine interaction and transaction space. and the potential public listing of additional subsidiary as we continue to mature then a mature diverse portfolio in blockchain cybersecurity, IoT and space.

SEALCOIN的推出預計將帶動ToT服務交易以及機器對機器互動和交易空間的顯著成長。隨著我們在區塊鏈網路安全、物聯網和太空領域的多元化投資組合的不斷成熟，還有可能公開上市其他子公司。

Overall, despite a year transition in 2024, we believe WISeKey is well positioned for long-term success in supporting customers across all subsidiary and continued technology advances across the cyber security landscape.

總體而言，儘管 2024 年是過渡年，但我們相信 WISeKey 處於有利地位，能夠在支援所有子公司的客戶以及整個網路安全領域的持續技術進步方面取得長期成功。

As you know, business case is highly competitive with very large players nearly monopolized in this space, a company like (inaudible) are not only essential to ensure a decentralization on future capability by those platforms, but also due to its neutrality being located in Switzerland.

如您所知，商業案例競爭激烈，大型企業幾乎壟斷了該領域，像（聽不清楚）這樣的公司不僅對於確保這些平台未來能力的分散至關重要，而且還因為其位於瑞士的中立性。

So this concludes our prepared remarks.

我們準備好的演講到此結束。

I would like now to open the line to Q&A.

我現在想開通問答線路。

Thank you very much for your attention.

非常感謝您的關注。

(Operator Instructions)

（操作員說明）

Kevin Dede, H.C. Wainwright.

凱文·德德，H.C.溫賴特。

Good afternoon, Carlos.

下午好，卡洛斯。

Thanks for having me on the line.

謝謝你讓我接電話。

I appreciate it.

我很感激。

Hello.

你好。

Nice to have you.

很高興有你。

Could you just give me a little bit more color on the restructuring?

您能否給我更多有關重組的資訊？

I get the sense that a lot of the points that you spoke to today are pretty consistent with everything that you offered back in May when you discussed year-end 2023.

我感覺您今天談到的許多觀點與您在 5 月討論 2023 年底時提供的所有內容都非常一致。

And it's not really clear to me, I guess, what you're referring to, particularly about restructuring.

我想我不太清楚你指的是什麼，特別是關於重組。

Yeah.

是的。

Thank you, Kevin.

謝謝你，凱文。

Yes, I mean what I mean by restructuring is that before we have all these verticals inside WISeKey.

是的，我所說的重組是指在我們將所有這些垂直領域納入 WISeKey 之前。

So there was only one company that was using several verticals, powering by the cybersecurity platform.

因此，只有一家公司在網路安全平台的支援下使用多個垂直行業。

But some of those verticals are pretty independent.

但其中一些垂直領域是相當獨立的。

Do not necessarily need 100% WISeKey integration, like, for instance, the case of the satellite, right, the satellite, we need to build the platform.

不一定需要100%的WISeKey集成，像衛星的情況，對吧，衛星，我們需要搭建平台。

So rather of raising money at the WISeKey and further put the company in a situation of dilution for its shareholders, we are diversifying by letting those verticals to have this own autonomy.

因此，我們不是在 WISeKey 籌集資金並進一步使公司陷入股東稀釋的境地，而是透過讓這些垂直行業擁有自己的自主權來實現多元化。

In the case of SEALCOIN is a good example.

SEALCOIN 就是一個很好的例子。

We raised money from Hedera.

我們從 Hedera 籌集了資金。

In the case of Wizard, we raised money for WISe.ART. But this is as a shareholder of each individual company versus as diluting WISeKey to raise the money, right?

就 Wizard 而言，我們為 WISe.ART 籌集了資金。但這是作為每個公司的股東而不是稀釋 WISeKey 來籌集資金，對嗎？

So that's what we mean by restructuring is basically restructured the model.

所以這就是我們所說的重組，基本上就是重組模型。

It is also a wafer-ha as we say, to potentially spin off one of those verticals companies into a full flash IPO in the future, right?

正如我們所說，這也是一個晶圓哈，未來有可能將其中一家垂直公司分拆為一次全面的快閃記憶體 IPO，對嗎？

I mean they have different growth model.

我的意思是他們有不同的成長模式。

For instance, in the case of WISe space, we financed the initial 17 picosatellite lounge in cooperation with POS.

例如，就 WISe 空間而言，我們與 POS 合作資助了最初的 17 個微微衛星休息室。

But in the future, if we're going to launch 88, we will need the help of other clients, and they would like to share space satellite ecosystem with us.

但未來如果我們要發射88，我們將需要其他客戶的幫助，他們願意與我們分享太空衛星生態系統。

That's launching one satellite to space is around $300,000 per satellite, and that includes the launch costs with SpaceX.

向太空發射一顆衛星的成本約為每顆衛星 30 萬美元，其中包括 SpaceX 的發射成本。

So that's why we verticalized now.

這就是我們現在垂直化的原因。

So now, let's say, an investor that wants to invest in space, but now in cybersecurity can go into a WISe space or an investor that wants to buy token, invest in token or deploy the token platform with us, they will invest in SEALCOIN or a blockchain NFT art focus exchange platform investor, then they would like to invest in or they will go to Wizard.

所以現在，假設一個投資者想要投資太空，但現在在網路安全領域可以進入 WISe 空間，或者一個投資者想要購買代幣、投資代幣或與我們一起部署代幣平台，他們將投資 SEALCOIN或者是區塊鏈NFT藝術品焦點交易平台投資者，那麼他們想投資或他們會去巫師。

So that obviously reduces the need for WISeKey to keep investing into this platform and creates autonomous process towards a potential IPO of each of them or different type of exit for one of them.

因此，這顯然減少了 WISeKey 繼續投資該平台的需要，並為每個平台的潛在 IPO 或其中一個平台的不同類型退出創建自主流程。

But doesn't the funding for each of them still fall onto WISeKey's balance sheet?

但它們各自的資金是否仍落在 WISeKey 的資產負債表上？

.

。

Yeah, yeah, absolutely.

是的，是的，絕對是的。

Yes.

是的。

The only thing is aggregates, right?

唯一的事情就是聚合，對嗎？

Because WISeKey consolidated revenue -- but in the case and this is public information, we raise money for WISe.ART with Hedera, which is the blockchain company.

因為 WISeKey 合併了收入，但在這種情況下，這是公開訊息，我們與區塊鏈公司 Hedera 一起為 WISe.ART 籌集資金。

And we did also for SEALSQ as a concrete examples.

我們也以 SEALSQ 為例。

But on all of them, WISeKey maintains majority shareholder.

但在所有這些公司中，WISeKey 均保持多數股東地位。

And we also spin off SEALSQ, as you know, which was not another spin-off of one of the core business.

如您所知，我們還剝離了 SEALSQ，這並不是核心業務之一的另一項剝離。

Okay.

好的。

You mentioned launching what satellite number 18 for WISeSaT, next year is a function of SpaceX scheduling.

您提到明年為 WISeSaT 發射 18 號衛星是 SpaceX 計畫的一部分。

I was wondering if you could dig a little bit more to that.

我想知道你是否可以對此進行更多挖掘。

Give us your view of how consistent the SpaceX has been in allocating payload to WISeSaT.

請告訴我們您對 SpaceX 在向 WISeSaT 分配有效載荷方面的一致性的看法。

And a little more insight on the customers that you have that have expressed interest.

對您表示有興趣的客戶有更多的了解。

I mean, obviously, you still have a Swiss Army.

我的意思是，顯然，你們仍然擁有一支瑞士軍隊。

So congratulations on that.

所以恭喜你。

But just looking a little bit more on the business development side, given that should probably go hand in hand with developing the network itself.

但只要更專注於業務開發方面，因為這可能應該與網路本身的開發並進。

Yeah, sure.

是的，當然。

So yeah, on the SpaceX, as you know, on this being published by SpaceX, they have some delays which is pushing some of the clients to a later launch.

所以，是的，在 SpaceX 上，正如你所知，在 SpaceX 發布的這篇文章中，他們有一些延遲，這迫使一些客戶推遲發射。

We don't know exactly what are the reasons for -- this is a space information.

我們不知道到底是什麼原因——這是一個空間資訊。

But we knew -- I mean originally, we wanted to launch the satellite in November.

但我們知道——我的意思是，最初我們想在 11 月發射衛星。

And now we are postponing that on a new slot provided by them in January.

現在我們將其推遲到他們一月份提供的新時段。

So there has been two months, three months delay.

於是就耽誤了兩個月、三個月。

The -- this is because we already launched 17 satellites, so the know-how, they know flows.

這是因為我們已經發射了 17 顆衛星，所以他們知道如何流動。

I mean we are in very good terms with them.

我的意思是我們與他們關係非常好。

We don't expect any issue only space, as you know, is very solid to many -- could happen many things that avoid the launch to happen.

我們預計不會出現任何問題，只有太空，正如你所知，對許多人來說是非常可靠的——可能會發生許多避免發射發生的事情。

And this is for even a much bigger operation than we have.

這適用於比我們規模大得多的業務。

So -- but anyway, we are also diversifying the strategy of launches.

所以——但無論如何，我們也在使發布策略多樣化。

We did sign a partnership agreement with PLD space, which is a European launcher in Spain, which will -- once they are operational, they are now in the testing process being available to house if we want to use that launcher.

我們確實與 PLD space 簽署了合作夥伴協議，PLD space 是西班牙的一個歐洲發射器，一旦投入運行，如果我們想使用該發射器，它們現在就可以容納，並處於測試過程中。

And there are other options in New Zealand and a few other places.

紐西蘭和其他一些地方還有其他選擇。

So we are monitoring that process very closely.

所以我們正在非常密切地監控這個過程。

In terms of the clients, so I mean the model now these two models, either you buy from us a $300,000 satellite because you need a satellite in your work, let's imagine a truck company, then they want to track and trace trucks in the middle of the road that we are discussing with them or as announced, port authorities, we did sign two MOU's one with the (inaudible) Wall in Dubai and also Al Jazeera sport, which is the large -- one of the largest ports here in Europe using this technology to track and trace containers from the space.

就客戶而言，所以我指的是現在這兩個模型的模型，要么你從我們這裡購買一顆300,000 美元的衛星，因為你的工作需要一顆衛星，讓我們想像一個卡車公司，然後他們想要追蹤和追蹤中間的卡車關於我們正在與他們討論的道路，或者正如宣布的那樣，港口當局，我們確實簽署了兩份諒解備忘錄，其中一份是與迪拜的（聽不清）牆以及半島電視台體育頻道簽署的，這是歐洲最大的港口之一使用這項技術來追蹤和追蹤太空中的貨櫃。

So this is a market that is slowly development because it's a very new thing.

所以這是一個正在緩慢發展的市場，因為它是一個非常新的事物。

Obviously, you need to have the constellation of satellites first before you are able to offer that service.

顯然，您首先需要擁有衛星群，然後才能提供該服務。

But now there we have at least 18 of them, we can start to approach these potential buyers of this technology.

但現在我們至少有 18 個這樣的客戶，我們可以開始接觸這項技術的這些潛在買家。

And they have two options to buy either they say we're going to aggregate two, three, 10 satellite to your constellation.

他們有兩種購買選擇，要嘛他們說我們將在你們的星座中聚集兩顆、三顆、十顆衛星。

So they will speed up our capability of delivering the ETA or they're going to say, we will provide satellite as a services like telco, basically, we're going to buy capacity on the satellite so we can connect our objects to the satellite.

因此，他們將加快我們提供預計到達時間的能力，或者他們會說，我們將像電信公司一樣提供衛星服務，基本上，我們將購買衛星的容量，以便我們可以將我們的物體連接到衛星。

Obviously -- and this is the spirit of this ecosystem of company that we have created.

顯然——這就是我們創建的公司生態系統的精神。

This also opens the interest of these companies to buy the chips as well because you need to have chips in the sensors than they are the one tracked by the satellite.

這也激發了這些公司購買晶片的興趣，因為感測器中需要的晶片不是衛星追蹤的晶片。

So that creates across enterprise movement where people buy not only one service, but by other services.

因此，這產生了跨企業的流動，人們不僅購買一種服務，而且還購買其他服務。

And then once you have the satellite in orbit, which is the case when you have the contract with the port authorities for tracking containers, then you can use SEALCOIN as a way to create secure payment transactions between objects.

然後，一旦您將衛星送入軌道（即您與港務局簽訂了追蹤貨櫃的合約），您就可以使用 SEALCOIN 作為在物件之間建立安全支付交易的方式。

And this is another company now with an SEALCOIN

這是另一家現在擁有 SEALCOIN 的公司

(inaudible).

（聽不清楚）。

Now SEALCOIN can also always owned by WISeKey can also accelerate the deployment of chips because you need to have a secure element in order to connect your objects with another object in exchange of your SEALCOIN, right?

現在SEALCOIN也可以始終歸WISeKey所有，還可以加速晶片的部署，因為您需要有一個安全元件才能將您的物件與另一個物件連接以交換您的SEALCOIN，對吧？

So SEALCOIN is a very large project, and we are issuing 10 billion SEALCOIN which are going to be afraid around $0.005 per coin.

所以 SEALCOIN 是一個非常大的項目，我們將發行 100 億枚 SEALCOIN，每枚硬幣的價格約為 0.005 美元。

That is about addressable market of $500 million over the next 10 years.

未來 10 年潛在市場規模約 5 億美元。

And that will obviously not only generate revenue for WISeKey also will increase the number of microchips than they would be required to make those subjects transactional through the coin.

顯然，這不僅會為 WISeKey 帶來收入，還會增加晶片的數量，超過透過代幣進行這些主題交易所需的數量。

So everything is match.

所以一切都很匹配。

The one company reinforces the other, the growth in one company will guarantee the growth of the other.

一家公司可以增強另一家公司的實力，一家公司的成長將保證另一家公司的成長。

And this is the kind of interaction.

這就是這種互動。

What I mean we're structuring.

我的意思是我們正在構建。

This is the kind of revenue interaction we are trying to generate here.

這就是我們試圖在這裡產生的收入互動。

Okay.

好的。

Last question for me is just a little more background on the confidence you have with regard to SEALSQ return to growth?

我想問的最後一個問題是關於您對 SEALSQ 恢復增長的信心的更多背景信息？

If you could talk a little bit more about the backlog, you say some of your key customers have, how fast you think they've moved through it, whether or not you think they withheld purchases because they understand the new Quasar chip is coming.

如果你能多談談積壓情況，你會說你的一些關鍵客戶的積壓情況，你認為他們處理積壓的速度有多快，你是否認為他們因為了解新的 Quasar 晶片即將推出而拒絕購買。

Maybe just a little more insight on that, please.

也許對此有更多的了解，請。

Yeah.

是的。

I mean the fact that we are a public company in the SEALSQ is actually maybe handicapping house we will be a private company, will be a total different discussion, right?

我的意思是，我們是 SEALSQ 中的上市公司，這一事實實際上可能會阻礙我們成為一家私人公司，這將是一個完全不同的討論，對嗎？

Because what has really happened here, I mean you cannot evaluate companies than they are doing what SEALSQ is doing on a quarterly basis, right?

因為這裡真正發生的事情，我的意思是，你無法評估公司的表現，而不是他們每季所做的事情，對嗎？

You need time before you move one generation ship to the post quantum chip.

在將一代飛船轉移到後量子晶片之前，您需要時間。

But the problem post quantum check chip, it is not or problem only, it's an industry problem.

但量子檢查晶片後的問題，不只是問題，而是一個產業問題。

Chips are going to be vulnerable to a quantum attack, and people have to change chips, right?

晶片將很容易受到量子攻擊，人們必須更換晶片，對嗎？

Everybody, we are talking about trillions of chips, then they need to migrate a post-quantum chip.

大家，我們正在談論數萬億個晶片，那麼他們需要遷移後量子晶片。

So the current market for TPM is 500 million chips.

所以目前TPM的市場是5億顆晶片。

That's what -- that's what the market needs now today.

這就是當今市場所需要的。

And our target is to capture 10% of that market because there are only four companies in the world, and they are able to provide TPM chips, and we are one of it.

我們的目標是佔領該市場的 10%，因為世界上只有四家公司能夠提供 TPM 晶片，而我們就是其中之一。

.

。

So the 500 addressable market per year, will obviously is only covering something like 1% to 2% of the number of microchips installed, and they will need to be upgraded to post-quantum chips.

因此，每年 500 個潛在市場顯然只覆蓋了已安裝微晶片數量的 1% 到 2%，並且它們需要升級為後量子晶片。

So it's a phenomenal potential growth, right?

所以這是一個驚人的潛在增長，對嗎？

But what is happening now is that clients like clients that they are using or current chips we'll continue using that current chip.

但現在發生的情況是，客戶喜歡他們正在使用的客戶，或者我們將繼續使用當前的晶片。

And this inventory issue this year because last year, we sold $30 million, many of them, especially after we exit the covered period, the concern that maybe a supply chain issue, actually, maybe now with the new geopolitical instability, they are going to go back again and buy more chip because they need to buy chip.

今年的庫存問題是因為去年我們銷售了 3000 萬美元，其中很多，特別是在我們退出涵蓋期之後，人們擔心可能是供應鏈問題，實際上，也許現在隨著新的地緣政治不穩定，他們將再回去買更多晶片，因為他們需要購買晶片。

There is no way that they can sell their products with our chips or chips are par integral part of their product.

他們不可能用我們的晶片來銷售他們的產品，或者晶片是他們產品不可分割的一部分。

So whatever we didn't sell this year, we're going to sell next year.

因此，無論我們今年沒有賣掉什麼，我們明年都會賣掉。

We know that.

我們知道這一點。

The numbers of [optics] and the need of chips are very well established.

[光學元件]的數量和晶片的需求已經非常確定。

And the good news is that because we have now the TPM chip, the quarter chip ready to go.

好消息是，因為我們現在有了 TPM 晶片，季度晶片已準備就緒。

Also next year, they are going to start to move to the next-generation chip.

同樣是明年，他們將開始轉向下一代晶片。

And as I say, [Infineon] and XP, those are the other guys and they have TPM capabilities, but there is no more.

正如我所說，[英飛凌] 和 XP，這些是其他公司，他們具有 TPM 功能，但僅此而已。

So what companies normally do because they are concerned to have dependency on one provider is that they want to have three or four providers.

因此，由於擔心依賴一個提供者，公司通常會採取的做法是希望擁有三到四個提供者。

And we've got going to be one of them.

我們必須成為其中之一。

Actually, or EPN Chip that has even further capabilities to the existing road maps and this information we got from the market, from the existing road map on those companies developing also TPM chip.

實際上，EPN 晶片對現有路線圖具有更進一步的功能，並且我們從市場上以及那些同時開發 TPM 晶片的公司的現有路線圖中獲得了這些資訊。

So our objective is very clear.

所以我們的目標非常明確。

We want to capture 10%.

我們想要佔領10%。

That will give us $50 million revenue just by TPM that will be added by the revenue we are going to collect for the ongoing chip, which we sure will be back again to normal next year once the inventory is done, plus projects like the spread we developed then we are in the process of developing in Spain, but there are also other territories, including in the United States.

這將為我們帶來5000 萬美元的收入，僅透過TPM，再加上我們將為正在進行的晶片收集的收入，一旦庫存完成，我們肯定會在明年恢復正常，再加上像我們的傳播這樣的項目那麼我們正在西班牙進行開發，但也有其他地區，包括美國。

That they will increment the number of chips because that is actually a capability for decentralized the production.

他們將增加晶片的數量，因為這實際上是分散生產的能力。

It's like a factory, right?

它就像一個工廠，對吧？

We have a huge factory and then we're going to create a small factory at a national level than increment.

我們有一個巨大的工廠，然後我們將創建一個國家級的小工廠而不是增量。

So I don't expect at all the -- I mean we are trading in SEALSQ less or valuation is lesser than the money from the company makes that to really no sense, right?

所以我根本不認為——我的意思是我們的 SEALSQ 交易量較少，或者估值低於公司的資金，這真的沒有意義，對吧？

But this is what it is.

但這就是事實。

The market is crazy, and we are paying the consequence of a very hostile market.

市場是瘋狂的，我們正在為一個非常敵對的市場付出代價。

But the projections are very concrete.

但預測非常具體。

The technology is amazing.

這項技術是驚人的。

We are now in the certification of that technology which cuts all of the money on the certification is a $5 million investment certification.

我們現在正在對該技術進行認證，該技術的認證費用為 500 萬美元。

But the reward is that with a 10% of the market immediately.

但回報是立即擁有10%的市佔率。

And this will grow not only because we get a higher market share moving from 10 to 20, but also for the fact that the total addressable is going to be exponentially growing due to the regulations now that we have in place.

這個數字將會成長，不僅因為我們獲得了更高的市場份額，從 10 個增加到 20 個，而且還因為由於我們現在製定的法規，可尋址總量將呈指數級增長。

To protect companies against the arrival of quantity.

保護公司免受數量到達的影響。

Imagine Davos next year it's going to be all about quantum with a strong presence.

想像一下，明年的達沃斯將是量子的盛會，並且具有強大的影響力。

Imagine what will be if quantum capabilities arrive next year, if that quantum computer falls in the hands of hostile players, imagine the damage and then that creating the society, right?

想像一下，如果量子能力明年到來，如果量子電腦落入敵對玩家手中，想像一下造成的破壞，然後創造社會，對嗎？

So post-quantum security is going to be a major driver in the next five years.

因此，後量子安全將成為未來五年的主要驅動力。

Okay, Carlos.

好的，卡洛斯。

Thank you very much for the further explanation.

非常感謝您的進一步解釋。

I appreciate it.

我很感激。

Thank you, Kevin.

謝謝你，凱文。

Thank you very much for your questions.

非常感謝您的提問。

(Operator Instructions).

（操作員說明）。

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I'd now like to hand the call back over to Mr. Moreira for closing comments.

現在我想將電話轉回給莫雷拉先生以供結束評論。

So thank you very much for your time, questions and for the team organizing this call.

非常感謝您抽出時間、提出問題以及組織本次電話會議的團隊。

If you need any further clarifications, John and I, we are available.

如果您需要任何進一步的說明，約翰和我，我們隨時為您服務。

Otherwise, you can also access the WISeKey.com website, investor side, where you will see a transcript of this event, at this meeting, plus obviously all the financial information published by the company.

另外，您還可以造訪投資者方面的 WISeKey.com 網站，您將在其中看到本次會議的本次活動的記錄，以及公司發布的所有財務資訊。

Thank you very much, everybody, and have a great day.

非常感謝大家，祝您有美好的一天。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

此時您可以斷開線路。

Enjoy the rest of your day.

享受你一天剩下的時間。