Wisekey International Holding AG (WKEY) 2025 Q2 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the WISeKey International Holdings 2025 interim financial results earnings conference call.

女士們、先生們，大家好，歡迎參加 WISeKey International Holdings 2025 年中期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 actual results, financial condition, performance, or achievements of WISeKey International Holding Limited to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements.

提醒一下，本次電話會議包含前瞻性陳述。此類聲明涉及某些已知和未知的風險、不確定性和其他因素，可能導致 WISeKey International Holding Limited 的實際結果、財務狀況、業績或成就與此類前瞻性聲明表達或暗示的任何未來結果、業績或成就存在重大差異。

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

WISeKey 自本日起提供此通訊，並不承諾根據新資訊、未來事件或其他情況更新本文中包含的任何前瞻性陳述。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹 WISeKey 的創辦人兼執行長 Carlos Moreira。莫雷拉先生，您可以開始。

Good afternoon to all of you joining us from Europe and the United States. I am joined today by our Chief Financial Officer, Mr. John O'Hara. And I'll start this call by providing highlights on the company performance and also on the subsidiary level initiatives for the first half of 2025. I will disclose the growth opportunities since the beginning of 2025 and moving forward, and then John will provide commentaries on our financial conditions in greater detail. Then we will open the floor to Q&A.

來自歐洲和美國的各位嘉賓下午好。今天與我一同出席的還有我們的財務長約翰‧奧哈拉先生。我首先將介紹公司績效以及 2025 年上半年子公司層面的舉措。我將揭露自 2025 年初以來及未來的成長機會，然後約翰將更詳細地評論我們的財務狀況。然後我們將進入問答環節。

I would like to provide now a short overview of the corporate structure. So WISeKey is a Swiss cybersecurity company created in 1999, which I am the founder. As a computer infrastructure provider, WISeKey delivers secure platforms for data and device management across various industries, including finance, health care, and government.

現在我想簡單介紹一下公司結構。WISeKey 是一家成立於 1999 年的瑞士網路安全公司，而我也是創辦人。作為電腦基礎設施提供商，WISeKey 為金融、醫療保健和政府等各個行業的數據和設備管理提供安全平台。

Leveraging its route of trust technology and public infrastructure PKI, WISeKey is expanding its legacy technology into the quantum realm. Building on the case of expertise in securing digital identities and enabled trusted communities, WISeKey continues to safeguard traditional encrypted communications and provide strong authentication services to governments, enterprises, and consumer worldwide.

WISeKey 利用其信任技術路線和公共基礎設施 PKI，正在將其傳統技術擴展到量子領域。憑藉在保護數位身分和支援可信任社群方面的專業知識，WISeKey 將繼續保護傳統的加密通信，並為全球政府、企業和消費者提供強大的身分驗證服務。

At the same time, WISeKey is pioneering the transition toward the next generation of security through the post-quantum cryptography, what we call PQC. This dual approach ensures that existing infrastructures remain protected today while preparing them for a future where quantum computers will challenge conventional cryptographic standard. It is being projected and this will happen in 2030. So we have only a few years to get ready. By integrating PQC into semiconductors, IoT and digital identity solutions, WISeKey is setting the foundation for a quantum resilient digital ecosystem, ensuring continuity of trust and privacy in the post-quantum era.

同時，WISeKey 正在透過後量子密碼學（我們稱之為 PQC）引領下一代安全技術的轉變。這種雙重方法既能確保現有基礎設施在目前仍能受到保護，又能為未來量子電腦挑戰傳統密碼標準做好準備。預計量子電腦將在2030年挑戰傳統密碼標準。所以我們只有幾年的時間可以準備。透過將 PQC 整合到半導體、物聯網和數位身分解決方案中，WISeKey 正在為量子彈性數位生態系統奠定基礎，確保後量子時代的信任和隱私的連續性。

So WISeKey operates also as a holding company, encompassing several specialized operational subsidiaries, each subsidiary plays a crucial role in the WISeKey ecosystem contributing through independent research and development and expertise while integrating their technology into the overall WISeKey platform. This businesses are no longer operating as a separate businesses, but as a single interconnected ecosystem, what we call the convergent effect.

因此，WISeKey 也作為控股公司運營，旗下擁有多家專業營運子公司，每家子公司都在 WISeKey 生態系統中發揮著至關重要的作用，透過獨立的研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。這些企業不再作為獨立的企業經營，而是作為一個相互關聯的生態系統運營，我們稱之為收斂效應。

Specifically, these companies are SEALSQ, which is well known now as it is a listed company on the Nasdaq under the symbol LAES, which focus on advanced semiconductor technology and it's coming with a world first in November of a post-quantum chip.

具體來說，這些公司包括SEALSQ，該公司現已廣為人知，因為它是一家在納斯達克上市的公司，股票代碼為LA​​ES，該公司專注於先進的半導體技術，並將於11月推出全球首款後量子晶片。

WISeID, which offers Root of Trust and PKI services central to the WISeKey digital identity and encryption services and ecosystem. WISeSaT, a newcomer also in the last year, which offers space technology using and developing and securing picosatellite for secure communications from the space.

WISeID 提供 WISeKey 數位身分和加密服務和生態系統的核心信任根和 PKI 服務。WISeSaT 也是去年的新公司，它提供太空技術，利用、開發和保護微型衛星，實現太空安全通訊。

We also have WISe.ART, it's the trusted blockchain and NFT segment, offering secure digital asset solution. And lastly, we have SEALCOIN AG, which was incorporated in 2024 and is developing the SEALCOIN platform and is focusing on a decentralized physical Internet with a soon-to-come token with name QAIT.

我們還有 WISe.ART，它是值得信賴的區塊鏈和 NFT 部分，提供安全的數位資產解決方案。最後，我們還有 SEALCOIN AG，該公司成立於 2024 年，正在開發 SEALCOIN 平台，並專注於去中心化的實體互聯網，即將推出名為 QAIT 的代幣。

In regard to the first half of 2025 has been a decisive step forward in the execution of WISeKey Quantum convergence strategy. So the WISeKey Quantum convergence strategy launched last year has the combining existency of combining different assets like proven identity, security methods with emerging quantum safe technologies to ensure a smooth transition into the post-quantum era. It maintains the protection of current infrastructure while -- sorry, classical cryptographic capabilities while progressing, integrating post-quantum cryptography, what I call PQC, and quantum resilient algorithm.

2025 年上半年是 WISeKey Quantum 融合策略實施的關鍵一步。因此，去年推出的WISeKey Quantum融合策略具有將已驗證身分、安全方法等不同資產與新興量子安全技術相結合的綜合性，以確保順利過渡到後量子時代。它維護了當前基礎設施的保護，同時——抱歉，經典加密功能也在進步，整合了後量子加密，我稱之為 PQC 和量子彈性演算法。

This strategy relies on a hybrid model, where traditional and quantum safe algorithms work together, guaranteeing backward compatibility with avoiding disruption. By applying this convergence across semiconductor, IoT, satellite, digital identities, and blockchain network, it ensures that the trust and privacy remains intact.

該策略依賴混合模型，其中傳統演算法和量子安全演算法協同工作，保證向後相容性並避免中斷。透過在半導體、物聯網、衛星、數位身分和區塊鏈網路中應用這種整合，可以確保信任和隱私保持不變。

As quantum computers advances, the essence of quantum convergence is the bridge today of security with tomorrow challenges, enabling a resilient and future-proof digital ecosystem. This quantum convergence is now beginning to show its financial potential as each component drives value creation for the others, enabling WISeKey to multiply revenues, diversifying them, and starting to reduce the dependency of any single line of business and to capture new recurring income streams.

隨著量子電腦的進步，量子融合的本質是當今安全與未來挑戰之間的橋樑，從而實現具有彈性且面向未來的數位生態系統。這種量子融合現在開始顯示出其財務潛力，因為每個組成部分都為其他組成部分創造價值，使 WISeKey 能夠增加收入、實現收入多樣化，並開始減少對任何單一業務線的依賴，並獲取新的經常性收入來源。

The foundation of this quantum conversion strategy lies in SEALSQ, which I mean before -- I mentioned before, is a major player on that ecosystem and one of the most secure and secure manufacturing capability of post-quantum chips, which is going to be released in November 2025 is a world first, the first post-quantum chip with the capability of protecting against quantum attack.

這個量子轉換策略的基礎在於SEALSQ，我之前提到過，它是這個生態系統的主要參與者，也是最安全的後量子晶片製造能力之一，將於2025年11月發布，這是世界首創，第一個具有抵禦量子攻擊能力的後量子晶片。

So this is positioned to be the world first secure chip to embed NIST-standard quantum-resilient algorithm, the ML8-KEM CRYSTALS-Kyber on ML8-DSA-CRYSTALS-Dilithium which are the NIST standard quantum resistant algorithm that had been available for companies like SEALSQ to implement in their hardware devices.

因此，它將成為世界上第一個嵌入 NIST 標準量子彈性演算法的安全晶片，ML8-DSA-CRYSTALS-Dilithium 上的 ML8-KEM CRYSTALS-Kyber 是 NIST 標準量子抗性演算法，SEALSQ 等公司已可以在其硬體設備中實施。

WISeKey control through its 52% of the voting rights of SEALSQ as of June 30, 2025. The Quantum Shield QS7001, which is the chip, aims to secure critical applications such as cryptocurrency transaction but also defense system, healthcare infrastructure, airport security, and IoT devices against future quantum computing threats.

截至 2025 年 6 月 30 日，WISeKey 透過其對 SEALSQ 的 52% 投票權實現控制。該晶片名為 Quantum Shield QS7001，旨在保護加密貨幣交易等關鍵應用以及國防系統、醫療保健基礎設施、機場安全和物聯網設備免受未來量子運算威脅。

As quantum computer advances towards what we call the [Q-day] when Quantum computers will break traditional encryption like electric curve cryptography, ECC, RSA, the QS7001 chip addresses vulnerability in systems such as Bitcoin and other blockchains that could be hacked with this new computing capability provided by Quantum.

隨著量子電腦邁向我們所說的[Q日]，屆時量子電腦將破解電子曲線密碼、ECC、RSA等傳統加密技術，QS7001晶片解決了比特幣和其他區塊鏈等系統中可能被駭客攻擊的漏洞，量子提供的這種新運算能力。

Current ECC base algorithm, including ECDSA, are susceptible to quantum attack that could compromise public keys and expose funds. The quantum shield QS7001 integrates Lattice-based quantum resistant cryptography to provide secure key storage, efficient signing, and key exchange operation, optimized for hardware wallet, cold storage, and IoT devices.

目前的 ECC 基礎演算法（包括 ECDSA）容易受到量子攻擊，從而可能危及公鑰並暴露資金。量子盾QS7001整合了基於萊迪思的抗量子密碼技術，提供安全的金鑰儲存、高效的簽章和金鑰交換操作，並針對硬體錢包、冷儲存和物聯網設備進行了最佳化。

It also offers a migration framework with hybrid cryptography and tools to transition assistance system to quantum safe standards with minimal disruption. The chip is launched as an open hardware platform to hold personalized customer firmware, enabling full flexibility for all kinds of application.

它還提供了一個具有混合加密和工具的遷移框架，以最小的干擾將輔助系統過渡到量子安全標準。該晶片作為開放的硬體平台推出，可容納個人化的客戶固件，為各種應用提供充分的靈活性。

SEALSQ also plans to launch the trusted platform module version of the QVault TPM in H1 2026. While it's very few competitors only integrate post-quantum cryptography through hardware accelerators that supports PQC via software implementation, SEALSQ QS7001 embeds this quantum resistant algorithms directly at the hardware level.

SEALSQ 也計劃在 2026 年上半年推出 QVault TPM 的可信任平台模組版本。雖然很少有競爭對手僅透過支援透過軟體實現的 PQC 的硬體加速器整合後量子密碼學，但 SEALSQ QS7001 將這種抗量子演算法直接嵌入在硬體層級。

This approach delivers enhanced efficiency, which is around 10 times faster, side-channel protection, and tamper resistance without relying on software layers aiming to provide a more robust foundation for long-term security at high-stake environment.

這種方法提高了效率，速度提高了約 10 倍，具有側通道保護和防篡改功能，無需依賴軟體層，旨在為高風險環境中的長期安全提供更堅實的基礎。

So the conversion does not stop at connectivity. Each secure device will in time be able to transact autonomously between themselves within a SEALCOIN ecosystem from which WISeKey holds 75% of the corporation created.

因此，轉換不止於連接。每個安全設備最終都將能夠在 SEALCOIN 生態系統內自主進行交易，WISeKey 持有該公司 75% 的股份。

This is creating four revenue stream through transaction fees on trusted IoT changes. Earlier this year, WISeKey proved the potential of this model with a world first space-based cryptocurrency transaction, showing, demonstrating how satellites, chips, and the blockchain can combine the power on entire new digital ecosystem or new generation of WISe.ART platform, which WISeKey is owning 87.5% of the Corporation and remainder is held by The Hashguard (sic - Hashgraph) Group, the Hedera blockchain company, which is a pioneering Swiss-based work 3.0 technology company.

這將透過可信任物聯網變化的交易費用創造四個收入來源。今年早些時候，WISeKey 透過世界上第一個基於太空的加密貨幣交易證明了這種模式的潛力，展示並演示了衛星、晶片和區塊鏈如何能夠將整個新數位生態系統或新一代 WISe.ART 平台的力量結合起來，WISeKey 擁有該公司 87.5% 的股份，其餘股份由 Hashguard (原文如此 - Hashgraph) 集團公司持有，這家公司總部位於瑞士的公司 30.技術公司。

So this platform adds a fifth layer by extending this infrastructure into tokenized assets generating transaction revenue from authenticated trading on both digital and physical assets. Together, this creates a diversified yet fully integrated monetization model where every element from chip to satellite to blockchain to marketplace reinforces and extends the other.

因此，該平台透過將基礎設施擴展到標記化資產來增加第五層，從而透過對數位和實體資產進行認證交易來產生交易收入。總之，這創造了一個多樣化但完全整合的貨幣化模型，其中從晶片到衛星到區塊鏈到市場的每個元素都相互加強和擴展。

So for shareholders, the value of this model lies in scalability and resilience. Hardware sales generating media revenue, while OSPT services, satellite subscription, and blockchain transaction and tokenization provide recurring income streams that we expect will grow with adoption.

因此對股東來說，這種模式的價值在於可擴展性和彈性。硬體銷售產生媒體收入，而 OSPT 服務、衛星訂閱以及區塊鏈交易和代幣化提供經常性收入流，我們預計這些收入流將隨著採用而成長。

This means that each customer or partner engagement has a compounding effect. A defense contractor, let's say, adopting SEALSQ chips could also become a client for OSPT services or it can also be a subscriber for WISeSat connectivity, a participant in the SEALCOIN transaction and potentially a user of WISe.ART for tokenized asset management.

這意味著每個客戶或合作夥伴的參與都會產生複合效應。假設一家國防承包商採用了 SEALSQ 晶片，它也可能成為 OSPT 服務的客戶，或者成為 WISeSat 連接的訂戶、SEALCOIN 交易的參與者，甚至可能成為 WISe.ART 代幣化資產管理的用戶。

It is important to note that only few companies in our sector can offer this level of vertical integration and horizontal interoperability and monetization. So this sets us apart from most of our competitors and makes the DNA of WISeKey.

值得注意的是，我們行業中只有少數公司能夠提供這種程度的垂直整合和水平互通性和貨幣化。因此，這使我們有別於大多數競爭對手，並構成了 WISeKey 的 DNA。

Another key point are the strategic partnership in which WISeKey is building further enhancement in shareholder value by creating new addressable market, such as the Quantix Edge Security initiative in Spain, which actually has been announced this morning as a finalization company with a participation of the Spanish government, invested in that company EUR20 million, on which WISeKey is also investing together with SEALSQ EUR10 million.

另一個關鍵點是戰略合作夥伴關係，WISeKey 透過開拓新的目標市場來進一步提升股東價值，例如西班牙的 Quantix Edge Security 計劃，該計劃實際上已於今天上午宣布成為一家有西班牙政府參與的最終公司，並向該公司投資 2000 萬歐元，WISeKey 還與 SEALSQ 共同向該公司投資 1000 萬歐元。

And this company has already a committed revenue of EUR25 million over the next three years for the company. So this is already a very concrete example on how this verticalization works, how you can create what we call decentralized value by bringing the technology at national level. So this is the -- this company is at the heart of semiconductor sovereign strategy in Europe. which is supported by public funding and demand for secure microelectronics.

而該公司已經承諾在未來三年內為該公司帶來2500萬歐元的收入。所以這已經是一個非常具體的例子，說明了垂直化如何運作，如何透過將科技帶到國家層級來創造我們所謂的分散價值。所以這就是——這家公司是歐洲半導體主權策略的核心，它得到了公共資金和安全微電子需求的支持。

Also, our collaboration with the Swiss Army, which is already three years going, demonstrate that our convergence model is not just theoretically but already being deployed to deliver ultra secure sovereign communication, such as connecting mobile phones with our satellites and being able through those mobile phones to secure the communication directly with the satellite and to exchange the keys that they are required to ensure that both devices end-to-end are secure and authenticated or protected.

此外，我們與瑞士軍隊的合作已經持續了三年，這表明我們的融合模型不僅僅是理論上的，而且已經部署用於提供超安全的主權通信，例如將手機與我們的衛星連接起來，並能夠通過這些手機直接與衛星進行安全通信，並交換所需的密鑰，以確保兩個設備端到端都是安全的、經過身份驗證或保護的。

And also our HUMAN-AI-T initiative, which we launched with the United Nations, extends our leadership-based technology into AI global governance, which although is not directly related to revenue generation, it is required in order to ensure that countries of the world can benefit through the AI revolution without the need of dependencies.

此外，我們與聯合國共同發起的「HUMAN-AI-T」倡議將我們基於領導力的技術擴展到人工智慧全球治理，儘管這與創造收入沒有直接關係，但它是必要的，以確保世界各國能夠透過人工智慧革命受益，而無需依賴其他國家。

So those initiatives are strengthening our brand, creating influence over standards, and laying the foundation for future trust services where AI must rely on secure chips, authentication of data, and tamper-proof transaction.

因此，這些措施正在加強我們的品牌，對標準產生影響，並為未來的信任服務奠定基礎，在未來的信任服務中，人工智慧必須依賴安全晶片、資料認證和防篡改交易。

So as WISeKey moves into the second half of 2025, our focus is on scaling execution. Here, I give you a few milestones. We are approaching the commercial launch of SEALSQ’ in Q4 2025. The date actually is now around November 22 as a world first, which we expect will trigger new revenue growth in 2026 and beyond, as already communicated during the earnings call of SEALSQ, where these projections were disclosed.

因此，隨著 WISeKey 進入 2025 年下半年，我們的重點是擴大執行範圍。這裡，我給大家舉幾個里程碑。我們即將於 2025 年第四季推出 SEALSQ' 商業版本。該日期實際上是全球首次在 11 月 22 日左右，我們預計這將在 2026 年及以後引發新的收入成長，正如 SEALSQ 在收益電話會議上披露這些預測時所傳達的那樣。

We're also expanding the WISeSat constellation to increase coverage and open new subscription. Now we have 22 operational satellites in orbit. We are testing real time those satellites on a daily basis by connecting devices to the satellite with a new launch, which is due in November, again, with SpaceX, which will include the new generation chip and will coincide with the world's first launch of VaultIC, the new generation chip for post-quantum capabilities.

我們還在擴大 WISeSat 星座以增加覆蓋範圍並開放新的訂閱。目前，我們有22顆衛星在軌道上運行。我們每天都會即時測試這些衛星，將設備連接到衛星上，新一輪發射將於 11 月進行，同樣與 SpaceX 合作，其中包括新一代晶片，並將與世界上首次發射的 VaultIC（用於後量子功能的新一代晶片）同時進行。

So we are also bringing SEALCOIN and WISe.ART from the pilot stage to commercial deployment, establishing new transactional base income stream. And we are strengthening OSPT footprint to ensure that every chip produced by SEALSQ had rapidly personalized and integrated into this global infrastructure.

因此，我們也將 SEALCOIN 和 WISe.ART 從試點階段推向商業部署，建立新的交易基礎收入流。我們正在加強 OSPT 的覆蓋範圍，以確保 SEALSQ 生產的每個晶片都能快速個人化並整合到這個全球基礎設施中。

For shareholders, the message is loud and clear. WISeKeY convergence strategy is designed to create multiple layers of monetization from each customer relationship recurring revenue stream that compound over time and strategic partnerships that are open to us creating a new market while derisking the execution.

對股東來說，這個訊息是響亮而明確的。WISeKeY 融合策略旨在從每個客戶關係中創造多層貨幣化，這些收入會隨著時間的推移而增加，並且建立策略合作夥伴關係，讓我們在降低執行風險的同時開闢新的市場。

So with $170 million robust pipeline of revenue opportunity at September 8, 2025, for the period '26 to '28, a very strong balance sheet and increased global recognition of a role of the intersection of quantum security, space connectivity, blockchain, and AI, WISeKey is building a business designed to scale, resilience, and long-term shareholder value.

因此，憑藉 2025 年 9 月 8 日 1.7 億美元的強勁收入機會（適用於 2026 年至 2028 年期間）、非常強勁的資產負債表以及全球對量子安全、空間連接、區塊鍊和人工智能交叉領域作用的日益認可，WISeKey 正在構建一個旨在擴大規模、增強彈性和長期股東價值的業務。

So WISeKey is not just adopting to a technology change. Actually, WISeKey is shaping it. We are building new world's sovereign trusted digital infrastructure that the world increase is dependent on as currently the move is to centralize technology in some few countries and few players, which creates a dependency issue.

因此，WISeKey 不僅僅是適應技術變革。事實上，WISeKey 正在塑造它。我們正在建立新的世界主權可信任數位基礎設施，世界越來越依賴它，因為目前的舉措是將技術集中在少數幾個國家和少數幾個參與者手中，這造成了依賴性問題。

So for investors, this represents a unique opportunity to participate in the creation of a company positioned not only to grow revenue but to define the architecture of digital trust for the decades to come.

因此，對於投資者來說，這是一個獨特的機會，可以參與創建一家不僅可以增加收入，還可以定義未來幾十年數位信任架構的公司。

With that, I will now turn the call over to John, who will provide further insights into our first half 2025 financial highlights. So John, please go ahead.

現在，我將把電話轉給約翰，他將進一步介紹我們 2025 年上半年的財務亮點。那麼約翰，請繼續。

Thank you, Carlos. As Carlos mentioned earlier, WISeKey performance in the first half of 2025 is in line with our expectations. While the company is executing on its strategy moving towards next-generation semiconductors, space connectivity, transactional IoT, and blockchain laying the foundation for sustainable long-term growth.

謝謝你，卡洛斯。正如卡洛斯之前提到的，WISeKey 在 2025 年上半年的表現符合我們的預期。公司正在實施向下一代半導體、空間連接、交易物聯網和區塊鏈邁進的策略，為可持續的長期成長奠定基礎。

For the first half of 2025, revenues grew slightly by $0.1 million to $5.3 million, which was entirely in line with our expectations reflecting the continued transition period, which is coming in ahead of the industry-wide strategic shift towards post-quantum and IoT-driven technologies.

2025 年上半年，營收小幅成長 10 萬美元，達到 530 萬美元，這完全符合我們的預期，反映了持續的過渡期，該過渡期正處於全行業向後量子和物聯網驅動技術的戰略轉變之前。

As in slide here, I would highlight that with the second half growth is already -- we've got very -- all our orders for the second half booked out at the SEALSQ level. And we actually now have roughly a 300% higher backlog of book orders for 2026 than we had at the end of 2025. So we already have much more confidence in the figures going ahead in the continued growth.

正如這裡的幻燈片所示，我想強調的是，隨著下半年的增長，我們已經獲得了非常多的訂單，SEALSQ 級別的下半年所有訂單都已預訂一空。實際上，我們現在 2026 年的圖書訂單積壓量比 2025 年底高出約 300%。因此，我們對未來持續成長的數據更有信心。

Our operating losses did increase by $30.2 million to $27.3 million, but this was largely driven by a one-off stock-based compensation charge at the SEALSQ level of $10.1 million. In addition to increased investment in research and development and an increase in the general and administrative costs as a result of an investment in the infrastructure of the company to support developing verticals.

我們的營業虧損確實增加了 3,020 萬美元，達到 2,730 萬美元，但這主要是由於 SEALSQ 的一次性股票薪酬費用為 1,010 萬美元。除了增加研發投入和增加一般及行政成本外，也因為公司對基礎設施進行投資以支持垂直產業的發展。

The increase in the operating losses is partially offset by an increased nonoperating income due to a one-off gain on the settlement of the ExWorks loan, which we recognized a $3.7 million one-off credit as we settle for far less than the amount held on our balance sheet and interest earned on our cash deposits of $1.6 million. This results in a net loss of $22.3 million for the six months to the end of June '25, which has increased by $6.8 million in comparison with the same period last year.

營業虧損的增加被非營業收入的增加部分抵消，非營業收入的增加是由於 ExWorks 貸款結算的一次性收益，我們確認了 370 萬美元的一次性信貸，因為我們結算的金額遠低於資產負債表上持有的金額以及 160 萬美元現金存款所賺取的利息。這導致截至 25 年 6 月底的六個月淨虧損為 2,230 萬美元，與去年同期相比增加了 680 萬美元。

As I just mentioned, we continue to invest in research and development, which for the first half of the year totaled $5.8 million, focusing on the development of SEALSQ's next-generation quantum resistant chips, the SEALCOIN transactional IoT platform, the WISeSaT expansion and Constellation, and the launch of the WISeSaT 3.0 platform.

正如我剛才提到的，我們持續投入研發，上半年累計投入580萬美元，重點在於研發SEALSQ下一代抗量子晶片、SEALCOIN交易型物聯網平台、WISeSaT擴展和Constellation，以及WISeSaT 3.0平台的推出。

Our strong balance sheet and cash balance of $124.6 million as at the end of June, will allow us to accelerate technological development and to execute strategic investments that expand our capabilities, strengthen growth pipeline, and position-wise get the forefront as the transition to quantum resilient security solutions.

截至 6 月底，我們擁有強勁的資產負債表和 1.246 億美元的現金餘額，這將使我們能夠加速技術開發並執行戰略投資，從而擴大我們的能力、加強增長渠道，並在向量子彈性安全解決方案過渡的過程中佔據領先地位。

A brief word on the outlook. We expect strong growth in the second half of the year with full-year revenues expected to be in the range of $18 million to $21 million. This growth is driven by the expected return to growth in the demand for SEALSQ's traditional semiconductor products, the consolidated revenue of IC'ALPS, a subsidiary of SEALSQ since the completion of the acquisition by SEALSQ on August 4, 2025, as well as the continuing development of the revenue streams of our other business divisions.

簡單談談前景。我們預計下半年將強勁成長，全年營收預計在 1,800 萬美元至 2,100 萬美元之間。這項成長的動力包括：SEALSQ 傳統半導體產品需求的預期恢復成長、自 2025 年 8 月 4 日 SEALSQ 完成收購以來 SEALSQ 子公司 IC'ALPS 的合併收入，以及我們其他業務部門收入流的持續發展。

We look forward to reporting our progress in the coming months. With that, this concludes our prepared remarks. I would like to open now the line to Q&A.

我們期待在未來幾個月報告我們的進展。我們的準備演講到此結束。我現在想開始問答環節。

(Operator Instructions) Matthew Galinko, Maxim Group.

（操作員指示）Matthew Galinko，Maxim Group。

Congrats on getting the Quantix deal done. Can you maybe touch on the contribution from Quantix? I think the press release said a relatively even revenue recognition of $20 million over three years. Is there anything we should think about for margins on that project revenue? And is there potential for product revenue on top of the project revenue?

恭喜您完成 Quantix 交易。能談談 Quantix 的貢獻嗎？我認為新聞稿中說的是三年內收入確認相對均勻地達到 2000 萬美元。我們是否應該考慮該項目收入的利潤率？除了專案收入之外，是否還有產品收入的潛力？

Just to clarify, it's $25 million over three years. So margins in that, yes, it's -- they vary a bit because some of it is equipment and plants as we install the equipment in Murcia. So some of that will be lower margin than our traditional semiconductor work, but then other elements will relate to professional service type arrangements, the expertise of our staff, the installation of IP.

需要澄清的是，這是三年 2500 萬美元。因此，利潤率是的，它們有點不同，因為其中一些是我們在穆爾西亞安裝的設備和工廠。因此，其中一些利潤率將低於我們傳統的半導體工作，但其他因素將與專業服務類型的安排、我們員工的專業知識、IP 的安裝有關。

So it would run, we would expect at a higher margin, something much closer to what our -- well, as a margin level, would be very high because some of these staff are already currently employed by us. But yes, we start to be somewhere in the sort of the more traditional margin range.

因此，我們預計它的利潤率會更高，更接近我們的利潤水平，因為其中一些員工目前已經受僱於我們。但是是的，我們開始處於更傳統的利潤範圍。

Then yes, as the PR also hopefully highlighted, we were also agreeing that we will be looking to allow them to sell our next-generation semiconductors and other products directly beforehand so that we don't kind of lose momentum or lose too much time.

是的，正如公關人員所強調的那樣，我們也同意我們將允許他們提前直接銷售我們的下一代半導體和其他產品，這樣我們就不會失去動力或浪費太多時間。

So yes, we would hope that there will be product revenues coming through whilst the center is still under sort of construction.

所以是的，我們希望在中心仍在建造期間就能獲得產品收入。

Yes. Maybe, Matt, this is Carlos. So just maybe to develop a bit further on that point. So this deal is actually a very important deal because this is the first personalization center that we sign, right? So the logical to personalization center is that many countries now they are getting concerned about the dependency on semiconductors and they want to have some kind of control on that process.

是的。也許，馬特，這是卡洛斯。因此也許可以就這一點進行進一步的闡述。所以這筆交易其實是一筆非常重要的交易，因為這是我們簽署的第一個個人化中心，對嗎？因此，個人化中心的邏輯在於，許多國家現在開始擔心對半導體的依賴，並希望對這個過程進行某種控制。

And they start with injecting the keys, although the chips might come from whatever Taiwan, Singapore, whatever, but they want to inject the keys at national level. And those are the machines that John just mentioned.

他們從注入密鑰開始，儘管晶片可能來自台灣、新加坡等地，但他們希望在國家層級注入密鑰。這些就是約翰剛才提到的機器。

So there is going to be a full transfer of knowledge, equipment, licenses, IP, royalties in order for them to be able to do that. So this is -- and that includes obviously a building ultra secure facility, which we just came actually. We were there yesterday. So we were visiting that facility.

因此，為了能夠做到這一點，他們將全面轉移知識、設備、許可證、智慧財產權和版稅。所以這是——這顯然包括一座超級安全設施的建築，實際上我們剛剛到達那裡。我們昨天在那裡。所以我們正在參觀那個設施。

So parallel to that, there is going to be -- this investment is a private partnership with the Spanish government, SETT. So SETT is sitting in EUR18 billion, actually, to develop semiconductor capabilities in Spain. So they are investing in Cisco, got EUR300 million in Barcelona to develop a plant.

同時，這項投資是與西班牙政府 SETT 的私人合作。因此，SETT 實際上擁有 180 億歐元來開發西班牙的半導體產能。因此他們投資思科，在巴塞隆納獲得 3 億歐元來建廠。

There are many companies around the world, and they are coming to Spain due to the fact that the government is willing to co-invest with companies, and they would like to develop semiconductor capabilities at national level. Which is okay, right?

世界各地有許多公司，他們來到西班牙是因為政府願意與公司共同投資，他們希望在國家層級發展半導體能力。沒問題吧？

So they put $20 million, we put $10 million and another start-ups in Murcia, Spain put another $10 million. So obviously for us is we recover our investment, because we have $25 million commitment over the next three years.

所以他們投入了 2000 萬美元，我們投入了 1000 萬美元，西班牙穆爾西亞的另一家新創公司又投入了 1000 萬美元。因此，對我們來說，顯然我們收回了投資，因為我們在未來三年內承諾投資 2500 萬美元。

But in the plus of that, as John said, we're selling immediately the semiconductors even before the center is fully operational to the market, and Spain is a high user of IoT, the electrical solar power plants, all that requires IoT connectivity. It requires authentication, required chips on solar panel. The agricultural business, which is huge in that area, they are using IoT sensors to monitor water irrigation. So there's a lot of very interesting new applications that we are adding to the ones that we already do with these new generation chips.

但正如約翰所說，在中心全面投入市場之前，我們就立即銷售半導體，而西班牙是物聯網、太陽能發電廠的高用戶量，所有這些都需要物聯網連接。它需要身份驗證，太陽能電池板上需要晶片。該地區的農業業務規模龐大，他們正在使用物聯網感測器來監測灌溉水。因此，我們在現有新一代晶片的應用基礎上，又添加了許多非常有趣的新應用。

In plus of that, because SETT is an investor in many other companies, not only us, it creates an ecosystem right? Because the companies where they are also investing, they are creating synergies with other companies that like us now.

除此之外，由於 SETT 不僅是我們的投資者，還投資了許多其他公司，因此它創造了一個生態系統，對嗎？因為他們所投資的公司也正在與我們這樣的其他公司創造協同效應。

So we are entering into new agreements like we signed with OdinS, with TProtege. Those are local companies, and they are very highly specialized in a specific sector that then we can also bring to other countries.

因此，我們正在簽訂新的協議，就像我們與 OdinS、TProtege 簽署的協議一樣。這些都是本地公司，它們在特定領域具有高度的專業化，我們也可以將其帶到其他國家。

As we are currently negotiating actually, similar experience of those personalization centers in several countries, like including the United States in Arizona, where we are also advancing, also in India, also in South Korea. There was last week actually an MoU signed with the [major of civil] and many countries are coming to us to say, wow, we really want to use your technology, not only because it's unique, nobody has it in terms of having this post-quantum chip. But in plus of that, you are maybe the only company in the world that is willing to help us at a national level; other companies, they rather centralize this technology, right? So this is creating a very interesting ecosystem for us.

事實上，我們目前正在洽談，在多個國家，例如美國亞利桑那州，我們也在推動個人化中心的建設，此外，在印度和韓國也都有類似的經驗。上週，我們與[民事專業]簽署了一份諒解備忘錄，許多國家都來找我們說，哇，我們真的想用你們的技術，不僅因為它獨一無二，而且在後量子晶片方面，沒有人擁有過。但除此之外，你們可能是世界上唯一願意在國家層級幫助我們的公司；其他公司更願意集中這項技術，對嗎？這為我們創造了一個非常有趣的生態系統。

And as I mentioned during my introduction, that creates huge synergies with the rest of the companies WISeKey Group has, right? Because once you have those chips deployed at national level, then the next thing is connectivity, then is where the WISeSat satellite makes a lot of sense because we already concrete test on how to connect the satellites directly with sensors, then they are located into IoT devices or device-to-device communication or mobile-to-satellite communication. So that is a totally new industry emerging, and actually WISeSaT is booming, thanks to that, right?

正如我在介紹中提到的，這會與 WISeKey Group 旗下的其他公司產生巨大的協同效應，對嗎？因為一旦你在國家層級部署了這些晶片，那麼接下來的事情就是連接，這時 WISeSat 衛星就很有意義了，因為我們已經對如何將衛星直接與感測器連接進行了具體的測試，然後將它們定位到物聯網設備或設備到設備的通訊或移動到衛星的通訊中。所以這是一個全新的行業，實際上 WISeSaT 正因此而蓬勃發展，對嗎？

And then you have the tokenization, which is also a very interesting technology world first, which is letting machine to pay each other with SEALCOINS, right? So imagine a satellite buying data for another satellite and getting paid with SEALCOINS or a connected car buying data from a plug, electrical plug and do that directly through the car connection to the plug without the need to pay with Visa, MasterCard, right, intermediaries.

然後你就有了標記化，這也是世界上非常有趣的技術，它讓機器用 SEALCOINS 互相支付，對嗎？想像一顆衛星為另一顆衛星購買數據，並透過 SEALCOINS 付款，或是一輛連網汽車從插頭、電插頭購買數據，並直接透過汽車連接到插頭進行購買，而無需使用 Visa、萬事達卡等中介機構付款。

So this is a very complex technology. People sometimes don't grasp the complexity that we are dealing here. But the good thing is the company is really making a huge progress, right? As each of those verticals are evolving.

所以這是一項非常複雜的技術。人們有時無法理解我們在這裡處理的複雜性。但好消息是公司確實取得了巨大的進步，對吧？隨著每個垂直行業都在不斷發展。

And they are creating, as I mentioned, this convergence synergy, which is what I believe is going to be the breakthrough in revenue here, is that once you build a very large microchip infrastructure, they start to want to be connected, they start to be transactional. And that creates a very new stream of revenue for the company in the years to come.

正如我所提到的，他們正在創造這種融合協同效應，我相信這將成為收入的突破，一旦你建立了一個非常大的微晶片基礎設施，他們就會開始想要連接，開始進行交易。這將為公司在未來幾年創造新的收入來源。

Appreciate the answer, Carlos, and John, a lot of color and very helpful to see how everything is coming together. I guess in the follow-up, you talked about the $170 million I think three-year business pipeline on the SEALSQ press release and conference call, and you repeated it here.

感謝卡洛斯和約翰的回答，內容豐富，非常有助於了解一切是如何結合在一起的。我想在後續採訪中，您在 SEALSQ 新聞稿和電話會議上談到了價值 1.7 億美元的三年業務管道，您在這裡重複了這一點。

Can you talk about how significantly the TPM is represented in the pipeline versus some of the other applications of what you're working on? Or is TPM kind of a major component of that?

您能否談談與您正在研究的其他一些應用程式相比，TPM 在管道中的表現有多重要？或者 TPM 是其中一個主要的組成部分？

It's a mixture between the three. It is a mixture between the QS7001, which is the new chip. And that chip is basically upgrading the existing security of existing chips. So clients, and they are on the legacy chips and they are buying 5 million, 10 million of those chips per year. They want to upgrade now.

它是三者的混合體，是新晶片 QS7001 的混合體。該晶片基本上升級了現有晶片的安全性。因此，客戶使用的是傳統晶片，他們每年購買 500 萬到 1000 萬個晶片。他們現在想要升級。

As you know, out of the $170 million, an important piece is the design wins that the company already have with some of our clients, right? And they are -- then they are getting concerned now on the new legislation in the United States, but also in Europe actually now, that by 2027, the White House actually there's going to be in a few days, I guess, in a few weeks is going to be White House, similar to what happened on AI.

如您所知，在這 1.7 億美元中，很重要的一部分是公司已經與一些客戶達成的設計協議，對嗎？他們現在開始擔心美國的新立法，實際上現在也擔心歐洲的新立法，到 2027 年，白宮實際上將在幾天內，我想，幾週內就會出現類似人工智慧的情況。

It's going to be on quantum and regulation of quantum, that says companies needs to be quantum resilient already before 2027. And then by 2030, legacy systems will not be authorized anymore in critical infrastructures, right? So because the risk will become huge because everybody is now kind of in agreement and Quantum day arrives in 2030. And if you wait until 2027 to start to get ready for it, it's going to be too late, right?

這將是關於量子和量子監管的問題，也就是說，公司需要在 2027 年之前具備量子彈性。然後到 2030 年，遺留系統將不再被授權用於關鍵基礎設施，對嗎？因為風險會變得巨大，因為現在每個人都同意，量子日將在 2030 年到來。如果你等到 2027 年才開始為此做準備，那就太晚了，對嗎？

So this regulatory push is making, obviously, and you see that on the evaluation of some Rigetti, IonQ, [the wave], and SEALSQ, you see that happening now. I mean companies that they are in this quantum realm, they are getting a very strong valuation because it's actually easy to project in the next 10 years, what will be the revenue and the valuation of these companies if that momentum happens. And because this is a regulatory type of movement now, it's going to happen.

因此，顯然，這項監管推動正在進行，而且你從對一些 Rigetti、IonQ、[the wave] 和 SEALSQ 的評估中可以看到，這種情況正在發生。我的意思是，處於這種量子領域的公司，它們的估值非常高，因為實際上很容易預測未來10年，如果這種勢頭持續下去，這些公司的收入和估值將會是多少。而且由於現在這是一種監管舉措，這種情況肯定會發生。

I mean, there's no way that companies will not do it because their insurance premium will increase and then the clients who will get concerned on their products are now PQC ready and things like that. So part of the $170 million comes from that.

我的意思是，公司不可能不這樣做，因為他們的保險費會增加，然後那些擔心他們的產品的客戶現在已經準備好 PQC 等等了。因此，1.7億美元的一部分就來自於此。

The other priority comes from the TPM, as you say, and that is a bit later on the year. And the rest is coming actually from the centers because in every center that we built, the price is between $40 million to $100 million, depending the country, right, in the United States is a $100 million project.

正如您所說，另一個優先事項來自 TPM，那是在今年稍後。其餘部分實際上來自中心，因為我們建造的每個中心的價格都在 4000 萬美元到 1 億美元之間，具體取決於國家，在美國是一個 1 億美元的項目。

And you need to -- and even in some cases, we might want to invest together with investors to show that we are really serious about it, and this is important to us because we provide the licensing, the technology, the chips, the machines and everything. It becomes also revenue for the company. So this is the breakdown of the $170 million.

你需要——甚至在某些情況下，我們可能希望與投資者一起投資，以表明我們對此非常認真，這對我們很重要，因為我們提供許可、技術、晶片、機器和一切。這也成為公司的收入。這就是 1.7 億美元的明細。

What is happening now is that clients then they are being using the VaultIC. So VaultIC has been sold already historically 1.6 billion times. So it's a massive community of companies using already our technology. Some of them on a legacy environment, they are now considering to move into post Quantum. Like yesterday, we announced a Taiwanese company that is doing ledger technology for storage of Bitcoin, HashKey storage, and everybody is getting concerned that once Quantum arrives, the blockchain can be compromised. And therefore, people can lose all the bitcoins.

現在發生的情況是，客戶正在使用 VaultIC。因此，VaultIC 歷史上已經被售出了 16 億次。因此，已經有一個龐大的公司社群在使用我們的技術。一些仍在使用傳統環境的公司現在正在考慮進入後量子時代。例如昨天，我們宣布了一家台灣公司正在開發用於比特幣儲存的帳本技術——HashKey 儲存。現在大家都開始擔心，一旦量子時代到來，區塊鏈可能會受到威脅。因此，人們可能會失去所有的比特幣。

And we signed a deal with them where we PQC enabled those devices. They are testing on a small group of devices, but obviously, the normal step is the entire production is going to be PQC ready next year.

我們與他們簽署了一項協議，我們將對這些設備進行 PQC 啟用。他們正在對一組設備進行測試，但顯然，正常步驟是整個生產將在明年做好 PQC 準備。

And I'm sure you're following as analyst the PQC addressable market, which is getting bigger and bigger, because we have, for the time being, we don't really have a clear competitor on PQC. I mean, the possibilities are projecting very high revenue. It becomes very realistic. Very big company.

我相信，作為分析師，您正在關注 PQC 目標市場，這個市場正在變得越來越大，因為目前，我們在 PQC 方面還沒有明顯的競爭對手。我的意思是，它可能會預示著非常高的收入。它變得非常現實。非常大的公司。

One question I get all the time, say, oh, how can you do that? And I don't know, one of those multibillion-dollar chip manufacturing company don't do it? And the reason is that these are very large companies, and it's very hard for them to defocus from the current technology to just develop a PQC technology play and that takes three to five years to do it, right? So this is the years we have that we can conquer the market or at least take as much as possible of the addressable market.

我經常被問到的一個問題是，『哦，你怎麼能這樣做？ ’我不知道，那些價值數十億美元的晶片製造公司中哪一家不這樣做？原因是這些公司規模非常大，他們很難將注意力從現有技術轉移到僅僅開發 PQC 技術上，而這需要三到五年的時間，對嗎？因此，這些年我們能夠征服市場，或至少佔領盡可能多的潛在市場。

Carlos. Great color on that. Maybe just last one for me before I jump back in the queue. You touched on commercializing WISe.ART with the 3.0 release and maybe in conjunction with WISeCoin -- SEALCOIN. Can you touch on maybe how you -- kind of what's the path to commercializing that piece of the business? And what can we expect for that in 2026?

卡洛斯。顏色很棒。在我重新排隊之前，這也許只是我最後一個。您提到了在 3.0 版本中將 WISe.ART 商業化，並可能與 WISeCoin——SEALCOIN 結合。您能否談談，您計劃如何實現這部分業務的商業化？ 2026 年我們對此有何期待？

So WISe.ART we developed, originally, the concept was that if you have a microchip into an object and that object is secure within microchip and authenticated, let's say, a spare part of a car or a drone or a hardware device, you can create digital twins of this part.

因此，我們開發了 WISe.ART，最初的概念是，如果你將微晶片植入某個物體，並且該物體在微晶片內是安全的並且經過了驗證，例如汽車、無人機或硬體設備的備件，那麼你可以創建該部件的數位孿生。

And then on the metaverse or being able to regenerate the car, right, transfer directly from the original into the digital twin environment where engineers can play with the digital twin without touching the car. So that still is the design.

然後在元宇宙中或者能夠重新生成汽車，對吧，直接從原始汽車轉移到數位孿生環境中，工程師可以在不接觸汽車的情況下使用數位孿生。所以這仍然是設計。

And obviously, it's a very early business and the people are not doing that yet. The technology is what 3.0 is a complex technology. You have to put an identity on every spare part. And that identity needs to be storing a secure element, secure element injected into the object. The object then generates the digital twin and so on.

顯然，這是一項非常早期的業務，人們還沒有這樣做。3.0 技術是一項複雜的技術。你必須為每個備件標註一個身分。且該身分需要儲存安全元素，將安全元素注入到物件中。然後該物件產生數位孿生等等。

So we found that art was the easiest way to start. And actually, we were very successful in art. We have now 1,000 of artist and we have thousands of pieces of arts than they have been dematerialized. But then you have these NFT collapse during the last two years, NFT companies like OpenSea and others, they just totally collapsed.

所以我們發現藝術是最簡單的起步方式。事實上，我們在藝術方面非常成功。我們現在有 1,000 名藝術家，擁有數千件藝術品，它們已經非物質化了。但在過去兩年裡，這些 NFT 紛紛崩潰，OpenSea 等 NFT 公司徹底倒閉了。

We have suffered a bit of the misunderstanding of the market and say, oh, WISe.ART is an NFT platform, which is not. So we are basically reeducating the market to really see the potential with WISe.ART, which is becoming less maybe art, it is more like industrial generator of digital twin components to be analyzed on a digital environment.

我們遭受了市場的一點誤解，並說，哦，WISe.ART 是一個 NFT 平台，但事實並非如此。因此，我們基本上是在重新教育市場，真正看到 WISe.ART 的潛力，它可能不再是藝術，而更像是在數位環境中進行分析的數位孿生組件的工業生成器。

And then the SEALCOIN becomes the payment method or whatever you need to do between those devices. I mentioned before it is the machine to machine. So our objective is both companies actually WISe.ART, WISeKey in the identity management. They were very close to create that identity relation. And then we have, as I mentioned, plans to bring SEALCOIN as an exchange.

然後 SEALCOIN 就成為付款方式或您需要在這些設備之間執行的任何操作。我之前提到過它是機器對機器。因此，我們的目標是兩家公司實際上在身分管理方面合作 WISe.ART 和 WISeKey。他們非常親密，從而建立了這種身分關係。然後，正如我所提到的，我們計劃將 SEALCOIN 作為一種交易所。

So SEALCOIN will soon be on a topic change. We will give more information soon about that. And that will obviously create a huge amount of potential new diversification of revenue.

因此SEALCOIN很快就會進入話題轉變階段。我們將很快提供更多相關資訊。這顯然將創造大量潛在的新的收入多樣化。

Also WISeKey acquired 22% of Wecan. So Wecan is another blockchain company that develops -- we did it through the direct investment on SEALSQ. That was the model which we chose at that time. But as we all know, WISeKey controls the interest of SEALSQ. So both companies are working with Wecan in a KYC compliance using blockchain. So this is a very interesting project where you can basically bring Web 3.0 technology to the financial sector and simplify the process of customers or banks to provide KYC-compliant processes and registration.

WISeKey 也收購了 Wecan 22% 的股份。Wecan 是另一家開發區塊鏈的公司——我們透過對 SEALSQ 的直接投資來實現這一目標。那就是我們當時選擇的模型。但眾所周知，WISeKey 控制著 SEALSQ 的利益。兩家公司都在與Wecan合作，利用區塊鏈技術實現KYC合規。這是一個非常有趣的項目，基本上可以將Web 3.0技術引入金融領域，簡化客戶或銀行提供KYC合規流程和註冊的流程。

So you see the technology is converging, and that's the beauty. I think in three years' time, you're not going to be talking so many companies, so many products. You're going to be talking really on Web 3.0 cybersecurity, which is what it's all about and connectivity. And obviously, you need to start somewhere. And the way to start this is by creating those specialized, very focused companies, and they are solving one specific problem. But once this problem is solved, it creates a lot of synergies with the rest of the ecosystem.

所以你看，科技正在融合，這就是美妙之處。我認為三年後，你不會再談論這麼多公司、這麼多產品。您將要談論的是 Web 3.0 網路安全，也就是它的核心內容和連接性。顯然，您需要從某個地方開始。而開始這目標的方法是創造那些專業化、高度專注的公司，它們正在解決一個特定的問題。但一旦這個問題得到解決，它將與生態系統的其他部分產生許多協同效應。

(Operator Instructions) Mr. Moreira, it seems there are no other questions at this time. I'll turn the floor back to you for final comments.

（操作員指示）莫雷拉先生，目前似乎沒有其他問題。我將把最後的發言權交還給您。

So thank you very much for your help in organizing this call. And thank you very much to Matt and the analysts and they have been following us, and also, obviously, our shareholders and investors, that they might be joining the call. If you didn't have the possibility to join, this call has been recorded.

非常感謝您為組織這次電話會議所提供的協助。非常感謝馬特和分析師，他們一直在關注我們，當然還有我們的股東和投資者，他們可能會參加電話會議。如果您沒有機會加入，則此通話已被錄音。

We also have, obviously, all the presentations available on our website. And John and I are here available for any further questions you might have. Thank you very much for your attention, and have all a great day.

顯然，我們的網站上也提供了所有簡報。約翰和我隨時準備好解答您的任何其他問題。非常感謝您的關注，祝大家有個愉快的一天。

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

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。