Sealsq Corp · NASDAQ:LAES
Sealsq — Investor Presentation (November 2023)
46 slides from Sealsq's investor presentation, November 2023
Slide 1: Investor Presentation November 2023
Investor Presentation November 2023 Nasdaq: LAES SEALSQ SEALSQ Corp develops and sells Semiconductors, PKI and Post-Quantum technology hardware and software products
Slide 2: Forward-Looking Statements
Forward-Looking Statements This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, event
Slide 3: About SEALSQ
About SEALSQ Who We Are Problems We Solve Value Proposition Technology & Applications Market Size & Dynamics Competitive Differentiation Strategic Initiatives Financial Highlights & Guidance
Slide 4: About SEALSQ
About SEALSQ SEALSQ develops and sells Semiconductors, PKI and Post-Quantum technology hardware and software products SEALSQ Corp. Data as of November 1, 2023 Established 1998 Nasdaq listed May 2023 (acquired by WISeKey, parent company of SEALSQ in 2016 and reorganized in 2022) Ticker symbol LAES He
Slide 5: SEALSQ: Investment Highlights
SEALSQ: Investment Highlights Recent Operational Highlights Recent Financial Highlights FY 2022 vs FY 2021 • Made significant progress in its strategic • Revenue of $23.2 million (+36%) transformation. • EBITDA of $3.0 million • Further expanded global client base. • Introduced a variety of new prod
Slide 6: Who We Are
Who We Are 25 118 30+ Years Patents listed Countries Developing and selling secure microcontrollers with an embedded firmware and trust services for a wide variety of customers across multiple industries and countries 6
Slide 7: Led by Highly Experienced Management Team
Led by Highly Experienced Management Team Carlos Moreira Peter Ward Bernard Vian Jean-Pierre Enguent David Khalifa Chief Executive Officer and Chief Financial Officer General Manager of Vice President of Research Vice President of Global Chairman of the Board WISeKey Semiconductors and Development S
Slide 8: About SEALSQ
About SEALSQ Who We Are Problems We Solve Value Proposition Technology & Applications Market Size & Dynamics Competitive Differentiation Strategic Initiatives Financial Highlights & Guidance
Slide 9: Problems We Solve
Problems We Solve Challenges Related IoT Security Establish trust between connected devices and the people who use them Reducing Counterfeiting Consequences for Brands Providing Authentic Consumer Engagement Establish a direct and trusted link between brands, products and consumers Allowing Devices
Slide 10: About SEALSQ
About SEALSQ Who We Are Problems We Solve Value Proposition Technology & Applications Market Size & Dynamics Competitive Differentiation Strategic Initiatives Financial Highlights & Guidance
Slide 11: Our Value Proposition
Our Value Proposition The only digital security company acting as one-stop-shop to offer a suite of Micro-controllers and Trust Services to secure any kind of connected devices and systems: European independent Root-of-Trust featuring a Matter PAI and WISUN accredited Root of Trust A managed PKI-aaS
Slide 12: Use Cases
Inventec Landis+6yr VESTEL Parrot = olftet}te . ale SIEMENS Medtronic LEGIc
Slide 13: About SEALSQ
About SEALSQ Who We Are Problems We Solve Value Proposition Technology & Applications Market Size & Dynamics Competitive Differentiation Strategic Initiatives Financial Highlights & Guidance
Slide 14: SEALSQ Certificate Authority
SEALSQ Certificate Authority • 20 years in managed PKI operations • Served over 3,000 corporate or gov. Experienced clients • Ubiquitous trust in browsers & operating systems Compliant with major standards & Alliances Accredited • Versatile PKI as a Service platform • High service level Flexible 14
Slide 15: SEALSQ Trust Services
SEALSQ Trust Services Managed PKI and Certificate lifecycle management SEAL SQ Delivers: Hardware Root of Trust ✓ OISTE CA - Publicly trusted CA Recognized by Browsers, Smart Phones, etc. ✓ Private CA(s) Corporate root of trust ✓ Digital Identity Platform (B2B & B2C) INeS CertifyID ✓ White Label bra
Slide 16: SEALSQ Semiconductor Provisioning Services
SEALSQ Semiconductor Provisioning Services A unique SaaS Platform to provision identities into secure Hardware under a certified environment VAULT I TRUST SaaS Portal Pairing with ID Generation Customer ID Database Chip Wafers Provisioned chips Manufacturing Issuance Wafers testing Data Injection Co
Slide 17: SEALSQ Semiconductor & Embedded Software
SEALSQ Semiconductor & Embedded Software APPLICATIONS MS-600X FAMILY • Secure Storage CC EAL 5+ Certified Secure Controller • Access Control family delivered with SDK for OS • Custom Application development VAULT-IC FAMILY CC EAL4+ & FIPS 140-3 Certified Secure • IoT Security Controller family with
Slide 18: About SEALSQ
About SEALSQ Who We Are Problems We Solve Value Proposition Technology & Applications Market Size & Dynamics Competitive Differentiation Strategic Initiatives Financial Highlights & Guidance
Slide 19: Market Data on Global Semiconductor
Market Data on Global Semiconductor SEALSQ MARKET 19
Slide 20: SEALSQ market play with its semiconductor Security ICs
SEALSQ market play with its semiconductor Security ICs SEALSQ MARKET 20
Slide 21: Market data on Embedded Security ICs
Market data on Embedded Security ICs SEALSQ MARKET SEALSQ market Source: ABI Research 2022 21
Slide 22: «Authentication IC» vs «TPM»
«Authentication IC» vs «TPM» Authentication ICs are MCUs that offer hash functions TPM is an international for authentication and anti-cloning, as well as IP specification developed and protection. published by the TCG o They are based on technology more commonly employed within TPM is an MCU that c
Slide 23: Shipments Forecast for Authentication ICs & TPM – ABI Research 2020
Shipments Forecast for Authentication ICs & TPM –ABI RESEARCH 2020 CAGR AUTHENTICATION IC (Millions units) 2019 2020 2021 2022 2023 2024 19-24 PC Devices & Digital Home 1,126.95 1,005.31 980.47 935.95 882.91 830.68 -5.9% Wearables 0.53 1.13 2.08 3.25 4.52 5.96 62.0% Smart Home (Matter) 11.87 22.60 3
Slide 24: SEALSQ market play with its Managed Services (PKI)
SEALSQ market play with its Managed Services (PKI) WISEKEY/ SEALSQ MARKET 24
Slide 25: Global Market PKI (2022)
Global Market PKI (2022) WISEKEY/ SEALSQ MARKET Source: https://www.technavio.com/report/public-key-infrastructure-market-industry-analysis 25
Slide 26: IoT Device Identities - Market Opportunities
IoT Device Identities - Market Opportunities Devices using WLAN, Cellular, Wired & WNAN WISEKEY/ SEALSQ MARKET 26
Slide 27: IoT Device Identities - Market dynamics
IoT Device Identities - Market dynamics VDC Research 2018* – IoT Market for PKI & certificates Worldwide revenue for PKI for IoT keys, certificates, and related software and services forecasted it to rise to $788M in 2024, at a CAGR of 13.9% from $410M in 2017. o Sale of keys and certificates accoun
Slide 28: About SEALSQ
About SEALSQ Who We Are Problems We Solve Value Proposition Technology & Applications Market Size & Dynamics Competitive Differentiation Strategic Initiatives Financial Highlights & Guidance
Slide 29: Competition Mapping on Embedded Security (Software & Hardware)
Competition Mapping on Embedded Security (Software & Hardware) Embedded Security Provider IP, Software Hardware security with (Trust Zone certified Lab & TEE) 1 (TPM, SE) 2 3 Broadliner Chip Maker 29 X 29 Ranking in Market Share
Slide 30: What is FIPS from US Nist Laboratory?
What is FIPS from US Nist Laboratory ? SEALSQ SECURITY IC ARE FIPS VALIDATED (FIPS 140-2 & FROM NOW FIPS 140-3) 30
Slide 31: Main advantages vs Competition on Security IC
Main advantages vs Competition on Security IC Competitors Type of Solution SEALSQ competitive advantages «Pure» general purpose semiconductors players (design and manufacture chips). SEALSQ STMicro differentiates with: Infineon AUTHENTICATION IC 1. Security IC specifically designed & “tuned” for the
Slide 32: Competition Mapping on Trust Services
Competition Mapping on Trust Services IoT Device Identity provider 1 Pure Legacy software (Public CA players 2 & PKI 3 4 Broadliner (Corporate / User / Device) X Ranking 32 in Market Share 32 32
Slide 33: Main Advantages vs Competition on Trust Services / IoT Identity & PKI
Main Advantages vs Competition on Trust Services / IoT Identity & PKI In IoT space, competitors are mainly Keyfactor Inc, Digicert, Device Authority, Kudelski IoT or home-made solutions Criteria SEALSQ Solutions SEALSQ competitive advantages • INeS Zero Touch Provisioning solves not only the Secure
Slide 34: Barriers to Entry & Alliances: SEALSQ is ahead of the game
Barriers to Entry & Alliances: SEALSQ is ahead of the game Standards / Consortiums: GSMA selects only 2 Root CA / PKI, WISeKey accredited to start business in 2024. More on MATTER (https://csa-iot.org/certification/paa/) Certifications mandated by cybersecurity regulation bodies For SECURITY IC mark
Slide 35: About SEALSQ
About SEALSQ Who We Are Problems We Solve Value Proposition Technology & Applications Market Size & Dynamics Competitive Differentiation Strategic Initiatives Financial Highlights & Guidance
Slide 36: Strategic Roadmap
Strategic Roadmap 1. New Post Quantum Secure Element: Post quantum compatible and state-of-the-art “cyber attack” resistance New Generation of Random Number Generator (the Achille's heel of non secure IoT systems) Easy to customize (shorter lead-time) Compatible with TCG’s TPM standard (new market o
Slide 37: Investing in our Future
R&D Investments Investing in our Future 25 $2.3 M Engineers $1.5 M (Cryptography, in FY 2022 Microelectronics, in H1 2023 PostQuantum Research...) 37
Slide 38: About SEALSQ
About SEALSQ Who We Are Problems We Solve Value Proposition Technology & Applications Market Size & Dynamics Competitive Differentiation Strategic Initiatives Financial Highlights & Guidance
Slide 39: Historical Financial Highlights (Full Year)
Historical Financial Highlights (Full Year) Revenue Gross Profit Net Income (Loss) (all data in $ million) (all data in $ million) (all data in $ million) 5.8 25 23.2 12 6 9.8 10 3 20 17.0 14.4 8 7.1 0 15 6 5.4 -3 10 4 -6 -4.8 5 2 -9 -9.2 0 0 -12 FY 2020 FY 2021 FY 2022 FY 2020 FY 2021 FY 2022 FY 20
Slide 40: Historical Financial Highlights (Half Year & 9M)
Historical Financial Highlights (Half Year & 9M) Revenue Gross Profit (all data in $ million) (all data in $ million) 9M 2023 vs 9M 2022 16 14 14.8 9 8 7 7.8 $22.1 M 12 10.7 6 Revenue 10 4.8 5 +20.4% 8 7.3 4 2.9 6 3 4 2 2 1 0 0 H1 2021 H1 2022 H1 2023 H1 2021 H1 2022 H1 2023 40
Slide 41: Revenue by Region
Revenue by Region FY 2021 Revenues by Region FY 2022 Revenues by Region ($17.0M) ($23.2M) 12% 12% 25% 29% 59% 63% North America Europe, Middle East and Africa Asia Pacific North America Europe, Middle East and Africa Asia Pacific 41
Slide 42: Guidance
Guidance Growth driven by • HIGHER DEMAND in Network IT Infrastructure and Home Automation • INCREASED PRODUCTION CAPACITY AND IMPROVED EFFICIENCY of the supply FY 2023 Guidance chain. • CAPTURE OF SEVERAL NEW BUSINESS OPPORTUNITIES due to launch of advanced +29% MS600X secure platform, with applica
Slide 43: Historical Consolidated Statements of Comprehensive Income/(Loss)
Historical Consolidated Statements of Comprehensive Income/(Loss) SEALSQ Corp, Interim financial statements for the six months ended June 30, 2023 6 months ended June 30, USD'000 2023 2022 2021 Net sales 14,751 10,656 7,328 Cost of sales (6,760) (6,130) (4,087) Depreciation of production assets (201
Slide 44: Historical Consolidated Balance Sheets
Historical Consolidated Balance Sheets SEALSQ Corp, Interim Financial Statements as at June 30, 2023 As at June 30, As at December 31, USD'000, "except par value" 2023 2022 ASSETS Current assets Cash and cash equivalents 1,860 4,057 Accounts receivable, net of allowance for doubtful accounts 3,471 2
Slide 45: Historical Consolidated Statements of Comprehensive Income/(Loss)
Historical Consolidated Statements of Comprehensive Income/(Loss) WISeKey Semiconductors SAS, SEALSQ Corp Predecessor Financial Statement for the year ended Dec. 31, 2022 12 months ended December 31, USD'000 2022 2021 2020 Net sales 23,198 16,995 14,317 Cost of sales (13,267) (9,547) (8,147) Depreci
Slide 46: Contact Us
Contact Us SEALSQ Corp. Carlos Moreira Chairman & CEO [email protected] SEALSQ Investor Relations (US) Lena Cati The Equity Group Inc. Tel: +1 212 836-9611 [email protected]