WISeKey Shares Optimistic Revenue Guidance for FY22, FY23 Driven By Cybersecurity, IoT

WISeKey International Holding AG WKEY, a leading Swiss cybersecurity and IoT company, announced its FY22 revenue guidance and growth opportunities for 2023.
WISeKey expects the total group revenue to exceed $24.5 million, up 10%, year-on-year despite the divestiture of its AI segment.
Also, WISeKey expects its revenue to continue growing in 2023, driven by a projected sales growth for the IoT segment of at least 35%.
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WISeKey will likely gain market share due to its enormous backlog of $37 million, which it expects to deliver within the next 48 months, its $100 million pipeline of opportunities, and significant investment in expanding its sales force.
Furthermore, the divestiture of arago GmbH reduced its cash burn by 40%.
Founder and CEO Carlos Moreira noted: "We continue to see solid demand for our cybersecurity and IoT technologies and our digital transformation is progressing well. While the current geopolitical and macro-economic climate has impacted many in our industry in 2022, WISeKey was not significantly affected. The fundamental drivers across our business are strong, and our semiconductors order growth is accelerating, countering concerns about a short-term slowdown in our industry."
Price Action: WKEY shares traded higher by 0.73% at $1.38 in the premarket on the last check Wednesday.