Why Digital Security Solutions Provider SEALSQ Shares Are Surging Today

SEALSQ Corp LAES announced that its FY23 revenue hit $30 million, a significant increase of 29% year-over-year, exceeding its Q3 outlook of growth in excess of 20%.

SEALSQ also announced extending its available "on-wafer" semiconductor provisioning offering with a new 4-week lead-time "on-Package" chip personalization service.

Through this new service, SEALSQ is now able to offer its clients the option to personalize off-the-shelf secure elements from its VaultIC range with certificates and keys and deliver the pre-loaded chips in less than 4 weeks packed in reels from 1,000 to 20,000 units.

"2024 is poised to be a transitional year for SEALSQ. While we anticipate a temporary slowdown in revenue growth due to the market's shift towards emerging semiconductor technologies, we expect to begin generating revenue from new and developing sources including new cyber trust mark standards and further growth in Matter certification," commented Carlos Moreira, CEO of SEALSQ.

"Our investments in post-quantum resistant technology research and development are projected to yield strong returns from 2025 onwards," added Moreira.

Moreira also discussed SEALCOIN, a venture in the Machine-to-Machine (M2M) economy. This technology enables IoT devices to conduct seamless data and currency exchanges, expanding beyond traditional currency exchange to a comprehensive network of IoT-enabled transactions and services.

The company's growth strategy hinges on investing in next-generation semiconductor technology, expanding its presence in the U.S. market, enhancing production and supply chain efficiency, securing new business opportunities, and developing Trust Services. 

Price Action: LAES shares are trading higher by 30% at $2.08 on the last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.