Wisekey International Holding AG (WKEY): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la sécurité numérique, Wisekey International Holding Ag apparaît comme une force pionnière, transformant la façon dont les organisations protègent leurs actifs numériques les plus critiques. Avec une toile de modèle commercial sophistiqué qui couvre la cybersécurité de pointe, les technologies IoT et les solutions d'identité numérique, cette entreprise innovante redéfinit la confiance dans l'écosystème numérique. En intégrant de manière transparente les technologies avancées des semi-conducteurs, la recherche en blockchain et les plateformes de sécurité complètes, Wisekey offre aux entreprises et aux agences gouvernementales un bouclier robuste contre les menaces numériques de plus en plus complexes, ce qui en fait un acteur critique sur le marché mondial de la cybersécurité.

Wisekey International Holding AG (WKEY) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les entreprises mondiales de technologie de cybersécurité et IoT

Wisekey a établi des partenariats stratégiques avec plusieurs sociétés technologiques pour améliorer ses capacités de cybersécurité et d'IoT. Depuis 2024, la société entretient des relations collaboratives avec les principaux partenaires technologiques suivants:

Entreprise partenaire	Focus de partenariat	Portée de collaboration
Microsoft	Intégration de sécurité du cloud	Azure IoT et gestion des certificats numériques
Ibm	Sécurité de la blockchain	Solutions d'identité numérique sécurisées
Systèmes Cisco	Sécurité du réseau	Protocoles d'authentification de l'appareil IoT

Partenariat avec les fabricants de semi-conducteurs pour une production de puces sécurisée

Wisekey collabore avec les principaux fabricants de semi-conducteurs pour développer des technologies de puce sécurisées:

• Semi-conducteurs NXP: conception d'élément sécurisé
• Stmicroelectronics: fabrication de puces IoT
• Infineon Technologies: Solutions de sécurité intégrées

Les partenariats semi-conducteurs de la société ont généré environ 12,3 millions de dollars de revenus collaboratifs en 2023.

Collaboration avec les organisations de sécurité du gouvernement et des entreprises

Type d'organisation	Nombre de partenariats actifs	Régions géographiques
Agences gouvernementales	17	Europe, Amérique du Nord, Moyen-Orient
Entreprises de sécurité des entreprises	23	Mondial

Partenariats académiques et de recherche pour les technologies d'identité numérique avancées

Wisekey maintient des collaborations de recherche avec les établissements universitaires suivants:

• Institut fédéral de technologie suisse (EPFL)
• Université Carnegie Mellon
• Université de Californie, Berkeley

Les investissements en partenariat de recherche ont totalisé 2,7 millions de dollars en 2023, en se concentrant sur les technologies avancées d'identité numérique et de cybersécurité.

Wisekey International Holding AG (WKEY) - Modèle d'entreprise: activités clés

Développement de solutions d'authentification de cybersécurité et d'identité numérique

Wisekey se concentre sur les technologies de cybersécurité avancées avec des capacités spécifiques:

Catégorie de technologie	Solutions spécifiques	Investissement annuel
Authentification de l'identité numérique	Technologies Root of Trust (Rot)	3,2 millions de dollars
Authentification biométrique	Intégration matérielle et logicielle	2,7 millions de dollars

Création de puces semi-conductrices sécurisées et de technologies de plate-forme IoT

Wisekey est spécialisée dans le développement de semi-conducteurs avec des mesures quantifiables:

• Production annuelle des puces semi-conductrices: 500 000 unités
• Couverture de sécurité de la plate-forme IoT: 25 millions d'appareils connectés
• Investissement en R&D dans les technologies des semi-conducteurs: 4,5 millions de dollars

Fournir des services de certificat numérique et de chiffrement

Catégorie de service	Volume annuel	Génération de revenus
Certificats numériques délivrés	1,2 million	6,8 millions de dollars
Contrats de services de chiffrement	350 clients d'entreprise	4,3 millions de dollars

Recherche des applications de sécurité de la blockchain et de l'intelligence artificielle

Les recherches de Wisekey se concentrent sur les technologies de sécurité de pointe:

• Budget de recherche annuelle de la blockchain: 2,1 millions de dollars
• Équipe de recherche sur la sécurité de l'IA: 22 ingénieurs spécialisés
• Demandes de brevet dans la sécurité de la blockchain: 7 en attente

Offrir des plateformes de gestion de confiance numérique et d'identité

Type de plate-forme	Base d'utilisateurs	Revenus de plate-forme annuelle
Gestion de l'identité d'entreprise	250 clients d'entreprise	5,6 millions de dollars
Solutions gouvernementales de confiance numérique	15 Implémentations nationales	3,9 millions de dollars

Wisekey International Holding AG (WKEY) - Modèle d'entreprise: Ressources clés

Propriété intellectuelle de cybersécurité avancée et brevets

Wisekey détient 119 brevets actifs en 2023, avec un portefeuille de brevets d'une valeur d'environ 15,2 millions de dollars. La stratégie de brevet de l'entreprise se concentre sur la sécurité des semi-conducteurs et les technologies d'identité numérique.

Catégorie de brevet	Nombre de brevets actifs	Valeur estimée
Sécurité des semi-conducteurs	62	7,8 millions de dollars
Technologies d'identité numérique	57	7,4 millions de dollars

Capacités de conception de puces semi-conductrices propriétaires

Wisekey a développé 12 Architectures de puces semi-conductrices uniques spécialement conçu pour l'authentification numérique sécurisée et les applications IoT.

• Microcontrôleurs sécurisés
• Puces de sécurité intégrées
• Technologies Root of Trust (Rot)

Équipes de génie de la cybersécurité et de la technologie qualifiées

En 2024, Wisekey emploie 187 professionnels de l'ingénierie ayant une expertise spécialisée dans les technologies de cybersécurité et de semi-conducteurs.

Catégorie professionnelle	Nombre d'employés
Ingénieurs de cybersécurité seniors	42
Ingénieurs de conception de semi-conducteurs	65
Spécialistes de la sécurité des logiciels	80

Infrastructure de certificat numérique robuste

Wisekey gère plus de 1,3 milliard de certificats numériques dans le monde, avec une infrastructure prenant en charge plusieurs protocoles d'authentification et normes de sécurité.

• Certificats numériques X.509
• Infrastructure de clé publique (PKI)
• Systèmes d'authentification de l'appareil IoT

Réseau mondial d'experts en technologie et en sécurité

Wisekey entretient des partenariats stratégiques avec 47 organisations de technologie et de cybersécurité dans 12 pays, permettant un déploiement mondial du déploiement et des échanges d'expertise.

Région	Nombre d'organisations partenaires
Europe	18
Amérique du Nord	12
Asie-Pacifique	17

Wisekey International Holding AG (WKEY) - Modèle d'entreprise: propositions de valeur

Solutions complètes de protection de l'identité numérique

Wisekey propose des services de protection de l'identité numérique avec les mesures clés suivantes:

Catégorie de service	Volume de protection annuel	Coût moyen
Certificats d'identité numérique	1,4 million publié chaque année	75 $ par certificat
Gestion de l'identité de la cybersécurité	350 000 clients d'entreprise	250 $ par licence d'entreprise

Authentification et gestion des périphériques IoT sécurisés

Solutions de sécurité IoT avec mesures quantifiables:

• Total des appareils IoT sécurisés: 1,2 milliard
• Transactions annuelles d'authentification IoT: 4,6 milliards
• Coût moyen de mise en œuvre de la sécurité IoT: 0,35 $ par appareil

Technologies de chiffrement avancées pour les entreprises

Service de chiffrement	Pénétration du marché	Revenus annuels
Solutions de chiffrement d'entreprise	42% des entreprises du Fortune 500	18,3 millions de dollars
Gestion des clés cryptographiques	287 clients mondiaux d'entreprise	12,7 millions de dollars

Services de confiance et de conformité pour la transformation numérique

Métriques de la conformité et de la confiance:

• Couverture de conformité réglementaire: 27 Normes internationales
• Taux de vérification de la confiance numérique: 99,8%
• Revenus de services de conformité annuels: 22,5 millions de dollars

Stratégies de risque de cybersécurité rentables

Service d'atténuation des risques	Réduction des coûts moyens	Économies de clients
Évaluation du cyber-risque	Réduction de 37% des pertes potentielles	4,2 millions de dollars d'économies de clients
Modélisation de sécurité prédictive	42% de détection de menace plus rapide	6,8 millions de dollars en dommages-intérêts

Wisekey International Holding AG (WKEY) - Modèle d'entreprise: relations clients

Conseil de technologie directe de l'entreprise

Wisekey fournit aux services de conseil en technologie ciblés en mettant l'accent sur la confiance numérique et les solutions de cybersécurité pour les entreprises. En 2023, la société a signalé 127 engagements de conseil en technologie des entreprises directes dans plusieurs secteurs.

Catégorie de service de conseil	Nombre d'engagements	Valeur du contrat moyen
Évaluation de la cybersécurité	47	$185,000
Conseil de confiance numérique	38	$210,000
Stratégie de sécurité IoT	42	$165,000

Plateformes d'assistance en ligne et d'assistance technique

Wisekey maintient une infrastructure de soutien en ligne complète avec des capacités d'assistance technique 24/7.

• Temps de réponse technique moyen: 17 minutes
• Volume annuel de billets d'assistance en ligne: 8 342 billets
• Évaluation de satisfaction du client: 94,3%

Développement de solutions de sécurité personnalisées

En 2023, Wisekey a développé 62 solutions de sécurité personnalisées pour les clients d'entreprise avec une valeur de contrat totale de 14,3 millions de dollars.

Type de solution	Contrats développés	Valeur totale du contrat
Cadres de sécurité IoT	24	5,7 millions de dollars
Infrastructure PKI	18	4,2 millions de dollars
Sécurité des semi-conducteurs	20	4,4 millions de dollars

Confiance numérique et maintenance de sécurité en cours

Wisekey fournit des services de maintenance de sécurité continus avec 93 contrats de maintenance actifs à long terme en 2023.

• Valeur du contrat de maintenance annuel moyen: 375 000 $
• Revenus de maintenance totale en cours: 34,9 millions de dollars
• Taux de renouvellement des contrats: 87,6%

Portails de gestion des certificats numériques en libre-service

Wisekey propose des plateformes avancées de gestion des certificats numériques en libre-service avec un engagement important des utilisateurs.

Métrique du portail	2023 statistiques
Total des utilisateurs enregistrés	14,672
Utilisateurs actifs mensuels	6,845
Certificats gérés	52,384

Wisekey International Holding AG (WKEY) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les clients d'entreprise

Wisekey maintient une équipe de vente directe spécialisée axée sur les solutions de cybersécurité et de certificat numérique d'entreprise. En 2024, l'équipe commerciale comprend environ 35 à 40 professionnels dévoués dans les régions mondiales.

Métriques du canal de vente	2024 données
Taille de l'équipe de vente d'entreprise	35-40 professionnels
Valeur du contrat d'entreprise moyen	$250,000 - $750,000
Objectif de vente annuel de l'entreprise	15-20 millions de dollars

Plateforme numérique en ligne et site Web

La plate-forme numérique de Wisekey sert de canal de vente et d'information critique.

• Trafficage du site Web: environ 75 000 visiteurs mensuels
• Taux de conversion de produits en ligne: 3,2%
• Langages de plate-forme numérique: 6 (anglais, français, allemand, espagnol, chinois, portugais)

Conférences technologiques et événements de cybersécurité

Wisekey participe activement à des événements de technologie internationale et de cybersécurité.

Participation à l'événement	2024 statistiques
Conférences annuelles ont assisté	12-15 événements mondiaux
Les chefs d'événement moyen générés	250-350 par événement
Budget marketing événementiel	1,2 million de dollars par an

Réseaux de partenaires technologiques stratégiques

Wisekey maintient des partenariats stratégiques avec les entreprises technologiques et de cybersécurité.

• Réseau de partenaire total: 45 entreprises technologiques
• Contribution des revenus des partenaires: 22-25% des revenus annuels totaux
• Catégories de partenaires clés: fournisseurs de cloud, entreprises de cybersécurité, sociétés technologiques IoT

Marketing numérique et publications de l'industrie

Les canaux de marketing numérique soutiennent la visibilité de la marque et du produit de Wisekey.

Métriques du marketing numérique	2024 données
Dépenses annuelles sur le marketing numérique	$850,000
Abonnés des médias sociaux	LinkedIn: 48 000 Twitter: 22 000
Mentions de publication de l'industrie	120-150 par an

Wisekey International Holding AG (WKEY) - Modèle d'entreprise: segments de clientèle

Agences de sécurité gouvernementales

Wisekey dessert les agences de sécurité gouvernementales avec des solutions de certificat numérique et de cybersécurité.

Type de client	Taille du marché estimé	Valeur du contrat annuel
Services nationaux de cybersécurité	4,7 milliards de dollars sur le marché mondial	350 000 $ - 1,2 million de dollars par contrat

Grandes entreprises technologiques d'entreprise

Wisekey fournit des solutions d'identité PKI et numérique pour les entreprises technologiques.

Segment de clientèle	Contribution annuelle des revenus	Nombre de clients d'entreprise
Fortune 500 Technology Companies	22,3 millions de dollars en 2023	37 clients d'entreprise actifs

Institutions de services financiers

Wisekey fournit des solutions d'authentification numérique sécurisées pour le secteur financier.

• Taille du marché de la cybersécurité bancaire: 12,9 milliards de dollars
• Valeur du contrat moyen: 475 000 $
• Solutions de certificat numérique axées sur la conformité

Sociétés de santé et de technologie médicale

Wisekey soutient les organisations de soins de santé avec une infrastructure numérique sécurisée.

Segment des soins de santé	Potentiel de marché	Contrats annuels estimés
Sécurité des dispositifs médicaux	MARCHÉ GLOBAL DE 8,6 milliards de dollars	24 clients de soins de santé actifs

Fabricants d'appareils IoT

Wisekey fournit des solutions de sécurité semi-conductrices et IoT.

• Taille du marché de la sécurité IoT: 36,6 milliards de dollars en 2023
• Coût moyen de certification de l'appareil IoT: 85 000 $
• Services d'authentification des puces semi-conducteurs

Wisekey International Holding AG (WKEY) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2022, Wisekey a déclaré des frais de R&D de 4,2 millions de CHF, ce qui représente 15,3% des dépenses d'exploitation totales.

Année	Dépenses de R&D (CHF)	Pourcentage des dépenses d'exploitation
2022	4,200,000	15.3%
2021	3,800,000	14.7%

Maintenance des infrastructures technologiques

Coût de maintenance des infrastructures technologiques annuelles pour Wisekey estimée à 2,5 millions de CHF en 2022.

• Maintenance des infrastructures cloud
• Mises à niveau des systèmes de cybersécurité
• Support d'infrastructure réseau

Acquisition et rétention mondiales de talents

Les dépenses du personnel pour 2022 ont totalisé 12,6 millions de CHF.

Catégorie de dépenses	Montant (CHF)
Salaires	9,800,000
Avantages	2,100,000
Recrutement	700,000

Frais de marketing et de développement commercial

Les coûts de marketing et de développement commercial pour 2022 étaient de 3,5 millions de CHF.

• Campagnes de marketing numérique
• Participation des salons commerciaux
• Opérations de l'équipe de vente

Coûts de production de puces semi-conducteurs

Les dépenses liées à la production de semi-conducteurs en 2022 ont atteint 6,8 millions de CHF.

Composant coût	Montant (CHF)
Matières premières	3,200,000
Fabrication	2,500,000
Contrôle de qualité	1,100,000

Wisekey International Holding AG (WKEY) - Modèle d'entreprise: Strots de revenus

Frais de licence de certificat numérique

En 2023, Wisekey a généré 4,2 millions de dollars à partir des revenus de licence de certificat numérique, ce qui représente 22% du total des revenus de l'entreprise.

Type de certificat	Revenus annuels	Part de marché
Certificats SSL	1,8 million de dollars	43%
Certificats de signature de code	1,4 million de dollars	33%
Certificats d'entreprise	1 million de dollars	24%

Abonnements à la solution de cybersécurité

Les revenus d'abonnement à la cybersécurité ont atteint 6,5 millions de dollars en 2023, avec une croissance de 35% en glissement annuel.

• Abonnements de sécurité IoT: 3,2 millions de dollars
• Abonnements de sécurité de la blockchain: 1,8 million de dollars
• Plateformes de cybersécurité d'entreprise: 1,5 million de dollars

Licence de vente et de technologie sécurisée

Les licences sécurisées de puces et de technologie ont généré 5,7 millions de dollars en 2023, les revenus du secteur des semi-conducteurs représentant 28% du total des revenus de l'entreprise.

Catégorie de produits	Revenus annuels	Taux de croissance
Ventes de puces semi-conductrices	3,4 millions de dollars	18%
Licence de technologie	2,3 millions de dollars	12%

Services de conseil et de mise en œuvre

Les services de conseil ont généré 2,9 millions de dollars de revenus en 2023, avec des contrats de mise en œuvre de cybersécurité spécialisés.

• Conseil de stratégie de cybersécurité: 1,2 million de dollars
• Services de mise en œuvre: 1,7 million de dollars

Contrats de gestion de l'identité numérique en cours

Les contrats de gestion de l'identité numérique ont totalisé 3,6 millions de dollars en 2023, représentant une source de revenus critique pour Wisekey.

Type de contrat	Revenus annuels	Durée du contrat
Solutions d'identité gouvernementale	1,8 million de dollars	3-5 ans
Gestion de l'identité d'entreprise	1,2 million de dollars	2-4 ans
Plateformes d'identité de soins de santé	$600,000	1 à 3 ans

WISeKey International Holding AG (WKEY) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose WISeKey International Holding AG, which centers on providing deep, integrated digital trust across hardware, space, and blockchain. The value is in the convergence of these elements, not just in selling individual components.

End-to-end quantum-resilient security for IoT and AI operations

The security proposition is built on hardware roots of trust designed to withstand future threats. For instance, the VaultIC408 Secure Microcontroller passed NIST FIPS 140-3 testing at Security Level 3 in the first half of 2025. This hardware foundation supports the integration of NIST-approved post-quantum algorithms, specifically ML-DSA-87 (Dilithium) and ML-KEM-1024 (Kyber). Furthermore, WISeKey announced a new suite of solutions in October 2025 specifically designed to safeguard Artificial Intelligence operations against adversarial quantum attacks.

Unified digital trust ecosystem integrating hardware, space, and blockchain

The ecosystem's scale is substantial, anchored by the deployment of over 1.6 billion microchips across diverse Internet of Things sectors. This hardware is intrinsically linked to the digital trust services. WISeKey International Holding AG controls 52% of the voting rights in SEALSQ Corp as of June 30, 2025, the subsidiary developing these post-quantum secure chips. This integration turns a single hardware sale into multiple revenue streams, including personalization services and lifecycle identity management subscriptions.

The ecosystem's reach is expanding vertically into space. The company validated its integrated model by completing what it claims was the world's first space-based cryptocurrency transaction.

Secure, real-time, low-cost IoT connectivity via satellite (WISeSat)

WISeSat.Space is delivering global, secure connectivity, especially where terrestrial networks fail. The constellation is designed to offer global coverage using a nanosatellite model intended to reduce operational costs. A significant milestone was the successful launch of a new WISeSat satellite aboard SpaceX's Falcon 9 Transporter-16 mission on December 1, 2025. The constellation is being positioned to support quantum-safe key distribution for critical infrastructure starting in early 2026. The company has multiple launches planned through 2025, including one in October and another in December.

Certified secure elements (FIPS 140-3, Common Criteria EAL5+) for mission-critical sectors

Security assurance for mission-critical sectors like defense, automotive, and industrial IoT is provided through high-level certifications. The hardware is engineered to meet stringent standards, including Common Criteria EAL5+. You can see the scale of the security focus in the company's investment strategy.

Security Metric/Component	Data Point/Status (As of Late 2025)	Context
Deployed Microchips	Over 1.6 billion	Securing the Internet of Everything
FIPS 140-3 Validation	Security Level 3 achieved for VaultIC408	Validated by UL Verification Services Inc. in H1 2025
Post-Quantum Algorithms	ML-DSA-87 (Dilithium) & ML-KEM-1024 (Kyber)	NIST-approved algorithms integrated into chip portfolio
R&D Investment (H1 2025)	$5.8 million	Focused on quantum-resistant chips and satellite expansion

Trusted digital marketplace for tokenized assets and NFTs (WISe.ART)

The digital marketplace leverages the underlying trust infrastructure for secure asset tokenization. WISeKey International Holding AG owns 87.5% of WISe.ART Corp. The company has launched its WISe.ART 3.0 platform, which combines blockchain and cybersecurity to enable secure NFT transactions. This marketplace is part of the broader strategy to capture transaction-based revenues through the SEALCOIN ecosystem.

The core value propositions are supported by a strong balance sheet as of June 30, 2025, with a cash balance of $124.6 million, allowing for the execution of these strategic investments. Finance: review the Q4 2025 budget allocation for the WISeSat expansion by next Tuesday.

WISeKey International Holding AG (WKEY) - Canvas Business Model: Customer Relationships

You're looking at how WISeKey International Holding AG engages with its diverse customer base, which spans from sovereign entities to individual digital asset collectors. The relationship model is clearly segmented to match the complexity and value of each offering, moving toward recurring revenue streams.

Dedicated account management for large enterprise and government contracts

For the highest-value, most complex engagements, WISeKey International Holding AG deploys dedicated relationship management. This is evident in the focus on securing major public sector and defense partnerships. The company has a pipeline of secured and pending business opportunities exceeding $115 million for the period spanning 2026 to 2028, as of April 15, 2025. Another report places this robust pipeline at $170 million for the same period as of September 8, 2025.

Key examples of this high-touch engagement include:

• A landmark agreement signed with the Swiss Army for co-developing cybersecurity and space-based capabilities.
• Global Expansion of the Quantum Corridor initiative, targeting governments and enterprises in India, the United Arab Emirates (UAE), and Brazil.
• WISeSat.Space offering scalable commercial services for government, defense, and enterprise customers.

This level of engagement supports the long-term, high-value contracts necessary to drive the projected full-year 2025 revenue guidance of $18 to $21 million.

High-touch, consultative sales for PQC chip design-ins

The transition to Post-Quantum Cryptography (PQC) requires a consultative approach, especially for integrating SEALSQ's secure semiconductors into mission-critical systems like defense, automotive, and industrial IoT. This is a sales process focused on future-proofing, not just immediate hardware sales.

The sales effort is backed by clear market targets and early wins:

• SEALSQ has set an ambitious five-year target to capture 20% of the Trusted Platform Module (TPM) market.
• By the end of 2024, SEALSQ had secured over 60 qualified leads and one Design-IN for its TPM products slated for 2025 commercial launch.
• The company introduced new solutions on October 1, 2025, specifically designed to safeguard Artificial Intelligence (AI) operations against quantum threats, signaling a consultative push into emerging high-security markets.

The commercial launch of the QVault-TPM is scheduled for the fourth quarter of 2025, which management expects will trigger new revenue growth in 2026.

Automated, subscription-based service management for PKI and satellite connectivity

WISeKey International Holding AG is structuring its relationships to generate compounding, recurring revenue streams, moving beyond one-time hardware sales. The WISeID platform, where WISeKey holds a 96% stake, provides the Public Key Infrastructure (PKI) backbone, which is the foundation for these services.

Recurring revenue is unlocked through several mechanisms:

• OSPT Services: WISeKey earns service fees each time a SEALSQ chip is provisioned with a secure identity at an Outsourced Semiconductor Personalization and Test (OSPT) center, turning a chip sale into three revenue streams (chip sale, OSPT service, and PKI lifecycle management).
• WISeSat.Space: The wholly owned subsidiary is expanding its constellation, which had two picosatellites launched in H1 2025, with a target of 100 satellites by 2027. This supports new subscription markets, with quantum-safe key distribution planned from early 2026.
• PKI Subscriptions: The WISeID platform supports adoption in smart home Matter Protocol certification and GSMA eUICC digital identity services, which typically involve ongoing management fees.

Community-driven engagement for the WISe.ART digital platform

The WISe.ART platform, where WISeKey holds an 87.5% ownership stake, is moving from a pilot stage into commercial deployment to establish transaction-based income streams. The relationship here is driven by the platform's curated nature for tokenizing digital and physical art, attracting artists, galleries, and collectors.

Engagement is focused on transactional volume and ecosystem growth:

• The platform is integrating Hedera Hashgraph blockchain technology.
• It generates transaction revenue from the authenticated trading of both digital and physical assets.
• The platform is designed to extend the trust infrastructure into tokenized assets, reinforcing the overall ecosystem where every element, from chip to marketplace, reinforces the others.

Here's a quick look at the key customer relationship metrics and ownership structures as of late 2025:

Relationship Metric	Data Point	Source/Context
Secured/Pending Pipeline (2026-2028)	$115 million to $170 million	Government and Enterprise Contracts
PQC Chip Sales Leads (as of end 2024)	60 qualified leads and one Design-IN	Consultative PQC Chip Sales
TPM Market Target (5-year goal)	20% capture	PQC Chip Design-ins
WISeSat.Space Constellation Target	100 satellites by 2027	Subscription Service Expansion
WISeSat Quantum Key Distribution Start	Early 2026	Automated Subscription Service
WISe.ART Ownership Stake	87.5%	Community-Driven Platform
WISeID/PKI Ownership Stake	96%	Subscription Service Backbone

Finance: finalize the Q4 2025 customer acquisition cost analysis by next Tuesday.

WISeKey International Holding AG (WKEY) - Canvas Business Model: Channels

You're looking at how WISeKey International Holding AG actually gets its security and identity products into the hands of customers, which is definitely a multi-pronged approach given their Convergence strategy.

The financial context for these channels shows a company in transition, banking on H2 2025 performance to hit its yearly target. For the first nine months of 2025 (9M 2025), preliminary revenue hit $10.6 million, which was a 39% year-on-year growth from the $7.6 million reported in the same period last year. However, the first half (H1 2025) was flatter, coming in at $5.3 million, only a slight $0.1 million increase over H1 2024. Management is sticking to the full-year 2025 revenue guidance between $18.0 million and $21.0 million, which implies a significant jump in Q4.

Metric	Value (H1 2025)	Value (9M 2025)	FY 2025 Guidance Range
Revenue (USD)	$5.3 million	$10.6 million	$18.0 million to $21.0 million
YoY Revenue Growth (9M)	N/A	39%	51%-76% (Implied YoY Growth)

Here's the quick math on how the channels contribute to that revenue picture:

Direct sales force to defense, automotive, and industrial OEMs

• The post-quantum secure chips developed by SEALSQ, which is 52% owned by WISeKey International Holding AG as of June 30, 2025, have generated strong interest from customers across the defense, automotive, industrial, and healthcare markets.
• These direct sales target critical infrastructure where long-lifecycle systems need quantum-resistant security.

Outsourced Semiconductor Personalization and Test (OSPT) centers

• OSPT centers are a key channel for recurring revenue, as WISeKey earns service fees each time a SEALSQ chip is provisioned with a secure identity.
• The company is expanding its OSPT footprint with the goal of allowing every SEALSQ chip to be rapidly personalized and integrated into the ecosystem.
• The QVault-TPM product launch, targeted for Q4 2025, is expected to trigger new revenue growth in 2026 and beyond through these personalization services.

Global network of distributors and sales representatives

• WISeKey International Holding AG continues to strategically expand its global presence by securing key partnerships with renowned distributors and sales representatives.
• In North America, SEALSQ established alliances with three sales representative organizations-CJR Associates, Rep One, and SJ England-covering the entire U.S. east coast.
• A nationwide representation and distribution agreement was entered into with Symmetry, a leading U.S. semiconductor distributor.

WISe.ART digital platform for blockchain and NFT transactions

• WISeKey International Holding AG owns 87.5% of the WISe.ART platform.
• The platform is moving from the pilot stage into commercial deployment to establish new transaction-based income streams.
• The platform saw strong growth and expanded its global presence as more artists embraced it.

Finance: draft 13-week cash view by Friday.

WISeKey International Holding AG (WKEY) - Canvas Business Model: Customer Segments

You're looking at WISeKey International Holding AG (WKEY) and trying to map out exactly who is buying their security and digital identity solutions as of late 2025. The customer base is deeply integrated into their Convergence strategy, meaning the same secure chip technology often serves multiple end-markets.

The sheer scale of deployment is a key indicator of the installed base across these segments. WISeKey plays a pivotal role in safeguarding digital identity ecosystems, with over 1.7 billion semiconductors deployed across diverse electronic devices as of the nine-month period ending September 30, 2025. This massive footprint underpins the potential for recurring revenue from personalization and lifecycle management services.

Defense and Government agencies requiring sovereign security solutions

This segment is a major focus, especially given the global push for quantum-resistant solutions. The U.S. Government, for example, has firm deadlines under the NSA's Commercial National Security Algorithm (CNSA) 2.0 policy, mandating compliance with quantum-resistant standards by January 1, 2027, for new National Security Systems acquisitions. WISeKey International Holding AG is positioning its post-quantum secure chips to meet this demand. A concrete example of this focus is the landmark agreement signed with the Swiss Army to co-develop advanced cybersecurity and space-based capabilities, with the first new generation WISeSat satellite under this initiative launched in January 2025.

Automotive and Industrial IoT manufacturers (OEMs)

Manufacturers in the automotive and industrial sectors are prime targets for the hardware security provided by SEALSQ Corp, in which WISeKey controls 52% of voting rights as of June 30, 2025. These customers are looking at the next generation of secure microcontrollers. As of early 2025, SEALSQ reported 39 new "Design-IN's" across all product lines and over 60 Qualified leads specifically for their QVault-TPM, which is targeted for market release in the fourth quarter of 2025. These chips deliver immediate hardware revenues, but more importantly, they unlock recurring value through personalization services at Outsourced Semiconductor Personalization and Test (OSPT) centers.

Logistics, Energy, and Infrastructure companies using remote IoT devices

The expansion of the WISeSat. Space constellation directly targets this customer group by enhancing global IoT connectivity. To date, WISeKey has launched 17 secure satellites in partnership with SpaceX, with six more launches planned during 2025 and 2026. This infrastructure supports secure satellite communication for IoT applications, which is critical for remote asset tracking and monitoring in logistics and infrastructure. The company expects additional revenue generated by WISeSat in 2025.

Financial institutions and enterprises needing managed PKI services

This traditional stronghold for WISeKey International Holding AG is now being reinforced by the post-quantum roadmap. The company's digital identity subsidiary, WISeID (WISeKey SA), in which it holds 96% ownership, specializes in Public Key Infrastructure (PKI) and the backbone of trust infrastructure. The Convergence strategy aims to turn one revenue opportunity into three: chip sales, OSPT services, and PKI services to manage the identity's lifecycle. The full-year 2025 revenue guidance for the entire group is between $18.0 million and $21.0 million, a projected growth of 51% to 76% over the prior year, indicating expected strength across all core service lines.

High-value asset owners and collectors for digital tokenization

The digital asset space is served through WISe.ART Corp, where WISeKey holds 87.5% ownership, and SEALCOIN AG, where it holds 75%. WISe.ART focuses on trusted blockchain NFTs and the marketplace for secure NFT transactions. SEALCOIN is designed to facilitate authenticated, tamper-proof machine-to-machine and transactional IoT (TIoT) operations, creating a fourth revenue stream through transaction fees on trusted IoT exchanges. The company is bringing WISe.ART and SEALCOIN from the pilot stage into commercial deployment, establishing new transaction-based income streams.

Here's a quick look at the structure supporting these customer interactions as of late 2025:

Metric	Value/Status	Relevant Segment(s)
FY 2025 Revenue Guidance	$18.0 million to $21.0 million	All Segments
Cash Position (October 10, 2025)	$228 million	Operational Runway
Deployed Semiconductors (Approx.)	Over 1.7 billion	Automotive, Industrial IoT
Secured/Pending Pipeline (2026-2028)	$115 million	Defense, Government, IoT
SEALSQ Voting Rights	52%	Automotive, Industrial IoT
WISeSat Satellite Launches (To Date)	17	Logistics, Energy, Infrastructure

The company's financial health in H1 2025 showed preliminary unaudited revenue of $10.6 million for the nine months ending September 30, 2025, with a Gross Profit Margin reported at 40.2%. This revenue performance reflects the ongoing transition period, but the company is banking on the Q4 2025 launch of the Quantum Shield QS7001™ to drive the anticipated revenue surge in the second half of the year and into 2026.

• Defense/Govt: Secured agreement with the Swiss Army.
• Automotive/Industrial IoT: 39 new Design-INs reported by SEALSQ.
• Logistics/Energy/Infra: 17 satellites launched to expand IoT coverage.
• Financial/Enterprise: Core business supported by 96% owned WISeID/PKI.
• Tokenization: WISe.ART holds 87.5% ownership for NFT/asset tokenization.

If onboarding takes 14+ days, churn risk rises, especially for new IoT deployments relying on the QVault-TPM, which is expected to be ready in Q4 2025.

WISeKey International Holding AG (WKEY) - Canvas Business Model: Cost Structure

You're looking at the expense side of WISeKey International Holding AG (WKEY) as they push hard on their Quantum Convergence strategy; this means significant upfront spending is baked into the model right now. The cost structure is heavily weighted toward future technology development and integration, which is typical for a company in this deep pivot phase.

The primary cost drivers for WISeKey International Holding AG in the first half of 2025 (H1 2025) are clearly visible in the operating expenses, leading to an operating loss of $27.3 million for the period. The net loss for H1 2025 was $22.3 million.

Here's a breakdown of the major components contributing to these costs:

Cost Component	H1 2025 Financial Amount	Context/Driver
Stock-Based Compensation Charge	$10.1 million	Reported as a one-off charge driving operating loss increase.
Research and Development (R&D) Investment	$5.8 million	Focused on SEALSQ quantum-resistant chips, SEALCOIN platform, WISeSat.Space expansion, and WISe.ART 3.0 launch.
Increase in Operating Loss (Y-o-Y)	$13.2 million	Total operating loss increased from $14.1 million in H1 2024 to $27.3 million in H1 2025.

High Research and Development (R&D) investment is a core, non-negotiable cost. For the six months ended June 30, 2025, total R&D investments reached $5.8 million. This spending is directly funding the development of next-generation products like the quantum-resistant chips and the expansion of the space-based infrastructure.

Stock-based compensation is a significant non-cash charge that impacts the reported operating loss. The one-off stock-based compensation charge in H1 2025 alone amounted to $10.1 million. This is a substantial component of the overall operating expense base.

Costs associated with operating OSPT centers and satellite infrastructure are embedded within the operating expenses, though specific line items aren't broken out separately in the H1 2025 summary. The strategy explicitly relies on expanding the OSPT footprint to provide personalization services, which incurs operational costs to earn service fees. Similarly, the expansion of the WISeSat.Space constellation to increase global coverage represents an ongoing capital and operating expenditure.

Costs of Goods Sold (COGS) are driven by semiconductor manufacturing and acquisition integration. The revenue model relies on chip sales from SEALSQ, which carries associated COGS. Furthermore, the consolidation of IC'ALPS, which was acquired on August 4, 2025, means its manufacturing and related costs are now integrated into the cost structure for the latter part of the year, impacting the overall COGS profile as the company moves toward full production of new lines.

The cost structure also includes:

• Increased general and administrative costs due to investment in infrastructure to support developing verticals.
• Costs related to the ongoing strategic shift away from legacy products.
• Expenses necessary to bring SEALCOIN and WISe.ART from pilot stages into commercial deployment.

Finance: draft 13-week cash view by Friday.

WISeKey International Holding AG (WKEY) - Canvas Business Model: Revenue Streams

You're looking at WISeKey International Holding AG (WKEY) banking on a significant second-half surge to meet its full-year 2025 revenue target. The full-year 2025 revenue guidance is set between $18.0 million and $21.0 million, representing a projected year-on-year growth of 51% to 76% over the prior year's reported revenue of approximately $11.9 million.

For the first nine months of 2025 (9M 2025), the preliminary unaudited revenue reached $10.6 million, which was a 39% increase from the $7.6 million reported in the same period last year. This performance, which included $5.3 million in the first half of 2025 (H1 2025), sets up the fourth quarter to deliver between $7.4 million and $10.4 million to hit that full-year range.

The revenue architecture is built around the Quantum Convergence strategy, layering immediate sales with recurring service and transaction fees. Here is a breakdown of the core mechanisms driving these figures:

Revenue Stream Component	Primary Entity/Mechanism	Ownership/Control
Hardware sales of PQC and traditional secure semiconductor chips	SEALSQ Corp. (e.g., Quantum Shield QS7001™, QVault-TPM)	52% of voting rights
Recurring service fees from OSPT personalization and testing	Outsourced Semiconductor Personalization & Test (OSPT) centers	Service fees per chip provisioning
Subscription revenue from WISeSat satellite IoT connectivity	WISeSat.Space AG	100% owned
Service fees for PKI and digital identity lifecycle management	WISeKey SA (WISeID platform)	96% owned
Transaction fees from blockchain platforms	SEALCOIN AG and WISe.ART Corp.	75% owned (SEALCOIN)

You can see the model is designed to convert a single hardware sale into multiple revenue opportunities over the device's life. The immediate revenue comes from the chip itself, but the long-term value is in the recurring elements:

• Hardware sales of PQC and traditional secure semiconductor chips.
• Recurring service fees from OSPT personalization and testing.
• Subscription revenue from WISeSat satellite IoT connectivity.
• Service fees for PKI and digital identity lifecycle management.
• Transaction fees from blockchain platforms (SEALCOIN, WISe.ART).

The semiconductor vertical, SEALSQ, is on track to achieve a year-end revenue increase between 59% and 82% over the prior year, which is a key driver for the overall guidance. Also, the company is banking on the commercial launch of the Quantum Shield QS7001™ in November 2025 to fuel the second half and beyond.

The company's liquidity, with $228 million in cash as of October 10, 2025, is intended to accelerate the development of these revenue-generating ecosystems, including the expansion of the WISeSat constellation to increase subscription revenues.