WISeKey International Holding AG (WKEY): Business Model Canvas [Dec-2025 Updated]

Honestly, you're looking at a company making a massive bet on the future of digital security with its Quantum Convergence strategy, and the numbers from 2025 tell a fascinating story. WISeKey International Holding AG is trying to stitch together post-quantum secure chips, a Low Earth Orbit satellite constellation, and blockchain platforms, all while guiding for full-year 2025 revenue between $18.0 million and $21.0 million and sitting on a healthy $228 million cash pile as of October. It's a complex model balancing high Research and Development investment-like the $5.8 million spent in H1 2025-against recurring service fees from defense and industrial clients; you'll want to see exactly how they plan to monetize this unique hardware-space-software stack below.

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

You're looking at the alliances that are supposed to power WISeKey International Holding AG's pivot to post-quantum security and space connectivity. These aren't just press releases; they represent concrete commitments and financial structuring for the next phase of growth, especially as the company navigates a transitional year in 2025.

The Spanish Government partnership anchors WISeKey International Holding AG in Europe's semiconductor sovereignty push. This involves the Quantix Edge Security initiative, a joint venture where WISeKey and SEALSQ Corp hold a 50% stake alongside ODIN Solutions and TProtege. The physical manifestation of this is the Quantum Edge Hub in Murcia, a €40 million total investment, split equally between public and private funding. Specifically, the Spanish government is committing €20M, with WISeKey and SEALSQ investing €10 million through QuantixEdges.com. The target market for the resulting post-quantum-resistant products is set for governmental applications like passports and defense by the year 2030. WISeKey International Holding AG is factoring the expected start of this project into its reaffirmed full fiscal year 2025 revenue guidance of between $18.0 million and $21.0 million.

The collaboration with the Swiss Army focuses on national security and sovereign communications, integrating the technologies of WISeSat, SEALSQ, and SEALCOIN. This strategic work, which began in 2022, saw a major milestone with the launch of the first new generation WISeSat satellite in January 2025.

For the global governance aspect, WISeKey International Holding AG's HUMAN-AI-T initiative, launched with the United Nations Alliance of Civilizations (UNAOC) on April 23, 2025, positions the company in the AI ethics space. This project aims to create a secure digital vault, inspired by the Svalbard Global Seed Vault, to house verified human knowledge-like religious texts and legal frameworks-protected by post-quantum cryptographic technologies.

The partnership with EnduroSat is critical for the space-based IoT platform. Signed via an MoU on July 28, 2025, this collaboration aims to deploy quantum-resilient nanosatellite systems. EnduroSat, which has delivered over 60+ satellites to orbit, will integrate SEALSQ secure elements, such as the VaultIC292, VaultIC408, and QS7001, into the satellite payloads. The goal is to implement NIST-aligned PQC algorithms like CRYSTALS-Kyber and CRYSTALS-Dilithium to future-proof the network.

The most significant financial move for the WISeSat subsidiary is the definitive business combination agreement with Columbus Acquisition Corp., a SPAC, signed on November 9, 2025. This deal is structured to take WISeSat public as WISeSat.Space Holdings Corp. on the Nasdaq. Here are the key financial terms of this planned listing:

The structure relies on several integrated components to deliver value:

• Spanish Government: Funding for the €40 million Quantum Edge Hub.
• Swiss Army: Testing secure communications via the WISeSat satellite launched in January 2025.
• United Nations: Leveraging security for the HUMAN-AI-T ethical digital vault.
• EnduroSat: Integrating PQC secure elements into LEO nanosatellites.
• Columbus Acquisition Corp.: Providing a $250 million equity event for the WISeSat subsidiary.

Finance: draft 2026 cash flow projection incorporating the $250 million equity event by Friday.

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

You're looking at the core engine of WISeKey International Holding AG's strategy-the actual things they have to do to make money and execute their Convergence vision. Honestly, it's a complex stack, moving from the physical silicon up to the cloud and space.

Developing and launching post-quantum secure chips (QS7001, QVault-TPM)

This is the foundation, driven by the SEALSQ subsidiary, which WISeKey controls 52% of the voting rights in as of June 30, 2025. The key activity here is the development and rollout of chips designed to withstand quantum attacks. You've got the Quantum Shield QS7001™, which management is banking on for a November 2025 commercial launch, and the QVault-TPM, slated for a Q4 2025 commercial launch. These launches are the single biggest near-term catalyst for the company's revenue guidance of $18.0 million to $21.0 million for the full fiscal year 2025. To be fair, the R&D investment to get these products ready was substantial, totaling $5.8 million in the first half of 2025.

Operating Outsourced Semiconductor Personalization and Test (OSPT) centers

Developing the chips is one thing; provisioning them is another. A major activity is running the Outsourced Semiconductor Personalization and Test (OSPT) centers. This activity turns a one-time hardware sale into a recurring revenue stream. Every time a SEALSQ chip is provisioned with a secure identity in an OSPT facility, WISeKey earns a service fee. The company is actively expanding this OSPT footprint with the goal of ensuring every SEALSQ chip can be rapidly personalized and integrated into the ecosystem. They specifically mention having European Personalization Centers.

Expanding the WISeSat Low Earth Orbit (LEO) satellite constellation

The space component is critical for global, secure IoT connectivity. WISeKey International Holding AG's subsidiary, WISeSat.Space, is on target to deploy a 100-satellite constellation by 2027. As of June 2025, over 25 of these constellation satellites could be tracked in real time. They had a next-generation satellite launch planned for January 2025, and another key milestone was the launch of the 23rd satellite planned for November 2025. More recently, a new WISeSat satellite was successfully launched aboard a SpaceX mission on December 1, 2025. This activity is designed to generate subscription revenues from secure IoT connectivity.

Managing Public Key Infrastructure (PKI) and digital identity lifecycle services

This is where the WISeID platform comes in, providing the Public Key Infrastructure (PKI) that secures identities and transactions. This activity translates into recurring revenue from PKI subscriptions and Digital Identity Management services. WISeKey already has a massive installed base, with over 1.6 billion microchips deployed across various IoT sectors. The company uses its OISTE/WISeKey cryptographic Root of Trust to ensure the integrity of these online interactions.

Commercializing blockchain platforms (SEALCOIN, WISe.ART)

The final set of key activities involves monetizing the blockchain and digital asset side of the business. SEALCOIN AG, in which WISeKey holds 75% ownership, is moving from pilot stages to commercial deployment to generate transaction-based income from trusted IoT exchanges. A major technical demonstration is planned for Q4 2025 with the launch of a new WISeSat LEO satellite, enabling the first-ever blockchain transactions from space using SEALCOIN. Separately, the WISe.ART platform, where WISeKey holds 87.5% ownership, launched its enhanced WISe.ART 3.0 marketplace in May 2025.

Here's a quick look at how these activities map to the structure and ownership:

The company's overall financial health in H1 2025 showed revenues of $5.3 million, but they are projecting a significant acceleration to hit the full-year guidance, which implies the second half of 2025 needs to generate between $12.7 million and $15.7 million to meet the low and high ends of the guidance, respectively. This entire operational structure is supported by a cash balance of $124.6 million as of June 30, 2025.

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

You're looking at the core assets WISeKey International Holding AG (WKEY) is relying on as they push their Quantum Convergence strategy. These aren't just line items; they are the tangible and intangible foundations supporting their future revenue projections, especially as they move into late 2025.

Post-Quantum Cryptography (PQC) Intellectual Property (IP) and Root of Trust

The PQC Intellectual Property, anchored by the OISTE/WISeKey Root of Trust (RoT) and the advanced Post-Quantum-Cryptography PKI platform (PQC-PKI), is central. This IP is designed to secure digital identities and communications against quantum threats by leveraging algorithms like CRYSTALS-Dilithium and FALCON. WISeKey International Holding AG is preparing for the commercial launch of the Quantum Shield QS7001™ and the QVault™ TPM solutions, both scheduled for November 2025. This hardware-based implementation ensures cryptographic operations occur within protected environments like TPMs or secure chips, guarding against physical attacks.

European OSPT Centers for chip personalization

The physical infrastructure of European Outsourced Semiconductor Personalization and Test (OSPT) centers is a key resource, enabling rapid personalization and integration of every SEALSQ chip into the ecosystem. This capability is being bolstered by significant government backing. For instance, a strategic partnership with the Spanish government involves a €20 million investment, which is expected to generate €25 million in committed revenue over the next three years, specifically expanding national-level semiconductor personalization capabilities. Every time a chip is provisioned at these centers, WISeKey International Holding AG earns service fees.

Cash balance of $228 million (as of October 2025)

Liquidity is a definite resource here. As of October 10, 2025, WISeKey International Holding AG reported a cash position of $228 million. This strong balance sheet provides the necessary liquidity to fund ongoing PQC innovation, expansion efforts, and the development of its WISeSat constellation and SEALCOIN operations.

Operational nanosatellite constellation (WISeSat)

The operational nanosatellite constellation, managed by the WISeSat subsidiary, is a unique asset for secure space connectivity, especially for IoT applications. WISeKey International Holding AG is actively expanding this constellation to boost global coverage and recurring subscription revenues. Furthermore, a major strategic move involves the planned public listing of this subsidiary. WISeKey International Holding AG entered an agreement in November 2025 to receive $250 million in equity of the resulting Nasdaq-listed entity, WISeSat.Space Holdings Corp., upon the transaction's closing, anticipated in the first half of 2026.

The structure of WISeKey International Holding AG's key operational entities and their respective ownership stakes as of late 2025 is detailed below:

These subsidiaries form the core of the 'Convergence strategy,' where each component reinforces the others, creating multiple revenue streams from a single deployment:

• Chip sales from SEALSQ.
• Service fees from OSPT personalization.
• Recurring revenues from WISeSat satellite communication services.
• Transaction fees from the SEALCOIN ecosystem.
• Transaction revenues from the WISe.ART digital marketplace.

Finance: draft 13-week cash view by Friday.

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.

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:

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.

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:

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:

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:

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.