- The stock price of WISeKey International Holding AG (NASDAQ: WKEY) increased by 1.63% today. This is why.
The stock price of WISeKey International Holding AG (NASDAQ: WKEY) increased by 1.63% today. Investors responded positively to WISeKey announcing its preliminary unaudited financial results for the six-month period ended June 30, 2022 (H1 2022). All the H1 2022 figures in this announcement were unaudited and estimated due to the preliminary nature of the announcement.
To meet these strategic objectives and refocus on the core business, in H1 2022 WISeKey completed the divestiture of arago GmbH. But the company could not find the right fit for arago within the group and, despite its investment to streamline the business could not bring the performance of arago to the margin expectations, WISeKey will maintain a partnership with arago to consider potential added value brought on by AI capabilities.
Plus WISeKey’s strong financial position of $23 million cash at the end of H1 2022 enables the company to support investments in new products, IP, and faster growing IoT/cybersecurity markets. And during this year, WISeKey has made significant investments in R&D and new microchips design in order to maintain its leading-edge technology position and the competitive advantage of product offerings. Plus WISeKey is also making progress on the commercialization of the WISeSat PocketQube Satellite with 13 satellites now in orbit launched with SpaceX.
WISeKey has been offering this IoT satellite technology to its IoT clients in a SaaS model allowing both remote and redundant urban IoT communications for companies seeking to securely connect their assets. And WISeKey Trust and Security solutions offer unique integration into an end-to-end platform that communicates in real-time with the WISeSat Satellite by ensuring the authenticity, confidentiality, and integrity of the devices, objects, data and transactions.
WISeKey also made strong progress in using WISeID as a Universal Communications Identifier (UCID), a unique identifier for an IoT device on a network; the blockchain, a distributed ledger shared with the nodes of a computer network to guarantee security; and Non-Fungible Tokens (NFTs), cryptographic assets on a blockchain that cannot be replicated. And the combined practical application of these technologies — implementing UCID on the device, using NFTs, and putting them on the blockchain — ensures that the device itself is authenticated on a network that cannot be corrupted.
To prove the efficiency of this integration WISeKey has fully deployed the WISe.ART platform. And WISe.ART’s unique competitive edge comes from its platform which is secured by WISeKey’s various security technologies enabling the authentication of digital identity based NFTs, physical objects as well as digital assets, in a safe end-to-end process. The WISe.ART platform provides users with full control of their WISeID NFT, while other NFTs must request access to identity information, and WISeID NFTs users then can decide by themselves what level of information they wish to share.The NFT tokenization uses the WISeKey registered patent application “System and Method for Providing Persistent Authenticatable NFT” in the USA.
Nearly 100 artists have already joined the WISe.ART NFT Marketplace with approximately 500 products, adding a commercial NFT sales potential aggregate of $20 million worth of NFTs that increasingly see a future for tokens that upend the economics of content creation and influence on the internet. And WISeKey’s strategy to further expand its US operations will also benefit from the recent announcement it has been selected as a collaborator by NIST for the NCCoE Trusted IoT Device Network-Layer Onboarding and Lifecycle Management Consortium project.
“IoT, Semiconductors and NFT are entering a new cycle of growth driven by in-car electronics, smart routers, AI-IoT devices, cloud processing, automation, IoT Satellites, 5G and connectivity features that make the world safer, connected and contributes to sustainability. WISeKey’s strategy continues to focus on developing cybersecurity IoT solutions and NFTs that enable our customers’ success and drive long-term growth.”
— Carlos Moreira, WISeKey’s Founder and CEO
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.