Market News

WISeKey Expects 2021 Revenues to Total $20M; Shares Rise

At its Investor Day, global cybersecurity firm WISeKey International Holding Ltd. (NASDAQ:WKEY) said it expects 2021 revenues to increase 32% year-over-year to around $20 million.

Had the COVID-19 pandemic not created supply issues, the company had the potential to generate revenues of $30 million in 2021, it said.

WISeKey earnings report for the nine-month period ended September 30 showed revenues totaled $15.4 million, up 34% year-over-year.

The CEO of WISeKey, Carlos Moreira, said, “We ended 2021 with an impressive number of new agreements and made significant progress towards achieving our primary objective of transforming WISeKey into a globally competitive and profitable company.”

“Following a year of significant investment and strategic realignment, backed by strong cash, cash equivalents and restricted cash position of $33 million at the end of Q3 2021 (from $17.4 million at June 30, 2020), we now find ourselves ideally positioned for the future. This cash position means that we have reserves available to quickly make key strategic investments and also continue to finance our business units whilst we support and develop our revenue generation in the AI and NFT (non-fungible tokens) segments,” Moreira added.

About WISeKey

Switzerland-based WISeKey offers integrated security solutions for the Internet of Things (IoT) and digital identity ecosystems. It integrates secure semiconductors, cybersecurity software, and a globally recognized Root of Trust (RoT) into leading-edge products and services that protect users, devices, data and transactions in the internet-connected world.

At the time of writing, WKEY was trading 6% up in the pre-market session on Thursday.

Wall Street’s Take

Recently, Maxim Group analyst Matthew Galinko initiated coverage on the stock with a Buy rating and a price target of $11 (174.3% upside potential).

Overall, the stock has a Moderate Buy consensus rating based on 2 Buys. The average WISeKey International Holding price target of $11 implies 174.3% upside potential. Shares have lost 43.4% over the past year.

Risk Analysis

According to TipRanks’ Risk Factors tool, WISeKey is at risk mainly from one factor: Finance & Corporate, which accounts for 47% of the total 57 risks identified for the stock. Under the Finance & Corporate risk category, the company has 27 risks, details of which can be found on the TipRanks website.

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