WISeKey International Holding (NASDAQ: WKEY), a Swiss cybersecurity and IoT company announced its preliminary financial results for the nine-month period that ended on September 30.
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The company’s Q3 revenues soared 44% year-over-year to $7.9 million while during a period of nine months, WISeKey clocked revenues of $20.5 million, a jump of 69% year-over-year. Analysts were expecting the company to generate Q3 revenues of $5.93 million.
Carlos Moreira, WISeKey’s Founder and CEO stated that this was the company’s fourth straight quarter of revenue growth.
As of October 1, WKEY had a strong cash position of $20 million and had a backlog of Internet of Things (IoT) semiconductors products of $37 million stretching into 2024.
Is WKEY a Buy?
Only two analysts have covered the WKEY stock in the past three months and both have a Buy rating. The average price forecast for WKEY stock is $5.50 implying an upside potential of 183.5% at current levels.
