WISeKey International Holding AG (WKEY) gained in the pre-market after the company announced its unaudited preliminary results of fiscal 2021. WKEY values at $3.71 in the pre-market, gaining more than 14.15% from the previously closed value. At the end of the last trading session, the stock closed at $3.25. The stock traded volume in the previous trading session was approximately 314.83K shares.
WISeKey International Holding AG (WKEY) preliminary results of fiscal 2021
WISeKey International Holding AG (WKEY) is anticipating revenue of around $22.2 million in fiscal 2021. Their expectation is about 50% growth in the revenue compared to the $14.8 million in 2022. It is quite a good performance despite the supply chain disruptions due to Covid-19.
WISeKey International Holding AG (WKEY) has been experiencing extraordinary demand for IoT semiconductor solutions, resulting in a $39 million backlog of purchase orders. They currently receive $1.3 million in new orders per week. While shortages in the semiconductor industry project to continue in 2019, their supply chain team is working hard to convert most of this backlog into revenue in 2022, with specific delivery dates extending into 2023.
WISE.ART is a fully-fledged marketplace secured by WISeKey’s different security solutions, allowing the verification of physical and digital assets and integrating KYC checks. The WISe.Art platform’s NFT design generates an irreversible link to the physical object, proof of ownership, provenance, and a set of contracts outlining future use and revenue streams.
In addition to supporting the growth of its NFT WISe.Art platform, WISeKey’s strong cash position of $34.4 million at year-end 2021 supports its newly disclosed crypto mining activity.
The effect on the stock gain
The company’s stock gained significantly in the pre-market after announcing unaudited results for 2021. The massive increase in revenue despite supply chain disruptions and diversification in the NFTs business caught the investor’s attention.
Conclusion
The company has introduced two new products. VaultIC 292 and VaultIC 408 are the two additions to its Vaultic brand. They will have a significant contribution to the business.
