GENEVA - SEALSQ Corp (NASDAQ: LAES), a $131.5 million market cap leader in secure semiconductor technology, has achieved two significant milestones in hardware security, enhancing its position in the market. The company's stock has shown remarkable volatility, delivering a 472% return over the past six months despite a recent 24% weekly decline. According to InvestingPro analysis, the stock is currently trading above its Fair Value. The company's MS600X Secure Hardware Platform received the Common Criteria EAL5+ Certification, a prestigious international security standard. Additionally, SEALSQ's VaultIC 408 secure microcontroller is on track for FIPS 140-3 Certification after passing rigorous testing by UL Labs.
The Common Criteria EAL5+ Certification ensures that the MS600X Secure Hardware Platform has undergone a comprehensive evaluation process, affirming its capability to protect high-value assets from sophisticated threats. This certification is particularly relevant for industries relying on Internet of Things (IoT) and smart metering technologies.
The VaultIC 408, which has already been chosen to secure millions of smart hubs in the UK's Smart Metering Program, is awaiting final certification from the NIST Cryptographic Module Validation Program (CMVP) following successful testing. This certification is a testament to the product's advanced security features and compliance with stringent U.S. cryptographic security standards.
SEALSQ is also preparing to launch its Post-Quantum Hardware Platform in 2025. This platform, which will be available as both an open platform and a trusted platform module (TPM), is designed to withstand the threats posed by quantum computing. It will carry the same Common Criteria EAL5+ Certification, ensuring the highest security standards are met.
Bernard Vian, General Manager of SEALSQ, stated that these achievements reflect the company's leadership in hardware security innovation. The certifications bolster SEALSQ's ability to address the security challenges of IoT applications, critical infrastructure, and government projects, providing customers with confidence in their solutions.
SEALSQ specializes in semiconductor, PKI, and Post-Quantum technology hardware and software products, catering to a wide range of applications including multi-factor authentication, smart energy, healthcare, and industrial automation. While the company maintains a healthy current ratio of 3.58 and operates with moderate debt, InvestingPro data reveals challenges ahead, with analysts anticipating a sales decline in the current year. InvestingPro subscribers have access to 13 additional investment tips and comprehensive financial metrics to better evaluate SEALSQ's market position.
The information is based on a press release statement from SEALSQ Corp.
In other recent news, SEALSQ Corp has regained compliance with Nasdaq's minimum bid price requirement. The company is also set to raise $25 million through a securities purchase agreement to fund the development and deployment of its next-generation post-quantum semiconductor technology. Maxim Group LLC is serving as the sole placement agent for this transaction.
SEALSQ Corp has been making significant advancements in developing custom application-specific integrated circuits (ASICs) across markets such as India, Spain, and Saudi Arabia. The company recently launched the INeS Box to enhance digital identity provisioning for connected devices. In collaboration with WISeKey International Holding Ltd, SEALSQ Corp is focusing on advancements in post-quantum technology and the Internet of Things (IoT).
The company's first half of 2024 financial results revealed revenues of $4.8 million, a decrease from the previous year. However, Maxim Group revised SEALSQ Corp's revenue estimates for 2024 and 2025 to $12.5 million and $24.2 million, respectively, while adjusting the company's price target from $2.25 to $1.75, but maintaining a Buy rating on the stock. These are recent developments in SEALSQ Corp's business strategy and financial performance.
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