World News: 17:01 GMT Friday 14th September 2018. [Wisekey International Holding SA via Globe Newswire via SPi World News]
WISeKey to Host a Conference Call to Discuss First Half 2018 Results on Monday, September 17, at 3:00 pm CET / 9:00 am ET
Interested parties may participate in the call by dialing
To access the call, please dial-in approximately five minutes before the start time. The call will also be simultaneously webcast over the Internet via the following link and such link will also be made available in the "Investor Relations" section of WISeKey's website .
Of note, during the first half of 2018, we expanded our R&D and marketing efforts and substantially increased our sales force to keep pace with the high demand for both our segments: Semiconductors and Cybersecurity applications. Thus, for H1 2018, R&D and Selling & Marketing expenses increased by 24% and 72%, respectively, to a total of $8.2 million, as compared to a total of $5.7 million in the same period of last year. Additionally, our H1 2018 G&A expenses increased by 56%, or $4.4 million, to $12.3 million, mainly due to the fact that in H1 2017 QuoVadis operating expenses were only consolidated for the period April 03 to June 30, 2017 (i.e. from the acquisition date), whereas in H1 2018 they were consolidated for the full 6 months. G&A expenses for QuoVadis in the period January 01 to April 02, 2017 amounted to $3.1 million. Moreover, H1 2018 operating expenses have been adversely impacted by a $1.4 million one-off release in H1 2017 of an onerous contract provision, whilst other operating income was only $0.2 million in H1 2018. As a result, our net loss for the H1 2018 increased to $10.7* million as compared to $7.3 million in the same period of last year.
These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in WISeKey's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled "Financial Reconciliation of GAAP to non-GAAP Results (unaudited)."
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This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
Globe Newswire: 17:01 GMT Friday 14th September 2018
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