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Wisekey Sees 2021 Revenue Around $20M; Shares Spike

·1-min read

By Sam Boughedda

Investing.com — Wisekey International Holding AG (NASDAQ:WKEY) shares jumped to a high of $4.67 Wednesday afternoon after it summarized its key business milestones for 2021, in which it said it expects full-year revenues for 2021 to be around $20 million.

Despite the initial jump, the company's shares are now at $4.13, up 1.72%.

The number represents a potential 32% increase year-over-year. However, the company said that based on orders recently received and demand from its clients, it had an annual revenue potential of $30 million if Covid related supply issues had not been a factor.

“During 2021, WISeKey broke barriers and reached significant milestones. We ended 2021 we 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," explained Carlos Moreira, Wisekey’s CEO.

The company added that demand for its IoT products has been "unprecedented in 2021." As a result, they are now sitting on a backlog of non-cancellable purchase orders totaling $33.4 million, receiving an average of $1 million new orders per week.

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