Bitmain, the world’s top 10 fabless chipmaker, has expanded its in-demand Antminer 17 series of miners with two new models – Antminer S17e and Antminer T17e, – and is announcing specifications as well as selling times ahead of the launch date on 9 September, 2019.
The Antminer S17e and T17e models have been designed to offer the best value for money. The Antminer S17e has a hash rate of 64 TH/s and operates with a power efficiency of 45 J/TH, while the T17e offers a hash rate of 53 TH/s and a power efficiency of 55 J/TH.
Significant improvements to power efficiency and hash rate have been achieved from Bitmain’s comprehensive strength accumulated over the years in the field and relentless technological innovation.
Both new models have been designed for more stable operations in the long-term to reduce maintenance costs for customers. This is made possible through the dual tube heat dissipation technology which improves how efficiently heat dissipates. The models are also equipped with a more secure software system to prevent malicious attacks.
Bitmain also introduces its compensation strategy for delivery delay. If mining machines are not shipped after a certain period of the specified delivery date, Bitmain will compensate customers by coupons for each day of delay, based on PPS rewards of the mining pool (electricity cost deducted).
WISeKey Reports Full Year 2019 Preliminary, Unaudited Revenue of $24.5 Million and Achieves Profitability
WISeKey Reports Full Year 2019 Preliminary, Unaudited Revenue of $24.5 Million and Achieves Profitability
ZUG, Switzerland – January 21, 2020 – WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity and IoT company, announced today its preliminary, unaudited results for full year ended December 31, 2019.
All 2019 figures in this release are unaudited and estimated due to the preliminary nature of the announcement. WISeKey plans to issue its full year 2019 audited results before March 31, 2020 and conduct a conference call (details will be announced at a later date).
For full year 2019, WISeKey expects its revenue to be approximately $24.5 million. This compares to full year 2018 revenue of $53.7 million, which included revenue from the SSL/TLS PKI business segment sold to DigiCert in January 2019 for $45 million. Excluding SSL/TLS PKI revenues for both reporting periods, WISeKey’s expected full year 2019 revenue of approximately $22.7 million decreased from full year 2018 revenue of $34.3 million due internal restructuring efforts to transform the Company into an Identity Management/IoT/Blockchain service provider. Additionally, WISeKey expects to report net income for full year 2019, due to the $31.1 million gain generated from the sale of the SSL/TLS PKI business.
Carlos Moreira, WISeKey’s Founder and Chief Executive Officer noted, “2019 was a transformational year for WISeKey. Following the sale of the SSL/TLS PKI business, WISeKey has become a vertically integrated Identity Management/IoT/Blockchain service provider with a unique trust model. While Blockchain is an emerging technology still in its infancy, and many technology providers are struggling to create a winning Blockchain solution, WISeKey with its unique trust model is already generating substantial revenue from this segment. As Blockchain technology matures and demand for IoT security continues to gradually accelerate, we expect our revenue from this segment to increase and profitability to improve.
“In 2019, we experienced increased demand for our products (hardware and software) and services from existing and new/potential clients, while the release of new proprietary solutions with strong cybersecurity offerings, accelerated new customer acquisitions and increased our geographic footprint. Additionally, we further enhanced our position in the Identity Management/IoT/Blockchain segment through the establishment of several partnerships with leading players in the space. As we continue to execute our growth strategy, I am confident that we have the talent, vision and experience to continue gaining market share in 2020 and beyond.”
Strong cash position supports growth initiatives
Cash and cash equivalents together with restricted cash increased to $16.6 million at December 31, 2019, from $9.8 million at December 31, 2018.
In January 2019, we received net cash proceeds of $35.8 million (total sale price of $45 million) from the sale of our SSL/TLS PKI business. WISeKey used the cash proceeds to repay in full the Line of Credit with ExWorks Capital Fund I, L.P. in the amount of $25.3 million. This substantially improved the Company’s financial position and paved the way for significant investments in growth initiatives.
WISeKey expects the deployment of its new product NanoSEAL®, the continued traction of several other new blockchain and IoT products released in 2019, and further expansion of its operations in the U.S., China and Saudi Arabia to provide new revenue streams in 2020 and 2021.
WISeKey’s growth strategy also includes the implementation of the Ines and Foresight Platform which is designed to seamlessly integrate WISeKey’s technologies into an Internet of Objects platform. The Ines and Foresight Platform is being used by smart car manufacturers, dealers and suppliers to validate the authenticity of different vehicle components, protect onboard communication between vehicle components, access car components to securely provide over-the-air software updates and diagnose mechanical/technical issues from any location.
2019 Business Highlights – new products and new markets
- Strengthened the Company’s investment in IoT security with the release of NanoSeal®.
- Expanded its partnership with Microsoft Corporation: all members of the Cybersecurity TechAccord are expanding their partnership on initiatives that improve the security, stability and resilience of cyberspace.
- Announced partnership with Oracle: WISeKey Blockchain Identity technology became one of Oracle’s first external trusted identity providers, allowing clients to securely add data onto the Oracle Blockchain Platform using the WISeKey cryptographic key infrastructure.
- Reinforced its penetration in the Chinese technology market: WISeKey’s Root of Trust was accredited by 360 Security Browser to provide Trusted SSL Services in China. 360 Security Browser is the leading internet browser solution in China, with an estimated user base superior to 400 million active users and a market penetration close to 70%, according to CNZZ.
- Joined forces with OpSec Security IoT leader on Brand Protection and Authentication of IoT EcoSystems.
- WISeKey Blockchain Centers of Excellence: WISeKey in cooperation with the Blockchain Research Institute (BRI) is creating a number of interconnected Blockchain Centers of Excellence around the world, to facilitate the rapid adaptation and on-boarding of blockchain-based solutions and foster stronger collaboration between the public, private and academic sectors. Each center purchases technologies and licenses from WISeKey.
- New agreements for the smart car, pharmaceutical and fintech industries, and consumer products which, in the aggregate, are broadening the ecosystem of WISeKey’s IoT chips.
- Continued investments in IoT Security, with strong industry-specific partnerships.
- Expansion of patent portfolio with new IP and patents with the aggregation of 39 IoT / Semiconductors patent families (more than 200 patents in total) to its portfolio (https://www.wisekey.com/patents/).
- WISeKey’s comprehensive partnership with Long State Investment Limited (LSI), a leading Asian based investor, to expand the reach of WISeKey in the growing Asian markets and to become one of the leading providers of semiconductors, IoT and Blockchain services in the region. Under the arrangement, WISeKey and LSI plan to establish a Joint Venture in Hong Kong in the first quarter of 2020 to focus on business opportunities in Asia with financed by a $30 million facility provided by LSI during a 24-month period.
- WISeKey Semiconductors Secure Element for Sigfox-enabled connected devices certified by Sigfox.
- WISeKey listed its ADRs on the NASDAQ https://www.nasdaq.com/market-activity/stocks/wkey).
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an install base of over 1.5 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
Press and investor contacts:
|WISeKey International Holding Ltd
Company Contact: Dourgam Kummer
Head of M&A
Tel: +41 22 594 3000
|WISeKey Investor Relations (US)
Contact: Lena Cati
The Equity Group Inc.
Tel: +1 212 836-9611
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
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.
Non-GAAP to GAAP Reconciliations
|12 months ended December 31, 2018|
|Consolidated Statement of Income / (Loss)||Non-GAAP adjusting entries|
|USD’000||Non-GAAP||Reclassification of discontinued operations||US GAAP|
Non-GAAP Financial Measures
On December 21, 2018, WISeKey signed a sale and purchase agreement (the “SPA”) to sell QuoVadis SSL and PKI businesses to Digicert Inc (the QuoVadis Group). While the sale was completed in the first quarter of 2019, WISeKey assessed the SPA under ASC 205 and concluded that the operation met the requirement to be classified as held for sale (at December 31, 2018) and as such qualified as discontinued operations. This led to the results and assets and liabilities of the QuoVadis Group to be presented separately in the consolidated income statement and consolidated balance sheet. However, WISeKey management reviewed 2018 financials on a consolidated basis, including discontinued operations results.
In managing WISeKey’s business on a consolidated basis, WISeKey management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting WISeKey’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, certain non-cash expenses related to acquisitions and share-based compensation expense, which may obscure trends in WISeKey’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.
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).”
Chamber of Digital Commerce to File Amicus Brief Advocating for a Predictable Legal Environment for the Blockchain Industry
WASHINGTON, Jan. 21, 2020 (GLOBE NEWSWIRE) — Today, the Chamber of Digital Commerce submitted a motion for leave to file an amicus curiae brief in the SEC v. Telegram case currently pending in the Southern District of New York. The Chamber is contributing to this case to be a true “friend of the court” and provide a legal framework based on settled SEC jurisprudence to create a predictable legal environment for the blockchain industry. In submitting this brief, the Chamber does not take a view on whether the offer and sale of Grams is a securities transaction.
The key determination that the Chamber seeks is to distinguish between the subject of an investment contract (the digital asset) with the securities transaction associated with it. This requires two separate analyses: (i) whether there is an investment contract, offered as a securities transaction; and (ii) whether the subject of an investment contract is a commodity that can be sold in an ordinary commercial transaction. The Chamber further seeks confirmation that a digital asset is not a security solely by virtue of being in digital form or recorded in a blockchain database. Uncertainty as to how the federal securities laws apply to digital assets is stifling economic development in the United States. This technology neutral principle remains consistent with the law established by the Howey case and its progeny.
The Chamber is represented by Lilya Tessler, Partner and New York head of Sidley Austin LLP’s Blockchain and FinTech group. The amicus brief includes feedback from numerous contributors from the Chamber’s blockchain industry membership.
“An extraordinary amount of work went into developing this brief on behalf of the blockchain and digital asset industry. We greatly appreciate the thoughtful analysis that Lilya Tessler and her team provided, as well as the countless hours of contributions from many of our members,” said Perianne Boring, Founder and President, Chamber of Digital Commerce.
“The Court has an important opportunity to establish binding precedent in helping practitioners better discern when the securities laws apply to digital assets and when they do not under the Howey framework,” added Amy Kim, Chief Policy Officer of the Chamber of Digital Commerce.
“We are delighted to represent the Chamber as amicus curiae in this pivotal case, which hinges on the Court’s application of the correct analytical framework to digital assets,” said Lilya Tessler of Sidley Austin LLP “The decision in this case will have far reaching implications for blockchain market participants, including investors, trading platforms, and technology companies that seek to facilitate both securities and commercial transactions in digital assets.”
The Court scheduled a hearing in the SEC v. Telegram case for February 18 and 19 to consider the SEC’s request for a preliminary injunction preventing the delivery of Grams to purchasers. Each party has filed motions for summary judgement that focus their arguments on whether Grams are securities based on the facts in the case, while the Chamber’s proposed brief sets forth the applicable legal standard and implications of the Court’s decision in setting a precedent for the entire industry.
About the Chamber of Digital Commerce
Headquartered in Washington, D.C., the Chamber of Digital Commerce is the world’s first and largest trade association representing the digital asset and blockchain industry. For more information, please visit DigitalChamber.org, and follow us on Twitter @DigitalChamber.
Horizon CEO Brian Collins to Speak at EmTech Investment Meeting 2020 in Davos During World Economic Forum
New York, NY, Jan. 21, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Horizon Globex US, LLC (Horizon), the Blockchain-as-a-Service solutions company, today announced its CEO Brian Collins will be speaking at the Emerging Technologies Investment Meeting (EmTech Investment Meeting 2020), a forum for professional investors and traders who are interested in impact investments and emerging technologies. The event takes place January 20-22nd in Davos, Switzerland during the World Economic Forum. Brian will be hosting a Fireside Chat called The Hunt for Liquidity: Digital Assets 2020, providing his expertise on the challenges and opportunities surrounding digital asset liquidity in the coming year alongside merchant banker and PALcapital CEO, James Haft.
The EmTech Investment Meeting 2020 discusses investment opportunities in technologies such as Clean Energy, Blockchain, FinTech, AI, Healthcare, Biotech, and more. The meeting includes prominent investment funds and family offices like i(x) Investments, IMAS Foundation, Private Equity & Infrastructure, MN (AUM 160bn), Willis Towers Watson, SUSI Partners AG and other institutional investors. Additional speakers include Ciara Sun, Head of Global Business at Huobi Group; Rupertus Rothenhaeuser, Chief Clients & Products Officer at SIX Digital Exchange; Lennix Lai, Financial Market Director at OKEx; and the Schaffhausen Institute of Technology.
Brian is an experienced public and private company CEO. He founded Horizon Globex in 2010, which was listed on Nasdaq in 2012. The Company’s end-to-end blockchain technology suite was completed in 2019 and its compliance and trading technology is being licensed to entities around the world. From 1999-2010, Brian was CEO of Abbey Technology in Switzerland specializing in the design of trading software for Swiss banks. Prior to this, Brian worked for Credit Suisse in Zürich designing and building proprietary equity trading solutions.
“Attracting mainstream traders to a digital-asset secondary marketplace requires frictionless on-boarding and trading,” says Horizon CEO Brian Collins. “I’m honored to share insights on what’s to come surrounding digital asset liquidity in 2020 and help shed light on the tools and regulatory framework in place to usher in this new wave of investing and trading.”
This news follows Horizon’s recently launched Series A funding round which is currently accepting investments. Qualified investors can become shareholders in Horizon’s proprietary blockchain trading and compliance software business being licensed to entities around the globe. To learn more and to access Horizon’s investment materials, visit https://offering.horizon-globex.com/.
To learn more or connect with Brian Collins, visit his LinkedIn or reach the team at email@example.com.
Horizon offers a suite of integrated blockchain software applications for compliant issuance through secondary trading of digital securities. Truly a compliance-first business, our solutions combine Wall Street and Silicon Valley to power the next generation of exchanges and securities offerings in the U.S. and globally.
Current product solutions include asset tokenization through Tokenetics (tokenetics.com); a white-label KYC smartphone app to onboard and verify investors through KYCware (kycware.com); anti-money laundering screening against a database of global sanctions, watchlists, & PEPs through AMLcop (amlcop.com); transfer agent custody tools through (custodyware.com), and an advanced retail trading app for compliant secondary trading on affiliated digital securities marketplaces through Open Order Book (openorderbook.com). All software applications can be utilized independently or integrated with one another. Learn more at https://horizon-globex.com/.
This press release may include ”forward-looking statements.” To the extent that the information presented in this press release discusses financial projections, information, or expectations about our business plans, results of operations, products or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as ”should,” ”may,” ”intends,” ”anticipates,” ”believes,” ”estimates,” ”projects,” ”forecasts,” ”expects,” ”plans,” and ”proposes.” Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the offering statement that we will file with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained, and GlobexUS Holdings Corp. does not undertake any duty to update any forward-looking statements except as may be required by law.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL SECURITIES OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION WHERE SUCH OFFER OR SOLICITATION IS NOT PERMITTED.
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