Greetings, ladies and gentlemen, and welcome to the WISeKey International Holding 2025 Interim Financial Results Earnings Conference Call. As a reminder, this conference call contains forward-looking statements. Such statements involve certain known and unknown risks, uncertainties, and other factors which could cause 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 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. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Carlos Moreira, Founder and Chief Executive Officer of WISeKey. Mr. Moreira, you may begin. Good afternoon to all of you joining us from Europe and the United States. I am joined today by our Chief Financial Officer, Mr. John O'Hara, and I'll start this call by providing highlights on the company performance and also on the subsidiary-level initiatives for the first half of 2025. I will discuss the growth opportunities since the beginning of 2025 and moving forward, and then John will provide commentaries on our financial conditions in greater detail. We will open the floor to Q&A. I would like to provide now a short overview of the corporate structure. WISeKey is a Swiss cybersecurity company created in 1999, in which I am the founder. As a computer infrastructure provider, WISeKey delivers secure platforms for data and device management across various industries, including finance, healthcare, and government. Leveraging its root-of-trust technology and public key infrastructure (PKI), WISeKey is expanding its legacy technology into the quantum realm. Building on decades of expertise in securing digital identities and enabling trusted communities, WISeKey continues to safeguard traditional encrypted communications and provide strong authentication services to governments, enterprises, and consumers worldwide. At the same time, WISeKey is pioneering the transition toward the next generation of security through post-quantum cryptography, what we call PQC. This dual approach ensures that existing infrastructures remain protected today while preparing them for a future where quantum computers will challenge conventional cryptographic standards. It is being projected that this will happen in 2030, so we have only a few years to get ready. By integrating PQC into semiconductors, IoT, and digital identity solutions, WISeKey is setting the foundation for a quantum-resilient digital ecosystem, ensuring continuity of trust and privacy in the post-quantum era. WISeKey operates also as a holding company, encompassing several specialized operational subsidiaries. Each subsidiary plays a crucial role in the WISeKey ecosystem, contributing through independent research, development, and expertise while integrating their technology into the overall WISeKey platform. These businesses are no longer operating as separate businesses, but as a single interconnected ecosystem, what we call the convergent effect. Specifically, these companies are CLSQ, which is well known now as it is a listed company on the NASDAQ under the symbol LAEAS, which focuses on advanced semiconductor technology and is coming with a world-first in November of a post-quantum chip. WISeID, which offers root-of-trust and PKI services central to the WISeKey digital identity and encryption services and ecosystem. WISeSat, a newcomer also in the last year, which offers space technology using and developing and securing back pico satellite for secure communications from space. We also have WISe.ART, it's the trusted blockchain and NFT segment offering secure digital asset solution. Lastly, we have SealCoin AG, which was incorporated in 2024 and is developing the SealCoin platform and is focusing on a decentralized physical internet with a soon-to-come token with the name KAIT. In regard to the first half of 2025, it has been a decisive step forward in the execution of WISeKey quantum convergence strategy. The WISeKey quantum convergence strategy launched last year combines the existence of combining different assets like proven identity security methods with emerging quantum-safe technologies to ensure a smooth transition into the post-quantum era. It maintains the protection of current infrastructure with classical cryptographic capabilities while progressing integrating post-quantum cryptography, what I call PQC, and quantum-resilient algorithms. This strategy relies on a hybrid model where traditional and quantum-safe algorithms work together, guaranteeing backward compatibility and avoiding disruption. By applying this convergence across semiconductor, IoT, satellite, digital identities, and blockchain networks, it ensures that the trust and privacy remain intact as quantum computers advance. The essence of quantum convergence is the bridge today of security with tomorrow's challenges, enabling a resilient and future-proof digital ecosystem. This quantum convergence is now beginning to show its financial potential as each component drives value creation for the others, enabling WISeKey to multiply revenues, diversifying them, and starting to reduce the dependency of any single line of business and to capture new recurring income streams. The foundation of this quantum convergence strategy lies in CLSQ, which I mentioned before. I mentioned before, it's a major player in that ecosystem and one of the most secure manufacturing capabilities of post-quantum chips, which is going to be released in November 2025. It's a world-first, the first post-quantum chip with the capability of protecting against quantum attacks. This is positioned to be the world-first secure chip to embed NIST-standard quantum-resilient algorithms, the ML-KEM, Kyber, and ML-DSA, Dilithium, which are the NIST-standard quantum-resistant algorithms that have been available for companies like CLSQ to implement in their hardware devices. WISeKey controls through its 52% of the voting rights of CLSQ as of June 30, 2025. The Quantum Shield QS7001, which is the chip, aims to secure critical applications such as cryptocurrency transactions, but also defense systems, healthcare infrastructure, airport security, and IoT devices against future quantum computing threats. As quantum computing advances towards what we call the Q-day, when quantum computers will break traditional encryption like elliptic curve cryptography, ECC, RSA, the QS7001 chip addresses vulnerability in systems such as Bitcoin and other blockchains that could be hacked with this new computing capability provided by quantum. Current ECC-based algorithms, including ECDSA, are susceptible to quantum attacks that could compromise public keys and expose funds. The Quantum Shield QS7001 integrates lattice-based quantum-resistant cryptography to provide secure key storage, efficient signing, and key exchange operation, optimized for hardware wallets, cold storage, and IoT devices. It also offers a migration framework with hybrid cryptography and tools to transition assistance systems to quantum-safe standards with minimal disruption. The chip is launched as an open hardware platform to host personalized customer firmware, enabling full flexibility for all kinds of applications. CLSQ also plans to launch the Trusted Platform Model version of the QVAULT TPM in H1 2026. While its very few competitors only integrate post-quantum cryptography through hardware accelerators that support PQC via software implementation, CLSQ QS7001 embeds this quantum-resistant algorithm directly at the hardware level. This approach delivers enhanced efficiency, which is around 10 times faster, side-channel protection, and tamper resistance without relying on software layers, aiming to provide a more robust foundation for long-term security and high-stakes environments. The conversion does not stop at connectivity. Each secure device will in time be able to transact autonomously between themselves within a SealCoin ecosystem, from which WISeKey holds 75% of the corporation created. This is creating a forward revenue stream through transaction fees on trusted IoT exchanges. Earlier this year, WISeKey proved the potential of this model with a world-first space-based cryptocurrency transaction, demonstrating how satellite chips and the blockchain can combine the power of an entirely new digital ecosystem or new generation of WISe.ART platform, which WISeKey is owning 87.5% of the corporation and the remaining is held by the Hashgraph Group, the Hedera blockchain company, which is a pioneering Swiss-based Web 3.0 technology company. This platform adds a fifth layer by extending this infrastructure into tokenized assets, generating transaction revenue from authenticated trading on both digital and physical assets. Together, this creates a diversified yet fully integrated monetization model where every element, from chip to satellite to blockchain to marketplace, reinforces and extends the other. For shareholders, the value of this model lies in its scalability and resilience. Hardware sales generate immediate revenue, while OSPT services, satellite subscription, and blockchain transaction and tokenization provide recurring income streams that we expect will grow with adoption. This means that each customer or partner engagement has a compounding effect. A defense contractor, let's say, adopting CLSQ chips, could also become a client for OSPT services, or it can also be a subscriber for WISe.ART connectivity, a participant in the SealCoin transaction, and potentially a user of WISe.ART for tokenized asset management. It is important to note that only a few companies in our sector can offer this level of vertical integration and horizontal interoperability and monetization. This sets us apart from most of our competitors and makes the DNA of WISeKey. Another key point is the strategic partnership in which WISeKey is building further enhancement shareholder value by creating new addressable markets, such as the QuantumX security initiative in Spain, which actually has been announced this morning as a finalization company with the participation of the Spanish government investing in that company €20 million, on which WISeKey is also investing together with CLSQ €10 million. This company has already committed revenue of €25 million over the next three years for the company. This is already a very concrete example of how this verticalization works and how you can create what we call decentralized value by bringing the technology at a national level. This company is at the heart of semiconductor sovereign strategy in Europe, which is supported by public funding and demand for secure microelectronics. Also, our collaboration with the Swiss Army, which is already three years going, demonstrates that our convergence model is not just theoretical, but already being deployed to deliver ultra-secure sovereign communication, such as connecting mobile phones with our satellites and being able through those mobile phones to secure the communication directly with the satellite and to exchange the keys that they are required to ensure that both devices end-to-end are secure and authenticated and protected. Our Human IT initiative, which we launched with the United Nations, extends our leadership-based technology into AI global governance, which although is not directly related to revenue generation, it is required in order to ensure that countries of the world can benefit from the AI revolution without the need of dependencies. Those initiatives are strengthening our brand, creating influence over standards, and laying the foundation for future trust services where AI must rely on secure chips, authentication of data, and tamper-proof transactions. As WISeKey moves into the second half of 2025, our focus is on scaling execution. Here, I give you a few milestones. We are approaching the commercial launch of CLSQ in Q4 2025. The date actually is now around the 22nd of November as a world first, which we expect will trigger new revenue growth in 2026 and beyond, as already communicated during the earnings call of CLSQ where these projections were disclosed. We are also expanding the WISe.ART constellation to increase coverage and open new subscriptions. Now we have 22 operational satellites in orbit, and we are testing real-time those satellites on a daily basis by connecting devices to the satellite with a new launch, which is due in November again with SpaceX, which will include the new generation chip and will coincide with the world-first launch of Volta C, the new generation chip for post-quantum capabilities. We are also bringing SealCoin and WISe.ART from the pilot stage to commercial deployment, establishing new transactional-based income streams. We are strengthening OSPT footprint to ensure that every chip produced by CLSQ can be rapidly personalized and integrated into this global infrastructure. For shareholders, the message is loud and clear. WISeKey convergence strategy is designed to create multiple layers of monetization from each customer relationship, recurring revenue streams that compound over time, and strategic partnerships that are open to us, creating new markets while de-risking the execution. With a $170 million robust pipeline of revenue opportunities as of September 8, 2025 for the period 2026 to 2028, a very strong balance sheet and increased global recognition of our role of interception of quantum security, space connectivity, blockchain, and AI, WISeKey is building a business designed to scale, resilience, and long-term shareholder value. WISeKey is not just adopting to a technology change; actually, WISeKey is shaping it. We are building neural sovereign trusted digital infrastructure that the world increases depending on, as currently the move is to centralize technology in some few countries and few players, which creates a dependency issue. For investors, this represents a unique opportunity to participate in the creation of a company position, not only to grow revenue, but to define the architecture of digital trust for the decades to come. With that, I will now turn the call over to John, who will provide further insights into our first half of 2025 financial highlights. John, please go ahead. Thank you, Carlos. As Carlos mentioned earlier, WISeKey's performance in the first half of 2025 is in line with our expectations, while the company is executing on its strategy moving towards next-generation semiconductors, space connectivity, transactional IoT, and blockchain, laying the foundation for sustainable long-term growth. For the first half of 2025, revenues grew slightly by $0.1 million to $5.3 million, which was entirely in line with our expectations, reflecting the continued transition period, which is coming in ahead of the second half growth. We have all our orders for the second half booked out at the CLSQ level, and we actually now have roughly a 300% higher backlog of booked orders for 2026 than we had at the end of 2025. We already have much more confidence in the figures going ahead and the continued growth. Our operating losses did increase by $13.2 million to $27.3 million, but this was largely driven by a one-off stock-based compensation charge at the CLSQ level of $10.1 million, in addition to increased investment in research and development and an increase in the general and administrative costs as a result of an investment in the infrastructure of the company to support developing verticals. The increase in the operating losses is partially offset by an increased non-operating income due to a one-off gain on the settlement of the Xworks loan, which we recognized a $3.7 million one-off credit, as we settled for far less than the amount held on our balance sheet, and interest earned on our cash deposits of $1.6 million. This results in a net loss of $22.3 million for the six months to the end of June 2025, which has increased by $6.8 million in comparison with the same period last year. As I've just mentioned, we continue to invest in research and development, which for the first half of the year totaled $5.8 million, focusing on the development of CLSQ's next-generation quantum-resistant chips, the SealCoin transactional IoT platform, the WISe.ART expansion and constellation, and the launch of the WISe.ART 3.0 platform. Our strong balance sheet and cash balance of $124.6 million as at the end of June will allow us to accelerate technological development and to execute strategic investments that expand our capabilities, strengthen growth pipeline, and position WISeKey at the forefront of the transition to quantum-resilient security solutions. A brief word on the outlook. We expect strong growth in the second half of the year, with full-year revenues expected to be in the range of $18 to $21 million. This growth is driven by the expected return to growth in the demand for CLSQ's traditional semiconductor products, the consolidated revenue of IC'ALPS, a subsidiary of CLSQ since the completion of the acquisition by CLSQ on August 4, 2025, as well as the continuing development of the revenue streams of our other business divisions. We look forward to reporting our progress in the coming months. With that, this concludes our prepared marks. I would like to now open the line to Q&As. Thank you. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question comes from the line of Matthew Galinko with Maxim Group. Please proceed with your question. Hi, thanks for taking my questions and congrats on getting the Quantix deal done. Can you maybe touch on the contribution from Quantix? I think the press release said a relatively even revenue recognition of $20 million over three years. Is there anything we should think about for margins on that project revenue? Is there potential for product revenue on top of the project revenue? Yeah, hi Matt. Thanks for that. Just to clarify, it's $25 million over three years. Margins in that, yes, they vary a bit because some of it is equipment and plans. We install the equipment in Murcia, so some of that will be lower margin than our traditional semiconductor work. Other elements will relate to professional service type arrangements, the expertise of our staff, the installation of IP. We would expect at a higher margin, you know, something much closer to what our, as a margin level, would be very high because some of these staff are already currently employed by us. We expect that to be somewhere in the more traditional margin range. As the PR also hopefully highlighted, we're also agreeing that we will be looking to allow them to sell our next generation semiconductors and other products directly beforehand so that we don't lose momentum or lose too much time. We would hope that there will be product revenues coming through whilst the center is still under construction. Yeah, maybe it might, hi, Matt, it's Carlos. Just maybe to develop a bit further on that point. This deal is actually a very important deal because this is the first personalization center that we signed, right? The logic of that personalization center is that many countries now are getting concerned about the dependency on semiconductors and they want to have some kind of control on that process. They start with injecting the keys, although the chips might come from whatever, you know, Taiwan, Singapore, whatever, but they want to inject the keys at a national level. Those are the machines that John just mentioned. There is going to be a full transfer of knowledge, equipment, licenses, IP, royalties in order for them to be able to do that. This includes obviously a building, an ultra-secure facility, which we just came, actually, we were there yesterday. We were visiting that facility. Parallel to that, this investment is a parallel party with the Spanish government, SETT. SETT is sitting in €18 billion, actually, to develop semiconductor capabilities in Spain. They are investing. Cisco got €300 million in Barcelona to develop a plant. There are many companies around the world and they are coming to Spain due to the fact that the government is willing to co-invest with companies and they would like to develop semiconductor capabilities at a national level, which is our case, right? They put €20 million, we put €10 million, and another startup in Murcia, Spain, put another €10 million. For us, we recover our investment because we have a €25 million commitment over the next three years. In the plus of that, as John said, we're selling immediately the semiconductors even before the center is fully operational to the market. Spain is a high user of IoT, you know, the electrical, solar power plants, all that requires IoT connectivity, requires authentication, requires chips on solar panels. The agricultural business, which is huge in that area, they are using IoT sensors to monitor water irrigation. There's a lot of very interesting new applications that we are adding to the ones that we already do with these new generation chips. In both of that, because SETT is an investor in many other companies, not only us, it creates an ecosystem, right? The companies where they are also investing are creating synergies with other companies that like us now. We are entering into new agreements like we signed with Audin, with TipoTrech. Those are local companies and they are very highly specialized in a specific sector that then we can also bring to other countries. We are currently negotiating a similar experience of those personalization centers in several countries, including the U.S. in Arizona, where we are also advancing, also in India, also in South Korea. Last week, actually, an MOU was signed with the mayor of Seoul. Many countries are coming to us to say, wow, we really want to use your technology, not only because it's unique, nobody has it in terms of having this post-quantum chip, but in addition to that, you are maybe the only company in the world that is willing to help us at a national level. Other companies would rather centralize this technology, right? This is creating a very interesting ecosystem for us. As I mentioned during my introduction, that creates huge synergies with the rest of the company WISeKey Group has, right? Once you have those chips deployed at a national level, the next thing is connectivity. That is where the WISeSat.Space satellite makes a lot of sense because we have already concrete tests on how to connect the satellites directly with sensors that are located into IoT devices or device-to-device communication or mobile-to-satellite communication. That is a totally new industry emerging and actually WISe.ART is booming thanks to that, right? Then you have the tokenization, which is also a very interesting technology, world-first, which is letting machines pay each other with SealCoin, right? Imagine a satellite buying data from another satellite and getting paid with SealCoin or a connected car buying data from a plug, an electrical plug, and doing that directly through the car connection to the plug without the need to pay with Visa or MasterCard, right? Intermediaries. This is very complex technology. People sometimes don't grasp the complexity that we are dealing with here, but the good thing is the company is really making huge progress, right? As each of those verticals are evolving and they are creating, as I mentioned, this convergence synergy, which is what I believe is going to be the breakthrough in revenue here. Once you build a very large microchip infrastructure, they start to want to be connected, they start to be transactional, and that creates a very new stream of revenue for the company in the years to come. Appreciate the answer, Carlos and John. It's a lot of color and very helpful to see how everything's coming together. I guess as a follow-up, you talked about the $170 million, I think the three-year business pipeline on the CLSQ press release and conference call, and you repeated it here. Can you talk about how significantly the TPM is represented in the pipeline versus some of the other applications of what you're working on, or is TPM kind of a major component of that? It's a mixture between the three. It's a mixture between the Quantum Shield QS7001, you know, which is the new chip, and that chip is basically upgrading the existing security of existing chips. Clients that are on the legacy chips and they are buying five, ten million of those chips per year, they want to upgrade now. As you know, out of the 170 million, an important piece is the design wins that the company already has with some of our clients, right? They are getting concerned now on the new legislation in the U.S., but also in Europe actually now, that by 2027, the White House actually, there's going to be in a few days, I guess, in a few weeks, there's going to be a White House similar to what happened on AI. It's going to be on quantum regulation on quantum. That says companies need to be quantum resilient already before 2027. By 2030, the legacy systems will not be authorized anymore in critical infrastructures, right? The risk will become huge because everybody is now kind of in agreement and quantum day arrives in 2030. If you wait until 2027 to start to get ready for it, it's going to be too late, right? This regulatory push is making obviously, and you see that on the evaluations on Rigetti, IonQ, D-Wave, and CLSQ, you see that happening now. Companies that are in this quantum realm, they are getting a very strong valuation because it's actually easy to project in the next 10 years what will be the revenue and the valuation of these companies if that momentum happens. Because this is a regulatory type of movement now, it's going to happen. There's no way that companies will not do it because their insurance premium will increase and the clients will get concerned and their products are not PQC ready and things like that. Part of the 170 million comes from that. The other part comes from the Trusted Platform Model (TPM) chips, as you say, and that is a bit later on the year. The rest is coming actually from the centers, you know, because in every center that we built, the price is between $40 million to $100 million, depending on the country, right? In the U.S., it's a $100 million project. Even in some cases, we might want to invest together with investors, you know, to show that we are really serious about it and this is important to us because we provide the licensing, the technology, the chips, the machines, and everything. It becomes also revenue for the company. This is the breakdown on the $170 million. What is happening now is that clients that are using the Volta C, you know, Volta C has been sold already historically 1.6 billion times. It's a massive community of companies using already our technology. Some of them are in a legacy environment. They are now considering to move into post-quantum, like yesterday we announced a Taiwanese company that is doing ledger technology for storage of Bitcoin, hash key storage. Everybody's getting concerned that once quantum arrives, the blockchain can be compromised and therefore people can lose all the Bitcoins. We signed a deal with them where we are PQC enabling those devices. They are testing now on a small group of devices, but obviously the normal step is the entire production is going to be PQC ready next year. I'm sure you are following as an analyst, the PQC addressable market, which is getting bigger and bigger. Because we have, for the time being, we don't really have a clear competitor on PQC, the possibilities of projecting very high revenue become very realistic. Very big company. One question I get all the time is, oh, but how come you do that? I don't know, one of those multi-billion dollar chip manufacturing companies don't do it. The reason is that these are very large companies and it's very hard for them to defocus from the current technology to just develop a PQC technology play and that takes three to five years to do it, right? These are the years we have that we can conquer the market or at least take as much as possible of the addressable market. Carlos, thanks again for that great color on that. Maybe just last one for me before I jump back in the queue. You touched on commercializing WISe.ART with the 3.0 release and maybe in conjunction with WISeCoin or SealCoin. Can you touch on maybe how you kind of, what's the path to commercializing that piece of the business and what can we expect for that in 2026? WISe.ART, we developed originally, the concept was that if you have a microchip into an object and that object is secured with a microchip and authenticated, let's say a spare part of a car or a drone or a hardware device, you can create digital twins of this part and then on the metaverse or being able to regenerate the car, right? Transfer directly from the original into the digital twin environment so engineers can play with the digital twin without touching the car. That still is the design. Obviously, it's a very early business and other people are not doing that yet. The technology is Web 3.0, is a complex technology. You have to put an identity on every spare part and that identity needs to be stored in a secure element. The secure element injected into the object, the object then generates the digital twin and so on. We found that art was the easiest way to start. Actually, we were very successful in art. We have now thousands of artists and we have thousands of pieces of art that they had been dematerialized. Then you have this NFT collapse, you know, during the last two years, NFT companies like OpenSea and others, they just totally collapsed. We have suffered a bit of the misunderstanding of the market saying, oh, WISe.ART is an NFT platform, which it's not. We are basically reeducating the market to really see the potential with WISe.ART, which is becoming less maybe art, it's more like, you know, like an industrial generator of digital twin components to be analyzed on a digital environment. The SealCoin becomes the payment method of whatever you need to do between those devices. I mentioned before is the machine-to-machine. Our objective is both companies actually, WISe.ART, WISeKey in the identity management, they work very close to create that identity relation. We have, as I mentioned, plans to bring SealCoin as an exchange. SealCoin will soon be on a top exchange. We will give more information soon about that. That will obviously create a huge amount of potential new diversification of revenue. Also, WISeKey acquired 22% of WeCan. WeCan is another blockchain company that develops, we did it through the direct investment of CLSQ, right? That was the model we chose at that time. As we all know, WISeKey controls the interests of CLSQ. Both companies are working with WeCan in a KYC compliant using blockchain. This is a very interesting project where you can basically bring Web 3.0 technology to the financial sector and simplify the process of customers or banks to provide KYC compliant processes and registration. You see, the technology is converging and that's the beauty. I think in three years' time, you're not going to be talking so many companies or so many products. You're going to be talking really on Web 3.0 cybersecurity, which is what it's all about and connectivity. Obviously, you need to start somewhere. The way to start this is by creating those specialized, very focused companies that are solving one specific problem. Once this problem is solved, it creates a lot of synergies with the rest of the ecosystem. Great. Thanks again and good luck. Thank you very much, Matt. Thank you. Ladies and gentlemen, once again, it's star one to join the question queue. We'll pause just a moment to allow for any other questions. Mr. Moreira, it seems there are no other questions at this time. I'll turn the floor back to you for final comments. Thank you very much for your help in organizing this call. Thank you very much to Matt and the analysts that have been following us. Also, obviously, our shareholders and investors that might be joining the call. If you didn't have the possibility to join, this call has been recorded. We also have, obviously, all the presentations available on our website. John and I are here available for any further questions you might have. Thank you very much for your attention and have all a great day. Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.