Ladies and gentlemen, thank you for your patience, and welcome to WISeKey International Holding's full year 2025 financial results conference call. As a reminder, this conference contains forward-looking statements. Such statements involve certain known and unknown risks, uncertainties, and other factors that could cause actual results, financial condition, performance, or achievements of WISeKey International Holding Ltd to be materially different from any future result, 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. Thank you, sir. You may begin. Good morning. Thank you very much to everybody. 2025 was a defining year for WISeKey, and the early weeks of 2026 have already validated the strategy decision we made over the last 24 months. We delivered audited full year revenue of CHF 19.3 million, representing a 62% growth year-over-year, with a subsidiary, SEALSQ, contributing CHF 18.3 million and growing 66% over the prior year. Q4 alone produced CHF 8 million of that revenue. More importantly, we ended 2025 with a fundamentally transformed balance sheet. We have over CHF 429 million in cash and short-term investment at year-end, growing to more than CHF 535 million as of April 30 following our March capital raise for SEALSQ. This strong and well-capitalized balance sheet give us the ability to execute our strategy without compromise. I want to frame today discussions around three important messages. First, the transition from a sampling to commercial revenue is now underway, and the data points are concrete. Second, our strategy architecture, what we call the year of convergence, is integrating five technology pillars into a single vertical integrated quantum secure platform. Third, the regulatory and geopolitical environment is moving decisively in our favor. We're starting with commercial inflation at SEALSQ. The 66% revenue growth SEALSQ delivered in 2025 reflects two distinct things happening simultaneously. One, PAN, our legacy semiconductor and PKI product line, saw a renewed demand cycle as customers work through their inventory positions. On the other hand, we generated our first revenue from sampling or post-quantum products, which is the leading indicator that matters more for the what comes next. Today, our commercial pipeline at SEALSQ exceeds $200 million, covering potential revenue opportunities from 2026 through 2029. With that, more than $60 million is directly tied to QS7001 and QVault TPM programs, growing more than five full year-over-year from approximately $11 million. On the certification side, QS7001 has now passed fault injection and side-channel attack resistance evaluation at the EAL5+ level, and we have completed the NIST validation. First production revenues are on track for 2026, late in 2026. This is a gating event that converts pipeline into recurring hardware revenue, and we are tracking on its schedule. Moving the year of conversion for WISeKey. We are calling 2026 our year of conversion because our five technology pillars, SEALSQ, WISeSat, SEALCOIN, WISeID / INES, and WISe.ART, are now operating as a single integrated stack rather than as adjacent business as it was the case until now. What this means in practice is that our team in sharing knowledge and resources to create virtual integrated solutions for our customers. Our SEALSQ, which develop post-quantum secure chip design to generate ASIC design services revenue, hardware revenue, and recurring income through outsourced semiconductor personalization and tests or SPT center, has now entered in commercial acceleration phase. Our WISeSat, we have made significant progress. We have launched 21 satellites to date with 14 currently operational in low earth orbit, and we remain on track towards the 100 satellite constellation. The definitive business combination agreement we signed in November with Columbus Acquisition Corporation is expected to close in the second half of 2026, very likely around the month of September, which will result in WISeSat.space Holdings The listing on the NASDAQ with a WISeKey and SEALSQ together receiving 25 million shares at $10 per share, representing a $250 million of equity value while retaining majority ownership. This listing is the structure enabler of our quantum special orbital cloud, what we call the QSOC initiative. Under the QSOC, WISeSat operates the space infrastructure and SEALSQ owns and operates the quantum cloud as a managed subscription service. The full operational capability target is 2033, and WISeSat is expected to operate a constellation provided a dedicated QSOC capability for SEALSQ. And SEALSQ is aiming to deliver a contractual guarantee 99.9% uptime service agreement to its customer. The SEALSQ Quantum Fund. I want to spend a moment on capital deployment to date. The SEALSQ Quantum Fund grew from CHF 20 million at launch in 2025 to CHF 200 million of available capital resources as of April 30, 2026. Though the end of April, we have deployed approximately CHF 23.2 million across five portfolio positions, which are. We invested CHF 14 million in IC'Alps. The acquisition added more than 100 ASIC engineers in Grenoble in France, and we are now developing a quantum-resistant secure element optimized for CRYSTALS-Kyber, which are the standards for post-quantum technology. We deploy CHF 4.2 million in Quantix Edge Security project in Murcia, Spain, which is building one of the European first sovereign post-quantum semiconductor personalization center and third center co-funded by the Spanish SETT.es, which is the government agency in charge of investing money in critical infrastructure in Spain. Program with CHF 20 million that has been contributed by the Spanish government. We invest another CHF 4 million in WeCan Group, which integrates our PQC secure digital identity into financial KYC. We made two rounds of investment in EeroQ or our U.S. Quantum Hardware investment in a company in Chicago, which brings electrons on helium quantum architecture, which is CMOS compatible with our chip processes. CMOS is the technology that we are investing on because it totally is aligned and fits with our semiconductor capabilities. We plan to demonstrate a joint quantum security stack at our Geneva Quantum Center of Excellence, currently in preparation to be inaugurated in October this year. Additionally, we made an initial small investment in ColibriTD, our French quantum solver partner, which is working on improving sub- 7 nm wafer yields from 50% - 80%, which directly reduces our chip manufacturing cost. Each of these investments reinforce the underlying business. They are not adjacent bets, they are vertical integration required to move the company technology to the next level. On the regulatory environment, the U.S. CNSA 2.0 mandate by the U.S. government requires CNSA 2.0 compliant for all new national security system acquisitions by January 1, 2027 in the United States. This is now eight months away. Federal agencies in the U.S. are required to identify and remediate quantum vulnerable system. The NIST PQC standards were finalized in 2024. Our products are designed to comply with all these standards. We are seeing this translate directly into pipeline activity in areas such as defense, smart meters, ecosystem through the WISeSat and U.S. federal procurement through our Trusted Semiconductor Solution Alliance partner. With that strategic context, let me hand the call over to John to walk you through the financials in details. John, the floor is yours. Thank you, Carlos, and good morning, everyone. Full year revenue for 2025, as Carlos has said, was CHF 19.3 million, an increase of 62% versus CHF 11.9 million in 2024. Fourth quarter revenue was CHF 8 million, which doubled from CHF 4 million in the fourth quarter of 2024. Approximately CHF 3.5 million of the full year increase relates to five months of revenue contribution from IC'Alps, which we acquired through SEALSQ on August 4, 2025 and consolidated from that date forward. Organic growth was driven by a recovery in our core secure microcontroller and PKI product families, plus initial sampling revenue from our post-quantum platforms. I want to be transparent about how to think about 2025. As Carlos has already said, it is the year that paved the way for our convergence strategy. The 2025 numbers continue to reflect the transitional period between the traditional product offerings and next generation post-quantum semiconductor platforms, and included the first revenue from sampling and with the transitions expected to enter its commercialization phase, with the first production revenues anticipated in the latter part of 2026. The full year 2025 net loss was CHF 38.2 million, which was due in a large part to CHF 8.3 million of non-cash share-based compensations, consolidation following the acquisition of IC'Alps. The materially increased R&D investment we made to accelerate the post-quantum semiconductor product range and the expanded sales and marketing related expenses made to support the expected commercial ramp. Which were partially offset by a one-off credit on the settlement of the ExWorks loan and by interest income on cash deposits. On the balance sheet side, as of December 31st, 2025, WISeKey had CHF 429 million in cash and short term investments, up from CHF 91 million at the end of 2024, an increase of 370%. This was achieved while deploying CHF 23 million during the year towards strategic investments in WeCan, IC'Alps, Quantix Edge Security and others, as Carlos has already touched on. In March 2026, SEALSQ raised a further CHF 125 million in additional capital. As of April 30th, the WISeKey Group had over CHF 535 million in cash and short term investments. This strong cash position allows us to fund post quantum R&D, scale our manufacturing capacity, pursue selective M&A, and continue to deploy through the SEALSQ Quantum Fund. Moving on to guidance, we are reaffirming our full year 2026 revenue guidance, which calls for growth of 50%-100% year-over-year, driven primarily by SEALSQ. We have some significant projects in relatively advanced phases of negotiation, and we therefore hope to be able to positively reinforce and upgrade our guidance in the coming months. The drivers of this are full year consolidation of IC'Alps, broader entry into the trusted platform module market via QVault TPM, the launch of QASIC custom post quantum ASIC engagements, initial QS7001 production revenues following the EAL5+ certification in late 2026. Initial revenues expected from the Quantix Edge Security Personalization Center development in Spain and continued expansion of recurring PKI subscription and- Thank you, John. Before we move into our Q&A, let me close with a brief view on what we expect to see through the remaining of 2026 that has not been yet disclosed during the first part of this meeting. As we say, the QS7001, the EAL5+ certification is on track, and we expect to generate the first production revenue in the latest part of this year. It is important to note that this is the first type of chip that they are certified with that level of security. Although this is not a requirement to sell because we can sell them without that certification, that certification will help to increase the revenue, especially in government contracts and critical infrastructure projects. Second, we expect the WISeSat business combination of Columbus Acquisition Corporation to close in the second half of 2026, creating an independent listed company in WISeSat.space Holdings Corporation. As you all know, with the IPO of SpaceX, space is becoming a very important infrastructure as many of the current Earth-based infrastructure, such as data centers, nodes, are moving to the space. It's critical for a company like WISeKey via its subsidiary, WISeSat, to have an early presence in that ecosystem, which will be a very important growth ecosystem in the future as everything is moving to what we call quantum Internet. We're having assets related to satellite, launching capabilities in cooperation with SpaceX, cryptographic capabilities to store at the satellite, and the future possibility to do a quantum key distribution for space are strategic components for companies like WISeKey and WISeSat. Third, we expect continued capital deployment from the SEALSQ Quantum Fund into vertical integrated R&D partnership. As the company is sitting a very important cash position, it is essential that we use this unique opportunity to build up infrastructure both in the United States and Europe. That will include investments, important investments in areas such as personalization center, which are capital intensive. This is one of the main reason why the company has raised important funding during 2020, last year and this year, with a total incremental cash position of CHF 500 million, over CHF 500 million, which CHF 200 million are allocated for. That will accelerate our revenue, particularly in the United States, in announcements that they will be made during the second half of the year. Fifth, the reallocation of WISeKey and SEALSQ to Lancy-Pont- Rouge facility in Geneva should be completed in the second half of 2026, which is a much larger facility than the one we have now, and will allow us to establish the Geneva Quantum Center of Excellency in cooperation with leading organizations in Geneva, such as CERN, the United Nations, the Geneva government, and others, that they are all working in accelerating the adaptation of quantum technologies into sectors such as financial sectors and others. The quantum threat to today encrypting infrastructure is mathematically certain and approaching rapidly as the latest announcements made by Google and other, NVIDIA and others, that they are confirming that Q-Day could be as near as 2028, 2030. The companies that will lead the post-quantum era will be those that combine sovereign silicon trusted identity, secure satellite key distribution, and quantum-resistant transaction infrastructure into a single integrated platform. That is what WISeKey is building and it's all about. That is what we are now monetizing. I leave now the operator to open the Q&A part of this call. Thank you very much for your attention. Thank you. If you would 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 would like to remove your question from the queue. For a participant choosing speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from Matthew Galinko with Maxim Group. Please proceed. Hey, thanks for taking my questions. Maybe just start with of the pipeline you're seeing for quantum chips. I think you said it's about CHF 60 million from 2026 to 2029. How much of that would you say is driven by regulation, and how much is just, you know, independent of, you know, regulatory driven requirements? Maybe I'll let John to further explain. Thank you, Matt, by the way, and nice to talk to you again. The regulation, obviously, the CNSA 2.0 is of concern to anyone that is conducting critical infrastructure. Imagine hyperscaler, imagine data centers, imagine space satellite. I mean, everything will be compromisable in terms of security because quantum computer will be breaking RSA keys. Obviously, we are not yet there. Quantum computers will need something like 10 million qubits to do that. The new is a lot of R&D and a lot of innovation in the quantum arena on where companies are already in the process of being able to generate 10 qubits. The new thing is that you can put those qubits also in a serial process, so you can combine qubits from different companies and bring them into a data center and use them in a scaling process to generate enough qubits to make a substantial usage of those decentralized quantum computers. It's something like we call Quantum as a Service. That growth of compute capability and possibility of using quantum computers to break RSA, obviously that's not the main focus of quantum computer. Quantum computer can do many good things, but this is a bad thing that they could do, right? This is making a lot of companies conscious about the risk. This is also increasing their potential insurance policies, so they know that they need to be ready to that day. We are working with integrators, for instance, that they are now adding PQC security as part of the contracts that they have with thousands of companies, and they want to expand the current security services that they get from those professional service companies to add both PQC defense capability and also in some cases also a space security as many of these companies are now launching satellites and they want to use satellite constellations to access their data. There is a trend that is moved both by innovation in the market. It also moves by government regulatory, and this is not only in America. We have the similar regulations in now in Europe, and also going to be the same thing in Asia, in Singapore and India. I think, by the year 2030, anyone that runs a critical infrastructure will be PQC compliant. They will have to buy the chips that allow them at the object level to defend a quantum attack. There is also PQC software, which is at the back-end level. Those are how we are working also with partners to provide that technology that will allow, for instance, to assess the vulnerabilities of a financial institution if a quantum computer arrives. Those are also partnership with a professional services company that they will work with us to teach potential risk to those companies if they don't apply post-quantum capabilities as soon as possible. It is a trend. I mean, it's like putting the airbag in the car, right? You needed a time. Now it's compulsory, nobody thinks about it. That's happening the same from the year 2030, you will not conceive the possibility of developing anything which is potentially breakable through a quantum attack. Thanks. That's great color. I think you sort of started on this, but maybe beyond kind of the regulation you referenced, where else regionally are you seeing movement towards those sorts of requirements for quantum, you know, or PQC capable, you know, chips and security? Sorry, if you don't mind, asking the question again, I didn't get the first part. Sure. I'm curious where else, you know, in the world that you're seeing regulation emerge to mandate quantum secure technology on critical infrastructure? As I mentioned, the CNSA 2.0 is the reference. This is a U.S. government, right? That says that 2028, you need to be protected against quantum attack through a post-quantum capability, otherwise your technology might be considered legacy. Imagine anyone selling anything to the U.S. government, they will need to be PQC compliant, otherwise they will not just buy your product. That will also affect import products. Imagine video cameras, imagine cars, imagine drones, imagine satellite equipment, imagine Cisco routers. All that without PQC capabilities will not be able to be deployed on critical infrastructure. Critical infrastructure, obviously airports, smart cities, government entities are the first one that needs to be secure. This is the this is a must-to-have type of first line of defense. You have obviously the commercial opportunities of this. I mean, if you have a, you know, we just announced a deal with Parrot. Parrot is one of the leading drone companies in the world, one of the first one, by the way. Parrot is being used now in many battlefield type of activities. As you know, the drone industry has evolved enormously. The founder of Parrot recognized that he wanted to be the first drone company to have our QS7001 installed physically into the drone. We did it, and obviously we announced it, and this is now being used as a case study on many other drone company that they want to have their drone PQC compliant. Imagine the consequences of having a drone that is not secure to that level, right? That will be in industries like the health industry, you know, where we have, for instance, PQC deployments with connected devices that they are used in hospital. You can ensure that your pump insulin that connects to the internet cannot be breakable through an external attack. Quantum computers are so powerful that they could make a massive attack into billions of devices in one shot. They will detect the vulnerability of those devices, as it is the case now with AI, right? I mean, there's a lot of discussions about what is happening with some AI companies, without mentioning them, that they have now capabilities to identify cybersecurity vulnerabilities very easily. Imagine if that is used in the wrong hands, right? We are in a very similar situation with quantum computers. PQC is the line of defense of quantum, but also the company because we are investing in quantum companies like we invest in EeroQ, which is a Chicago-based company where we are working very closely with them to develop semiconductors, and they will be able to basically create a quantum computer. We are also learning from innovation in quantum in order to create basically what we call a sovereign quantum computer. A quantum computer that will be able not to be used to, you know, to destroy the security of critical infrastructure, but it could be used to solve major problems like discovering a new medical product. A new, you know, for instance, with less than 10 qubits, we can now work with pharmaceutical companies to develop a new drug and put that into the market much faster that without having that compute capability. It is a very emerging market where you will see a combination between quantum security, quantum computer deployment, hybrid combinations where you are using quantum computers and supercomputers at the same time, as supercomputers are not gonna disappear, right? It will take a time between now and maybe 10 years where quantum computers will totally displace supercomputers. This is, we have a still few years to go where you might have a hybrid platform solutions. The big opportunity of WISeKey is that WISeKey has all those critical assets through SEALSQ in what concerns chips, in WISeSat in what concerns the space constellation with operationalist satellite, in WISeID what concerns identity management and the possibility of injecting digital identity into the silicon directly with a, with a cryptographic Root of Trust. All these ecosystem of companies that have been created under the WISeKey is making WISeKey a very unique company, very hard to replicate it, and extraordinary important for the next generation of quantum computing that is gonna emerge, as you will need to have an end-to-end. Then at the same time, you need to provide a sovereign structure. Another important aspect here is that many companies will prefer to buy a solution of SEALSQ in the U.S.A. because they don't wanna buy a Chinese quantum computer, for instance, because they will be concerned about what is the process of that quantum computer and who has done it and what is the cryptographic capabilities, what is the trust model, and so on. Quantum computing industry is becoming sovereign, and this is a big opportunity for us. Thanks, Carlos. Just one final question from me, particularly on the satellite business. I'm wondering if you could share anything about, you know, where you're hearing or seeing demand for, you know, services delivered through the constellation that, you know, you're building. Is there a pull on, you know, the services that you're demonstrating now or is it a push or, you know, kind of talk about how that is developing commercially. Yeah. The constellation we use, WISeSat, which is a company owned by WISeKey, initially invested in sending with a SpaceX 2021 satellites. Those are picosatellites, the 3U satellite. That's the measure, you know. That basically were tested to IoT projects. Let the satellite track and trace anything on Earth that has a chip. Not necessarily a PQC chip, can be a traditional VaultIC secure element. You can track and trace from the, from the space object. This is a big market, right? Because 90% on Earth is not connectable. You cannot track an object in the middle of the sea or in the middle of the desert or in rural areas where connectivity is not available. There is a very big demand on companies and they are running logistics, cargo companies, and there are trucks company, then there are containers in the middle of the sea, military applications. They need to have that connectivity. That's what we proved during the first 21 launches. This was obviously an important investment because of the company. Those launches are expensive. One satellite is at $300,000-$500,000 to launch and produce. We were one of the first ever PQC compliant constellation in the space with a satellite that are in orbit. Now we are moving into the next level of that with the last the last launch of the satellite we did in June, included already the latest version of the QS7001. We started to test. We also added new things like a crypto wallet for SEALCOIN, which is another company of the group. WISeKey owns 80% of SEALCOIN in cooperation with Hedera. Hedera Hashgraph is one of the largest blockchain companies in the world. With them, what we did is to embed a wallet into the satellite itself, so the satellite can exchange crypto tokens with another satellite or with a earth station or with a or with a an object that will require a payment. Imagine, one satellite collecting pictures for another satellite and paying for that service with tokens, and those tokens are automatically exchanged between the wallets, and they are located in each of the satellites. This is a breakthrough technology. We are now working on this. I cannot say names now because we are still in the process of finalization, but you will see agreements with a strategic professional service company and others, and they will resell that capability that we have already to their clients because their clients are, as I mentioned before, they want to add space into the cybersecurity contracts that they have with those professional integrators. We are launching the space with the SpaceX IPO is gonna boom because SpaceX has already announced, you know, that they cannot even cope with the demand of sending on sending rockets. We will need to send rockets all over the world with different company. We have established relations with ISRO in India, with PLD Space in Spain. Those are new companies, and they are sending rockets. Our preference obviously is to do it as much as we can with SpaceX, and we have a very good relationship with them. I'm sure that something there will be very soon possible in a more integrated way because as we need to send more satellite, the objective is to send 100 satellites in the next month. We will need obviously to be able to scale up the launching capability. The final objective of those satellite is to act as a nodes in the space. Let's say that SpaceX sends creates a data center, and that data center needs to be connected to earth station. Those earth station, by the way, we have already two operational earth station, one in the southern part of Spain and another in Switzerland, in Lausanne. Those earth station, they are now triangulated with the nodes in the space, encrypting the data using PQC chips on it on both ends, and that data then is made available to data centers both in the space, in the future data centers than SpaceX is very focused to build, but also data centers on Earth. End users can get a combination, a hybrid combination of access to data centers in the space using those nodes. Without the node, the communication is not secure. I mean, Starlink is not a secure satellite. They need a layer of security to talking to a non-Starlink or a SpaceX assets. This is where WISeSat position. It's an interconnector of existing constellations using those very sophisticated high secure satellites that we are manufacturing and launching to the space. It's a very I mean, the clients are there. We are working has been announced with the Swiss Army is one important client. We are working with several financial institutions, they are saying, "We will actually prefer to connect to the space to even to connect to the Internet as what they call the quantum Internet, space Internet." SEALSQ has launched an initiative we call QSOC, which is, I mentioned that on my brief. It's a quantum space constellation cloud. In the future, you will be asking the space like you access Amazon Cloud or any of those clouds. This is the positioning of the company. The fact that we own the critical infrastructure is a very strategic asset for WISeKey, not only on terms of evaluation because obviously the listing of the company on the NASDAQ is going to increase substantially the value because we are aiming at $250 million initial listing. You know, this company, WISeKey is the majority shareholder. All that hopefully will be reflected on the increased valuation of WISeKey, plus the fact that WISeKey, and that has been also announced, is planning hopefully by the end of this year to move directly to the NASDAQ as a way to simplify the processes. Currently we are listed in Switzerland, which is a very small market, not at all specialized in this type of technology. This is obviously detrimental to the evaluation of the company. Great. Thanks, Carlos, and good luck with the convergence. Thank you very much, Matt. As a reminder, it is star one on your telephone keypad, if you would like to ask a question. We will pause for a brief moment to see if there's any final questions. With no further questions at this time, I would like to turn the conference back over to Carlos for closing remarks. Thank you very much for your attention to this call. The company obviously is available. This information will be provided to the investor side. The company, myself and John, we are fully available for any further question. I'd like to thank the moderator for the organizing, to Lena, the IR company, and also for the questions and the analyst present on this call. Thank you very much. Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your patience.