Greetings, ladies and gentlemen, and welcome to the SEALSQ Fiscal Year 2025 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 SEALSQ to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. SEALSQ 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. These risks are also discussed in our filings with -- made with the Securities and Exchange Commission. Please be advised that our fiscal year 2025 earnings release was issued on Tuesday, March 31, 2026. Also, our Form 10-K for the full year ended December 31, 2025, which was filed with the SEC on Tuesday, March 31, 2026, can be found by visiting the Investors section of SEALSQ website. at https://investors.sealsq.com. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to introduce Carlos Moreira, Founder and Chief Executive Officer of SEALSQ. Mr. Moreira, please go ahead.

Thank you very much, Kevin, and good morning in the United States, and good afternoon in Europe to everybody. Welcome to our full year 2025 earnings call. I am joined today by our Chief Financial Officer, John O'Hara. I'll begin with an overview of our key highlights and major developments from the year. John will then walk you through the financial results in more detail. After that, I'll return to share our outlook for 2026 and beyond, I will conclude by opening the line for your questions. 2025 was a defining year for SEALSQ. It was a year where we stepped decisively into the role we had been building towards since our founding that of the world-leading platform for post-quantum secure semiconductor and trusted digital infrastructure. Every investment, product launch and partnership this year advances one central thesis that the quantum threat to encryption is real. It is accelerating and hardware rooted post-quantum security is the only durable answer. Let me walk you through those accomplishments one by one. In October 2025, SEALSQ market valuation surpassed $1 billion, and we achieved an upgrade to the NASDAQ Global Select market, its highest year. This reflects our growing scale, institutional governance standards and investors' recognition and our positioning at the interception of semiconductor, cybersecurity and quantum resilience. November 2024, we have raised more than $530 million in capital, providing us with a substantial financial flexibility to accelerate our growth strategy and deepen our investment in innovation. This founding strengthens our balance sheet and enables us to scale product development, expand our commercial reach and support the industrialization of our next-generation secure semiconductor platform. It also positions us to advance key strategic initiatives, including post-quantum product development, certification programs and potential partnerships or acquisitions that we can enhance our technology capabilities and market…

Thank you, Carlos, and hello to everybody on the call. So SEALSQ delivered total revenue of $18.3 million in fiscal year '25, representing growth of 66% compared to 11%, and second, the addition of our new ASIC segment, which contributed $3.6 million following our acquisition of IC'ALPS in August 2025, representing 5 months of consolidated revenue. Within the semiconductor segment, we saw particular strength in our smart card reader SCR 200 product line, which delivered 51% revenue growth year-on-year, driven by expanded deployments at key customers. Our Secure Element product lines, notably the VIC 405 and VIC 408 also saw significant bond growth in smart metering and secure communications applications. Trust Services, which include our PKI and provisioning solutions, grew by almost 600% year-on-year, both from a small base and currently represent just 2% of total revenue. Geographically, North America remains our largest market at 57% of revenue. We are pleased to report strong momentum, in particular, in Asia Pacific, where revenue grew 95% year-on-year, driven by adoption of the MATA protocol in smart home and HVAC applications. We also recognized some small revenues relating to sampling of the QS7001 quantum resistant chip as clients commenced their first testing of this product, and we expect first production revenues from the QS7001 in the second half of 2026. Gross profit improved substantially to $8.6 million in 2025, up from $3.7 million in the prior year, with gross margin expanding 13 percentage points to 47%. This was primarily driven by the addition of the ASIC segment which carries significantly higher margins at 88%, reflecting the design service and nature of that business with low directly attributable costs. Semiconductor segment gross margin partially recovered to 37%, up from 34% in 2024, as shipments of new products for our existing customer base resumed following…

Thank you, John. So let me start with 2 milestones that we believe will define our 2026 product calendar. So first is the full scale commercial deployment of the QVault TPM or RISC-V-based semiconductor controller which marks SEALSQ's formal entry into the trusted platform module market and is expected to drive significant new revenue in H2 2026, as indicated by John. Second, we anticipate a custom post-quantum ASIC engagement with contractualization in H2 2026, reflecting IC'ALPS contribution to the QASIC initiative. Furthermore, our $200 million pipeline, which spans from 2026 to 2029 and the near-term portion, particularly the QS-7001 and QVault TPM program, is at the most advanced stage with customers actively running development kits and moving through design in processes. This is a traditional practice in this industry where the testing kits are used and completed before further acquisition of the product. The key conversion factors are: First certification completion or CC EAL 5 plus the 143 milestones are on track through Q4 2026, and regulated sector customers required this before committing to volume. Second, integration cycles in semiconductor design to production typically runs 6 to 18 months. We are actively compressing this through codevelopment and partnerships CNSA 2.0 and EU CRA deadlines are creating a genuine urgency, we see directly in our commercial conversation. This to be completed with the announcement yesterday and Google of the acceleration of the Quantum Day and Quantum thread on cryptography and cryptographic tuck-ins, which will also create an urgency aspect in the market and the consumer application of this technology. Let me now discuss regulatory tailwinds hard deadline set for 2026. The regulatory environment is no longer a distant tailwind. It is creating binding new terms demand that is actively shaping customer purchasing decision. By September 2026, the Cyber Resilient Act mandates…

[Operator Instructions] Our first question today is coming from Matthew Galinko from Maxim.

Congratulations on the year. Maybe just firstly on the pipeline for the new Quantum products. I think you might have mentioned you have 10 customers better in kind of very active stages. I guess with the kind of with regulations starting to have an impact and teeth maybe in late '26, do you expect the number of customers you're engaging with to increase in that over the course of the year? So exiting '26, would we expect to have a significantly greater number of customer engagements on the Quantum products?

Matt, nice to talk to you again. Yes, I mean, I think there are several factors that is going to accelerate or sales in QS7001 post-quantum, not only at the silicon level but also the software level. One of them, as I mentioned, during the presentation is the CNSA 2.0 and their equivalent regulatory framework and basically is saying that companies, especially companies that they are dealing with technology that serves the purpose of critical infrastructure needs to be previously compliant. And this is an important driver because that means that governments around the world are putting that level of urgency. The second one is that we are gradually getting the certifications that they are require. This is a long process. Sometimes people don't understand how long it takes for the laboratories to certify those products. And many companies, they have expressed, as you can see on the $200 million pipeline, they have expressed strong objectives to deploy, but obviously, they want to deploy a certified product, especially the companies and organizations and they are working with government defense and critical infrastructure, which is the second driver. And I would say the third driver is the urgency created by the fact that there is now common consensus that the QD is actually arriving faster than everybody thought. Remember, last year, in January last year, we were still thinking that quantum computers will be only able to break RSA, triple desk in 30 years' time. This was reduced to 10 and now Google announced yesterday that they are actually dividing that by 10. The urgency is actually very large. And sectors like the possibility of breaking Bitcoin, let's say, then you break on wallet, imagine the consequences for the entire Bitcoin community. If one of those wallets will be compromisable because…

And then I guess my follow-up would be on the personalization center. It sounds like you're moving forward in the U.S. It sounds like in 2026, but is it reasonable to expect that you'd be making those investments in '26 and maybe generating revenue? And sort of opening the centers in '27? Or what's a reasonable timeframe to think about for the U.S. center and then the second one that you discussed?

Yes. So you remember, originally, we had the idea to build a personalization center furnace crash from the beginning. And this is obviously a 4 to 5 year investment of time and resources. That obviously is a real estate problem, right? You have to get the authorization, the land, the building the contractors. It is a tedious process, especially now with the huge demand on data center infrastructure. So it's hard to find the right people to build those infrastructures. So this was the original old thinking, and we will build our own thing. Then we move into a more, I would say, pragmatic and fast thinking, which is let's only team with somebody that has already a legacy infrastructure, operational that they are in the same sector than we are, and they will like to upgrade their existing infrastructure to become a PQC personalization semiconductor center, which is -- it's a bit the model we have actually also in Spain. So that reduces the time to market by nearly 3 years. So that takes only around 6 months to 1 year by the time you are operational. That obviously requires buying machines because it's a big investment. You still need -- and this is the reason we raised money is because this was not in our budget, right, to develop a full personalization center, with some existing infrastructure. We have several states and they have approached us with incentives to do it in their states. We are now combining this intention to bring us to one of those states with semiconductor company, then they will be operational already in the state, and they would like to team with us to do that. So we shall be able to announce very soon. I guess, before the end of June, we should be able to announce where it's going to be located. And this obviously will have a huge potential for our deployment. That means on the chips will be personalized in the United States. That means that we will be fully CNSA 2.0 compliant because they will be chips that will be verifiable in a localized place. People can see them, can test them, can be assured and all the cryptographic keys has been located at the center itself. That will also -- we are still a Swiss French company. So many of our clients, they are saying, guys, coming to the U.S. if you want to be bigger and grow your revenue. And obviously, that satisfied that requirement. So we are -- we believe that by the end of this year, we shall be able to have something very concrete in this area.

[Operator Instructions] We do have a follow-up from Matthew Galinko from Maxim.

Carlos, you mentioned some of the intense demand for land and power resources coming from the AI industry. I'm curious with some of the influence that's had on the semiconductor industry, I'm curious if that's having any impact on demand cycles from your customers or pricing or anything around margins that we might expect to hit you in 2026?

You mean from the energy sector, in particular?

Just broadly, we've seen some things about memory prices being incredibly high, storage prices being high, from high demand from AI data center builds. I'm just wondering if that ends up influencing kind of the end customer that you're selling into for your products, if that changes anything about their timelines or sourcing, pricing or anything that ends up impacting you?

We don't have that information. Obviously, there are different type of semiconductors, right? I think the -- I mean, there is an interesting debate now that quantum computers will actually redesign a bit the current infrastructure because you need less data center space, you need less computer, traditional compute capabilities. And at the end of the day, you need less chips from the memory companies, right, as quantum computers have a much powerful processing capability. What we believe is going to happen is that those chips that we are selling, it sells basically first to companies that like smart meters companies, then they want to secure smart meters because they are connecting smart meters to grids, and they are now in the process of learning how to tokenize the energy, they process through their smart meters. And also the energy that is reverted back again to the grid. So there is -- this is where we launched SEALCOIN, which is a crypto tuck-in that basically allows this market to be exchangeable and transactional between devices. So this is something that will have the first client we announced partnerships with Landis & Gyr, which is already 40 million of Landis & Gyr meters are already equipped with the software component of it and the future meters will increasingly be PQC compliant. So this is the industries which are booming now and because the current situation with oil and everything related to that is forcing companies to diversify the energy sources. And at least in Europe, this is becoming a very, very big now and our technology solves that problem because not only you secure the transaction, you authenticate the meter, you tokenize the energy collected by that meter, let's say, from a solar panel and you sell that energy to another meter in a peer-to-peer transactional process. So this is an area we see a big expansion for our capabilities.

[Operator Instructions] We reached the end of our question and answer. I'd like to turn the floor back over for any further closing comments.

So thank you very much, everyone. SEALSQ sits at an extraordinary inflation point. As I mentioned during our presentation, quantum computer is no longer a distant theoretical risk. Major technology companies, government and institutions are converging on timelines that make the quantum threat to encryption near-term reality. Regulators have responded. NISA standardized post quantum algorithm. The NSA has issued CNSA, 2.0 mandates and the European Union Cyber Resilient Act, is creating binding legal obligation. SEALSQ has the product, the certification in process, the pipeline, the partnerships, the capital and the strategic vision to lead this transformation. To our employees, I would like to thank for their extraordinary commitment this year, to our partners, customers and investors, thank you for your trust and continued support. We look forward to updating you throughout the year, and we wish you all a secure and prosper year-end -- year ahead. This concludes today the call. Thank you very much for your attention. Thank you. That does conclude today's teleconference webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.