SEALSQ (LAES) 20-F/A 26 Jul 23 2022 FY Annual report (foreign) (amended) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2022 shares
Entity Addresses [Line Items]
Document Type	20-F/A
Amendment Flag	true
Amendment Description	As contemplated by Rule 15d-2, SEALSQ Corp is hereby filing the certified financial statements of WISeKey Semiconductors SAS, the SEALSQ Corp Predecessor, with the SEC under cover of the facing page of an annual report on Form 20-F.
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-41709
Entity Registrant Name	SEALSQ CORP
Entity Central Index Key	0001951222
Entity Incorporation, State or Country Code	D8
Entity Address, Address Line One	Avenue Louis-Casaï 58
Entity Address, City or Town	Cointrin
Entity Address, Country	CH
Entity Address, Postal Zip Code	1216
Title of 12(b) Security	Ordinary Shares, US$0.01 par value per share
Trading Symbol	LAES
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	100
Auditor Name	BDO Rhône-Alpes
Auditor Location	Lyon, France
Auditor Firm ID	3340
Business Contact
Entity Addresses [Line Items]
Entity Address, Address Line One	Craigmuir Chambers, Road Town
Entity Address, City or Town	Tortola
Entity Address, Country	VG
Entity Address, Postal Zip Code	1110
Country Region	41
City Area Code	22
Local Phone Number	594-3000
Contact Personnel Name	Peter Ward
Contact Personnel Fax Number	594-3001

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net sales	$ 23,198	$ 16,995	$ 14,317
Cost of sales	(13,267)	(9,547)	(8,147)
Depreciation of production assets	(132)	(301)	(736)
Gross profit	9,799	7,147	5,434
Other operating income	2,007	91
Research & development expenses	(2,308)	(3,050)	(4,128)
Selling & marketing expenses	(3,824)	(4,245)	(3,103)
General & administrative expenses	(3,091)	(4,984)	(6,788)
Total operating expenses	(7,216)	(12,188)	(14,019)
Operating income / (loss)	2,583	(5,041)	(8,585)
Non-operating income	935	483	146
Interest and amortization of debt discount	(355)	(167)	(8)
Non-operating expenses	(638)	(96)	(749)
Income / (loss) before income tax expense	2,525	(4,821)	(9,196)
Income tax income (expense)	3,245	(6)	(5)
Net income / (loss)	$ 5,770	$ (4,827)	$ (9,201)
Earnings per share (USD)
Basic	$ 3.92	$ (3.72)	$ (7.09)
Diluted	$ 3.92	$ (3.72)	$ (7.09)
Other comprehensive income / (loss), net of tax:
Foreign currency translation adjustments	$ (15)	$ (8)	$ 33
Net gain (loss) arising during period	170	142	105
Other comprehensive income / (loss)	155	134	138
Comprehensive income / (loss)	$ 5,925	$ (4,693)	$ (9,063)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 4,057	$ 2,064
Accounts receivable, net of allowance for doubtful accounts	2,219	2,606
Inventories	7,510	2,710
Prepaid expenses	394	454
Other current assets	1,252	414
Total current assets	15,432	8,248
Noncurrent assets
Deferred income tax assets	3,296
Deferred tax credits	692	847
Property, plant and equipment net of accumulated depreciation	782	886
Intangible assets, net of accumulated amortization	1	5
Operating lease right-of-use assets	1,379	1,776
Other noncurrent assets	77	82
Total noncurrent assets	6,227	3,596
TOTAL ASSETS	21,659	11,844
Current Liabilities
Accounts payable	6,735	7,256
Indebtedness to related parties, current	3,374
Current portion of obligations under operating lease liabilities	324	320
Income tax payable	47	3
Other current liabilities	148	180
Total current liabilities	10,628	7,759
Noncurrent liabilities
Bonds, mortgages and other long-term debt	1,489
Operating lease liabilities, noncurrent	988	1,456
Indebtedness to related parties, noncurrent	7,946	15,617
Employee benefit plan obligation	396	575
Total noncurrent liabilities	10,819	17,648
TOTAL LIABILITIES	21,447	25,407
SHAREHOLDERS' EQUITY
Common stock	1,955	1,772
Additional paid-in capital	14,926	7,258
Accumulated other comprehensive income / (loss)	775	621
Accumulated deficit	(17,444)	(23,214)
Total shareholders' equity	212	(13,563)
TOTAL LIABILITIES AND EQUITY	$ 21,659	$ 11,844

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	1,473,162	1,298,162
Common stock, shares issued	1,473,162	1,298,162
Common stock, shares outstanding	1,473,162	1,298,162

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income/(Loss)	Total
As at December 31, 2021 at Dec. 31, 2020	$ 1,772	$ 6,755	$ (18,387)	$ 487	$ (9,373)
Beginning balance, shares at Dec. 31, 2020	1,298,162
Indebtedness to related parties		503			503
Comprehensive income / (loss)			(4,827)	134	(4,693)
Recapitalization by WISeKey International Holding Ltd					0
Indebtedness to related parties		(503)			(503)
As at December 31, 2022 at Dec. 31, 2021	$ 1,772	7,258	(23,214)	621	(13,563)
Ending balance, shares at Dec. 31, 2021	1,298,162
Indebtedness to related parties		8			8
Comprehensive income / (loss)			5,770	155	5,925
Recapitalization by WISeKey International Holding Ltd	$ 183	7,165	0	0	7,348
Recapitalization by WISeKey International Holding Ltd, shares	175,000
LT loan debt discount		511			511
Indebtedness to related parties		(8)			(8)
As at December 31, 2022 at Dec. 31, 2022	$ 1,955	$ 14,926	$ (17,444)	$ 775	$ 212
Ending balance, shares at Dec. 31, 2022	1,473,162

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from operating activities:
Net Income (loss)	$ 5,770	$ (4,827)	$ (9,201)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation of property, plant & equipment	404	1,532	2,243
Amortization of intangible assets	4	5	604
Interest and amortization of debt discount	355	167	8
Inventory obsolescence impairment	554		(457)
Income tax expense / (recovery) net of cash paid	(3,250)	6	5
Release of provision			(52)
Other non cash expenses /(income)
Expenses accrued under noncurrent liabilities	882
Unrealized and non cash foreign currency transactions			616
Other			(120)
Changes in operating assets and liabilities, net of effects of businesses acquired
Decrease (increase) in accounts receivables	387	(400)	1,539
Decrease (increase) in inventories	(5,354)	(236)	313
Decrease (increase) in other current assets and prepaids, net	(778)	172	198
Decrease (increase) in deferred research & development tax credits, net	154	464	1,330
Decrease (increase) in other noncurrent assets, net	5	4	63
Increase (decrease) in accounts payable	(521)	522	(457)
Increase (decrease) in deferred revenue, current		(150)	143
Increase (decrease) in income taxes payable	44	3	(10)
Increase (decrease) in other current liabilities	(31)	(413)	169
Increase (decrease) in defined benefit pension liability	(179)	(440)	43
Net cash provided by (used in) operating activities	(1,554)	(3,591)	(3,023)
Cash Flows from investing activities:
Sale / (acquisition) of property, plant and equipment	(299)	(36)	(52)
Acquisition of a business, net of cash and cash equivalents acquired			215
Net cash provided by (used in) investing activities	(299)	(36)	163
Cash Flows from financing activities:
Proceeds from debt	3,750	3,691	4,013
Repayments of debt			(1,208)
Net cash provided by (used in) financing activities	3,750	3,691	2,805
Effect of exchange rate changes on cash and cash equivalents	96	170	40
Cash and cash equivalents
Net increase (decrease) during the period	1,993	234	(15)
Balance, beginning of period	2,064	1,830	1,845
Balance, end of period	4,057	2,064	1,830
Supplemental cash flow information
Cash paid for incomes taxes	4		16
Recapitalization by WISeKey International Holding Ltd	7,348	0
ROU assets obtained from operating lease	$ 56	$ 33	$ 90

The Semiconductors Group

The Semiconductors Group	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Semiconductors Group	Note 1. The Semiconductors Group WISeKey Semiconductors SAS, together with its consolidated subsidiaries (the “Group” or the “Semiconductors Group”), has its headquarters in France. WISeKey Semiconductors SAS, the parent of the Semiconductors Group, was incorporated in July 2010 and is a private joint stock company (French Simplified Joint Stock Company). In 2020, the Group acquired WISeCoin France R&D Lab SAS, a private French company which was spun off from the Group in 2019. The primary activity of WISeCoin France R&D Lab SAS is to carry out research and development on hardware and software components of semiconductors and integrated circuits with a focus on authentication and security solutions. On January 1, 2021, WISeCoin France R&D Lab SAS’ assets and liabilities were transferred to WISeKey Semiconductors SAS and WISeCoin France R&D Lab SAS was dissolved. The Group designs, develops and markets secure semiconductors worldwide as a fabless manufacturer. It provides added security and authentication layers on its semiconductors which can be tailored to customers’ needs. As an advanced chip designer, the Group holds the intellectual property (“IP”) for the semiconductors it sells. The Group anticipates being able to generate profits in the near future thanks to the increased focus on the security and authentication of IT components and networks.

Future operations and going con

Future operations and going concern	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Future operations and going concern	Note 2. Future operations and going concern The Group recorded an income from operations in this reporting period and the accompanying consolidated financial statements have been prepared assuming that the Group will continue as a going concern. The Group recorded a net operating income of USD 2.6 5.0 6.2 0.5 Based on the foregoing, Management believe it is correct to present these figures on a going concern basis.

Basis of presentation

Basis of presentation	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Note 3. Basis of presentation The consolidated financial statements are prepared in accordance with the Generally Accepted Accounting Principles in the United States of America (“US GAAP”) as set forth in the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC). All amounts are in United States dollars (“USD”) unless otherwise stated.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of significant accounting policies	Note 4. Summary of significant accounting policies Fiscal Year The Group’s fiscal year ends on December 31. Principles of Consolidation The consolidated financial statements include the accounts of WISeKey Semiconductors SAS and its wholly-owned subsidiaries over which the Group has control. Intercompany income and expenses, including unrealized gross profits from internal group transactions and intercompany receivables, payables and loans have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make certain estimates, judgments and assumptions. We believe these estimates, judgements and assumptions are reasonable, based upon information available at the time they were made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. To the extent there are differences between these estimates, judgments or assumptions and the actual results, our consolidated financial statements will be affected. In many cases, the accounting treatment of a particular transaction is specifically dictated by US GAAP and does not require management’s judgment in its application. There are also areas in which management’s judgment in selecting from available alternatives would not produce a materially different result. Foreign Currency The functional currency of WISeKey Semiconductors SAS is USD. In general, the functional currency of a foreign operation is the local currency. Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. Revenue and expenses are translated at average rates of exchange prevailing during the year. The effects of foreign currency translation adjustments are included in stockholders’ equity as a component of accumulated other comprehensive income/loss. The Group's reporting currency is USD. Cash and Cash Equivalents Cash consists of deposits held at major banks that are readily available. Cash equivalents consist of highly liquid investments that are readily convertible to cash and with original maturity dates of three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. Accounts Receivable Receivables represent rights to consideration that are unconditional and consist of amounts billed and currently due from customers, and revenues that have been recognized for accounting purposes but not yet billed to customers. The Group extends credit to customers in the normal course of business and in line with industry practices. Allowance for Doubtful Accounts We recognize an allowance for credit losses to present the net amount of receivables expected to be collected as of the balance sheet date. The allowance is based on the credit losses expected to arise over the asset’s contractual term taking into account historical loss experience, customer-specific data as well as forward looking estimates. Expected credit losses are estimated individually. Accounts receivables are written off when deemed uncollectible and are recognized as a deduction from the allowance for credit losses. Expected recoveries, which are not to exceed the amount previously written off, are considered in determining the allowance balance at the balance sheet date. Inventories Inventories are stated at the lower of cost or net realizable value. Costs are calculated using standard costs, approximating average costs. Finished goods and work-in-progress inventories include material, labor and manufacturing overhead costs. The Group records write-downs on inventory based on an analysis of obsolescence or a comparison to the anticipated demand or market value based on a consideration of marketability and product maturity, demand forecasts, historical trends and assumptions about future demand and market conditions. Property, Plant and Equipment Property, Plant and Equipment Minimum Maximum Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives which range from 1 10 Intangible Assets Intangible Assets Those intangible assets that are considered to have a finite useful life are amortized over their useful lives, which generally range from 1 10 Leases In line with ASC 842, the Group, as a lessee, recognizes right-of-use assets and related lease liabilities on its balance sheet for all arrangements with terms longer than twelve months, and reviews its leases for classification between operating and finance leases. Obligations recorded under operating and finance leases are identified separately on the balance sheet. Assets under finance leases and their accumulated amortization are disclosed separately in the notes. Operating and finance lease assets and operating and finance lease liabilities are measured initially at an amount equal to the present value of minimum lease payments during the lease term, as at the beginning of the lease term. The Group has elected the short-term lease practical expedient whereby we do not present short-term leases on the consolidated balance sheet as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal terms that we are reasonably certain to exercise. We have also elected the practical expedients related to lease classification of leases that commenced before the effective date of ASC 842. Revenue Recognition The Group’s policy is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the Group applies the following steps: - Step 1: Identify the contract(s) with a customer. - Step 2: Identify the performance obligations in the contract. - Step 3: Determine the transaction price. - Step 4: Allocate the transaction price to the performance obligations in the contract. - Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. We typically allocate the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract. If a standalone price is not observable, we use estimates. The Group recognizes revenue when it satisfies a performance obligation by transferring control over goods or services to a customer. The transfer may be done at a point in time (typically for goods) or over time (typically for services). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. For performance obligations satisfied over time, the revenue is recognized over time, most frequently on a prorata temporis If the Group determines that the performance obligation is not satisfied, it will defer recognition of revenue until it is satisfied. We present revenue net of sales taxes and any similar assessments. The Group delivers products and records revenue pursuant to commercial agreements with its customers, generally in the form of an approved purchase order or sales contract. Where products are sold under warranty, the customer is granted a right of return which, when exercised, may result in either a full or partial refund of any consideration received, or a credit that can be applied against amounts owed, or that will be owed, to the Group. For any amount received or receivable for which we do not expect to be entitled to because the customer has exercised its right of return, we recognize those amounts as a refund liability. Contract Assets Contract assets consists of accrued revenue where the Group has fulfilled its performance obligation towards the customer but the corresponding invoice has not yet been issued. Upon invoicing, the asset is reclassified to trade accounts receivable until payment. Deferred Revenue Deferred revenue consists of amounts that have been invoiced and paid but have not been recognized as revenue. Deferred revenue that will be realized during the succeeding 12-month period is recorded as current and the remaining deferred revenue recorded as non-current. This would relate to multi-year certificates or licenses. Contract Liability Contract liability consists of either: - amounts that have been invoiced and not yet paid, nor recognized as revenue. Upon payment, the liability is reclassified to deferred revenue if the amounts still have not been recognized as revenue. Contract liability that will be realized during the succeeding 12-month period is recorded as current and the remaining contract liability recorded as non-current. This would relate to multi-year certificates or licenses. - advances from customers not supported by invoices. Sales Commissions Sales commission expenses where revenue is recognized are recorded in the period of revenue recognition. Cost of Sales and Depreciation of Production Assets Our cost of sales consists primarily of expenses associated with the delivery and distribution of products. These include expenses related to the license to the Global Cryptographic ROOT Key, the global Certification authorities as well as the digital certificates for people, servers and objects, expenses related to the preparation of our secure elements and the technical support provided on the Group's ongoing production and on the ramp-up phase, including materials, labor, test and assembly suppliers, and subcontractors, freights costs, as well as the amortization of probes, wafers and other items that are used in the production process. This amortization is disclosed separately under depreciation of production assets on the face of the income statement. Research and Development and Software Development Costs All research and development costs and software development costs are expensed as incurred. Advertising Costs All advertising costs are expensed as incurred. Pension Plan In 2022, the Group maintained one defined benefit post retirement plans covering the employees of WISeKey Semiconductors SAS. In accordance with ASC 715-30, Defined Benefit Plans – Pension, Income Taxes Taxes on income are accrued in the same period as the revenues and expenses to which they relate. Deferred taxes are calculated on the temporary differences that arise between the tax base of an asset or liability and its carrying value in the balance sheet of our companies prepared for consolidation purposes, with the exception of temporary differences arising on investments in foreign subsidiaries where the Group has plans to permanently reinvest profits into the foreign subsidiaries. Deferred tax assets on tax loss carry-forwards are only recognized to the extent that it is “more likely than not” that future profits will be available and the tax loss carry-forward can be utilized. Changes to tax laws or tax rates enacted at the balance sheet date are taken into account in the determination of the applicable tax rate provided that they are likely to be applicable in the period when the deferred tax assets or tax liabilities are realized. The Group is required to pay income taxes in a number of countries. The Group recognizes the benefit of uncertain tax positions in the financial statements when it is more likely than not that the position will be sustained on examination by the tax authorities. The benefit recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Group adjusts its recognition of these uncertain tax benefits in the period in which new information is available impacting either the recognition or measurement of its uncertain tax positions. Research Tax Credits Research tax credits are provided by the French government to give incentives for companies to perform technical and scientific research. WISeKey Semiconductors SAS is eligible to receive such tax credits. These research tax credits are presented as a reduction of Research & development expenses in the income statement when companies that have qualifying expenses can receive such grants in the form of a tax credit irrespective of taxes ever paid or ever to be paid, the corresponding research and development efforts have been completed and the supporting documentation is available. The credit is deductible from the entity’s income tax charge for the year or payable in cash the following year, whichever event occurs first. The tax credits are included in noncurrent deferred tax credits in the balance sheet in line with ASU 2015-17. Earnings per Share Basic earnings per share are calculated using WISeKey Semiconductors SAS’ weighted-average outstanding common shares. When the effects are not antidilutive, diluted earnings per share is calculated using the weighted-average outstanding common shares and the dilutive effect of stock options as determined under the treasury stock method. Segment Reporting Our chief operating decision maker, who is also our Chief Executive Officer, regularly reviews information related to one operating segment, secure microcontrollers, for purposes of allocating resources and assessing budgets and performance. We report our financial performance based on this segment structure described in Note 32. Recent Accounting Pronouncements Adoption of new FASB Accounting Standard in the current year – Prior-Year Financial Statements not restated: As of January 1, 2022, the Group adopted Accounting Standards Update (ASU) 2020-06, 'Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted earnings per share (EPS) calculation in certain areas. There was no material impact on the Group's results upon adoption of the standard. As of January 1, 2022, the Group also adopted ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options — a consensus of the FASB Emerging Issues Task Force. The ASU provides a principles-based framework to determine whether an issuer should recognize the modification or exchange as an adjustment to equity or an expense. The ASU is to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in the ASU affect all entities that issue freestanding written call options that are classified in equity. There was no material impact on the Group's results upon adoption of the standard. As of January 1, 2022, the Group also adopted ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The ASU provides an update to increase the transparency of government assistance including the disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements. ASC 832 requires the following disclosures in the notes: information about the nature of the transactions, the accounting policies used to account for the transactions, and balance sheet and income statement affected by the transactions. The duration, commitments, provisions, and other contingencies are required to be disclosed. There was no material impact on the Group's results upon adoption of the standard. New FASB Accounting Standard to be adopted in the future: In October 2021, The FASB issued ASU No. 2021-08, Business Combinations (topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. Summary: The ASU amends ASC 805 to “require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination.” Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606 (meaning the acquirer should assume it has entered the original contract at the same date and using the same terms as the acquiree). This new ASU applies to contract assets and contract liabilities acquired in a business combination and to other contracts that directly/indirectly apply the requirements of ASC 606. Effective Date: ASU 2021-08 is effective for public business entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. An entity should apply the amendments prospectively to business combinations occurring on or after the effective dates. Early adoption is permitted. The Group expects to adopt all the aforementioned guidance when effective. Management is assessing the impact of the aforementioned guidance on its consolidated financial statements but does not expect it to have a material impact.

Concentration of credit risks

Concentration of credit risks	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentration of credit risks	Note 5. Concentration of credit risks Financial instruments that are potentially subject to credit risk consist primarily of cash and cash equivalents and trade accounts receivable. Our cash is held with large financial institutions. Management believes that the financial institutions that hold our investments are financially sound and accordingly, are subject to minimal credit risk. Deposits held with banks may exceed the amount of insurance provided on such deposits. The Group sells to large, international customers and, as a result, may maintain individually significant trade accounts receivable balances with such customers during the year. We generally do not require collateral on trade accounts receivable. Summarized below are the clients whose revenue were 10% or higher than the respective total consolidated net sales for fiscal years 2022, 2021 or 2020, and the clients whose trade accounts receivable balances were 10% or higher than the respective total consolidated trade accounts receivable balance for fiscal years 2022 and 2021. In addition, we note that some of our clients are contract manufacturers for the same companies; should these companies reduce their operations or change contract manufacturers, this would cause a decrease in our customer orders which would adversely affect our operating results. Revenue Receivables Revenue concentration Receivables concentration 12 months ended December 31, As at December 31, 2022 2021 2020 2022 2021 IoT operating segment Multinational electronics contract manufacturing company 16 % 13 % 19 % 34 % 17 % International equipment and software manufacturer 6 % 10 % 9 % 12 % 0 % Semiconductor equipment and electronic devices manufacturing company 4 % 5 % 0 % 0 % 12 % International telecommunication company 5 % 5 % 6 % 7 % 11 % International digital security company 10 % 0 % 0 % 6 % 0 %

Fair value measurements

Fair value measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value measurements	Note 6. Fair value measurements ASC 820 establishes a three-tier fair value hierarchy for measuring financial instruments, which prioritizes the inputs used in measuring fair value. These tiers include: · Level 1, defined as observable inputs such as quoted prices in active markets; · Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and · Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Level 3 Accounts Receivable Accounts Payable Indebtedness to Related Parties, Current As at December 31, 2022 As at December 31, 2021 Fair value level USD'000 Carrying amount Fair value Carrying amount Fair value Note ref. Nonrecurring fair value measurements Accounts receivable 2,219 2,219 2,606 2,606 3 8 Accounts payable 6,735 6,735 7,256 7,256 3 17 Indebtedness to related parties, current 3,374 3,374 — — 3 18 Bonds, mortgages and other long-term debt 1,489 1,489 — — 3 33 Indebtedness to related parties, noncurrent 7,946 7,946 15,617 15,617 3 18 In addition to the methods and assumptions we use to record the fair value of financial instruments as discussed in the Fair Value Measurements section above, we used the following methods and assumptions to estimate the fair value of our financial instruments: - Accounts receivable – carrying amount approximated fair value due to their short-term nature. - Accounts payable – carrying amount approximated fair value due to their short-term nature. - Indebtedness to related parties, noncurrent - carrying amount approximated fair value.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	Note 7. Cash and cash equivalents Cash consists of deposits held at major banks.

Accounts receivable

Accounts receivable	12 Months Ended
	Dec. 31, 2022
Credit Loss [Abstract]
Accounts receivable	Note 8. Accounts receivable The breakdown of the accounts receivable balance is detailed below: Accounts Receivable - Schedule of Accounts Receivable As at December 31, As at December 31, USD'000 2022 2021 Trade accounts receivable 2,269 2,656 Allowance for doubtful accounts (50 ) (50 ) Total accounts receivable net of allowance for doubtful accounts 2,219 2,606

Inventories

Inventories	12 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Note 9. Inventories Inventories consisted of the following: Inventories - Schedule of Inventories, Current As at December 31, As at December 31, USD'000 2022 2021 Raw materials 4,523 950 Work in progress 2,987 1,760 Total inventories 7,510 2,710 In the years ended December 31, 2022, 2021 and 2020, the Group recorded inventory obsolescence charges in the income statement of respectively USD 204,211 57,302 156,188 349,623 404,509 301,215 Raw Materials Work in Progress The Semiconductors Group The inventory obsolescence provisions as at December 31, 2022, and 2021 are, respectively, USD 44,290 79,846 270,552 507,090

Other current assets

Other current assets	12 Months Ended
	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other current assets	Note 10. Other current assets Other current assets consisted of the following: Other Current Assets - Schedule of Other Current Assets As at December 31, As at December 31, USD'000 2022 2021 Value-Added Tax Receivable 224 188 Advanced payment to suppliers 1,025 220 Deposits, current 3 5 Other current assets — 1 Total other current assets 1,252 414

Deferred tax credits

Deferred tax credits	12 Months Ended
	Dec. 31, 2022
Deferred Tax Credits
Deferred tax credits	Note 11. Deferred tax credits WISeKey Semiconductors SAS is eligible for research tax credits provided by the French government (see Note 4 Summary of significant accounting policies). As at December 31, 2022 and 2021, the receivable balances in respect of these research tax credits owed to the Group were respectively USD 692,314 846,808

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property, plant and equipment	Note 12. Property, plant and equipment Property, plant and equipment, net consisted of the following. Property, Plant and Equipment - Schedule of Property, Plant and Equipment As at December 31, As at December 31, USD'000 2022 2021 Machinery & equipment Machinery & Equipment 10,410 10,180 Office equipment and furniture Office Equipment and Furniture 2,320 2,320 Computer equipment and licences Computer Equipment and Licenses 558 488 Total property, plant and equipment gross 13,288 12,988 Accumulated depreciation for: Machinery & equipment (9,985 ) (9,928 ) Office equipment and furniture (2,028 ) (1,706 ) Computer equipment and licences (493 ) (468 ) Total accumulated depreciation (12,506 ) (12,102 ) Total property, plant and equipment, net 782 886 Depreciation charge for the year 404 1,532 In 2022 and 2021, WISeKey Semiconductors SAS did not identify any events or changes in circumstances indicating that the carrying amount of any asset may not be recoverable. As a result, the Group did not record any impairment charge on Property, plant and equipment in the years 2022 and 2021. Software Production Tools The useful economic life of property plant and equipment is as follow: · Office equipment and furniture: 2 5 · Production masks 5 · Production tools 3 · Licenses 3 · Software 1

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	Note 13. Intangible assets Intangible assets and future amortization expenses consisted of the following: Intangible Assets - Schedule of Finite-Lived Intangible Assets As at December 31, As at December 31, USD'000 2022 2021 Intangible assets subject to amortization: Patents 2,281 2,281 License agreements 1,699 1,699 Other intangibles 923 923 Total intangible assets gross 4,903 4,903 Accumulated amortization for: Patents Patents (2,281 ) (2,281 ) License agreements License Agreements (1,698 ) (1,694 ) Other intangibles Other Intangibles (923 ) (923 ) Total accumulated amortization (4,902 ) (4,898 ) Total intangible assets subject to amortization, net Total Intangible Assets Subject to Amortization, Net 1 5 Total intangible assets, net 1 5 Amortization charge for the year to December 31, 4 5 The useful economic life of intangible assets is as follow: · Patents: 5 10 · License agreements: 1 3 · Other intangibles: 5 Future amortization charges are detailed below: Intangible Assets - Schedule of Intangible Asset Future Amortization Expense Future estimated aggregate amortization expense Year USD'000 2023 1 Total intangible assets subject to amortization, net 1

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Note 14. Leases The Group has historically entered into a number of lease arrangements under which it is the lessee. As at December 31, 2022, the Semiconductors Group holds five operating leases. The operating leases relate to premises. We do not sublease. All of our operating leases include multiple optional renewal periods which are not reasonably certain to be exercised. In the years 2022, 2021 and 2020 we recognized rent expenses associated with our leases as follows: Leases - Schedule of Lease Costs 12 months ended December 31, 12 months ended December 31, 12 months ended December 31, USD'000 2022 2021 2020 Operating lease cost: Fixed rent expense 332 378 339 Short-term lease cost - 3 15 Net lease cost 332 381 354 Lease cost - Cost of sales Cost of Sales - - - Lease cost - General & administrative expenses General & Administrative Expenses 332 381 354 Net lease cost 332 381 354 In the years 2022 and 2021, we had the following cash and non-cash activities associated with our leases: Leases - Schedule of Cash and Non-Cash Activities Associated with Leases As at December 31, As at December 31, USD'000 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 328 380 Non-cash investing and financing activities : Net lease cost 332 381 Additions to ROU assets obtained from: New operating lease liabilities 56 33 The following table provides the details of right-of-use assets and lease liabilities as of December 31, 2022: Leases - Schedule of Right-Of-Use Assets and Lease Liabilities As at December 31, 2022 USD'000 Right-of-use assets: Operating leases 1,379 Total right-of-use assets 1,379  Lease liabilities: Operating leases 1,312 Total lease liabilities 1,312 As at December 31, 2022, future minimum annual lease payments were as follows: Leases - Schedule of Future Minimum Lease Payments Other Liabilities USD'000 USD'000 USD'000 USD'000 Year Operating Short-term Finance Total 2023 313 — — 313 2024 293 — — 293 2025 285 — — 285 2026 285 — — 285 2027 and beyond 442 — — 442 Total future minimum operating and short-term lease payments 1,618 — — 1,618 Less effects of discounting (306 ) — — (306 ) Lease liabilities recognized 1,312 — — 1,312 In line with ASU 2018-11, future minimum lease payments under legacy ASC 840 are disclosed in the table below: Leases - Schedule of Minimum Lease Payments under Legacy ASC 840 Year USD'000 2023 313 2024 293 2025 285 2026 285 2027 and beyond 442 Total future minimum operating and short-term lease payments 1,618 Less effects of discounting (306) Lease liabilities recognized 1,312 As of December 31, 2022, the weighted-average remaining lease term was 5.92 For our operating leases, we calculated an estimate rate based upon the estimated incremental borrowing rate of the entity holding the lease. The weighted average discount rate associated with operating leases as of December 31, 2022 was 3.02

Other noncurrent assets

Other noncurrent assets	12 Months Ended
	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other noncurrent assets	Note 15. Other noncurrent assets Other noncurrent assets consisted of noncurrent deposits. Deposits are primarily made up of rental deposits on the premises rented by the Group.

Accounts payable

Accounts payable	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	Note 16. Accounts payable The accounts payable balance consisted of the following: Accounts Payable - Schedule of Accounts Payable As at December 31, As at December 31, USD'000 2022 2021 Trade creditors 5,001 5,680 Factors or other financial institutions for borrowings - 27 Accounts payable to underwriters, promoters, and employees 1,071 792 Other accounts payable 663 757 Total accounts payable 6,735 7,256 Accounts payable to underwriters, promoters and employees consist primarily of payable balances to employees in relation to holidays, bonus and 13th month accruals across the Group. Other accounts payable are mostly accruals of social charges in relation to the accrued liability to employees.

Other current liabilities

Other current liabilities	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Other current liabilities	Note 17. Other current liabilities Other current liabilities consisted of the following: Other Current Liabilities - Schedule of Other Current Liabilities As at December 31, As at December 31, USD'000 2022 2021 Other tax payable 28 22 Customer contract liability, current 84 111 Other current liabilities 36 47 Total other current liabilities 148 180

Indebtedness to related parties

Indebtedness to related parties	12 Months Ended
	Dec. 31, 2022
Indebtedness To Related Parties
Indebtedness to related parties	Note 18. Indebtedness to related parties WISeKey International Holding AG On October 1, 2016, the Group entered into a Revolving Credit Agreement (the “Revolving Credit”) with its parent WISeKey International Holding AG (“WISeKey”) to borrow funds within a credit period starting on October 1, 2016 and ending on December 31, 2017 when all outstanding funds would become immediately due and payable. Outstanding loan amounts bear an interest rate of 3% per annum. Repayments before the end of the credit period are permitted. On November 1, 2017, the Group and WISeKey entered into the First Amendment to the Revolving Credit Agreement extending the credit period by 2 years to December 31, 2019. On March 16, 2021, the Group and WISeKey entered into the Second Amendment to the Revolving Credit Agreement extending the credit period by another 2 years to December 31, 2022. On November 1, 2022, the Group and WISeKey entered into the Third Amendment to the Revolving Credit Agreement pursuant to which the interest rate was amended to 2.5% per annum. On November 12, 2020, WISeKey provided a Funding Commitment to extend shareholder loans (each the “Shareholder Loan”) to the Group for a maximum aggregate amount of USD 4 to be drawn down over six months from the date of the commitment, in instalments of between USD 1 million and USD 1.5 million 3 All entities in the Semiconductors Group are subject to management fees from WISeKey and WISeKey’s affiliates. There is no set payment date for these fees, as a result they have been classified as noncurrent. On April 1, 2021, the Group entered into a Debt Remission Agreement (the “Debt Remission”) with WISeKey pursuant to which an outstanding amount of EUR 5 5,871,714 On June 28, 2021, the Group entered into a Debt Transfer Agreement with its parent WISeKey International Holding AG (“WISeKey”) and an affiliate of WISeKey, WISeKey SA, pursuant to which WISeKey extended a loan of USD 1,463,664 3 December 31, 2022 On December 31, 2021, the Group entered into a Debt Transfer Agreement with WISeKey pursuant to which WISeKey extended a loan of USD 1,910,754 3 December 31, 2023 On June 30, 2022, the Group entered into a Debt Transfer Agreement with WISeKey pursuant to which WISeKey extended a loan of USD 444,542 3 December 31, 2024 On August 31, 2022, the Group entered into a Debt Transfer Agreement with WISeKey and WISeKey SA pursuant to which WISeKey extended a loan of USD 381,879 3 December 31, 2024 On December 15, 2022, and in view of the negative equity position of the Group, WISeKey as sole shareholder of the Semiconductors Group resolved to recapitalize the Group by forfeiting EUR 7 7,348,397 175,000 Because of the requirement under French law, we analyzed the amendment of the maturity of the loans and Revolving Credit as being part of the substance of the recapitalization transaction. We assessed the recapitalization as a capital transaction between related parties in line with ASC 470-50 and, therefore, recorded a credit entry of USD 183,710 175,000 7,164,687 7,348,397 On December 31, 2022, the Group entered into a Debt Transfer Agreement with WISeKey pursuant to which WISeKey extended a loan of USD 283,754 3 December 31, 2024 As at December 31, 2022, the Semiconductors Group owed WISeKey and WISeKey’s affiliates a total of USD 11,354,925 35,340 11,319,585 355,327

Employee benefit plans

Employee benefit plans	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee benefit plans	Note 19. Employee benefit plans Defined benefit post-retirement plan In 2022, the Group maintained one defined benefit post retirement plan for the employees of WISeKey Semiconductors SAS. The plans are and were considered defined benefit plans and accounted for in accordance with ASC 715 Compensation – Retirement Benefits. This model allocates pension costs over the service period of employees in the plan. The underlying principle is that employees render services ratably over this period, and therefore, the income statement effects of pensions should follow a similar pattern. ASC 715 requires recognition of the funded status or difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the balance sheet, with a corresponding adjustment recorded in the net loss. If the projected benefit obligation exceeds the fair value of the plan assets, then that difference or unfunded status represents the pension liability. The Group records net service cost as an operating expense and other components of defined benefit plans as a non-operating expense in the statement of comprehensive loss. The liabilities and annual income or expense of the pension plan are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the long-term rate of asset return (based on the market-related value of assets). The fair value of plan assets is determined based on prevailing market prices. The defined benefit pension plan maintained by WISeKey Semiconductors SAS, and their obligations to employees in terms of retirement benefits, is limited to a lump sum payment based on remuneration and length of service, determined for each employee. The plan is not funded. The pension liability calculated as at December 31, 2022 is based on annual personnel costs and assumptions as of December 31, 2022. Personnel Costs As at December 31, As at December 31, As at December 31, USD'000 2022 2021 2020 Wages and Salaries 4,286 4,345 4,955 Social security contributions 1,940 2,049 2,250 Net service costs 42 68 75 Total 6,268 6,462 7,280 As at December 31, Assumptions 2022 2021 2020 France France France Discount rate 3.65 0.75 0.30 Expected rate of return on plan assets n/a n/a n/a Salary increases 3 3 3 As at December 31, 2022 the Group’s accumulated benefit obligation amounted to USD 395,786 Reconciliation to Balance Sheet start of year USD'000 Fiscal year 2022 2021 2020 Projected benefit obligation 575 1,015 981 Surplus/deficit 575 1,015 981 Opening balance sheet asset/provision (funded status) 575 1,015 981 Reconciliation of benefit obligation during the year Projected benefit obligation at start of year 575 1,015 981 Net Service cost 43 71 72 Interest expense 4 3 7 Net benefits paid to participants (24 ) (116 ) (30 ) Actuarial losses/(gains) (170 ) (141 ) (106 ) Curtailment & Settlement 0 (187 ) — Currency translation adjustment (32 ) (70 ) 91 Projected benefit obligation at end of year 396 575 1,015 Reconcilation to balance sheet end of year Defined benefit obligation - funded plans 396 575 1,015 Surplus/deficit 396 575 1,015 Closing balance sheet asset/provision (funded status) 396 575 1,015 Amounts recognized in accumulated OCI Net loss (gain) (364 ) (205 ) (68 ) Deficit (364 ) (205 ) (68 ) Estimated amount to be amortized from accumulated OCI into NPBC over next fiscal year Net loss (gain) 52 51 — Movement in Funded Status USD'000 Fiscal year 2022 2021 2020 Opening balance sheet liability (funded status) 575 1,015 981 Net Service cost 43 71 72 Interest cost/(credit) 4 3 7 Settlement / curtailment cost / (credit) — (187 ) — Currency translation adjustment 0 (1 ) (1 ) Total Net Periodic Benefit Cost/(credit) 47 (8 ) 78 Actuarial (gain)/loss on liabilities due to experience (170 ) (142 ) (105 ) Total gain/loss recognized via OCI (170 ) (142 ) (105 ) Employer contributions paid in the year + Cashflow required to pay benefit payments (24 ) (116 ) (30 ) Total cashflow (24 ) (116 ) (30 ) Currency translation adjustment (32 ) (61 ) 91 Closing balance sheet liability (funded status) 396 575 1,015 Reconciliation of Net Gain / Loss Amount at beginning of year (205 ) (68 ) 34 Liability (gain) / loss (170 ) (142 ) (105 ) Currency translation adjustment 11 5 3 Amount at year-end (364 ) (205 ) (68 ) The table below shows the breakdown of expected future contributions payable to the plan: Employee Benefit Plans - Schedule of Future Contributions Payable Period France 2023 26 2024 8 2025 29 2026 50 2027 49 2028 to 2032 331 The Group expects to make contributions of approximately $ 26,000

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Assumptions - France	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Discount rate	3.65%	0.75%	0.30%
Salary increases	3%	3%	3%

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 20. Commitments and contingencies Lease commitments The future payments due under leases are shown in Note 14. Guarantees Our software and hardware product sales agreements generally include certain provisions for indemnifying customers against liabilities if our products infringe a third party’s intellectual property rights. Certain of our product sales agreements also include provisions indemnifying customers against liabilities in the event we breach confidentiality or service level requirements. It is not possible to determine the maximum potential amount under these indemnification agreements due to our lack of history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. To date, we have not incurred any costs as a result of such indemnifications and have not accrued any liabilities related to such obligations in our consolidated financial statements.

Stockholders_ equity

Stockholders’ equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders’ equity	Note 21. Stockholders’ equity Stockholders’ equity consisted of the following: Stockholders' Equity - Schedule of Stock by Class WISeKey Semiconductors SAS As at December 31, 2022 As at December 31, 2021 Share Capital Common stock Common stock Par value per share (in EUR) 1.00 1.00 Share capital (in USD) 1,955,441 1,771,732 Total number of authorized shares 1,473,162 1,298,162 Total number of fully paid-in issued shares 1,473,162 1,298,162 Total number of fully paid-in outstanding shares 1,473,162 1,298,162

Accumulated other comprehensive

Accumulated other comprehensive income, net of tax	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Accumulated other comprehensive income, net of tax	Note 22. Accumulated other comprehensive income, net of tax USD'000 Accumulated other comprehensive income as at December 31, 2020 487 Total net foreign currency translation adjustments (8) Total defined benefit pension adjustment 142  Total other comprehensive income/(loss), net 134 Accumulated other comprehensive income as at December 31, 2021 621 Total net foreign currency translation adjustments (1) (16) Total defined benefit pension adjustment 170  Total other comprehensive income/(loss), net 154 Accumulated other comprehensive income as at December 31, 2022 775 (1) Adjusted for rounding There is no income tax expense or benefit allocated to other comprehensive income.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Note 23. Revenue Nature of goods and services The following is a description of the principal activities from which the Group generates its revenue. The Group recognizes revenue when a customer takes possession of the chips, which usually occurs when the goods are delivered. Customers typically pay once goods are delivered. Disaggregation of revenue The following table shows the Group’s revenues disaggregated by product or service type: Revenue - Schedule of Disaggregation of Revenue Disaggregation of revenue Typical payment At one point in time Total USD'000 2022 2021 2020 2022 2021 2020 Secure Microcontrollers Segment Secure chips Upon delivery 18,336 14,850 11,289 18,336 14,850 11,289 Total Secure Microcontrollers Segment 18,336 14,850 11,289 18,336 14,850 11,289 All Other Segment Secure chips Upon delivery 4,862 2,145 3,028 4,862 2,145 3,028 Total All Other Segment 4,862 2,145 3,028 4,862 2,145 3,028 Total Revenue 23,198 16,995 14,317 23,198 16,995 14,317 For the years ended December 31, 2022, 2021 and 2020 the Group recorded no revenues related to performance obligations satisfied in prior periods. At One Point in Time The following table shows the Group’s revenues disaggregated by geography, based on our customers’ billing addresses: Revenue - Schedule of Disaggregation of Revenue by Geographic Areas Rest of EMEA North America Asia Pacific Latin America France Net sales by region 12 months ended December 31, USD'000 2022 2021 2020 Secure Microcontrollers Segment France 147 37 64 Rest of EMEA 2,775 2,944 1,861 North America 13,408 10,234 7,922 Asia Pacific 1,939 1,588 1,421 Latin America 67 47 21 Total Secure Microcontrollers segment revenue 18,336 14,850 11,289 All Other Segment France 64 175 466 Rest of EMEA 3,791 1,099 2,116 North America 201 397 294 Asia Pacific 806 474 105 Latin America - - 47 Total All Other segment revenue 4,862 2,145 3,028 Total Net sales 23,198 16,995 14,317 *EMEA means Europe, Middle East and Africa Contract assets, deferred revenue and contract liability Our contract assets, deferred revenue and contract liability consist of: Revenue - Schedule of Contract Assets, Deferred Revenue and Contract Liability As at December 31, As at December 31, USD'000 2022 2021 Trade accounts receivables Trade accounts receivable - Secure Microcontrollers Segment 1,794 2,321 Trade accounts receivable - All Other Segment 475 335 Total trade accounts receivables 2,269  2,656  Contract liabilities - current 84 111 Total contract liabilities 84 111 Revenue recognized in the period from amounts included in the deferred revenue at the beginning of the year - 150 Increases or decreases in trade accounts receivable, contract assets, deferred revenue and contract liability were primarily due to normal timing differences between our performance and customer payments. Remaining performance obligations As of December 31, 2021, approximately USD 2,083,589 Estimated revenue from remaining performance obligations Total 2023 84 Total remaining performance obligation 84

Other operating income

Other operating income	12 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
Other operating income	Note 24. Other operating income 12 months ended December 31, USD'000 2022 2021 2020 Accounts payable write-off 1,899 - - Other operating income - other 108 91 - Total other operating income 2,007 91 - The accounts payable write-off relates to a liability recorded in 2013 by WISeKey Semiconductors SAS which the creditor in insolvency can no longer claim.

Non-operating income

Non-operating income	12 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
Non-operating income	Note 25. Non-operating income Non-operating income consisted of the following: Non-Operating Income - Schedule of Non-Operating Income 12 months ended December 31, USD'000 2022 2021 2020 Foreign exchange gain 926 482 117 Financial income 9 - 8 Other - 1 21 Total non-operating income 935 483 146

Non-operating expenses

Non-operating expenses	12 Months Ended
	Dec. 31, 2022
Non-operating Expenses
Non-operating expenses	Note 26. Non-operating expenses Non-operating expenses consisted of the following: Non-Operating Expenses - Schedule of Non-Operating Expenses 12 months ended December 31, USD'000 2022 2021 2020 Foreign exchange losses 383 - 728 Financial charges 1 1 1 Interest expense 250 - - Other 4 95 20 Total non-operating expenses 638 96 749

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes	Note 27. Income taxes The components of income before income taxes are as follows: Income Taxes - Schedule of Components of Income before Income Taxes Income / (Loss) 12 months ended December 31, USD'000 2022 2021 2020 France France 2,879 (4,429) (8,806) Foreign Foreign     (354) (392) (390) Income/(loss) before income tax 2,525 (4,821) (9,196) The components of income taxes relating to the Group are as follows: Income Taxes - Schedule of Income Tax Expense Income taxes 12 months ended December 31, USD'000 2022 2021 2020 France (3,250) - - Foreign 5  6 5 Income tax expense / (income) (3,245) 6 5 The difference between the income tax recovery (expense) at the local statutory rate compared to the Group’s income tax recovery (expense) as reported is reconciled below: Income Taxes - Schedule of Income Tax Expense at the Swiss Statutory Rate 12 months ended December 31, USD'000 2022 2021 2020 Net income/(loss) before income tax 2,525 (4,821) (9,196) Statutory tax rate 25% 26.5% 28% Expected income tax (expense)/recovery (631) 1,278 2,575 Change in valuation allowance 2,185 660 (1,940) Change in tax loss carryforwards (41) (382) (635) Add back of loss carryforwards used for the debt remission 1,342 - - Permanent difference 390 (1,562) (5) Income tax (expense) / recovery 3,245 (6) (5) The Group assesses the recoverability of its deferred tax assets and, to the extent recoverability does not satisfy the “more likely than not” recognition criterion under ASC 740, records a valuation allowance against its deferred tax assets. The Group considered its recent operating results and anticipated future taxable income in assessing the need for its valuation allowance. In the years up until and including 2021, the Group recorded a valuation allowance for the full amount of its deferred tax assets. However, in view of the Group’s income before income tax in the year ended December 31, 2022, and of the anticipated future taxable income per management’s forecast, the Group assessed that the recoverability of its deferred tax assets partially satisfied the “more likely than not” recognition criterion under ASC 740 as at December 31, 2022 and, therefore, partially reversed the valuation allowance previously recorded. The Group’s deferred tax assets and liabilities consist of the following: Income Taxes - Schedule of Deferred Tax Assets and Liabilities Deferred income tax assets/(liabilities) As at December 31, As at December 31, USD'000 2022 2021 France 3,296 - Foreign - - Deferred income tax assets/(liabilities) 3,296 - Deferred tax assets and liabilities As at December 31, As at December 31, USD'000 2022 2021 Defined benefit accrual (29) 161 Tax loss carryforwards 3,599 3,640 Add back loss carryforwards used for the debt remission 1,342 - Valuation allowance (1,616) (3,801) Deferred tax assets / (liabilities) 3,296 - As of December 31, 2022, the Group’s operating cumulated loss carry-forwards of all jurisdictions are as follows: Income Taxes - Schedule of Operating Loss Carryforward France Operating loss-carryforward USD'000 France Total Expiration date As of December 31, 2022 14,396 14,396 None In France, operating losses may be carried forward indefinitely, but may be offset against the taxable profits of a given fiscal year only up to an amount of €1 million, plus 50% of the taxable result in excess of that threshold. The following tax years remain subject to examination: Income Taxes - Summary of Income Tax Examinations Significant jurisdictions Open years France 2020 - 2022 Japan Japan 2022 Taiwan Taiwan 2022 As at December 31, 2020, the Group had a tax provision of USD 118,294 47,368 As at December 31, 2022, the Group had decrease its tax provision to USD 39,901 The Group has no unrecognized tax benefits.

Earnings_(Loss) per share

Earnings/(Loss) per share	12 Months Ended
	Dec. 31, 2022
Earnings per share (USD)
Earnings/(Loss) per share	Note 28. Earnings/(Loss) per share The computation of basic and diluted net earnings/(loss) per share for the Group is as follows: Earnings/(Loss) Per Share - Schedule of Earnings Per Shares, Basic and Diluted 12 months ended December 31, Earnings / (loss) per share 2022 2021 2020 Net income (USD'000) 5,770 (4,827) (9,201) Effect of potentially dilutive instruments on net gain (USD'000) n/a n/a n/a Net income / (loss) after effect of potentially dilutive instruments (USD'000) 5,770 (4,827) (9,201) Shares used in net earnings / (loss) per share computation: Weighted average shares outstanding - basic 1,473,162 1,298,162 1,298,162 Effect of potentially dilutive equivalent shares n/a n/a n/a Weighted average shares outstanding - diluted 1,473,162 1,298,162 1,298,162 Net earnings / (loss) per share Basic weighted average loss per share (USD) 3.92 (3.72) (7.09) Diluted weighted average loss per share (USD) 3.92 (3.72) (7.09) For the years 2020, 2021 and 2022, the group had no dilutive instruments to be considered for the computation of diluted earnings per share.

Legal proceedings

Legal proceedings	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Legal proceedings	Note 29. Legal proceedings We are currently not party to any legal proceedings and claims that are not provided for in our financial statements.

Related parties disclosure

Related parties disclosure	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related parties disclosure	Note 30. Related parties disclosure Subsidiaries As at December 31, 2022, the consolidated financial statements of the Group include the entities listed in the following table: Related Parties Disclosure - Schedule of Subsidiary/Parent Ownership Interest Group Company Name Country of incorporation Year of incorporation Share Capital % ownership % ownership Nature of business WISeKey IoT Japan KK Japan 2017 JPY 1,000,000 100.0 % 100.0 % Sales & distribution WISeKey IoT Taiwan Taiwan 2017 TWD 100,000 100.0 % 100.0 % Sales & distribution Related party transactions and balances Receivables as at Payables as at Net expenses to Net income from Related Parties December 31, December 31, December 31, December 31, in the year ended December 31, in the year ended December 31, (in USD'000) 2022 2021 2022 2021 2022 2021 2020 2022 2021 2020 1 WISeKey International Holding AG - - 7,122 10,899 796 526 1,072 - - - 2 Wisekey SA - - - 382 - 94 965 - 128 - 3 WISeKey USA Inc - - 154 883 558 883 - - - - 4 WISeKey Semiconductors GmbH - - 773 615 105 401 161 - - - 5 WISeCoin AG - - 3,306 3,238 86 90 90 - - - Total - - 11,355  16,017  1,555  1,994  2,288  - 128  - 1. The Semiconductors group is wholly owned by WISeKey International Holding AG, which provides financing and management services, including, but not limited to, sales and marketing, accounting, finance, legal, taxation, business and strategy consulting, public relations, marketing, risk management, information technology and general management. The expenses in relation to WISeKey International Holding AG in 2022, 2021 and 2020 relate to interest on the outstanding loans and the recharge of management services. 2. WISeKey SA is a subsidiary of the group headed by WISeKey International Holding AG (the “WISeKey Group”) and provides management services to the Semiconductors Group, including, but not limited to, sales and marketing, accounting, business and strategy consulting, public relations, marketing, risk management and information technology. The expenses in relation to WISeKey SA in 2022, 2021 and 2020 relate to interest on the outstanding loans and the recharge of management services. 3. WISeKey USA Inc is part of the WISeKey Group and employs sales employees who work for the Semiconductors Group. The expenses in relation to WISeKey USA Inc. in 2022 and 2021 relate to the recharge of employee costs. 4. WISeKey Semiconductors GmbH is part of the WISeKey Group and employs sales employees who work for the Semiconductors Group. The expenses in relation to WISeKey Semiconductors GmbH in 2022, 2021 and 2020 relate to the recharge of employee costs. 5. WISeCoin AG was the parent of WISeCoin France R&D Lab SAS until it was acquired by the Semiconductors Group. WISeCoin AG is part of the WISeKey Group. The expenses recorded in 2020 relate to interest on the outstanding loans and the recharge of management services. The expenses recorded in 2022 and 2021 relate to interest on the outstanding loans.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent events	Note 31. Subsequent events Reverse Acquisition On January 1, 2023, the Semiconductors Group was sold by WISeKey International Holding Ltd to its wholly owned subsidiary SEALSQ Corp. in exchange for a consideration of 1,499,700 0.05 7,501,400 The acquisition by SEALSQ Corp. of the Semiconductors Group is a transaction under common control in line with ASC 805-50 because both entities were wholly owned by WISeKey. The combination will be accounted for as a reverse acquisition from January 1, 2023, in line with ASC 805-40 “Reverse Acquisitions” because SEALSQ Corp., then a so-called empty shell private company with no operating activities that was not considered a business under US GAAP standards, acquired the Semiconductors Group, a private operating company and its affiliates. This transaction being a capital transaction in substance, it qualifies as a reverse acquisition that is considered a recapitalization under common control whereby SEALSQ is the legal acquirer and accounting acquiree, whereas the Semiconductors Group is the legal acquiree and accounting acquirer. Indebtedness to related parties On January 1, 2023, the Group entered into a Loan Agreement (the “New Loan Agreement”) with WISeKey pursuant to which all loans outstanding are replaced with the New Loan Agreement, meaning that all outstanding loan amounts are governed by the terms and conditions of the New Loan Agreement. Under the New Loan Agreement, the Group may borrow funds up to an aggregate amount of USD 5 instalments of no more than USD 1 million each 2.5 December 31, 2024 Line of Credit Subsequent Event

Segment reporting

Segment reporting	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment reporting	Note 32. Segment reporting The Group has one operating segment that meets the criteria set in ASC 280-10-50: Secure Microcontrollers. The Group’s chief operating decision maker, who is its Chief Executive Officer, reviews financial performance of this operating segment for purposes of allocating resources and assessing budgets and performance. The remaining non-reportable operating segments and other business activities that are not identified as operating segments are combined and disclosed in an “all other” standalone category. The Secure Microcontrollers segment encompasses the design, manufacturing, sales and distribution of high-end, Common Criteria EAL5+ & FIPS 140-3-certified secure microprocessors. 12 months ended December 31, 2022 2021 2020 USD'000 Secure Microcontrollers All Other Total Secure Microcontrollers All Other Total Secure Microcontrollers All Other Total Revenues from external customers 18,336 4,862 23,198 14,850 2,145 16,995 11,289 3,028 14,317 Intersegment revenues — 368 368 — 415 415 — 4,930 4,930 Interest revenue 7 2 9 — — — — — — Interest expense 200 53 254 150 22 171 72 19 91 Depreciation and amortization 319 85 404 1,339 193 1,532 1,769 474 2,243 Segment income /(loss) before income taxes 526 2,017 2,543 (2,235 ) (2,566 ) (4,801 ) (5,195 ) (3,766 ) (8,961 ) Profit / (loss) from intersegment sales — 18 18 — 20 20 — 235 235 Income tax recovery /(expense) 2,565 680 3,245 — (6 ) (6 ) — (5 ) (5 ) Segment assets 18,340 5,010 21,734 10,296 1,726 12,022 10,531 3,225 13,756 12 months ended December 31, 2022 2021 2020 USD'000 USD'000 USD'000 Revenue reconciliation Total revenue for reportable segment 23,566 17,410 19,247 Elimination of intersegment revenue (368) (415) (4,930) Total consolidated revenue 23,198 16,995 14,317 Loss reconciliation Total profit / (loss) from reportable segments 2,543 (4,801) (8,961) Elimination of intersegment profits (18) (20) (235) Income /(Loss) before income taxes 2,525 (4,821) (9,196) As at December 31, 2022 2021 USD'000 USD'000 Asset reconciliation Total assets from reportable segments Reportable Segments 21,734 12,022 Elimination of intersegment receivables Intersegment (75) (178) Consolidated total assets 21,659 11,844 Revenue and property, plant and equipment by geography The following tables summarize geographic information for net sales based on the billing address of the customer, and for property, plant and equipment. Segment Reporting - Schedule of Revenue and Property, Plant and Equipment by Geography Net sales by region 12 months ended December 31, USD'000 2022 2021 2020 France 211 457 1,614 Rest of EMEA* 6,566 3,798 2,892 North America 13,609 10,631 8,217 Asia Pacific 2,745 2,062 1,526 Latin America 67 47 68 Total net sales 23,198 16,995 14,317 * EMEA means Europe, Middle East and Africa Property, plant and equipment, net of depreciation, by region As at December 31, As at December 31, USD'000 2022 2021 France 782 886 Total Property, plant and equipment, net of depreciation 782 886

Bonds, mortgages and other long

Bonds, mortgages and other long-term debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Bonds, mortgages and other long-term debt	Note 33. Bonds, mortgages and other long-term debt Production Capacity Investment Loan Agreement In November 2022, WISeKey Semiconductors SAS entered into a loan agreement with a third party client to borrow funds for the purpose of increasing their production capacity. Under the terms of the Agreement, the client has lent to WISeKey Semiconductors SAS a total of USD 2,000,000 An unamortized debt discount totaling USD 511,128 Therefore, as at December 31, 2022, the loan balance was USD 2,000,000 511,128 1,488,872

Business Update Related to COVI

Business Update Related to COVID-19	12 Months Ended
	Dec. 31, 2022
Business Update Related To Covid-19
Business Update Related to COVID-19	Note 34. Business Update Related to COVID-19 In March 2020, the World Health Organization declared the Coronavirus (COVID-19) a pandemic. The outbreak spread quickly around the world, including in every geography in which the Group operates. The pandemic has created uncertainty around the impact of the global economy and has resulted in impacts to the financial markets and asset values. Governments implemented various restrictions around the world, including closure of non-essential businesses, travel, shelter-in-place requirements for citizens and other restrictions. The Group took a number of precautionary steps to safeguard its businesses and colleagues from COVID-19, including implementing travel restrictions, working from home arrangements and flexible work policies. The Group started to return to offices around the world, in line with the guidelines and orders issued by national, state and local governments, implementing a phased approach in its main office in France. We continue to prioritize the safety and well-being of our colleagues during this time. The Group’s major production centers, located in Taiwan and Vietnam, were quick to implement controls and safeguards around their processes that enabled us to continue delivering products with minimal interruption to our clients. In 2022, the impact upon the Group has been limited and we remain confident that we are able to fulfil all current client orders. The Group retains a strong liquidity position and believes that it has sufficient cash reserves to support the entity for the foreseeable future (see note 2 for further details.) The Group continues to review its costs and suspended its share buy-back programs in order to reduce the cash burn. The Group has applied for, and received, support under the schemes announced by the Swiss government. Currently the Group remains able to meet its commitments and does not foresee any significant challenges in the near future. The Group currently does not anticipate any material impact on its liquidity position and outlook. At this stage it remains impossible to predict the extent of the impact of the COVID-19 pandemic as this will depend on numerous evolving factors and future developments that the Group is not able to predict.

Impacts of the war in Ukraine

Impacts of the war in Ukraine	12 Months Ended
	Dec. 31, 2022
Impacts Of War In Ukraine
Impacts of the war in Ukraine	Note 35. Impacts of the war in Ukraine Following the outbreak of the war in Ukraine in late February 2022, several countries imposed sanctions on Russia, Belarus and certain regions in Ukraine. There has been an abrupt change in the geopolitical situation, with significant uncertainty about the duration of the conflict, changing scope of sanctions and retaliation actions including new laws. The Semiconductors Group does not have any operation or customer in Russia, Belarus or Ukraine, and, as such, does not foresee any direct impact of the war on its operations. However, the war has also contributed to an increase in volatility in currency markets, energy prices, raw material and other input costs, which may impact the Group’s supply chain in the future. As at December 31, 2022, the Semiconductors Group has assessed the consequences of the war for its financial disclosures and considered the impacts on key judgements and significant estimates, and has concluded that no changes were required. The Semiconductors Group will continue to monitor these areas of increased risk for material changes.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Fiscal Year	Fiscal Year The Group’s fiscal year ends on December 31.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of WISeKey Semiconductors SAS and its wholly-owned subsidiaries over which the Group has control. Intercompany income and expenses, including unrealized gross profits from internal group transactions and intercompany receivables, payables and loans have been eliminated.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make certain estimates, judgments and assumptions. We believe these estimates, judgements and assumptions are reasonable, based upon information available at the time they were made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. To the extent there are differences between these estimates, judgments or assumptions and the actual results, our consolidated financial statements will be affected. In many cases, the accounting treatment of a particular transaction is specifically dictated by US GAAP and does not require management’s judgment in its application. There are also areas in which management’s judgment in selecting from available alternatives would not produce a materially different result.
Foreign Currency	Foreign Currency The functional currency of WISeKey Semiconductors SAS is USD. In general, the functional currency of a foreign operation is the local currency. Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. Revenue and expenses are translated at average rates of exchange prevailing during the year. The effects of foreign currency translation adjustments are included in stockholders’ equity as a component of accumulated other comprehensive income/loss. The Group's reporting currency is USD.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash consists of deposits held at major banks that are readily available. Cash equivalents consist of highly liquid investments that are readily convertible to cash and with original maturity dates of three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments.
Accounts Receivable	Accounts Receivable Receivables represent rights to consideration that are unconditional and consist of amounts billed and currently due from customers, and revenues that have been recognized for accounting purposes but not yet billed to customers. The Group extends credit to customers in the normal course of business and in line with industry practices.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts We recognize an allowance for credit losses to present the net amount of receivables expected to be collected as of the balance sheet date. The allowance is based on the credit losses expected to arise over the asset’s contractual term taking into account historical loss experience, customer-specific data as well as forward looking estimates. Expected credit losses are estimated individually. Accounts receivables are written off when deemed uncollectible and are recognized as a deduction from the allowance for credit losses. Expected recoveries, which are not to exceed the amount previously written off, are considered in determining the allowance balance at the balance sheet date.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Costs are calculated using standard costs, approximating average costs. Finished goods and work-in-progress inventories include material, labor and manufacturing overhead costs. The Group records write-downs on inventory based on an analysis of obsolescence or a comparison to the anticipated demand or market value based on a consideration of marketability and product maturity, demand forecasts, historical trends and assumptions about future demand and market conditions.
Property, Plant and Equipment	Property, Plant and Equipment Property, Plant and Equipment Minimum Maximum Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives which range from 1 10
Intangible Assets	Intangible Assets Intangible Assets Those intangible assets that are considered to have a finite useful life are amortized over their useful lives, which generally range from 1 10
Leases	Leases In line with ASC 842, the Group, as a lessee, recognizes right-of-use assets and related lease liabilities on its balance sheet for all arrangements with terms longer than twelve months, and reviews its leases for classification between operating and finance leases. Obligations recorded under operating and finance leases are identified separately on the balance sheet. Assets under finance leases and their accumulated amortization are disclosed separately in the notes. Operating and finance lease assets and operating and finance lease liabilities are measured initially at an amount equal to the present value of minimum lease payments during the lease term, as at the beginning of the lease term. The Group has elected the short-term lease practical expedient whereby we do not present short-term leases on the consolidated balance sheet as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal terms that we are reasonably certain to exercise. We have also elected the practical expedients related to lease classification of leases that commenced before the effective date of ASC 842. Revenue Recognition The Group’s policy is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the Group applies the following steps: - Step 1: Identify the contract(s) with a customer. - Step 2: Identify the performance obligations in the contract. - Step 3: Determine the transaction price. - Step 4: Allocate the transaction price to the performance obligations in the contract. - Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. We typically allocate the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract. If a standalone price is not observable, we use estimates. The Group recognizes revenue when it satisfies a performance obligation by transferring control over goods or services to a customer. The transfer may be done at a point in time (typically for goods) or over time (typically for services). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. For performance obligations satisfied over time, the revenue is recognized over time, most frequently on a prorata temporis If the Group determines that the performance obligation is not satisfied, it will defer recognition of revenue until it is satisfied. We present revenue net of sales taxes and any similar assessments. The Group delivers products and records revenue pursuant to commercial agreements with its customers, generally in the form of an approved purchase order or sales contract. Where products are sold under warranty, the customer is granted a right of return which, when exercised, may result in either a full or partial refund of any consideration received, or a credit that can be applied against amounts owed, or that will be owed, to the Group. For any amount received or receivable for which we do not expect to be entitled to because the customer has exercised its right of return, we recognize those amounts as a refund liability.
Contract Assets	Contract Assets Contract assets consists of accrued revenue where the Group has fulfilled its performance obligation towards the customer but the corresponding invoice has not yet been issued. Upon invoicing, the asset is reclassified to trade accounts receivable until payment.
Deferred Revenue	Deferred Revenue Deferred revenue consists of amounts that have been invoiced and paid but have not been recognized as revenue. Deferred revenue that will be realized during the succeeding 12-month period is recorded as current and the remaining deferred revenue recorded as non-current. This would relate to multi-year certificates or licenses.
Contract Liability	Contract Liability Contract liability consists of either: - amounts that have been invoiced and not yet paid, nor recognized as revenue. Upon payment, the liability is reclassified to deferred revenue if the amounts still have not been recognized as revenue. Contract liability that will be realized during the succeeding 12-month period is recorded as current and the remaining contract liability recorded as non-current. This would relate to multi-year certificates or licenses. - advances from customers not supported by invoices.
Sales Commissions	Sales Commissions Sales commission expenses where revenue is recognized are recorded in the period of revenue recognition.
Cost of Sales and Depreciation of Production Assets	Cost of Sales and Depreciation of Production Assets Our cost of sales consists primarily of expenses associated with the delivery and distribution of products. These include expenses related to the license to the Global Cryptographic ROOT Key, the global Certification authorities as well as the digital certificates for people, servers and objects, expenses related to the preparation of our secure elements and the technical support provided on the Group's ongoing production and on the ramp-up phase, including materials, labor, test and assembly suppliers, and subcontractors, freights costs, as well as the amortization of probes, wafers and other items that are used in the production process. This amortization is disclosed separately under depreciation of production assets on the face of the income statement.
Research and Development and Software Development Costs	Research and Development and Software Development Costs All research and development costs and software development costs are expensed as incurred.
Advertising Costs	Advertising Costs All advertising costs are expensed as incurred.
Pension Plan	Pension Plan In 2022, the Group maintained one defined benefit post retirement plans covering the employees of WISeKey Semiconductors SAS. In accordance with ASC 715-30, Defined Benefit Plans – Pension,
Income Taxes	Income Taxes Taxes on income are accrued in the same period as the revenues and expenses to which they relate. Deferred taxes are calculated on the temporary differences that arise between the tax base of an asset or liability and its carrying value in the balance sheet of our companies prepared for consolidation purposes, with the exception of temporary differences arising on investments in foreign subsidiaries where the Group has plans to permanently reinvest profits into the foreign subsidiaries. Deferred tax assets on tax loss carry-forwards are only recognized to the extent that it is “more likely than not” that future profits will be available and the tax loss carry-forward can be utilized. Changes to tax laws or tax rates enacted at the balance sheet date are taken into account in the determination of the applicable tax rate provided that they are likely to be applicable in the period when the deferred tax assets or tax liabilities are realized. The Group is required to pay income taxes in a number of countries. The Group recognizes the benefit of uncertain tax positions in the financial statements when it is more likely than not that the position will be sustained on examination by the tax authorities. The benefit recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Group adjusts its recognition of these uncertain tax benefits in the period in which new information is available impacting either the recognition or measurement of its uncertain tax positions.
Research Tax Credits	Research Tax Credits Research tax credits are provided by the French government to give incentives for companies to perform technical and scientific research. WISeKey Semiconductors SAS is eligible to receive such tax credits. These research tax credits are presented as a reduction of Research & development expenses in the income statement when companies that have qualifying expenses can receive such grants in the form of a tax credit irrespective of taxes ever paid or ever to be paid, the corresponding research and development efforts have been completed and the supporting documentation is available. The credit is deductible from the entity’s income tax charge for the year or payable in cash the following year, whichever event occurs first. The tax credits are included in noncurrent deferred tax credits in the balance sheet in line with ASU 2015-17.
Earnings per Share	Earnings per Share Basic earnings per share are calculated using WISeKey Semiconductors SAS’ weighted-average outstanding common shares. When the effects are not antidilutive, diluted earnings per share is calculated using the weighted-average outstanding common shares and the dilutive effect of stock options as determined under the treasury stock method.
Segment Reporting	Segment Reporting Our chief operating decision maker, who is also our Chief Executive Officer, regularly reviews information related to one operating segment, secure microcontrollers, for purposes of allocating resources and assessing budgets and performance. We report our financial performance based on this segment structure described in Note 32.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adoption of new FASB Accounting Standard in the current year – Prior-Year Financial Statements not restated: As of January 1, 2022, the Group adopted Accounting Standards Update (ASU) 2020-06, 'Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted earnings per share (EPS) calculation in certain areas. There was no material impact on the Group's results upon adoption of the standard. As of January 1, 2022, the Group also adopted ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options — a consensus of the FASB Emerging Issues Task Force. The ASU provides a principles-based framework to determine whether an issuer should recognize the modification or exchange as an adjustment to equity or an expense. The ASU is to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in the ASU affect all entities that issue freestanding written call options that are classified in equity. There was no material impact on the Group's results upon adoption of the standard. As of January 1, 2022, the Group also adopted ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The ASU provides an update to increase the transparency of government assistance including the disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements. ASC 832 requires the following disclosures in the notes: information about the nature of the transactions, the accounting policies used to account for the transactions, and balance sheet and income statement affected by the transactions. The duration, commitments, provisions, and other contingencies are required to be disclosed. There was no material impact on the Group's results upon adoption of the standard. New FASB Accounting Standard to be adopted in the future: In October 2021, The FASB issued ASU No. 2021-08, Business Combinations (topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. Summary: The ASU amends ASC 805 to “require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination.” Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606 (meaning the acquirer should assume it has entered the original contract at the same date and using the same terms as the acquiree). This new ASU applies to contract assets and contract liabilities acquired in a business combination and to other contracts that directly/indirectly apply the requirements of ASC 606. Effective Date: ASU 2021-08 is effective for public business entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. An entity should apply the amendments prospectively to business combinations occurring on or after the effective dates. Early adoption is permitted. The Group expects to adopt all the aforementioned guidance when effective. Management is assessing the impact of the aforementioned guidance on its consolidated financial statements but does not expect it to have a material impact.

Concentration of credit risks (

Concentration of credit risks (Tables)	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentration of Credit Risks - Schedule of Concentration of Risk by Risk Factor	Revenue concentration Receivables concentration 12 months ended December 31, As at December 31, 2022 2021 2020 2022 2021 IoT operating segment Multinational electronics contract manufacturing company 16 % 13 % 19 % 34 % 17 % International equipment and software manufacturer 6 % 10 % 9 % 12 % 0 % Semiconductor equipment and electronic devices manufacturing company 4 % 5 % 0 % 0 % 12 % International telecommunication company 5 % 5 % 6 % 7 % 11 % International digital security company 10 % 0 % 0 % 6 % 0 %

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis	As at December 31, 2022 As at December 31, 2021 Fair value level USD'000 Carrying amount Fair value Carrying amount Fair value Note ref. Nonrecurring fair value measurements Accounts receivable 2,219 2,219 2,606 2,606 3 8 Accounts payable 6,735 6,735 7,256 7,256 3 17 Indebtedness to related parties, current 3,374 3,374 — — 3 18 Bonds, mortgages and other long-term debt 1,489 1,489 — — 3 33 Indebtedness to related parties, noncurrent 7,946 7,946 15,617 15,617 3 18

Accounts receivable (Tables)

Accounts receivable (Tables)	12 Months Ended
	Dec. 31, 2022
Credit Loss [Abstract]
Accounts Receivable - Schedule of Accounts Receivable	The breakdown of the accounts receivable balance is detailed below: Accounts Receivable - Schedule of Accounts Receivable As at December 31, As at December 31, USD'000 2022 2021 Trade accounts receivable 2,269 2,656 Allowance for doubtful accounts (50 ) (50 ) Total accounts receivable net of allowance for doubtful accounts 2,219 2,606

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventories - Schedule of Inventories, Current	Inventories consisted of the following: Inventories - Schedule of Inventories, Current As at December 31, As at December 31, USD'000 2022 2021 Raw materials 4,523 950 Work in progress 2,987 1,760 Total inventories 7,510 2,710

Other current assets (Tables)

Other current assets (Tables)	12 Months Ended
	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets - Schedule of Other Current Assets	Other current assets consisted of the following: Other Current Assets - Schedule of Other Current Assets As at December 31, As at December 31, USD'000 2022 2021 Value-Added Tax Receivable 224 188 Advanced payment to suppliers 1,025 220 Deposits, current 3 5 Other current assets — 1 Total other current assets 1,252 414

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment - Schedule of Property, Plant and Equipment	Property, plant and equipment, net consisted of the following. Property, Plant and Equipment - Schedule of Property, Plant and Equipment As at December 31, As at December 31, USD'000 2022 2021 Machinery & equipment Machinery & Equipment 10,410 10,180 Office equipment and furniture Office Equipment and Furniture 2,320 2,320 Computer equipment and licences Computer Equipment and Licenses 558 488 Total property, plant and equipment gross 13,288 12,988 Accumulated depreciation for: Machinery & equipment (9,985 ) (9,928 ) Office equipment and furniture (2,028 ) (1,706 ) Computer equipment and licences (493 ) (468 ) Total accumulated depreciation (12,506 ) (12,102 ) Total property, plant and equipment, net 782 886 Depreciation charge for the year 404 1,532

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets - Schedule of Finite-Lived Intangible Assets	Intangible assets and future amortization expenses consisted of the following: Intangible Assets - Schedule of Finite-Lived Intangible Assets As at December 31, As at December 31, USD'000 2022 2021 Intangible assets subject to amortization: Patents 2,281 2,281 License agreements 1,699 1,699 Other intangibles 923 923 Total intangible assets gross 4,903 4,903 Accumulated amortization for: Patents Patents (2,281 ) (2,281 ) License agreements License Agreements (1,698 ) (1,694 ) Other intangibles Other Intangibles (923 ) (923 ) Total accumulated amortization (4,902 ) (4,898 ) Total intangible assets subject to amortization, net Total Intangible Assets Subject to Amortization, Net 1 5 Total intangible assets, net 1 5 Amortization charge for the year to December 31, 4 5
Intangible Assets - Schedule of Intangible Asset Future Amortization Expense	Future amortization charges are detailed below: Intangible Assets - Schedule of Intangible Asset Future Amortization Expense Future estimated aggregate amortization expense Year USD'000 2023 1 Total intangible assets subject to amortization, net 1

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases - Schedule of Lease Costs	In the years 2022, 2021 and 2020 we recognized rent expenses associated with our leases as follows: Leases - Schedule of Lease Costs 12 months ended December 31, 12 months ended December 31, 12 months ended December 31, USD'000 2022 2021 2020 Operating lease cost: Fixed rent expense 332 378 339 Short-term lease cost - 3 15 Net lease cost 332 381 354 Lease cost - Cost of sales Cost of Sales - - - Lease cost - General & administrative expenses General & Administrative Expenses 332 381 354 Net lease cost 332 381 354
Leases - Schedule of Cash and Non-Cash Activities Associated with Leases	In the years 2022 and 2021, we had the following cash and non-cash activities associated with our leases: Leases - Schedule of Cash and Non-Cash Activities Associated with Leases As at December 31, As at December 31, USD'000 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 328 380 Non-cash investing and financing activities : Net lease cost 332 381 Additions to ROU assets obtained from: New operating lease liabilities 56 33
Leases - Schedule of Right-Of-Use Assets and Lease Liabilities	The following table provides the details of right-of-use assets and lease liabilities as of December 31, 2022: Leases - Schedule of Right-Of-Use Assets and Lease Liabilities As at December 31, 2022 USD'000 Right-of-use assets: Operating leases 1,379 Total right-of-use assets 1,379  Lease liabilities: Operating leases 1,312 Total lease liabilities 1,312
Leases - Schedule of Future Minimum Lease Payments	As at December 31, 2022, future minimum annual lease payments were as follows: Leases - Schedule of Future Minimum Lease Payments Other Liabilities USD'000 USD'000 USD'000 USD'000 Year Operating Short-term Finance Total 2023 313 — — 313 2024 293 — — 293 2025 285 — — 285 2026 285 — — 285 2027 and beyond 442 — — 442 Total future minimum operating and short-term lease payments 1,618 — — 1,618 Less effects of discounting (306 ) — — (306 ) Lease liabilities recognized 1,312 — — 1,312
Leases - Schedule of Minimum Lease Payments under Legacy ASC 840	In line with ASU 2018-11, future minimum lease payments under legacy ASC 840 are disclosed in the table below: Leases - Schedule of Minimum Lease Payments under Legacy ASC 840 Year USD'000 2023 313 2024 293 2025 285 2026 285 2027 and beyond 442 Total future minimum operating and short-term lease payments 1,618 Less effects of discounting (306) Lease liabilities recognized 1,312

Accounts payable (Tables)

Accounts payable (Tables)	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts Payable - Schedule of Accounts Payable	The accounts payable balance consisted of the following: Accounts Payable - Schedule of Accounts Payable As at December 31, As at December 31, USD'000 2022 2021 Trade creditors 5,001 5,680 Factors or other financial institutions for borrowings - 27 Accounts payable to underwriters, promoters, and employees 1,071 792 Other accounts payable 663 757 Total accounts payable 6,735 7,256

Other current liabilities (Tabl

Other current liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Other Current Liabilities - Schedule of Other Current Liabilities	Other current liabilities consisted of the following: Other Current Liabilities - Schedule of Other Current Liabilities As at December 31, As at December 31, USD'000 2022 2021 Other tax payable 28 22 Customer contract liability, current 84 111 Other current liabilities 36 47 Total other current liabilities 148 180

Employee benefit plans (Tables)

Employee benefit plans (Tables)	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plans - Schedule of Defined Benefit Plan Liabilities	Personnel Costs As at December 31, As at December 31, As at December 31, USD'000 2022 2021 2020 Wages and Salaries 4,286 4,345 4,955 Social security contributions 1,940 2,049 2,250 Net service costs 42 68 75 Total 6,268 6,462 7,280
Employee Benefit Plans - Schedule of Assumptions	As at December 31, Assumptions 2022 2021 2020 France France France Discount rate 3.65 0.75 0.30 Expected rate of return on plan assets n/a n/a n/a Salary increases 3 3 3
Employee Benefit Plans - Schedule of Changes in Fair Value of Plan Assets	Reconciliation to Balance Sheet start of year USD'000 Fiscal year 2022 2021 2020 Projected benefit obligation 575 1,015 981 Surplus/deficit 575 1,015 981 Opening balance sheet asset/provision (funded status) 575 1,015 981 Reconciliation of benefit obligation during the year Projected benefit obligation at start of year 575 1,015 981 Net Service cost 43 71 72 Interest expense 4 3 7 Net benefits paid to participants (24 ) (116 ) (30 ) Actuarial losses/(gains) (170 ) (141 ) (106 ) Curtailment & Settlement 0 (187 ) — Currency translation adjustment (32 ) (70 ) 91 Projected benefit obligation at end of year 396 575 1,015 Reconcilation to balance sheet end of year Defined benefit obligation - funded plans 396 575 1,015 Surplus/deficit 396 575 1,015 Closing balance sheet asset/provision (funded status) 396 575 1,015 Amounts recognized in accumulated OCI Net loss (gain) (364 ) (205 ) (68 ) Deficit (364 ) (205 ) (68 ) Estimated amount to be amortized from accumulated OCI into NPBC over next fiscal year Net loss (gain) 52 51 —
Employee Benefit Plans - Schedule of Changes in Projected Benefit Obligations	Movement in Funded Status USD'000 Fiscal year 2022 2021 2020 Opening balance sheet liability (funded status) 575 1,015 981 Net Service cost 43 71 72 Interest cost/(credit) 4 3 7 Settlement / curtailment cost / (credit) — (187 ) — Currency translation adjustment 0 (1 ) (1 ) Total Net Periodic Benefit Cost/(credit) 47 (8 ) 78 Actuarial (gain)/loss on liabilities due to experience (170 ) (142 ) (105 ) Total gain/loss recognized via OCI (170 ) (142 ) (105 ) Employer contributions paid in the year + Cashflow required to pay benefit payments (24 ) (116 ) (30 ) Total cashflow (24 ) (116 ) (30 ) Currency translation adjustment (32 ) (61 ) 91 Closing balance sheet liability (funded status) 396 575 1,015 Reconciliation of Net Gain / Loss Amount at beginning of year (205 ) (68 ) 34 Liability (gain) / loss (170 ) (142 ) (105 ) Currency translation adjustment 11 5 3 Amount at year-end (364 ) (205 ) (68 )
Employee Benefit Plans - Schedule of Future Contributions Payable	The table below shows the breakdown of expected future contributions payable to the plan: Employee Benefit Plans - Schedule of Future Contributions Payable Period France 2023 26 2024 8 2025 29 2026 50 2027 49 2028 to 2032 331

Stockholders_ equity (Tables)

Stockholders’ equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity - Schedule of Stock by Class	Stockholders’ equity consisted of the following: Stockholders' Equity - Schedule of Stock by Class WISeKey Semiconductors SAS As at December 31, 2022 As at December 31, 2021 Share Capital Common stock Common stock Par value per share (in EUR) 1.00 1.00 Share capital (in USD) 1,955,441 1,771,732 Total number of authorized shares 1,473,162 1,298,162 Total number of fully paid-in issued shares 1,473,162 1,298,162 Total number of fully paid-in outstanding shares 1,473,162 1,298,162

Accumulated other comprehensi_2

Accumulated other comprehensive income, net of tax (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income	USD'000 Accumulated other comprehensive income as at December 31, 2020 487 Total net foreign currency translation adjustments (8) Total defined benefit pension adjustment 142  Total other comprehensive income/(loss), net 134 Accumulated other comprehensive income as at December 31, 2021 621 Total net foreign currency translation adjustments (1) (16) Total defined benefit pension adjustment 170  Total other comprehensive income/(loss), net 154 Accumulated other comprehensive income as at December 31, 2022 775 (1) Adjusted for rounding

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue - Schedule of Disaggregation of Revenue	The following table shows the Group’s revenues disaggregated by product or service type: Revenue - Schedule of Disaggregation of Revenue Disaggregation of revenue Typical payment At one point in time Total USD'000 2022 2021 2020 2022 2021 2020 Secure Microcontrollers Segment Secure chips Upon delivery 18,336 14,850 11,289 18,336 14,850 11,289 Total Secure Microcontrollers Segment 18,336 14,850 11,289 18,336 14,850 11,289 All Other Segment Secure chips Upon delivery 4,862 2,145 3,028 4,862 2,145 3,028 Total All Other Segment 4,862 2,145 3,028 4,862 2,145 3,028 Total Revenue 23,198 16,995 14,317 23,198 16,995 14,317
Revenue - Schedule of Disaggregation of Revenue by Geographic Areas	The following table shows the Group’s revenues disaggregated by geography, based on our customers’ billing addresses: Revenue - Schedule of Disaggregation of Revenue by Geographic Areas Rest of EMEA North America Asia Pacific Latin America France Net sales by region 12 months ended December 31, USD'000 2022 2021 2020 Secure Microcontrollers Segment France 147 37 64 Rest of EMEA 2,775 2,944 1,861 North America 13,408 10,234 7,922 Asia Pacific 1,939 1,588 1,421 Latin America 67 47 21 Total Secure Microcontrollers segment revenue 18,336 14,850 11,289 All Other Segment France 64 175 466 Rest of EMEA 3,791 1,099 2,116 North America 201 397 294 Asia Pacific 806 474 105 Latin America - - 47 Total All Other segment revenue 4,862 2,145 3,028 Total Net sales 23,198 16,995 14,317 *EMEA means Europe, Middle East and Africa
Revenue - Schedule of Contract Assets, Deferred Revenue and Contract Liability	Our contract assets, deferred revenue and contract liability consist of: Revenue - Schedule of Contract Assets, Deferred Revenue and Contract Liability As at December 31, As at December 31, USD'000 2022 2021 Trade accounts receivables Trade accounts receivable - Secure Microcontrollers Segment 1,794 2,321 Trade accounts receivable - All Other Segment 475 335 Total trade accounts receivables 2,269  2,656  Contract liabilities - current 84 111 Total contract liabilities 84 111 Revenue recognized in the period from amounts included in the deferred revenue at the beginning of the year - 150
Revenue - Schedule of Remaining Performance Obligations	Estimated revenue from remaining performance obligations Total 2023 84 Total remaining performance obligation 84

Other operating income (Tables)

Other operating income (Tables)	12 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
Other Operating Income - Schedule of Other Operating Income	12 months ended December 31, USD'000 2022 2021 2020 Accounts payable write-off 1,899 - - Other operating income - other 108 91 - Total other operating income 2,007 91 -

Non-operating income (Tables)

Non-operating income (Tables)	12 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
Non-Operating Income - Schedule of Non-Operating Income	Non-operating income consisted of the following: Non-Operating Income - Schedule of Non-Operating Income 12 months ended December 31, USD'000 2022 2021 2020 Foreign exchange gain 926 482 117 Financial income 9 - 8 Other - 1 21 Total non-operating income 935 483 146

Non-operating expenses (Tables)

Non-operating expenses (Tables)	12 Months Ended
	Dec. 31, 2022
Non-operating Expenses
Non-Operating Expenses - Schedule of Non-Operating Expenses	Non-operating expenses consisted of the following: Non-Operating Expenses - Schedule of Non-Operating Expenses 12 months ended December 31, USD'000 2022 2021 2020 Foreign exchange losses 383 - 728 Financial charges 1 1 1 Interest expense 250 - - Other 4 95 20 Total non-operating expenses 638 96 749

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes - Schedule of Components of Income before Income Taxes	The components of income before income taxes are as follows: Income Taxes - Schedule of Components of Income before Income Taxes Income / (Loss) 12 months ended December 31, USD'000 2022 2021 2020 France France 2,879 (4,429) (8,806) Foreign Foreign     (354) (392) (390) Income/(loss) before income tax 2,525 (4,821) (9,196)
Income Taxes - Schedule of Income Tax Expense	The components of income taxes relating to the Group are as follows: Income Taxes - Schedule of Income Tax Expense Income taxes 12 months ended December 31, USD'000 2022 2021 2020 France (3,250) - - Foreign 5  6 5 Income tax expense / (income) (3,245) 6 5
Income Taxes - Schedule of Income Tax Expense at the Swiss Statutory Rate	The difference between the income tax recovery (expense) at the local statutory rate compared to the Group’s income tax recovery (expense) as reported is reconciled below: Income Taxes - Schedule of Income Tax Expense at the Swiss Statutory Rate 12 months ended December 31, USD'000 2022 2021 2020 Net income/(loss) before income tax 2,525 (4,821) (9,196) Statutory tax rate 25% 26.5% 28% Expected income tax (expense)/recovery (631) 1,278 2,575 Change in valuation allowance 2,185 660 (1,940) Change in tax loss carryforwards (41) (382) (635) Add back of loss carryforwards used for the debt remission 1,342 - - Permanent difference 390 (1,562) (5) Income tax (expense) / recovery 3,245 (6) (5)
Income Taxes - Schedule of Deferred Tax Assets and Liabilities	The Group’s deferred tax assets and liabilities consist of the following: Income Taxes - Schedule of Deferred Tax Assets and Liabilities Deferred income tax assets/(liabilities) As at December 31, As at December 31, USD'000 2022 2021 France 3,296 - Foreign - - Deferred income tax assets/(liabilities) 3,296 - Deferred tax assets and liabilities As at December 31, As at December 31, USD'000 2022 2021 Defined benefit accrual (29) 161 Tax loss carryforwards 3,599 3,640 Add back loss carryforwards used for the debt remission 1,342 - Valuation allowance (1,616) (3,801) Deferred tax assets / (liabilities) 3,296 -
Income Taxes - Schedule of Operating Loss Carryforward	As of December 31, 2022, the Group’s operating cumulated loss carry-forwards of all jurisdictions are as follows: Income Taxes - Schedule of Operating Loss Carryforward France Operating loss-carryforward USD'000 France Total Expiration date As of December 31, 2022 14,396 14,396 None
Income Taxes - Summary of Income Tax Examinations	The following tax years remain subject to examination: Income Taxes - Summary of Income Tax Examinations Significant jurisdictions Open years France 2020 - 2022 Japan Japan 2022 Taiwan Taiwan 2022

Earnings_(Loss) per share (Tabl

Earnings/(Loss) per share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings per share (USD)
Earnings/(Loss) Per Share - Schedule of Earnings Per Shares, Basic and Diluted	The computation of basic and diluted net earnings/(loss) per share for the Group is as follows: Earnings/(Loss) Per Share - Schedule of Earnings Per Shares, Basic and Diluted 12 months ended December 31, Earnings / (loss) per share 2022 2021 2020 Net income (USD'000) 5,770 (4,827) (9,201) Effect of potentially dilutive instruments on net gain (USD'000) n/a n/a n/a Net income / (loss) after effect of potentially dilutive instruments (USD'000) 5,770 (4,827) (9,201) Shares used in net earnings / (loss) per share computation: Weighted average shares outstanding - basic 1,473,162 1,298,162 1,298,162 Effect of potentially dilutive equivalent shares n/a n/a n/a Weighted average shares outstanding - diluted 1,473,162 1,298,162 1,298,162 Net earnings / (loss) per share Basic weighted average loss per share (USD) 3.92 (3.72) (7.09) Diluted weighted average loss per share (USD) 3.92 (3.72) (7.09)

Related parties disclosure (Tab

Related parties disclosure (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Parties Disclosure - Schedule of Subsidiary/Parent Ownership Interest	As at December 31, 2022, the consolidated financial statements of the Group include the entities listed in the following table: Related Parties Disclosure - Schedule of Subsidiary/Parent Ownership Interest Group Company Name Country of incorporation Year of incorporation Share Capital % ownership % ownership Nature of business WISeKey IoT Japan KK Japan 2017 JPY 1,000,000 100.0 % 100.0 % Sales & distribution WISeKey IoT Taiwan Taiwan 2017 TWD 100,000 100.0 % 100.0 % Sales & distribution
Related Parties Disclosure - Schedule of Related Party Transactions	Receivables as at Payables as at Net expenses to Net income from Related Parties December 31, December 31, December 31, December 31, in the year ended December 31, in the year ended December 31, (in USD'000) 2022 2021 2022 2021 2022 2021 2020 2022 2021 2020 1 WISeKey International Holding AG - - 7,122 10,899 796 526 1,072 - - - 2 Wisekey SA - - - 382 - 94 965 - 128 - 3 WISeKey USA Inc - - 154 883 558 883 - - - - 4 WISeKey Semiconductors GmbH - - 773 615 105 401 161 - - - 5 WISeCoin AG - - 3,306 3,238 86 90 90 - - - Total - - 11,355  16,017  1,555  1,994  2,288  - 128  -

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Reporting - Schedule of Segment Reporting Information by Segment	12 months ended December 31, 2022 2021 2020 USD'000 Secure Microcontrollers All Other Total Secure Microcontrollers All Other Total Secure Microcontrollers All Other Total Revenues from external customers 18,336 4,862 23,198 14,850 2,145 16,995 11,289 3,028 14,317 Intersegment revenues — 368 368 — 415 415 — 4,930 4,930 Interest revenue 7 2 9 — — — — — — Interest expense 200 53 254 150 22 171 72 19 91 Depreciation and amortization 319 85 404 1,339 193 1,532 1,769 474 2,243 Segment income /(loss) before income taxes 526 2,017 2,543 (2,235 ) (2,566 ) (4,801 ) (5,195 ) (3,766 ) (8,961 ) Profit / (loss) from intersegment sales — 18 18 — 20 20 — 235 235 Income tax recovery /(expense) 2,565 680 3,245 — (6 ) (6 ) — (5 ) (5 ) Segment assets 18,340 5,010 21,734 10,296 1,726 12,022 10,531 3,225 13,756
Segment Reporting - Schedule of Reconciliation of Revenue	12 months ended December 31, 2022 2021 2020 USD'000 USD'000 USD'000 Revenue reconciliation Total revenue for reportable segment 23,566 17,410 19,247 Elimination of intersegment revenue (368) (415) (4,930) Total consolidated revenue 23,198 16,995 14,317 Loss reconciliation Total profit / (loss) from reportable segments 2,543 (4,801) (8,961) Elimination of intersegment profits (18) (20) (235) Income /(Loss) before income taxes 2,525 (4,821) (9,196)
Segment Reporting - Schedule of Reconciliation of Assets	As at December 31, 2022 2021 USD'000 USD'000 Asset reconciliation Total assets from reportable segments Reportable Segments 21,734 12,022 Elimination of intersegment receivables Intersegment (75) (178) Consolidated total assets 21,659 11,844
Segment Reporting - Schedule of Revenue and Property, Plant and Equipment by Geography	The following tables summarize geographic information for net sales based on the billing address of the customer, and for property, plant and equipment. Segment Reporting - Schedule of Revenue and Property, Plant and Equipment by Geography Net sales by region 12 months ended December 31, USD'000 2022 2021 2020 France 211 457 1,614 Rest of EMEA* 6,566 3,798 2,892 North America 13,609 10,631 8,217 Asia Pacific 2,745 2,062 1,526 Latin America 67 47 68 Total net sales 23,198 16,995 14,317 * EMEA means Europe, Middle East and Africa Property, plant and equipment, net of depreciation, by region As at December 31, As at December 31, USD'000 2022 2021 France 782 886 Total Property, plant and equipment, net of depreciation 782 886

Future operations and going c_2

Future operations and going concern (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating income/(loss)	$ 2,583	$ (5,041)	$ (8,585)
Working capital	$ 6,200	$ 500

Summary of significant accoun_3

Summary of significant accounting policies (Details Narrative)	12 Months Ended
	Dec. 31, 2022
Minimum | Intangible Assets
Property, Plant and Equipment [Line Items]
Intangible assets, useful lives	1 year
Maximum | Intangible Assets
Property, Plant and Equipment [Line Items]
Intangible assets, useful lives	10 years
Property, Plant and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	1 year
Property, Plant and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years

Concentration of Credit Risks -

Concentration of Credit Risks - Schedule of Concentration of Risk by Risk Factor (Details) - IoT	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Multinational Electronics Contract Manufacturing Company | Revenue
Concentration Risk [Line Items]
Concentration risk	16%	13%	19%
Multinational Electronics Contract Manufacturing Company | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk	34%	17%
International Equipment and Software Manufacturer | Revenue
Concentration Risk [Line Items]
Concentration risk	6%	10%	9%
International Equipment and Software Manufacturer | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk	12%	0%
Semiconductor Equipment and Electronic Devices Manufacturing Company | Revenue
Concentration Risk [Line Items]
Concentration risk	4%	5%	0%
Semiconductor Equipment and Electronic Devices Manufacturing Company | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk	0%	12%
International Telecommunication Company | Revenue
Concentration Risk [Line Items]
Concentration risk	5%	5%	6%
International Telecommunication Company | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk	7%	11%
International Digital Security Company | Revenue
Concentration Risk [Line Items]
Concentration risk	10%	0%	0%
International Digital Security Company | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk	6%	0%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets, carrying amount	$ 21,659	$ 11,844
Liabilities, carrying amount	21,447	25,407
Level 3 | Accounts Payable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, carrying amount	6,735	7,256
Liabilities, fair value	6,735	7,256
Level 3 | Indebtedness to Related Parties, Current
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, carrying amount	3,374
Liabilities, fair value	3,374
Level 3 | Bonds, Mortgages and Other Long-Term Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, carrying amount	1,489
Liabilities, fair value	1,489
Level 3 | Indebtedness to Related Parties, Noncurrent
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, carrying amount	7,946	15,617
Liabilities, fair value	7,946	15,617
Receivables | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets, carrying amount	2,219	2,606
Assets, fair value	$ 2,219	$ 2,606

Accounts Receivable - Schedule

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Credit Loss [Abstract]
Trade accounts receivable	$ 2,269	$ 2,656
Allowance for doubtful accounts	(50)	(50)
Total accounts receivable net of allowance for doubtful accounts	$ 2,219	$ 2,606

Inventories - Schedule of Inven

Inventories - Schedule of Inventories, Current (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 4,523	$ 950
Work in progress	2,987	1,760
Total inventories	$ 7,510	$ 2,710

Inventories (Details Narrative)

Inventories (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
Inventory obsolescence	$ 554,000		$ (457,000)
Raw Materials
Inventory [Line Items]
Inventory obsolescence	44,290	79,846
Work in Progress
Inventory [Line Items]
Inventory obsolescence	270,552	507,090
The Semiconductors Group | Raw Materials
Inventory [Line Items]
Inventory obsolescence	204,211	57,302	156,188
The Semiconductors Group | Work in Progress
Inventory [Line Items]
Inventory obsolescence	$ 349,623	$ 404,509	$ 301,215

Other Current Assets - Schedule

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Value-Added Tax Receivable	$ 224	$ 188
Advanced payment to suppliers	1,025	220
Deposits, current	3	5
Other current assets		1
Total other current assets	$ 1,252	$ 414

Deferred tax credits (Details N

Deferred tax credits (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
WISeKey Semiconductors SAS
Defined Benefit Plan Disclosure [Line Items]
Research tax credits	$ 692,314	$ 846,808

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 13,288	$ 12,988
Accumulated depreciation	(12,506)	(12,102)
Total property, plant and equipment from continuing operations, net	782	886
Depreciation charge for the year	404	1,532
Machinery & Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10,410	10,180
Accumulated depreciation	(9,985)	(9,928)
Office Equipment and Furniture
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,320	2,320
Accumulated depreciation	(2,028)	(1,706)
Computer Equipment and Licenses
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	558	488
Accumulated depreciation	$ (493)	$ (468)

Property, plant and equipment_2

Property, plant and equipment (Details Narrative)	12 Months Ended
	Dec. 31, 2022
Machinery & Equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Machinery & Equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Production Masks
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Production Tools
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Licenses
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Software
Property, Plant and Equipment [Line Items]
Estimated useful lives	1 year

Intangible Assets - Schedule of

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Total intangible assets subject to amortization, net Total Intangible Assets Subject to Amortization, Net	$ 4,903	$ 4,903
Accumulated amortization	(4,902)	(4,898)
Total intangible assets, net	1	5
Amortization charge for the year to December 31,	4	5
Patents
Finite-Lived Intangible Assets [Line Items]
Total intangible assets subject to amortization, net Total Intangible Assets Subject to Amortization, Net	2,281	2,281
Accumulated amortization	(2,281)	(2,281)
License Agreements
Finite-Lived Intangible Assets [Line Items]
Total intangible assets subject to amortization, net Total Intangible Assets Subject to Amortization, Net	1,699	1,699
Accumulated amortization	(1,698)	(1,694)
Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Total intangible assets subject to amortization, net Total Intangible Assets Subject to Amortization, Net	923	923
Accumulated amortization	(923)	(923)
Total Intangible Assets Subject to Amortization, Net
Finite-Lived Intangible Assets [Line Items]
Total intangible assets subject to amortization, net Total Intangible Assets Subject to Amortization, Net	$ 1	$ 5

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Intangible Asset Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
2023	$ 1
Total intangible assets subject to amortization, net	4,903	$ 4,903
Total Intangible Assets Subject to Amortization, Net
Finite-Lived Intangible Assets [Line Items]
Total intangible assets subject to amortization, net	$ 1	$ 5

Intangible assets (Details Narr

Intangible assets (Details Narrative)	12 Months Ended
	Dec. 31, 2022
Patents | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	5 years
Patents | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	10 years
License Agreements | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	1 year
License Agreements | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	3 years
Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	5 years

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating lease cost:
Fixed rent expense	$ 332	$ 378	$ 339
Short-term lease cost		3	15
Net lease cost	332	381	354
Cost of Sales
Operating lease cost:
Net lease cost	0	0	0
General & Administrative Expenses
Operating lease cost:
Net lease cost	$ 332	$ 381	$ 354

Leases - Schedule of Cash and N

Leases - Schedule of Cash and Non-Cash Activities Associated with Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 328	$ 380
Non-cash investing and financing activities :
Net lease cost	332	381	$ 354
Additions to ROU assets obtained from:
New operating lease liabilities	$ 56	$ 33

Leases - Schedule of Right-Of-U

Leases - Schedule of Right-Of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Right-of-use assets:
Total right-of-use assets	$ 1,379	$ 1,776
Lease liabilities:
Total lease liabilities	$ 1,312

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating - 2023	$ 313
Short-term - 2023
Finance - 2023
Total lease payments - 2023	313
Operating - 2024	293
Short-term - 2024	0
Finance - 2024	0
Total lease payments - 2024	293
Operating - 2025	285
Short-term - 2025	0
Finance - 2025	0
Total lease payments - 2025	285
Operating - 2026	285
Short-term - 2026	0
Finance - 2026	0
Total lease payments - 2026	285
Operating - 2027 and beyond	442
Short-term - 2027 and beyond	0
Finance - 2027 and beyond	0
Total lease payments - 2027 and beyond	442
Operating - Total future minimum operating lease payments	1,618
Short-term - Total future minimum short-term lease payments
Finance - Total future minimum finance lease payments
Total Lease Payments - Total future minimum lease payments	1,618
Operating - Less effects of discounting	(306)
Short-term - Less effects of discounting	0
Finance - Less effects of discounting
Total Lease Payments - Less effects of discounting	(306)
Operating - Lease liabilities recognized	1,312
Short-term - Lease liabilities recognized	0
Finance - Lease liabilities recognized
Total Lease Payments - Lease liabilities recognized	1,312
Other Liabilities
Operating - Lease liabilities recognized	$ 1,312

Leases - Schedule of Minimum Le

Leases - Schedule of Minimum Lease Payments under Legacy ASC 840 (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 313
2024	293
2025	285
2026	285
2027 and beyond	442
Total future minimum operating and short-term lease payments	1,618
Less effects of discounting	(306)
Lease liabilities recognized	$ 1,312

Leases (Details Narrative)

Leases (Details Narrative)	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term, operating leases	5 years 11 months 1 day
Weighted average discount rate, operating leases	3.02%

Accounts Payable - Schedule of

Accounts Payable - Schedule of Accounts Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Trade creditors	$ 5,001	$ 5,680
Factors or other financial institutions for borrowings		27
Accounts payable to underwriters, promoters, and employees	1,071	792
Other accounts payable	663	757
Total accounts payable	$ 6,735	$ 7,256

Other Current Liabilities - Sch

Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Other tax payable	$ 28	$ 22
Customer contract liability, current	84	111
Other current liabilities	36	47
Total other current liabilities	$ 148	$ 180

Indebtedness to related parti_2

Indebtedness to related parties (Details Narrative) € in Thousands				1 Months Ended					12 Months Ended
	Dec. 15, 2022 USD ($) shares	Dec. 15, 2022 EUR (€) shares	Nov. 12, 2020 USD ($)	Dec. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 28, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 01, 2021 USD ($)	Apr. 01, 2021 EUR (€)
Recapitalization by WISeKey International Holding Ltd									$ 7,348,000	$ 0
the "Group"
[custom:DebtRemissionAmount-0]											$ 5,871,714	€ 5,000
Proceeds from related party				$ 283,754	$ 381,879	$ 444,542	$ 1,910,754	$ 1,463,664
Interest rate				3%	3%	3%	3%	3%
Maturity date				Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Long term debt				$ 11,354,925					11,354,925
Unamortized debt discount				35,340			$ 355,327		35,340	$ 355,327
Long term debt, carrying value				$ 11,319,585					$ 11,319,585
WISeKey International Holding AG
[custom:LinesOfCreditExtendedToShareholderLoans-0]			$ 4,000,000
Line of Credit Facility, Description			to be drawn down over six months from the date of the commitment, in instalments of between USD 1 million and USD 1.5 million
Line of Credit Facility, Interest Rate During Period			3%
Debt conversion, converted amount	$ 7,348,397	€ 7,000
Debt conversion, shares issued | shares	175,000	175,000
Share capital	$ 183,710
Recapitalization by WISeKey International Holding Ltd	$ 7,164,687

Employee Benefit Plans - Sche_2

Employee Benefit Plans - Schedule of Defined Benefit Plan Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Wages and Salaries	$ 4,286	$ 4,345	$ 4,955
Social security contributions	1,940	2,049	2,250
Net service costs	42	68	75
Total	$ 6,268	$ 6,462	$ 7,280

Employee Benefit Plans - Sche_3

Employee Benefit Plans - Schedule of Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Projected benefit obligation at start of year	$ 575	$ 1,015	$ 981
Surplus/deficit	575	1,015	981
Opening balance sheet asset/provision (funded status)	575	1,015	981
Reconciliation of benefit obligation during the year
Net Service cost	43	71	72
Interest expense	4	3	7
Net benefits paid to participants	(24)	(116)	(30)
Actuarial losses/(gains)	(170)	(141)	(106)
Curtailment & Settlement	0	(187)	0
Currency translation adjustment	(32)	(70)	91
Defined benefit obligation - funded plans	396	575	1,015
Reconcilation to balance sheet end of year
Surplus/deficit	396	575	1,015
Closing balance sheet asset/provision (funded status)	396	575	1,015
Amounts recognized in accumulated OCI
Net loss (gain)	(364)	(205)	(68)
Deficit	(364)	(205)	(68)
Estimated amount to be amortized from accumulated OCI into NPBC over next fiscal year
Net loss (gain)	$ 52	$ 51

Employee Benefit Plans - Sche_4

Employee Benefit Plans - Schedule of Changes in Projected Benefit Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Opening balance sheet asset/provision (funded status)	$ 575	$ 1,015	$ 981
Net Service cost	43	71	72
Interest cost/(credit)	4	3	7
Settlement / curtailment cost / (credit)	0	(187)	0
Currency translation adjustment	0	(1)	(1)
Total Net Periodic Benefit Cost/(credit)	47	(8)	78
Actuarial (gain)/loss on liabilities due to experience	(170)	(142)	(105)
Total gain/loss recognized via OCI	(170)	(142)	(105)
Total cashflow	(24)	(116)	(30)
Currency translation adjustment	(32)	(61)	91
Closing balance sheet asset/provision (funded status)	396	575	1,015
Reconciliation of Net Gain / Loss
Amount at beginning of year	(205)	(68)	34
Liability (gain) / loss	(170)	(142)	(105)
Currency translation adjustment	11	5	3
Amount at year-end	$ (364)	$ (205)	$ (68)

Employee Benefit Plans - Sche_5

Employee Benefit Plans - Schedule of Future Contributions Payable (Details) - USD ($)	Dec. 31, 2028	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year							$ 26,000
France
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 331,000	$ 49,000	$ 50,000	$ 29,000	$ 8,000	$ 26,000

Employee Benefit Plans - Sche_6

Employee Benefit Plans - Schedule of Assumptions (Details Narrative)	Dec. 31, 2022 USD ($)
Retirement Benefits [Abstract]
Accumulated benefit obligation	$ 395,786
Expected future contributions payable	$ 26,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock by Class (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Par value per share (in EUR)	$ 1	$ 1
Total number of authorized shares	1,473,162	1,298,162
Total number of fully paid-in issued shares	1,473,162	1,298,162
Total number of fully paid-in outstanding shares	1,473,162	1,298,162
WISeKey Semiconductors SAS | Common Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Par value per share (in EUR)	$ 1	$ 1
Share capital (in USD)	$ 1,955,441	$ 1,771,732
Total number of authorized shares	1,473,162	1,298,162
Total number of fully paid-in issued shares	1,473,162	1,298,162
Total number of fully paid-in outstanding shares	1,473,162	1,298,162

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Accumulated other comprehensive income	$ 621	$ 487
Total net foreign currency translation adjustments	(16)	(8)
Total defined benefit pension adjustment	170	142
Total other comprehensive income/(loss), net	154	134
Accumulated other comprehensive income	$ 775	$ 621

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 23,198	$ 16,995	$ 14,317
At One Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	23,198	16,995	14,317
Secure Microcontrollers
Disaggregation of Revenue [Line Items]
Total revenue	18,336	14,850	11,289
Secure Microcontrollers | Secure Chips
Disaggregation of Revenue [Line Items]
Total revenue	18,336	14,850	11,289
Secure Microcontrollers | At One Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	18,336	14,850	11,289
Secure Microcontrollers | At One Point in Time | Secure Chips
Disaggregation of Revenue [Line Items]
Total revenue	18,336	14,850	11,289
All Others
Disaggregation of Revenue [Line Items]
Total revenue	4,862	2,145	3,028
All Others | Secure Chips
Disaggregation of Revenue [Line Items]
Total revenue	4,862	2,145	3,028
All Others | At One Point in Time
Disaggregation of Revenue [Line Items]
Total revenue	4,862	2,145	3,028
All Others | At One Point in Time | Secure Chips
Disaggregation of Revenue [Line Items]
Total revenue	$ 4,862	$ 2,145	$ 3,028

Revenue - Schedule of Disaggr_2

Revenue - Schedule of Disaggregation of Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 23,198	$ 16,995	$ 14,317
France
Disaggregation of Revenue [Line Items]
Net sales	211	457	1,614
Rest of EMEA
Disaggregation of Revenue [Line Items]
Net sales	6,566	3,798	2,892
North America
Disaggregation of Revenue [Line Items]
Net sales	13,609	10,631	8,217
Asia Pacific
Disaggregation of Revenue [Line Items]
Net sales	2,745	2,062	1,526
Latin America
Disaggregation of Revenue [Line Items]
Net sales	67	47	68
Secure Microcontrollers
Disaggregation of Revenue [Line Items]
Net sales	18,336	14,850	11,289
Secure Microcontrollers | France
Disaggregation of Revenue [Line Items]
Net sales	147	37	64
Secure Microcontrollers | Rest of EMEA
Disaggregation of Revenue [Line Items]
Net sales	2,775	2,944	1,861
Secure Microcontrollers | North America
Disaggregation of Revenue [Line Items]
Net sales	13,408	10,234	7,922
Secure Microcontrollers | Asia Pacific
Disaggregation of Revenue [Line Items]
Net sales	1,939	1,588	1,421
Secure Microcontrollers | Latin America
Disaggregation of Revenue [Line Items]
Net sales	67	47	21
All Others
Disaggregation of Revenue [Line Items]
Net sales	4,862	2,145	3,028
All Others | France
Disaggregation of Revenue [Line Items]
Net sales	64	175	466
All Others | Rest of EMEA
Disaggregation of Revenue [Line Items]
Net sales	3,791	1,099	2,116
All Others | North America
Disaggregation of Revenue [Line Items]
Net sales	201	397	294
All Others | Asia Pacific
Disaggregation of Revenue [Line Items]
Net sales	806	474	105
All Others | Latin America
Disaggregation of Revenue [Line Items]
Net sales			$ 47

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets, Deferred Revenue and Contract Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Trade accounts receivables
Total trade accounts receivables	$ 2,269	$ 2,656
Contract liabilities - current	84	111
Total contract liabilities	84	111
Revenue recognized in the period from amounts included in the deferred revenue at the beginning of the year		150
Secure Microcontrollers
Trade accounts receivables
Total trade accounts receivables	1,794	2,321
All Others
Trade accounts receivables
Total trade accounts receivables	$ 475	$ 335

Revenue - Schedule of Remaining

Revenue - Schedule of Remaining Performance Obligations (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Estimated remaining performance obligation	$ 84,000	$ 2,083,589
Year 2023
Estimated remaining performance obligation	$ 84,000

Revenue (Details Narrative)

Revenue (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 84,000	$ 2,083,589

Other Operating Income - Schedu

Other Operating Income - Schedule of Other Operating Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Accounts payable write-off	$ 1,899
Other operating income - other	108	91
Total other operating income	$ 2,007	$ 91

Non-Operating Income - Schedule

Non-Operating Income - Schedule of Non-Operating Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Foreign exchange gain	$ 926	$ 482	$ 117
Financial income	9		8
Other		1	21
Total non-operating income	$ 935	$ 483	$ 146

Non-Operating Expenses - Schedu

Non-Operating Expenses - Schedule of Non-Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-operating Expenses
Foreign exchange losses	$ 383		$ 728
Financial charges	1	1	1
Interest expense	250
Other	4	95	20
Total non-operating expenses	$ 638	$ 96	$ 749

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Income/(loss) before income tax	$ 2,525	$ (4,821)	$ (9,196)
France
Operating Loss Carryforwards [Line Items]
Income/(loss) before income tax	2,879	(4,429)	(8,806)
Foreign
Operating Loss Carryforwards [Line Items]
Income/(loss) before income tax	$ (354)	$ (392)	$ (390)

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Income tax expense / (income)	$ (3,245)	$ 6	$ 5
France
Operating Loss Carryforwards [Line Items]
Income tax expense / (income)	(3,250)
Foreign
Operating Loss Carryforwards [Line Items]
Income tax expense / (income)	$ 5	$ 6	$ 5

Income Taxes - Schedule of In_2

Income Taxes - Schedule of Income Tax Expense at the Swiss Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net income/(loss) before income tax	$ 2,525	$ (4,821)	$ (9,196)
Statutory tax rate	25%	26.50%	28%
Expected income tax (expense)/recovery	$ (631)	$ 1,278	$ 2,575
Change in valuation allowance	2,185	660	(1,940)
Change in tax loss carryforwards	(41)	(382)	(635)
Add back of loss carryforwards used for the debt remission	1,342
Permanent difference	390	(1,562)	(5)
Income tax (expense) / recovery	$ 3,245	$ (6)	$ (5)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Deferred tax assets/(liabilities)	$ 3,296
Defined benefit accrual	(29)	161
Tax loss carryforwards	3,599	3,640
Add back loss carryforwards used for the debt remission	1,342
Valuation allowance	(1,616)	(3,801)
France
Operating Loss Carryforwards [Line Items]
Deferred tax assets/(liabilities)	3,296
Foreign
Operating Loss Carryforwards [Line Items]
Deferred tax assets/(liabilities)

Income Taxes - Schedule of Oper

Income Taxes - Schedule of Operating Loss Carryforward (Details) - Tax Year 2023 $ in Thousands	Dec. 31, 2022 USD ($)
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	$ 14,396
France
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	$ 14,396

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Examinations (Details)	12 Months Ended
	Dec. 31, 2022
France
Tax years subject to examination	2020 - 2022
Japan
Tax years subject to examination	2022
Taiwan
Tax years subject to examination	2022

Income taxes (Details Narrative

Income taxes (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Income tax provision	$ (3,245,000)	$ 6,000	$ 5,000
WISeKey Semiconductors SAS
Defined Benefit Plan Disclosure [Line Items]
Income tax provision	$ 39,901	$ 47,368	$ 118,294

Earnings_(Loss) Per Share - Sch

Earnings/(Loss) Per Share - Schedule of Earnings Per Shares, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings per share (USD)
Net income (USD'000)	$ 5,770	$ (4,827)	$ (9,201)
Shares used in net earnings / (loss) per share computation:
Weighted average shares outstanding - basic	1,473,162	1,298,162	1,298,162
Weighted average shares outstanding - diluted	1,473,162	1,298,162	1,298,162
Net earnings / (loss) per share
Basic weighted average loss per share (USD)	$ 3.92	$ (3.72)	$ (7.09)
Diluted weighted average loss per share (USD)	$ 3.92	$ (3.72)	$ (7.09)

Related Parties Disclosure - Sc

Related Parties Disclosure - Schedule of Subsidiary/Parent Ownership Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
WISeKey IoT Japan KK
Related Party Transaction [Line Items]
Country of incorporation	Japan
Year of incorporation	2017
Share capital	$ 1,000,000
% ownership	100%	100%
Nature of business	Sales & distribution
WISeKey IoT Taiwan
Related Party Transaction [Line Items]
Country of incorporation	Taiwan
Year of incorporation	2017
Share capital	$ 100,000
% ownership	100%	100%
Nature of business	Sales & distribution

Related Parties Disclosure - _2

Related Parties Disclosure - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Receivables	$ 0	$ 0
Payables	3,374
Net expenses	1,555	1,994	$ 2,288
Net income	0	128	0
Payables	11,355	16,017
WISeKey International Holding AG
Related Party Transaction [Line Items]
Receivables	0	0
Payables	7,122	10,899
Net expenses	796	526	1,072
Net income	0	0	0
WISeKey SA
Related Party Transaction [Line Items]
Receivables	0	0
Payables	0	382
Net expenses	0	94	965
Net income	0	128	0
WISeKey USA Inc
Related Party Transaction [Line Items]
Receivables	0	0
Payables	154	883
Net expenses	558	883	0
Net income	0	0	0
WISeKey Semiconductors GmbH
Related Party Transaction [Line Items]
Receivables	0	0
Payables	773	615
Net expenses	105	401	161
Net income	0	0	0
WISeCoin AG
Related Party Transaction [Line Items]
Receivables	0	0
Payables	3,306	3,238
Net expenses	86	90	90
Net income	$ 0	$ 0	$ 0

Subsequent events (Details Narr

Subsequent events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended
	Nov. 12, 2020	Jan. 31, 2023
WISeKey International Holding AG
Subsequent Event [Line Items]
Line of Credit Facility, Description	to be drawn down over six months from the date of the commitment, in instalments of between USD 1 million and USD 1.5 million
Line of Credit Facility, Interest Rate During Period	3%
Subsequent Event | the "Group" | Line of Credit
Subsequent Event [Line Items]
Long-Term Line of Credit		$ 5,000
Line of Credit Facility, Description		instalments of no more than USD 1 million each
Line of Credit Facility, Interest Rate During Period		2.50%
Debt Instrument, Maturity Date		Dec. 31, 2024
Subsequent Event | WISeKey International Holding AG | Common Stock
Subsequent Event [Line Items]
Shares issued to parent		7,501,400
Subsequent Event | WISeKey International Holding AG | Class F
Subsequent Event [Line Items]
Shares issued to parent		1,499,700
Price per share		$ 0.05

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues from external customers	$ 23,198	$ 16,995	$ 14,317
Income tax (expense) / recovery	3,245	(6)	(5)
Segment assets	21,734	12,022	13,756
Secure Microcontrollers
Segment Reporting Information [Line Items]
Revenues from external customers	18,336	14,850	11,289
Intersegment revenues
Interest revenue	7
Interest expense	200	150	72
Depreciation and amortization	319	1,339	1,769
Segment income /(loss) before income taxes	526	(2,235)	(5,195)
Profit / (loss) from intersegment sales
Income tax (expense) / recovery	2,565
Segment assets	18,340	10,296	10,531
All Others
Segment Reporting Information [Line Items]
Revenues from external customers	4,862	2,145	3,028
Intersegment revenues	368	415	4,930
Interest revenue	2
Interest expense	53	22	19
Depreciation and amortization	85	193	474
Segment income /(loss) before income taxes	2,017	(2,566)	(3,766)
Profit / (loss) from intersegment sales	18	20	235
Income tax (expense) / recovery	680	(6)	(5)
Segment assets	5,010	1,726	3,225
Total Segment Assets
Segment Reporting Information [Line Items]
Revenues from external customers	23,198	16,995	14,317
Intersegment revenues	368	415	4,930
Interest revenue	9
Interest expense	254	171	91
Depreciation and amortization	404	1,532	2,243
Segment income /(loss) before income taxes	2,543	(4,801)	(8,961)
Profit / (loss) from intersegment sales	18	20	235
Income tax (expense) / recovery	$ 3,245	$ (6)	$ (5)

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Reconciliation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 23,198	$ 16,995	$ 14,317
Income /(Loss) before income taxes	2,525	(4,821)	(9,196)
Reportable Segments
Segment Reporting Information [Line Items]
Net sales	23,566	17,410	19,247
Income /(Loss) before income taxes	2,543	(4,801)	(8,961)
Intersegment [Member]
Segment Reporting Information [Line Items]
Net sales	(368)	(415)	(4,930)
Income /(Loss) before income taxes	$ (18)	$ (20)	$ (235)

Segment Reporting - Schedule _3

Segment Reporting - Schedule of Reconciliation of Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Consolidated total assets	$ 21,659	$ 11,844
Reportable Segments
Segment Reporting Information [Line Items]
Consolidated total assets	21,734	12,022
Intersegment
Segment Reporting Information [Line Items]
Elimination of intersegment receivables Intersegment	$ (75)	$ (178)

Segment Reporting - Schedule _4

Segment Reporting - Schedule of Revenue and Property, Plant and Equipment by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 23,198	$ 16,995	$ 14,317
Property, plant and equipment net of accumulated depreciation	782	886
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	211	457	1,614
Property, plant and equipment net of accumulated depreciation	782	886
Rest of EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	6,566	3,798	2,892
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	13,609	10,631	8,217
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	2,745	2,062	1,526
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 67	$ 47	$ 68

Bonds, mortgages and other lo_2

Bonds, mortgages and other long-term debt (Details Narrative) - Production Capacity Investment Loan Agreement - USD ($)	1 Months Ended
	Nov. 30, 2022	Dec. 31, 2022
Short-Term Debt [Line Items]
Proceeds from loan agreement	$ 2,000,000
Unamortized debt discount	$ 511,128	$ 511,128
Loan payable		2,000,000
Loan payable, carrying value		$ 1,488,872