Benzinga | Jul 9, 2021 01:25PM EDT

WISeKey's H1 2021 Preliminary Revenue Jumps 24% To $9.9M

* WISeKey International Holding Ltd (NASDAQ:WKEY) reported the first half FY21 preliminary revenue growth of 24% year-on-year to $9.9 million.

* The company's cash reserves of $35.9 million, as of July 9, support investment in Artificial Intelligence, new products, IP, and faster-growing IoT and Cybersecurity markets.

* It invested in new technologies and talent, expanded client base and geographic reach, CEO Carlos Moreira said.

* The recent acquisition of a controlling interest in arago GmbH offered a new, higher-margin revenue source for AI-based Knowledge Automation and new synergies for IoT revenue generation.

* WISeKey's solid revenue pipeline for existing product offerings and new opportunities in the emerging Cybersecure Automation for the AIoT market renders it well-positioned for growth.

* Price action: WKEY shares traded higher by 8.11% at $7.20 on the last check Friday.