| Revenue |
Note 33.Revenue Nature of goods and services The Group generates revenues from the sale of semiconductors secure chips and from Digital Certificates, Software as a Service, Software license and Post-Contract Customer Support (PCS) for cybersecurity applications. Products and services are sold principally separately but may also be sold in bundled packages. The group also generates revenues by delivering custom ASIC (Application-Specific Integrated Circuit) design and development services during the pre-production phase, and by supplying manufactured ASIC chips during the production phase. These services and products are typically contracted separately but may also be bundled across multiple phases of the ASIC lifecycle. For bundled packages, the Group accounts for individual products and services separately if they are distinct – i.e. if a product or service is separately identified from other items in the bundled package and if a customer can benefit from it. The consideration is allocated between separate products and services in a bundle based on their stand-alone selling prices. The stand-alone selling prices are determined based on the list prices when available or estimated based on the Adjusted Market Assessment approach (e.g. licenses), or the Expected Cost-Plus Margin approach (e.g., PCS). The following is a description of the principal activities from which the Group generates its revenue across all reportable segments. | |
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Product and services | Nature, timing of satisfaction of performance obligations and significant payment terms |
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Semiconductors secure chips | Although they may be sold in connection with other services of the Group, they always represent distinct performance obligations. 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. | SaaS | The Group’s SaaS arrangements cover the provision of cloud-based certificates for authentication purposes such as Device Attestation Certificates (DACs) for MATTER Protocol, IoT Device-to-Cloud Authentication, or Device-to-Device Authentication. The Group recognizes revenue on a straight-line basis over the service period which is usually yearly renewable. Where lifelong certificates are issued, the Group recognizes revenue when the certificate is delivered and usable by the customer. Customers usually pay ahead of the service period; the paid amounts which have not yet been recognized as revenue are shown as deferred revenue on the balance sheet. | Software and INeS Certificate Management Platform | The Group provides software for certificates life-cycle management and signing and authentication solutions through its INeS Certificate Management Platform. The Group recognizes revenue when the software has been delivered or the platform has been set up, and PCS revenue over the service period which is usually one-year renewable. Customers pay upon delivery of the software or over the PCS. | Implementation, integration and other services | The Group provides services to implement and integrate multi-element cybersecurity solutions. Most of the time the solution elements are off-the-shelve non-customized components which represent distinct performance obligations. Implementation and integration services are payable when rendered, while other revenue elements are payable and recognized as per their specific description in this section. | ASIC Design | The services provided are structured into Work Packages (WPs), each representing a separate performance obligation. These could include services associated with the specification/ pre-study, design, prototyping or industrialization. Revenue is recognized over time using the cost-incurred method, as customers control the asset during development and the Group has a right to payment for performance to date. Payments are made progressively based on milestones and deliverables. | ASIC Production | Each purchase order for ASIC chips represents a distinct performance obligation to provide the specified quantity and type of chips. Revenue is recognized at a point in time, specifically, when control of the chip transfers to the customer upon delivery. The Company acts as principal, managing the full production process including subcontractor coordination, quality assurance, and logistics. Customers typically pay upon delivery. |
Disaggregation of revenue The following table shows the Group’s revenues disaggregated by product or service type: | | | | | | | | | | | | | | | | | | | | | Disaggregation of revenue | | Typical | | At one point in time | | Over time | | Total | USD’000 | | payment | | 2025 | | 2024 | | 2023 | | 2025 | | 2024 | | 2023 | | 2025 | | 2024 | | 2023 | Semiconductors Segment | | | | | | | | | | | | | | | | | | | | | Secure chips | | Upon delivery | | 14,329 | | 10,937 | | 30,044 | | — | | — | | — | | 14,329 | | 10,937 | | 30,044 | Certificates | | Upon issuance | | 298 | | 39 | | 14 | | 24 | | 5 | | — | | 322 | | 44 | | 14 | Total Semiconductors Segment | | | | 14,627 | | 10,976 | | 30,058 | | 24 | | 5 | | — | | 14,651 | | 10,981 | | 30,058 | ASIC Segment | | | | | | | | | | | | | | | | | | | | | ASIC Design | | Milestone based | | — | | — | | — | | 3,522 | | — | | — | | 3,522 | | — | | — | ASIC Production | | Upon delivery | | 79 | | — | | — | | — | | — | | — | | 79 | | — | | — | Total ASIC Segment | | | | 79 | | — | | — | | 3,522 | | — | | — | | 3,601 | | — | | — | Total Revenue | | | | 14,706 | | 10,976 | | 30,058 | | 3,546 | | 5 | | — | | 18,252 | | 10,981 | | 30,058 |
For the years ended December 31, 2025 and 2024, the Group recorded no revenues related to performance obligations satisfied in prior periods. The following table shows the Group’s revenues disaggregated by geography, based on our customers’ billing addresses: | | | | | | | Net sales by region | | 12 months ended December 31, | USD’000 | | 2025 | | 2024 | | 2023 | Semiconductors Segment | | | | | | | Europe, Middle East and Africa | | 2,230 | | 1,839 | | 9,985 | North America | | 9,147 | | 7,500 | | 16,531 | Asia Pacific | | 3,180 | | 1,642 | | 3,466 | Latin America | | 94 | | — | | 76 | Total Semiconductors Segment revenue | | 14,651 | | 10,981 | | 30,058 | ASIC Segment | | | | | | | Europe, Middle East and Africa | | 2,214 | | — | | — | North America | | 1,340 | | — | | — | Asia Pacific | | 47 | | — | | — | Total ASIC Segment revenue | | 3,601 | | — | | — | Total net sales | | 18,252 | | 10,981 | | 30,058 |
Contract assets, deferred revenue and contract liability Our contract assets, deferred revenue and contract liability consist of: | | | | | | | As at December 31, | | As at December 31, | USD’000 | | 2025 | | 2024 | Trade accounts receivable | | | | | Trade accounts receivable – Semiconductors Segment | | 3,283 | | 3,645 | Trade accounts receivable – ASIC Segment | | 986 | | — | Total trade accounts receivable, net of allowance for credit losses | | 4,269 | | 3,645 | Contract assets – ASIC Segment | | 451 | | — | Total contract assets | | 451 | | — | Customer contract liabilities – Semiconductors Segment | | 4 | | 83 | Customer contract liabilities – ASIC Segment | | 1,596 | | — | Total customer contract liabilities - current | | 1,600 | | 83 | Deferred revenue | | | | | Deferred revenue – Semiconductors Segment | | 21 | | 5 | Deferred revenue – ASIC Segment | | 4 | | — | Total deferred revenue | | 25 | | 5 | Revenue recognized in the period from amounts included in the deferred revenue at the beginning of the period | | 5 | | — |
Increases or decreases in trade accounts receivable, contract assets, deferred revenue and contract liabilities are primarily due to normal timing differences between our performance and customer payments. Remaining performance obligations As of December 31, 2025, approximately USD 399,000 is expected to be recognized from remaining performance obligations for contracts. We expect to recognize revenue for these remaining performance obligations in 2026.
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