v3.26.3
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue [Abstract]  
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.

 

Product and services   Nature, timing of satisfaction of performance obligations and significant payment terms
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 once goods are delivered.

Disaggregation of revenue

 

The following table shows the Group’s revenues disaggregated by product or service type:

 

Disaggregation of revenue  Typical payment  At a point in time   Over time   Total 
      Unaudited 6 months ended June 30,     
USD’000     2026   2025   2026   2025   2026   2025 
Semiconductors Segment                           
Secure chips  Upon delivery   8,436    4,710         
-
    8,436    4,710 
Certificates  Upon issuance   140    108    27    7    167    115 
Total Semiconductors Segment      8,576    4,818    27    7    8,603    4,825 
ASIC Segment                                 
ASIC Design  Milestone based   
-
    
-
    2,500    
-
    2,500    
-
 
ASIC Production  Upon delivery   4    
-
    
-
    
-
    4    
-
 
Total ASIC Segment      4    
-
    2,500    
-
    2,504    
-
 
Total Non-reportable Segment      20    
-
    24    
-
    44    
-
 
Total Revenue      8,600    4,818    2,551    7    11,151    4,825 

 

For the six months ended June 30, 2026 and 2025, 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  Unaudited
6 months ended
June 30,		 
USD’000  2026   2025 
Semiconductors Segment          
Europe, Middle East and Africa   1,768    852 
North America   4,953    3,083 
Asia Pacific   1,882    795 
Latin America   
-
    95 
Total Semiconductors Segment revenue   8,603    4,825 
ASIC Segment          
Europe, Middle East and Africa   1,893    
-
 
North America   607    
-
 
Asia Pacific   4    
-
 
Total ASIC Segment revenue   2,504    
-
 
Total Non-reportable Segment revenue   44    
-
 
Total net sales   11,151    4,825 

Contract assets, deferred revenue and contract liability

 

Our contract assets, deferred revenue and contract liability consist of:

 

USD’000  As of
June 30,
2026
(unaudited)		   As of
December 31,
2025		 
Trade accounts receivable        
Trade accounts receivable – Semiconductors Segment   3,518    3,283 
Trade accounts receivable – ASIC Segment   1,405    986 
Trade accounts receivable – Non reportable Segment   42      
Total trade accounts receivable, net of allowance for credit losses   4,965    4,269 
Contract assets – ASIC Segment   
-
    451 
Total contract assets   
-
    451 
Customer contract liabilities – Semiconductors Segment   1,184    4 
Customer contract liabilities – ASIC Segment   328    1,596 
Total customer contract liabilities - current   1,512    1,600 
Deferred revenue          
Deferred revenue – Semiconductors Segment   36    21 
Deferred revenue – ASIC Segment   1,756    4 
Deferred revenue – Non reportable Segment   281      
Total deferred revenue   2,073    25 
Revenue recognized in the period from amounts included in the deferred revenue at the beginning of the period   4    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 June 30, 2026, approximately USD 3,585,000 is expected to be recognized from remaining performance obligations for contracts. We expect to recognize revenue for these remaining performance obligations in 2026, 2027 and 2028 as detailed below.

 

USD’000  Total 
2026   2,527 
2027   230 
2028   828 
Total remaining performance obligation   3,585