WKEY

First, transition from sampling to commercial revenue is underway with concrete data points. Second, strategy architecture called year of convergence is integrating five technology pillars into a single vertical integrated quantum secure platform. Third, regulatory and geopolitical environment is moving in favor. CLSQ's 66% revenue growth in 2025 had two aspects: legacy semiconductor and PKI product line had renewed demand and first revenue from sampling of post - quantum products. CLSQ's commercial pipeline exceeds $200 million. QS7001 has passed side channel attack resistance evaluation at EAL 5 plus level and completed NIST validation with first production revenues on track for late 2026. 2026 is the year of conversion with five technology pillars operating as a single integrated stack. CLSQ has launched 21 satellites with 14 operational, on track for 100th satellite. Definitive business combination agreement with Columbus Acquisition Corporation expected to close in second half of 2026 resulting in YSAT space holding listing on NASDAQ. CLSQ Quantum Fund grew from $20 million to $200 million as of April 30, 2026, with $23.2 million deployed across five portfolio positions. U.S. NSA CNSA 2.0 mandate requires CNSA 2.0 compliant for new national security system acquisitions by 2027, and products are designed to comply with standards leading to pipeline activity in various areas.

Reaffirming full - year 2026 revenue guidance for 50% to 100% year - over - year growth driven primarily by CLSQ. Drivers include full - year consolidation of IC - ALPS, broader entry into trusted platform module market via QVault TPM, launch of QASIC, initial QS7001 production revenues following EAL5 Plus certification in late 2026, initial revenue from Quantix Edge Security Personalization Center development in Spain and continued expansion of recurring PKI subscription and OSPT personalization revenues. Hope to positively reinforce and upgrade guidance in coming months as there are significant projects in advanced negotiation phases.

Full year 2025 revenue was $19.3 million, a 62% growth year over year. CLSQ contributed $18.3 million, growing 66% over prior year. Q4 2025 revenue was $8 million. Organic growth was driven by recovery in core secure microcontroller and PKI product families plus initial sampling revenue from post - quantum platforms. Full year 2025 net loss was $38.2 million. As of December 31, 2025, WiseKey had $429 million in cash and short - term investments, up from $91 million at end of 2024. As of April 30, 2026, WiseKey Group had over $535 million in cash and short - term investments.

Forward - looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results, financial condition, performance, or achievement to be materially different from those expressed or implied. Quantum computers could potentially break RSA keys and pose a threat to encrypted infrastructure if not properly protected by post - quantum capabilities. There are uncertainties related to the timing and success of strategic initiatives such as the business combination with Columbus Acquisition Corporation and the development and deployment of various products and infrastructure.

Q: Of the pipeline you're seeing for quantum chips, how much is driven by regulation and how much is independent of regulatory - driven requirements?

A: The CNSA 2.0 is a U.S. government requirement that is a concern for critical infrastructure. There is a trend moved by both innovation in the market and government regulatory. In Europe and Asia, similar regulations are emerging. By 2030, anyone running critical infrastructure will be PQC compliant. There are also commercial opportunities from PQC - capable chips.

Q: Where else regionally are you seeing movement towards those sorts of requirements for quantum or PQC - capable chips and security?

A: The CNSA 2.0 is a reference, affecting products sold to the U.S. government and import products. It will affect various industries like drones, health, etc. There are commercial opportunities in these industries. For example, deal with Parrot drone company.

Q: About the satellite business, where is the demand for services delivered through the constellation developing commercially?

A: The constellation is used for track and trace in areas with no connectivity. There is demand from logistics, cargo, military, etc. The satellite now includes QS7001 and has a crypto wallet for CL Coin. Working on agreements with strategic partners. Preference is to use SpaceX, but also have relations with ISRO in India and PLD Space in Spain. Satellites act as nodes in space, and YSAT is an interconnector of existing constellations. The company is aiming for listing on NASDAQ to increase valuation.