WISeKey Announces Full Year 2017 Preliminary Results and Early Adoption of Topic 606 Accounting Method
Summary
In order to facilitate investors forward-looking comparability of its financial statements ahead of our ADR II program on the NASDAQ in the first half of 2018, Wisekey has decided to early adopt Topic 606 "Revenue from Contracts with Customers" as of January 1, 2017.Topic 606 adoption results in deferring certain 2017-acquired-Quovadis stand-alone certificate revenue transactions, which will be recognized typically over 1- 3 years, against performance obligations that are key to the satisfaction of the customer, but merely require the operation of an already running IT infrastructure.This approach will closely match Revenue as it was previously defined and used by WISeKey, and management is planning to use it to monitor and report the Companys growth as it provides a higher correlation with actual business performance.This is a very encouraging indicative trend for WISeKeys long term growth outlook as we expand the Companys revenue models to fully capitalize on Blockchain and AI due to the enormous amount of data generated by these devices," said Mr. Moreira.Via these Centers of Excellence, WISeKey is cooperating with local participating companies on developing strategy, proof of concepts, policies, educational materials (including addressing all the distributed ledger capabilities across different Blockchain schemes: public, consortium and private), with industry verticalization and domain specialization (IoT, AI, encrypted transactions, messaging, etc.
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