HALF YEAR REPORT 2025 January to June 2025 INDEX | 1. INTRODUCTION | ന | | --- | --- | | 1.1. CEO LETTER TO SHAREHOLDERS : SEALSQ MID-YEAR UPDATE AND OUTLOOK | ব | | 1.2. INTRODUCTION | 00 | | 1.3. MANAGEMENT DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND | 10 | | RESULTS OF OPERATIONS | | | 1.3.1. H1 2025 KEY FINANCIAL MILESTONES | 10 | | 1.3.2. DISCUSSION & ANALYSIS | JJ | | 2. BUSINESS UPDATE | 17 | | 2.1. PRODUCT PORTFOLIO EVOLUTION | 18 | | 2.1.1. QVAULT TPM PROGRAM UPDATE | 18 | | 2.1.2. POST-QUANTU ...