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Revenue | 12 Months Ended
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Dec. 31, 2022
Revenue from Contract with Customer [Abstract] |
Revenue | Note 31. Revenue Nature of goods and services The following is a description of the principal activities – separated by reportable segment – from which the Group generates its revenue. For more detailed information about reportable segments, see Note 37 - Segment information and geographic data.
| - | IoT Segment
The IoT segment of the Group principally generates revenue from the sale of 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.
| - | mPKI Segment
The mPKI Segment of the Group generates revenues 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. 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).
Product and services | Nature, timing of satisfaction of performance obligations and significant payment terms
Certificates | The Group recognizes revenue on a straight-line basis over the validity period of the certificate, which is usually one to three years. This period starts after the certificate has been issued by the Certificate Authority and may be used by the customer for authentication and signature, by checking the certificate validity against the Root of Trust which is maintained by the Group on its IT infrastructure. Customers pay for certificates when certificates are issued and invoiced. The excess of payments over recognized revenue is shown as deferred revenue.
SaaS | The Group’s SaaS arrangement cover the provision of cloud-based certificate life-cycle-management solutions and signing and authentication solutions. The Group recognizes revenue on a straight-line basis over the service period which is usually yearly renewable. Customers usually pay ahead of quarterly or yearly service periods; the paid amounts which have not yet been recognized are shown as deferred revenue.
Software | The Group provides software for certificates life-cycle management and signing and authentication solutions. The Group recognizes license revenue when the software has been delivered 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. WISeKey also provides hosting and monitoring of infrastructure services which are distinct performance obligations and are paid and recognized over the service period.
Disaggregation of revenue The following table shows the Group’s revenues disaggregated by reportable segment and by product or service type: Revenue - Schedule of Disaggregation of Revenue
Disaggregation of revenue | Typical payment | At one point in time |  | Over time |  | Total
USD'000 |  | 2022 | 2021 | 2020 |  | 2022 | 2021 | 2020 |  | 2022 | 2021 | 2020
IoT Segment |  |  |  |  |  |  |  |  |  |  |  |
Secure chips | Upon delivery | 23,198 | 16,867 | 14,317 |  | - | - | - |  | 23,198 | 16,867 | 14,317
Total IoT segment revenue | 23,198 | 16,867 | 14,317 |  | - | - | - |  | 23,198 | 16,867 | 14,317
mPKI Segment |  |  |  |  |  |  |  |  |  |  |  |
Certificates | Upon issuance | - | - | - |  | 111 | 153 | 175 |  | 111 | 153 | 175
Licenses and integration | Upon delivery | 107 | 607 | 287 |  | 149 | - | - |  | 256 | 607 | 287
SaaS, PCS and hosting | Quarterly or yearly | - | - | - |  | 249 | 19 | - |  | 249 | 19 | -
Total mPKI segment revenue | 107 | 607 | 287 |  | 509 | 172 | 175 |  | 616 | 779 | 462
Total Revenue from continuing operations | 23,305 | 17,474 | 14,604 |  | 509 | 172 | 175 |  | 23,814 | 17,646 | 14,779
For the years ended December 31, 2022, 2021, and 2020 the Group recorded no revenues related to performance obligations satisfied in prior periods. At One Point in Time Over Time The following table shows the Group’s revenues disaggregated by geography, based on our customers’ billing addresses: Revenue - Schedule of Disaggregation of Revenue by Geographic Areas
Net sales by region | 12 months ended December 31,
USD'000 | 2022 |  | 2021 |  | 2020
IoT Segment |  |  |  |  |
Switzerland | 751 |  | 406 |  | 278
Rest of EMEA | 6,026 |  | 3,721 |  | 4,228
North America | 13,609 |  | 10,631 |  | 8,217
Asia Pacific | 2,745 |  | 2,062 |  | 1,526
Latin America | 67 |  | 47 |  | 68
Total IoT segment revenue | 23,198 |  | 16,867 |  | 14,317
mPKI Segment |  |  |  |  |
Switzerland | 253 |  | 596 |  | 314
Rest of EMEA | 234 |  | 98 |  | 93
North America | 68 |  | 58 |  | 43
Asia Pacific | - |  | - |  | -
Latin America | 61 |  | 27 |  | 12
Total mPKI segment revenue | 616 |  | 779 |  | 462
Total Net sales from continuing operations | 23,814 |  | 17,646 |  | 14,779
*EMEA means Europe, Middle East and Africa |  |  |  |  |
Rest of EMEA North America Asia Pacific Latin America Contract assets, deferred revenue and contract liability Our contract assets, deferred revenue and contract liability consist of: Revenue - Schedule of Contract Assets, Deferred Revenue and Contract Liability
| As at December 31, |  | As at December 31,
USD'000 | 2022 |  | 2021
Trade accounts receivables |  |  |
Trade accounts receivable - IoT segment | 2,269 |  | 2,655
Trade accounts receivable - mPKI segment | 194 |  | 165
Total trade accounts receivables | 2,463 |  | 2,820
Contract assets | - |  | -
Total contract assets | - |  | -
Contract liabilities - current | 105 |  | 128
Contract liabilities - noncurrent | 8 |  | 57
Total contract liabilities | 113 |  | 185
Deferred revenue |  |  |
Deferred revenue - mPKI segment | 197 |  | 192
Total deferred revenue | 197 |  | 192
Revenue from continuing operations recognized in the period from amounts included in the deferred revenue at the beginning of the year | 209 |  | 290
Increases or decreases in trade accounts receivable, contract assets, deferred revenue and contract liability were primarily due to normal timing differences between our performance and customer payments. Remaining performance obligations As of December 31, 2022, approximately USD 310,000 is expected to be recognized from remaining performance obligations for mPKI and IoT contracts. We expect to recognize revenue for these remaining performance obligations during the next two years approximately as follows:
Estimated revenue from remaining performance obligations as at December 31, 2022 (USD'000) | Total
2023 | 279
2024 | 31
Total remaining performance obligation from continuing operations | 310

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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