XML 47 R31.htm IDEA: XBRL DOCUMENT v3.24.2
Revenue
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue

Note  25.   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.

 

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.

 

 

 

 

Disaggregation of revenue 

 

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

 

Disaggregation of revenue Typical payment At one point in time   Total
USD'000   2023 2022 2021   2023 2022 2021
Secure Microcontrollers Segment                
Secure chips Upon delivery 20,927 18,336 14,850   20,927 18,336 14,850
Total Secure Microcontrollers Segment 20,927 18,336 14,850   20,927 18,336 14,850
All Other Segment                
Secure chips Upon delivery 9,117 4,862 2,145   9,117 4,862 2,145
Certificates Upon issuance 14 —    —      14 —    —   
Total All Other Segment 9,131 4,862 2,145   9,131 4,862 2,145
Total Revenue  30,058   23,198   16,995    30,058  23,198  16,995

 

For the years ended December 31, 2023 and 2022, 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 12 months ended December 31,

USD'000  

 2023   2022   2021
Secure Microcontrollers Segment          
Europe, Middle East and Africa 3,548   2,922   2,981
North America 15,962   13,408   10,234
Asia Pacific 1,341   1,939   1,588
Latin America 76   67   47
Total Secure Microcontrollers segment revenue 20,927   18,336   14,850
All Other Segment          
Europe, Middle East and Africa 6,437   3,855   1,274
North America 569   201   397
Asia Pacific 2,125   806   474
Total All Other segment revenue 9,131   4,862   2,145
Total net sales 30,058   23,198   16,995

 

Contract assets, deferred revenue and contract liability 

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

 

  As at December 31,   As at December 31,
USD'000 2023   2022
Trade accounts receivable      
Trade accounts receivable - Secure Microcontrollers Segment Secure Microcontrollers Segment                            3,553                              1,794
Trade accounts receivable - All Other Segment All Other Segment                            1,550                                 475
Total trade accounts receivable                            5,103                              2,269
Customer contract liabilities - current                               125                                   84
Total customer contract liabilities                               125                                   84

 

 

 

 

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 at December 31, 2023, the Group did not have any remaining performance obligations.