SEALSQ Reports H1 2026 Financial and Operational Results; Revenue Increases 131% to $11.2 Million; FY2026 Guidance Reaffirmed
SEALSQ pairs triple-digit revenue growth and strong liquidity with substantially higher losses as it invests heavily in post-quantum products and acquisitions.
Rhea-AI Summary
SEALSQ (LAES) reported H1 2026 revenue of $11.2 million, up 131% year over year, with gross profit of $5.4 million and gross margin near 48%.
Operating loss widened to $32.2 million and net loss to $27.8 million, driven by higher R&D, G&A and selling expenses as the company invested in its post-quantum roadmap, acquisitions and SEALQuantum Sovereign Vertical Stack. EBITDA loss was $29.5 million. Cash, cash equivalents and restricted cash totaled $486.1 million at June 30, 2026, with broader liquidity around $495 million. Management reaffirmed FY2026 revenue guidance of $27–$36 million versus $18.3 million in FY2025 and cited an active business pipeline above $225 million through 2029, including over $100 million tied to QS7001 and QVault TPM post-quantum products.
Positive
- Revenue $11.2M in H1 2026, up 131% from $4.8M in H1 2025
- Gross profit $5.4M in H1 2026, up 233% with ~48% margin
- Cash, cash equivalents and restricted cash $486.1M at June 30, 2026; broader liquidity ~ $495M
- FY2026 revenue guidance reaffirmed at $27–$36M vs $18.3M in FY2025 (50–100% expected growth)
- Active pipeline >$225M potential revenue through 2029, including >$100M from post-quantum projects
- IC'Alps acquisition contributed ~$2.5M H1 2026 revenue and expanded custom ASIC capabilities
Negative
- Operating loss widened to $32.2M in H1 2026 from $21.2M (+51%)
- Net loss increased to $27.8M in H1 2026 from $20.0M (+39%)
- EBITDA loss grew to $29.5M in H1 2026 from $20.9M
- R&D expenses $8.7M, up 85% from $4.7M year over year
- G&A expenses $23.1M, up 68% from $13.8M; selling and marketing up 19% to $7.2M
- Comprehensive loss reached $28.3M for H1 2026, including other comprehensive loss items
News Explained
The key holder-relevant change is a larger reported ordinary-share base, while more than $60 million of a $200 million company-capital program is committed so far.
SEALSQ reported its six-month results for the period ended
The allocation is described as SEALSQ’s own capital for targeted acquisitions and strategic partnerships, while the more-than-
The release states that the Miraex acquisition was completed at 100% and that ownership of Wecan Group increased to
For QS7001 and QVault TPM, initial commercial revenue is expected toward the end of H2 2026, but timing remains subject to laboratory review, certification, customer qualification and procurement.
Key Figures
- H1 revenue
- $11.2 million
- H1 2026; increased 131% from H1 2025
- Gross profit
- $5.4 million
- H1 2026; increased 233% from H1 2025
- Operating loss
- $32.2 million
- H1 2026; compared with $21.2 million in H1 2025
- Net loss
- $27.8 million
- H1 2026; compared with $20.0 million in H1 2025
- Cash and restricted cash
- $486.1 million
- At June 30, 2026
- FY2026 revenue guidance
- $27 million to $36 million
- Guidance reaffirmed
- Active business pipeline
- More than $225 million
- Potential revenue opportunities through 2029; management estimate
- IC'Alps H1 revenue contribution
- $2.5 million
- H1 2026 consolidated revenue
Previous Earnings Reports
-
Revenue growth, reaffirmed FY2026 guidance and QS7001 certification progress were reported
-
Revenue declined during transition to quantum-resistant semiconductor products
-
Traditional semiconductor demand slowed during a reported transitional year
-
H1 revenue reflected an expected slowdown in traditional semiconductor demand
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
ebitda financial
pkI technical
nist sp 800-90b regulatory
us gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Geneva, Switzerland, Sept. 11, 2026 (GLOBE NEWSWIRE) --
Cash and Cash Equivalents of
Conference Call to be Held on September 15 at 9:00am ET
SEALSQ Corp (NASDAQ: LAES) ("SEALSQ" or the "Company"), a company focused on developing and commercializing post-quantum semiconductor, PKI and trusted provisioning solutions, today announced its financial and operational results for the six-month period ended June 30, 2026.
H1 2026 Financial Highlights
- Revenue increased
131% to$11.2 million , compared to revenue of$4.8 million in H1 2025. - Gross profit increased
233% to$5.4 million , compared to gross profit of$1.6 million in H1 2025; gross margin expanded to approximately48% . - Operating loss was
$32.2 million , compared to operating loss of$21.2 million in H1 2025. - Net loss was
$27.8 million , compared to net loss of$20.0 million in H1 2025. - EBITDA loss was
$29.5 million , compared to EBITDA loss of$20.9 million in H1 2025. - Cash, cash equivalents and restricted cash totaled
$486.1 million at June 30, 2026; the broader liquidity measure including short-term investments was approximately$495 million . - FY2026 revenue guidance of
$27 million to$36 million was reaffirmed. - The active business pipeline as of September 9, 2026, exceeded
$225 million through 2029, including more than$100 million associated with the Company’s Post-Quantum projects, including the QS7001 and QVault TPM. These figures reflect management estimates and are subject to risks such as conversion risks, customer validation, and technical integration.
Revenue Growth and Business Drivers
H1 2026 revenue growth was driven primarily by renewed demand for SEALSQ's Vault-IC secure-element product family, continued growth in PKI subscriptions and digital identity services, initial revenue from the Quantix Edge Security semiconductor design center in Murcia, Spain, and six months of consolidated revenue from IC'Alps SAS (“IC’Alps”).
IC'Alps, acquired in August 2025, contributed approximately
North America generated
Investment in Growth and Explanation of Net Loss
SEALSQ recorded an operating loss of
- R&D expenses increased to
$8.7 million from$4.7 million , reflecting IC'Alps consolidation, product development, certification activities and acquisition-related amortization. - G&A expenses increased to
$23.1 million from$13.8 million , reflecting acquired-business consolidation, expanded corporate infrastructure, intangible-asset amortization, and legal, audit, advisory and transaction costs. - Selling and marketing expenses increased to
$7.2 million from$6.0 million as commercialization activity expanded. - These increases were partially offset by
$3.8 million of additional gross profit and improved net non-operating income, including higher interest income on liquidity reserves.
Carlos Moreira, Founder, Chairman and CEO of SEALSQ noted, "The first half of 2026 was marked by a decisive transition for SEALSQ. Revenue increased by
John O'Hara, CFO of SEALSQ added, "H1 2026 results confirm strong top-line momentum, with revenue increasing from
Condensed Unaudited Financial Results
| US GAAP - $ thousands | H1 2026 | H1 2025 | Change | |||
| Net sales | 11,151 | 4,825 | +131 | % | ||
| Gross profit | 5,408 | 1,626 | +233 | % | ||
| Other operating income | 1,432 | 1,662 | -14 | % | ||
| Research and development expenses | (8,718 | ) | (4,724 | ) | +85 | % |
| Selling and marketing expenses | (7,181 | ) | (6,025 | ) | +19 | % |
| General and administrative expenses | (23,103 | ) | (13,776 | ) | +68 | % |
| Operating loss | (32,162 | ) | (21,237 | ) | +51 | % |
| Loss before income tax | (27,694 | ) | (20,028 | ) | +38 | % |
| Income tax income / (expense) | 302 | (2 | ) | - | ||
| Equity in losses of unconsolidated entities | (397 | ) | - | - | ||
| Net loss | (27,789 | ) | (20,030 | ) | +39 | % |
EBITDA is defined as Operating income/(loss) for the reporting period before depreciation and amortization for the same reporting period.
Non-GAAP EBITDA Reconciliation
| $ millions | H1 2026 | H1 2025 | ||
| Operating loss as reported | (32.2 | ) | (21.2 | ) |
| Depreciation expense | 0.4 | 0.3 | ||
| Amortization expense | 2.3 | - | ||
| EBITDA | (29.5 | ) | (20.9 | ) |
EBITDA is a non-GAAP financial measure provided for supplemental analysis. It should not be considered a substitute for operating loss, net loss or any other measure prepared in accordance with US GAAP.
Post-Quantum Product and Certification Progress
SEALSQ continued to advance commercialization of its post-quantum semiconductor portfolio during the first half of 2026.
- QS7001 achieved NIST SP 800-90B Entropy Source Validation under ESV Certificate #E333.
- QS7001 completed key Common Criteria fault-injection and side-channel resistance testing.
- 30 prospective customers and partners were evaluating the QVault TPM and QS7001 products at June 30, 2026.
- Customer sampling of the QVault Trusted Platform Module advanced, and engineering samples of QVault TPM-185 were reported as available.
Initial commercial revenue from QS7001 and QVault TPM is expected toward the end of H2 2026, with a more significant contribution anticipated as customers complete technical integration and move into production in 2027 and beyond. Timing remains subject to laboratory review, certification, customer qualification and procurement.
Major Strategic Developments During the First Half of 2026
- Completed the
100% acquisition of Miraex SA, adding quantum-photonics interconnect technology. - Increased ownership of Wecan Group to
55.5% , obtaining control and supporting AI-powered post-quantum compliance and digital identity solutions. - Participated as a lead investor in Quobly's EUR115 million Series A financing.
- Increased the Company’s commitment to EeroQ and its electrons-on-helium quantum computing technology.
- Advanced the Quantix Edge Security project in Murcia, Spain, a EUR40 million sovereign semiconductor design and personalization initiative that generated initial H1 2026 revenue.
- Progressed the SEALKAYNESQ initiative in India to support localized post-quantum semiconductor capabilities.
- Expanded commercial and technology relationships with Lattice Semiconductor, GlobalFoundries and Parrot.
- Began the commercial phase of Miraex's quantum-photonics technology and continued integrating acquired technologies into the Root-to-Qubit architecture.
- Increased the SEALQuantum Sovereign Vertical Stack allocation to
$200 million . This strategic initiative allocates SEALSQ’s own capital to accelerate our post-quantum and quantum capabilities through targeted acquisitions and strategic partnerships aligned with SEALSQ’s semiconductor and quantum technology roadmap. More than$60 million has been committed to date across IC’Alps, Miraex, Quobly, Quantix Edge Security, ColibriTD, EeroQ, WISeSat and the Wecan Group, each of which directly supports SEALSQ’s product development, manufacturing, or go-to-market capabilities.
Commercial Pipeline
At September 9, 2026, SEALSQ's active business pipeline represented more than
FY2026 Outlook
SEALSQ's outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward Looking Statements" below.
SEALSQ reaffirmed FY2026 revenue guidance of
- Full-year consolidation of IC'Alps revenue.
- Continued demand for Vault-IC secure elements.
- Growth in recurring PKI and certificate-management revenue.
- Initial commercialization of QS7001 and QVault TPM.
- Revenue contributions from the Quantix Edge Security project.
- Potential execution of custom post-quantum ASIC design programs.
Conference Call
SEALSQ will host a conference call to discuss these results on Tuesday, September 15, at 9:00 am ET (3:00 pm CET). If you wish to join the conference call, please use the dial-in information below:
- Toll-Free Dial-In Number: 877-445-9755
- International Dial-In Number: 201-493-6744
A simultaneous webcast of the call may be accessed online via the Investors section of SEALSQ’s website, https://www.sealsq.com/investors/events or click here.
The archived call will also be available on the Investors section of SEALSQ's website, https://www.sealsq.com/investors/events.
ADDITIONAL UNAUDITED US GAAP FINANCIAL & OPERATIONAL DATA
Condensed Consolidated Statements of Comprehensive Income / (Loss) [as reported]
| Unaudited 6 months ended June 30, | |||||
| USD'000, except earnings per share | 2026 | 2025 | |||
| Net sales | 11,151 | 4,825 | |||
| Cost of sales | (5,486 | ) | (2,956 | ) | |
| Depreciation of production assets | (257 | ) | (243 | ) | |
| Gross profit | 5,408 | 1,626 | |||
| Other operating income | 1,432 | 1,662 | |||
| Research & development expenses | (8,718 | ) | (4,724 | ) | |
| Selling & marketing expenses | (7,181 | ) | (6,025 | ) | |
| General & administrative expenses | (23,103 | ) | (13,776 | ) | |
| Total operating expenses | (37,570 | ) | (22,863 | ) | |
| Operating loss | (32,162 | ) | (21,237 | ) | |
| Non-operating income | 9,735 | 2,814 | |||
| Interest and amortization of debt discount | (1 | ) | (88 | ) | |
| Non-operating expenses | (5,266 | ) | (1,517 | ) | |
| Loss before income tax expense | (27,694 | ) | (20,028 | ) | |
| Income tax income / (expense) | 302 | (2 | ) | ||
| Equity in earnings of unconsolidated affiliates | (397 | ) | - | ||
| Net loss | (27,789 | ) | (20,030 | ) | |
| Net loss attributable to noncontrolling interests | (77 | ) | - | ||
| Net loss attributable to SEALSQ Corp | (27,712 | ) | (20,030 | ) | |
| Earnings per Ordinary Share (USD) | |||||
| Earnings per Ordinary Share | |||||
| Basic | (0.13 | ) | (0.17 | ) | |
| Diluted | (0.13 | ) | (0.17 | ) | |
| Earnings per Ordinary Share attributable to SEALSQ Corp | |||||
| Basic | (0.13 | ) | (0.17 | ) | |
| Diluted | (0.13 | ) | (0.17 | ) | |
| Earnings per F Share (USD) | |||||
| Earnings per F Share | |||||
| Basic | (0.64 | ) | (0.86 | ) | |
| Diluted | (0.64 | ) | (0.86 | ) | |
| Earnings per F Share attributable to SEALSQ Corp | |||||
| Basic | (0.64 | ) | (0.86 | ) | |
| Diluted | (0.64 | ) | (0.86 | ) | |
| Other comprehensive income / (loss), net of tax: | |||||
| Foreign currency translation adjustments | (614 | ) | 10 | ||
| Unrealized gains on debt securities | |||||
| Unrealized holding gains / (losses) arising during the period | (1 | ) | 23 | ||
| Defined benefit pension plans: | |||||
| Net gain arising during the period | 138 | 75 | |||
| Other comprehensive income / (loss) | (477 | ) | 108 | ||
| Comprehensive loss | (28,266 | ) | (19,922 | ) | |
| Other comprehensive loss attributable to noncontrolling interests | (93 | ) | - | ||
| Other comprehensive income / (loss) attributable to SEALSQ Corp | (384 | ) | 108 | ||
| Comprehensive loss attributable to noncontrolling interests | (170 | ) | - | ||
| Comprehensive loss attributable to SEALSQ Corp | (28,096 | ) | (19,922 | ) | |
Condensed Consolidated Balance Sheets [as reported]
| As of June 30, | As of December 31, | ||||
| USD'000, except par value | 2026 (unaudited) | 2025 | |||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | 479,797 | 417,657 | |||
| Restricted cash, current | 6,311 | - | |||
| Accounts receivable, net of allowance for doubtful accounts | 21,706 | 12,944 | |||
| Inventories | 2,101 | 2,012 | |||
| Prepaid expenses | 1,440 | 880 | |||
| Investment, current | 2,449 | 10,032 | |||
| Government assistance | 6,613 | 4,579 | |||
| Other current assets | 1,392 | 1,534 | |||
| Total current assets | 521,809 | 449,638 | |||
| Noncurrent assets | |||||
| Loans receivable, noncurrent | - | 31 | |||
| Deferred tax credits | 4,479 | 2,295 | |||
| Property, plant and equipment, net of accumulated depreciation | 5,014 | 3,770 | |||
| Intangible and crypto assets, net of accumulated amortization | 30,405 | 20,953 | |||
| Operating lease right-of-use assets | 5,874 | 6,113 | |||
| Finance lease right-of-use assets | 87 | 126 | |||
| Goodwill | 11,695 | 5,656 | |||
| Available-for-sale debt securities, noncurrent | 128 | 129 | |||
| Investments in unconsolidated affiliates | 836 | 4,259 | |||
| Investments in unconsolidated related party affiliates | 9,617 | 9,958 | |||
| Other investments | 24,454 | 1,000 | |||
| Other noncurrent assets | 243 | 251 | |||
| Total noncurrent assets | 92,832 | 54,541 | |||
| TOTAL ASSETS | 614,641 | 504,179 | |||
| LIABILITIES | |||||
| Current Liabilities | |||||
| Accounts payable | 23,850 | 16,818 | |||
| Notes payable | 555 | 689 | |||
| Deferred revenue, current | 1,010 | 25 | |||
| Current portion of obligations under operating lease liabilities | 583 | 668 | |||
| Current portion of obligations under finance lease liabilities | 35 | 57 | |||
| Income tax payable | - | 3 | |||
| Other current liabilities | 10,126 | 9,988 | |||
| Total current liabilities | 36,159 | 28,248 | |||
| Noncurrent liabilities | |||||
| Bonds, mortgages and other long-term debt | 696 | 989 | |||
| Deferred Revenue | 1,064 | - | |||
| Operating lease liabilities, noncurrent | 5,216 | 5,523 | |||
| Finance lease liabilities, noncurrent | 55 | 72 | |||
| Deferred tax liability | 5,805 | 4,367 | |||
| Employee benefit plan obligation | 2,630 | 2,162 | |||
| Other noncurrent liabilities | 877 | 1,310 | |||
| Total noncurrent liabilities | 16,343 | 14,423 | |||
| TOTAL LIABILITIES | 52,502 | 42,671 | |||
| Commitments and contingent liabilities | |||||
| SHAREHOLDERS' EQUITY | |||||
| Common stock - Ordinary shares | 2,234 | 1,915 | |||
| Par value - USD 0.01 | |||||
| Authorized - 500,000,000 and 500,000,000 | |||||
| Issued and outstanding - 223,430,764 and 191,525,129 | |||||
| Common stock - F shares | 75 | 75 | |||
| Par value - USD 0.05 | |||||
| Authorized - 10,000,000 and 10,000,000 | |||||
| Issued and outstanding - 1,499,800 and 1,499,800 | |||||
| Share subscription in progress | |||||
| Additional paid-in capital | 655,724 | 534,773 | |||
| Accumulated other comprehensive income / (loss) | 468 | 852 | |||
| Accumulated deficit | (103,819 | ) | (76,107 | ) | |
| Total shareholders' equity attributable to SEALSQ Corp’s shareholders | 554,682 | 461,508 | |||
| Noncontrolling interest in consolidated subsidiaries | 7,457 | - | |||
| Total shareholders' equity | 562,139 | 461,508 | |||
| TOTAL LIABILITIES AND EQUITY | 614,641 | 504,179 | |||
About SEALSQ:
SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable.
SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries.
For more information on our Post-Quantum Semiconductors and security solutions, please visit www.sealsq.com.
Forward-Looking Statements
This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. These statements may be identified by words such as “may”, “could”, “expects”, “hopes”, “intends”, “anticipates”, “plans”, “believes”, “scheduled”, “estimates”, “demonstrates” or words of similar meaning. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, including statements regarding revenue guidance, business pipeline opportunities, expected commercialization timing for the QS7001 and QVault TPM products, anticipated customer integration and production timelines, the SEALQUANTUM Sovereign Vertical Stack capital allocation targets, the expected benefits of acquisitions and strategic investments, growth drivers for FY2026, and the ability to realize returns from SEALSQ’s investments, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ's ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; the adoption of post-quantum semiconductors and the development of quantum computers; the timing and success of product certifications, including laboratory review and NIST certification processes; customer qualification and procurement timelines; pipeline conversion risks and customer validation; the ability to successfully integrate acquired businesses, including IC’Alps, Miraex and Wecan Group; and the risks discussed in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.
SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
Contacts
| SEALSQ Corp Carlos Moreira Founder, Chairman and CEO +41 22 594 3000 info@sealsq.com | SEALSQ Investor Relations (U.S.) The Equity Group Inc. Lena Cati +1 212 836 9611 Lena.cati@theequitygroup.com |
FAQ
How was SEALSQ's H1 2026 revenue distributed by region?
In H1 2026, North America generated $5.6 million of revenue (50% of total). Europe, the Middle East and Africa contributed $3.7 million (33%), and Asia Pacific contributed $1.9 million (17%).
What are the main drivers behind SEALSQ's increased operating expenses and losses?
Operating and net losses rose mainly due to higher R&D, G&A, and selling and marketing expenses. The company cited consolidation of acquired businesses such as IC'Alps, expanded corporate infrastructure, product development, certification activities, integration of the SEALQuantum Sovereign Vertical Stack, and legal, audit, advisory and transaction costs.
What progress did SEALSQ report on its post-quantum products QS7001 and QVault TPM?
QS7001 achieved NIST SP 800-90B Entropy Source Validation (ESV Certificate #E333) and completed key Common Criteria tests. Around 30 prospective customers and partners were evaluating QS7001 and QVault TPM as of June 30, 2026. Customer sampling of QVault TPM advanced, engineering samples of QVault TPM-185 were reported as available, and initial commercial revenue from these products is expected toward the end of H2 2026, with larger contributions anticipated from 2027 onward, subject to certification and customer integration.
What major strategic investments and acquisitions did SEALSQ make in the first half of 2026?
During H1 2026, SEALSQ completed the 100% acquisition of Miraex SA, increased its ownership of Wecan Group to 55.5%, participated as a lead investor in Quobly's EUR115 million Series A, increased its commitment to EeroQ, advanced the Quantix Edge Security project in Spain and the SEALKAYNESQ initiative in India, and continued integrating these and other investments into its Root-to-Qubit architecture.
What is the SEALQuantum Sovereign Vertical Stack and how much capital is allocated to it?
The SEALQuantum Sovereign Vertical Stack is a capital allocation initiative that supports SEALSQ's post-quantum and quantum capabilities through targeted acquisitions and strategic partnerships aligned with its semiconductor and quantum roadmap. The allocation was increased to $200 million, with more than $60 million committed to date across entities including IC'Alps, Miraex, Quobly, Quantix Edge Security, ColibriTD, EeroQ, WISeSat and Wecan Group.
When will SEALSQ's conference call on H1 2026 results take place and how can investors join?
The conference call is scheduled for Tuesday, September 15, at 9:00 am ET (3:00 pm CET). Participants may dial 877-445-9755 (toll-free) or 201-493-6744 (international). A simultaneous webcast and an archived replay will be available in the Investors section of SEALSQ's website at https://www.sealsq.com/investors/events.